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    "unit": "iso4217:GBP"
   }
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  "fact-295": {
   "value": "8800000",
   "decimals": -5,
   "dimensions": {
    "concept": "stjamessplaceplc:ProceedsFromTheIssueOfShareCapitalAndExerciseOfOptionsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-296": {
   "value": "18700000",
   "decimals": -5,
   "dimensions": {
    "concept": "stjamessplaceplc:ProceedsFromTheIssueOfShareCapitalAndExerciseOfOptionsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  },
  "fact-297": {
   "value": "-300000",
   "decimals": -5,
   "dimensions": {
    "concept": "stjamessplaceplc:ConsiderationPaidForOwnSharesRelatingToCashFlowsFromFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-298": {
   "value": "0",
   "decimals": -5,
   "dimensions": {
    "concept": "stjamessplaceplc:ConsiderationPaidForOwnSharesRelatingToCashFlowsFromFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-299": {
   "value": "204000000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-300": {
   "value": "576400000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:ProceedsFromBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-301": {
   "value": "475300000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-302": {
   "value": "486100000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-303": {
   "value": "13800000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-304": {
   "value": "10700000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-305": {
   "value": "303600000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-306": {
   "value": "329900000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-307": {
   "value": "300000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-308": {
   "value": "-0",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:DividendsPaidToNoncontrollingInterestsClassifiedAsFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-309": {
   "value": "-580500000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-310": {
   "value": "-231600000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-311": {
   "value": "-1401100000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-312": {
   "value": "1172900000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-313": {
   "value": "7832900000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-314": {
   "value": "6660100000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-315": {
   "value": "1000000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-316": {
   "value": "-100000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-317": {
   "value": "6432800000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2023-01-01T00:00:00",
    "unit": "iso4217:GBP"
   }
  },
  "fact-318": {
   "value": "7832900000",
   "decimals": -5,
   "dimensions": {
    "concept": "ifrs-full:CashAndCashEquivalents",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00",
    "unit": "iso4217:GBP"
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  "fact-320": {
   "value": "1. Accounting policies<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c (<span class=\"_ _39\"/>t<span class=\"_ _b\"/>he Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny<span class=\"_ _39\"/>) is a p<span class=\"_ _b\"/>u<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>ic c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny<span class=\"_ _34e\"> </span>limited<span class=\"_ _39\"/> by shar<span class=\"_ _39\"/>es which is<span class=\"_ _39\"/> incorporated<span class=\"_ _39\"/> and regist<span class=\"_ _39\"/>ered in<span class=\"_ _34e\"> </span>England and<span class=\"_ _39\"/> Wales, domiciled in<span class=\"_ _39\"/> the United<span class=\"_ _5\"/> Kingdom and<span class=\"_ _34e\"> </span> whose sha<span class=\"_ _5\"/>res<span class=\"_ _39\"/> are publicly<span class=\"_ _39\"/> traded.<span class=\"_ _34e\"> </span>i. Statement of<span class=\"_ _39\"/> compliance<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup Financial Stat<span class=\"_ _39\"/>ements consolidat<span class=\"_ _39\"/>e those of<span class=\"_ _39\"/> the Compan<span class=\"_ _39\"/>y and its<span class=\"_ _39\"/> subsidiaries (<span class=\"_ _4\"/>together<span class=\"_ _39\"/> referr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d t<span class=\"_ _39\"/>o<span class=\"_ _34e\"> </span> as th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup)<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n pre<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d in<span class=\"_ _34e\"> </span> accordance with UK<span class=\"_ _4\"/>-adopt<span class=\"_ _39\"/>ed International Accounting<span class=\"_ _34e\"> </span> Standar<span class=\"_ _39\"/>ds and with t<span class=\"_ _39\"/>he requirement<span class=\"_ _39\"/>s of the<span class=\"_ _39\"/> Companies<span class=\"_ _34e\"> </span> Act<span class=\"_ _39\"/> 2006 as applicable<span class=\"_ _39\"/> to companies<span class=\"_ _5\"/> reporting under<span class=\"_ _34e\"> </span> those s<span class=\"_ _5\"/>tandar<span class=\"_ _39\"/>ds<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span> As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g rel<span class=\"_ _b\"/>evan<span class=\"_ _b\"/>t am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> stan<span class=\"_ _b\"/>da<span class=\"_ _b\"/>rds<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pted a<span class=\"_ _b\"/>s of 1 J<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span> ha<span class=\"_ _b\"/>ve not h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d any m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>t on th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s<span class=\"_ _34e\"> </span> Consolidated<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Amendments t<span class=\"_ _39\"/>o IFRS 3<span class=\"_ _39\"/> Business Combinations \u2013<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 lsd ws35\"> </span>Ref<span class=\"_ _39\"/>erence t<span class=\"_ _39\"/>o the Concept<span class=\"_ _39\"/>u<span class=\"_ _b\"/>al F<span class=\"_ _39\"/>ramework; and<span class=\"_ _34e\"> </span> <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Annual Impro<span class=\"_ _39\"/>vements t<span class=\"_ _39\"/>o IFRS St<span class=\"_ _39\"/>andards 20<span class=\"_ _39\"/>18-<span class=\"_ _39\"/>2020.<span class=\"_ _34e\"> </span></span>There<span class=\"_ _39\"/> were no<span class=\"_ _39\"/> new accounting<span class=\"_ _39\"/> standards adop<span class=\"_ _39\"/>ted as of<span class=\"_ _39\"/> 1 Jan<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y 2022<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span> ii. N<span class=\"_ _b\"/>ew an<span class=\"_ _b\"/>d ame<span class=\"_ _b\"/>nde<span class=\"_ _b\"/>d acc<span class=\"_ _b\"/>ount<span class=\"_ _b\"/>ing st<span class=\"_ _b\"/>and<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>s not<span class=\"_ _34e\"> </span> yet adopted<span class=\"_ _34e\"> </span>As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ne<span class=\"_ _b\"/>w an<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span> standar<span class=\"_ _39\"/>ds<span class=\"_ _b\"/>, which ar<span class=\"_ _39\"/>e rele<span class=\"_ _5\"/>vant<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> Group but<span class=\"_ _39\"/> ha<span class=\"_ _b\"/>ve<span class=\"_ _39\"/> not<span class=\"_ _34e\"> </span> be<span class=\"_ _b\"/>en a<span class=\"_ _b\"/>p<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the F<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, we<span class=\"_ _b\"/>re in i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e bu<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span> are n<span class=\"_ _b\"/>ot yet ef<span class=\"_ _6\"/>fect<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>. Al<span class=\"_ _b\"/>l of th<span class=\"_ _b\"/>e be<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow h<span class=\"_ _b\"/>ad b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pte<span class=\"_ _b\"/>d by<span class=\"_ _34e\"> </span> the U<span class=\"_ _b\"/>K En<span class=\"_ _b\"/>do<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt B<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>rd as a<span class=\"_ _b\"/>t 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span> for<span class=\"_ _39\"/> Amendments t<span class=\"_ _39\"/>o IAS 1<span class=\"_ _39\"/> Present<span class=\"_ _39\"/>ation of Financial<span class=\"_ _39\"/> Statements<span class=\"_ _39\"/> \u2013 Classificat<span class=\"_ _5\"/>ion of<span class=\"_ _39\"/> Liabilities as Cur<span class=\"_ _39\"/>rent or Non-<span class=\"_ _39\"/>Current:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Amendments t<span class=\"_ _39\"/>o IAS<span class=\"_ _39\"/> 1 Present<span class=\"_ _39\"/>ation of<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 lsd ws35\"> </span>\u2013 Classificat<span class=\"_ _5\"/>ion of<span class=\"_ _39\"/> Liabilities as Cur<span class=\"_ _39\"/>rent or Non-<span class=\"_ _39\"/>Current;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Amendments t<span class=\"_ _39\"/>o IAS<span class=\"_ _39\"/> 1 Present<span class=\"_ _39\"/>ation of<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 lsd ws35\"> </span>\u2013 Disclosur<span class=\"_ _39\"/>e of A<span class=\"_ _39\"/>ccounting P<span class=\"_ _39\"/>olicies;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">Am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>dm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts to IAS 8 Ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g Po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, C<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es<span class=\"_ _b\"/> </span>in Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g Esti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>nd Er<span class=\"_ _b\"/>ror<span class=\"_ _b\"/>s \u2013 De<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on of<span class=\"_ _b\"/> Accountin<span class=\"_ _b\"/>g Estimates;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">Am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>dm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts to IAS 12 I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me Taxes \u2013 D<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d T<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 ls4c\"> </span>relat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d t<span class=\"_ _39\"/>o Asset and<span class=\"_ _39\"/> Liabilities arising f<span class=\"_ _5\"/>rom<span class=\"_ _39\"/> a Single<span class=\"_ _34e\"> </span> T<span class=\"_ _39\"/>ransact<span class=\"_ _39\"/>ion; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7 In<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce C<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span></span>The adopt<span class=\"_ _39\"/>ion of the<span class=\"_ _39\"/> above st<span class=\"_ _39\"/>andards and<span class=\"_ _39\"/> amendments<span class=\"_ _34e\"> </span> is n<span class=\"_ _b\"/>ot ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to ha<span class=\"_ _b\"/>ve a ma<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s<span class=\"_ _34e\"> </span> Consolidated<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments o<span class=\"_ _39\"/>ther than r<span class=\"_ _39\"/>equ<span class=\"_ _b\"/>iring<span class=\"_ _34e\"> </span> additional disclosure<span class=\"_ _39\"/> or alternative<span class=\"_ _39\"/> presentat<span class=\"_ _39\"/>io<span class=\"_ _b\"/>n. Further<span class=\"_ _34e\"> </span> deta<span class=\"_ _b\"/>il re<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g I<span class=\"_ _b\"/>FRS 17 I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce Co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>s is g<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ow.<span class=\"_ _34e\"> </span>IFRS 17 Ins<span class=\"_ _39\"/>urance Contracts<span class=\"_ _34e\"> </span>IF<span class=\"_ _b\"/>RS 17 wa<span class=\"_ _b\"/>s i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n Ma<span class=\"_ _b\"/>y 2017 a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>da<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y fo<span class=\"_ _b\"/>r<span class=\"_ _34e\"> </span> annual r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>porting periods commencing on<span class=\"_ _39\"/> 1 January<span class=\"_ _34e\"> </span> 202<span class=\"_ _39\"/>3<span class=\"_ _b\"/>. It incor<span class=\"_ _39\"/>p<span class=\"_ _b\"/>orat<span class=\"_ _39\"/>es re<span class=\"_ _39\"/>v<span class=\"_ _b\"/>ised principles f<span class=\"_ _39\"/>or the r<span class=\"_ _39\"/>ecognition,<span class=\"_ _34e\"> </span> measurement, present<span class=\"_ _39\"/>ation and disclosure<span class=\"_ _39\"/> of insurance<span class=\"_ _34e\"> </span> contracts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span> Un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7<span class=\"_ _39\"/>, gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>s of i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> and measur<span class=\"_ _5\"/>ed as:<span class=\"_ _34e\"> </span> <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">the F<span class=\"_ _39\"/>ulfilment Cashflows, which<span class=\"_ _39\"/> comprise an estimat<span class=\"_ _39\"/>e<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 lsd ws35\"> </span>of fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>dj<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ted to refl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>e ti<span class=\"_ _b\"/>me va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of<span class=\"_ _34e\"> </span> money<span class=\"_ _39\"/>, the<span class=\"_ _39\"/> financial risks associat<span class=\"_ _39\"/>ed with t<span class=\"_ _39\"/>he future<span class=\"_ _5\"/> cash<span class=\"_ _34e\"> </span> flows<span class=\"_ _5\"/> and a<span class=\"_ _39\"/> risk adjustment f<span class=\"_ _39\"/>or non-<span class=\"_ _39\"/>financial risk; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">the Cont<span class=\"_ _39\"/>ractual Service Margin, comprising<span class=\"_ _39\"/> the unearned<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 lsd ws35\"> </span>prof<span class=\"_ _b\"/>it w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n a gro<span class=\"_ _b\"/>up of c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>cts th<span class=\"_ _b\"/>at w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>n<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as the<span class=\"_ _39\"/> Group pr<span class=\"_ _39\"/>ovides insur<span class=\"_ _39\"/>ance services in t<span class=\"_ _39\"/>he future.<span class=\"_ _34e\"> </span>If a g<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p of co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>s is ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted to be o<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span> (<span class=\"_ _4\"/>i<span class=\"_ _b\"/>.e. loss-<span class=\"_ _39\"/>making)<span class=\"_ _39\"/> over<span class=\"_ _39\"/> the remaini<span class=\"_ _5\"/>ng co<span class=\"_ _39\"/>verage<span class=\"_ _39\"/> period<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span> a loss<span class=\"_ _39\"/> is recognised immediat<span class=\"_ _39\"/>ely.<span class=\"_ _39\"/> The Gr<span class=\"_ _39\"/>oup closed t<span class=\"_ _39\"/>o new insur<span class=\"_ _39\"/>ance business, as defined<span class=\"_ _34e\"> </span> un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7<span class=\"_ _39\"/>, in 20<span class=\"_ _b\"/>11<span class=\"_ _b\"/>. At 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, on a<span class=\"_ _b\"/>n I<span class=\"_ _b\"/>FRS 4<span class=\"_ _b\"/> Insurance<span class=\"_ _39\"/> Contracts<span class=\"_ _39\"/> basis<span class=\"_ _b\"/>, the<span class=\"_ _39\"/> Group had \u00a3<span class=\"_ _39\"/>68.6 million<span class=\"_ _34e\"> </span> of non-<span class=\"_ _39\"/>unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance<span class=\"_ _39\"/> contrac<span class=\"_ _5\"/>t liabilit<span class=\"_ _39\"/>ies<span class=\"_ _b\"/>, which<span class=\"_ _34e\"> </span> are<span class=\"_ _39\"/> substantially<span class=\"_ _39\"/> reinsured, and \u00a3<span class=\"_ _4\"/>414.9 million of<span class=\"_ _39\"/> unit<span class=\"_ _39\"/>-<span class=\"_ _34e\"> </span>linked<span class=\"_ _39\"/> insurance c<span class=\"_ _5\"/>ontr<span class=\"_ _39\"/>act liabilities. A<span class=\"_ _39\"/>s a re<span class=\"_ _39\"/>sult<span class=\"_ _b\"/>, the<span class=\"_ _39\"/> G<span class=\"_ _b\"/>roup\u2019<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span> exposure<span class=\"_ _39\"/> on this business<span class=\"_ _39\"/> is not mat<span class=\"_ _39\"/>erial (<span class=\"_ _4\"/>\u00a32.<span class=\"_ _b\"/>2 million, being<span class=\"_ _34e\"> </span> the ne<span class=\"_ _39\"/>t of \u00a3<span class=\"_ _39\"/>68<span class=\"_ _b\"/>.6 million<span class=\"_ _39\"/> non-unit<span class=\"_ _4\"/>-linked<span class=\"_ _39\"/> insurance liab<span class=\"_ _5\"/>ilities<span class=\"_ _34e\"> </span> and \u00a3<span class=\"_ _39\"/>66.<span class=\"_ _b\"/>4 million<span class=\"_ _5\"/> reinsur<span class=\"_ _39\"/>ance assets<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup has an est<span class=\"_ _39\"/>ablished project<span class=\"_ _39\"/> group managing<span class=\"_ _34e\"> </span> the i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ntati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f I<span class=\"_ _b\"/>FRS 17, overse<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n by the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Aud<span class=\"_ _b\"/>it<span class=\"_ _b\"/> Com<span class=\"_ _b\"/>m<span class=\"_ _b\"/>it<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e. D<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 202<span class=\"_ _b\"/>2 th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d to ref<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e its<span class=\"_ _b\"/> valuation<span class=\"_ _39\"/> approach and t<span class=\"_ _39\"/>o dev<span class=\"_ _39\"/>el<span class=\"_ _b\"/>op the<span class=\"_ _39\"/> required models<span class=\"_ _34e\"> </span> and r<span class=\"_ _39\"/>ep<span class=\"_ _b\"/>orting syst<span class=\"_ _39\"/>ems<span class=\"_ _b\"/>, with<span class=\"_ _39\"/> the associated<span class=\"_ _39\"/> g<span class=\"_ _b\"/>ov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rnance<span class=\"_ _34e\"> </span> pro<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es d<span class=\"_ _b\"/>ue to b<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n 2023<span class=\"_ _b\"/>. Wh<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s<span class=\"_ _b\"/>t the<span class=\"_ _b\"/>se<span class=\"_ _b\"/> pro<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>ave ye<span class=\"_ _b\"/>t to be co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>eted<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re is n<span class=\"_ _b\"/>ot ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted<span class=\"_ _34e\"> </span> to be a ma<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>act o<span class=\"_ _b\"/>n e<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>er e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>r fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ts<span class=\"_ _34e\"> </span> on a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>ng I<span class=\"_ _b\"/>F<span class=\"_ _b\"/>RS 17<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>nten<span class=\"_ _b\"/>ds to a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pt th<span class=\"_ _b\"/>e fol<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>ng key a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> policies:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e Ge<span class=\"_ _b\"/>n<span class=\"_ _b\"/>era<span class=\"_ _b\"/>l Me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t Mo<span class=\"_ _b\"/>d<span class=\"_ _b\"/>el w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l b<span class=\"_ _b\"/>e ap<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d to<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 ls4c\"> </span>non-un<span class=\"_ _5\"/>it<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance business<span class=\"_ _39\"/> and reassur<span class=\"_ _5\"/>ance<span class=\"_ _34e\"> </span> ce<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e Varia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le Fe<span class=\"_ _b\"/>e Ap<span class=\"_ _b\"/>pro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ch to un<span class=\"_ _b\"/>it-lin<span class=\"_ _b\"/>ked<span class=\"_ _34e\"> </span> insurance<span class=\"_ _39\"/> business measured under<span class=\"_ _39\"/> I<span class=\"_ _b\"/>FRS 1<span class=\"_ _39\"/>7;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h wi<span class=\"_ _b\"/>ll b<span class=\"_ _b\"/>e ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ed to a<span class=\"_ _b\"/>ll i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 ls4c\"> </span>con<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>cts o<span class=\"_ _b\"/>n tran<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on to I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7<span class=\"_ _39\"/>, as t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span> that<span class=\"_ _5\"/> application<span class=\"_ _39\"/> of a f<span class=\"_ _39\"/>ully ret<span class=\"_ _5\"/>rospec<span class=\"_ _39\"/>tive appr<span class=\"_ _39\"/>oach is<span class=\"_ _34e\"> </span> imprac<span class=\"_ _5\"/>ticable (<span class=\"_ _29\"/>since our accoun<span class=\"_ _39\"/>ting and act<span class=\"_ _39\"/>u<span class=\"_ _b\"/>arial<span class=\"_ _34e\"> </span> syst<span class=\"_ _39\"/>ems hold inf<span class=\"_ _39\"/>ormation on hist<span class=\"_ _39\"/>oric business at<span class=\"_ _39\"/> a higher<span class=\"_ _34e\"> </span> leve<span class=\"_ _b\"/>l of a<span class=\"_ _b\"/>gg<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>an t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d for th<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ly<span class=\"_ _34e\"> </span> ret<span class=\"_ _39\"/>rospectiv<span class=\"_ _39\"/>e approach<span class=\"_ _4\"/>)<span class=\"_ _39\"/>; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7 req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res a<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>y de<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>s to<span class=\"_ _34e\"> </span></span><span class=\"ff9c fs9 ls4c\"> </span>whether t<span class=\"_ _39\"/>o recognise<span class=\"_ _39\"/> all finance income or<span class=\"_ _39\"/> expense in<span class=\"_ _34e\"> </span> profit<span class=\"_ _39\"/> or loss, or whether<span class=\"_ _39\"/> to disaggr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gate<span class=\"_ _39\"/> the income or<span class=\"_ _34e\"> </span> exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>at re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tes to ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span> int<span class=\"_ _39\"/>o other compr<span class=\"_ _39\"/>ehensive income. All<span class=\"_ _39\"/> finance income<span class=\"_ _34e\"> </span> an<span class=\"_ _b\"/>d exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>ll b<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span> Ado<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on of I<span class=\"_ _b\"/>F<span class=\"_ _b\"/>RS 17 i<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to h<span class=\"_ _b\"/>ave a m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct<span class=\"_ _34e\"> </span> on alt<span class=\"_ _39\"/>ernative performance<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asures<span class=\"_ _39\"/> use<span class=\"_ _b\"/>d b<span class=\"_ _39\"/>y the Gro<span class=\"_ _5\"/>up.<span class=\"_ _34e\"> </span> iii. Basis o<span class=\"_ _5\"/>f preparation<span class=\"_ _34e\"> </span>The g<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g co<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>er<span class=\"_ _b\"/>n ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pted i<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g these Financial<span class=\"_ _39\"/> Statement<span class=\"_ _5\"/>s.<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup\u2019s business<span class=\"_ _39\"/> a<span class=\"_ _b\"/>ctivities, t<span class=\"_ _39\"/>ogether with<span class=\"_ _39\"/> the fac<span class=\"_ _5\"/>tors<span class=\"_ _39\"/> likely<span class=\"_ _39\"/> to affect<span class=\"_ _39\"/> its future<span class=\"_ _39\"/> development, performance and<span class=\"_ _39\"/> po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, are s<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Chi<span class=\"_ _b\"/>ef E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>c<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>\u2019s rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the<span class=\"_ _b\"/> Chief<span class=\"_ _5\"/> Financial Officer\u2019s report. The financial<span class=\"_ _39\"/> per<span class=\"_ _b\"/>formance and financial<span class=\"_ _39\"/> p<span class=\"_ _b\"/>osition o<span class=\"_ _39\"/>f the Gr<span class=\"_ _5\"/>oup ar<span class=\"_ _39\"/>e described in the<span class=\"_ _39\"/> financial r<span class=\"_ _39\"/>eview.<span class=\"_ _34e\"> </span>As sh<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n in S<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ew, the G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s capital<span class=\"_ _39\"/> position r<span class=\"_ _5\"/>emains str<span class=\"_ _39\"/>ong and well<span class=\"_ _39\"/> in excess o<span class=\"_ _39\"/>f reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ato<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. In a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>di<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, it h<span class=\"_ _b\"/>as c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ed to op<span class=\"_ _b\"/>era<span class=\"_ _b\"/>te wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n it<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al b<span class=\"_ _b\"/>an<span class=\"_ _b\"/>k<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g cove<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The S<span class=\"_ _b\"/>&amp;<span class=\"_ _b\"/>P rati<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g of S<span class=\"_ _b\"/>JPU<span class=\"_ _b\"/>K re<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s at A- (<span class=\"_ _5\"/>BB<span class=\"_ _b\"/>B a<span class=\"_ _b\"/>t SJ<span class=\"_ _b\"/>P PLC<span class=\"_ _4\"/>). Si<span class=\"_ _b\"/>m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ly, the F<span class=\"_ _b\"/>itch<span class=\"_ _b\"/> rati<span class=\"_ _b\"/>ng re<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>t A<span class=\"_ _39\"/>+ fo<span class=\"_ _b\"/>r SJ<span class=\"_ _b\"/>PU<span class=\"_ _b\"/>K (A at SJ<span class=\"_ _b\"/>P PLC leve<span class=\"_ _b\"/>l<span class=\"_ _39\"/>). Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er, the long-<span class=\"_ _39\"/>term<span class=\"_ _39\"/> nature of<span class=\"_ _39\"/> the business r<span class=\"_ _39\"/>esults in consider<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e positive<span class=\"_ _39\"/> cash flows ar<span class=\"_ _39\"/>isin<span class=\"_ _b\"/>g fr<span class=\"_ _39\"/>om existing business.<span class=\"_ _34e\"> </span>The Boar<span class=\"_ _39\"/>d has considered<span class=\"_ _39\"/> the challenging macroeconomic and geopolitic<span class=\"_ _39\"/>al conditions wh<span class=\"_ _5\"/>ich pr<span class=\"_ _39\"/>evailed during<span class=\"_ _39\"/> 2022, not<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to be su<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ces<span class=\"_ _b\"/>sf<span class=\"_ _b\"/>ul i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>is<span class=\"_ _b\"/> envir<span class=\"_ _39\"/>onment<span class=\"_ _b\"/>. F<span class=\"_ _5\"/>or ex<span class=\"_ _39\"/>ampl<span class=\"_ _b\"/>e, 20<span class=\"_ _39\"/>22 marked<span class=\"_ _5\"/> the second-<span class=\"_ _39\"/>best yea<span class=\"_ _b\"/>r for g<span class=\"_ _b\"/>ross i<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws i<span class=\"_ _b\"/>n the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y<span class=\"_ _b\"/>; a s<span class=\"_ _b\"/>tron<span class=\"_ _b\"/>g outcome<span class=\"_ _39\"/> that is t<span class=\"_ _39\"/>estament<span class=\"_ _5\"/> to<span class=\"_ _39\"/> the enduring r<span class=\"_ _39\"/>esilience of the<span class=\"_ _39\"/> business<span class=\"_ _b\"/>. This, along<span class=\"_ _39\"/> with the performance<span class=\"_ _39\"/> of our key out<span class=\"_ _b\"/>so<span class=\"_ _b\"/>urce p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, mo<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tore<span class=\"_ _b\"/>d thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h ou<span class=\"_ _b\"/>r o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> ov<span class=\"_ _39\"/>ersight<span class=\"_ _b\"/>, supports its<span class=\"_ _39\"/> view that the<span class=\"_ _39\"/> business will cont<span class=\"_ _5\"/>inue to<span class=\"_ _39\"/> remain operat<span class=\"_ _5\"/>ionally r<span class=\"_ _39\"/>esili<span class=\"_ _b\"/>ent.<span class=\"_ _34e\"> </span>As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of it<span class=\"_ _b\"/>s revi<span class=\"_ _b\"/>ew, th<span class=\"_ _b\"/>e Bo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rd be<span class=\"_ _b\"/>li<span class=\"_ _b\"/>eves t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/> will cont<span class=\"_ _39\"/>inue to oper<span class=\"_ _39\"/>ate, with<span class=\"_ _39\"/> neither the<span class=\"_ _5\"/> int<span class=\"_ _5\"/>ention nor<span class=\"_ _39\"/> the necessity of liquidat<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>, ceasing t<span class=\"_ _39\"/>rading or s<span class=\"_ _5\"/>eeking prot<span class=\"_ _39\"/>ection fr<span class=\"_ _39\"/>om credit<span class=\"_ _39\"/>ors pursuant t<span class=\"_ _39\"/>o laws or<span class=\"_ _39\"/> regulations, for a pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d of a<span class=\"_ _b\"/>t le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t 12 m<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>hs f<span class=\"_ _b\"/>rom th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te of a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>roval of the<span class=\"_ _39\"/> Group Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> present<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in pounds<span class=\"_ _39\"/> Sterling, rounded<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> ne<span class=\"_ _b\"/>arest<span class=\"_ _39\"/> one hundred t<span class=\"_ _39\"/>housand pounds. They a<span class=\"_ _b\"/>re p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>are<span class=\"_ _b\"/>d on a h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>ost b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ept fo<span class=\"_ _b\"/>r assets c<span class=\"_ _5\"/>lassified as in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> p<span class=\"_ _b\"/>roperty and financial assets and<span class=\"_ _39\"/> liabilities at f<span class=\"_ _39\"/>air value<span class=\"_ _5\"/> through<span class=\"_ _39\"/> profit and<span class=\"_ _39\"/> loss<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The pr<span class=\"_ _39\"/>eparation of<span class=\"_ _39\"/> the Financial St<span class=\"_ _39\"/>atements in<span class=\"_ _39\"/> conformity wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS<span class=\"_ _b\"/>s req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent to m<span class=\"_ _b\"/>ake j<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, estimat<span class=\"_ _39\"/>es and assumptions<span class=\"_ _39\"/> that affect t<span class=\"_ _39\"/>he application of policies<span class=\"_ _39\"/> and reported amount<span class=\"_ _5\"/>s of<span class=\"_ _39\"/> assets and liabilities, income and<span class=\"_ _39\"/> expenses<span class=\"_ _b\"/>. The<span class=\"_ _39\"/> estimates and<span class=\"_ _39\"/> associated assumptions<span class=\"_ _39\"/> are based on<span class=\"_ _39\"/> historical e<span class=\"_ _5\"/>xperience and vari<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r facto<span class=\"_ _b\"/>rs th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ieve<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e under the<span class=\"_ _39\"/> circumstanc<span class=\"_ _5\"/>es, the r<span class=\"_ _39\"/>esults of<span class=\"_ _39\"/> w<span class=\"_ _b\"/>hich f<span class=\"_ _39\"/>orm the basis of making<span class=\"_ _39\"/> judgements about<span class=\"_ _39\"/> the carrying v<span class=\"_ _39\"/>alues of a<span class=\"_ _39\"/>ssets and liabilities<span class=\"_ _39\"/> that are<span class=\"_ _39\"/> not readily appar<span class=\"_ _39\"/>ent from<span class=\"_ _39\"/> other sou<span class=\"_ _b\"/>rce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Actu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l resu<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>y d<span class=\"_ _b\"/>if<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>r fro<span class=\"_ _b\"/>m the<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ates<span class=\"_ _6\"/>.<span class=\"_ _34e\"> </span>The est<span class=\"_ _39\"/>imates and underlying<span class=\"_ _39\"/> assumptions ar<span class=\"_ _5\"/>e r<span class=\"_ _39\"/>eviewed on a<span class=\"_ _b\"/>n on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is<span class=\"_ _b\"/>. Rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s to acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>s are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te is rev<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d if th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cts o<span class=\"_ _b\"/>nl<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>at ye<span class=\"_ _b\"/>ar, or i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r of th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n and futur<span class=\"_ _39\"/>e years, if<span class=\"_ _39\"/> the revision<span class=\"_ _39\"/> af<span class=\"_ _b\"/>fects<span class=\"_ _39\"/> both curr<span class=\"_ _39\"/>ent and future y<span class=\"_ _39\"/>ea<span class=\"_ _b\"/>rs.<span class=\"_ _34e\"> </span>Judgements<span class=\"_ _39\"/> made by<span class=\"_ _39\"/> management in t<span class=\"_ _39\"/>he application<span class=\"_ _39\"/> of IF<span class=\"_ _b\"/>RSs t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>ve m<span class=\"_ _b\"/>ater<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l ef<span class=\"_ _6\"/>fect o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts<span class=\"_ _b\"/> and estimat<span class=\"_ _39\"/>es with<span class=\"_ _39\"/> a significant risk<span class=\"_ _39\"/> of material adj<span class=\"_ _5\"/>ustment in th<span class=\"_ _b\"/>e ne<span class=\"_ _b\"/>x<span class=\"_ _b\"/>t ye<span class=\"_ _b\"/>ar a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>us<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> prepared in<span class=\"_ _39\"/> accordance with t<span class=\"_ _39\"/>he Companies Ac<span class=\"_ _39\"/>t 2006 as<span class=\"_ _5\"/> applicable t<span class=\"_ _39\"/>o companies rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s set o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>t be<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w ha<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ed c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y to al<span class=\"_ _b\"/>l yea<span class=\"_ _b\"/>rs p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nted<span class=\"_ _b\"/> in these<span class=\"_ _39\"/> Consolidated Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>iv<span class=\"_ _39\"/>. Summary of significant<span class=\"_ _39\"/> accounting policies<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>a<span class=\"_ _39\"/>) Basis of con<span class=\"_ _39\"/>solidat<span class=\"_ _b\"/>ion<span class=\"_ _34e\"> </span>The consolidat<span class=\"_ _39\"/>ed financial inf<span class=\"_ _39\"/>ormation incorpor<span class=\"_ _5\"/>ates<span class=\"_ _39\"/> the assets, liabilities<span class=\"_ _39\"/> and results<span class=\"_ _39\"/> of the Compan<span class=\"_ _39\"/>y and of<span class=\"_ _39\"/> its subsidiaries. Subsidiar<span class=\"_ _39\"/>ies are t<span class=\"_ _39\"/>hose entitie<span class=\"_ _39\"/>s which the<span class=\"_ _39\"/> Group con<span class=\"_ _b\"/>trol<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>f the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>s exp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to, or h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>ght<span class=\"_ _b\"/>s to, var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e ret<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ns fro<span class=\"_ _b\"/>m it<span class=\"_ _b\"/>s invo<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h the e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _b\"/> an<span class=\"_ _b\"/>d ha<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y to a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fec<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>ose re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>s thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h it<span class=\"_ _b\"/>s po<span class=\"_ _b\"/>wer<span class=\"_ _b\"/> over th<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y (<span class=\"_ _39\"/>i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up h<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>s mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 30<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s<span class=\"_ _39\"/>). Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er i<span class=\"_ _b\"/>nfo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>n h<span class=\"_ _b\"/>ow contr<span class=\"_ _39\"/>ol is ass<span class=\"_ _5\"/>essed, including<span class=\"_ _39\"/> the judgement<span class=\"_ _39\"/> taken<span class=\"_ _39\"/> in con<span class=\"_ _b\"/>so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>id<span class=\"_ _b\"/>at<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g SJ<span class=\"_ _b\"/>P Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s N<span class=\"_ _b\"/>o.<span class=\"_ _b\"/>1 Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n en<span class=\"_ _b\"/>tit<span class=\"_ _6\"/>y, is set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2.<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>re al<span class=\"_ _b\"/>l en<span class=\"_ _b\"/>tit<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s over w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ha<span class=\"_ _b\"/>s significant in<span class=\"_ _39\"/>fluence but not<span class=\"_ _39\"/> control and<span class=\"_ _39\"/> are account<span class=\"_ _39\"/>ed for at fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p us<span class=\"_ _b\"/>es t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> acquisition me<span class=\"_ _39\"/>thod of account<span class=\"_ _39\"/>ing to<span class=\"_ _5\"/> account f<span class=\"_ _39\"/>or business combinations and<span class=\"_ _39\"/> expenses all acquisiti<span class=\"_ _5\"/>on cost<span class=\"_ _39\"/>s as they<span class=\"_ _39\"/> are<span class=\"_ _39\"/> incurred. The financial<span class=\"_ _39\"/> information<span class=\"_ _5\"/> of subsidiaries<span class=\"_ _39\"/> are included in t<span class=\"_ _39\"/>he Consolidated Financial<span class=\"_ _39\"/> Statement<span class=\"_ _5\"/>s fr<span class=\"_ _39\"/>om the date that control comme<span class=\"_ _b\"/>nces unti<span class=\"_ _b\"/>l the date that control ceases. Ac<span class=\"_ _39\"/>counting policies<span class=\"_ _39\"/> of subsidiaries hav<span class=\"_ _39\"/>e been changed where<span class=\"_ _39\"/> necessar<span class=\"_ _b\"/>y to<span class=\"_ _39\"/> ensure consist<span class=\"_ _39\"/>ency with po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>opte<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Any co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rati<span class=\"_ _b\"/>on to b<span class=\"_ _b\"/>e tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up i<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n da<span class=\"_ _b\"/>te.<span class=\"_ _b\"/> Su<span class=\"_ _b\"/>bse<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>nt c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es to th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nt con<span class=\"_ _b\"/>s<span class=\"_ _b\"/>id<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>s d<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>me<span class=\"_ _b\"/>d to b<span class=\"_ _b\"/>e an a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>r li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y is rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS 9 i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income. 193<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>The treatment of transa<span class=\"_ _b\"/>ctions with no<span class=\"_ _b\"/>n-controllin<span class=\"_ _b\"/>g interests depends on whet<span class=\"_ _39\"/>her,<span class=\"_ _5\"/> as a<span class=\"_ _39\"/> result of<span class=\"_ _5\"/> the t<span class=\"_ _39\"/>ransaction, the Gro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>lte<span class=\"_ _b\"/>rs co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol of t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>si<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y. Chan<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> Pare<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019s ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>p in<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>st in a s<span class=\"_ _b\"/>u<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t do n<span class=\"_ _b\"/>ot res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t in a l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s of co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>cou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d for a<span class=\"_ _b\"/>s eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>s; any di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce b<span class=\"_ _b\"/>et<span class=\"_ _b\"/>w<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt by w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-<span class=\"_ _34e\"> </span>con<span class=\"_ _b\"/>trol<span class=\"_ _b\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f the<span class=\"_ _b\"/> considerat<span class=\"_ _39\"/>ion paid or r<span class=\"_ _39\"/>eceived is<span class=\"_ _39\"/> recognised direc<span class=\"_ _39\"/>tly in eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>d to the ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>rent e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y. Whe<span class=\"_ _b\"/>re th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>es c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trol o<span class=\"_ _b\"/>f a su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>y, at th<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ate when cont<span class=\"_ _5\"/>rol<span class=\"_ _39\"/> is lost the<span class=\"_ _39\"/> amount of an<span class=\"_ _39\"/>y non-con<span class=\"_ _5\"/>trolling<span class=\"_ _5\"/> inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t in th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t form<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>u<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>ny inv<span class=\"_ _39\"/>estment r<span class=\"_ _39\"/>etained in<span class=\"_ _39\"/> the for<span class=\"_ _39\"/>mer subsidiary is remeasur<span class=\"_ _39\"/>ed to its fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e; the g<span class=\"_ _b\"/>a<span class=\"_ _b\"/>in o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d in p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r loss on<span class=\"_ _39\"/> the par<span class=\"_ _b\"/>tial disposal<span class=\"_ _39\"/> of the subsidiary includes<span class=\"_ _5\"/> the ga<span class=\"_ _b\"/>in o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e rem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f the re<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Intr<span class=\"_ _5\"/>a-Group<span class=\"_ _39\"/> balances<span class=\"_ _b\"/>, and an<span class=\"_ _39\"/>y income and<span class=\"_ _39\"/> expenses or unrealised<span class=\"_ _39\"/> g<span class=\"_ _b\"/>ains and<span class=\"_ _39\"/> losses arising fr<span class=\"_ _39\"/>om intr<span class=\"_ _39\"/>a-Group transac<span class=\"_ _5\"/>tions, are<span class=\"_ _39\"/> e<span class=\"_ _b\"/>liminated in<span class=\"_ _39\"/> preparing the Consolidat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d Financial St<span class=\"_ _39\"/>atements.<span class=\"_ _34e\"> </span>The St. James\u2019<span class=\"_ _39\"/>s Place Charit<span class=\"_ _39\"/>able Foundation<span class=\"_ _39\"/> is not consolidat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d with<span class=\"_ _5\"/>in the<span class=\"_ _39\"/> financial inf<span class=\"_ _39\"/>ormation. This is<span class=\"_ _5\"/> because the<span class=\"_ _39\"/> Company does no<span class=\"_ _39\"/>t control<span class=\"_ _39\"/> the Charit<span class=\"_ _39\"/>able Fou<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n in a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ord<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h IF<span class=\"_ _b\"/>RS 1<span class=\"_ _b\"/>0.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>b<span class=\"_ _39\"/>) Fee<span class=\"_ _39\"/> an<span class=\"_ _b\"/>d commissi<span class=\"_ _5\"/>on income<span class=\"_ _34e\"> </span>Fee and<span class=\"_ _39\"/> commission income comprises:<span class=\"_ _39\"/> (i)<span class=\"_ _b\"/> <span class=\"_ _71\"> </span><span class=\"ls71 ws36\">advice char<span class=\"_ _39\"/>ges (post<span class=\"_ _39\"/>-RDR<span class=\"_ _4\"/>) paid b<span class=\"_ _39\"/>y clients who<span class=\"_ _39\"/> receive </span>advice alongside t<span class=\"_ _39\"/>heir invest<span class=\"_ _39\"/>ment in a St. J<span class=\"_ _5\"/>ames\u2019s P<span class=\"_ _39\"/>l<span class=\"_ _b\"/>ace product.<span class=\"_ _39\"/> Advice may<span class=\"_ _39\"/> b<span class=\"_ _b\"/>e pr<span class=\"_ _39\"/>ovided at in<span class=\"_ _5\"/>itial i<span class=\"_ _5\"/>nv<span class=\"_ _39\"/>estment, and on<span class=\"_ _39\"/> an ongoing basis; (i<span class=\"_ _6\"/>i)<span class=\"_ _b\"/> <span class=\"_ _44\"> </span><span class=\"lsd ws35\"> <span class=\"_ _3\"/>third-<span class=\"_ _39\"/>par<span class=\"_ _b\"/>ty fee and<span class=\"_ _39\"/> commission income, due fr<span class=\"_ _39\"/>om </span>thir<span class=\"_ _5\"/>d-<span class=\"_ _5\"/>part<span class=\"_ _b\"/>y produc<span class=\"_ _39\"/>t pro<span class=\"_ _5\"/>viders in<span class=\"_ _39\"/> respect of<span class=\"_ _39\"/> products sold on<span class=\"_ _5\"/> their behalf; (i<span class=\"_ _6\"/>i<span class=\"_ _6\"/>i)<span class=\"_ _b\"/> <span class=\"_ _2d\"> </span><span class=\"ls4c ws3\">weal<span class=\"_ _b\"/>th m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d by cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s for th<span class=\"_ _b\"/>e </span>ongoing administr<span class=\"_ _39\"/>ation of t<span class=\"_ _39\"/>heir inves<span class=\"_ _39\"/>tment product;<span class=\"_ _34e\"> </span>(i<span class=\"_ _6\"/>v)<span class=\"_ _6\"/> <span class=\"_ _4d\"> </span><span class=\"ls4c ws3\"> <span class=\"_ _3\"/>inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d by cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s for </span>all aspects<span class=\"_ _39\"/> of inv<span class=\"_ _39\"/>estment management, including fee<span class=\"_ _b\"/>s taken by th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p to pay t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>rd-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _b\"/> inv<span class=\"_ _39\"/>estment advisers<span class=\"_ _39\"/>; (v)<span class=\"_ _b\"/> <span class=\"_ _9a\"> </span><span class=\"ls4c ws3\"> <span class=\"_ _3\"/>fun<span class=\"_ _b\"/>d tax d<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are fe<span class=\"_ _b\"/>es c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nts<span class=\"_ _b\"/> </span>to<span class=\"_ _39\"/> match<span class=\"_ _39\"/> the policyholder<span class=\"_ _39\"/> tax expen<span class=\"_ _5\"/>se;<span class=\"_ _34e\"> </span>(v<span class=\"_ _6\"/>i)<span class=\"_ _6\"/> <span class=\"_ _4d\"> </span><span class=\"ls71 ws36\"> <span class=\"_ _3\"/>policyholder t<span class=\"_ _39\"/>ax asymmetry<span class=\"_ _39\"/>, which is<span class=\"_ _39\"/> the difference<span class=\"_ _5\"/> </span>bet<span class=\"_ _6\"/>we<span class=\"_ _b\"/>en t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>efer<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d tax p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he o<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fs<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g client balances<span class=\"_ _39\"/>; (<span class=\"_ _4\"/>vii<span class=\"_ _39\"/>) <span class=\"_ _30\"/><span class=\"lsd ws35\">discretionary fund management<span class=\"_ _5\"/> (<span class=\"_ _39\"/>DFM<span class=\"_ _39\"/>) fees<span class=\"_ _39\"/> generated </span>thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d by o<span class=\"_ _b\"/>ur D<span class=\"_ _b\"/>FM b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s; a<span class=\"_ _b\"/>nd<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>viii<span class=\"_ _39\"/>) <span class=\"_ _29\"/><span class=\"lsd ws35\">amor<span class=\"_ _b\"/>tisation of<span class=\"_ _39\"/> DI<span class=\"_ _b\"/>R, the unwinding<span class=\"_ _39\"/> of income that<span class=\"_ _39\"/> has </span>be<span class=\"_ _b\"/>en d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>is re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ates to i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tia<span class=\"_ _b\"/>l p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>uct c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>es and dealing mar<span class=\"_ _39\"/>gins from<span class=\"_ _39\"/> unit trusts.<span class=\"_ _34e\"> </span>The pr<span class=\"_ _39\"/>ovision of<span class=\"_ _39\"/> initial advice<span class=\"_ _39\"/> is a distinc<span class=\"_ _39\"/>t per<span class=\"_ _b\"/>formanc<span class=\"_ _5\"/>e ob<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. As a re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt<span class=\"_ _6\"/>, in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>s are re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in full<span class=\"_ _39\"/> on acceptance<span class=\"_ _39\"/> and inception<span class=\"_ _39\"/> of the associat<span class=\"_ _39\"/>ed policy by the re<span class=\"_ _b\"/>le<span class=\"_ _b\"/>vant p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ct prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r, whic<span class=\"_ _b\"/>h ma<span class=\"_ _b\"/>y b<span class=\"_ _b\"/>e a Gro<span class=\"_ _b\"/>up com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>any o<span class=\"_ _b\"/>r a thi<span class=\"_ _b\"/>rd p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y. Ong<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rges a<span class=\"_ _b\"/>re recognised as<span class=\"_ _39\"/> rev<span class=\"_ _5\"/>enue on<span class=\"_ _5\"/> an ongoing basis, con<span class=\"_ _5\"/>sistent<span class=\"_ _39\"/> with the natur<span class=\"_ _39\"/>e of t<span class=\"_ _5\"/>he performance<span class=\"_ _5\"/> obligation being<span class=\"_ _5\"/> discharged, rath<span class=\"_ _b\"/>er t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>n at a s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>le p<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n ti<span class=\"_ _b\"/>me<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Third-<span class=\"_ _39\"/>par<span class=\"_ _b\"/>ty fee and<span class=\"_ _39\"/> commission income is<span class=\"_ _39\"/> recognised in full on<span class=\"_ _39\"/> acceptance and<span class=\"_ _39\"/> inception of<span class=\"_ _39\"/> the associated<span class=\"_ _39\"/> poli<span class=\"_ _b\"/>cy b<span class=\"_ _39\"/>y the r<span class=\"_ _39\"/>elevant<span class=\"_ _5\"/> third-<span class=\"_ _39\"/>part<span class=\"_ _b\"/>y product<span class=\"_ _39\"/> provider<span class=\"_ _39\"/>. The<span class=\"_ _5\"/> performance obligation is<span class=\"_ _39\"/> the initial<span class=\"_ _39\"/> advice pro<span class=\"_ _39\"/>vided to<span class=\"_ _39\"/> a client which<span class=\"_ _39\"/> le<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>s to inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in a t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>rd-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>, he<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce it i<span class=\"_ _b\"/>s ap<span class=\"_ _b\"/>pro<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>te tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>is reve<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e st<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>m is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> same basis as<span class=\"_ _39\"/> initial advice char<span class=\"_ _39\"/>ges<span class=\"_ _b\"/>. Wher<span class=\"_ _39\"/>e the thir<span class=\"_ _39\"/>d-part<span class=\"_ _b\"/>y product<span class=\"_ _39\"/> provider<span class=\"_ _39\"/> ret<span class=\"_ _5\"/>ains the<span class=\"_ _39\"/> right t<span class=\"_ _39\"/>o clawback of<span class=\"_ _39\"/> commission on a<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>de<span class=\"_ _b\"/>mn<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, reven<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e on s<span class=\"_ _b\"/>al<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>s is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to the ex<span class=\"_ _6\"/>tent t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t it i<span class=\"_ _b\"/>s hi<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y pro<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e reven<span class=\"_ _b\"/>ue w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l no<span class=\"_ _b\"/>t be c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>we<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>k<span class=\"_ _b\"/>. A prov<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d for any a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ts re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h d<span class=\"_ _b\"/>o not m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>et th<span class=\"_ _b\"/>e \u2018h<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hl<span class=\"_ _b\"/>y proba<span class=\"_ _5\"/>ble\u2019 th<span class=\"_ _5\"/>resho<span class=\"_ _5\"/>ld. Weal<span class=\"_ _39\"/>th management<span class=\"_ _39\"/> fees, in<span class=\"_ _39\"/>vestmen<span class=\"_ _5\"/>t managemen<span class=\"_ _39\"/>t fees, f<span class=\"_ _39\"/>und tax<span class=\"_ _39\"/> deductions, policyholder<span class=\"_ _39\"/> tax as<span class=\"_ _39\"/>ymmetry an<span class=\"_ _b\"/>d di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>reti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y fu<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate to se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es provi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n an o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd reve<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on a<span class=\"_ _b\"/>n on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is to ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>e n<span class=\"_ _b\"/>atu<span class=\"_ _b\"/>re of t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>er<span class=\"_ _6\"/>form<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce<span class=\"_ _b\"/> obligations<span class=\"_ _5\"/> being dischar<span class=\"_ _39\"/>ged<span class=\"_ _b\"/>. When ini<span class=\"_ _39\"/>tial produc<span class=\"_ _39\"/>t charges<span class=\"_ _39\"/> and dealing mar<span class=\"_ _39\"/>gins do not r<span class=\"_ _39\"/>elate t<span class=\"_ _39\"/>o a distinc<span class=\"_ _5\"/>t performance<span class=\"_ _5\"/> obligation satis<span class=\"_ _5\"/>fied at i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ept<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of a c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e is d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>tic<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the<span class=\"_ _b\"/> services will be<span class=\"_ _39\"/> provided.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>c<span class=\"_ _39\"/>) Insurance and<span class=\"_ _5\"/> reinsurance premiums<span class=\"_ _39\"/> Unit<span class=\"_ _39\"/>-linked<span class=\"_ _39\"/> insurance contr<span class=\"_ _39\"/>act premiums ar<span class=\"_ _39\"/>e recognised as r<span class=\"_ _39\"/>evenue when<span class=\"_ _39\"/> the liabilities arising<span class=\"_ _39\"/> from them<span class=\"_ _39\"/> are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Al<span class=\"_ _b\"/>l oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r pre<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>um<span class=\"_ _b\"/>s are a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d for wh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n du<span class=\"_ _b\"/>e for p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>. (<span class=\"_ _4\"/>d<span class=\"_ _39\"/>) Insurance claims and rein<span class=\"_ _39\"/>surance recover<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span>In<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ath c<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ms a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unte<span class=\"_ _b\"/>d for o<span class=\"_ _b\"/>n notificati<span class=\"_ _5\"/>on of<span class=\"_ _39\"/> de<span class=\"_ _b\"/>ath. Crit<span class=\"_ _5\"/>ical illness<span class=\"_ _39\"/> cla<span class=\"_ _b\"/>ims ar<span class=\"_ _39\"/>e accounted for<span class=\"_ _39\"/> when admitted. All ot<span class=\"_ _39\"/>he<span class=\"_ _b\"/>r claims<span class=\"_ _39\"/> and surrenders ar<span class=\"_ _39\"/>e account<span class=\"_ _39\"/>ed for<span class=\"_ _39\"/> when payment is<span class=\"_ _5\"/> due. Rein<span class=\"_ _39\"/>surance rec<span class=\"_ _b\"/>over<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e cl<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ms<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted for in t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>am<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d as th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>im<span class=\"_ _6\"/>. (<span class=\"_ _4\"/>e<span class=\"_ _39\"/>) Inv<span class=\"_ _39\"/>estment return<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment re<span class=\"_ _5\"/>turn comprise<span class=\"_ _5\"/>s in<span class=\"_ _39\"/>vestment income<span class=\"_ _39\"/> and inv<span class=\"_ _39\"/>estment gains and<span class=\"_ _39\"/> losses<span class=\"_ _b\"/>. Inv<span class=\"_ _39\"/>estment income<span class=\"_ _39\"/> includes dividends, inter<span class=\"_ _39\"/>est and r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _5\"/>al income<span class=\"_ _39\"/> from in<span class=\"_ _39\"/>vestment properties<span class=\"_ _39\"/> under oper<span class=\"_ _39\"/>ating leases. Divi<span class=\"_ _5\"/>dends ar<span class=\"_ _39\"/>e accrued<span class=\"_ _39\"/> on an<span class=\"_ _39\"/> ex-dividend basis, and<span class=\"_ _39\"/> rental<span class=\"_ _39\"/> income is r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised in the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income on<span class=\"_ _39\"/> a straight<span class=\"_ _4\"/>-line ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s over t<span class=\"_ _b\"/>he te<span class=\"_ _b\"/>rm of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e. I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rest o<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ets c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>if<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>t or l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>cou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d for b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on the<span class=\"_ _39\"/> actual coupon payment<span class=\"_ _5\"/>s, whilst int<span class=\"_ _39\"/>erest on<span class=\"_ _39\"/> financial assets measur<span class=\"_ _39\"/>ed at amortised cost<span class=\"_ _39\"/> are account<span class=\"_ _39\"/>ed for<span class=\"_ _39\"/> usin<span class=\"_ _b\"/>g the effecti<span class=\"_ _b\"/>ve interest method<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>194<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>f<span class=\"_ _39\"/>) Exp<span class=\"_ _b\"/>enses<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) Pay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts to Pa<span class=\"_ _b\"/>rt<span class=\"_ _b\"/>ner<span class=\"_ _b\"/>s Payments<span class=\"_ _39\"/> to Partners c<span class=\"_ _39\"/>om<span class=\"_ _b\"/>prise initial<span class=\"_ _39\"/> commission and initial<span class=\"_ _39\"/> advice f<span class=\"_ _39\"/>ees (<span class=\"_ _39\"/>IAF<span class=\"_ _4\"/>) (paid f<span class=\"_ _39\"/>or initial<span class=\"_ _39\"/> advice, at policy<span class=\"_ _39\"/> outset and within an<span class=\"_ _39\"/> initial period f<span class=\"_ _39\"/>or regular con<span class=\"_ _39\"/>tribution<span class=\"_ _39\"/>),<span class=\"_ _39\"/> renewal commission and<span class=\"_ _39\"/> renewal advice<span class=\"_ _39\"/> fees (pay<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e on<span class=\"_ _39\"/> regular contribut<span class=\"_ _5\"/>ions<span class=\"_ _4\"/>) and fund f<span class=\"_ _39\"/>ee commission or<span class=\"_ _39\"/> ong<span class=\"_ _b\"/>oing advice fees<span class=\"_ _39\"/> (<span class=\"_ _39\"/>OAF<span class=\"_ _4\"/>) (<span class=\"_ _39\"/>based on funds<span class=\"_ _39\"/> under management<span class=\"_ _39\"/>). Init<span class=\"_ _5\"/>ial and renew<span class=\"_ _39\"/>al commission and advice<span class=\"_ _39\"/> fees are<span class=\"_ _39\"/> recognised in line<span class=\"_ _5\"/> with t<span class=\"_ _39\"/>he associated pr<span class=\"_ _39\"/>emium income, but ini<span class=\"_ _5\"/>tial commission<span class=\"_ _39\"/> on i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts m<span class=\"_ _b\"/>ay b<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, as s<span class=\"_ _b\"/>et ou<span class=\"_ _b\"/>t in a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy (k<span class=\"_ _39\"/>). Fund fe<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>is<span class=\"_ _b\"/>s<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n an<span class=\"_ _b\"/>d on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ad<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e fee<span class=\"_ _b\"/>s are re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on a<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>cr<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ls b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Lease expenses<span class=\"_ _34e\"> </span>Lea<span class=\"_ _b\"/>se ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 16 co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of t<span class=\"_ _b\"/>he right<span class=\"_ _39\"/>-of<span class=\"_ _39\"/>-use<span class=\"_ _39\"/> asset and int<span class=\"_ _39\"/>erest e<span class=\"_ _5\"/>xpense on t<span class=\"_ _39\"/>he lease liability. Further in<span class=\"_ _39\"/>formation on<span class=\"_ _39\"/> depreciation of<span class=\"_ _39\"/> the right<span class=\"_ _39\"/>-of<span class=\"_ _39\"/>-use<span class=\"_ _39\"/> asset is s<span class=\"_ _b\"/>et ou<span class=\"_ _b\"/>t i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>cou<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy (m<span class=\"_ _4\"/>). Inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e on t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> lease liability is calculat<span class=\"_ _39\"/>ed using the<span class=\"_ _39\"/> ef<span class=\"_ _b\"/>fectiv<span class=\"_ _39\"/>e inter<span class=\"_ _39\"/>est met<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. It i<span class=\"_ _b\"/>s ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> of Compr<span class=\"_ _39\"/>ehensive Income. The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>es l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ted w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h short-<span class=\"_ _4\"/>term leases and<span class=\"_ _39\"/> le<span class=\"_ _b\"/>ases of<span class=\"_ _39\"/> low-value<span class=\"_ _39\"/> assets on a straigh<span class=\"_ _39\"/>t-<span class=\"_ _39\"/>line basis o<span class=\"_ _39\"/>ver the lease<span class=\"_ _39\"/> term.<span class=\"_ _34e\"> </span>(g<span class=\"_ _39\"/>) Income tax<span class=\"_ _5\"/>es<span class=\"_ _34e\"> </span>Income t<span class=\"_ _39\"/>ax on the<span class=\"_ _39\"/> p<span class=\"_ _b\"/>rofit<span class=\"_ _39\"/> or loss f<span class=\"_ _39\"/>or the y<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ar comprises cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e by the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct of policyholders<span class=\"_ _39\"/> and shareholders. Income t<span class=\"_ _39\"/>ax is recognised in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _5\"/>e Income<span class=\"_ _39\"/> except t<span class=\"_ _39\"/>o the ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>nt th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>t rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>s to item<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>n<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed d<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ly i<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y, in which<span class=\"_ _39\"/> case it is<span class=\"_ _39\"/> recognised in<span class=\"_ _39\"/> e<span class=\"_ _b\"/>quity.<span class=\"_ _39\"/> T<span class=\"_ _39\"/>ax liabilities<span class=\"_ _39\"/> are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n it i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red p<span class=\"_ _b\"/>rob<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>ere w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll be a f<span class=\"_ _b\"/>utu<span class=\"_ _b\"/>re ou<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ow o<span class=\"_ _b\"/>f fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s to a tax<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g au<span class=\"_ _b\"/>th<span class=\"_ _b\"/>or<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y, and<span class=\"_ _b\"/> are<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asured using<span class=\"_ _39\"/> a best<span class=\"_ _39\"/>-estimat<span class=\"_ _39\"/>e approach.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) Curre<span class=\"_ _b\"/>nt tax<span class=\"_ _34e\"> </span>Cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t tax is t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted ta<span class=\"_ _b\"/>x pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e taxa<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le<span class=\"_ _b\"/> income f<span class=\"_ _39\"/>or the y<span class=\"_ _39\"/>ear,<span class=\"_ _39\"/> usin<span class=\"_ _b\"/>g t<span class=\"_ _39\"/>ax rat<span class=\"_ _39\"/>es enacted or<span class=\"_ _39\"/> substantiv<span class=\"_ _39\"/>ely en<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>t the re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te, a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>ny ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt to tax<span class=\"_ _b\"/> pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>le i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of p<span class=\"_ _b\"/>revi<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>ii<span class=\"_ _39\"/>) D<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax<span class=\"_ _34e\"> </span>Deferr<span class=\"_ _39\"/>ed tax<span class=\"_ _39\"/> is pro<span class=\"_ _39\"/>vide<span class=\"_ _b\"/>d using<span class=\"_ _39\"/> the liability method, pr<span class=\"_ _39\"/>oviding for<span class=\"_ _39\"/> temporary differences<span class=\"_ _39\"/> bet<span class=\"_ _b\"/>ween the c<span class=\"_ _39\"/>arr<span class=\"_ _b\"/>ying amounts of asset<span class=\"_ _39\"/>s and liabilities f<span class=\"_ _39\"/>or financial r<span class=\"_ _39\"/>epor<span class=\"_ _b\"/>ting purposes and the<span class=\"_ _39\"/> amounts used f<span class=\"_ _39\"/>or tax<span class=\"_ _39\"/>ation purposes. The f<span class=\"_ _39\"/>ollowing di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re no<span class=\"_ _b\"/>t prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ed fo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>: th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>c<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of<span class=\"_ _b\"/> assets or<span class=\"_ _39\"/> liabilities that<span class=\"_ _5\"/> affect neit<span class=\"_ _5\"/>her account<span class=\"_ _39\"/>ing nor tax<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e profi<span class=\"_ _39\"/>t<span class=\"_ _b\"/>, and differ<span class=\"_ _39\"/>ences relati<span class=\"_ _5\"/>ng t<span class=\"_ _39\"/>o inv<span class=\"_ _39\"/>estments in<span class=\"_ _39\"/> subsidiaries to the ex<span class=\"_ _6\"/>tent t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>ey wi<span class=\"_ _b\"/>ll p<span class=\"_ _b\"/>rob<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y not reve<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>e in t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> fores<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re. T<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t of d<span class=\"_ _b\"/>efer<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d tax prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d is<span class=\"_ _b\"/> based on t<span class=\"_ _39\"/>he expected<span class=\"_ _39\"/> m<span class=\"_ _b\"/>anner of<span class=\"_ _39\"/> realisation or se<span class=\"_ _39\"/>t<span class=\"_ _b\"/>tlement of the<span class=\"_ _39\"/> carr<span class=\"_ _b\"/>ying amount<span class=\"_ _39\"/> of assets and<span class=\"_ _39\"/> liabilities, using tax rates e<span class=\"_ _b\"/>na<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d or s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>vel<span class=\"_ _b\"/>y en<span class=\"_ _b\"/>a<span class=\"_ _b\"/>cted a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>or<span class=\"_ _6\"/>tin<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te an<span class=\"_ _b\"/>d taki<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g into a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt exc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>ted ti<span class=\"_ _b\"/>m<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g of u<span class=\"_ _b\"/>til<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>A defe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ly to th<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>nt th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>t is<span class=\"_ _b\"/> proba<span class=\"_ _5\"/>ble t<span class=\"_ _5\"/>hat fu<span class=\"_ _5\"/>tur<span class=\"_ _39\"/>e tax<span class=\"_ _39\"/>able profi<span class=\"_ _39\"/>ts will be<span class=\"_ _39\"/> available<span class=\"_ _39\"/> against wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set c<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>til<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. De<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re red<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>ed to th<span class=\"_ _b\"/>e ex<span class=\"_ _6\"/>tent t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t it i<span class=\"_ _b\"/>s no l<span class=\"_ _b\"/>on<span class=\"_ _b\"/>g<span class=\"_ _b\"/>er p<span class=\"_ _b\"/>rob<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e tha<span class=\"_ _b\"/>t the re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d tax b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>it w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l be re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>li<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>De<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>re of<span class=\"_ _b\"/>fs<span class=\"_ _b\"/>et w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>s a le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ly e<span class=\"_ _b\"/>nforc<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ht to of<span class=\"_ _b\"/>f<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt tax a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets a<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>t cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t tax l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>nd li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s rel<span class=\"_ _b\"/>ate to in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me ta<span class=\"_ _b\"/>xes l<span class=\"_ _b\"/>ev<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e sa<span class=\"_ _b\"/>me ta<span class=\"_ _b\"/>xat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n authority on eit<span class=\"_ _39\"/>her the t<span class=\"_ _39\"/>axable entity or differ<span class=\"_ _39\"/>ent taxable ent<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ere th<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re is a<span class=\"_ _b\"/>n inte<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>on to s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e ba<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s on a<span class=\"_ _39\"/> net basis.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>iii<span class=\"_ _39\"/>) Polic<span class=\"_ _5\"/>yholder and<span class=\"_ _39\"/> shareholder tax<span class=\"_ _34e\"> </span>The tota<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me ta<span class=\"_ _b\"/>x ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e is a s<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rate ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income based on<span class=\"_ _39\"/> the move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt an<span class=\"_ _b\"/>d d<span class=\"_ _b\"/>efer<span class=\"_ _b\"/>red i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me tax<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct of in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/>, g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>nd e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e total c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge re<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ts tax<span class=\"_ _b\"/> incurr<span class=\"_ _39\"/>ed on behalf o<span class=\"_ _39\"/>f policyholders<span class=\"_ _5\"/> as w<span class=\"_ _5\"/>ell as<span class=\"_ _39\"/> shareholders, an<span class=\"_ _b\"/>d so it i<span class=\"_ _b\"/>s u<span class=\"_ _b\"/>sef<span class=\"_ _b\"/>ul to b<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e to ide<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>if<span class=\"_ _b\"/>y t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se s<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ratel<span class=\"_ _b\"/>y. Shareholder<span class=\"_ _39\"/> tax is<span class=\"_ _39\"/> estimated<span class=\"_ _39\"/> by making<span class=\"_ _39\"/> an assessment<span class=\"_ _39\"/> of the e<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve rate of tax t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t is a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le to th<span class=\"_ _b\"/>e s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s on the<span class=\"_ _39\"/> profits a<span class=\"_ _5\"/>ttributable t<span class=\"_ _39\"/>o shareholders. This<span class=\"_ _39\"/> is calculated by<span class=\"_ _39\"/> applying the a<span class=\"_ _5\"/>ppropr<span class=\"_ _5\"/>iate<span class=\"_ _39\"/> effectiv<span class=\"_ _39\"/>e corporat<span class=\"_ _39\"/>e t<span class=\"_ _39\"/>ax rat<span class=\"_ _39\"/>es to<span class=\"_ _39\"/> the s<span class=\"_ _5\"/>hareholder<span class=\"_ _39\"/> profits. T<span class=\"_ _39\"/>he remainder<span class=\"_ _39\"/> of the t<span class=\"_ _39\"/>ax char<span class=\"_ _39\"/>ge repr<span class=\"_ _39\"/>esents t<span class=\"_ _39\"/>ax on polic<span class=\"_ _39\"/>yholders\u2019 inv<span class=\"_ _39\"/>estment r<span class=\"_ _39\"/>eturns. (h)<span class=\"_ _6\"/> D<span class=\"_ _6\"/>i<span class=\"_ _6\"/>v<span class=\"_ _6\"/>i<span class=\"_ _6\"/>d<span class=\"_ _6\"/>e<span class=\"_ _30\"/>n<span class=\"_ _6\"/>d<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span>Inter<span class=\"_ _39\"/>im dividend distribut<span class=\"_ _39\"/>ions to<span class=\"_ _39\"/> the Company\u2019s<span class=\"_ _5\"/> sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch they<span class=\"_ _39\"/> are paid. Final dividend<span class=\"_ _39\"/> distributions t<span class=\"_ _39\"/>o the Compan<span class=\"_ _39\"/>y<span class=\"_ _b\"/>\u2019s sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>od i<span class=\"_ _b\"/>n w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch th<span class=\"_ _b\"/>e dividends are<span class=\"_ _39\"/> declared: that is, when<span class=\"_ _39\"/> they ar<span class=\"_ _39\"/>e appropriat<span class=\"_ _39\"/>el<span class=\"_ _b\"/>y authorised and<span class=\"_ _39\"/> no longer at the<span class=\"_ _39\"/> discretion<span class=\"_ _39\"/> of the Compan<span class=\"_ _39\"/>y. The final<span class=\"_ _39\"/> divid<span class=\"_ _b\"/>end f<span class=\"_ _39\"/>or the financial<span class=\"_ _5\"/> year is<span class=\"_ _39\"/> disclosed but shown as<span class=\"_ _39\"/> unpaid and awaiting<span class=\"_ _39\"/> approval<span class=\"_ _39\"/> by the<span class=\"_ _39\"/> Company\u2019s shareholders at<span class=\"_ _39\"/> the Annual Gener<span class=\"_ _5\"/>al Meeting.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) I<span class=\"_ _b\"/>nvestm<span class=\"_ _b\"/>ent co<span class=\"_ _b\"/>ntr<span class=\"_ _b\"/>act d<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>osit<span class=\"_ _b\"/>s and w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hdr<span class=\"_ _b\"/>awal<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment contr<span class=\"_ _39\"/>act payments in<span class=\"_ _39\"/> and out ar<span class=\"_ _39\"/>e not included in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _5\"/>e Income<span class=\"_ _39\"/> but are r<span class=\"_ _39\"/>epor<span class=\"_ _b\"/>ted as d<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>os<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s to or de<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns f<span class=\"_ _b\"/>rom i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract<span class=\"_ _b\"/> benefits in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position. The mo<span class=\"_ _39\"/>vement in inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>its w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Comprehensiv<span class=\"_ _39\"/>e Income principally r<span class=\"_ _39\"/>epresents the<span class=\"_ _39\"/> inv<span class=\"_ _39\"/>estment r<span class=\"_ _39\"/>eturn cr<span class=\"_ _39\"/>edited t<span class=\"_ _39\"/>o policyholders.<span class=\"_ _34e\"> </span>Explicit advice<span class=\"_ _39\"/> charges ar<span class=\"_ _39\"/>e payable b<span class=\"_ _39\"/>y most clien<span class=\"_ _5\"/>ts who wish<span class=\"_ _39\"/> to r<span class=\"_ _39\"/>eceive advice<span class=\"_ _5\"/> with t<span class=\"_ _39\"/>heir inv<span class=\"_ _39\"/>estment in<span class=\"_ _39\"/> a St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e retai<span class=\"_ _b\"/>l i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>. S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e faci<span class=\"_ _b\"/>l<span class=\"_ _b\"/>itate<span class=\"_ _b\"/>s the p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>es fo<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, by arranging<span class=\"_ _39\"/> withdrawals<span class=\"_ _39\"/> from t<span class=\"_ _39\"/>he client<span class=\"_ _b\"/>\u2019s<span class=\"_ _5\"/> policy<span class=\"_ _39\"/>, which<span class=\"_ _39\"/> are then r<span class=\"_ _39\"/>ecognise<span class=\"_ _b\"/>d as<span class=\"_ _39\"/> income to<span class=\"_ _39\"/> the Group.<span class=\"_ _39\"/> A proportion of the c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge i<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>en p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id to th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>t. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r wh<span class=\"_ _b\"/>o provi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>es th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e (<span class=\"_ _5\"/>b<span class=\"_ _39\"/>) Fe<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>is<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>i) an<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>f) Exp<span class=\"_ _b\"/>en<span class=\"_ _b\"/>s<span class=\"_ _b\"/>es (<span class=\"_ _39\"/>i)<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>195<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>(<span class=\"_ _b\"/>j) Goodwill<span class=\"_ _34e\"> </span>Go<span class=\"_ _b\"/>od<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>l rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts th<span class=\"_ _b\"/>e exc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st o<span class=\"_ _b\"/>f an a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on over th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s sh<span class=\"_ _b\"/>are o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tif<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le<span class=\"_ _b\"/> net a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>red e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>t the d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te of ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. Whe<span class=\"_ _b\"/>re th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s sh<span class=\"_ _b\"/>are o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tif<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le<span class=\"_ _b\"/> net a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>red e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s gre<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>an th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st<span class=\"_ _b\"/> of acquisi<span class=\"_ _5\"/>tion, the<span class=\"_ _39\"/> excess is<span class=\"_ _39\"/> recognised immediat<span class=\"_ _39\"/>ely in the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income.<span class=\"_ _34e\"> </span>Go<span class=\"_ _b\"/>od<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>l is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d as a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t at c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d is rev<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>wed<span class=\"_ _b\"/> at least annually<span class=\"_ _39\"/> for impairment<span class=\"_ _39\"/> or when circ<span class=\"_ _5\"/>umstanc<span class=\"_ _5\"/>es or eve<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>cate t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re ma<span class=\"_ _b\"/>y be u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>y ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>is va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e.<span class=\"_ _b\"/> If a<span class=\"_ _b\"/>n im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t is i<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e goodwill is<span class=\"_ _39\"/> writ<span class=\"_ _b\"/>ten<span class=\"_ _39\"/> down immediately<span class=\"_ _39\"/> through the<span class=\"_ _39\"/> Statemen<span class=\"_ _39\"/>t of Compr<span class=\"_ _39\"/>ehensive Income and<span class=\"_ _39\"/> is not subsequent<span class=\"_ _5\"/>ly r<span class=\"_ _39\"/>eversed. At the d<span class=\"_ _b\"/>ate of d<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>al o<span class=\"_ _b\"/>f a su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y, the c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/> of attribut<span class=\"_ _39\"/>able goodwill is included in<span class=\"_ _39\"/> the calculation o<span class=\"_ _5\"/>f the<span class=\"_ _5\"/> prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>n d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>po<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>l exc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>t wh<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n wr<span class=\"_ _b\"/>it<span class=\"_ _b\"/>te<span class=\"_ _b\"/>n of<span class=\"_ _b\"/>f d<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ctl<span class=\"_ _b\"/>y to res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ves i<span class=\"_ _b\"/>n the p<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>k) Defer<span class=\"_ _5\"/>red acquisition co<span class=\"_ _5\"/>sts<span class=\"_ _34e\"> </span>For insurance<span class=\"_ _39\"/> contracts, acquisition costs comprise both direct<span class=\"_ _39\"/> costs such as<span class=\"_ _39\"/> initial commission and<span class=\"_ _39\"/> the indirec<span class=\"_ _5\"/>t costs<span class=\"_ _39\"/> of obtaining<span class=\"_ _39\"/> and processing ne<span class=\"_ _39\"/>w business. Acquisition<span class=\"_ _5\"/> cos<span class=\"_ _b\"/>ts w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng a f<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l yea<span class=\"_ _b\"/>r, net of a<span class=\"_ _b\"/>ny impairment losses, ar<span class=\"_ _39\"/>e deferr<span class=\"_ _39\"/>ed and then amortised t<span class=\"_ _39\"/>o expenses in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income on a str<span class=\"_ _39\"/>aight<span class=\"_ _39\"/>-line basis<span class=\"_ _39\"/> over<span class=\"_ _39\"/> the period during<span class=\"_ _39\"/> which the c<span class=\"_ _39\"/>osts are ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e, a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th the i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e of fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re rel<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>For<span class=\"_ _5\"/> inv<span class=\"_ _39\"/>estment contr<span class=\"_ _39\"/>acts, only dir<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ctly<span class=\"_ _5\"/> attributable ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cos<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch va<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y w<span class=\"_ _b\"/>ith a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d are re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted to se<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g new c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>ts an<span class=\"_ _b\"/>d re<span class=\"_ _b\"/>new<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, are d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d on<span class=\"_ _b\"/>ly to th<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>nt th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t they a<span class=\"_ _b\"/>re re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>ut o<span class=\"_ _b\"/>f fu<span class=\"_ _b\"/>ture<span class=\"_ _b\"/> reven<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on c<span class=\"_ _b\"/>ost<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt the con<span class=\"_ _39\"/>tractual r<span class=\"_ _5\"/>ight t<span class=\"_ _39\"/>o benefit fr<span class=\"_ _39\"/>om pro<span class=\"_ _39\"/>viding inves<span class=\"_ _39\"/>tment ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, n<span class=\"_ _b\"/>et of a<span class=\"_ _b\"/>ny im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>re amortised to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensive<span class=\"_ _39\"/> Income on<span class=\"_ _39\"/> a straight<span class=\"_ _4\"/>-line basis<span class=\"_ _39\"/> over the<span class=\"_ _39\"/> expected lif<span class=\"_ _39\"/>etime of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>ll ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r co<span class=\"_ _b\"/>sts a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. The p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>od<span class=\"_ _b\"/>s over w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>overa<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e are<span class=\"_ _39\"/> as follows:<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contracts<span class=\"_ _39\"/>: <span class=\"_ _7d\"> </span>5 y<span class=\"_ _39\"/>ears<span class=\"_ _34e\"> </span>Investment contracts: <span class=\"_ _65\"> </span>14 years.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>l<span class=\"_ _39\"/>) Intangible assets<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Purchased value of in<span class=\"_ _39\"/>-force business<span class=\"_ _34e\"> </span>The pur<span class=\"_ _39\"/>chased value of<span class=\"_ _39\"/> in-f<span class=\"_ _39\"/>orce business<span class=\"_ _39\"/> in respect<span class=\"_ _39\"/> of insurance<span class=\"_ _39\"/> business repres<span class=\"_ _5\"/>ents t<span class=\"_ _39\"/>he present<span class=\"_ _5\"/> value<span class=\"_ _5\"/> of pr<span class=\"_ _39\"/>ofits that ar<span class=\"_ _39\"/>e expected<span class=\"_ _39\"/> to emer<span class=\"_ _39\"/>g<span class=\"_ _b\"/>e fr<span class=\"_ _39\"/>om insurance<span class=\"_ _39\"/> business acquired on<span class=\"_ _39\"/> business combinations. It is<span class=\"_ _39\"/> calculated at the t<span class=\"_ _39\"/>ime of acquisition<span class=\"_ _39\"/> using best<span class=\"_ _39\"/>-estimat<span class=\"_ _5\"/>e actuarial<span class=\"_ _39\"/> assumptions<span class=\"_ _39\"/> for int<span class=\"_ _39\"/>erest, mortality,<span class=\"_ _39\"/> persistency and<span class=\"_ _39\"/> exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, n<span class=\"_ _b\"/>et of a<span class=\"_ _b\"/>ny im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>t is a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> on a<span class=\"_ _39\"/> straight<span class=\"_ _39\"/>-line<span class=\"_ _39\"/> basi<span class=\"_ _b\"/>s as<span class=\"_ _39\"/> p<span class=\"_ _b\"/>rofit<span class=\"_ _39\"/>s emerge o<span class=\"_ _39\"/>ver the ant<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>ves o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o.<span class=\"_ _34e\"> </span>An in<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et is a<span class=\"_ _b\"/>l<span class=\"_ _b\"/>so re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of acqu<span class=\"_ _b\"/>ired investment man<span class=\"_ _b\"/>age<span class=\"_ _b\"/>ment contracts<span class=\"_ _b\"/>, representi<span class=\"_ _b\"/>ng the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hts a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e contr<span class=\"_ _39\"/>acts. The pur<span class=\"_ _39\"/>chase<span class=\"_ _b\"/>d v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ue of<span class=\"_ _39\"/> in-f<span class=\"_ _39\"/>orce business<span class=\"_ _39\"/> is exp<span class=\"_ _b\"/>res<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s a gros<span class=\"_ _b\"/>s f<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ure i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Fi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al<span class=\"_ _b\"/> Pos<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _6\"/>, wit<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d tax i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n de<span class=\"_ _b\"/>ferre<span class=\"_ _b\"/>d tax<span class=\"_ _39\"/> liabilities. It is<span class=\"_ _39\"/> assessed for<span class=\"_ _5\"/> impairment at<span class=\"_ _39\"/> each reporting da<span class=\"_ _b\"/>te an<span class=\"_ _b\"/>d any move<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent i<span class=\"_ _b\"/>s c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Comprehensiv<span class=\"_ _39\"/>e Income.<span class=\"_ _34e\"> </span>The e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>ul e<span class=\"_ _b\"/>co<span class=\"_ _b\"/>no<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>c l<span class=\"_ _b\"/>ife of a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>-force business is<span class=\"_ _39\"/> 20 years.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>ii<span class=\"_ _39\"/>) Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>uter s<span class=\"_ _b\"/>of<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ware a<span class=\"_ _b\"/>nd ot<span class=\"_ _b\"/>her s<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cif<span class=\"_ _b\"/>ic software dev<span class=\"_ _39\"/>elopments<span class=\"_ _34e\"> </span>Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uter s<span class=\"_ _b\"/>of<span class=\"_ _b\"/>t<span class=\"_ _6\"/>ware i<span class=\"_ _b\"/>s sta<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>st l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s ac<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted<span class=\"_ _b\"/> amortisation and an<span class=\"_ _39\"/>y recognised impairmen<span class=\"_ _39\"/>t loss. The car<span class=\"_ _39\"/>r<span class=\"_ _b\"/>ying value is<span class=\"_ _39\"/> review<span class=\"_ _39\"/>ed for<span class=\"_ _39\"/> imp<span class=\"_ _b\"/>airment when<span class=\"_ _39\"/> event<span class=\"_ _39\"/>s or c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n ci<span class=\"_ _b\"/>rcu<span class=\"_ _b\"/>ms<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>ces i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>te tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng val<span class=\"_ _b\"/>ue m<span class=\"_ _b\"/>ay n<span class=\"_ _b\"/>ot b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>overa<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Computer<span class=\"_ _39\"/> sof<span class=\"_ _b\"/>tware, including c<span class=\"_ _5\"/>loud cust<span class=\"_ _39\"/>omisation costs, is<span class=\"_ _39\"/> recognised<span class=\"_ _39\"/> as an int<span class=\"_ _39\"/>angible asset during<span class=\"_ _39\"/> development, wit<span class=\"_ _39\"/>h amortisation commencing when<span class=\"_ _39\"/> the software is oper<span class=\"_ _39\"/>ational. Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of C<span class=\"_ _5\"/>omprehensive<span class=\"_ _39\"/> In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me to ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s on a s<span class=\"_ _b\"/>trai<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is ove<span class=\"_ _b\"/>r fou<span class=\"_ _b\"/>r yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>,<span class=\"_ _b\"/> be<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>sef<span class=\"_ _b\"/>ul l<span class=\"_ _b\"/>ife o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e inta<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ept<span class=\"_ _b\"/> for so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>re deve<span class=\"_ _b\"/>l<span class=\"_ _b\"/>op<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ted to ha<span class=\"_ _b\"/>ve a us<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>ul l<span class=\"_ _b\"/>ife of f<span class=\"_ _b\"/>ive ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>m<span class=\"_ _39\"/>) Property and equipment<span class=\"_ _34e\"> </span>Pr<span class=\"_ _5\"/>opert<span class=\"_ _b\"/>y and equipment<span class=\"_ _39\"/> comprises both<span class=\"_ _39\"/> assets which<span class=\"_ _39\"/> are<span class=\"_ _39\"/> owned and those<span class=\"_ _39\"/> which are leased.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) In<span class=\"_ _b\"/>itia<span class=\"_ _b\"/>l and s<span class=\"_ _b\"/>ubs<span class=\"_ _b\"/>equ<span class=\"_ _b\"/>ent m<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>sure<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt of own<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>sset<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d ite<span class=\"_ _b\"/>ms o<span class=\"_ _b\"/>f pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>nd e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>pm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt are s<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>d at cost le<span class=\"_ _5\"/>ss accumulat<span class=\"_ _39\"/>ed depreciat<span class=\"_ _39\"/>ion and impairment. Cost includes<span class=\"_ _39\"/> the original pur<span class=\"_ _39\"/>chase price of<span class=\"_ _39\"/> the asset and the c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts at<span class=\"_ _6\"/>tri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>tab<span class=\"_ _b\"/>le to b<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t to its wo<span class=\"_ _b\"/>rk<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> con<span class=\"_ _b\"/>d<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on fo<span class=\"_ _b\"/>r its i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>e. D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to expenses wit<span class=\"_ _5\"/>hin the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _5\"/>e Income on a st<span class=\"_ _b\"/>rai<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>sef<span class=\"_ _b\"/>ul l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ves of<span class=\"_ _b\"/> the pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y and equipment, which<span class=\"_ _39\"/> are as<span class=\"_ _5\"/> follows<span class=\"_ _39\"/>:<span class=\"_ _34e\"> </span>Fi<span class=\"_ _b\"/>x<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>res<span class=\"_ _b\"/>, f<span class=\"_ _b\"/>it<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d of<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>p<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>: <span class=\"_ _86\"> </span>5 to 15 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Computer<span class=\"_ _39\"/> equipme<span class=\"_ _b\"/>nt: <span class=\"_ _231\"> </span>3 y<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ars.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>ii<span class=\"_ _39\"/>) I<span class=\"_ _b\"/>niti<span class=\"_ _b\"/>al an<span class=\"_ _b\"/>d sub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>que<span class=\"_ _b\"/>nt me<span class=\"_ _b\"/>asu<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>ent of l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d ass<span class=\"_ _b\"/>ets<span class=\"_ _34e\"> </span>A rig<span class=\"_ _b\"/>ht-of-use as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>d eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>pm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt for l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are n<span class=\"_ _b\"/>ot s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct to th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t-t<span class=\"_ _39\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>m or l<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>-valu<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>xem<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t in I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 16<span class=\"_ _b\"/>. Thi<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>es th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/>\u2019s le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o. The righ<span class=\"_ _39\"/>t-<span class=\"_ _39\"/>of-<span class=\"_ _39\"/>use asset r<span class=\"_ _39\"/>ecognise<span class=\"_ _b\"/>d on<span class=\"_ _39\"/> the commencement da<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s the va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y (<span class=\"_ _39\"/>refe<span class=\"_ _b\"/>r to accounting<span class=\"_ _39\"/> policy (<span class=\"_ _39\"/>z<span class=\"_ _39\"/>)<span class=\"_ _4\"/>), plus e<span class=\"_ _39\"/>xp<span class=\"_ _b\"/>ect<span class=\"_ _5\"/>ed dilapidation<span class=\"_ _39\"/> costs, in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al d<span class=\"_ _b\"/>i<span class=\"_ _b\"/>rect c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts (<span class=\"_ _39\"/>th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t is<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tal co<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s tha<span class=\"_ _b\"/>t wo<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d not h<span class=\"_ _b\"/>ave b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d if th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se h<span class=\"_ _b\"/>ad n<span class=\"_ _b\"/>ot b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en o<span class=\"_ _b\"/>btai<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s le<span class=\"_ _b\"/>g<span class=\"_ _b\"/>al fe<span class=\"_ _b\"/>es<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>de b<span class=\"_ _b\"/>efo<span class=\"_ _b\"/>re or at the<span class=\"_ _39\"/> commencement date<span class=\"_ _39\"/> of the lease. F<span class=\"_ _39\"/>ollowing initial recognition, depreciation<span class=\"_ _39\"/> is charged t<span class=\"_ _39\"/>o expenses within the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income on<span class=\"_ _5\"/> a str<span class=\"_ _39\"/>aight<span class=\"_ _39\"/>-<span class=\"_ _34e\"> </span>li<span class=\"_ _b\"/>ne b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>. 196<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>iii) Impai<span class=\"_ _b\"/>rme<span class=\"_ _b\"/>nt of own<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>sset<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>nd l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s is rev<span class=\"_ _b\"/>iew<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> for<span class=\"_ _39\"/> impairment when e<span class=\"_ _39\"/>vents or<span class=\"_ _39\"/> changes in cir<span class=\"_ _39\"/>cumstance<span class=\"_ _5\"/>s in<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>te tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>ay n<span class=\"_ _b\"/>ot be re<span class=\"_ _b\"/>c<span class=\"_ _b\"/>overa<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e. A<span class=\"_ _b\"/>ny assets<span class=\"_ _39\"/> that may hav<span class=\"_ _39\"/>e suffered impairmen<span class=\"_ _39\"/>t are r<span class=\"_ _39\"/>eviewed<span class=\"_ _39\"/> for possible<span class=\"_ _39\"/> rev<span class=\"_ _5\"/>ersal<span class=\"_ _5\"/> of t<span class=\"_ _39\"/>he impairment<span class=\"_ _39\"/> at each r<span class=\"_ _39\"/>eporting dat<span class=\"_ _39\"/>e.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>n<span class=\"_ _39\"/>) Reinsurance as<span class=\"_ _39\"/>sets<span class=\"_ _34e\"> </span>Reinsur<span class=\"_ _39\"/>ance assets r<span class=\"_ _39\"/>epresent amount<span class=\"_ _5\"/>s r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cov<span class=\"_ _39\"/>erable from<span class=\"_ _39\"/> reinsur<span class=\"_ _39\"/>ers in r<span class=\"_ _39\"/>espect of non-<span class=\"_ _39\"/>unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance<span class=\"_ _39\"/> contrac<span class=\"_ _39\"/>t liabilities, net<span class=\"_ _39\"/> of any<span class=\"_ _39\"/> future<span class=\"_ _39\"/> reinsurance<span class=\"_ _39\"/> premiums.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>o<span class=\"_ _39\"/>) O<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er r<span class=\"_ _b\"/>ece<span class=\"_ _b\"/>ivabl<span class=\"_ _b\"/>es Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> are<span class=\"_ _39\"/> recognised initially at<span class=\"_ _39\"/> fair v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ue and subsequently<span class=\"_ _39\"/> measured at amortised cos<span class=\"_ _5\"/>t using the effecti<span class=\"_ _b\"/>ve interest method<span class=\"_ _b\"/>. Most shar<span class=\"_ _39\"/>e<span class=\"_ _b\"/>holder other<span class=\"_ _39\"/> receivables ar<span class=\"_ _39\"/>e initially r<span class=\"_ _39\"/>ecognise<span class=\"_ _b\"/>d at fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tly h<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>t am<span class=\"_ _b\"/>or<span class=\"_ _6\"/>tis<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d cos<span class=\"_ _b\"/>t l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s impairment losses, as<span class=\"_ _39\"/> the business model f<span class=\"_ _39\"/>or these<span class=\"_ _5\"/> assets is<span class=\"_ _39\"/> to hol<span class=\"_ _b\"/>d to co<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ctu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l ca<span class=\"_ _b\"/>sh fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>st so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>el<span class=\"_ _b\"/>y of p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>p<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e exc<span class=\"_ _b\"/>e<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on to th<span class=\"_ _b\"/>is i<span class=\"_ _b\"/>s renew<span class=\"_ _39\"/>al income assets, which<span class=\"_ _39\"/> are classified as<span class=\"_ _39\"/> F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TPL and<span class=\"_ _39\"/> are i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tia<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y, and s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y, reco<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. T<span class=\"_ _b\"/>he val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f any i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce between the asset\u2019s car<span class=\"_ _39\"/>r<span class=\"_ _b\"/>ying amount and<span class=\"_ _5\"/> the pr<span class=\"_ _39\"/>esent value of th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws<span class=\"_ _b\"/>, d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>t the o<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>al ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t rate<span class=\"_ _b\"/>. Se<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>y (<span class=\"_ _39\"/>ad) f<span class=\"_ _39\"/>o<span class=\"_ _b\"/>r info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g to the t<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent o<span class=\"_ _b\"/>f im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> include prepayment<span class=\"_ _39\"/>s<span class=\"_ _b\"/>, which ar<span class=\"_ _39\"/>e rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re pa<span class=\"_ _b\"/>i<span class=\"_ _b\"/>d for in a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>van<span class=\"_ _b\"/>ce of b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ved<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t red<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>n ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>se i<span class=\"_ _b\"/>s recognised in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income, as<span class=\"_ _39\"/> the s<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Commission and<span class=\"_ _39\"/> advice fees in<span class=\"_ _39\"/> respect of<span class=\"_ _39\"/> some insurance and in<span class=\"_ _39\"/>vestment business<span class=\"_ _39\"/> may be paid t<span class=\"_ _39\"/>o Partners in ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f ren<span class=\"_ _b\"/>ewa<span class=\"_ _b\"/>l pre<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>um<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>cce<span class=\"_ _b\"/>l<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ted by u<span class=\"_ _b\"/>p to fi<span class=\"_ _b\"/>ve yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he u<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>le<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>is a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>el<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>d remuner<span class=\"_ _39\"/>ation is r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised as adv<span class=\"_ _39\"/>anced payments t<span class=\"_ _39\"/>o Partners within<span class=\"_ _39\"/> other receiv<span class=\"_ _39\"/>ables<span class=\"_ _b\"/>. Should the<span class=\"_ _39\"/> contributions red<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>e or s<span class=\"_ _b\"/>top w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, any u<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Derecognition<span class=\"_ _34e\"> </span>A financial<span class=\"_ _39\"/> as<span class=\"_ _b\"/>set is<span class=\"_ _39\"/> primarily derecognised when t<span class=\"_ _39\"/>he rights t<span class=\"_ _39\"/>o rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws fro<span class=\"_ _b\"/>m the a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve exp<span class=\"_ _b\"/>i<span class=\"_ _b\"/>red o<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up ha<span class=\"_ _b\"/>s tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d it<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>ght<span class=\"_ _b\"/>s to rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>low<span class=\"_ _b\"/>s fro<span class=\"_ _b\"/>m the a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/> or has<span class=\"_ _5\"/> assumed an obligati<span class=\"_ _5\"/>on t<span class=\"_ _39\"/>o pay the<span class=\"_ _39\"/> received cash fl<span class=\"_ _b\"/>ows i<span class=\"_ _b\"/>n fu<span class=\"_ _b\"/>ll w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ut m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al d<span class=\"_ _b\"/>el<span class=\"_ _b\"/>a<span class=\"_ _b\"/>y to a thi<span class=\"_ _b\"/>rd pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r a \u2018pass-<span class=\"_ _39\"/>through<span class=\"_ _5\"/>\u2019 arr<span class=\"_ _39\"/>angeme<span class=\"_ _b\"/>nt; and<span class=\"_ _39\"/> either (<span class=\"_ _4\"/>a<span class=\"_ _39\"/>) the Gr<span class=\"_ _39\"/>oup has tr<span class=\"_ _39\"/>ansferred<span class=\"_ _39\"/> substantially<span class=\"_ _39\"/> all the risks<span class=\"_ _39\"/> and rew<span class=\"_ _39\"/>ards of<span class=\"_ _5\"/> the asset, or (<span class=\"_ _4\"/>b<span class=\"_ _4\"/>) the Gr<span class=\"_ _39\"/>oup has neither t<span class=\"_ _39\"/>ransferr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d nor<span class=\"_ _5\"/> ret<span class=\"_ _39\"/>ained subst<span class=\"_ _5\"/>antially all<span class=\"_ _39\"/> the risk and<span class=\"_ _39\"/> rewar<span class=\"_ _39\"/>ds of the<span class=\"_ _39\"/> asset<span class=\"_ _b\"/>, but has<span class=\"_ _39\"/> tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>l of th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>. Whe<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ha<span class=\"_ _b\"/>s tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d it<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>ght<span class=\"_ _b\"/>s to rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve ca<span class=\"_ _b\"/>sh<span class=\"_ _b\"/> fl<span class=\"_ _b\"/>ows f<span class=\"_ _b\"/>rom an a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set o<span class=\"_ _b\"/>r h<span class=\"_ _b\"/>as e<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>nto a pa<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>-throu<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h arra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>t eval<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ates i<span class=\"_ _b\"/>f, an<span class=\"_ _b\"/>d to wh<span class=\"_ _b\"/>at ex<span class=\"_ _6\"/>tent<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>t h<span class=\"_ _b\"/>as retai<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>sks a<span class=\"_ _b\"/>nd re<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>s of ow<span class=\"_ _b\"/>n<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>. Wh<span class=\"_ _b\"/>en i<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>s neither t<span class=\"_ _39\"/>ransferr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d nor r<span class=\"_ _39\"/>etained sub<span class=\"_ _5\"/>stan<span class=\"_ _39\"/>tially all of<span class=\"_ _39\"/> the risks and r<span class=\"_ _39\"/>ewards o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> asset<span class=\"_ _b\"/>, nor<span class=\"_ _5\"/> transf<span class=\"_ _39\"/>erred con<span class=\"_ _5\"/>trol<span class=\"_ _39\"/> of the asse<span class=\"_ _39\"/>t<span class=\"_ _b\"/>, the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s to reco<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se th<span class=\"_ _b\"/>e tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et to the e<span class=\"_ _b\"/>x<span class=\"_ _b\"/>ten<span class=\"_ _b\"/>t of i<span class=\"_ _b\"/>ts co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g i<span class=\"_ _b\"/>nvol<span class=\"_ _b\"/>vem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. In t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ca<span class=\"_ _b\"/>se<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e Group<span class=\"_ _39\"/> also recognises an<span class=\"_ _39\"/> associated liability<span class=\"_ _39\"/>. The tr<span class=\"_ _39\"/>ansferred asset and<span class=\"_ _39\"/> the associated<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y are<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asured on<span class=\"_ _39\"/> a basis tha<span class=\"_ _b\"/>t ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cts t<span class=\"_ _b\"/>he r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hts a<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>b<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/> has retained<span class=\"_ _b\"/>. (p<span class=\"_ _4\"/>) Inv<span class=\"_ _39\"/>estment propert<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _6\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are a<span class=\"_ _b\"/>ll h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t-<span class=\"_ _34e\"> </span>li<span class=\"_ _b\"/>nke<span class=\"_ _b\"/>d fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, are p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re he<span class=\"_ _b\"/>ld to e<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>n ren<span class=\"_ _b\"/>tal income and<span class=\"_ _39\"/>/<span class=\"_ _39\"/>or for<span class=\"_ _39\"/> capital appr<span class=\"_ _39\"/>eciation. They ar<span class=\"_ _39\"/>e stat<span class=\"_ _39\"/>ed at f<span class=\"_ _39\"/>air value.<span class=\"_ _39\"/> An external,<span class=\"_ _5\"/> independent<span class=\"_ _5\"/> valuer<span class=\"_ _4\"/>, having an appropriat<span class=\"_ _39\"/>e recognised pr<span class=\"_ _39\"/>ofessional qualificati<span class=\"_ _5\"/>on and rec<span class=\"_ _b\"/>ent e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>go<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>f pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _b\"/> being valued, v<span class=\"_ _39\"/>alues the portfolio ev<span class=\"_ _39\"/>er<span class=\"_ _b\"/>y month.<span class=\"_ _34e\"> </span>The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s are b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n op<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ma<span class=\"_ _b\"/>rket va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, be<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e est<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt fo<span class=\"_ _b\"/>r wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h a pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld b<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>d on th<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ate of va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n be<span class=\"_ _b\"/>t<span class=\"_ _b\"/>we<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n a wi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g bu<span class=\"_ _b\"/>ye<span class=\"_ _b\"/>r an<span class=\"_ _b\"/>d a willing seller in<span class=\"_ _39\"/> an arm\u2019s-<span class=\"_ _39\"/>len<span class=\"_ _b\"/>gth t<span class=\"_ _39\"/>ransaction after<span class=\"_ _39\"/> proper ma<span class=\"_ _b\"/>rketi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g wh<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h ac<span class=\"_ _b\"/>ted knowledgeably,<span class=\"_ _39\"/> prudently and without<span class=\"_ _39\"/> compulsion. Any ga<span class=\"_ _b\"/>in o<span class=\"_ _b\"/>r l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s ar<span class=\"_ _b\"/>is<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g fro<span class=\"_ _b\"/>m a ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e is recognised in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income within in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> income. Rent<span class=\"_ _39\"/>al return<span class=\"_ _39\"/> from in<span class=\"_ _39\"/>vestment prop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted for a<span class=\"_ _b\"/>s d<span class=\"_ _b\"/>es<span class=\"_ _b\"/>cri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g policy (<span class=\"_ _29\"/>e<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>q) Equities, fi<span class=\"_ _5\"/>xed income<span class=\"_ _39\"/> securities and inv<span class=\"_ _5\"/>estment in Coll<span class=\"_ _b\"/>ective Investment Schemes<span class=\"_ _34e\"> </span>These financial<span class=\"_ _39\"/> assets are<span class=\"_ _39\"/> initially and subsequent<span class=\"_ _39\"/>ly rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TP<span class=\"_ _b\"/>L<span class=\"_ _b\"/>, wi<span class=\"_ _b\"/>th a<span class=\"_ _b\"/>ll g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of<span class=\"_ _b\"/> Comprehensiv<span class=\"_ _39\"/>e Income. The v<span class=\"_ _39\"/>ast majority of these<span class=\"_ _39\"/> financial assets<span class=\"_ _39\"/> are quot<span class=\"_ _39\"/>ed<span class=\"_ _b\"/>, and s<span class=\"_ _39\"/>o the f<span class=\"_ _39\"/>air value is ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he b<span class=\"_ _b\"/>id<span class=\"_ _b\"/>-as<span class=\"_ _b\"/>k sp<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ost<span class=\"_ _b\"/> rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>enta<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve of fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. I<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>rket fo<span class=\"_ _b\"/>r a fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>i<span class=\"_ _b\"/>al as<span class=\"_ _b\"/>set i<span class=\"_ _b\"/>s n<span class=\"_ _b\"/>ot ac<span class=\"_ _b\"/>tive<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup e<span class=\"_ _b\"/>sta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>is<span class=\"_ _b\"/>h<span class=\"_ _b\"/>es fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e by us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on te<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t ar<span class=\"_ _b\"/>m\u2019s<span class=\"_ _b\"/>-le<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>th transac<span class=\"_ _39\"/>tions, ref<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rence<span class=\"_ _39\"/> to similar list<span class=\"_ _39\"/>ed inv<span class=\"_ _39\"/>estments, di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nted c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ow m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>r op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Subsequent measur<span class=\"_ _39\"/>eme<span class=\"_ _b\"/>nt of<span class=\"_ _39\"/> these financial asse<span class=\"_ _39\"/>ts at F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TPL i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d by I<span class=\"_ _b\"/>FRS 9 fo<span class=\"_ _b\"/>r de<span class=\"_ _b\"/>bt i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s for w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch the objec<span class=\"_ _5\"/>tives<span class=\"_ _39\"/> of the Gr<span class=\"_ _39\"/>oup\u2019s business<span class=\"_ _39\"/> mode<span class=\"_ _b\"/>l ar<span class=\"_ _39\"/>e not met by<span class=\"_ _39\"/> either holding the<span class=\"_ _5\"/> instrument<span class=\"_ _39\"/> to collect<span class=\"_ _39\"/> contractual<span class=\"_ _39\"/> cash flows<span class=\"_ _5\"/> or selling t<span class=\"_ _39\"/>he instruments, or<span class=\"_ _39\"/> w<span class=\"_ _b\"/>here<span class=\"_ _5\"/> the con<span class=\"_ _39\"/>tractual term<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>o no<span class=\"_ _b\"/>t gi<span class=\"_ _b\"/>ve ri<span class=\"_ _b\"/>se to ca<span class=\"_ _b\"/>s<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch<span class=\"_ _b\"/> are so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>el<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>p<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>. W<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re bo<span class=\"_ _b\"/>th the \u2018business<span class=\"_ _39\"/> model<span class=\"_ _b\"/>\u2019 and \u2018solely<span class=\"_ _39\"/> pa<span class=\"_ _b\"/>yments o<span class=\"_ _39\"/>f principal an<span class=\"_ _b\"/>d inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t<span class=\"_ _6\"/>\u2019 tests a<span class=\"_ _b\"/>re me<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e an<span class=\"_ _b\"/> irre<span class=\"_ _39\"/>vocable decision t<span class=\"_ _39\"/>o designate<span class=\"_ _39\"/> the debt inst<span class=\"_ _5\"/>ruments at F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>T<span class=\"_ _b\"/>PL a<span class=\"_ _b\"/>s do<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g so a<span class=\"_ _b\"/>li<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e me<span class=\"_ _b\"/>as<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e financial assets<span class=\"_ _39\"/> with the<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asurement<span class=\"_ _39\"/> of their associat<span class=\"_ _5\"/>ed unit<span class=\"_ _4\"/>-linked<span class=\"_ _39\"/> liabilities. 197<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>de t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>rrevo<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>nt ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s in<span class=\"_ _b\"/> other<span class=\"_ _5\"/> comprehensive<span class=\"_ _39\"/> income, and so<span class=\"_ _39\"/> all equit<span class=\"_ _b\"/>y instrumen<span class=\"_ _39\"/>ts are a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o de<span class=\"_ _b\"/>si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d at F<span class=\"_ _b\"/>V<span class=\"_ _6\"/>TPL<span class=\"_ _b\"/>.<span class=\"_ _b\"/> The Gr<span class=\"_ _39\"/>oup recognises pur<span class=\"_ _39\"/>chases and sales<span class=\"_ _39\"/> of inv<span class=\"_ _39\"/>estments on tra<span class=\"_ _b\"/>de d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te. Th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>sts a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt transac<span class=\"_ _5\"/>tions ar<span class=\"_ _39\"/>e included within expenses in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ment of Compr<span class=\"_ _39\"/>ehensive Income.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>r<span class=\"_ _39\"/>) Deriv<span class=\"_ _39\"/>at<span class=\"_ _b\"/>ive<span class=\"_ _39\"/> financial instruments<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup uses derivat<span class=\"_ _39\"/>ive financial inst<span class=\"_ _39\"/>ruments within some unit<span class=\"_ _4\"/>-linked<span class=\"_ _39\"/> funds<span class=\"_ _b\"/>, with<span class=\"_ _39\"/> ea<span class=\"_ _b\"/>ch cont<span class=\"_ _39\"/>ract init<span class=\"_ _5\"/>ially and su<span class=\"_ _b\"/>bse<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ly re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d at fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e, b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on o<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>rket p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. All c<span class=\"_ _b\"/>h<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in<span class=\"_ _b\"/> inv<span class=\"_ _39\"/>estment income in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>rehensive<span class=\"_ _39\"/> Income.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>s<span class=\"_ _4\"/>) C<span class=\"_ _b\"/>ash a<span class=\"_ _b\"/>nd ca<span class=\"_ _b\"/>sh eq<span class=\"_ _b\"/>uival<span class=\"_ _b\"/>ents<span class=\"_ _34e\"> </span>Cash and<span class=\"_ _39\"/> cash equivalents include<span class=\"_ _39\"/> cash in hand, deposits he<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>t ca<span class=\"_ _b\"/>ll w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h ba<span class=\"_ _b\"/>nks a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d oth<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>te<span class=\"_ _b\"/>rm h<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hl<span class=\"_ _b\"/>y l<span class=\"_ _b\"/>iq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>d investments<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Cash and<span class=\"_ _39\"/> cash equivalent<span class=\"_ _5\"/>s held<span class=\"_ _5\"/> within<span class=\"_ _5\"/> unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed and unit trust f<span class=\"_ _5\"/>unds ar<span class=\"_ _39\"/>e classified at FVTPL<span class=\"_ _b\"/>, as<span class=\"_ _5\"/> management has ma<span class=\"_ _b\"/>de a<span class=\"_ _b\"/>n ir<span class=\"_ _b\"/>revoc<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on to d<span class=\"_ _b\"/>es<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ate th<span class=\"_ _b\"/>em a<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>ch<span class=\"_ _b\"/> in or<span class=\"_ _39\"/>de<span class=\"_ _b\"/>r t<span class=\"_ _39\"/>o align the<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asurement<span class=\"_ _39\"/> of these financial<span class=\"_ _39\"/> assets with t<span class=\"_ _39\"/>he measurement<span class=\"_ _39\"/> of their ass<span class=\"_ _39\"/>o<span class=\"_ _b\"/>ciated<span class=\"_ _39\"/> unit<span class=\"_ _5\"/>-link<span class=\"_ _39\"/>ed liabilities. Ther<span class=\"_ _5\"/>efor<span class=\"_ _39\"/>e, these cash<span class=\"_ _39\"/> and cash equivalent<span class=\"_ _39\"/>s are initially<span class=\"_ _39\"/> and subsequently r<span class=\"_ _39\"/>ecognised at FVTPL, with gains<span class=\"_ _5\"/> an<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt ret<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>n in t<span class=\"_ _b\"/>he Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income.<span class=\"_ _34e\"> </span>All o<span class=\"_ _5\"/>ther cash<span class=\"_ _39\"/> and cash equivalents<span class=\"_ _39\"/> are classified as<span class=\"_ _39\"/> amortised cost, as t<span class=\"_ _39\"/>he business model f<span class=\"_ _39\"/>or these assets<span class=\"_ _39\"/> is to ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d to col<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h con<span class=\"_ _b\"/>s<span class=\"_ _b\"/>is<span class=\"_ _b\"/>t so<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ly o<span class=\"_ _b\"/>f pa<span class=\"_ _b\"/>y<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>l a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>ey are i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>t amortised cost using<span class=\"_ _39\"/> the effectiv<span class=\"_ _39\"/>e inter<span class=\"_ _39\"/>est method, less impairment lo<span class=\"_ _5\"/>sses. (<span class=\"_ _4\"/>t<span class=\"_ _39\"/>) Insurance contract liabilities<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contract<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y pro<span class=\"_ _39\"/>visions are de<span class=\"_ _39\"/>termined following<span class=\"_ _39\"/> an annual actuarial<span class=\"_ _39\"/> investigat<span class=\"_ _39\"/>ion of the<span class=\"_ _39\"/> l<span class=\"_ _b\"/>ong-<span class=\"_ _34e\"> </span>term<span class=\"_ _39\"/> fund in accor<span class=\"_ _39\"/>dance with r<span class=\"_ _39\"/>egul<span class=\"_ _b\"/>atory r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>quirements. The pr<span class=\"_ _39\"/>ovisions ar<span class=\"_ _39\"/>e calculated on<span class=\"_ _39\"/> the basis of<span class=\"_ _39\"/> current infor<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ation and<span class=\"_ _39\"/> using the gr<span class=\"_ _39\"/>oss premium v<span class=\"_ _39\"/>aluation method. The<span class=\"_ _39\"/> Group\u2019s<span class=\"_ _39\"/> accounting policie<span class=\"_ _39\"/>s for in<span class=\"_ _39\"/>surance contr<span class=\"_ _39\"/>acts meet<span class=\"_ _39\"/> the minimum specified<span class=\"_ _39\"/> requirements<span class=\"_ _39\"/> for li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ad<span class=\"_ _b\"/>eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>acy te<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ng u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FRS 4<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>ey co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>er<span class=\"_ _b\"/> cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes of a<span class=\"_ _b\"/>ll c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>hfl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d of<span class=\"_ _b\"/> rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d ca<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ows s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h as c<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ms h<span class=\"_ _b\"/>an<span class=\"_ _b\"/>dl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>ost<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contract<span class=\"_ _39\"/> liabilities can ne<span class=\"_ _39\"/>ver be definit<span class=\"_ _39\"/>i<span class=\"_ _b\"/>ve<span class=\"_ _39\"/> as to either t<span class=\"_ _39\"/>he timing or t<span class=\"_ _39\"/>he amount of<span class=\"_ _39\"/> claims and are,<span class=\"_ _39\"/> therefor<span class=\"_ _39\"/>e, subject t<span class=\"_ _39\"/>o reassessment<span class=\"_ _39\"/> on a regular<span class=\"_ _39\"/> basis<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>u<span class=\"_ _39\"/>) Inv<span class=\"_ _39\"/>estment contract benefits<span class=\"_ _34e\"> </span>All o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts a<span class=\"_ _b\"/>re un<span class=\"_ _b\"/>it-linke<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed liabilities ar<span class=\"_ _39\"/>e measured<span class=\"_ _39\"/> at fair<span class=\"_ _39\"/> value by<span class=\"_ _39\"/> ref<span class=\"_ _5\"/>erence to the va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>ly<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g n<span class=\"_ _b\"/>et as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s unitised in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> funds<span class=\"_ _b\"/>, on a<span class=\"_ _39\"/> bid valuation<span class=\"_ _5\"/> basis, at the rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g d<span class=\"_ _b\"/>ate. A<span class=\"_ _b\"/>n al<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e for de<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e to (<span class=\"_ _4\"/>o<span class=\"_ _b\"/>r fro<span class=\"_ _b\"/>m<span class=\"_ _39\"/>) the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cyh<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er ta<span class=\"_ _b\"/>x on c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l ga<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>an<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es) in the l<span class=\"_ _b\"/>ife a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s is a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d in the<span class=\"_ _39\"/> measurement o<span class=\"_ _39\"/>f unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d liabilit<span class=\"_ _5\"/>ies. Inv<span class=\"_ _39\"/>estment contr<span class=\"_ _39\"/>act benefits ar<span class=\"_ _39\"/>e recognised when<span class=\"_ _39\"/> units are<span class=\"_ _39\"/> first allocated<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> pol<span class=\"_ _b\"/>icyholder; the<span class=\"_ _39\"/>y are der<span class=\"_ _39\"/>ecognised when un<span class=\"_ _b\"/>its a<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>ted to th<span class=\"_ _b\"/>e po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r ha<span class=\"_ _b\"/>ve b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n ca<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>el<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p to des<span class=\"_ _b\"/>i<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>ate it<span class=\"_ _b\"/>s un<span class=\"_ _b\"/>it-lin<span class=\"_ _b\"/>ked li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s at F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>T<span class=\"_ _b\"/>PL ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>s the fa<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he m<span class=\"_ _b\"/>atc<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> inv<span class=\"_ _39\"/>estment portfolio, whic<span class=\"_ _39\"/>h underpins the<span class=\"_ _39\"/> unit-<span class=\"_ _39\"/>linked liabilities, is<span class=\"_ _39\"/> recognised at FVTPL.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>v<span class=\"_ _39\"/>) Deferred income The init<span class=\"_ _39\"/>ial margin<span class=\"_ _39\"/> on financial instr<span class=\"_ _5\"/>uments<span class=\"_ _39\"/> (<span class=\"_ _39\"/>including dealing ma<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>ns f<span class=\"_ _b\"/>rom un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) is d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on a straigh<span class=\"_ _39\"/>t-<span class=\"_ _39\"/>line basis o<span class=\"_ _39\"/>ver the e<span class=\"_ _39\"/>xp<span class=\"_ _b\"/>ected<span class=\"_ _39\"/> lifetime o<span class=\"_ _39\"/>f the financial in<span class=\"_ _b\"/>str<span class=\"_ _b\"/>um<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s bet<span class=\"_ _6\"/>we<span class=\"_ _b\"/>en s<span class=\"_ _b\"/>ix a<span class=\"_ _b\"/>nd 1<span class=\"_ _b\"/>4 yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>w<span class=\"_ _39\"/>) Ne<span class=\"_ _b\"/>t asset val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>tt<span class=\"_ _b\"/>ribu<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>ble t<span class=\"_ _b\"/>o uni<span class=\"_ _b\"/>t hol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>da<span class=\"_ _b\"/>tes u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>t ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ore tha<span class=\"_ _b\"/>n 30<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>l<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>ts in t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ts are te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ed t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e at<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>uta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to un<span class=\"_ _b\"/>it h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d are p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position. They<span class=\"_ _39\"/> are classified at<span class=\"_ _39\"/> F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TPL, hence ar<span class=\"_ _39\"/>e initially and<span class=\"_ _5\"/> subsequently measur<span class=\"_ _39\"/>ed at fair<span class=\"_ _39\"/> value. The d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p to des<span class=\"_ _b\"/>i<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>ate th<span class=\"_ _b\"/>e ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/> at<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>uta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to un<span class=\"_ _b\"/>it h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s at F<span class=\"_ _b\"/>V<span class=\"_ _6\"/>TPL ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>s the fa<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>yi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>os a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TP<span class=\"_ _b\"/>L<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Income attribut<span class=\"_ _39\"/>ab<span class=\"_ _b\"/>le t<span class=\"_ _39\"/>o the thir<span class=\"_ _39\"/>d-part<span class=\"_ _b\"/>y int<span class=\"_ _39\"/>erests is<span class=\"_ _39\"/> accounted for wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>tur<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, of<span class=\"_ _6\"/>fse<span class=\"_ _b\"/>t by a co<span class=\"_ _b\"/>rres<span class=\"_ _b\"/>p<span class=\"_ _b\"/>on<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> change in in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> contract<span class=\"_ _39\"/> benefits.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>x) Pro<span class=\"_ _39\"/>visio<span class=\"_ _b\"/>ns<span class=\"_ _34e\"> </span>Provi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re an eve<span class=\"_ _b\"/>nt h<span class=\"_ _b\"/>as ta<span class=\"_ _b\"/>ken p<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ce th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t gi<span class=\"_ _b\"/>ves th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>l o<span class=\"_ _b\"/>r co<span class=\"_ _b\"/>nst<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve ob<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n tha<span class=\"_ _b\"/>t prob<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y req<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>s set<span class=\"_ _6\"/>tle<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent by a t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>r of e<span class=\"_ _b\"/>co<span class=\"_ _b\"/>no<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>c be<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d a rel<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate ca<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>de o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt of th<span class=\"_ _b\"/>e ob<span class=\"_ _b\"/>li<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. P<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se to prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p be<span class=\"_ _b\"/>c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>re of the o<span class=\"_ _b\"/>b<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>re me<span class=\"_ _b\"/>as<span class=\"_ _b\"/>u<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e be<span class=\"_ _b\"/>st e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te at<span class=\"_ _b\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position<span class=\"_ _39\"/> date of<span class=\"_ _39\"/> the expenditure<span class=\"_ _39\"/> req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red to s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e ob<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, tak<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g in<span class=\"_ _b\"/>to acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>leva<span class=\"_ _b\"/>nt risks<span class=\"_ _39\"/> and uncer<span class=\"_ _b\"/>taint<span class=\"_ _39\"/>ies<span class=\"_ _b\"/>. When payment<span class=\"_ _5\"/>s ar<span class=\"_ _39\"/>e event<span class=\"_ _39\"/>u<span class=\"_ _b\"/>ally ma<span class=\"_ _b\"/>de<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>ey are c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to th<span class=\"_ _b\"/>e prov<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position. (<span class=\"_ _39\"/>y<span class=\"_ _39\"/>) Borrowings<span class=\"_ _34e\"> </span>Bo<span class=\"_ _b\"/>rrow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>s are m<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y at fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e, n<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>f di<span class=\"_ _b\"/>rect<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> attributable tr<span class=\"_ _39\"/>ansaction costs, and<span class=\"_ _39\"/> su<span class=\"_ _b\"/>bsequently st<span class=\"_ _39\"/>ated at amortised cost. The<span class=\"_ _39\"/> dif<span class=\"_ _b\"/>ference<span class=\"_ _39\"/> bet<span class=\"_ _b\"/>ween the pr<span class=\"_ _39\"/>oceeds and the re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>em<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Comprehensiv<span class=\"_ _39\"/>e Income ov<span class=\"_ _39\"/>er the borr<span class=\"_ _39\"/>owing period on an<span class=\"_ _5\"/> ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t rate b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is<span class=\"_ _b\"/>. B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>rrow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>n<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> on dr<span class=\"_ _39\"/>awdown and der<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised on r<span class=\"_ _39\"/>epayment<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>198<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>z) Othe<span class=\"_ _b\"/>r payab<span class=\"_ _b\"/>les<span class=\"_ _34e\"> </span>Other pay<span class=\"_ _5\"/>ables ar<span class=\"_ _5\"/>e r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised initially<span class=\"_ _39\"/> at fair v<span class=\"_ _39\"/>alue and subsequently measur<span class=\"_ _39\"/>ed at amortised cost<span class=\"_ _5\"/> using the ef<span class=\"_ _b\"/>fective interest method<span class=\"_ _b\"/>. Other pay<span class=\"_ _5\"/>ables include lease<span class=\"_ _39\"/> liabi<span class=\"_ _b\"/>lities c<span class=\"_ _5\"/>alculated<span class=\"_ _39\"/> in ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>6. O<span class=\"_ _b\"/>n t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>ate of th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s me<span class=\"_ _b\"/>as<span class=\"_ _b\"/>u<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>s the p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of the f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts to be m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>de ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e ter<span class=\"_ _b\"/>m<span class=\"_ _b\"/>. For th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p, fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are<span class=\"_ _39\"/> fixed and those<span class=\"_ _39\"/> which vary depending on an<span class=\"_ _39\"/> index or rate. T<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sco<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nted a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e Group\u2019<span class=\"_ _39\"/>s increment<span class=\"_ _39\"/>al borrowing<span class=\"_ _39\"/> rate<span class=\"_ _39\"/> at the commencement da<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h var<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>. The lease<span class=\"_ _5\"/> term<span class=\"_ _39\"/> includes the non-<span class=\"_ _39\"/>cancellable period for<span class=\"_ _39\"/> wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>as th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ht to us<span class=\"_ _b\"/>e the l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>,<span class=\"_ _b\"/> plus periods co<span class=\"_ _39\"/>vered b<span class=\"_ _39\"/>y extension op<span class=\"_ _39\"/>tions where t<span class=\"_ _39\"/>he option is re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y ce<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>n to be take<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. Co<span class=\"_ _b\"/>nver<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ly, the n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-<span class=\"_ _34e\"> </span>can<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>l<span class=\"_ _b\"/>la<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d is re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>f it i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>ly c<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tai<span class=\"_ _b\"/>n tha<span class=\"_ _b\"/>t a ter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l b<span class=\"_ _b\"/>e taken<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The incr<span class=\"_ _39\"/>emental borr<span class=\"_ _39\"/>owing rat<span class=\"_ _39\"/>e is management\u2019s ju<span class=\"_ _b\"/>dg<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt as to th<span class=\"_ _b\"/>e rate o<span class=\"_ _b\"/>f inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld<span class=\"_ _b\"/> ha<span class=\"_ _b\"/>ve to pa<span class=\"_ _b\"/>y to bor<span class=\"_ _b\"/>row, over a s<span class=\"_ _b\"/>im<span class=\"_ _b\"/>i<span class=\"_ _b\"/>la<span class=\"_ _b\"/>r ter<span class=\"_ _b\"/>m an<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th s<span class=\"_ _b\"/>im<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ar<span class=\"_ _b\"/> se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y, the fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s ne<span class=\"_ _b\"/>c<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y to ob<span class=\"_ _b\"/>tain a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et of a s<span class=\"_ _b\"/>im<span class=\"_ _b\"/>il<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue to th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st of t<span class=\"_ _b\"/>he r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ht-of-<span class=\"_ _39\"/>u<span class=\"_ _b\"/>se a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th refe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce to th<span class=\"_ _b\"/>e rate of i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rest o<span class=\"_ _b\"/>f ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g bo<span class=\"_ _b\"/>rrow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>ld by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p an<span class=\"_ _b\"/>d ma<span class=\"_ _b\"/>rket ra<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>dj<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ted to take into ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t the s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rit<span class=\"_ _6\"/>y an<span class=\"_ _b\"/>d ter<span class=\"_ _b\"/>m as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th the lease. The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d the p<span class=\"_ _b\"/>rac<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>cal e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>di<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t on t<span class=\"_ _b\"/>rans<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to IF<span class=\"_ _b\"/>RS 16 o<span class=\"_ _b\"/>n 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 2019 o<span class=\"_ _b\"/>f ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ly<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a si<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gl<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt ra<span class=\"_ _b\"/>te to a portfolio of<span class=\"_ _39\"/> l<span class=\"_ _b\"/>eases with<span class=\"_ _39\"/> reasonably similar char<span class=\"_ _39\"/>acteristics by grou<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es by a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set t<span class=\"_ _6\"/>yp<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d rem<span class=\"_ _b\"/>a<span class=\"_ _b\"/>in<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se te<span class=\"_ _b\"/>rm on the<span class=\"_ _39\"/> date of<span class=\"_ _39\"/> transition. Similarly<span class=\"_ _39\"/>, the<span class=\"_ _39\"/> Group periodically dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es s<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>da<span class=\"_ _b\"/>rd di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt ra<span class=\"_ _b\"/>tes to ap<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>y for l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es ente<span class=\"_ _b\"/>red i<span class=\"_ _b\"/>nto s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ce 1 J<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 201<span class=\"_ _b\"/>9 by as<span class=\"_ _b\"/>set t<span class=\"_ _6\"/>yp<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d lease t<span class=\"_ _39\"/>erm.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Derecognition<span class=\"_ _34e\"> </span>A financial<span class=\"_ _39\"/> li<span class=\"_ _b\"/>ability is derecognised<span class=\"_ _39\"/> w<span class=\"_ _b\"/>hen the<span class=\"_ _39\"/> oblig<span class=\"_ _b\"/>ation under the<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y is dischar<span class=\"_ _39\"/>ge<span class=\"_ _b\"/>d, cancelled or e<span class=\"_ _39\"/>xpired.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>aa<span class=\"_ _39\"/>) Emplo<span class=\"_ _39\"/>yee<span class=\"_ _5\"/> benefit<span class=\"_ _5\"/>s<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Pension obligat<span class=\"_ _39\"/>ions<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup operat<span class=\"_ _5\"/>es a<span class=\"_ _39\"/> defined contribution<span class=\"_ _39\"/> pe<span class=\"_ _b\"/>rsonal pension plan f<span class=\"_ _39\"/>or its emplo<span class=\"_ _39\"/>yees. Contributions<span class=\"_ _39\"/> to this<span class=\"_ _39\"/> plan are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ive<span class=\"_ _b\"/> Income as<span class=\"_ _39\"/> incurred. The Gr<span class=\"_ _39\"/>oup has no legal or<span class=\"_ _39\"/> constructive<span class=\"_ _39\"/> obligations t<span class=\"_ _39\"/>o pay further cont<span class=\"_ _39\"/>ributions if the<span class=\"_ _39\"/> fund does not<span class=\"_ _39\"/> ho<span class=\"_ _b\"/>ld s<span class=\"_ _b\"/>uf<span class=\"_ _6\"/>fi<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s to pa<span class=\"_ _b\"/>y al<span class=\"_ _b\"/>l em<span class=\"_ _b\"/>p<span class=\"_ _b\"/>loye<span class=\"_ _b\"/>es t<span class=\"_ _b\"/>he b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g to em<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>oyee s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>nd p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>or p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rio<span class=\"_ _b\"/>d<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Share-<span class=\"_ _39\"/>b<span class=\"_ _b\"/>ased payments<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p o<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>s a nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>-ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> pl<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s for e<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>oyee<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue of shar<span class=\"_ _39\"/>e<span class=\"_ _b\"/>-based<span class=\"_ _39\"/> pay<span class=\"_ _b\"/>ment awar<span class=\"_ _39\"/>ds grant<span class=\"_ _39\"/>ed is r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised as an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se s<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d over th<span class=\"_ _b\"/>e ves<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rio<span class=\"_ _b\"/>d of t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>um<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rds w<span class=\"_ _b\"/>ith t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d for w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es<span class=\"_ _b\"/> are<span class=\"_ _39\"/> provided, with<span class=\"_ _39\"/> a corr<span class=\"_ _5\"/>esponding incr<span class=\"_ _39\"/>ease in equity in t<span class=\"_ _39\"/>he case of<span class=\"_ _39\"/> equit<span class=\"_ _b\"/>y-settled plans<span class=\"_ _5\"/> and the<span class=\"_ _39\"/> recognition of<span class=\"_ _39\"/> a liability for<span class=\"_ _39\"/> cash-settled plans. The tota<span class=\"_ _b\"/>l am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt to be e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d by refe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce to the fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e aw<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g standar<span class=\"_ _39\"/>d option<span class=\"_ _39\"/> p<span class=\"_ _b\"/>ricing models as<span class=\"_ _39\"/> the fair<span class=\"_ _39\"/> value of<span class=\"_ _5\"/> the services pro<span class=\"_ _39\"/>vided by emplo<span class=\"_ _39\"/>yees, Partners and<span class=\"_ _39\"/> advisers cannot be<span class=\"_ _39\"/> reliably measured. F<span class=\"_ _39\"/>or equit<span class=\"_ _b\"/>y-settled plans, the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d at g<span class=\"_ _b\"/>rant d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te and n<span class=\"_ _b\"/>ot<span class=\"_ _b\"/> subsequently r<span class=\"_ _5\"/>emeasured. For c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h-se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>ed p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue i<span class=\"_ _b\"/>s rem<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d at<span class=\"_ _b\"/> ea<span class=\"_ _b\"/>ch re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te an<span class=\"_ _b\"/>d at th<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ate of s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h any ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> of Compr<span class=\"_ _39\"/>ehensive Income f<span class=\"_ _39\"/>or the period. At ea<span class=\"_ _b\"/>ch re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te, th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s its e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate of th<span class=\"_ _b\"/>e nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of a<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to ve<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>t recognises<span class=\"_ _39\"/> the impact<span class=\"_ _39\"/> of the r<span class=\"_ _39\"/>evision of<span class=\"_ _39\"/> original estimat<span class=\"_ _39\"/>es<span class=\"_ _b\"/>, if a<span class=\"_ _b\"/>ny, in the S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ve In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h tha<span class=\"_ _b\"/>t the amoun<span class=\"_ _39\"/>ts recognised f<span class=\"_ _39\"/>or employee,<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tner and adviser se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f awa<span class=\"_ _b\"/>rds t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> vest<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge to th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ve In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me i<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t revi<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d for a<span class=\"_ _b\"/>ny ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rket vesting<span class=\"_ _39\"/> conditions.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ab<span class=\"_ _39\"/>) Share capital<span class=\"_ _34e\"> </span>Ordinary shares<span class=\"_ _39\"/> are classified as<span class=\"_ _39\"/> e<span class=\"_ _b\"/>quity.<span class=\"_ _39\"/> Where any<span class=\"_ _39\"/> Group entity purc<span class=\"_ _39\"/>h<span class=\"_ _b\"/>ases the<span class=\"_ _39\"/> Company\u2019s equity share<span class=\"_ _39\"/> capital (<span class=\"_ _39\"/>sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st), the co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rati<span class=\"_ _b\"/>on p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>du<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d from e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y at<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>tab<span class=\"_ _b\"/>le to s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, as d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he Sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s in tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ve. W<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re su<span class=\"_ _b\"/>ch s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y so<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>, re<span class=\"_ _b\"/>is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d or ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r<span class=\"_ _b\"/>w<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>s<span class=\"_ _b\"/>po<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d of, a<span class=\"_ _b\"/>ny con<span class=\"_ _b\"/>si<span class=\"_ _b\"/>d<span class=\"_ _b\"/>era<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n receiv<span class=\"_ _39\"/>ed is included<span class=\"_ _39\"/> in equity attribut<span class=\"_ _39\"/>able to<span class=\"_ _39\"/> shareholders, net of<span class=\"_ _39\"/> any dir<span class=\"_ _39\"/>ectly attributable<span class=\"_ _39\"/> incremental<span class=\"_ _39\"/> transaction<span class=\"_ _39\"/> costs and the<span class=\"_ _39\"/> related income<span class=\"_ _39\"/> tax effec<span class=\"_ _39\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ac<span class=\"_ _39\"/>) Product class<span class=\"_ _5\"/>ification<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>u<span class=\"_ _b\"/>cts a<span class=\"_ _b\"/>re cl<span class=\"_ _b\"/>as<span class=\"_ _b\"/>si<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d for a<span class=\"_ _b\"/>cco<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>po<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s as either<span class=\"_ _39\"/> insurance cont<span class=\"_ _39\"/>racts or<span class=\"_ _39\"/> invest<span class=\"_ _39\"/>me<span class=\"_ _b\"/>nt con<span class=\"_ _39\"/>tracts. (<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Insurance contracts<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contracts<span class=\"_ _39\"/> are cont<span class=\"_ _39\"/>racts t<span class=\"_ _39\"/>hat transf<span class=\"_ _39\"/>er significant insuranc<span class=\"_ _5\"/>e risk. The<span class=\"_ _39\"/> Group\u2019s<span class=\"_ _39\"/> historic<span class=\"_ _39\"/> product r<span class=\"_ _39\"/>ange includes a v<span class=\"_ _39\"/>ariet<span class=\"_ _b\"/>y of t<span class=\"_ _39\"/>erm assurance<span class=\"_ _39\"/> and whole-of<span class=\"_ _39\"/>-lif<span class=\"_ _39\"/>e prot<span class=\"_ _39\"/>ection contr<span class=\"_ _39\"/>acts inv<span class=\"_ _39\"/>olving significant insur<span class=\"_ _39\"/>ance risk tr<span class=\"_ _39\"/>ansfer<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Investment contr<span class=\"_ _5\"/>acts<span class=\"_ _34e\"> </span>Contr<span class=\"_ _39\"/>acts that<span class=\"_ _39\"/> d<span class=\"_ _b\"/>o not<span class=\"_ _39\"/> transf<span class=\"_ _5\"/>er significant<span class=\"_ _39\"/> insurance risk are tre<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d as i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>aj<span class=\"_ _b\"/>or<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>f the<span class=\"_ _b\"/> business writt<span class=\"_ _39\"/>en by t<span class=\"_ _39\"/>he Group<span class=\"_ _39\"/> is unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in<span class=\"_ _39\"/>vestment business and<span class=\"_ _39\"/> is classified as in<span class=\"_ _39\"/>vestment con<span class=\"_ _39\"/>tracts.<span class=\"_ _34e\"> </span>199<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>(<span class=\"_ _4\"/>ad<span class=\"_ _39\"/>) Impairment<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Non-financial assets<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>ets t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t are s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct to am<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>re revi<span class=\"_ _b\"/>ewe<span class=\"_ _b\"/>d for impairment when<span class=\"_ _39\"/> circumst<span class=\"_ _39\"/>ances or e<span class=\"_ _39\"/>vents indic<span class=\"_ _39\"/>ate ther<span class=\"_ _39\"/>e may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty o<span class=\"_ _5\"/>ver<span class=\"_ _39\"/> their value.<span class=\"_ _39\"/> An impairment loss<span class=\"_ _39\"/> is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d for th<span class=\"_ _b\"/>e am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt by w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _6\"/>\u2019s ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> amount e<span class=\"_ _39\"/>xceeds its r<span class=\"_ _39\"/>ecoverable<span class=\"_ _39\"/> amount. The reco<span class=\"_ _39\"/>verable am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt is t<span class=\"_ _b\"/>he h<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r of a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _6\"/>\u2019s fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s to se<span class=\"_ _b\"/>ll o<span class=\"_ _b\"/>r it<span class=\"_ _b\"/>s val<span class=\"_ _b\"/>ue i<span class=\"_ _b\"/>n us<span class=\"_ _b\"/>e. R<span class=\"_ _b\"/>efer to a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy (<span class=\"_ _b\"/>j) fo<span class=\"_ _b\"/>r the Gr<span class=\"_ _39\"/>oup\u2019s impair<span class=\"_ _5\"/>ment polic<span class=\"_ _39\"/>y for<span class=\"_ _39\"/> goo<span class=\"_ _b\"/>dwill.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Financial assets Financial assets<span class=\"_ _39\"/> held at amortised cost<span class=\"_ _39\"/> are impaired<span class=\"_ _39\"/> usin<span class=\"_ _b\"/>g an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ecte<span class=\"_ _b\"/>d cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s mo<span class=\"_ _b\"/>de<span class=\"_ _b\"/>l<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>el s<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ts fi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al<span class=\"_ _b\"/> assets in<span class=\"_ _39\"/>to performing, underperforming and<span class=\"_ _39\"/> non-performing cate<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ori<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on c<span class=\"_ _b\"/>h<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it q<span class=\"_ _b\"/>u<span class=\"_ _b\"/>al<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al<span class=\"_ _b\"/> recognition. A<span class=\"_ _39\"/>t initial r<span class=\"_ _39\"/>ecognition financial asse<span class=\"_ _39\"/>ts are consider<span class=\"_ _39\"/>ed to<span class=\"_ _39\"/> be performing.<span class=\"_ _39\"/> They become<span class=\"_ _39\"/> underperforming wh<span class=\"_ _b\"/>ere th<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n a si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>an<span class=\"_ _b\"/>t in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e in c<span class=\"_ _b\"/>re<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t ri<span class=\"_ _b\"/>sk since initial<span class=\"_ _39\"/> recognition, and non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming<span class=\"_ _39\"/> when there is o<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tive ev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e of i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>. 12 mo<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>hs of e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted<span class=\"_ _b\"/> cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Compr<span class=\"_ _39\"/>ehensive Income and<span class=\"_ _39\"/> net<span class=\"_ _b\"/>ted<span class=\"_ _39\"/> a<span class=\"_ _b\"/>gainst the<span class=\"_ _39\"/> financial asset in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position f<span class=\"_ _39\"/>or all performing fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>ith l<span class=\"_ _b\"/>ife<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>me ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ecte<span class=\"_ _b\"/>d cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s recognised f<span class=\"_ _39\"/>or underperforming and<span class=\"_ _5\"/> non-<span class=\"_ _5\"/>performing financial assets. Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s are b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on th<span class=\"_ _b\"/>e h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tori<span class=\"_ _b\"/>c leve<span class=\"_ _b\"/>l<span class=\"_ _b\"/>s of loss<span class=\"_ _39\"/> experienced for t<span class=\"_ _39\"/>he relev<span class=\"_ _39\"/>ant financial assets, wi<span class=\"_ _5\"/>th due consider<span class=\"_ _39\"/>ation given t<span class=\"_ _39\"/>o forward-<span class=\"_ _39\"/>looking inf<span class=\"_ _39\"/>ormation<span class=\"_ _b\"/>. The most<span class=\"_ _39\"/> significant cat<span class=\"_ _39\"/>eg<span class=\"_ _b\"/>ory of financial asse<span class=\"_ _39\"/>ts held at amortised cost f<span class=\"_ _39\"/>or the Gr<span class=\"_ _39\"/>oup are<span class=\"_ _39\"/> business loans to<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tners, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>la<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in m<span class=\"_ _b\"/>ore d<span class=\"_ _b\"/>etai<span class=\"_ _b\"/>l in N<span class=\"_ _b\"/>ote 12<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>nt in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e in c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch tr<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>g<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s the m<span class=\"_ _b\"/>ove fro<span class=\"_ _b\"/>m pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ng to u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>er<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g for t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets i<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>en t<span class=\"_ _b\"/>hey a<span class=\"_ _b\"/>re mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 3<span class=\"_ _b\"/>0 da<span class=\"_ _b\"/>ys p<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t du<span class=\"_ _b\"/>e, i<span class=\"_ _b\"/>n li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th the p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>um<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n I<span class=\"_ _b\"/>FRS 9 F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l In<span class=\"_ _b\"/>st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>,<span class=\"_ _b\"/> or w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>an fa<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y h<span class=\"_ _b\"/>as e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>e pro<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>f being r<span class=\"_ _5\"/>enegotiated. Business<span class=\"_ _39\"/> loans to<span class=\"_ _5\"/> Partners ar<span class=\"_ _5\"/>e classified as non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming when<span class=\"_ _39\"/> the loan is<span class=\"_ _5\"/> to<span class=\"_ _39\"/> a Partner who has lef<span class=\"_ _6\"/>t the S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>m<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>, or w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n is to a Partner whom<span class=\"_ _39\"/> manage<span class=\"_ _b\"/>ment considers<span class=\"_ _39\"/> to be<span class=\"_ _39\"/> at significant ri<span class=\"_ _b\"/>sk of l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>av<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d wh<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>n ord<span class=\"_ _b\"/>er<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> set<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent o<span class=\"_ _b\"/>f de<span class=\"_ _b\"/>bt i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red to b<span class=\"_ _b\"/>e in q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. The definit<span class=\"_ _39\"/>ion of non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming loans<span class=\"_ _39\"/> in this cont<span class=\"_ _39\"/>ext is a c<span class=\"_ _b\"/>rit<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng j<span class=\"_ _b\"/>u<span class=\"_ _b\"/>dg<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, ab<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ut w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch m<span class=\"_ _b\"/>ore<span class=\"_ _b\"/> info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is s<span class=\"_ _b\"/>et ou<span class=\"_ _b\"/>t i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2. (<span class=\"_ _4\"/>ae<span class=\"_ _39\"/>) F<span class=\"_ _39\"/>oreign currency translation<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup\u2019s pr<span class=\"_ _39\"/>esentation and<span class=\"_ _39\"/> the Company\u2019s<span class=\"_ _39\"/> functional currenc<span class=\"_ _39\"/>y is pounds St<span class=\"_ _39\"/>erling<span class=\"_ _b\"/>. The St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income and<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ement of Cash<span class=\"_ _39\"/> Flows f<span class=\"_ _39\"/>or foreign<span class=\"_ _39\"/> subsidiaries are tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ntat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>ncy u<span class=\"_ _b\"/>s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g exch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e rates p<span class=\"_ _b\"/>reva<span class=\"_ _b\"/>il<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ate of t<span class=\"_ _b\"/>he t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. The St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position<span class=\"_ _39\"/> for f<span class=\"_ _39\"/>oreign subsidiaries is tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d at th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar-end exc<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge ra<span class=\"_ _b\"/>te. E<span class=\"_ _b\"/>xch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e rat<span class=\"_ _39\"/>e differences<span class=\"_ _5\"/> arising fr<span class=\"_ _39\"/>om these t<span class=\"_ _39\"/>ranslations ar<span class=\"_ _5\"/>e t<span class=\"_ _39\"/>aken to<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income. For<span class=\"_ _39\"/>eign currency<span class=\"_ _39\"/> transactions<span class=\"_ _39\"/> are tr<span class=\"_ _39\"/>anslated int<span class=\"_ _39\"/>o Sterling us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e exch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e rate p<span class=\"_ _b\"/>revai<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e transac<span class=\"_ _39\"/>tions. Monetary assets<span class=\"_ _5\"/> and liabilities<span class=\"_ _39\"/> denominated in f<span class=\"_ _39\"/>oreign curr<span class=\"_ _39\"/>encies are t<span class=\"_ _39\"/>ranslated using<span class=\"_ _39\"/> the rat<span class=\"_ _39\"/>e of exch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e ru<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ate a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>n or<span class=\"_ _b\"/> lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>n tran<span class=\"_ _b\"/>s<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> of Compr<span class=\"_ _39\"/>ehensive Income. Non-mone<span class=\"_ _39\"/>tar<span class=\"_ _b\"/>y assets<span class=\"_ _39\"/> and liabilities which<span class=\"_ _39\"/> are held at h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tori<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l co<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>re tran<span class=\"_ _b\"/>sl<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d u<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ng ex<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge ra<span class=\"_ _b\"/>tes preva<span class=\"_ _b\"/>il<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ate o<span class=\"_ _b\"/>f the t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on; t<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>se h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d at<span class=\"_ _b\"/> fair va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>re tran<span class=\"_ _b\"/>sl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ng e<span class=\"_ _b\"/>xch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e rates r<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te on w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e wa<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>term<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>af) Segment<span class=\"_ _39\"/> repor<span class=\"_ _b\"/>ting<span class=\"_ _34e\"> </span>Operating segment<span class=\"_ _39\"/>s are r<span class=\"_ _39\"/>epor<span class=\"_ _b\"/>ted in<span class=\"_ _39\"/> a manner consist<span class=\"_ _39\"/>e<span class=\"_ _b\"/>nt wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e inte<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to the Ch<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ef O<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g Decision-Mak<span class=\"_ _39\"/>er.<span class=\"_ _39\"/> The Chief Oper<span class=\"_ _39\"/>ating Decision-Maker<span class=\"_ _4\"/>, responsible f<span class=\"_ _39\"/>or allocating r<span class=\"_ _39\"/>esources and<span class=\"_ _39\"/> assessing performance of<span class=\"_ _39\"/> the operating<span class=\"_ _39\"/> se<span class=\"_ _b\"/>gments, has been identified as<span class=\"_ _39\"/> the Executive<span class=\"_ _39\"/> Board.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ag) Cu<span class=\"_ _5\"/>rrent<span class=\"_ _5\"/> and non-curren<span class=\"_ _39\"/>t disclosure<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>ets w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>red o<span class=\"_ _b\"/>r s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d no mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 12 m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ths a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ter t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n the N<span class=\"_ _b\"/>ote<span class=\"_ _b\"/>s to the F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Tho<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>overe<span class=\"_ _b\"/>d or s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d mo<span class=\"_ _b\"/>re th<span class=\"_ _b\"/>an<span class=\"_ _b\"/> 12 mo<span class=\"_ _b\"/>nth<span class=\"_ _b\"/>s af<span class=\"_ _6\"/>ter th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>or<span class=\"_ _6\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ate a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as<span class=\"_ _b\"/> non-cur<span class=\"_ _39\"/>rent.<span class=\"_ _34e\"> </span>Li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted o<span class=\"_ _b\"/>r du<span class=\"_ _b\"/>e to be s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d no mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 12 m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ths a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ter t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n the N<span class=\"_ _b\"/>ote<span class=\"_ _b\"/>s to the F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Tho<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ecte<span class=\"_ _b\"/>d or d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e to be se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 12 m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ths a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ter t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as non-<span class=\"_ _39\"/>current.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ah<span class=\"_ _39\"/>) Alternativ<span class=\"_ _5\"/>e performance measures<span class=\"_ _34e\"> </span>Wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>, a n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f al<span class=\"_ _b\"/>tern<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tive<span class=\"_ _b\"/> pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>res (APM<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>o<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. An AP<span class=\"_ _b\"/>M is a<span class=\"_ _b\"/> measure<span class=\"_ _5\"/> of financial<span class=\"_ _39\"/> per<span class=\"_ _b\"/>formance, financial<span class=\"_ _39\"/> position or cash flows<span class=\"_ _5\"/> which is<span class=\"_ _39\"/> not defined by<span class=\"_ _39\"/> the rele<span class=\"_ _39\"/>vant financial<span class=\"_ _39\"/> repor<span class=\"_ _b\"/>ting frame<span class=\"_ _39\"/>work<span class=\"_ _b\"/>, which f<span class=\"_ _39\"/>or the Gr<span class=\"_ _39\"/>oup is Int<span class=\"_ _39\"/>ernational Financial Reporting Standar<span class=\"_ _39\"/>ds as adopt<span class=\"_ _39\"/>ed by t<span class=\"_ _39\"/>he UK Endorsement Bo<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>PM<span class=\"_ _b\"/>s are u<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d to provi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e gre<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>r in<span class=\"_ _b\"/>si<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>t into th<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce of t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e way i<span class=\"_ _b\"/>t is m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>d by the D<span class=\"_ _b\"/>i<span class=\"_ _b\"/>recto<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. A d<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f ea<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h of th<span class=\"_ _b\"/>e APM<span class=\"_ _b\"/>s i<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in the<span class=\"_ _39\"/> glossar<span class=\"_ _b\"/>y of alt<span class=\"_ _39\"/>ernative performance<span class=\"_ _39\"/> measures, which e<span class=\"_ _5\"/>xplains wh<span class=\"_ _39\"/>y it is<span class=\"_ _39\"/> use<span class=\"_ _b\"/>d and, wher<span class=\"_ _39\"/>e applicable, exp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns h<span class=\"_ _b\"/>ow th<span class=\"_ _b\"/>e me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>n be re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>il<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to the<span class=\"_ _b\"/> IFRS Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-319": {
   "value": "1. Accounting policies<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c (<span class=\"_ _39\"/>t<span class=\"_ _b\"/>he Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny<span class=\"_ _39\"/>) is a p<span class=\"_ _b\"/>u<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>ic c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny<span class=\"_ _34e\"> </span>limited<span class=\"_ _39\"/> by shar<span class=\"_ _39\"/>es which is<span class=\"_ _39\"/> incorporated<span class=\"_ _39\"/> and regist<span class=\"_ _39\"/>ered in<span class=\"_ _34e\"> </span>England and<span class=\"_ _39\"/> Wales, domiciled in<span class=\"_ _39\"/> the United<span class=\"_ _5\"/> Kingdom and<span class=\"_ _34e\"> </span>whose sha<span class=\"_ _5\"/>res<span class=\"_ _39\"/> are publicly<span class=\"_ _39\"/> traded.<span class=\"_ _34e\"> </span>i. Statement of<span class=\"_ _39\"/> compliance<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup Financial Stat<span class=\"_ _39\"/>ements consolidat<span class=\"_ _39\"/>e those of<span class=\"_ _39\"/> the Compan<span class=\"_ _39\"/>y and its<span class=\"_ _39\"/> subsidiaries (<span class=\"_ _4\"/>together<span class=\"_ _39\"/> referr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d t<span class=\"_ _39\"/>o<span class=\"_ _34e\"> </span>as th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup)<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n pre<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d in<span class=\"_ _34e\"> </span>accordance with UK<span class=\"_ _4\"/>-adopt<span class=\"_ _39\"/>ed International Accounting<span class=\"_ _34e\"> </span>Standar<span class=\"_ _39\"/>ds and with t<span class=\"_ _39\"/>he requirement<span class=\"_ _39\"/>s of the<span class=\"_ _39\"/> Companies<span class=\"_ _34e\"> </span>Act<span class=\"_ _39\"/> 2006 as applicable<span class=\"_ _39\"/> to companies<span class=\"_ _5\"/> reporting under<span class=\"_ _34e\"> </span>those s<span class=\"_ _5\"/>tandar<span class=\"_ _39\"/>ds<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g rel<span class=\"_ _b\"/>evan<span class=\"_ _b\"/>t am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> stan<span class=\"_ _b\"/>da<span class=\"_ _b\"/>rds<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pted a<span class=\"_ _b\"/>s of 1 J<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span>ha<span class=\"_ _b\"/>ve not h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d any m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>t on th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s<span class=\"_ _34e\"> </span>Consolidated<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Amendments t<span class=\"_ _39\"/>o IFRS 3<span class=\"_ _39\"/> Business Combinations \u2013<span class=\"_ _34e\"> </span></span>Ref<span class=\"_ _39\"/>erence t<span class=\"_ _39\"/>o the Concept<span class=\"_ _39\"/>u<span class=\"_ _b\"/>al F<span class=\"_ _39\"/>ramework; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Annual Impro<span class=\"_ _39\"/>vements t<span class=\"_ _39\"/>o IFRS St<span class=\"_ _39\"/>andards 20<span class=\"_ _39\"/>18-<span class=\"_ _39\"/>2020.<span class=\"_ _34e\"> </span></span>There<span class=\"_ _39\"/> were no<span class=\"_ _39\"/> new accounting<span class=\"_ _39\"/> standards adop<span class=\"_ _39\"/>ted as of<span class=\"_ _39\"/> 1 Jan<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y 2022<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>ii. N<span class=\"_ _b\"/>ew an<span class=\"_ _b\"/>d ame<span class=\"_ _b\"/>nde<span class=\"_ _b\"/>d acc<span class=\"_ _b\"/>ount<span class=\"_ _b\"/>ing st<span class=\"_ _b\"/>and<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>s not<span class=\"_ _34e\"> </span>yet adopted<span class=\"_ _34e\"> </span>As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ne<span class=\"_ _b\"/>w an<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>standar<span class=\"_ _39\"/>ds<span class=\"_ _b\"/>, which ar<span class=\"_ _39\"/>e rele<span class=\"_ _5\"/>vant<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> Group but<span class=\"_ _39\"/> ha<span class=\"_ _b\"/>ve<span class=\"_ _39\"/> not<span class=\"_ _34e\"> </span>be<span class=\"_ _b\"/>en a<span class=\"_ _b\"/>p<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the F<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, we<span class=\"_ _b\"/>re in i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e bu<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>are n<span class=\"_ _b\"/>ot yet ef<span class=\"_ _6\"/>fect<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>. Al<span class=\"_ _b\"/>l of th<span class=\"_ _b\"/>e be<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow h<span class=\"_ _b\"/>ad b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pte<span class=\"_ _b\"/>d by<span class=\"_ _34e\"> </span>the U<span class=\"_ _b\"/>K En<span class=\"_ _b\"/>do<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt B<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>rd as a<span class=\"_ _b\"/>t 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>for<span class=\"_ _39\"/> Amendments t<span class=\"_ _39\"/>o IAS 1<span class=\"_ _39\"/> Present<span class=\"_ _39\"/>ation of Financial<span class=\"_ _39\"/> Statements<span class=\"_ _39\"/> \u2013 Classificat<span class=\"_ _5\"/>ion of<span class=\"_ _39\"/> Liabilities as Cur<span class=\"_ _39\"/>rent or Non-<span class=\"_ _39\"/>Current:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Amendments t<span class=\"_ _39\"/>o IAS<span class=\"_ _39\"/> 1 Present<span class=\"_ _39\"/>ation of<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments<span class=\"_ _34e\"> </span></span>\u2013 Classificat<span class=\"_ _5\"/>ion of<span class=\"_ _39\"/> Liabilities as Cur<span class=\"_ _39\"/>rent or Non-<span class=\"_ _39\"/>Current;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">Amendments t<span class=\"_ _39\"/>o IAS<span class=\"_ _39\"/> 1 Present<span class=\"_ _39\"/>ation of<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments<span class=\"_ _34e\"> </span></span>\u2013 Disclosur<span class=\"_ _39\"/>e of A<span class=\"_ _39\"/>ccounting P<span class=\"_ _39\"/>olicies;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">Am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>dm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts to IAS 8 Ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g Po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, C<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es<span class=\"_ _b\"/> </span>in Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g Esti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>nd Er<span class=\"_ _b\"/>ror<span class=\"_ _b\"/>s \u2013 De<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on of<span class=\"_ _b\"/> Accountin<span class=\"_ _b\"/>g Estimates;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">Am<span class=\"_ _b\"/>en<span class=\"_ _b\"/>dm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts to IAS 12 I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me Taxes \u2013 D<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d T<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x<span class=\"_ _34e\"> </span></span>relat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d t<span class=\"_ _39\"/>o Asset and<span class=\"_ _39\"/> Liabilities arising f<span class=\"_ _5\"/>rom<span class=\"_ _39\"/> a Single<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>ransact<span class=\"_ _39\"/>ion; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7 In<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce C<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span></span>The adopt<span class=\"_ _39\"/>ion of the<span class=\"_ _39\"/> above st<span class=\"_ _39\"/>andards and<span class=\"_ _39\"/> amendments<span class=\"_ _34e\"> </span>is n<span class=\"_ _b\"/>ot ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to ha<span class=\"_ _b\"/>ve a ma<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s<span class=\"_ _34e\"> </span>Consolidated<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments o<span class=\"_ _39\"/>ther than r<span class=\"_ _39\"/>equ<span class=\"_ _b\"/>iring<span class=\"_ _34e\"> </span>additional disclosure<span class=\"_ _39\"/> or alternative<span class=\"_ _39\"/> presentat<span class=\"_ _39\"/>io<span class=\"_ _b\"/>n. Further<span class=\"_ _34e\"> </span>deta<span class=\"_ _b\"/>il re<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g I<span class=\"_ _b\"/>FRS 17 I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce Co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>s is g<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ow.<span class=\"_ _34e\"> </span>IFRS 17 Ins<span class=\"_ _39\"/>urance Contracts<span class=\"_ _34e\"> </span>IF<span class=\"_ _b\"/>RS 17 wa<span class=\"_ _b\"/>s i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n Ma<span class=\"_ _b\"/>y 2017 a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>da<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y fo<span class=\"_ _b\"/>r<span class=\"_ _34e\"> </span>annual r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>porting periods commencing on<span class=\"_ _39\"/> 1 January<span class=\"_ _34e\"> </span>202<span class=\"_ _39\"/>3<span class=\"_ _b\"/>. It incor<span class=\"_ _39\"/>p<span class=\"_ _b\"/>orat<span class=\"_ _39\"/>es re<span class=\"_ _39\"/>v<span class=\"_ _b\"/>ised principles f<span class=\"_ _39\"/>or the r<span class=\"_ _39\"/>ecognition,<span class=\"_ _34e\"> </span>measurement, present<span class=\"_ _39\"/>ation and disclosure<span class=\"_ _39\"/> of insurance<span class=\"_ _34e\"> </span>contracts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7<span class=\"_ _39\"/>, gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>s of i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> and measur<span class=\"_ _5\"/>ed as:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">the F<span class=\"_ _39\"/>ulfilment Cashflows, which<span class=\"_ _39\"/> comprise an estimat<span class=\"_ _39\"/>e<span class=\"_ _34e\"> </span></span>of fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>dj<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ted to refl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>e ti<span class=\"_ _b\"/>me va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of<span class=\"_ _34e\"> </span>money<span class=\"_ _39\"/>, the<span class=\"_ _39\"/> financial risks associat<span class=\"_ _39\"/>ed with t<span class=\"_ _39\"/>he future<span class=\"_ _5\"/> cash<span class=\"_ _34e\"> </span>flows<span class=\"_ _5\"/> and a<span class=\"_ _39\"/> risk adjustment f<span class=\"_ _39\"/>or non-<span class=\"_ _39\"/>financial risk; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">the Cont<span class=\"_ _39\"/>ractual Service Margin, comprising<span class=\"_ _39\"/> the unearned<span class=\"_ _34e\"> </span></span>prof<span class=\"_ _b\"/>it w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n a gro<span class=\"_ _b\"/>up of c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>cts th<span class=\"_ _b\"/>at w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>n<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as the<span class=\"_ _39\"/> Group pr<span class=\"_ _39\"/>ovides insur<span class=\"_ _39\"/>ance services in t<span class=\"_ _39\"/>he future.<span class=\"_ _34e\"> </span>If a g<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p of co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>s is ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted to be o<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _b\"/>.e. loss-<span class=\"_ _39\"/>making)<span class=\"_ _39\"/> over<span class=\"_ _39\"/> the remaini<span class=\"_ _5\"/>ng co<span class=\"_ _39\"/>verage<span class=\"_ _39\"/> period<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span>a loss<span class=\"_ _39\"/> is recognised immediat<span class=\"_ _39\"/>ely.<span class=\"_ _39\"/> The Gr<span class=\"_ _39\"/>oup closed t<span class=\"_ _39\"/>o new insur<span class=\"_ _39\"/>ance business, as defined<span class=\"_ _34e\"> </span>un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7<span class=\"_ _39\"/>, in 20<span class=\"_ _b\"/>11<span class=\"_ _b\"/>. At 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, on a<span class=\"_ _b\"/>n I<span class=\"_ _b\"/>FRS 4<span class=\"_ _b\"/> Insurance<span class=\"_ _39\"/> Contracts<span class=\"_ _39\"/> basis<span class=\"_ _b\"/>, the<span class=\"_ _39\"/> Group had \u00a3<span class=\"_ _39\"/>68.6 million<span class=\"_ _34e\"> </span>of non-<span class=\"_ _39\"/>unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance<span class=\"_ _39\"/> contrac<span class=\"_ _5\"/>t liabilit<span class=\"_ _39\"/>ies<span class=\"_ _b\"/>, which<span class=\"_ _34e\"> </span>are<span class=\"_ _39\"/> substantially<span class=\"_ _39\"/> reinsured, and \u00a3<span class=\"_ _4\"/>414.9 million of<span class=\"_ _39\"/> unit<span class=\"_ _39\"/>-<span class=\"_ _34e\"> </span>linked<span class=\"_ _39\"/> insurance c<span class=\"_ _5\"/>ontr<span class=\"_ _39\"/>act liabilities. A<span class=\"_ _39\"/>s a re<span class=\"_ _39\"/>sult<span class=\"_ _b\"/>, the<span class=\"_ _39\"/> G<span class=\"_ _b\"/>roup\u2019<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>exposure<span class=\"_ _39\"/> on this business<span class=\"_ _39\"/> is not mat<span class=\"_ _39\"/>erial (<span class=\"_ _4\"/>\u00a32.<span class=\"_ _b\"/>2 million, being<span class=\"_ _34e\"> </span>the ne<span class=\"_ _39\"/>t of \u00a3<span class=\"_ _39\"/>68<span class=\"_ _b\"/>.6 million<span class=\"_ _39\"/> non-unit<span class=\"_ _4\"/>-linked<span class=\"_ _39\"/> insurance liab<span class=\"_ _5\"/>ilities<span class=\"_ _34e\"> </span>and \u00a3<span class=\"_ _39\"/>66.<span class=\"_ _b\"/>4 million<span class=\"_ _5\"/> reinsur<span class=\"_ _39\"/>ance assets<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup has an est<span class=\"_ _39\"/>ablished project<span class=\"_ _39\"/> group managing<span class=\"_ _34e\"> </span>the i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ntati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f I<span class=\"_ _b\"/>FRS 17, overse<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n by the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Aud<span class=\"_ _b\"/>it<span class=\"_ _b\"/> Com<span class=\"_ _b\"/>m<span class=\"_ _b\"/>it<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e. D<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 202<span class=\"_ _b\"/>2 th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d to ref<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e its<span class=\"_ _b\"/> valuation<span class=\"_ _39\"/> approach and t<span class=\"_ _39\"/>o dev<span class=\"_ _39\"/>el<span class=\"_ _b\"/>op the<span class=\"_ _39\"/> required models<span class=\"_ _34e\"> </span>and r<span class=\"_ _39\"/>ep<span class=\"_ _b\"/>orting syst<span class=\"_ _39\"/>ems<span class=\"_ _b\"/>, with<span class=\"_ _39\"/> the associated<span class=\"_ _39\"/> g<span class=\"_ _b\"/>ov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rnance<span class=\"_ _34e\"> </span>pro<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es d<span class=\"_ _b\"/>ue to b<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n 2023<span class=\"_ _b\"/>. Wh<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s<span class=\"_ _b\"/>t the<span class=\"_ _b\"/>se<span class=\"_ _b\"/> pro<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>ave ye<span class=\"_ _b\"/>t to be co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>eted<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re is n<span class=\"_ _b\"/>ot ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted<span class=\"_ _34e\"> </span>to be a ma<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>act o<span class=\"_ _b\"/>n e<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>er e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>r fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ts<span class=\"_ _34e\"> </span>on a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>ng I<span class=\"_ _b\"/>F<span class=\"_ _b\"/>RS 17<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>nten<span class=\"_ _b\"/>ds to a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pt th<span class=\"_ _b\"/>e fol<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>ng key a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> policies:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e Ge<span class=\"_ _b\"/>n<span class=\"_ _b\"/>era<span class=\"_ _b\"/>l Me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t Mo<span class=\"_ _b\"/>d<span class=\"_ _b\"/>el w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l b<span class=\"_ _b\"/>e ap<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d to<span class=\"_ _34e\"> </span></span>non-un<span class=\"_ _5\"/>it<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance business<span class=\"_ _39\"/> and reassur<span class=\"_ _5\"/>ance<span class=\"_ _34e\"> </span>ce<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e Varia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le Fe<span class=\"_ _b\"/>e Ap<span class=\"_ _b\"/>pro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ch to un<span class=\"_ _b\"/>it-lin<span class=\"_ _b\"/>ked<span class=\"_ _34e\"> </span>insurance<span class=\"_ _39\"/> business measured under<span class=\"_ _39\"/> I<span class=\"_ _b\"/>FRS 1<span class=\"_ _39\"/>7;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h wi<span class=\"_ _b\"/>ll b<span class=\"_ _b\"/>e ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ed to a<span class=\"_ _b\"/>ll i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e<span class=\"_ _34e\"> </span></span>con<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>cts o<span class=\"_ _b\"/>n tran<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on to I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7<span class=\"_ _39\"/>, as t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>that<span class=\"_ _5\"/> application<span class=\"_ _39\"/> of a f<span class=\"_ _39\"/>ully ret<span class=\"_ _5\"/>rospec<span class=\"_ _39\"/>tive appr<span class=\"_ _39\"/>oach is<span class=\"_ _34e\"> </span>imprac<span class=\"_ _5\"/>ticable (<span class=\"_ _29\"/>since our accoun<span class=\"_ _39\"/>ting and act<span class=\"_ _39\"/>u<span class=\"_ _b\"/>arial<span class=\"_ _34e\"> </span>syst<span class=\"_ _39\"/>ems hold inf<span class=\"_ _39\"/>ormation on hist<span class=\"_ _39\"/>oric business at<span class=\"_ _39\"/> a higher<span class=\"_ _34e\"> </span>leve<span class=\"_ _b\"/>l of a<span class=\"_ _b\"/>gg<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>an t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d for th<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ly<span class=\"_ _34e\"> </span>ret<span class=\"_ _39\"/>rospectiv<span class=\"_ _39\"/>e approach<span class=\"_ _4\"/>)<span class=\"_ _39\"/>; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>7 req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res a<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>y de<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>s to<span class=\"_ _34e\"> </span></span>whether t<span class=\"_ _39\"/>o recognise<span class=\"_ _39\"/> all finance income or<span class=\"_ _39\"/> expense in<span class=\"_ _34e\"> </span>profit<span class=\"_ _39\"/> or loss, or whether<span class=\"_ _39\"/> to disaggr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gate<span class=\"_ _39\"/> the income or<span class=\"_ _34e\"> </span>exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>at re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tes to ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>int<span class=\"_ _39\"/>o other compr<span class=\"_ _39\"/>ehensive income. All<span class=\"_ _39\"/> finance income<span class=\"_ _34e\"> </span>an<span class=\"_ _b\"/>d exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>ll b<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Ado<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on of I<span class=\"_ _b\"/>F<span class=\"_ _b\"/>RS 17 i<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to h<span class=\"_ _b\"/>ave a m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct<span class=\"_ _34e\"> </span>on alt<span class=\"_ _39\"/>ernative performance<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asures<span class=\"_ _39\"/> use<span class=\"_ _b\"/>d b<span class=\"_ _39\"/>y the Gro<span class=\"_ _5\"/>up.<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards<span class=\"_ _34e\"> </span>iii. Basis o<span class=\"_ _5\"/>f preparation<span class=\"_ _34e\"> </span>The g<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g co<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>er<span class=\"_ _b\"/>n ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pted i<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g these Financial<span class=\"_ _39\"/> Statement<span class=\"_ _5\"/>s.<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup\u2019s business<span class=\"_ _39\"/> a<span class=\"_ _b\"/>ctivities, t<span class=\"_ _39\"/>ogether with<span class=\"_ _39\"/> the fac<span class=\"_ _5\"/>tors<span class=\"_ _39\"/> likely<span class=\"_ _39\"/> to affect<span class=\"_ _39\"/> its future<span class=\"_ _39\"/> development, performance and<span class=\"_ _39\"/> po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, are s<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Chi<span class=\"_ _b\"/>ef E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>c<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>\u2019s rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the<span class=\"_ _b\"/> Chief<span class=\"_ _5\"/> Financial Officer\u2019s report. The financial<span class=\"_ _39\"/> per<span class=\"_ _b\"/>formance and financial<span class=\"_ _39\"/> p<span class=\"_ _b\"/>osition o<span class=\"_ _39\"/>f the Gr<span class=\"_ _5\"/>oup ar<span class=\"_ _39\"/>e described in the<span class=\"_ _39\"/> financial r<span class=\"_ _39\"/>eview.<span class=\"_ _34e\"> </span>As sh<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n in S<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ew, the G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s capital<span class=\"_ _39\"/> position r<span class=\"_ _5\"/>emains str<span class=\"_ _39\"/>ong and well<span class=\"_ _39\"/> in excess o<span class=\"_ _39\"/>f reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ato<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. In a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>di<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, it h<span class=\"_ _b\"/>as c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ed to op<span class=\"_ _b\"/>era<span class=\"_ _b\"/>te wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n it<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al b<span class=\"_ _b\"/>an<span class=\"_ _b\"/>k<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g cove<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The S<span class=\"_ _b\"/>&amp;<span class=\"_ _b\"/>P rati<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g of S<span class=\"_ _b\"/>JPU<span class=\"_ _b\"/>K re<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s at A- (<span class=\"_ _5\"/>BB<span class=\"_ _b\"/>B a<span class=\"_ _b\"/>t SJ<span class=\"_ _b\"/>P PLC<span class=\"_ _4\"/>). Si<span class=\"_ _b\"/>m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ly, the F<span class=\"_ _b\"/>itch<span class=\"_ _b\"/> rati<span class=\"_ _b\"/>ng re<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>t A<span class=\"_ _39\"/>+ fo<span class=\"_ _b\"/>r SJ<span class=\"_ _b\"/>PU<span class=\"_ _b\"/>K (A at SJ<span class=\"_ _b\"/>P PLC leve<span class=\"_ _b\"/>l<span class=\"_ _39\"/>). Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er, the long-<span class=\"_ _39\"/>term<span class=\"_ _39\"/> nature of<span class=\"_ _39\"/> the business r<span class=\"_ _39\"/>esults in consider<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e positive<span class=\"_ _39\"/> cash flows ar<span class=\"_ _39\"/>isin<span class=\"_ _b\"/>g fr<span class=\"_ _39\"/>om existing business.<span class=\"_ _34e\"> </span>The Boar<span class=\"_ _39\"/>d has considered<span class=\"_ _39\"/> the challenging macroeconomic and geopolitic<span class=\"_ _39\"/>al conditions wh<span class=\"_ _5\"/>ich pr<span class=\"_ _39\"/>evailed during<span class=\"_ _39\"/> 2022, not<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to be su<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ces<span class=\"_ _b\"/>sf<span class=\"_ _b\"/>ul i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>is<span class=\"_ _b\"/> envir<span class=\"_ _39\"/>onment<span class=\"_ _b\"/>. F<span class=\"_ _5\"/>or ex<span class=\"_ _39\"/>ampl<span class=\"_ _b\"/>e, 20<span class=\"_ _39\"/>22 marked<span class=\"_ _5\"/> the second-<span class=\"_ _39\"/>best yea<span class=\"_ _b\"/>r for g<span class=\"_ _b\"/>ross i<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws i<span class=\"_ _b\"/>n the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y<span class=\"_ _b\"/>; a s<span class=\"_ _b\"/>tron<span class=\"_ _b\"/>g outcome<span class=\"_ _39\"/> that is t<span class=\"_ _39\"/>estament<span class=\"_ _5\"/> to<span class=\"_ _39\"/> the enduring r<span class=\"_ _39\"/>esilience of the<span class=\"_ _39\"/> business<span class=\"_ _b\"/>. This, along<span class=\"_ _39\"/> with the performance<span class=\"_ _39\"/> of our key out<span class=\"_ _b\"/>so<span class=\"_ _b\"/>urce p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, mo<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tore<span class=\"_ _b\"/>d thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h ou<span class=\"_ _b\"/>r o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> ov<span class=\"_ _39\"/>ersight<span class=\"_ _b\"/>, supports its<span class=\"_ _39\"/> view that the<span class=\"_ _39\"/> business will cont<span class=\"_ _5\"/>inue to<span class=\"_ _39\"/> remain operat<span class=\"_ _5\"/>ionally r<span class=\"_ _39\"/>esili<span class=\"_ _b\"/>ent.<span class=\"_ _34e\"> </span>As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of it<span class=\"_ _b\"/>s revi<span class=\"_ _b\"/>ew, th<span class=\"_ _b\"/>e Bo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rd be<span class=\"_ _b\"/>li<span class=\"_ _b\"/>eves t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/> will cont<span class=\"_ _39\"/>inue to oper<span class=\"_ _39\"/>ate, with<span class=\"_ _39\"/> neither the<span class=\"_ _5\"/> int<span class=\"_ _5\"/>ention nor<span class=\"_ _39\"/> the necessity of liquidat<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>, ceasing t<span class=\"_ _39\"/>rading or s<span class=\"_ _5\"/>eeking prot<span class=\"_ _39\"/>ection fr<span class=\"_ _39\"/>om credit<span class=\"_ _39\"/>ors pursuant t<span class=\"_ _39\"/>o laws or<span class=\"_ _39\"/> regulations, for a pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d of a<span class=\"_ _b\"/>t le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t 12 m<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>hs f<span class=\"_ _b\"/>rom th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te of a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>roval of the<span class=\"_ _39\"/> Group Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> present<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in pounds<span class=\"_ _39\"/> Sterling, rounded<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> ne<span class=\"_ _b\"/>arest<span class=\"_ _39\"/> one hundred t<span class=\"_ _39\"/>housand pounds. They a<span class=\"_ _b\"/>re p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>are<span class=\"_ _b\"/>d on a h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>ost b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ept fo<span class=\"_ _b\"/>r assets c<span class=\"_ _5\"/>lassified as in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> p<span class=\"_ _b\"/>roperty and financial assets and<span class=\"_ _39\"/> liabilities at f<span class=\"_ _39\"/>air value<span class=\"_ _5\"/> through<span class=\"_ _39\"/> profit and<span class=\"_ _39\"/> loss<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The pr<span class=\"_ _39\"/>eparation of<span class=\"_ _39\"/> the Financial St<span class=\"_ _39\"/>atements in<span class=\"_ _39\"/> conformity wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS<span class=\"_ _b\"/>s req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent to m<span class=\"_ _b\"/>ake j<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, estimat<span class=\"_ _39\"/>es and assumptions<span class=\"_ _39\"/> that affect t<span class=\"_ _39\"/>he application of policies<span class=\"_ _39\"/> and reported amount<span class=\"_ _5\"/>s of<span class=\"_ _39\"/> assets and liabilities, income and<span class=\"_ _39\"/> expenses<span class=\"_ _b\"/>. The<span class=\"_ _39\"/> estimates and<span class=\"_ _39\"/> associated assumptions<span class=\"_ _39\"/> are based on<span class=\"_ _39\"/> historical e<span class=\"_ _5\"/>xperience and vari<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r facto<span class=\"_ _b\"/>rs th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ieve<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e under the<span class=\"_ _39\"/> circumstanc<span class=\"_ _5\"/>es, the r<span class=\"_ _39\"/>esults of<span class=\"_ _39\"/> w<span class=\"_ _b\"/>hich f<span class=\"_ _39\"/>orm the basis of making<span class=\"_ _39\"/> judgements about<span class=\"_ _39\"/> the carrying v<span class=\"_ _39\"/>alues of a<span class=\"_ _39\"/>ssets and liabilities<span class=\"_ _39\"/> that are<span class=\"_ _39\"/> not readily appar<span class=\"_ _39\"/>ent from<span class=\"_ _39\"/> other sou<span class=\"_ _b\"/>rce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Actu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l resu<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>y d<span class=\"_ _b\"/>if<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>r fro<span class=\"_ _b\"/>m the<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ates<span class=\"_ _6\"/>.<span class=\"_ _34e\"> </span>The est<span class=\"_ _39\"/>imates and underlying<span class=\"_ _39\"/> assumptions ar<span class=\"_ _5\"/>e r<span class=\"_ _39\"/>eviewed on a<span class=\"_ _b\"/>n on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is<span class=\"_ _b\"/>. Rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s to acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>s are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te is rev<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d if th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cts o<span class=\"_ _b\"/>nl<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>at ye<span class=\"_ _b\"/>ar, or i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r of th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n and futur<span class=\"_ _39\"/>e years, if<span class=\"_ _39\"/> the revision<span class=\"_ _39\"/> af<span class=\"_ _b\"/>fects<span class=\"_ _39\"/> both curr<span class=\"_ _39\"/>ent and future y<span class=\"_ _39\"/>ea<span class=\"_ _b\"/>rs.<span class=\"_ _34e\"> </span>Judgements<span class=\"_ _39\"/> made by<span class=\"_ _39\"/> management in t<span class=\"_ _39\"/>he application<span class=\"_ _39\"/> of IF<span class=\"_ _b\"/>RSs t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>ve m<span class=\"_ _b\"/>ater<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l ef<span class=\"_ _6\"/>fect o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts<span class=\"_ _b\"/> and estimat<span class=\"_ _39\"/>es with<span class=\"_ _39\"/> a significant risk<span class=\"_ _39\"/> of material adj<span class=\"_ _5\"/>ustment in th<span class=\"_ _b\"/>e ne<span class=\"_ _b\"/>x<span class=\"_ _b\"/>t ye<span class=\"_ _b\"/>ar a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>us<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> prepared in<span class=\"_ _39\"/> accordance with t<span class=\"_ _39\"/>he Companies Ac<span class=\"_ _39\"/>t 2006 as<span class=\"_ _5\"/> applicable t<span class=\"_ _39\"/>o companies rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s set o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>t be<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w ha<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ed c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y to al<span class=\"_ _b\"/>l yea<span class=\"_ _b\"/>rs p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nted<span class=\"_ _b\"/> in these<span class=\"_ _39\"/> Consolidated Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>iv<span class=\"_ _39\"/>. Summary of significant<span class=\"_ _39\"/> accounting policies<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>a<span class=\"_ _39\"/>) Basis of con<span class=\"_ _39\"/>solidat<span class=\"_ _b\"/>ion<span class=\"_ _34e\"> </span>The consolidat<span class=\"_ _39\"/>ed financial inf<span class=\"_ _39\"/>ormation incorpor<span class=\"_ _5\"/>ates<span class=\"_ _39\"/> the assets, liabilities<span class=\"_ _39\"/> and results<span class=\"_ _39\"/> of the Compan<span class=\"_ _39\"/>y and of<span class=\"_ _39\"/> its subsidiaries. Subsidiar<span class=\"_ _39\"/>ies are t<span class=\"_ _39\"/>hose entitie<span class=\"_ _39\"/>s which the<span class=\"_ _39\"/> Group con<span class=\"_ _b\"/>trol<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>f the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>s exp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to, or h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>ght<span class=\"_ _b\"/>s to, var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e ret<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ns fro<span class=\"_ _b\"/>m it<span class=\"_ _b\"/>s invo<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h the e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _b\"/> an<span class=\"_ _b\"/>d ha<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y to a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fec<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>ose re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>s thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h it<span class=\"_ _b\"/>s po<span class=\"_ _b\"/>wer<span class=\"_ _b\"/> over th<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y (<span class=\"_ _39\"/>i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up h<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>s mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 30<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s<span class=\"_ _39\"/>). Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er i<span class=\"_ _b\"/>nfo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>n h<span class=\"_ _b\"/>ow contr<span class=\"_ _39\"/>ol is ass<span class=\"_ _5\"/>essed, including<span class=\"_ _39\"/> the judgement<span class=\"_ _39\"/> taken<span class=\"_ _39\"/> in con<span class=\"_ _b\"/>so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>id<span class=\"_ _b\"/>at<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g SJ<span class=\"_ _b\"/>P Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s N<span class=\"_ _b\"/>o.<span class=\"_ _b\"/>1 Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n en<span class=\"_ _b\"/>tit<span class=\"_ _6\"/>y, is set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2.<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>re al<span class=\"_ _b\"/>l en<span class=\"_ _b\"/>tit<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s over w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ha<span class=\"_ _b\"/>s significant in<span class=\"_ _39\"/>fluence but not<span class=\"_ _39\"/> control and<span class=\"_ _39\"/> are account<span class=\"_ _39\"/>ed for at fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p us<span class=\"_ _b\"/>es t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> acquisition me<span class=\"_ _39\"/>thod of account<span class=\"_ _39\"/>ing to<span class=\"_ _5\"/> account f<span class=\"_ _39\"/>or business combinations and<span class=\"_ _39\"/> expenses all acquisiti<span class=\"_ _5\"/>on cost<span class=\"_ _39\"/>s as they<span class=\"_ _39\"/> are<span class=\"_ _39\"/> incurred. The financial<span class=\"_ _39\"/> information<span class=\"_ _5\"/> of subsidiaries<span class=\"_ _39\"/> are included in t<span class=\"_ _39\"/>he Consolidated Financial<span class=\"_ _39\"/> Statement<span class=\"_ _5\"/>s fr<span class=\"_ _39\"/>om the date that control comme<span class=\"_ _b\"/>nces unti<span class=\"_ _b\"/>l the date that control ceases. Ac<span class=\"_ _39\"/>counting policies<span class=\"_ _39\"/> of subsidiaries hav<span class=\"_ _39\"/>e been changed where<span class=\"_ _39\"/> necessar<span class=\"_ _b\"/>y to<span class=\"_ _39\"/> ensure consist<span class=\"_ _39\"/>ency with po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>opte<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Any co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rati<span class=\"_ _b\"/>on to b<span class=\"_ _b\"/>e tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up i<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n da<span class=\"_ _b\"/>te.<span class=\"_ _b\"/> Su<span class=\"_ _b\"/>bse<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>nt c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es to th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nt con<span class=\"_ _b\"/>s<span class=\"_ _b\"/>id<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>s d<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>me<span class=\"_ _b\"/>d to b<span class=\"_ _b\"/>e an a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>r li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y is rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS 9 i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income. 193<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>The treatment of transa<span class=\"_ _b\"/>ctions with no<span class=\"_ _b\"/>n-controllin<span class=\"_ _b\"/>g interests depends on whet<span class=\"_ _39\"/>her,<span class=\"_ _5\"/> as a<span class=\"_ _39\"/> result of<span class=\"_ _5\"/> the t<span class=\"_ _39\"/>ransaction, the Gro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>lte<span class=\"_ _b\"/>rs co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol of t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>si<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y. Chan<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> Pare<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019s ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>p in<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>st in a s<span class=\"_ _b\"/>u<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t do n<span class=\"_ _b\"/>ot res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t in a l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s of co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>cou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d for a<span class=\"_ _b\"/>s eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>s; any di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce b<span class=\"_ _b\"/>et<span class=\"_ _b\"/>w<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt by w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-<span class=\"_ _34e\"> </span>con<span class=\"_ _b\"/>trol<span class=\"_ _b\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f the<span class=\"_ _b\"/> considerat<span class=\"_ _39\"/>ion paid or r<span class=\"_ _39\"/>eceived is<span class=\"_ _39\"/> recognised direc<span class=\"_ _39\"/>tly in eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>d to the ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>rent e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y. Whe<span class=\"_ _b\"/>re th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>es c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trol o<span class=\"_ _b\"/>f a su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>y, at th<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ate when cont<span class=\"_ _5\"/>rol<span class=\"_ _39\"/> is lost the<span class=\"_ _39\"/> amount of an<span class=\"_ _39\"/>y non-con<span class=\"_ _5\"/>trolling<span class=\"_ _5\"/> inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t in th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t form<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>u<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>ny inv<span class=\"_ _39\"/>estment r<span class=\"_ _39\"/>etained in<span class=\"_ _39\"/> the for<span class=\"_ _39\"/>mer subsidiary is remeasur<span class=\"_ _39\"/>ed to its fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e; the g<span class=\"_ _b\"/>a<span class=\"_ _b\"/>in o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d in p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r loss on<span class=\"_ _39\"/> the par<span class=\"_ _b\"/>tial disposal<span class=\"_ _39\"/> of the subsidiary includes<span class=\"_ _5\"/> the ga<span class=\"_ _b\"/>in o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e rem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f the re<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Intr<span class=\"_ _5\"/>a-Group<span class=\"_ _39\"/> balances<span class=\"_ _b\"/>, and an<span class=\"_ _39\"/>y income and<span class=\"_ _39\"/> expenses or unrealised<span class=\"_ _39\"/> g<span class=\"_ _b\"/>ains and<span class=\"_ _39\"/> losses arising fr<span class=\"_ _39\"/>om intr<span class=\"_ _39\"/>a-Group transac<span class=\"_ _5\"/>tions, are<span class=\"_ _39\"/> e<span class=\"_ _b\"/>liminated in<span class=\"_ _39\"/> preparing the Consolidat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d Financial St<span class=\"_ _39\"/>atements.<span class=\"_ _34e\"> </span>The St. James\u2019<span class=\"_ _39\"/>s Place Charit<span class=\"_ _39\"/>able Foundation<span class=\"_ _39\"/> is not consolidat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d with<span class=\"_ _5\"/>in the<span class=\"_ _39\"/> financial inf<span class=\"_ _39\"/>ormation. This is<span class=\"_ _5\"/> because the<span class=\"_ _39\"/> Company does no<span class=\"_ _39\"/>t control<span class=\"_ _39\"/> the Charit<span class=\"_ _39\"/>able Fou<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n in a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ord<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h IF<span class=\"_ _b\"/>RS 1<span class=\"_ _b\"/>0.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>b<span class=\"_ _39\"/>) Fee<span class=\"_ _39\"/> an<span class=\"_ _b\"/>d commissi<span class=\"_ _5\"/>on income<span class=\"_ _34e\"> </span>Fee and<span class=\"_ _39\"/> commission income comprises:<span class=\"_ _39\"/> (i)<span class=\"_ _b\"/> <span class=\"_ _71\"> </span><span class=\"ls71 ws36\">advice char<span class=\"_ _39\"/>ges (post<span class=\"_ _39\"/>-RDR<span class=\"_ _4\"/>) paid b<span class=\"_ _39\"/>y clients who<span class=\"_ _39\"/> receive </span>advice alongside t<span class=\"_ _39\"/>heir invest<span class=\"_ _39\"/>ment in a St. J<span class=\"_ _5\"/>ames\u2019s P<span class=\"_ _39\"/>l<span class=\"_ _b\"/>ace product.<span class=\"_ _39\"/> Advice may<span class=\"_ _39\"/> b<span class=\"_ _b\"/>e pr<span class=\"_ _39\"/>ovided at in<span class=\"_ _5\"/>itial i<span class=\"_ _5\"/>nv<span class=\"_ _39\"/>estment, and on<span class=\"_ _39\"/> an ongoing basis; (i<span class=\"_ _6\"/>i)<span class=\"_ _b\"/> <span class=\"_ _44\"> </span><span class=\"lsd ws35\"> <span class=\"_ _3\"/>third-<span class=\"_ _39\"/>par<span class=\"_ _b\"/>ty fee and<span class=\"_ _39\"/> commission income, due fr<span class=\"_ _39\"/>om </span>thir<span class=\"_ _5\"/>d-<span class=\"_ _5\"/>part<span class=\"_ _b\"/>y produc<span class=\"_ _39\"/>t pro<span class=\"_ _5\"/>viders in<span class=\"_ _39\"/> respect of<span class=\"_ _39\"/> products sold on<span class=\"_ _5\"/> their behalf; (i<span class=\"_ _6\"/>i<span class=\"_ _6\"/>i)<span class=\"_ _b\"/> <span class=\"_ _2d\"> </span><span class=\"ls4c ws3\">weal<span class=\"_ _b\"/>th m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d by cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s for th<span class=\"_ _b\"/>e </span>ongoing administr<span class=\"_ _39\"/>ation of t<span class=\"_ _39\"/>heir inves<span class=\"_ _39\"/>tment product;<span class=\"_ _34e\"> </span>(i<span class=\"_ _6\"/>v)<span class=\"_ _6\"/> <span class=\"_ _4d\"> </span><span class=\"ls4c ws3\"> <span class=\"_ _3\"/>inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d by cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s for </span>all aspects<span class=\"_ _39\"/> of inv<span class=\"_ _39\"/>estment management, including fee<span class=\"_ _b\"/>s taken by th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p to pay t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>rd-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _b\"/> inv<span class=\"_ _39\"/>estment advisers<span class=\"_ _39\"/>; (v)<span class=\"_ _b\"/> <span class=\"_ _9a\"> </span><span class=\"ls4c ws3\"> <span class=\"_ _3\"/>fun<span class=\"_ _b\"/>d tax d<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are fe<span class=\"_ _b\"/>es c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nts<span class=\"_ _b\"/> </span>to<span class=\"_ _39\"/> match<span class=\"_ _39\"/> the policyholder<span class=\"_ _39\"/> tax expen<span class=\"_ _5\"/>se;<span class=\"_ _34e\"> </span>(v<span class=\"_ _6\"/>i)<span class=\"_ _6\"/> <span class=\"_ _4d\"> </span><span class=\"ls71 ws36\"> <span class=\"_ _3\"/>policyholder t<span class=\"_ _39\"/>ax asymmetry<span class=\"_ _39\"/>, which is<span class=\"_ _39\"/> the difference<span class=\"_ _5\"/> </span>bet<span class=\"_ _6\"/>we<span class=\"_ _b\"/>en t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>efer<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d tax p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he o<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fs<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g client balances<span class=\"_ _39\"/>; (<span class=\"_ _4\"/>vii<span class=\"_ _39\"/>) <span class=\"_ _30\"/><span class=\"lsd ws35\">discretionary fund management<span class=\"_ _5\"/> (<span class=\"_ _39\"/>DFM<span class=\"_ _39\"/>) fees<span class=\"_ _39\"/> generated </span>thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d by o<span class=\"_ _b\"/>ur D<span class=\"_ _b\"/>FM b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s; a<span class=\"_ _b\"/>nd<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>viii<span class=\"_ _39\"/>) <span class=\"_ _29\"/><span class=\"lsd ws35\">amor<span class=\"_ _b\"/>tisation of<span class=\"_ _39\"/> DI<span class=\"_ _b\"/>R, the unwinding<span class=\"_ _39\"/> of income that<span class=\"_ _39\"/> has </span>be<span class=\"_ _b\"/>en d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>is re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ates to i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tia<span class=\"_ _b\"/>l p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>uct c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>es and dealing mar<span class=\"_ _39\"/>gins from<span class=\"_ _39\"/> unit trusts.<span class=\"_ _34e\"> </span>The pr<span class=\"_ _39\"/>ovision of<span class=\"_ _39\"/> initial advice<span class=\"_ _39\"/> is a distinc<span class=\"_ _39\"/>t per<span class=\"_ _b\"/>formanc<span class=\"_ _5\"/>e ob<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. As a re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt<span class=\"_ _6\"/>, in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>s are re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in full<span class=\"_ _39\"/> on acceptance<span class=\"_ _39\"/> and inception<span class=\"_ _39\"/> of the associat<span class=\"_ _39\"/>ed policy by the re<span class=\"_ _b\"/>le<span class=\"_ _b\"/>vant p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ct prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r, whic<span class=\"_ _b\"/>h ma<span class=\"_ _b\"/>y b<span class=\"_ _b\"/>e a Gro<span class=\"_ _b\"/>up com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>any o<span class=\"_ _b\"/>r a thi<span class=\"_ _b\"/>rd p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y. Ong<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rges a<span class=\"_ _b\"/>re recognised as<span class=\"_ _39\"/> rev<span class=\"_ _5\"/>enue on<span class=\"_ _5\"/> an ongoing basis, con<span class=\"_ _5\"/>sistent<span class=\"_ _39\"/> with the natur<span class=\"_ _39\"/>e of t<span class=\"_ _5\"/>he performance<span class=\"_ _5\"/> obligation being<span class=\"_ _5\"/> discharged, rath<span class=\"_ _b\"/>er t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>n at a s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>le p<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n ti<span class=\"_ _b\"/>me<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Third-<span class=\"_ _39\"/>par<span class=\"_ _b\"/>ty fee and<span class=\"_ _39\"/> commission income is<span class=\"_ _39\"/> recognised in full on<span class=\"_ _39\"/> acceptance and<span class=\"_ _39\"/> inception of<span class=\"_ _39\"/> the associated<span class=\"_ _39\"/> poli<span class=\"_ _b\"/>cy b<span class=\"_ _39\"/>y the r<span class=\"_ _39\"/>elevant<span class=\"_ _5\"/> third-<span class=\"_ _39\"/>part<span class=\"_ _b\"/>y product<span class=\"_ _39\"/> provider<span class=\"_ _39\"/>. The<span class=\"_ _5\"/> performance obligation is<span class=\"_ _39\"/> the initial<span class=\"_ _39\"/> advice pro<span class=\"_ _39\"/>vided to<span class=\"_ _39\"/> a client which<span class=\"_ _39\"/> le<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>s to inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in a t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>rd-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>, he<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce it i<span class=\"_ _b\"/>s ap<span class=\"_ _b\"/>pro<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>te tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>is reve<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e st<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>m is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> same basis as<span class=\"_ _39\"/> initial advice char<span class=\"_ _39\"/>ges<span class=\"_ _b\"/>. Wher<span class=\"_ _39\"/>e the thir<span class=\"_ _39\"/>d-part<span class=\"_ _b\"/>y product<span class=\"_ _39\"/> provider<span class=\"_ _39\"/> ret<span class=\"_ _5\"/>ains the<span class=\"_ _39\"/> right t<span class=\"_ _39\"/>o clawback of<span class=\"_ _39\"/> commission on a<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>de<span class=\"_ _b\"/>mn<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, reven<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e on s<span class=\"_ _b\"/>al<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>s is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to the ex<span class=\"_ _6\"/>tent t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t it i<span class=\"_ _b\"/>s hi<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y pro<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e reven<span class=\"_ _b\"/>ue w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l no<span class=\"_ _b\"/>t be c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>we<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>k<span class=\"_ _b\"/>. A prov<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d for any a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ts re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h d<span class=\"_ _b\"/>o not m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>et th<span class=\"_ _b\"/>e \u2018h<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hl<span class=\"_ _b\"/>y proba<span class=\"_ _5\"/>ble\u2019 th<span class=\"_ _5\"/>resho<span class=\"_ _5\"/>ld. Weal<span class=\"_ _39\"/>th management<span class=\"_ _39\"/> fees, in<span class=\"_ _39\"/>vestmen<span class=\"_ _5\"/>t managemen<span class=\"_ _39\"/>t fees, f<span class=\"_ _39\"/>und tax<span class=\"_ _39\"/> deductions, policyholder<span class=\"_ _39\"/> tax as<span class=\"_ _39\"/>ymmetry an<span class=\"_ _b\"/>d di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>reti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y fu<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate to se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es provi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n an o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd reve<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on a<span class=\"_ _b\"/>n on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is to ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>e n<span class=\"_ _b\"/>atu<span class=\"_ _b\"/>re of t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>er<span class=\"_ _6\"/>form<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce<span class=\"_ _b\"/> obligations<span class=\"_ _5\"/> being dischar<span class=\"_ _39\"/>ged<span class=\"_ _b\"/>. When ini<span class=\"_ _39\"/>tial produc<span class=\"_ _39\"/>t charges<span class=\"_ _39\"/> and dealing mar<span class=\"_ _39\"/>gins do not r<span class=\"_ _39\"/>elate t<span class=\"_ _39\"/>o a distinc<span class=\"_ _5\"/>t performance<span class=\"_ _5\"/> obligation satis<span class=\"_ _5\"/>fied at i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ept<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of a c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e is d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>tic<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the<span class=\"_ _b\"/> services will be<span class=\"_ _39\"/> provided.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>c<span class=\"_ _39\"/>) Insurance and<span class=\"_ _5\"/> reinsurance premiums<span class=\"_ _39\"/> Unit<span class=\"_ _39\"/>-linked<span class=\"_ _39\"/> insurance contr<span class=\"_ _39\"/>act premiums ar<span class=\"_ _39\"/>e recognised as r<span class=\"_ _39\"/>evenue when<span class=\"_ _39\"/> the liabilities arising<span class=\"_ _39\"/> from them<span class=\"_ _39\"/> are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Al<span class=\"_ _b\"/>l oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r pre<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>um<span class=\"_ _b\"/>s are a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d for wh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n du<span class=\"_ _b\"/>e for p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>. (<span class=\"_ _4\"/>d<span class=\"_ _39\"/>) Insurance claims and rein<span class=\"_ _39\"/>surance recover<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span>In<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ath c<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ms a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unte<span class=\"_ _b\"/>d for o<span class=\"_ _b\"/>n notificati<span class=\"_ _5\"/>on of<span class=\"_ _39\"/> de<span class=\"_ _b\"/>ath. Crit<span class=\"_ _5\"/>ical illness<span class=\"_ _39\"/> cla<span class=\"_ _b\"/>ims ar<span class=\"_ _39\"/>e accounted for<span class=\"_ _39\"/> when admitted. All ot<span class=\"_ _39\"/>he<span class=\"_ _b\"/>r claims<span class=\"_ _39\"/> and surrenders ar<span class=\"_ _39\"/>e account<span class=\"_ _39\"/>ed for<span class=\"_ _39\"/> when payment is<span class=\"_ _5\"/> due. Rein<span class=\"_ _39\"/>surance rec<span class=\"_ _b\"/>over<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e cl<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ms<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted for in t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>am<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d as th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>im<span class=\"_ _6\"/>. (<span class=\"_ _4\"/>e<span class=\"_ _39\"/>) Inv<span class=\"_ _39\"/>estment return<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment re<span class=\"_ _5\"/>turn comprise<span class=\"_ _5\"/>s in<span class=\"_ _39\"/>vestment income<span class=\"_ _39\"/> and inv<span class=\"_ _39\"/>estment gains and<span class=\"_ _39\"/> losses<span class=\"_ _b\"/>. Inv<span class=\"_ _39\"/>estment income<span class=\"_ _39\"/> includes dividends, inter<span class=\"_ _39\"/>est and r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _5\"/>al income<span class=\"_ _39\"/> from in<span class=\"_ _39\"/>vestment properties<span class=\"_ _39\"/> under oper<span class=\"_ _39\"/>ating leases. Divi<span class=\"_ _5\"/>dends ar<span class=\"_ _39\"/>e accrued<span class=\"_ _39\"/> on an<span class=\"_ _39\"/> ex-dividend basis, and<span class=\"_ _39\"/> rental<span class=\"_ _39\"/> income is r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised in the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income on<span class=\"_ _39\"/> a straight<span class=\"_ _4\"/>-line ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s over t<span class=\"_ _b\"/>he te<span class=\"_ _b\"/>rm of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e. I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rest o<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ets c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>if<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>t or l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>cou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d for b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on the<span class=\"_ _39\"/> actual coupon payment<span class=\"_ _5\"/>s, whilst int<span class=\"_ _39\"/>erest on<span class=\"_ _39\"/> financial assets measur<span class=\"_ _39\"/>ed at amortised cost<span class=\"_ _39\"/> are account<span class=\"_ _39\"/>ed for<span class=\"_ _39\"/> usin<span class=\"_ _b\"/>g the effecti<span class=\"_ _b\"/>ve interest method<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>194<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>f<span class=\"_ _39\"/>) Exp<span class=\"_ _b\"/>enses<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) Pay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts to Pa<span class=\"_ _b\"/>rt<span class=\"_ _b\"/>ner<span class=\"_ _b\"/>s Payments<span class=\"_ _39\"/> to Partners c<span class=\"_ _39\"/>om<span class=\"_ _b\"/>prise initial<span class=\"_ _39\"/> commission and initial<span class=\"_ _39\"/> advice f<span class=\"_ _39\"/>ees (<span class=\"_ _39\"/>IAF<span class=\"_ _4\"/>) (paid f<span class=\"_ _39\"/>or initial<span class=\"_ _39\"/> advice, at policy<span class=\"_ _39\"/> outset and within an<span class=\"_ _39\"/> initial period f<span class=\"_ _39\"/>or regular con<span class=\"_ _39\"/>tribution<span class=\"_ _39\"/>),<span class=\"_ _39\"/> renewal commission and<span class=\"_ _39\"/> renewal advice<span class=\"_ _39\"/> fees (pay<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e on<span class=\"_ _39\"/> regular contribut<span class=\"_ _5\"/>ions<span class=\"_ _4\"/>) and fund f<span class=\"_ _39\"/>ee commission or<span class=\"_ _39\"/> ong<span class=\"_ _b\"/>oing advice fees<span class=\"_ _39\"/> (<span class=\"_ _39\"/>OAF<span class=\"_ _4\"/>) (<span class=\"_ _39\"/>based on funds<span class=\"_ _39\"/> under management<span class=\"_ _39\"/>). Init<span class=\"_ _5\"/>ial and renew<span class=\"_ _39\"/>al commission and advice<span class=\"_ _39\"/> fees are<span class=\"_ _39\"/> recognised in line<span class=\"_ _5\"/> with t<span class=\"_ _39\"/>he associated pr<span class=\"_ _39\"/>emium income, but ini<span class=\"_ _5\"/>tial commission<span class=\"_ _39\"/> on i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts m<span class=\"_ _b\"/>ay b<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, as s<span class=\"_ _b\"/>et ou<span class=\"_ _b\"/>t in a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy (k<span class=\"_ _39\"/>). Fund fe<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>is<span class=\"_ _b\"/>s<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n an<span class=\"_ _b\"/>d on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ad<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e fee<span class=\"_ _b\"/>s are re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on a<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>cr<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ls b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Lease expenses<span class=\"_ _34e\"> </span>Lea<span class=\"_ _b\"/>se ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 16 co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of t<span class=\"_ _b\"/>he right<span class=\"_ _39\"/>-of<span class=\"_ _39\"/>-use<span class=\"_ _39\"/> asset and int<span class=\"_ _39\"/>erest e<span class=\"_ _5\"/>xpense on t<span class=\"_ _39\"/>he lease liability. Further in<span class=\"_ _39\"/>formation on<span class=\"_ _39\"/> depreciation of<span class=\"_ _39\"/> the right<span class=\"_ _39\"/>-of<span class=\"_ _39\"/>-use<span class=\"_ _39\"/> asset is s<span class=\"_ _b\"/>et ou<span class=\"_ _b\"/>t i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>cou<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy (m<span class=\"_ _4\"/>). Inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e on t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> lease liability is calculat<span class=\"_ _39\"/>ed using the<span class=\"_ _39\"/> ef<span class=\"_ _b\"/>fectiv<span class=\"_ _39\"/>e inter<span class=\"_ _39\"/>est met<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. It i<span class=\"_ _b\"/>s ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> of Compr<span class=\"_ _39\"/>ehensive Income. The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>es l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ted w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h short-<span class=\"_ _4\"/>term leases and<span class=\"_ _39\"/> le<span class=\"_ _b\"/>ases of<span class=\"_ _39\"/> low-value<span class=\"_ _39\"/> assets on a straigh<span class=\"_ _39\"/>t-<span class=\"_ _39\"/>line basis o<span class=\"_ _39\"/>ver the lease<span class=\"_ _39\"/> term.<span class=\"_ _34e\"> </span>(g<span class=\"_ _39\"/>) Income tax<span class=\"_ _5\"/>es<span class=\"_ _34e\"> </span>Income t<span class=\"_ _39\"/>ax on the<span class=\"_ _39\"/> p<span class=\"_ _b\"/>rofit<span class=\"_ _39\"/> or loss f<span class=\"_ _39\"/>or the y<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ar comprises cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e by the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct of policyholders<span class=\"_ _39\"/> and shareholders. Income t<span class=\"_ _39\"/>ax is recognised in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _5\"/>e Income<span class=\"_ _39\"/> except t<span class=\"_ _39\"/>o the ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>nt th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>t rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>s to item<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>n<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed d<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ly i<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y, in which<span class=\"_ _39\"/> case it is<span class=\"_ _39\"/> recognised in<span class=\"_ _39\"/> e<span class=\"_ _b\"/>quity.<span class=\"_ _39\"/> T<span class=\"_ _39\"/>ax liabilities<span class=\"_ _39\"/> are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n it i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red p<span class=\"_ _b\"/>rob<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>ere w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll be a f<span class=\"_ _b\"/>utu<span class=\"_ _b\"/>re ou<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ow o<span class=\"_ _b\"/>f fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s to a tax<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g au<span class=\"_ _b\"/>th<span class=\"_ _b\"/>or<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y, and<span class=\"_ _b\"/> are<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asured using<span class=\"_ _39\"/> a best<span class=\"_ _39\"/>-estimat<span class=\"_ _39\"/>e approach.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) Curre<span class=\"_ _b\"/>nt tax<span class=\"_ _34e\"> </span>Cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t tax is t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted ta<span class=\"_ _b\"/>x pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e taxa<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le<span class=\"_ _b\"/> income f<span class=\"_ _39\"/>or the y<span class=\"_ _39\"/>ear,<span class=\"_ _39\"/> usin<span class=\"_ _b\"/>g t<span class=\"_ _39\"/>ax rat<span class=\"_ _39\"/>es enacted or<span class=\"_ _39\"/> substantiv<span class=\"_ _39\"/>ely en<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>t the re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te, a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>ny ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt to tax<span class=\"_ _b\"/> pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>le i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of p<span class=\"_ _b\"/>revi<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>ii<span class=\"_ _39\"/>) D<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax<span class=\"_ _34e\"> </span>Deferr<span class=\"_ _39\"/>ed tax<span class=\"_ _39\"/> is pro<span class=\"_ _39\"/>vide<span class=\"_ _b\"/>d using<span class=\"_ _39\"/> the liability method, pr<span class=\"_ _39\"/>oviding for<span class=\"_ _39\"/> temporary differences<span class=\"_ _39\"/> bet<span class=\"_ _b\"/>ween the c<span class=\"_ _39\"/>arr<span class=\"_ _b\"/>ying amounts of asset<span class=\"_ _39\"/>s and liabilities f<span class=\"_ _39\"/>or financial r<span class=\"_ _39\"/>epor<span class=\"_ _b\"/>ting purposes and the<span class=\"_ _39\"/> amounts used f<span class=\"_ _39\"/>or tax<span class=\"_ _39\"/>ation purposes. The f<span class=\"_ _39\"/>ollowing di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re no<span class=\"_ _b\"/>t prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ed fo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>: th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>c<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of<span class=\"_ _b\"/> assets or<span class=\"_ _39\"/> liabilities that<span class=\"_ _5\"/> affect neit<span class=\"_ _5\"/>her account<span class=\"_ _39\"/>ing nor tax<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e profi<span class=\"_ _39\"/>t<span class=\"_ _b\"/>, and differ<span class=\"_ _39\"/>ences relati<span class=\"_ _5\"/>ng t<span class=\"_ _39\"/>o inv<span class=\"_ _39\"/>estments in<span class=\"_ _39\"/> subsidiaries to the ex<span class=\"_ _6\"/>tent t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>ey wi<span class=\"_ _b\"/>ll p<span class=\"_ _b\"/>rob<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y not reve<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>e in t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> fores<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re. T<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t of d<span class=\"_ _b\"/>efer<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d tax prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d is<span class=\"_ _b\"/> based on t<span class=\"_ _39\"/>he expected<span class=\"_ _39\"/> m<span class=\"_ _b\"/>anner of<span class=\"_ _39\"/> realisation or se<span class=\"_ _39\"/>t<span class=\"_ _b\"/>tlement of the<span class=\"_ _39\"/> carr<span class=\"_ _b\"/>ying amount<span class=\"_ _39\"/> of assets and<span class=\"_ _39\"/> liabilities, using tax rates e<span class=\"_ _b\"/>na<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d or s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>vel<span class=\"_ _b\"/>y en<span class=\"_ _b\"/>a<span class=\"_ _b\"/>cted a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>or<span class=\"_ _6\"/>tin<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te an<span class=\"_ _b\"/>d taki<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g into a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt exc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>ted ti<span class=\"_ _b\"/>m<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g of u<span class=\"_ _b\"/>til<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>A defe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ly to th<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>nt th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>t is<span class=\"_ _b\"/> proba<span class=\"_ _5\"/>ble t<span class=\"_ _5\"/>hat fu<span class=\"_ _5\"/>tur<span class=\"_ _39\"/>e tax<span class=\"_ _39\"/>able profi<span class=\"_ _39\"/>ts will be<span class=\"_ _39\"/> available<span class=\"_ _39\"/> against wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set c<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>til<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. De<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re red<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>ed to th<span class=\"_ _b\"/>e ex<span class=\"_ _6\"/>tent t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t it i<span class=\"_ _b\"/>s no l<span class=\"_ _b\"/>on<span class=\"_ _b\"/>g<span class=\"_ _b\"/>er p<span class=\"_ _b\"/>rob<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e tha<span class=\"_ _b\"/>t the re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d tax b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>it w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l be re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>li<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>De<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>re of<span class=\"_ _b\"/>fs<span class=\"_ _b\"/>et w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>s a le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ly e<span class=\"_ _b\"/>nforc<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ht to of<span class=\"_ _b\"/>f<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt tax a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets a<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>t cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t tax l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>nd li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s rel<span class=\"_ _b\"/>ate to in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me ta<span class=\"_ _b\"/>xes l<span class=\"_ _b\"/>ev<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e sa<span class=\"_ _b\"/>me ta<span class=\"_ _b\"/>xat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n authority on eit<span class=\"_ _39\"/>her the t<span class=\"_ _39\"/>axable entity or differ<span class=\"_ _39\"/>ent taxable ent<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ere th<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re is a<span class=\"_ _b\"/>n inte<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>on to s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e ba<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s on a<span class=\"_ _39\"/> net basis.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>iii<span class=\"_ _39\"/>) Polic<span class=\"_ _5\"/>yholder and<span class=\"_ _39\"/> shareholder tax<span class=\"_ _34e\"> </span>The tota<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me ta<span class=\"_ _b\"/>x ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e is a s<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rate ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income based on<span class=\"_ _39\"/> the move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt an<span class=\"_ _b\"/>d d<span class=\"_ _b\"/>efer<span class=\"_ _b\"/>red i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me tax<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct of in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/>, g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>nd e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e total c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge re<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ts tax<span class=\"_ _b\"/> incurr<span class=\"_ _39\"/>ed on behalf o<span class=\"_ _39\"/>f policyholders<span class=\"_ _5\"/> as w<span class=\"_ _5\"/>ell as<span class=\"_ _39\"/> shareholders, an<span class=\"_ _b\"/>d so it i<span class=\"_ _b\"/>s u<span class=\"_ _b\"/>sef<span class=\"_ _b\"/>ul to b<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e to ide<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>if<span class=\"_ _b\"/>y t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se s<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ratel<span class=\"_ _b\"/>y. Shareholder<span class=\"_ _39\"/> tax is<span class=\"_ _39\"/> estimated<span class=\"_ _39\"/> by making<span class=\"_ _39\"/> an assessment<span class=\"_ _39\"/> of the e<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve rate of tax t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t is a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le to th<span class=\"_ _b\"/>e s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s on the<span class=\"_ _39\"/> profits a<span class=\"_ _5\"/>ttributable t<span class=\"_ _39\"/>o shareholders. This<span class=\"_ _39\"/> is calculated by<span class=\"_ _39\"/> applying the a<span class=\"_ _5\"/>ppropr<span class=\"_ _5\"/>iate<span class=\"_ _39\"/> effectiv<span class=\"_ _39\"/>e corporat<span class=\"_ _39\"/>e t<span class=\"_ _39\"/>ax rat<span class=\"_ _39\"/>es to<span class=\"_ _39\"/> the s<span class=\"_ _5\"/>hareholder<span class=\"_ _39\"/> profits. T<span class=\"_ _39\"/>he remainder<span class=\"_ _39\"/> of the t<span class=\"_ _39\"/>ax char<span class=\"_ _39\"/>ge repr<span class=\"_ _39\"/>esents t<span class=\"_ _39\"/>ax on polic<span class=\"_ _39\"/>yholders\u2019 inv<span class=\"_ _39\"/>estment r<span class=\"_ _39\"/>eturns. (h)<span class=\"_ _6\"/> D<span class=\"_ _6\"/>i<span class=\"_ _6\"/>v<span class=\"_ _6\"/>i<span class=\"_ _6\"/>d<span class=\"_ _6\"/>e<span class=\"_ _30\"/>n<span class=\"_ _6\"/>d<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span>Inter<span class=\"_ _39\"/>im dividend distribut<span class=\"_ _39\"/>ions to<span class=\"_ _39\"/> the Company\u2019s<span class=\"_ _5\"/> sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch they<span class=\"_ _39\"/> are paid. Final dividend<span class=\"_ _39\"/> distributions t<span class=\"_ _39\"/>o the Compan<span class=\"_ _39\"/>y<span class=\"_ _b\"/>\u2019s sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>od i<span class=\"_ _b\"/>n w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch th<span class=\"_ _b\"/>e dividends are<span class=\"_ _39\"/> declared: that is, when<span class=\"_ _39\"/> they ar<span class=\"_ _39\"/>e appropriat<span class=\"_ _39\"/>el<span class=\"_ _b\"/>y authorised and<span class=\"_ _39\"/> no longer at the<span class=\"_ _39\"/> discretion<span class=\"_ _39\"/> of the Compan<span class=\"_ _39\"/>y. The final<span class=\"_ _39\"/> divid<span class=\"_ _b\"/>end f<span class=\"_ _39\"/>or the financial<span class=\"_ _5\"/> year is<span class=\"_ _39\"/> disclosed but shown as<span class=\"_ _39\"/> unpaid and awaiting<span class=\"_ _39\"/> approval<span class=\"_ _39\"/> by the<span class=\"_ _39\"/> Company\u2019s shareholders at<span class=\"_ _39\"/> the Annual Gener<span class=\"_ _5\"/>al Meeting.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) I<span class=\"_ _b\"/>nvestm<span class=\"_ _b\"/>ent co<span class=\"_ _b\"/>ntr<span class=\"_ _b\"/>act d<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>osit<span class=\"_ _b\"/>s and w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hdr<span class=\"_ _b\"/>awal<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment contr<span class=\"_ _39\"/>act payments in<span class=\"_ _39\"/> and out ar<span class=\"_ _39\"/>e not included in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _5\"/>e Income<span class=\"_ _39\"/> but are r<span class=\"_ _39\"/>epor<span class=\"_ _b\"/>ted as d<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>os<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s to or de<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns f<span class=\"_ _b\"/>rom i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ract<span class=\"_ _b\"/> benefits in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position. The mo<span class=\"_ _39\"/>vement in inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>its w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Comprehensiv<span class=\"_ _39\"/>e Income principally r<span class=\"_ _39\"/>epresents the<span class=\"_ _39\"/> inv<span class=\"_ _39\"/>estment r<span class=\"_ _39\"/>eturn cr<span class=\"_ _39\"/>edited t<span class=\"_ _39\"/>o policyholders.<span class=\"_ _34e\"> </span>Explicit advice<span class=\"_ _39\"/> charges ar<span class=\"_ _39\"/>e payable b<span class=\"_ _39\"/>y most clien<span class=\"_ _5\"/>ts who wish<span class=\"_ _39\"/> to r<span class=\"_ _39\"/>eceive advice<span class=\"_ _5\"/> with t<span class=\"_ _39\"/>heir inv<span class=\"_ _39\"/>estment in<span class=\"_ _39\"/> a St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e retai<span class=\"_ _b\"/>l i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>. S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e faci<span class=\"_ _b\"/>l<span class=\"_ _b\"/>itate<span class=\"_ _b\"/>s the p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>es fo<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e cl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, by arranging<span class=\"_ _39\"/> withdrawals<span class=\"_ _39\"/> from t<span class=\"_ _39\"/>he client<span class=\"_ _b\"/>\u2019s<span class=\"_ _5\"/> policy<span class=\"_ _39\"/>, which<span class=\"_ _39\"/> are then r<span class=\"_ _39\"/>ecognise<span class=\"_ _b\"/>d as<span class=\"_ _39\"/> income to<span class=\"_ _39\"/> the Group.<span class=\"_ _39\"/> A proportion of the c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge i<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>en p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id to th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>t. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r wh<span class=\"_ _b\"/>o provi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>es th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e (<span class=\"_ _5\"/>b<span class=\"_ _39\"/>) Fe<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>is<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>i) an<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>f) Exp<span class=\"_ _b\"/>en<span class=\"_ _b\"/>s<span class=\"_ _b\"/>es (<span class=\"_ _39\"/>i)<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>195<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>(<span class=\"_ _b\"/>j) Goodwill<span class=\"_ _34e\"> </span>Go<span class=\"_ _b\"/>od<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>l rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts th<span class=\"_ _b\"/>e exc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st o<span class=\"_ _b\"/>f an a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on over th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s sh<span class=\"_ _b\"/>are o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tif<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le<span class=\"_ _b\"/> net a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>red e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>t the d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te of ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. Whe<span class=\"_ _b\"/>re th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s sh<span class=\"_ _b\"/>are o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tif<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le<span class=\"_ _b\"/> net a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>red e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s gre<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>an th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st<span class=\"_ _b\"/> of acquisi<span class=\"_ _5\"/>tion, the<span class=\"_ _39\"/> excess is<span class=\"_ _39\"/> recognised immediat<span class=\"_ _39\"/>ely in the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income.<span class=\"_ _34e\"> </span>Go<span class=\"_ _b\"/>od<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>l is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d as a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t at c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d is rev<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>wed<span class=\"_ _b\"/> at least annually<span class=\"_ _39\"/> for impairment<span class=\"_ _39\"/> or when circ<span class=\"_ _5\"/>umstanc<span class=\"_ _5\"/>es or eve<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>cate t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re ma<span class=\"_ _b\"/>y be u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>y ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>is va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e.<span class=\"_ _b\"/> If a<span class=\"_ _b\"/>n im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t is i<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e goodwill is<span class=\"_ _39\"/> writ<span class=\"_ _b\"/>ten<span class=\"_ _39\"/> down immediately<span class=\"_ _39\"/> through the<span class=\"_ _39\"/> Statemen<span class=\"_ _39\"/>t of Compr<span class=\"_ _39\"/>ehensive Income and<span class=\"_ _39\"/> is not subsequent<span class=\"_ _5\"/>ly r<span class=\"_ _39\"/>eversed. At the d<span class=\"_ _b\"/>ate of d<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>al o<span class=\"_ _b\"/>f a su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y, the c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/> of attribut<span class=\"_ _39\"/>able goodwill is included in<span class=\"_ _39\"/> the calculation o<span class=\"_ _5\"/>f the<span class=\"_ _5\"/> prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>n d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>po<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>l exc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>t wh<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n wr<span class=\"_ _b\"/>it<span class=\"_ _b\"/>te<span class=\"_ _b\"/>n of<span class=\"_ _b\"/>f d<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ctl<span class=\"_ _b\"/>y to res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ves i<span class=\"_ _b\"/>n the p<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>k) Defer<span class=\"_ _5\"/>red acquisition co<span class=\"_ _5\"/>sts<span class=\"_ _34e\"> </span>For insurance<span class=\"_ _39\"/> contracts, acquisition costs comprise both direct<span class=\"_ _39\"/> costs such as<span class=\"_ _39\"/> initial commission and<span class=\"_ _39\"/> the indirec<span class=\"_ _5\"/>t costs<span class=\"_ _39\"/> of obtaining<span class=\"_ _39\"/> and processing ne<span class=\"_ _39\"/>w business. Acquisition<span class=\"_ _5\"/> cos<span class=\"_ _b\"/>ts w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng a f<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l yea<span class=\"_ _b\"/>r, net of a<span class=\"_ _b\"/>ny impairment losses, ar<span class=\"_ _39\"/>e deferr<span class=\"_ _39\"/>ed and then amortised t<span class=\"_ _39\"/>o expenses in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income on a str<span class=\"_ _39\"/>aight<span class=\"_ _39\"/>-line basis<span class=\"_ _39\"/> over<span class=\"_ _39\"/> the period during<span class=\"_ _39\"/> which the c<span class=\"_ _39\"/>osts are ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e, a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th the i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e of fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re rel<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>For<span class=\"_ _5\"/> inv<span class=\"_ _39\"/>estment contr<span class=\"_ _39\"/>acts, only dir<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ctly<span class=\"_ _5\"/> attributable ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cos<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch va<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y w<span class=\"_ _b\"/>ith a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d are re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted to se<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g new c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>ts an<span class=\"_ _b\"/>d re<span class=\"_ _b\"/>new<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, are d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d on<span class=\"_ _b\"/>ly to th<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>nt th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t they a<span class=\"_ _b\"/>re re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>ut o<span class=\"_ _b\"/>f fu<span class=\"_ _b\"/>ture<span class=\"_ _b\"/> reven<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on c<span class=\"_ _b\"/>ost<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt the con<span class=\"_ _39\"/>tractual r<span class=\"_ _5\"/>ight t<span class=\"_ _39\"/>o benefit fr<span class=\"_ _39\"/>om pro<span class=\"_ _39\"/>viding inves<span class=\"_ _39\"/>tment ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, n<span class=\"_ _b\"/>et of a<span class=\"_ _b\"/>ny im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>re amortised to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensive<span class=\"_ _39\"/> Income on<span class=\"_ _39\"/> a straight<span class=\"_ _4\"/>-line basis<span class=\"_ _39\"/> over the<span class=\"_ _39\"/> expected lif<span class=\"_ _39\"/>etime of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>ll ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r co<span class=\"_ _b\"/>sts a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. The p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>od<span class=\"_ _b\"/>s over w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>overa<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e are<span class=\"_ _39\"/> as follows:<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contracts<span class=\"_ _39\"/>: <span class=\"_ _7d\"> </span>5 y<span class=\"_ _39\"/>ears<span class=\"_ _34e\"> </span>Investment contracts: <span class=\"_ _65\"> </span>14 years.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>l<span class=\"_ _39\"/>) Intangible assets<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Purchased value of in<span class=\"_ _39\"/>-force business<span class=\"_ _34e\"> </span>The pur<span class=\"_ _39\"/>chased value of<span class=\"_ _39\"/> in-f<span class=\"_ _39\"/>orce business<span class=\"_ _39\"/> in respect<span class=\"_ _39\"/> of insurance<span class=\"_ _39\"/> business repres<span class=\"_ _5\"/>ents t<span class=\"_ _39\"/>he present<span class=\"_ _5\"/> value<span class=\"_ _5\"/> of pr<span class=\"_ _39\"/>ofits that ar<span class=\"_ _39\"/>e expected<span class=\"_ _39\"/> to emer<span class=\"_ _39\"/>g<span class=\"_ _b\"/>e fr<span class=\"_ _39\"/>om insurance<span class=\"_ _39\"/> business acquired on<span class=\"_ _39\"/> business combinations. It is<span class=\"_ _39\"/> calculated at the t<span class=\"_ _39\"/>ime of acquisition<span class=\"_ _39\"/> using best<span class=\"_ _39\"/>-estimat<span class=\"_ _5\"/>e actuarial<span class=\"_ _39\"/> assumptions<span class=\"_ _39\"/> for int<span class=\"_ _39\"/>erest, mortality,<span class=\"_ _39\"/> persistency and<span class=\"_ _39\"/> exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, n<span class=\"_ _b\"/>et of a<span class=\"_ _b\"/>ny im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>t is a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> on a<span class=\"_ _39\"/> straight<span class=\"_ _39\"/>-line<span class=\"_ _39\"/> basi<span class=\"_ _b\"/>s as<span class=\"_ _39\"/> p<span class=\"_ _b\"/>rofit<span class=\"_ _39\"/>s emerge o<span class=\"_ _39\"/>ver the ant<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>ves o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o.<span class=\"_ _34e\"> </span>An in<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et is a<span class=\"_ _b\"/>l<span class=\"_ _b\"/>so re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of acqu<span class=\"_ _b\"/>ired investment man<span class=\"_ _b\"/>age<span class=\"_ _b\"/>ment contracts<span class=\"_ _b\"/>, representi<span class=\"_ _b\"/>ng the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hts a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e contr<span class=\"_ _39\"/>acts. The pur<span class=\"_ _39\"/>chase<span class=\"_ _b\"/>d v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ue of<span class=\"_ _39\"/> in-f<span class=\"_ _39\"/>orce business<span class=\"_ _39\"/> is exp<span class=\"_ _b\"/>res<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s a gros<span class=\"_ _b\"/>s f<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ure i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Fi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al<span class=\"_ _b\"/> Pos<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _6\"/>, wit<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d tax i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n de<span class=\"_ _b\"/>ferre<span class=\"_ _b\"/>d tax<span class=\"_ _39\"/> liabilities. It is<span class=\"_ _39\"/> assessed for<span class=\"_ _5\"/> impairment at<span class=\"_ _39\"/> each reporting da<span class=\"_ _b\"/>te an<span class=\"_ _b\"/>d any move<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent i<span class=\"_ _b\"/>s c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Comprehensiv<span class=\"_ _39\"/>e Income.<span class=\"_ _34e\"> </span>The e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>ul e<span class=\"_ _b\"/>co<span class=\"_ _b\"/>no<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>c l<span class=\"_ _b\"/>ife of a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>-force business is<span class=\"_ _39\"/> 20 years.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>ii<span class=\"_ _39\"/>) Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>uter s<span class=\"_ _b\"/>of<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ware a<span class=\"_ _b\"/>nd ot<span class=\"_ _b\"/>her s<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cif<span class=\"_ _b\"/>ic software dev<span class=\"_ _39\"/>elopments<span class=\"_ _34e\"> </span>Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uter s<span class=\"_ _b\"/>of<span class=\"_ _b\"/>t<span class=\"_ _6\"/>ware i<span class=\"_ _b\"/>s sta<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>st l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s ac<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted<span class=\"_ _b\"/> amortisation and an<span class=\"_ _39\"/>y recognised impairmen<span class=\"_ _39\"/>t loss. The car<span class=\"_ _39\"/>r<span class=\"_ _b\"/>ying value is<span class=\"_ _39\"/> review<span class=\"_ _39\"/>ed for<span class=\"_ _39\"/> imp<span class=\"_ _b\"/>airment when<span class=\"_ _39\"/> event<span class=\"_ _39\"/>s or c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n ci<span class=\"_ _b\"/>rcu<span class=\"_ _b\"/>ms<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>ces i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>te tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng val<span class=\"_ _b\"/>ue m<span class=\"_ _b\"/>ay n<span class=\"_ _b\"/>ot b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>overa<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Computer<span class=\"_ _39\"/> sof<span class=\"_ _b\"/>tware, including c<span class=\"_ _5\"/>loud cust<span class=\"_ _39\"/>omisation costs, is<span class=\"_ _39\"/> recognised<span class=\"_ _39\"/> as an int<span class=\"_ _39\"/>angible asset during<span class=\"_ _39\"/> development, wit<span class=\"_ _39\"/>h amortisation commencing when<span class=\"_ _39\"/> the software is oper<span class=\"_ _39\"/>ational. Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of C<span class=\"_ _5\"/>omprehensive<span class=\"_ _39\"/> In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me to ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s on a s<span class=\"_ _b\"/>trai<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is ove<span class=\"_ _b\"/>r fou<span class=\"_ _b\"/>r yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>,<span class=\"_ _b\"/> be<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>sef<span class=\"_ _b\"/>ul l<span class=\"_ _b\"/>ife o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e inta<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ept<span class=\"_ _b\"/> for so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>re deve<span class=\"_ _b\"/>l<span class=\"_ _b\"/>op<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ted to ha<span class=\"_ _b\"/>ve a us<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>ul l<span class=\"_ _b\"/>ife of f<span class=\"_ _b\"/>ive ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>m<span class=\"_ _39\"/>) Property and equipment<span class=\"_ _34e\"> </span>Pr<span class=\"_ _5\"/>opert<span class=\"_ _b\"/>y and equipment<span class=\"_ _39\"/> comprises both<span class=\"_ _39\"/> assets which<span class=\"_ _39\"/> are<span class=\"_ _39\"/> owned and those<span class=\"_ _39\"/> which are leased.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>i<span class=\"_ _39\"/>) In<span class=\"_ _b\"/>itia<span class=\"_ _b\"/>l and s<span class=\"_ _b\"/>ubs<span class=\"_ _b\"/>equ<span class=\"_ _b\"/>ent m<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>sure<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt of own<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>sset<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d ite<span class=\"_ _b\"/>ms o<span class=\"_ _b\"/>f pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>nd e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>pm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt are s<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>d at cost le<span class=\"_ _5\"/>ss accumulat<span class=\"_ _39\"/>ed depreciat<span class=\"_ _39\"/>ion and impairment. Cost includes<span class=\"_ _39\"/> the original pur<span class=\"_ _39\"/>chase price of<span class=\"_ _39\"/> the asset and the c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts at<span class=\"_ _6\"/>tri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>tab<span class=\"_ _b\"/>le to b<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t to its wo<span class=\"_ _b\"/>rk<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> con<span class=\"_ _b\"/>d<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on fo<span class=\"_ _b\"/>r its i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>e. D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to expenses wit<span class=\"_ _5\"/>hin the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _5\"/>e Income on a st<span class=\"_ _b\"/>rai<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>sef<span class=\"_ _b\"/>ul l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ves of<span class=\"_ _b\"/> the pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y and equipment, which<span class=\"_ _39\"/> are as<span class=\"_ _5\"/> follows<span class=\"_ _39\"/>:<span class=\"_ _34e\"> </span>Fi<span class=\"_ _b\"/>x<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>res<span class=\"_ _b\"/>, f<span class=\"_ _b\"/>it<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d of<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>p<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>: <span class=\"_ _86\"> </span>5 to 15 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Computer<span class=\"_ _39\"/> equipme<span class=\"_ _b\"/>nt: <span class=\"_ _231\"> </span>3 y<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ars.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>ii<span class=\"_ _39\"/>) I<span class=\"_ _b\"/>niti<span class=\"_ _b\"/>al an<span class=\"_ _b\"/>d sub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>que<span class=\"_ _b\"/>nt me<span class=\"_ _b\"/>asu<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>ent of l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d ass<span class=\"_ _b\"/>ets<span class=\"_ _34e\"> </span>A rig<span class=\"_ _b\"/>ht-of-use as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>d eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>pm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt for l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are n<span class=\"_ _b\"/>ot s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct to th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t-t<span class=\"_ _39\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>m or l<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>-valu<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>xem<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t in I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 16<span class=\"_ _b\"/>. Thi<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>es th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/>\u2019s le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o. The righ<span class=\"_ _39\"/>t-<span class=\"_ _39\"/>of-<span class=\"_ _39\"/>use asset r<span class=\"_ _39\"/>ecognise<span class=\"_ _b\"/>d on<span class=\"_ _39\"/> the commencement da<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s the va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y (<span class=\"_ _39\"/>refe<span class=\"_ _b\"/>r to accounting<span class=\"_ _39\"/> policy (<span class=\"_ _39\"/>z<span class=\"_ _39\"/>)<span class=\"_ _4\"/>), plus e<span class=\"_ _39\"/>xp<span class=\"_ _b\"/>ect<span class=\"_ _5\"/>ed dilapidation<span class=\"_ _39\"/> costs, in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al d<span class=\"_ _b\"/>i<span class=\"_ _b\"/>rect c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts (<span class=\"_ _39\"/>th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t is<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tal co<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s tha<span class=\"_ _b\"/>t wo<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d not h<span class=\"_ _b\"/>ave b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d if th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se h<span class=\"_ _b\"/>ad n<span class=\"_ _b\"/>ot b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en o<span class=\"_ _b\"/>btai<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s le<span class=\"_ _b\"/>g<span class=\"_ _b\"/>al fe<span class=\"_ _b\"/>es<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>de b<span class=\"_ _b\"/>efo<span class=\"_ _b\"/>re or at the<span class=\"_ _39\"/> commencement date<span class=\"_ _39\"/> of the lease. F<span class=\"_ _39\"/>ollowing initial recognition, depreciation<span class=\"_ _39\"/> is charged t<span class=\"_ _39\"/>o expenses within the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _5\"/> Income on<span class=\"_ _5\"/> a str<span class=\"_ _39\"/>aight<span class=\"_ _39\"/>-<span class=\"_ _34e\"> </span>li<span class=\"_ _b\"/>ne b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>. 196<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>iii) Impai<span class=\"_ _b\"/>rme<span class=\"_ _b\"/>nt of own<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>sset<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of ow<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>nd l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s is rev<span class=\"_ _b\"/>iew<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> for<span class=\"_ _39\"/> impairment when e<span class=\"_ _39\"/>vents or<span class=\"_ _39\"/> changes in cir<span class=\"_ _39\"/>cumstance<span class=\"_ _5\"/>s in<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>te tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>ay n<span class=\"_ _b\"/>ot be re<span class=\"_ _b\"/>c<span class=\"_ _b\"/>overa<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e. A<span class=\"_ _b\"/>ny assets<span class=\"_ _39\"/> that may hav<span class=\"_ _39\"/>e suffered impairmen<span class=\"_ _39\"/>t are r<span class=\"_ _39\"/>eviewed<span class=\"_ _39\"/> for possible<span class=\"_ _39\"/> rev<span class=\"_ _5\"/>ersal<span class=\"_ _5\"/> of t<span class=\"_ _39\"/>he impairment<span class=\"_ _39\"/> at each r<span class=\"_ _39\"/>eporting dat<span class=\"_ _39\"/>e.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>n<span class=\"_ _39\"/>) Reinsurance as<span class=\"_ _39\"/>sets<span class=\"_ _34e\"> </span>Reinsur<span class=\"_ _39\"/>ance assets r<span class=\"_ _39\"/>epresent amount<span class=\"_ _5\"/>s r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cov<span class=\"_ _39\"/>erable from<span class=\"_ _39\"/> reinsur<span class=\"_ _39\"/>ers in r<span class=\"_ _39\"/>espect of non-<span class=\"_ _39\"/>unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance<span class=\"_ _39\"/> contrac<span class=\"_ _39\"/>t liabilities, net<span class=\"_ _39\"/> of any<span class=\"_ _39\"/> future<span class=\"_ _39\"/> reinsurance<span class=\"_ _39\"/> premiums.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>o<span class=\"_ _39\"/>) O<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er r<span class=\"_ _b\"/>ece<span class=\"_ _b\"/>ivabl<span class=\"_ _b\"/>es Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> are<span class=\"_ _39\"/> recognised initially at<span class=\"_ _39\"/> fair v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ue and subsequently<span class=\"_ _39\"/> measured at amortised cos<span class=\"_ _5\"/>t using the effecti<span class=\"_ _b\"/>ve interest method<span class=\"_ _b\"/>. Most shar<span class=\"_ _39\"/>e<span class=\"_ _b\"/>holder other<span class=\"_ _39\"/> receivables ar<span class=\"_ _39\"/>e initially r<span class=\"_ _39\"/>ecognise<span class=\"_ _b\"/>d at fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tly h<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>t am<span class=\"_ _b\"/>or<span class=\"_ _6\"/>tis<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d cos<span class=\"_ _b\"/>t l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s impairment losses, as<span class=\"_ _39\"/> the business model f<span class=\"_ _39\"/>or these<span class=\"_ _5\"/> assets is<span class=\"_ _39\"/> to hol<span class=\"_ _b\"/>d to co<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ctu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l ca<span class=\"_ _b\"/>sh fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>st so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>el<span class=\"_ _b\"/>y of p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>p<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e exc<span class=\"_ _b\"/>e<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on to th<span class=\"_ _b\"/>is i<span class=\"_ _b\"/>s renew<span class=\"_ _39\"/>al income assets, which<span class=\"_ _39\"/> are classified as<span class=\"_ _39\"/> F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TPL and<span class=\"_ _39\"/> are i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tia<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y, and s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y, reco<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. T<span class=\"_ _b\"/>he val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f any i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce between the asset\u2019s car<span class=\"_ _39\"/>r<span class=\"_ _b\"/>ying amount and<span class=\"_ _5\"/> the pr<span class=\"_ _39\"/>esent value of th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws<span class=\"_ _b\"/>, d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>t the o<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>al ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t rate<span class=\"_ _b\"/>. Se<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>y (<span class=\"_ _39\"/>ad) f<span class=\"_ _39\"/>o<span class=\"_ _b\"/>r info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g to the t<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent o<span class=\"_ _b\"/>f im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> include prepayment<span class=\"_ _39\"/>s<span class=\"_ _b\"/>, which ar<span class=\"_ _39\"/>e rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re pa<span class=\"_ _b\"/>i<span class=\"_ _b\"/>d for in a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>van<span class=\"_ _b\"/>ce of b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ved<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t red<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>n ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>se i<span class=\"_ _b\"/>s recognised in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income, as<span class=\"_ _39\"/> the s<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Commission and<span class=\"_ _39\"/> advice fees in<span class=\"_ _39\"/> respect of<span class=\"_ _39\"/> some insurance and in<span class=\"_ _39\"/>vestment business<span class=\"_ _39\"/> may be paid t<span class=\"_ _39\"/>o Partners in ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f ren<span class=\"_ _b\"/>ewa<span class=\"_ _b\"/>l pre<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>um<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>cce<span class=\"_ _b\"/>l<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ted by u<span class=\"_ _b\"/>p to fi<span class=\"_ _b\"/>ve yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he u<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>le<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>is a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>el<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>d remuner<span class=\"_ _39\"/>ation is r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised as adv<span class=\"_ _39\"/>anced payments t<span class=\"_ _39\"/>o Partners within<span class=\"_ _39\"/> other receiv<span class=\"_ _39\"/>ables<span class=\"_ _b\"/>. Should the<span class=\"_ _39\"/> contributions red<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>e or s<span class=\"_ _b\"/>top w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, any u<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Derecognition<span class=\"_ _34e\"> </span>A financial<span class=\"_ _39\"/> as<span class=\"_ _b\"/>set is<span class=\"_ _39\"/> primarily derecognised when t<span class=\"_ _39\"/>he rights t<span class=\"_ _39\"/>o rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws fro<span class=\"_ _b\"/>m the a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve exp<span class=\"_ _b\"/>i<span class=\"_ _b\"/>red o<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up ha<span class=\"_ _b\"/>s tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d it<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>ght<span class=\"_ _b\"/>s to rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>low<span class=\"_ _b\"/>s fro<span class=\"_ _b\"/>m the a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/> or has<span class=\"_ _5\"/> assumed an obligati<span class=\"_ _5\"/>on t<span class=\"_ _39\"/>o pay the<span class=\"_ _39\"/> received cash fl<span class=\"_ _b\"/>ows i<span class=\"_ _b\"/>n fu<span class=\"_ _b\"/>ll w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ut m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al d<span class=\"_ _b\"/>el<span class=\"_ _b\"/>a<span class=\"_ _b\"/>y to a thi<span class=\"_ _b\"/>rd pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r a \u2018pass-<span class=\"_ _39\"/>through<span class=\"_ _5\"/>\u2019 arr<span class=\"_ _39\"/>angeme<span class=\"_ _b\"/>nt; and<span class=\"_ _39\"/> either (<span class=\"_ _4\"/>a<span class=\"_ _39\"/>) the Gr<span class=\"_ _39\"/>oup has tr<span class=\"_ _39\"/>ansferred<span class=\"_ _39\"/> substantially<span class=\"_ _39\"/> all the risks<span class=\"_ _39\"/> and rew<span class=\"_ _39\"/>ards of<span class=\"_ _5\"/> the asset, or (<span class=\"_ _4\"/>b<span class=\"_ _4\"/>) the Gr<span class=\"_ _39\"/>oup has neither t<span class=\"_ _39\"/>ransferr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d nor<span class=\"_ _5\"/> ret<span class=\"_ _39\"/>ained subst<span class=\"_ _5\"/>antially all<span class=\"_ _39\"/> the risk and<span class=\"_ _39\"/> rewar<span class=\"_ _39\"/>ds of the<span class=\"_ _39\"/> asset<span class=\"_ _b\"/>, but has<span class=\"_ _39\"/> tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>l of th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>. Whe<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ha<span class=\"_ _b\"/>s tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d it<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>ght<span class=\"_ _b\"/>s to rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve ca<span class=\"_ _b\"/>sh<span class=\"_ _b\"/> fl<span class=\"_ _b\"/>ows f<span class=\"_ _b\"/>rom an a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set o<span class=\"_ _b\"/>r h<span class=\"_ _b\"/>as e<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>nto a pa<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>-throu<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h arra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>t eval<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ates i<span class=\"_ _b\"/>f, an<span class=\"_ _b\"/>d to wh<span class=\"_ _b\"/>at ex<span class=\"_ _6\"/>tent<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>t h<span class=\"_ _b\"/>as retai<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>sks a<span class=\"_ _b\"/>nd re<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>s of ow<span class=\"_ _b\"/>n<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>. Wh<span class=\"_ _b\"/>en i<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>s neither t<span class=\"_ _39\"/>ransferr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d nor r<span class=\"_ _39\"/>etained sub<span class=\"_ _5\"/>stan<span class=\"_ _39\"/>tially all of<span class=\"_ _39\"/> the risks and r<span class=\"_ _39\"/>ewards o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> asset<span class=\"_ _b\"/>, nor<span class=\"_ _5\"/> transf<span class=\"_ _39\"/>erred con<span class=\"_ _5\"/>trol<span class=\"_ _39\"/> of the asse<span class=\"_ _39\"/>t<span class=\"_ _b\"/>, the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s to reco<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se th<span class=\"_ _b\"/>e tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et to the e<span class=\"_ _b\"/>x<span class=\"_ _b\"/>ten<span class=\"_ _b\"/>t of i<span class=\"_ _b\"/>ts co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g i<span class=\"_ _b\"/>nvol<span class=\"_ _b\"/>vem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. In t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ca<span class=\"_ _b\"/>se<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e Group<span class=\"_ _39\"/> also recognises an<span class=\"_ _39\"/> associated liability<span class=\"_ _39\"/>. The tr<span class=\"_ _39\"/>ansferred asset and<span class=\"_ _39\"/> the associated<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y are<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asured on<span class=\"_ _39\"/> a basis tha<span class=\"_ _b\"/>t ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cts t<span class=\"_ _b\"/>he r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hts a<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>b<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/> has retained<span class=\"_ _b\"/>. (p<span class=\"_ _4\"/>) Inv<span class=\"_ _39\"/>estment propert<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _6\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are a<span class=\"_ _b\"/>ll h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t-<span class=\"_ _34e\"> </span>li<span class=\"_ _b\"/>nke<span class=\"_ _b\"/>d fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, are p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re he<span class=\"_ _b\"/>ld to e<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>n ren<span class=\"_ _b\"/>tal income and<span class=\"_ _39\"/>/<span class=\"_ _39\"/>or for<span class=\"_ _39\"/> capital appr<span class=\"_ _39\"/>eciation. They ar<span class=\"_ _39\"/>e stat<span class=\"_ _39\"/>ed at f<span class=\"_ _39\"/>air value.<span class=\"_ _39\"/> An external,<span class=\"_ _5\"/> independent<span class=\"_ _5\"/> valuer<span class=\"_ _4\"/>, having an appropriat<span class=\"_ _39\"/>e recognised pr<span class=\"_ _39\"/>ofessional qualificati<span class=\"_ _5\"/>on and rec<span class=\"_ _b\"/>ent e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>go<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>f pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _b\"/> being valued, v<span class=\"_ _39\"/>alues the portfolio ev<span class=\"_ _39\"/>er<span class=\"_ _b\"/>y month.<span class=\"_ _34e\"> </span>The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s are b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n op<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ma<span class=\"_ _b\"/>rket va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, be<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e est<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt fo<span class=\"_ _b\"/>r wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h a pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld b<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>d on th<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ate of va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n be<span class=\"_ _b\"/>t<span class=\"_ _b\"/>we<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n a wi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g bu<span class=\"_ _b\"/>ye<span class=\"_ _b\"/>r an<span class=\"_ _b\"/>d a willing seller in<span class=\"_ _39\"/> an arm\u2019s-<span class=\"_ _39\"/>len<span class=\"_ _b\"/>gth t<span class=\"_ _39\"/>ransaction after<span class=\"_ _39\"/> proper ma<span class=\"_ _b\"/>rketi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g wh<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h ac<span class=\"_ _b\"/>ted knowledgeably,<span class=\"_ _39\"/> prudently and without<span class=\"_ _39\"/> compulsion. Any ga<span class=\"_ _b\"/>in o<span class=\"_ _b\"/>r l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s ar<span class=\"_ _b\"/>is<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g fro<span class=\"_ _b\"/>m a ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e is recognised in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income within in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> income. Rent<span class=\"_ _39\"/>al return<span class=\"_ _39\"/> from in<span class=\"_ _39\"/>vestment prop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted for a<span class=\"_ _b\"/>s d<span class=\"_ _b\"/>es<span class=\"_ _b\"/>cri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g policy (<span class=\"_ _29\"/>e<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>q) Equities, fi<span class=\"_ _5\"/>xed income<span class=\"_ _39\"/> securities and inv<span class=\"_ _5\"/>estment in Coll<span class=\"_ _b\"/>ective Investment Schemes<span class=\"_ _34e\"> </span>These financial<span class=\"_ _39\"/> assets are<span class=\"_ _39\"/> initially and subsequent<span class=\"_ _39\"/>ly rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TP<span class=\"_ _b\"/>L<span class=\"_ _b\"/>, wi<span class=\"_ _b\"/>th a<span class=\"_ _b\"/>ll g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of<span class=\"_ _b\"/> Comprehensiv<span class=\"_ _39\"/>e Income. The v<span class=\"_ _39\"/>ast majority of these<span class=\"_ _39\"/> financial assets<span class=\"_ _39\"/> are quot<span class=\"_ _39\"/>ed<span class=\"_ _b\"/>, and s<span class=\"_ _39\"/>o the f<span class=\"_ _39\"/>air value is ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he b<span class=\"_ _b\"/>id<span class=\"_ _b\"/>-as<span class=\"_ _b\"/>k sp<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ost<span class=\"_ _b\"/> rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>enta<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve of fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. I<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>rket fo<span class=\"_ _b\"/>r a fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>i<span class=\"_ _b\"/>al as<span class=\"_ _b\"/>set i<span class=\"_ _b\"/>s n<span class=\"_ _b\"/>ot ac<span class=\"_ _b\"/>tive<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup e<span class=\"_ _b\"/>sta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>is<span class=\"_ _b\"/>h<span class=\"_ _b\"/>es fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e by us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on te<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t ar<span class=\"_ _b\"/>m\u2019s<span class=\"_ _b\"/>-le<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>th transac<span class=\"_ _39\"/>tions, ref<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rence<span class=\"_ _39\"/> to similar list<span class=\"_ _39\"/>ed inv<span class=\"_ _39\"/>estments, di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nted c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ow m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>r op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Subsequent measur<span class=\"_ _39\"/>eme<span class=\"_ _b\"/>nt of<span class=\"_ _39\"/> these financial asse<span class=\"_ _39\"/>ts at F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TPL i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d by I<span class=\"_ _b\"/>FRS 9 fo<span class=\"_ _b\"/>r de<span class=\"_ _b\"/>bt i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s for w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch the objec<span class=\"_ _5\"/>tives<span class=\"_ _39\"/> of the Gr<span class=\"_ _39\"/>oup\u2019s business<span class=\"_ _39\"/> mode<span class=\"_ _b\"/>l ar<span class=\"_ _39\"/>e not met by<span class=\"_ _39\"/> either holding the<span class=\"_ _5\"/> instrument<span class=\"_ _39\"/> to collect<span class=\"_ _39\"/> contractual<span class=\"_ _39\"/> cash flows<span class=\"_ _5\"/> or selling t<span class=\"_ _39\"/>he instruments, or<span class=\"_ _39\"/> w<span class=\"_ _b\"/>here<span class=\"_ _5\"/> the con<span class=\"_ _39\"/>tractual term<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>o no<span class=\"_ _b\"/>t gi<span class=\"_ _b\"/>ve ri<span class=\"_ _b\"/>se to ca<span class=\"_ _b\"/>s<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch<span class=\"_ _b\"/> are so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>el<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>p<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>. W<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re bo<span class=\"_ _b\"/>th the \u2018business<span class=\"_ _39\"/> model<span class=\"_ _b\"/>\u2019 and \u2018solely<span class=\"_ _39\"/> pa<span class=\"_ _b\"/>yments o<span class=\"_ _39\"/>f principal an<span class=\"_ _b\"/>d inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t<span class=\"_ _6\"/>\u2019 tests a<span class=\"_ _b\"/>re me<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e an<span class=\"_ _b\"/> irre<span class=\"_ _39\"/>vocable decision t<span class=\"_ _39\"/>o designate<span class=\"_ _39\"/> the debt inst<span class=\"_ _5\"/>ruments at F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>T<span class=\"_ _b\"/>PL a<span class=\"_ _b\"/>s do<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g so a<span class=\"_ _b\"/>li<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e me<span class=\"_ _b\"/>as<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e financial assets<span class=\"_ _39\"/> with the<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asurement<span class=\"_ _39\"/> of their associat<span class=\"_ _5\"/>ed unit<span class=\"_ _4\"/>-linked<span class=\"_ _39\"/> liabilities. 197<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>de t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>rrevo<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>nt ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s in<span class=\"_ _b\"/> other<span class=\"_ _5\"/> comprehensive<span class=\"_ _39\"/> income, and so<span class=\"_ _39\"/> all equit<span class=\"_ _b\"/>y instrumen<span class=\"_ _39\"/>ts are a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o de<span class=\"_ _b\"/>si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d at F<span class=\"_ _b\"/>V<span class=\"_ _6\"/>TPL<span class=\"_ _b\"/>.<span class=\"_ _b\"/> The Gr<span class=\"_ _39\"/>oup recognises pur<span class=\"_ _39\"/>chases and sales<span class=\"_ _39\"/> of inv<span class=\"_ _39\"/>estments on tra<span class=\"_ _b\"/>de d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te. Th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>sts a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt transac<span class=\"_ _5\"/>tions ar<span class=\"_ _39\"/>e included within expenses in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ment of Compr<span class=\"_ _39\"/>ehensive Income.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>r<span class=\"_ _39\"/>) Deriv<span class=\"_ _39\"/>at<span class=\"_ _b\"/>ive<span class=\"_ _39\"/> financial instruments<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup uses derivat<span class=\"_ _39\"/>ive financial inst<span class=\"_ _39\"/>ruments within some unit<span class=\"_ _4\"/>-linked<span class=\"_ _39\"/> funds<span class=\"_ _b\"/>, with<span class=\"_ _39\"/> ea<span class=\"_ _b\"/>ch cont<span class=\"_ _39\"/>ract init<span class=\"_ _5\"/>ially and su<span class=\"_ _b\"/>bse<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ly re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d at fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e, b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on o<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>rket p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. All c<span class=\"_ _b\"/>h<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in<span class=\"_ _b\"/> inv<span class=\"_ _39\"/>estment income in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>rehensive<span class=\"_ _39\"/> Income.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>s<span class=\"_ _4\"/>) C<span class=\"_ _b\"/>ash a<span class=\"_ _b\"/>nd ca<span class=\"_ _b\"/>sh eq<span class=\"_ _b\"/>uival<span class=\"_ _b\"/>ents<span class=\"_ _34e\"> </span>Cash and<span class=\"_ _39\"/> cash equivalents include<span class=\"_ _39\"/> cash in hand, deposits he<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>t ca<span class=\"_ _b\"/>ll w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h ba<span class=\"_ _b\"/>nks a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d oth<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>te<span class=\"_ _b\"/>rm h<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hl<span class=\"_ _b\"/>y l<span class=\"_ _b\"/>iq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>d investments<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Cash and<span class=\"_ _39\"/> cash equivalent<span class=\"_ _5\"/>s held<span class=\"_ _5\"/> within<span class=\"_ _5\"/> unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed and unit trust f<span class=\"_ _5\"/>unds ar<span class=\"_ _39\"/>e classified at FVTPL<span class=\"_ _b\"/>, as<span class=\"_ _5\"/> management has ma<span class=\"_ _b\"/>de a<span class=\"_ _b\"/>n ir<span class=\"_ _b\"/>revoc<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on to d<span class=\"_ _b\"/>es<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ate th<span class=\"_ _b\"/>em a<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>ch<span class=\"_ _b\"/> in or<span class=\"_ _39\"/>de<span class=\"_ _b\"/>r t<span class=\"_ _39\"/>o align the<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asurement<span class=\"_ _39\"/> of these financial<span class=\"_ _39\"/> assets with t<span class=\"_ _39\"/>he measurement<span class=\"_ _39\"/> of their ass<span class=\"_ _39\"/>o<span class=\"_ _b\"/>ciated<span class=\"_ _39\"/> unit<span class=\"_ _5\"/>-link<span class=\"_ _39\"/>ed liabilities. Ther<span class=\"_ _5\"/>efor<span class=\"_ _39\"/>e, these cash<span class=\"_ _39\"/> and cash equivalent<span class=\"_ _39\"/>s are initially<span class=\"_ _39\"/> and subsequently r<span class=\"_ _39\"/>ecognised at FVTPL, with gains<span class=\"_ _5\"/> an<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt ret<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>n in t<span class=\"_ _b\"/>he Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income.<span class=\"_ _34e\"> </span>All o<span class=\"_ _5\"/>ther cash<span class=\"_ _39\"/> and cash equivalents<span class=\"_ _39\"/> are classified as<span class=\"_ _39\"/> amortised cost, as t<span class=\"_ _39\"/>he business model f<span class=\"_ _39\"/>or these assets<span class=\"_ _39\"/> is to ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d to col<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h con<span class=\"_ _b\"/>s<span class=\"_ _b\"/>is<span class=\"_ _b\"/>t so<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ly o<span class=\"_ _b\"/>f pa<span class=\"_ _b\"/>y<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>l a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>ey are i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>t amortised cost using<span class=\"_ _39\"/> the effectiv<span class=\"_ _39\"/>e inter<span class=\"_ _39\"/>est method, less impairment lo<span class=\"_ _5\"/>sses. (<span class=\"_ _4\"/>t<span class=\"_ _39\"/>) Insurance contract liabilities<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contract<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y pro<span class=\"_ _39\"/>visions are de<span class=\"_ _39\"/>termined following<span class=\"_ _39\"/> an annual actuarial<span class=\"_ _39\"/> investigat<span class=\"_ _39\"/>ion of the<span class=\"_ _39\"/> l<span class=\"_ _b\"/>ong-<span class=\"_ _34e\"> </span>term<span class=\"_ _39\"/> fund in accor<span class=\"_ _39\"/>dance with r<span class=\"_ _39\"/>egul<span class=\"_ _b\"/>atory r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>quirements. The pr<span class=\"_ _39\"/>ovisions ar<span class=\"_ _39\"/>e calculated on<span class=\"_ _39\"/> the basis of<span class=\"_ _39\"/> current infor<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ation and<span class=\"_ _39\"/> using the gr<span class=\"_ _39\"/>oss premium v<span class=\"_ _39\"/>aluation method. The<span class=\"_ _39\"/> Group\u2019s<span class=\"_ _39\"/> accounting policie<span class=\"_ _39\"/>s for in<span class=\"_ _39\"/>surance contr<span class=\"_ _39\"/>acts meet<span class=\"_ _39\"/> the minimum specified<span class=\"_ _39\"/> requirements<span class=\"_ _39\"/> for li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ad<span class=\"_ _b\"/>eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>acy te<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ng u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FRS 4<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>ey co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>er<span class=\"_ _b\"/> cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes of a<span class=\"_ _b\"/>ll c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>hfl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d of<span class=\"_ _b\"/> rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d ca<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ows s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h as c<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ms h<span class=\"_ _b\"/>an<span class=\"_ _b\"/>dl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>ost<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contract<span class=\"_ _39\"/> liabilities can ne<span class=\"_ _39\"/>ver be definit<span class=\"_ _39\"/>i<span class=\"_ _b\"/>ve<span class=\"_ _39\"/> as to either t<span class=\"_ _39\"/>he timing or t<span class=\"_ _39\"/>he amount of<span class=\"_ _39\"/> claims and are,<span class=\"_ _39\"/> therefor<span class=\"_ _39\"/>e, subject t<span class=\"_ _39\"/>o reassessment<span class=\"_ _39\"/> on a regular<span class=\"_ _39\"/> basis<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>u<span class=\"_ _39\"/>) Inv<span class=\"_ _39\"/>estment contract benefits<span class=\"_ _34e\"> </span>All o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts a<span class=\"_ _b\"/>re un<span class=\"_ _b\"/>it-linke<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed liabilities ar<span class=\"_ _39\"/>e measured<span class=\"_ _39\"/> at fair<span class=\"_ _39\"/> value by<span class=\"_ _39\"/> ref<span class=\"_ _5\"/>erence to the va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>ly<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g n<span class=\"_ _b\"/>et as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s unitised in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> funds<span class=\"_ _b\"/>, on a<span class=\"_ _39\"/> bid valuation<span class=\"_ _5\"/> basis, at the rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g d<span class=\"_ _b\"/>ate. A<span class=\"_ _b\"/>n al<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e for de<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e to (<span class=\"_ _4\"/>o<span class=\"_ _b\"/>r fro<span class=\"_ _b\"/>m<span class=\"_ _39\"/>) the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cyh<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er ta<span class=\"_ _b\"/>x on c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l ga<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>an<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es) in the l<span class=\"_ _b\"/>ife a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s is a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d in the<span class=\"_ _39\"/> measurement o<span class=\"_ _39\"/>f unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d liabilit<span class=\"_ _5\"/>ies. Inv<span class=\"_ _39\"/>estment contr<span class=\"_ _39\"/>act benefits ar<span class=\"_ _39\"/>e recognised when<span class=\"_ _39\"/> units are<span class=\"_ _39\"/> first allocated<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> pol<span class=\"_ _b\"/>icyholder; the<span class=\"_ _39\"/>y are der<span class=\"_ _39\"/>ecognised when un<span class=\"_ _b\"/>its a<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>ted to th<span class=\"_ _b\"/>e po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r ha<span class=\"_ _b\"/>ve b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n ca<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>el<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p to des<span class=\"_ _b\"/>i<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>ate it<span class=\"_ _b\"/>s un<span class=\"_ _b\"/>it-lin<span class=\"_ _b\"/>ked li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s at F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>T<span class=\"_ _b\"/>PL ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>s the fa<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he m<span class=\"_ _b\"/>atc<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> inv<span class=\"_ _39\"/>estment portfolio, whic<span class=\"_ _39\"/>h underpins the<span class=\"_ _39\"/> unit-<span class=\"_ _39\"/>linked liabilities, is<span class=\"_ _39\"/> recognised at FVTPL.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>v<span class=\"_ _39\"/>) Deferred income The init<span class=\"_ _39\"/>ial margin<span class=\"_ _39\"/> on financial instr<span class=\"_ _5\"/>uments<span class=\"_ _39\"/> (<span class=\"_ _39\"/>including dealing ma<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>ns f<span class=\"_ _b\"/>rom un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) is d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on a straigh<span class=\"_ _39\"/>t-<span class=\"_ _39\"/>line basis o<span class=\"_ _39\"/>ver the e<span class=\"_ _39\"/>xp<span class=\"_ _b\"/>ected<span class=\"_ _39\"/> lifetime o<span class=\"_ _39\"/>f the financial in<span class=\"_ _b\"/>str<span class=\"_ _b\"/>um<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s bet<span class=\"_ _6\"/>we<span class=\"_ _b\"/>en s<span class=\"_ _b\"/>ix a<span class=\"_ _b\"/>nd 1<span class=\"_ _b\"/>4 yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>w<span class=\"_ _39\"/>) Ne<span class=\"_ _b\"/>t asset val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>tt<span class=\"_ _b\"/>ribu<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>ble t<span class=\"_ _b\"/>o uni<span class=\"_ _b\"/>t hol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>da<span class=\"_ _b\"/>tes u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>t ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ore tha<span class=\"_ _b\"/>n 30<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>l<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>ts in t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ts are te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ed t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e at<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>uta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to un<span class=\"_ _b\"/>it h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d are p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position. They<span class=\"_ _39\"/> are classified at<span class=\"_ _39\"/> F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TPL, hence ar<span class=\"_ _39\"/>e initially and<span class=\"_ _5\"/> subsequently measur<span class=\"_ _39\"/>ed at fair<span class=\"_ _39\"/> value. The d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p to des<span class=\"_ _b\"/>i<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>ate th<span class=\"_ _b\"/>e ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/> at<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>uta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to un<span class=\"_ _b\"/>it h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s at F<span class=\"_ _b\"/>V<span class=\"_ _6\"/>TPL ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>s the fa<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>yi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>os a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t F<span class=\"_ _b\"/>V<span class=\"_ _b\"/>TP<span class=\"_ _b\"/>L<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Income attribut<span class=\"_ _39\"/>ab<span class=\"_ _b\"/>le t<span class=\"_ _39\"/>o the thir<span class=\"_ _39\"/>d-part<span class=\"_ _b\"/>y int<span class=\"_ _39\"/>erests is<span class=\"_ _39\"/> accounted for wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>tur<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, of<span class=\"_ _6\"/>fse<span class=\"_ _b\"/>t by a co<span class=\"_ _b\"/>rres<span class=\"_ _b\"/>p<span class=\"_ _b\"/>on<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> change in in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> contract<span class=\"_ _39\"/> benefits.<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>x) Pro<span class=\"_ _39\"/>visio<span class=\"_ _b\"/>ns<span class=\"_ _34e\"> </span>Provi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re an eve<span class=\"_ _b\"/>nt h<span class=\"_ _b\"/>as ta<span class=\"_ _b\"/>ken p<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ce th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t gi<span class=\"_ _b\"/>ves th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>l o<span class=\"_ _b\"/>r co<span class=\"_ _b\"/>nst<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve ob<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n tha<span class=\"_ _b\"/>t prob<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y req<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>s set<span class=\"_ _6\"/>tle<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent by a t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>r of e<span class=\"_ _b\"/>co<span class=\"_ _b\"/>no<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>c be<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d a rel<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate ca<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>de o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt of th<span class=\"_ _b\"/>e ob<span class=\"_ _b\"/>li<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. P<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se to prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p be<span class=\"_ _b\"/>c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>re of the o<span class=\"_ _b\"/>b<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>re me<span class=\"_ _b\"/>as<span class=\"_ _b\"/>u<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e be<span class=\"_ _b\"/>st e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te at<span class=\"_ _b\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position<span class=\"_ _39\"/> date of<span class=\"_ _39\"/> the expenditure<span class=\"_ _39\"/> req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red to s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e ob<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, tak<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g in<span class=\"_ _b\"/>to acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>leva<span class=\"_ _b\"/>nt risks<span class=\"_ _39\"/> and uncer<span class=\"_ _b\"/>taint<span class=\"_ _39\"/>ies<span class=\"_ _b\"/>. When payment<span class=\"_ _5\"/>s ar<span class=\"_ _39\"/>e event<span class=\"_ _39\"/>u<span class=\"_ _b\"/>ally ma<span class=\"_ _b\"/>de<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>ey are c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d to th<span class=\"_ _b\"/>e prov<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position. (<span class=\"_ _39\"/>y<span class=\"_ _39\"/>) Borrowings<span class=\"_ _34e\"> </span>Bo<span class=\"_ _b\"/>rrow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>s are m<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y at fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e, n<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>f di<span class=\"_ _b\"/>rect<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> attributable tr<span class=\"_ _39\"/>ansaction costs, and<span class=\"_ _39\"/> su<span class=\"_ _b\"/>bsequently st<span class=\"_ _39\"/>ated at amortised cost. The<span class=\"_ _39\"/> dif<span class=\"_ _b\"/>ference<span class=\"_ _39\"/> bet<span class=\"_ _b\"/>ween the pr<span class=\"_ _39\"/>oceeds and the re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>em<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Comprehensiv<span class=\"_ _39\"/>e Income ov<span class=\"_ _39\"/>er the borr<span class=\"_ _39\"/>owing period on an<span class=\"_ _5\"/> ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t rate b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is<span class=\"_ _b\"/>. B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>rrow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>n<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> on dr<span class=\"_ _39\"/>awdown and der<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised on r<span class=\"_ _39\"/>epayment<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>198<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>z) Othe<span class=\"_ _b\"/>r payab<span class=\"_ _b\"/>les<span class=\"_ _34e\"> </span>Other pay<span class=\"_ _5\"/>ables ar<span class=\"_ _5\"/>e r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised initially<span class=\"_ _39\"/> at fair v<span class=\"_ _39\"/>alue and subsequently measur<span class=\"_ _39\"/>ed at amortised cost<span class=\"_ _5\"/> using the ef<span class=\"_ _b\"/>fective interest method<span class=\"_ _b\"/>. Other pay<span class=\"_ _5\"/>ables include lease<span class=\"_ _39\"/> liabi<span class=\"_ _b\"/>lities c<span class=\"_ _5\"/>alculated<span class=\"_ _39\"/> in ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>6. O<span class=\"_ _b\"/>n t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>ate of th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s me<span class=\"_ _b\"/>as<span class=\"_ _b\"/>u<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>s the p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of the f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts to be m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>de ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e ter<span class=\"_ _b\"/>m<span class=\"_ _b\"/>. For th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p, fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are<span class=\"_ _39\"/> fixed and those<span class=\"_ _39\"/> which vary depending on an<span class=\"_ _39\"/> index or rate. T<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sco<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nted a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e Group\u2019<span class=\"_ _39\"/>s increment<span class=\"_ _39\"/>al borrowing<span class=\"_ _39\"/> rate<span class=\"_ _39\"/> at the commencement da<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h var<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>. The lease<span class=\"_ _5\"/> term<span class=\"_ _39\"/> includes the non-<span class=\"_ _39\"/>cancellable period for<span class=\"_ _39\"/> wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>as th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ht to us<span class=\"_ _b\"/>e the l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>,<span class=\"_ _b\"/> plus periods co<span class=\"_ _39\"/>vered b<span class=\"_ _39\"/>y extension op<span class=\"_ _39\"/>tions where t<span class=\"_ _39\"/>he option is re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y ce<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>n to be take<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. Co<span class=\"_ _b\"/>nver<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ly, the n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-<span class=\"_ _34e\"> </span>can<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>l<span class=\"_ _b\"/>la<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d is re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>f it i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>ly c<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tai<span class=\"_ _b\"/>n tha<span class=\"_ _b\"/>t a ter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l b<span class=\"_ _b\"/>e taken<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The incr<span class=\"_ _39\"/>emental borr<span class=\"_ _39\"/>owing rat<span class=\"_ _39\"/>e is management\u2019s ju<span class=\"_ _b\"/>dg<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt as to th<span class=\"_ _b\"/>e rate o<span class=\"_ _b\"/>f inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld<span class=\"_ _b\"/> ha<span class=\"_ _b\"/>ve to pa<span class=\"_ _b\"/>y to bor<span class=\"_ _b\"/>row, over a s<span class=\"_ _b\"/>im<span class=\"_ _b\"/>i<span class=\"_ _b\"/>la<span class=\"_ _b\"/>r ter<span class=\"_ _b\"/>m an<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th s<span class=\"_ _b\"/>im<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ar<span class=\"_ _b\"/> se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y, the fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s ne<span class=\"_ _b\"/>c<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y to ob<span class=\"_ _b\"/>tain a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>et of a s<span class=\"_ _b\"/>im<span class=\"_ _b\"/>il<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue to th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st of t<span class=\"_ _b\"/>he r<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ht-of-<span class=\"_ _39\"/>u<span class=\"_ _b\"/>se a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th refe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce to th<span class=\"_ _b\"/>e rate of i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rest o<span class=\"_ _b\"/>f ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g bo<span class=\"_ _b\"/>rrow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>ld by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p an<span class=\"_ _b\"/>d ma<span class=\"_ _b\"/>rket ra<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>dj<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ted to take into ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t the s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rit<span class=\"_ _6\"/>y an<span class=\"_ _b\"/>d ter<span class=\"_ _b\"/>m as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th the lease. The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d the p<span class=\"_ _b\"/>rac<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>cal e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>di<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t on t<span class=\"_ _b\"/>rans<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to IF<span class=\"_ _b\"/>RS 16 o<span class=\"_ _b\"/>n 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 2019 o<span class=\"_ _b\"/>f ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ly<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a si<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gl<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt ra<span class=\"_ _b\"/>te to a portfolio of<span class=\"_ _39\"/> l<span class=\"_ _b\"/>eases with<span class=\"_ _39\"/> reasonably similar char<span class=\"_ _39\"/>acteristics by grou<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es by a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set t<span class=\"_ _6\"/>yp<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d rem<span class=\"_ _b\"/>a<span class=\"_ _b\"/>in<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se te<span class=\"_ _b\"/>rm on the<span class=\"_ _39\"/> date of<span class=\"_ _39\"/> transition. Similarly<span class=\"_ _39\"/>, the<span class=\"_ _39\"/> Group periodically dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es s<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>da<span class=\"_ _b\"/>rd di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt ra<span class=\"_ _b\"/>tes to ap<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>y for l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es ente<span class=\"_ _b\"/>red i<span class=\"_ _b\"/>nto s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ce 1 J<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 201<span class=\"_ _b\"/>9 by as<span class=\"_ _b\"/>set t<span class=\"_ _6\"/>yp<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d lease t<span class=\"_ _39\"/>erm.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Derecognition<span class=\"_ _34e\"> </span>A financial<span class=\"_ _39\"/> li<span class=\"_ _b\"/>ability is derecognised<span class=\"_ _39\"/> w<span class=\"_ _b\"/>hen the<span class=\"_ _39\"/> oblig<span class=\"_ _b\"/>ation under the<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y is dischar<span class=\"_ _39\"/>ge<span class=\"_ _b\"/>d, cancelled or e<span class=\"_ _39\"/>xpired.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>aa<span class=\"_ _39\"/>) Emplo<span class=\"_ _39\"/>yee<span class=\"_ _5\"/> benefit<span class=\"_ _5\"/>s<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Pension obligat<span class=\"_ _39\"/>ions<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup operat<span class=\"_ _5\"/>es a<span class=\"_ _39\"/> defined contribution<span class=\"_ _39\"/> pe<span class=\"_ _b\"/>rsonal pension plan f<span class=\"_ _39\"/>or its emplo<span class=\"_ _39\"/>yees. Contributions<span class=\"_ _39\"/> to this<span class=\"_ _39\"/> plan are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ive<span class=\"_ _b\"/> Income as<span class=\"_ _39\"/> incurred. The Gr<span class=\"_ _39\"/>oup has no legal or<span class=\"_ _39\"/> constructive<span class=\"_ _39\"/> obligations t<span class=\"_ _39\"/>o pay further cont<span class=\"_ _39\"/>ributions if the<span class=\"_ _39\"/> fund does not<span class=\"_ _39\"/> ho<span class=\"_ _b\"/>ld s<span class=\"_ _b\"/>uf<span class=\"_ _6\"/>fi<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s to pa<span class=\"_ _b\"/>y al<span class=\"_ _b\"/>l em<span class=\"_ _b\"/>p<span class=\"_ _b\"/>loye<span class=\"_ _b\"/>es t<span class=\"_ _b\"/>he b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g to em<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>oyee s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>nd p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>or p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rio<span class=\"_ _b\"/>d<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Share-<span class=\"_ _39\"/>b<span class=\"_ _b\"/>ased payments<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p o<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>s a nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>-ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> pl<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s for e<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>oyee<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue of shar<span class=\"_ _39\"/>e<span class=\"_ _b\"/>-based<span class=\"_ _39\"/> pay<span class=\"_ _b\"/>ment awar<span class=\"_ _39\"/>ds grant<span class=\"_ _39\"/>ed is r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised as an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se s<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d over th<span class=\"_ _b\"/>e ves<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rio<span class=\"_ _b\"/>d of t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>um<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rds w<span class=\"_ _b\"/>ith t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d for w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es<span class=\"_ _b\"/> are<span class=\"_ _39\"/> provided, with<span class=\"_ _39\"/> a corr<span class=\"_ _5\"/>esponding incr<span class=\"_ _39\"/>ease in equity in t<span class=\"_ _39\"/>he case of<span class=\"_ _39\"/> equit<span class=\"_ _b\"/>y-settled plans<span class=\"_ _5\"/> and the<span class=\"_ _39\"/> recognition of<span class=\"_ _39\"/> a liability for<span class=\"_ _39\"/> cash-settled plans. The tota<span class=\"_ _b\"/>l am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt to be e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d by refe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce to the fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e aw<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g standar<span class=\"_ _39\"/>d option<span class=\"_ _39\"/> p<span class=\"_ _b\"/>ricing models as<span class=\"_ _39\"/> the fair<span class=\"_ _39\"/> value of<span class=\"_ _5\"/> the services pro<span class=\"_ _39\"/>vided by emplo<span class=\"_ _39\"/>yees, Partners and<span class=\"_ _39\"/> advisers cannot be<span class=\"_ _39\"/> reliably measured. F<span class=\"_ _39\"/>or equit<span class=\"_ _b\"/>y-settled plans, the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d at g<span class=\"_ _b\"/>rant d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te and n<span class=\"_ _b\"/>ot<span class=\"_ _b\"/> subsequently r<span class=\"_ _5\"/>emeasured. For c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h-se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>ed p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue i<span class=\"_ _b\"/>s rem<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d at<span class=\"_ _b\"/> ea<span class=\"_ _b\"/>ch re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te an<span class=\"_ _b\"/>d at th<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ate of s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h any ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> of Compr<span class=\"_ _39\"/>ehensive Income f<span class=\"_ _39\"/>or the period. At ea<span class=\"_ _b\"/>ch re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te, th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s its e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate of th<span class=\"_ _b\"/>e nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of a<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to ve<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>t recognises<span class=\"_ _39\"/> the impact<span class=\"_ _39\"/> of the r<span class=\"_ _39\"/>evision of<span class=\"_ _39\"/> original estimat<span class=\"_ _39\"/>es<span class=\"_ _b\"/>, if a<span class=\"_ _b\"/>ny, in the S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ve In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h tha<span class=\"_ _b\"/>t the amoun<span class=\"_ _39\"/>ts recognised f<span class=\"_ _39\"/>or employee,<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tner and adviser se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f awa<span class=\"_ _b\"/>rds t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> vest<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge to th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ve In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me i<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t revi<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d for a<span class=\"_ _b\"/>ny ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rket vesting<span class=\"_ _39\"/> conditions.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ab<span class=\"_ _39\"/>) Share capital<span class=\"_ _34e\"> </span>Ordinary shares<span class=\"_ _39\"/> are classified as<span class=\"_ _39\"/> e<span class=\"_ _b\"/>quity.<span class=\"_ _39\"/> Where any<span class=\"_ _39\"/> Group entity purc<span class=\"_ _39\"/>h<span class=\"_ _b\"/>ases the<span class=\"_ _39\"/> Company\u2019s equity share<span class=\"_ _39\"/> capital (<span class=\"_ _39\"/>sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st), the co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rati<span class=\"_ _b\"/>on p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>du<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d from e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y at<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>tab<span class=\"_ _b\"/>le to s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, as d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he Sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s in tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ve. W<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re su<span class=\"_ _b\"/>ch s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y so<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>, re<span class=\"_ _b\"/>is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d or ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r<span class=\"_ _b\"/>w<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>s<span class=\"_ _b\"/>po<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d of, a<span class=\"_ _b\"/>ny con<span class=\"_ _b\"/>si<span class=\"_ _b\"/>d<span class=\"_ _b\"/>era<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n receiv<span class=\"_ _39\"/>ed is included<span class=\"_ _39\"/> in equity attribut<span class=\"_ _39\"/>able to<span class=\"_ _39\"/> shareholders, net of<span class=\"_ _39\"/> any dir<span class=\"_ _39\"/>ectly attributable<span class=\"_ _39\"/> incremental<span class=\"_ _39\"/> transaction<span class=\"_ _39\"/> costs and the<span class=\"_ _39\"/> related income<span class=\"_ _39\"/> tax effec<span class=\"_ _39\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ac<span class=\"_ _39\"/>) Product class<span class=\"_ _5\"/>ification<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>u<span class=\"_ _b\"/>cts a<span class=\"_ _b\"/>re cl<span class=\"_ _b\"/>as<span class=\"_ _b\"/>si<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d for a<span class=\"_ _b\"/>cco<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>po<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s as either<span class=\"_ _39\"/> insurance cont<span class=\"_ _39\"/>racts or<span class=\"_ _39\"/> invest<span class=\"_ _39\"/>me<span class=\"_ _b\"/>nt con<span class=\"_ _39\"/>tracts. (<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Insurance contracts<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> contracts<span class=\"_ _39\"/> are cont<span class=\"_ _39\"/>racts t<span class=\"_ _39\"/>hat transf<span class=\"_ _39\"/>er significant insuranc<span class=\"_ _5\"/>e risk. The<span class=\"_ _39\"/> Group\u2019s<span class=\"_ _39\"/> historic<span class=\"_ _39\"/> product r<span class=\"_ _39\"/>ange includes a v<span class=\"_ _39\"/>ariet<span class=\"_ _b\"/>y of t<span class=\"_ _39\"/>erm assurance<span class=\"_ _39\"/> and whole-of<span class=\"_ _39\"/>-lif<span class=\"_ _39\"/>e prot<span class=\"_ _39\"/>ection contr<span class=\"_ _39\"/>acts inv<span class=\"_ _39\"/>olving significant insur<span class=\"_ _39\"/>ance risk tr<span class=\"_ _39\"/>ansfer<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Investment contr<span class=\"_ _5\"/>acts<span class=\"_ _34e\"> </span>Contr<span class=\"_ _39\"/>acts that<span class=\"_ _39\"/> d<span class=\"_ _b\"/>o not<span class=\"_ _39\"/> transf<span class=\"_ _5\"/>er significant<span class=\"_ _39\"/> insurance risk are tre<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d as i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>aj<span class=\"_ _b\"/>or<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>f the<span class=\"_ _b\"/> business writt<span class=\"_ _39\"/>en by t<span class=\"_ _39\"/>he Group<span class=\"_ _39\"/> is unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in<span class=\"_ _39\"/>vestment business and<span class=\"_ _39\"/> is classified as in<span class=\"_ _39\"/>vestment con<span class=\"_ _39\"/>tracts.<span class=\"_ _34e\"> </span>199<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>1. Accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>(<span class=\"_ _4\"/>ad<span class=\"_ _39\"/>) Impairment<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>i<span class=\"_ _39\"/>) Non-financial assets<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>ets t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t are s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct to am<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>re revi<span class=\"_ _b\"/>ewe<span class=\"_ _b\"/>d for impairment when<span class=\"_ _39\"/> circumst<span class=\"_ _39\"/>ances or e<span class=\"_ _39\"/>vents indic<span class=\"_ _39\"/>ate ther<span class=\"_ _39\"/>e may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty o<span class=\"_ _5\"/>ver<span class=\"_ _39\"/> their value.<span class=\"_ _39\"/> An impairment loss<span class=\"_ _39\"/> is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d for th<span class=\"_ _b\"/>e am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt by w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _6\"/>\u2019s ca<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>y<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> amount e<span class=\"_ _39\"/>xceeds its r<span class=\"_ _39\"/>ecoverable<span class=\"_ _39\"/> amount. The reco<span class=\"_ _39\"/>verable am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt is t<span class=\"_ _b\"/>he h<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r of a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _6\"/>\u2019s fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s to se<span class=\"_ _b\"/>ll o<span class=\"_ _b\"/>r it<span class=\"_ _b\"/>s val<span class=\"_ _b\"/>ue i<span class=\"_ _b\"/>n us<span class=\"_ _b\"/>e. R<span class=\"_ _b\"/>efer to a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy (<span class=\"_ _b\"/>j) fo<span class=\"_ _b\"/>r the Gr<span class=\"_ _39\"/>oup\u2019s impair<span class=\"_ _5\"/>ment polic<span class=\"_ _39\"/>y for<span class=\"_ _39\"/> goo<span class=\"_ _b\"/>dwill.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ii<span class=\"_ _39\"/>) Financial assets Financial assets<span class=\"_ _39\"/> held at amortised cost<span class=\"_ _39\"/> are impaired<span class=\"_ _39\"/> usin<span class=\"_ _b\"/>g an ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ecte<span class=\"_ _b\"/>d cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s mo<span class=\"_ _b\"/>de<span class=\"_ _b\"/>l<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>el s<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ts fi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al<span class=\"_ _b\"/> assets in<span class=\"_ _39\"/>to performing, underperforming and<span class=\"_ _39\"/> non-performing cate<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ori<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on c<span class=\"_ _b\"/>h<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it q<span class=\"_ _b\"/>u<span class=\"_ _b\"/>al<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al<span class=\"_ _b\"/> recognition. A<span class=\"_ _39\"/>t initial r<span class=\"_ _39\"/>ecognition financial asse<span class=\"_ _39\"/>ts are consider<span class=\"_ _39\"/>ed to<span class=\"_ _39\"/> be performing.<span class=\"_ _39\"/> They become<span class=\"_ _39\"/> underperforming wh<span class=\"_ _b\"/>ere th<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n a si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>an<span class=\"_ _b\"/>t in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e in c<span class=\"_ _b\"/>re<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t ri<span class=\"_ _b\"/>sk since initial<span class=\"_ _39\"/> recognition, and non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming<span class=\"_ _39\"/> when there is o<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tive ev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e of i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>. 12 mo<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>hs of e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted<span class=\"_ _b\"/> cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Compr<span class=\"_ _39\"/>ehensive Income and<span class=\"_ _39\"/> net<span class=\"_ _b\"/>ted<span class=\"_ _39\"/> a<span class=\"_ _b\"/>gainst the<span class=\"_ _39\"/> financial asset in<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Financial<span class=\"_ _39\"/> Position f<span class=\"_ _39\"/>or all performing fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>ith l<span class=\"_ _b\"/>ife<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>me ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ecte<span class=\"_ _b\"/>d cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s recognised f<span class=\"_ _39\"/>or underperforming and<span class=\"_ _5\"/> non-<span class=\"_ _5\"/>performing financial assets. Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s are b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on th<span class=\"_ _b\"/>e h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tori<span class=\"_ _b\"/>c leve<span class=\"_ _b\"/>l<span class=\"_ _b\"/>s of loss<span class=\"_ _39\"/> experienced for t<span class=\"_ _39\"/>he relev<span class=\"_ _39\"/>ant financial assets, wi<span class=\"_ _5\"/>th due consider<span class=\"_ _39\"/>ation given t<span class=\"_ _39\"/>o forward-<span class=\"_ _39\"/>looking inf<span class=\"_ _39\"/>ormation<span class=\"_ _b\"/>. The most<span class=\"_ _39\"/> significant cat<span class=\"_ _39\"/>eg<span class=\"_ _b\"/>ory of financial asse<span class=\"_ _39\"/>ts held at amortised cost f<span class=\"_ _39\"/>or the Gr<span class=\"_ _39\"/>oup are<span class=\"_ _39\"/> business loans to<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tners, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>la<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in m<span class=\"_ _b\"/>ore d<span class=\"_ _b\"/>etai<span class=\"_ _b\"/>l in N<span class=\"_ _b\"/>ote 12<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>nt in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e in c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch tr<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>g<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s the m<span class=\"_ _b\"/>ove fro<span class=\"_ _b\"/>m pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ng to u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>er<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g for t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets i<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>en t<span class=\"_ _b\"/>hey a<span class=\"_ _b\"/>re mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 3<span class=\"_ _b\"/>0 da<span class=\"_ _b\"/>ys p<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t du<span class=\"_ _b\"/>e, i<span class=\"_ _b\"/>n li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th the p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>um<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n I<span class=\"_ _b\"/>FRS 9 F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l In<span class=\"_ _b\"/>st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>,<span class=\"_ _b\"/> or w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>an fa<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y h<span class=\"_ _b\"/>as e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>e pro<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>f being r<span class=\"_ _5\"/>enegotiated. Business<span class=\"_ _39\"/> loans to<span class=\"_ _5\"/> Partners ar<span class=\"_ _5\"/>e classified as non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming when<span class=\"_ _39\"/> the loan is<span class=\"_ _5\"/> to<span class=\"_ _39\"/> a Partner who has lef<span class=\"_ _6\"/>t the S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>m<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>, or w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n is to a Partner whom<span class=\"_ _39\"/> manage<span class=\"_ _b\"/>ment considers<span class=\"_ _39\"/> to be<span class=\"_ _39\"/> at significant ri<span class=\"_ _b\"/>sk of l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>av<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d wh<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>n ord<span class=\"_ _b\"/>er<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> set<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent o<span class=\"_ _b\"/>f de<span class=\"_ _b\"/>bt i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red to b<span class=\"_ _b\"/>e in q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. The definit<span class=\"_ _39\"/>ion of non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming loans<span class=\"_ _39\"/> in this cont<span class=\"_ _39\"/>ext is a c<span class=\"_ _b\"/>rit<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng j<span class=\"_ _b\"/>u<span class=\"_ _b\"/>dg<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, ab<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ut w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch m<span class=\"_ _b\"/>ore<span class=\"_ _b\"/> info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is s<span class=\"_ _b\"/>et ou<span class=\"_ _b\"/>t i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2. (<span class=\"_ _4\"/>ae<span class=\"_ _39\"/>) F<span class=\"_ _39\"/>oreign currency translation<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup\u2019s pr<span class=\"_ _39\"/>esentation and<span class=\"_ _39\"/> the Company\u2019s<span class=\"_ _39\"/> functional currenc<span class=\"_ _39\"/>y is pounds St<span class=\"_ _39\"/>erling<span class=\"_ _b\"/>. The St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income and<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ement of Cash<span class=\"_ _39\"/> Flows f<span class=\"_ _39\"/>or foreign<span class=\"_ _39\"/> subsidiaries are tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ntat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>ncy u<span class=\"_ _b\"/>s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g exch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e rates p<span class=\"_ _b\"/>reva<span class=\"_ _b\"/>il<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ate of t<span class=\"_ _b\"/>he t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. The St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position<span class=\"_ _39\"/> for f<span class=\"_ _39\"/>oreign subsidiaries is tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d at th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar-end exc<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge ra<span class=\"_ _b\"/>te. E<span class=\"_ _b\"/>xch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e rat<span class=\"_ _39\"/>e differences<span class=\"_ _5\"/> arising fr<span class=\"_ _39\"/>om these t<span class=\"_ _39\"/>ranslations ar<span class=\"_ _5\"/>e t<span class=\"_ _39\"/>aken to<span class=\"_ _39\"/> the Stat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income. For<span class=\"_ _39\"/>eign currency<span class=\"_ _39\"/> transactions<span class=\"_ _39\"/> are tr<span class=\"_ _39\"/>anslated int<span class=\"_ _39\"/>o Sterling us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e exch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e rate p<span class=\"_ _b\"/>revai<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e transac<span class=\"_ _39\"/>tions. Monetary assets<span class=\"_ _5\"/> and liabilities<span class=\"_ _39\"/> denominated in f<span class=\"_ _39\"/>oreign curr<span class=\"_ _39\"/>encies are t<span class=\"_ _39\"/>ranslated using<span class=\"_ _39\"/> the rat<span class=\"_ _39\"/>e of exch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e ru<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ate a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>n or<span class=\"_ _b\"/> lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>n tran<span class=\"_ _b\"/>s<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> of Compr<span class=\"_ _39\"/>ehensive Income. Non-mone<span class=\"_ _39\"/>tar<span class=\"_ _b\"/>y assets<span class=\"_ _39\"/> and liabilities which<span class=\"_ _39\"/> are held at h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tori<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l co<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>re tran<span class=\"_ _b\"/>sl<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d u<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ng ex<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge ra<span class=\"_ _b\"/>tes preva<span class=\"_ _b\"/>il<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ate o<span class=\"_ _b\"/>f the t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on; t<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>se h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d at<span class=\"_ _b\"/> fair va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>re tran<span class=\"_ _b\"/>sl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ng e<span class=\"_ _b\"/>xch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e rates r<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te on w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e wa<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>term<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>af) Segment<span class=\"_ _39\"/> repor<span class=\"_ _b\"/>ting<span class=\"_ _34e\"> </span>Operating segment<span class=\"_ _39\"/>s are r<span class=\"_ _39\"/>epor<span class=\"_ _b\"/>ted in<span class=\"_ _39\"/> a manner consist<span class=\"_ _39\"/>e<span class=\"_ _b\"/>nt wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e inte<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to the Ch<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ef O<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g Decision-Mak<span class=\"_ _39\"/>er.<span class=\"_ _39\"/> The Chief Oper<span class=\"_ _39\"/>ating Decision-Maker<span class=\"_ _4\"/>, responsible f<span class=\"_ _39\"/>or allocating r<span class=\"_ _39\"/>esources and<span class=\"_ _39\"/> assessing performance of<span class=\"_ _39\"/> the operating<span class=\"_ _39\"/> se<span class=\"_ _b\"/>gments, has been identified as<span class=\"_ _39\"/> the Executive<span class=\"_ _39\"/> Board.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ag) Cu<span class=\"_ _5\"/>rrent<span class=\"_ _5\"/> and non-curren<span class=\"_ _39\"/>t disclosure<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>ets w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>red o<span class=\"_ _b\"/>r s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d no mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 12 m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ths a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ter t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n the N<span class=\"_ _b\"/>ote<span class=\"_ _b\"/>s to the F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Tho<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>overe<span class=\"_ _b\"/>d or s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d mo<span class=\"_ _b\"/>re th<span class=\"_ _b\"/>an<span class=\"_ _b\"/> 12 mo<span class=\"_ _b\"/>nth<span class=\"_ _b\"/>s af<span class=\"_ _6\"/>ter th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>or<span class=\"_ _6\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ate a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as<span class=\"_ _b\"/> non-cur<span class=\"_ _39\"/>rent.<span class=\"_ _34e\"> </span>Li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted o<span class=\"_ _b\"/>r du<span class=\"_ _b\"/>e to be s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d no mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 12 m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ths a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ter t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n the N<span class=\"_ _b\"/>ote<span class=\"_ _b\"/>s to the F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Tho<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ecte<span class=\"_ _b\"/>d or d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e to be se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d mo<span class=\"_ _b\"/>re tha<span class=\"_ _b\"/>n 12 m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ths a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ter t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> as non-<span class=\"_ _39\"/>current.<span class=\"_ _34e\"> </span>(<span class=\"_ _4\"/>ah<span class=\"_ _39\"/>) Alternativ<span class=\"_ _5\"/>e performance measures<span class=\"_ _34e\"> </span>Wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>, a n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f al<span class=\"_ _b\"/>tern<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tive<span class=\"_ _b\"/> pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>res (APM<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) are d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>o<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. An AP<span class=\"_ _b\"/>M is a<span class=\"_ _b\"/> measure<span class=\"_ _5\"/> of financial<span class=\"_ _39\"/> per<span class=\"_ _b\"/>formance, financial<span class=\"_ _39\"/> position or cash flows<span class=\"_ _5\"/> which is<span class=\"_ _39\"/> not defined by<span class=\"_ _39\"/> the rele<span class=\"_ _39\"/>vant financial<span class=\"_ _39\"/> repor<span class=\"_ _b\"/>ting frame<span class=\"_ _39\"/>work<span class=\"_ _b\"/>, which f<span class=\"_ _39\"/>or the Gr<span class=\"_ _39\"/>oup is Int<span class=\"_ _39\"/>ernational Financial Reporting Standar<span class=\"_ _39\"/>ds as adopt<span class=\"_ _39\"/>ed by t<span class=\"_ _39\"/>he UK Endorsement Bo<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>PM<span class=\"_ _b\"/>s are u<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d to provi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e gre<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>r in<span class=\"_ _b\"/>si<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>t into th<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce of t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e way i<span class=\"_ _b\"/>t is m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>d by the D<span class=\"_ _b\"/>i<span class=\"_ _b\"/>recto<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. A d<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f ea<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h of th<span class=\"_ _b\"/>e APM<span class=\"_ _b\"/>s i<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in the<span class=\"_ _39\"/> glossar<span class=\"_ _b\"/>y of alt<span class=\"_ _39\"/>ernative performance<span class=\"_ _39\"/> measures, which e<span class=\"_ _5\"/>xplains wh<span class=\"_ _39\"/>y it is<span class=\"_ _39\"/> use<span class=\"_ _b\"/>d and, wher<span class=\"_ _39\"/>e applicable, exp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns h<span class=\"_ _b\"/>ow th<span class=\"_ _b\"/>e me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>n be re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>il<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to the<span class=\"_ _b\"/> IFRS Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>200<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>2<span class=\"_ _b\"/>. Critical accounting estimates and judgements in applying accounting policies<span class=\"_ _34e\"> </span>Estima<span class=\"_ _b\"/>tes<span class=\"_ _34e\"> </span>Cri<span class=\"_ _b\"/>tic<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tes are t<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>se w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch g<span class=\"_ _b\"/>ive r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e to a significant<span class=\"_ _39\"/> risk of mat<span class=\"_ _39\"/>erial adjustment t<span class=\"_ _39\"/>o the<span class=\"_ _39\"/> b<span class=\"_ _b\"/>alances recognised in<span class=\"_ _39\"/> the Financial St<span class=\"_ _39\"/>atements wit<span class=\"_ _39\"/>hin the next 12 mo<span class=\"_ _b\"/>nth<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s cr<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>re:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls71 ws36\">determining<span class=\"_ _39\"/> the value<span class=\"_ _39\"/> of insur<span class=\"_ _39\"/>ance contr<span class=\"_ _39\"/>act liabilities<span class=\"_ _39\"/>;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">de<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y; a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">de<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of Leve<span class=\"_ _b\"/>l 3 fi<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/> </span>securities<span class=\"_ _39\"/> and equities.<span class=\"_ _34e\"> </span>Esti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>re al<span class=\"_ _b\"/>so a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e Financial St<span class=\"_ _39\"/>atements, including det<span class=\"_ _39\"/>ermining the v<span class=\"_ _39\"/>alue of defe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>its<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> operational<span class=\"_ _39\"/> readiness prepayment<span class=\"_ _39\"/> and other pr<span class=\"_ _39\"/>ovisions. Determining the v<span class=\"_ _39\"/>alue of insurance<span class=\"_ _39\"/> contract liabilities<span class=\"_ _34e\"> </span>The assumpt<span class=\"_ _39\"/>ions used in t<span class=\"_ _5\"/>he calculation<span class=\"_ _39\"/> of insurance<span class=\"_ _39\"/> con<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>ct li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>i<span class=\"_ _b\"/>li<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at h<span class=\"_ _b\"/>ave a<span class=\"_ _b\"/>n ef<span class=\"_ _6\"/>fect o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>ent<span class=\"_ _b\"/> of Compr<span class=\"_ _39\"/>ehensive Income of<span class=\"_ _39\"/> the Group<span class=\"_ _39\"/> are:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e la<span class=\"_ _b\"/>ps<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s se<span class=\"_ _b\"/>t ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d </span>on a<span class=\"_ _b\"/>n inves<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>l of e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch for t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r revi<span class=\"_ _b\"/>ew i<span class=\"_ _b\"/>s </span>ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on a<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n 202<span class=\"_ _b\"/>2 an<span class=\"_ _b\"/>d ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d rates<span class=\"_ _b\"/> in 2023 a<span class=\"_ _b\"/>nd ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>on<span class=\"_ _b\"/>g term<span class=\"_ _b\"/>;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">the mortality and mor<span class=\"_ _39\"/>bi<span class=\"_ _b\"/>dity rat<span class=\"_ _39\"/>es<span class=\"_ _b\"/>, which ar<span class=\"_ _39\"/>e based on t<span class=\"_ _39\"/>he </span>resu<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>s of a<span class=\"_ _b\"/>n inve<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rin<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>me<span class=\"_ _b\"/>d ra<span class=\"_ _b\"/>te of inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t retu<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> </span>on curr<span class=\"_ _39\"/>ent gilt yields.<span class=\"_ _34e\"> </span>Great<span class=\"_ _39\"/>e<span class=\"_ _b\"/>r det<span class=\"_ _39\"/>ail on the<span class=\"_ _39\"/> assumptions applied, and sensitivity an<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ys<span class=\"_ _b\"/>is<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>s sh<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n in N<span class=\"_ _b\"/>ote 14<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Whilst the<span class=\"_ _39\"/> measurement of<span class=\"_ _39\"/> insurance cont<span class=\"_ _39\"/>ract liabilities<span class=\"_ _39\"/> is c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>de<span class=\"_ _b\"/>red to b<span class=\"_ _b\"/>e a cr<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l a<span class=\"_ _b\"/>cco<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ate for th<span class=\"_ _b\"/>e Group,<span class=\"_ _39\"/> the vast<span class=\"_ _39\"/> majorit<span class=\"_ _b\"/>y of<span class=\"_ _5\"/> non-un<span class=\"_ _5\"/>it<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss w<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ten i<span class=\"_ _b\"/>s rei<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. As a re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>t of a ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te in d<span class=\"_ _b\"/>eter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g the va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce contr<span class=\"_ _39\"/>act liabilities w<span class=\"_ _39\"/>ould be mitigat<span class=\"_ _5\"/>ed t<span class=\"_ _39\"/>o a significant de<span class=\"_ _b\"/>gre<span class=\"_ _b\"/>e by th<span class=\"_ _b\"/>e im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f the c<span class=\"_ _b\"/>h<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te in determin<span class=\"_ _5\"/>ing the<span class=\"_ _39\"/> value of r<span class=\"_ _39\"/>einsurance asse<span class=\"_ _5\"/>ts.<span class=\"_ _34e\"> </span>Determining the fair<span class=\"_ _39\"/> value of in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> p<span class=\"_ _b\"/>ropert<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>In a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ord<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h IAS 40<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>st<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>se<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y rem<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>su<span class=\"_ _b\"/>res i<span class=\"_ _b\"/>ts p<span class=\"_ _b\"/>or<span class=\"_ _6\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>io to fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Financial Po<span class=\"_ _5\"/>sition. Fair<span class=\"_ _39\"/> value is de<span class=\"_ _39\"/>termined at least<span class=\"_ _39\"/> monthly by profe<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>io<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l ex<span class=\"_ _6\"/>tern<span class=\"_ _b\"/>al va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. I<span class=\"_ _b\"/>t is b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on a<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d marke<span class=\"_ _39\"/>t values f<span class=\"_ _39\"/>or the pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>ties in accor<span class=\"_ _39\"/>dance with t<span class=\"_ _39\"/>he gu<span class=\"_ _b\"/>id<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>s<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ed by t<span class=\"_ _b\"/>he Roya<span class=\"_ _b\"/>l In<span class=\"_ _b\"/>st<span class=\"_ _b\"/>itu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f Cha<span class=\"_ _b\"/>r<span class=\"_ _b\"/>te<span class=\"_ _b\"/>red<span class=\"_ _b\"/> Su<span class=\"_ _b\"/>r<span class=\"_ _b\"/>veyor<span class=\"_ _b\"/>s (<span class=\"_ _5\"/>RI<span class=\"_ _b\"/>CS<span class=\"_ _39\"/>), b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e est<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t wou<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d be<span class=\"_ _b\"/> rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ved f<span class=\"_ _b\"/>rom a s<span class=\"_ _b\"/>al<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets i<span class=\"_ _b\"/>n an o<span class=\"_ _b\"/>rde<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n between mark<span class=\"_ _39\"/>et participa<span class=\"_ _39\"/>nts.<span class=\"_ _34e\"> </span>The va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve as i<span class=\"_ _b\"/>t req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er fa<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns to b<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>de<span class=\"_ _b\"/> reg<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y of ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng te<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nts to m<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>t the<span class=\"_ _b\"/>i<span class=\"_ _b\"/>r renta<span class=\"_ _b\"/>l ob<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s over t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>re li<span class=\"_ _b\"/>fe of th<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>r l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of the<span class=\"_ _39\"/> expected r<span class=\"_ _39\"/>ental inc<span class=\"_ _39\"/>ome into<span class=\"_ _39\"/> the future,<span class=\"_ _39\"/> the assessment of a pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y<span class=\"_ _b\"/>\u2019s p<span class=\"_ _b\"/>otent<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l to rem<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>n as a<span class=\"_ _b\"/>n at<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>ive te<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l con<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>gu<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to exi<span class=\"_ _b\"/>st<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g an<span class=\"_ _b\"/>d pro<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve ten<span class=\"_ _b\"/>ant<span class=\"_ _b\"/>s in a<span class=\"_ _b\"/> changing mar<span class=\"_ _39\"/>ket an<span class=\"_ _5\"/>d a<span class=\"_ _39\"/> judgement on t<span class=\"_ _39\"/>he attract<span class=\"_ _39\"/>iveness of a<span class=\"_ _39\"/> building<span class=\"_ _b\"/>, its<span class=\"_ _39\"/> location and t<span class=\"_ _39\"/>he surrounding<span class=\"_ _39\"/> environment. Where<span class=\"_ _39\"/>ver appropriat<span class=\"_ _39\"/>e, sustainability and<span class=\"_ _39\"/> environment<span class=\"_ _39\"/>al matters ar<span class=\"_ _39\"/>e an int<span class=\"_ _39\"/>egral part of t<span class=\"_ _5\"/>he v<span class=\"_ _39\"/>alu<span class=\"_ _b\"/>ation appr<span class=\"_ _39\"/>oach<span class=\"_ _b\"/>. In a v<span class=\"_ _39\"/>aluation cont<span class=\"_ _39\"/>ex<span class=\"_ _b\"/>t, sustainability encompasses a<span class=\"_ _39\"/> wide range<span class=\"_ _5\"/> of ph<span class=\"_ _39\"/>ysical, social, envir<span class=\"_ _39\"/>on<span class=\"_ _b\"/>mental<span class=\"_ _39\"/> and economic fac<span class=\"_ _39\"/>tors t<span class=\"_ _39\"/>hat can affec<span class=\"_ _39\"/>t value. T<span class=\"_ _39\"/>he range<span class=\"_ _39\"/> of issues inc<span class=\"_ _39\"/>ludes ke<span class=\"_ _39\"/>y envir<span class=\"_ _39\"/>onmental r<span class=\"_ _39\"/>isks, such as<span class=\"_ _39\"/> flooding<span class=\"_ _b\"/>, energy<span class=\"_ _39\"/> ef<span class=\"_ _b\"/>ficiency and climat<span class=\"_ _39\"/>e, as well as<span class=\"_ _39\"/> mat<span class=\"_ _b\"/>ters<span class=\"_ _39\"/> of design, configurati<span class=\"_ _5\"/>on, accessibility,<span class=\"_ _39\"/> legis<span class=\"_ _b\"/>lation, management and<span class=\"_ _39\"/> fiscal considerations<span class=\"_ _39\"/> \u2013 and, additionally<span class=\"_ _39\"/>, curr<span class=\"_ _5\"/>ent and<span class=\"_ _39\"/> historic land us<span class=\"_ _b\"/>e. As s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s are c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>i<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>s Level 3<span class=\"_ _b\"/> in th<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>3 fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue h<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>ra<span class=\"_ _b\"/>rchy be<span class=\"_ _b\"/>c<span class=\"_ _b\"/>au<span class=\"_ _b\"/>se th<span class=\"_ _b\"/>ey a<span class=\"_ _b\"/>re val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d using t<span class=\"_ _39\"/>echniqu<span class=\"_ _b\"/>es which<span class=\"_ _39\"/> are not<span class=\"_ _39\"/> b<span class=\"_ _b\"/>ased on ob<span class=\"_ _39\"/>se<span class=\"_ _b\"/>rvable inputs. Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er d<span class=\"_ _b\"/>eta<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g s<span class=\"_ _b\"/>en<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ys<span class=\"_ _b\"/>is<span class=\"_ _6\"/>, are se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t in N<span class=\"_ _b\"/>ote 17.<span class=\"_ _34e\"> </span>201<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>2<span class=\"_ _b\"/>. Critical accounting estimates and judgements in applying accounting policies <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d </span>Det<span class=\"_ _b\"/>ermi<span class=\"_ _b\"/>nin<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r value o<span class=\"_ _b\"/>f Level 3 fixed in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me securities<span class=\"_ _39\"/> an<span class=\"_ _b\"/>d equities<span class=\"_ _34e\"> </span>In a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ord<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h IF<span class=\"_ _b\"/>RS 9, t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p e<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cts to c<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>if<span class=\"_ _6\"/>y its p<span class=\"_ _b\"/>or<span class=\"_ _6\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>io o<span class=\"_ _b\"/>f po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r fi<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s at fa<span class=\"_ _b\"/>ir val<span class=\"_ _b\"/>ue th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h prof<span class=\"_ _b\"/>it a<span class=\"_ _b\"/>nd l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ss to ma<span class=\"_ _b\"/>tch th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>cco<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng fo<span class=\"_ _b\"/>r policyholder liabilit<span class=\"_ _39\"/>ies<span class=\"_ _b\"/>. Its<span class=\"_ _39\"/> por<span class=\"_ _b\"/>t<span class=\"_ _b\"/>folio<span class=\"_ _39\"/> of equities is<span class=\"_ _39\"/> required<span class=\"_ _39\"/> to be h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t fair va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h prof<span class=\"_ _b\"/>it a<span class=\"_ _b\"/>nd l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. As a re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>ll<span class=\"_ _b\"/> fi<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d at fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e,<span class=\"_ _b\"/> wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e be<span class=\"_ _b\"/>st ev<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>t i<span class=\"_ _b\"/>nit<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l rec<span class=\"_ _b\"/>o<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/> t<span class=\"_ _b\"/>yp<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y be<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e tran<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>.e<span class=\"_ _b\"/>. the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of<span class=\"_ _b\"/> the consider<span class=\"_ _39\"/>ation given<span class=\"_ _39\"/> or received.<span class=\"_ _34e\"> </span>Du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng 20<span class=\"_ _b\"/>21 an<span class=\"_ _b\"/>d 202<span class=\"_ _b\"/>2, a n<span class=\"_ _b\"/>u<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts we<span class=\"_ _b\"/>re ma<span class=\"_ _b\"/>de i<span class=\"_ _b\"/>n pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are<span class=\"_ _39\"/> recognised within fix<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d income<span class=\"_ _39\"/> se<span class=\"_ _b\"/>curities<span class=\"_ _39\"/> and within eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>vel<span class=\"_ _b\"/>y, on the C<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>da<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> of Financial<span class=\"_ _39\"/> Position. The f<span class=\"_ _39\"/>air value o<span class=\"_ _39\"/>f these assets<span class=\"_ _39\"/> is det<span class=\"_ _39\"/>ermined follo<span class=\"_ _39\"/>wing a mont<span class=\"_ _39\"/>hly valuation<span class=\"_ _39\"/> process wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h us<span class=\"_ _b\"/>es t<span class=\"_ _b\"/>w<span class=\"_ _b\"/>o di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nt va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n mo<span class=\"_ _b\"/>d<span class=\"_ _b\"/>el<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>c<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>de<span class=\"_ _b\"/>s verificati<span class=\"_ _5\"/>on b<span class=\"_ _39\"/>y prof<span class=\"_ _39\"/>essional external valuers. The<span class=\"_ _39\"/> models use suit<span class=\"_ _39\"/>able market<span class=\"_ _39\"/> comparatives<span class=\"_ _39\"/> and an estimat<span class=\"_ _39\"/>e of fut<span class=\"_ _b\"/>ure c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to f<span class=\"_ _b\"/>low f<span class=\"_ _b\"/>rom th<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>ng e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y. The va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve as t<span class=\"_ _b\"/>hey re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire a<span class=\"_ _b\"/> nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>s to be ma<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e, s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h as d<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g which ent<span class=\"_ _39\"/>ities pr<span class=\"_ _5\"/>ovide<span class=\"_ _39\"/> suitable mark<span class=\"_ _39\"/>et compar<span class=\"_ _39\"/>atives and<span class=\"_ _5\"/> their r<span class=\"_ _39\"/>elevant<span class=\"_ _5\"/> performance metr<span class=\"_ _39\"/>ics (<span class=\"_ _39\"/>for<span class=\"_ _39\"/> example earnings befor<span class=\"_ _39\"/>e inter<span class=\"_ _39\"/>est, tax, depreciation<span class=\"_ _39\"/> and amor<span class=\"_ _b\"/>tisation<span class=\"_ _4\"/>), dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ate d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ow forec<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ts to us<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n mo<span class=\"_ _b\"/>de<span class=\"_ _b\"/>l<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, the w<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g to ap<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>y to ea<span class=\"_ _b\"/>ch<span class=\"_ _b\"/> valuation<span class=\"_ _39\"/> methodology,<span class=\"_ _39\"/> and the point<span class=\"_ _39\"/> in the r<span class=\"_ _39\"/>ange of val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s to sel<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct a<span class=\"_ _b\"/>s the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>. As th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>pu<span class=\"_ _b\"/>ts to th<span class=\"_ _b\"/>e valuation<span class=\"_ _39\"/> mode<span class=\"_ _b\"/>ls ar<span class=\"_ _39\"/>e unobser<span class=\"_ _b\"/>vable, the<span class=\"_ _39\"/> invest<span class=\"_ _39\"/>me<span class=\"_ _b\"/>nts<span class=\"_ _5\"/> in pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te cred<span class=\"_ _b\"/>it a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ets a<span class=\"_ _b\"/>re cl<span class=\"_ _b\"/>as<span class=\"_ _b\"/>si<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d as<span class=\"_ _b\"/> Level 3 i<span class=\"_ _b\"/>n the I<span class=\"_ _b\"/>F<span class=\"_ _b\"/>RS 13 fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e hi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rarchy.<span class=\"_ _34e\"> </span>Following<span class=\"_ _39\"/> the inv<span class=\"_ _39\"/>asion of Ukraine<span class=\"_ _39\"/> by Russia, sanct<span class=\"_ _39\"/>ions and trad<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g res<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ict<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns we<span class=\"_ _b\"/>re p<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d on fo<span class=\"_ _b\"/>rei<span class=\"_ _b\"/>gn i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tors<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>s a resu<span class=\"_ _b\"/>lt<span class=\"_ _6\"/>, fair va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ng w<span class=\"_ _b\"/>as a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to Rus<span class=\"_ _b\"/>si<span class=\"_ _b\"/>an a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s a si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>if<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>nt ma<span class=\"_ _b\"/>rkd<span class=\"_ _b\"/>own i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _b\"/> Further de<span class=\"_ _5\"/>tail<span class=\"_ _39\"/> about the v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>uation models, including se<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>v<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ysi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>s set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n N<span class=\"_ _b\"/>ote 17<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>Judgements<span class=\"_ _34e\"> </span>The p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y are<span class=\"_ _b\"/>as i<span class=\"_ _b\"/>n wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up h<span class=\"_ _b\"/>as a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d judgement ar<span class=\"_ _39\"/>e as follow<span class=\"_ _39\"/>s:<span class=\"_ _34e\"> </span>Consolidation<span class=\"_ _34e\"> </span>Ent<span class=\"_ _39\"/>ities are<span class=\"_ _39\"/> consolidated<span class=\"_ _5\"/> within<span class=\"_ _5\"/> the Gr<span class=\"_ _39\"/>oup Financial Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s if t<span class=\"_ _b\"/>hey a<span class=\"_ _b\"/>re co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ed by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p. C<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>rol ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ts<span class=\"_ _b\"/> if th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up i<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>po<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d to, o<span class=\"_ _b\"/>r ha<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>ts to, va<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rns<span class=\"_ _b\"/> from i<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>nvol<span class=\"_ _b\"/>vem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e en<span class=\"_ _b\"/>tit<span class=\"_ _6\"/>y an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up h<span class=\"_ _b\"/>as th<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y to a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fec<span class=\"_ _b\"/>t tho<span class=\"_ _b\"/>se re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rns t<span class=\"_ _b\"/>hro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h it<span class=\"_ _b\"/>s po<span class=\"_ _b\"/>wer ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e ent<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y. Si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ant j<span class=\"_ _b\"/>u<span class=\"_ _b\"/>dg<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ca<span class=\"_ _b\"/>n be i<span class=\"_ _b\"/>nvol<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>d in d<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rmi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g wh<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>er t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>ls a<span class=\"_ _b\"/>n e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y, such a<span class=\"_ _b\"/>s i<span class=\"_ _b\"/>n the c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e of<span class=\"_ _b\"/> the s<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y se<span class=\"_ _b\"/>t up fo<span class=\"_ _b\"/>r the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cur<span class=\"_ _b\"/>it<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n transac<span class=\"_ _39\"/>tion<span class=\"_ _b\"/>, SJP P<span class=\"_ _39\"/>ar<span class=\"_ _b\"/>tner Loans<span class=\"_ _39\"/> No.1 Limited, and<span class=\"_ _39\"/> for the Group\u2019<span class=\"_ _39\"/>s unit trusts. A str<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>ture<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s on<span class=\"_ _b\"/>e tha<span class=\"_ _b\"/>t h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n d<span class=\"_ _b\"/>es<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>o tha<span class=\"_ _b\"/>t vot<span class=\"_ _39\"/>ing or similar right<span class=\"_ _39\"/>s are no<span class=\"_ _39\"/>t the dominant<span class=\"_ _39\"/> factor<span class=\"_ _39\"/> in de<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g wh<span class=\"_ _b\"/>o co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>ls th<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y. As a resu<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>, fa<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>er a G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y is a<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le to di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>e rel<span class=\"_ _b\"/>evan<span class=\"_ _b\"/>t ac<span class=\"_ _b\"/>tiv<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e en<span class=\"_ _b\"/>tit<span class=\"_ _6\"/>y an<span class=\"_ _b\"/>d the e<span class=\"_ _b\"/>x<span class=\"_ _b\"/>ten<span class=\"_ _b\"/>t to wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>s exp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to vari<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y of ret<span class=\"_ _b\"/>urn<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>re con<span class=\"_ _b\"/>si<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. In t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e of S<span class=\"_ _b\"/>JP<span class=\"_ _b\"/> Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r Loa<span class=\"_ _b\"/>ns N<span class=\"_ _b\"/>o<span class=\"_ _b\"/>.1 L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, it wa<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p do<span class=\"_ _b\"/>es c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>rol th<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>d h<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>t is c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>da<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s is<span class=\"_ _b\"/> du<span class=\"_ _b\"/>e to an e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y in t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng th<span class=\"_ _b\"/>e j<span class=\"_ _b\"/>un<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r tran<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>e of<span class=\"_ _b\"/> loan not<span class=\"_ _39\"/>es<span class=\"_ _b\"/>, hence<span class=\"_ _5\"/> being subject<span class=\"_ _39\"/> to v<span class=\"_ _39\"/>ariabilit<span class=\"_ _b\"/>y of r<span class=\"_ _39\"/>eturns, and the s<span class=\"_ _b\"/>am<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y be<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to di<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>t the re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>evant a<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es<span class=\"_ _b\"/> of th<span class=\"_ _b\"/>e str<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ctu<span class=\"_ _b\"/>red e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h its ro<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>f se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>er to th<span class=\"_ _b\"/>e securitised port<span class=\"_ _b\"/>folio.<span class=\"_ _34e\"> </span>Unit trust<span class=\"_ _39\"/>s are cons<span class=\"_ _39\"/>o<span class=\"_ _b\"/>lidated<span class=\"_ _5\"/> when the<span class=\"_ _39\"/> Group holds mor<span class=\"_ _39\"/>e tha<span class=\"_ _b\"/>n 30<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t un<span class=\"_ _b\"/>it tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>is i<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e thre<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld at w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p is c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>de<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d to ach<span class=\"_ _b\"/>ieve c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trol<span class=\"_ _b\"/>, h<span class=\"_ _b\"/>av<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> reg<span class=\"_ _b\"/>ard to fac<span class=\"_ _b\"/>tors s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h as<span class=\"_ _b\"/>: <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">the scope<span class=\"_ _39\"/> of decision-making aut<span class=\"_ _39\"/>horit<span class=\"_ _b\"/>y held b<span class=\"_ _39\"/>y </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>nit Trus<span class=\"_ _b\"/>t Gro<span class=\"_ _b\"/>up L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, the u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t trust<span class=\"_ _39\"/> manager;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">ri<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>ts he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d by ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es to rem<span class=\"_ _b\"/>ove th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it tr<span class=\"_ _b\"/>u<span class=\"_ _b\"/>st </span>manager; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s exp<span class=\"_ _b\"/>o<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re to vari<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>s thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h it<span class=\"_ _b\"/>s </span>ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>sts a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d its a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y to i<span class=\"_ _b\"/>nfl<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce the unit<span class=\"_ _39\"/> trust manager\u2019s r<span class=\"_ _39\"/>emune<span class=\"_ _b\"/>ration.<span class=\"_ _34e\"> </span>Determining non-performing<span class=\"_ _39\"/> business loans to Partners<span class=\"_ _34e\"> </span>Business loans t<span class=\"_ _39\"/>o Partners ar<span class=\"_ _39\"/>e considered t<span class=\"_ _39\"/>o be non-<span class=\"_ _34e\"> </span>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ng (Stag<span class=\"_ _b\"/>e 3<span class=\"_ _39\"/>), in t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>tex<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/> pre<span class=\"_ _b\"/>scr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by I<span class=\"_ _b\"/>FRS 9<span class=\"_ _b\"/>, if th<span class=\"_ _b\"/>ey a<span class=\"_ _b\"/>re in d<span class=\"_ _b\"/>efau<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s is d<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d as a l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n to ei<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls3f\">a Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>o ha<span class=\"_ _b\"/>s le<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ce Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>p; or<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">a Partner whom<span class=\"_ _39\"/> m<span class=\"_ _b\"/>anagement considers t<span class=\"_ _39\"/>o be at<span class=\"_ _5\"/> </span>significant r<span class=\"_ _5\"/>isk of<span class=\"_ _39\"/> le<span class=\"_ _b\"/>aving the<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tnership and wher<span class=\"_ _39\"/>e an ord<span class=\"_ _b\"/>er<span class=\"_ _b\"/>ly s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f de<span class=\"_ _b\"/>bt i<span class=\"_ _b\"/>s con<span class=\"_ _b\"/>s<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>d to be i<span class=\"_ _b\"/>n qu<span class=\"_ _b\"/>es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Det<span class=\"_ _b\"/>ermi<span class=\"_ _b\"/>nin<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e der<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ogn<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on of b<span class=\"_ _b\"/>usi<span class=\"_ _b\"/>ness l<span class=\"_ _b\"/>oan<span class=\"_ _b\"/>s to Partners<span class=\"_ _34e\"> </span>Business loans t<span class=\"_ _39\"/>o Partners ar<span class=\"_ _39\"/>e derecognised, in the<span class=\"_ _39\"/> context of th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>cri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ed by I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 9, w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts h<span class=\"_ _b\"/>ave b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d to a thi<span class=\"_ _b\"/>rd pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _b\"/>; </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>s an o<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on to pa<span class=\"_ _b\"/>y re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws i<span class=\"_ _b\"/>n fu<span class=\"_ _b\"/>ll </span>wi<span class=\"_ _b\"/>tho<span class=\"_ _b\"/>ut m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>teri<span class=\"_ _b\"/>al d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>la<span class=\"_ _b\"/>y to a thi<span class=\"_ _b\"/>rd pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r a \u2018p<span class=\"_ _b\"/>as<span class=\"_ _b\"/>s-<span class=\"_ _34e\"> </span>through<span class=\"_ _39\"/>\u2019 arrangement; and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">the originat<span class=\"_ _39\"/>or has tr<span class=\"_ _39\"/>ansferred sub<span class=\"_ _39\"/>stantially all<span class=\"_ _39\"/> the risks<span class=\"_ _5\"/> </span>and r<span class=\"_ _39\"/>ewards o<span class=\"_ _5\"/>f owning<span class=\"_ _39\"/> the assets.<span class=\"_ _34e\"> </span>Se<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 12 for fu<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r in<span class=\"_ _b\"/>form<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of business<span class=\"_ _39\"/> lo<span class=\"_ _b\"/>ans t<span class=\"_ _39\"/>o Partners.<span class=\"_ _34e\"> </span>202<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>3. Segment report<span class=\"_ _b\"/>ing<span class=\"_ _34e\"> </span>IF<span class=\"_ _b\"/>RS 8 O<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g Se<span class=\"_ _b\"/>g<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts re<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res o<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g se<span class=\"_ _b\"/>g<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts to b<span class=\"_ _b\"/>e id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>tif<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s of i<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>n<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>t com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>on<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts of t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y revi<span class=\"_ _b\"/>ewe<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Bo<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>n ord<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r to all<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>te reso<span class=\"_ _b\"/>urc<span class=\"_ _b\"/>es to e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h se<span class=\"_ _b\"/>gm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt and assess<span class=\"_ _39\"/> its per<span class=\"_ _b\"/>formance. The Gr<span class=\"_ _39\"/>oup\u2019s only r<span class=\"_ _39\"/>epor<span class=\"_ _b\"/>table segment<span class=\"_ _39\"/> under IFRS 8 is<span class=\"_ _39\"/> a \u2018wealth management\u2019 business \u2013 which<span class=\"_ _39\"/> is a vertically-<span class=\"_ _39\"/>integr<span class=\"_ _5\"/>ated business pr<span class=\"_ _39\"/>oviding support to<span class=\"_ _39\"/> our clients thr<span class=\"_ _39\"/>ough the pr<span class=\"_ _39\"/>ovision of<span class=\"_ _39\"/> financial advice and assist<span class=\"_ _39\"/>ance thr<span class=\"_ _39\"/>ou<span class=\"_ _b\"/>gh our<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tner network<span class=\"_ _b\"/>, and<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial solutions<span class=\"_ _39\"/> including (<span class=\"_ _39\"/>but not<span class=\"_ _39\"/> limited t<span class=\"_ _39\"/>o<span class=\"_ _39\"/>) wealth<span class=\"_ _39\"/> m<span class=\"_ _b\"/>anagement pr<span class=\"_ _5\"/>oducts manuf<span class=\"_ _39\"/>actured in<span class=\"_ _39\"/> the Group<span class=\"_ _39\"/>, such as<span class=\"_ _39\"/> insurance bonds, pensions, unit<span class=\"_ _5\"/> trust and<span class=\"_ _39\"/> ISA in<span class=\"_ _5\"/>vestmen<span class=\"_ _39\"/>ts<span class=\"_ _b\"/>, and a<span class=\"_ _39\"/> DFM service. Separat<span class=\"_ _39\"/>e geographical segment<span class=\"_ _39\"/>al infor<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ation is<span class=\"_ _39\"/> not present<span class=\"_ _39\"/>ed since the<span class=\"_ _39\"/> Group does<span class=\"_ _39\"/> not segment its<span class=\"_ _39\"/> business geographically<span class=\"_ _39\"/>. Most o<span class=\"_ _5\"/>f its<span class=\"_ _39\"/> customers ar<span class=\"_ _39\"/>e based in t<span class=\"_ _39\"/>he United Kingdom, as<span class=\"_ _5\"/> is management o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> assets. In particular<span class=\"_ _39\"/>, the oper<span class=\"_ _39\"/>ation based in A<span class=\"_ _39\"/>sia is not<span class=\"_ _39\"/> yet sufficiently mat<span class=\"_ _39\"/>erial for<span class=\"_ _39\"/> sep<span class=\"_ _b\"/>arat<span class=\"_ _39\"/>e consideration. Segment re<span class=\"_ _39\"/>venue<span class=\"_ _34e\"> </span>Reven<span class=\"_ _b\"/>ue re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ved f<span class=\"_ _b\"/>rom fe<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>is<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me i<span class=\"_ _b\"/>s set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n N<span class=\"_ _b\"/>ote 4<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch d<span class=\"_ _b\"/>etai<span class=\"_ _b\"/>ls t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>if<span class=\"_ _6\"/>fere<span class=\"_ _b\"/>nt t<span class=\"_ _b\"/>y<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>s of reve<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>d from<span class=\"_ _39\"/> our wealth management<span class=\"_ _39\"/> business<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Segment profit<span class=\"_ _34e\"> </span>T<span class=\"_ _4\"/>wo separat<span class=\"_ _39\"/>e measures of<span class=\"_ _39\"/> profit ar<span class=\"_ _39\"/>e monitor<span class=\"_ _39\"/>ed on a mon<span class=\"_ _39\"/>thly basis by<span class=\"_ _39\"/> the Board. These<span class=\"_ _39\"/> are the<span class=\"_ _39\"/> post-<span class=\"_ _4\"/>tax Underlying cash resu<span class=\"_ _b\"/>lt a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-tax Europe<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n Emb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>ed Val<span class=\"_ _b\"/>ue (EEV) profit<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Underlying cash res<span class=\"_ _39\"/>ul<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>The m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure o<span class=\"_ _b\"/>f ca<span class=\"_ _b\"/>sh p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>t mo<span class=\"_ _b\"/>n<span class=\"_ _b\"/>itore<span class=\"_ _b\"/>d on a m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>th<span class=\"_ _b\"/>ly b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is by t<span class=\"_ _b\"/>he B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ard i<span class=\"_ _b\"/>s the p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>ta<span class=\"_ _b\"/>x Un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ca<span class=\"_ _b\"/>sh re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>i<span class=\"_ _b\"/>s refl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cts em<span class=\"_ _b\"/>erg<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f ca<span class=\"_ _b\"/>sh a<span class=\"_ _b\"/>vai<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le fo<span class=\"_ _b\"/>r pa<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _39\"/>. U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ca<span class=\"_ _b\"/>sh i<span class=\"_ _b\"/>s ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e IF<span class=\"_ _b\"/>RS res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t exc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g the i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct of i<span class=\"_ _b\"/>ntan<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>p<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly DAC, DI<span class=\"_ _b\"/>R<span class=\"_ _b\"/>, P<span class=\"_ _b\"/>VI<span class=\"_ _b\"/>F<span class=\"_ _39\"/>, g<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>dw<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>, d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>teg<span class=\"_ _b\"/>ic ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. As th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ted<span class=\"_ _b\"/> wi<span class=\"_ _b\"/>th e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _b\"/>-set<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-bas<span class=\"_ _b\"/>ed p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>s refl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted i<span class=\"_ _b\"/>n ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y, they a<span class=\"_ _b\"/>re al<span class=\"_ _b\"/>so n<span class=\"_ _b\"/>ot i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Underlying ca<span class=\"_ _5\"/>sh r<span class=\"_ _39\"/>esult. Mo<span class=\"_ _b\"/>re de<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>l is p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d in S<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on 2<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 o<span class=\"_ _b\"/>f the f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l revi<span class=\"_ _b\"/>ew. The C<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t sh<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d not b<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>onf<span class=\"_ _b\"/>us<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>FRS C<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>da<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Cas<span class=\"_ _b\"/>h Fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h is p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>red i<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th IAS 7.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Underlying<span class=\"_ _39\"/> cash result<span class=\"_ _5\"/> after tax <span class=\"_ _15a\"> </span><span class=\"ls4c ws4a\">410<span class=\"_ _b\"/>.1<span class=\"_ _6f\"> </span><span class=\"ff9c fc3 ls3 ws3\">4<span class=\"_ _b\"/>01<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>Equity-se<span class=\"_ _5\"/>ttled share-<span class=\"_ _39\"/>base<span class=\"_ _b\"/>d payments<span class=\"_ _ad\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _50\"> </span><span class=\"lsef wsfd\">(2<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _34e\"> </span></span></span>De<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>cts<span class=\"_ _157\"> </span><span class=\"lsa4 wsfb\">(3<span class=\"_ _6\"/>0<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _1f\"> </span></span><span class=\"ls3\">0.<span class=\"_ _b\"/>5 </span>Restructuring<span class=\"_ _232\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _79\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>Im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r of DAC<span class=\"_ _39\"/>/DI<span class=\"_ _b\"/>R/PVI<span class=\"_ _b\"/>F<span class=\"_ _233\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3<span class=\"_ _b\"/>)<span class=\"_ _50\"> </span><span class=\"lsef wsfd\">(2<span class=\"_ _b\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r tax a<span class=\"_ _b\"/>sym<span class=\"_ _b\"/>me<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>y (see N<span class=\"_ _b\"/>ote 4<span class=\"_ _39\"/>) 1<span class=\"_ _34e\"> </span>50.6<span class=\"_ _97\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span>Othe<span class=\"_ _b\"/>r<span class=\"_ _166\"> </span><span class=\"ls3e ws3d\">5<span class=\"_ _b\"/>.0<span class=\"_ _6e\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span>IFRS p<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>fit a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>te<span class=\"_ _b\"/>r tax<span class=\"_ _234\"> </span><span class=\"lsb0 wsb5\">405.4<span class=\"_ _82\"> </span><span class=\"ff9c fc3 ls4d ws4b\">2<span class=\"_ _6\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _b\"/> </span></span>Shareholder<span class=\"_ _39\"/> tax<span class=\"_ _235\"> </span><span class=\"ls2f ws2f\">96.4<span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">66<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>Prof<span class=\"_ _b\"/>it be<span class=\"_ _b\"/>for<span class=\"_ _b\"/>e ta<span class=\"_ _b\"/>x at<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to sh<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>eh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs\u2019 r<span class=\"_ _b\"/>etu<span class=\"_ _b\"/>rns<span class=\"_ _200\"> </span><span class=\"lsb2 wsb9\">501<span class=\"_ _b\"/>.8<span class=\"_ _9b\"> </span></span><span class=\"ff9c fc3 ls3\">353<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span>T<span class=\"_ _4\"/>ax attributable<span class=\"_ _39\"/> to polic<span class=\"_ _39\"/>yholder ret<span class=\"_ _39\"/>urns<span class=\"_ _fb\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>0<span class=\"_ _6\"/>1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _60\"> </span><span class=\"ls3 ws3\">48<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.6 </span></span>IFRS p<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>fit b<span class=\"_ _b\"/>efo<span class=\"_ _b\"/>re t<span class=\"_ _b\"/>ax<span class=\"_ _236\"> </span><span class=\"ls5f ws65\">0.7<span class=\"_ _7a\"> </span><span class=\"ff9c fc3 ls14 ws13\">8<span class=\"_ _b\"/>42<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _b\"/> </span></span>1 <span class=\"ws164\"> </span>Further information on policyholder tax asymmetry can also be found in Section 2.1 of the <span class=\"ffa2\">f</span>inancial review.<span class=\"_ _34e\"> </span>203<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>3. Segment report<span class=\"_ _b\"/>ing <span class=\"ff9c lsf5 ws104\">conti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ed<span class=\"_ _34e\"> </span></span>EEV operating profit<span class=\"_ _34e\"> </span>EEV o<span class=\"_ _b\"/>p<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>t is m<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tored o<span class=\"_ _b\"/>n a m<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>hl<span class=\"_ _b\"/>y ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s by th<span class=\"_ _b\"/>e Bo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>. The c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>on<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts of t<span class=\"_ _b\"/>he EE<span class=\"_ _b\"/>V o<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t are i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n more<span class=\"_ _39\"/> detail in<span class=\"_ _39\"/> the financial re<span class=\"_ _39\"/>view within<span class=\"_ _39\"/> the Annual Report and<span class=\"_ _39\"/> Accounts.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>EEV o<span class=\"_ _b\"/>p<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>t b<span class=\"_ _b\"/>efore ta<span class=\"_ _b\"/>x<span class=\"_ _237\"> </span><span class=\"ls73 ws75\">1,<span class=\"_ _b\"/>589.7<span class=\"_ _b4\"> </span><span class=\"lse9 wsd7\">1,545.4<span class=\"_ _39\"/> </span></span>Investment<span class=\"_ _39\"/> return variance<span class=\"_ _238\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>3<span class=\"_ _6\"/>1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _60\"> </span><span class=\"ls3 ws3\">89<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.5 </span></span>Economic<span class=\"_ _39\"/> assumption changes<span class=\"_ _1fa\"> </span><span class=\"lsb0 wsb5\">235.1<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">4.<span class=\"_ _6\"/>2 </span></span>EE<span class=\"_ _b\"/>V pro<span class=\"_ _b\"/>fit b<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>ore t<span class=\"_ _b\"/>ax<span class=\"_ _b\"/> <span class=\"_ _239\"> </span><span class=\"lsbf wsc6\">510<span class=\"_ _b\"/>.8<span class=\"_ _11e\"> </span><span class=\"ff9c fc3 lsfc ws10b\">2,444.<span class=\"_ _39\"/>1 </span></span>Adjust<span class=\"_ _5\"/>ments t<span class=\"_ _39\"/>o IFRS basis:<span class=\"_ _34e\"> </span>Deduct: amortisation of<span class=\"_ _39\"/> purchased value<span class=\"_ _39\"/> of in-<span class=\"_ _39\"/>force<span class=\"_ _39\"/> business<span class=\"_ _181\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>.<span class=\"_ _6\"/>2<span class=\"_ _b\"/>)<span class=\"_ _a7\"> </span>(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span>Movemen<span class=\"_ _5\"/>t of<span class=\"_ _39\"/> balance sheet life<span class=\"_ _39\"/> value of<span class=\"_ _39\"/> in-f<span class=\"_ _39\"/>orce business<span class=\"_ _5\"/> (<span class=\"_ _4\"/>net of t<span class=\"_ _39\"/>ax)<span class=\"_ _11f\"> </span><span class=\"ls37 ws36\">10<span class=\"_ _39\"/>3<span class=\"_ _b\"/>.5<span class=\"_ _1a\"> </span><span class=\"lsa4 wsfb\">(8<span class=\"_ _6\"/>2<span class=\"_ _b\"/>4<span class=\"_ _30\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _34e\"> </span></span></span>Movemen<span class=\"_ _5\"/>t of<span class=\"_ _39\"/> balance sheet unit t<span class=\"_ _39\"/>rust and DFM v<span class=\"_ _39\"/>alue of in-<span class=\"_ _39\"/>for<span class=\"_ _39\"/>ce business (<span class=\"_ _4\"/>net of<span class=\"_ _5\"/> tax<span class=\"_ _39\"/>)<span class=\"_ _81\"> </span><span class=\"ls39 wsa4\">(<span class=\"_ _4\"/>94.9<span class=\"_ _39\"/>)<span class=\"_ _11e\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>Corporat<span class=\"_ _39\"/>ion tax r<span class=\"_ _39\"/>ate change<span class=\"_ _23a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _82\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _b\"/>1<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>a<span class=\"_ _b\"/>x on<span class=\"_ _39\"/> movement in<span class=\"_ _39\"/> value of<span class=\"_ _5\"/> in-<span class=\"_ _39\"/>force<span class=\"_ _39\"/> business<span class=\"_ _12a\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _be\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _6\"/>1<span class=\"_ _b\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>Prof<span class=\"_ _b\"/>it be<span class=\"_ _b\"/>for<span class=\"_ _b\"/>e ta<span class=\"_ _b\"/>x at<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to sh<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>eh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs\u2019 r<span class=\"_ _b\"/>etu<span class=\"_ _b\"/>rns<span class=\"_ _200\"> </span><span class=\"lsb2 wsb9\">501<span class=\"_ _b\"/>.8<span class=\"_ _9b\"> </span></span><span class=\"ff9c fc3 ls3\">353<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span>T<span class=\"_ _4\"/>ax attributable<span class=\"_ _39\"/> to polic<span class=\"_ _39\"/>yholder ret<span class=\"_ _39\"/>urns<span class=\"_ _fb\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>0<span class=\"_ _6\"/>1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _60\"> </span><span class=\"ls3 ws3\">48<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.6 </span></span>IFRS p<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>fit b<span class=\"_ _b\"/>efo<span class=\"_ _b\"/>re t<span class=\"_ _b\"/>ax<span class=\"_ _236\"> </span><span class=\"ls5f ws65\">0.7<span class=\"_ _7a\"> </span><span class=\"ff9c fc3 ls14 ws13\">8<span class=\"_ _b\"/>42<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _b\"/> </span></span>The m<span class=\"_ _b\"/>ove<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n li<span class=\"_ _b\"/>fe, u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tru<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>nd D<span class=\"_ _b\"/>FM va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in<span class=\"_ _b\"/>-force bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss i<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce b<span class=\"_ _b\"/>et<span class=\"_ _b\"/>we<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e op<span class=\"_ _b\"/>en<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nted va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>its t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t wi<span class=\"_ _b\"/>ll e<span class=\"_ _b\"/>m<span class=\"_ _b\"/>erg<span class=\"_ _b\"/>e fro<span class=\"_ _b\"/>m the i<span class=\"_ _b\"/>n-force b<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>k ove<span class=\"_ _b\"/>r tim<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, af<span class=\"_ _b\"/>te<span class=\"_ _b\"/>r ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g for DAC and D<span class=\"_ _b\"/>I<span class=\"_ _b\"/>R im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are a<span class=\"_ _b\"/>lre<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>y in<span class=\"_ _b\"/>c<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>er I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Segme<span class=\"_ _b\"/>nt assets<span class=\"_ _34e\"> </span>Funds u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>er m<span class=\"_ _b\"/>ana<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>ment (FUM) FU<span class=\"_ _b\"/>M<span class=\"_ _b\"/>, as re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d in S<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on 1 o<span class=\"_ _b\"/>f the f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l revi<span class=\"_ _b\"/>ew, is t<span class=\"_ _b\"/>he m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure of s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>gm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s mo<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tore<span class=\"_ _b\"/>d on a m<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>hl<span class=\"_ _b\"/>y b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is by the B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Investment<span class=\"_ _1b7\"> </span><span class=\"ls3e ws3d\">33,290.0<span class=\"_ _13f\"> </span>35,950.0 </span>Pension<span class=\"_ _23b\"> </span><span class=\"ls3e ws3d\">73,860.0<span class=\"_ _88\"> </span>7<span class=\"_ _39\"/>4<span class=\"_ _b\"/>,<span class=\"_ _b\"/>830.0 </span>UT<span class=\"_ _39\"/>/ISA an<span class=\"_ _b\"/>d D<span class=\"_ _b\"/>FM<span class=\"_ _16b\"> </span><span class=\"ls3e ws3d\">41,2<span class=\"_ _b\"/>20.0<span class=\"_ _22\"> </span>43<span class=\"_ _b\"/>,210.0 </span>To<span class=\"_ _b\"/>t<span class=\"_ _6\"/>a<span class=\"_ _6\"/>l<span class=\"_ _6\"/> F<span class=\"_ _6\"/>U<span class=\"_ _6\"/>M<span class=\"_ _6\"/> <span class=\"_ _23c\"> </span><span class=\"lsbc wsc1\">148,370.0<span class=\"_ _6b\"> </span><span class=\"ff9c fc3 ls3e ws3d\">153,990.0 </span></span>Exclude client<span class=\"_ _39\"/> and third-<span class=\"_ _39\"/>par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y holdings in<span class=\"_ _39\"/> non-consolidated<span class=\"_ _39\"/> unit trusts<span class=\"_ _39\"/> and DFM<span class=\"_ _23d\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>,<span class=\"_ _30\"/>4<span class=\"_ _30\"/>0<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3)<span class=\"_ _db\"> </span><span class=\"lsa4 wsfb\">(4<span class=\"_ _30\"/>,<span class=\"_ _30\"/>8<span class=\"_ _6\"/>1<span class=\"_ _6\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _34e\"> </span></span></span>Othe<span class=\"_ _b\"/>r<span class=\"_ _23e\"> </span><span class=\"ls43 ws41\">4,1<span class=\"_ _b\"/>53.6<span class=\"_ _1c4\"> </span><span class=\"ls3 ws3\">2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>39<span class=\"_ _b\"/>2.<span class=\"_ _b\"/>5 </span></span>Gross assets held to<span class=\"_ _5\"/> cov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>r unit liabilities<span class=\"_ _23f\"> </span><span class=\"ls4c ws4a\">148<span class=\"_ _b\"/>,1<span class=\"_ _b\"/>16<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _13a\"> </span><span class=\"ff9c fc3 ls3e ws3d\">151<span class=\"_ _b\"/>,571<span class=\"_ _b\"/>.0 </span></span>IFRS intangib<span class=\"_ _b\"/>le assets<span class=\"_ _240\"> </span><span class=\"ls71 wsc5\">496.<span class=\"_ _b\"/>4<span class=\"_ _14\"> </span></span><span class=\"ws3\">551<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6 </span>Shareholder<span class=\"_ _39\"/> gross a<span class=\"_ _5\"/>ssets<span class=\"_ _125\"> </span><span class=\"lse5 wsf4\">3,09<span class=\"_ _5\"/>2.3<span class=\"_ _17f\"> </span>3,60<span class=\"_ _39\"/>7<span class=\"_ _39\"/>.3 </span>T<span class=\"_ _39\"/>otal assets<span class=\"_ _eb\"> </span><span class=\"lsbf wsc6\">151,70<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.0<span class=\"_ _113\"> </span><span class=\"ff9c fc3 ls3 ws3\">155,729.<span class=\"_ _b\"/>9 </span></span>Other r<span class=\"_ _39\"/>epresents<span class=\"_ _39\"/> liabilities included wit<span class=\"_ _39\"/>hin the underlying<span class=\"_ _39\"/> unit trusts. T<span class=\"_ _39\"/>he unit trust<span class=\"_ _39\"/> liabilities f<span class=\"_ _39\"/>orm a r<span class=\"_ _39\"/>econciling item<span class=\"_ _39\"/> bet<span class=\"_ _b\"/>ween total FU<span class=\"_ _b\"/>M<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ted n<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>f the<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es<span class=\"_ _6\"/>, an<span class=\"_ _b\"/>d total as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch ex<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>i<span class=\"_ _b\"/>li<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Mo<span class=\"_ _b\"/>re de<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>l on I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S inta<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts an<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er g<span class=\"_ _b\"/>ros<span class=\"_ _b\"/>s as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts is p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n Se<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n 2.<span class=\"_ _6\"/>2 of th<span class=\"_ _b\"/>e fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l revi<span class=\"_ _b\"/>ew. 204<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>4. Fee and commiss<span class=\"_ _39\"/>ion income<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Advice<span class=\"_ _39\"/> charges (<span class=\"_ _39\"/>post-<span class=\"_ _39\"/>RDR<span class=\"_ _39\"/>)<span class=\"_ _241\"> </span><span class=\"ls4d ws4b\">9<span class=\"_ _6\"/>8<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _c1\"> </span><span class=\"ls5b ws5e\">9<span class=\"_ _b\"/>46<span class=\"_ _b\"/>.7 </span></span>Third-<span class=\"_ _39\"/>par<span class=\"_ _b\"/>ty fee and<span class=\"_ _39\"/> commission income<span class=\"_ _242\"> </span><span class=\"ls42 ws95\">131<span class=\"_ _b\"/>.9<span class=\"_ _6f\"> </span><span class=\"ls3 ws3\">135<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span></span>Wealth<span class=\"_ _39\"/> management fees<span class=\"_ _243\"> </span><span class=\"ls73 ws75\">1,<span class=\"_ _b\"/>039.0<span class=\"_ _c1\"> </span><span class=\"ls4d ws4b\">9<span class=\"_ _b\"/>74<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5<span class=\"_ _6\"/> </span></span>Inv<span class=\"_ _39\"/>estment<span class=\"_ _39\"/> management f<span class=\"_ _39\"/>ees<span class=\"_ _244\"> </span><span class=\"ls3e ws3d\">60.8<span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">63<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span></span>Fun<span class=\"_ _5\"/>d t<span class=\"_ _39\"/>ax deductions<span class=\"_ _ee\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>0<span class=\"_ _6\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _60\"> </span><span class=\"ls3 ws3\">486<span class=\"_ _b\"/>.9 </span></span>Policyh<span class=\"_ _5\"/>older t<span class=\"_ _39\"/>ax asymmet<span class=\"_ _39\"/>r<span class=\"_ _b\"/>y<span class=\"_ _245\"> </span><span class=\"lsa6 wsaa\">50.6<span class=\"_ _97\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span>Discret<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>ary fund management f<span class=\"_ _39\"/>ees<span class=\"_ _246\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>4<span class=\"_ _77\"> </span><span class=\"ls3 ws3\">22<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span></span>Fee<span class=\"_ _5\"/> and commission income<span class=\"_ _39\"/> b<span class=\"_ _b\"/>efore DIR amortisation<span class=\"_ _154\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,792<span class=\"_ _6\"/>.<span class=\"_ _b\"/>2<span class=\"_ _102\"> </span><span class=\"ff9c fc3 lse8 wsf7\">2<span class=\"_ _b\"/>,<span class=\"_ _6\"/>576<span class=\"_ _b\"/>.<span class=\"_ _6\"/>8 </span></span>Amortisation of DIR<span class=\"_ _247\"> </span><span class=\"ls3e ws3d\">162.0<span class=\"_ _14\"> </span>160.4 </span>T<span class=\"_ _4\"/>otal fee and commission income<span class=\"_ _164\"> </span><span class=\"lsc0 wsc7\">1,954<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _7c\"> </span><span class=\"ff9c fc3 ls4d ws4b\">2<span class=\"_ _30\"/>,<span class=\"_ _b\"/>7<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>2<span class=\"_ _6\"/> </span></span>Adv<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ved f<span class=\"_ _b\"/>rom c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts for t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f in<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l an<span class=\"_ _b\"/>d on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e in re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on to a p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>R<span class=\"_ _b\"/>etai<span class=\"_ _b\"/>l D<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on Revi<span class=\"_ _b\"/>ew (RDR) investm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt in<span class=\"_ _b\"/>to a St<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e or t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>rd-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y fee a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e is re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d fro<span class=\"_ _b\"/>m th<span class=\"_ _b\"/>e pro<span class=\"_ _b\"/>du<span class=\"_ _b\"/>ct p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r wh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re an i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>to a thir<span class=\"_ _5\"/>d-<span class=\"_ _5\"/>part<span class=\"_ _b\"/>y produc<span class=\"_ _39\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Wealth<span class=\"_ _39\"/> management fees r<span class=\"_ _39\"/>epresent char<span class=\"_ _39\"/>ges levied on<span class=\"_ _39\"/> manufactured<span class=\"_ _39\"/> business<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment management f<span class=\"_ _39\"/>ees are r<span class=\"_ _39\"/>eceived fr<span class=\"_ _5\"/>om clients<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> provision<span class=\"_ _39\"/> of all aspects<span class=\"_ _39\"/> of inv<span class=\"_ _39\"/>estment management. Broadly<span class=\"_ _39\"/>, inv<span class=\"_ _39\"/>estment<span class=\"_ _39\"/> management f<span class=\"_ _39\"/>ees matc<span class=\"_ _39\"/>h inv<span class=\"_ _39\"/>estment m<span class=\"_ _5\"/>anagement<span class=\"_ _39\"/> expenses.<span class=\"_ _34e\"> </span>Fund ta<span class=\"_ _b\"/>x (<span class=\"_ _39\"/>ref<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ds)<span class=\"_ _39\"/>/<span class=\"_ _39\"/>d<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ctio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>s rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>ent a<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d to, or d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>du<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d from<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>ife i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>s<span class=\"_ _b\"/>s to matc<span class=\"_ _b\"/>h policyholder<span class=\"_ _39\"/> tax cr<span class=\"_ _39\"/>edits or c<span class=\"_ _39\"/>harges.<span class=\"_ _34e\"> </span>Life<span class=\"_ _39\"/> insurance t<span class=\"_ _39\"/>ax incorporat<span class=\"_ _39\"/>es a policyholder t<span class=\"_ _39\"/>ax element, and the<span class=\"_ _39\"/> Financial Stat<span class=\"_ _5\"/>ements o<span class=\"_ _5\"/>f a<span class=\"_ _39\"/> life insuranc<span class=\"_ _39\"/>e group need to refle<span class=\"_ _b\"/>ct t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y to H<span class=\"_ _b\"/>M<span class=\"_ _b\"/>RC, w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h the c<span class=\"_ _b\"/>or<span class=\"_ _b\"/>res<span class=\"_ _b\"/>po<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>u<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>ora<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto po<span class=\"_ _b\"/>l<span class=\"_ _b\"/>icy c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>s (\u2018Fund ta<span class=\"_ _b\"/>x de<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>\u2019<span class=\"_ _b\"/> in th<span class=\"_ _b\"/>e tab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ove<span class=\"_ _39\"/>). The ta<span class=\"_ _b\"/>x li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y to HM<span class=\"_ _b\"/>RC i<span class=\"_ _b\"/>s as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g IAS 12 I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me Taxes<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch d<span class=\"_ _b\"/>oe<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t al<span class=\"_ _b\"/>low d<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>,<span class=\"_ _b\"/> wh<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>as t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>cy ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re de<span class=\"_ _b\"/>si<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d to en<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re fai<span class=\"_ _b\"/>r ou<span class=\"_ _b\"/>tcom<span class=\"_ _b\"/>es b<span class=\"_ _b\"/>et<span class=\"_ _6\"/>wee<span class=\"_ _b\"/>n c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts an<span class=\"_ _b\"/>d so re<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t a wi<span class=\"_ _b\"/>de ra<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e of p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>le<span class=\"_ _b\"/> ou<span class=\"_ _b\"/>tcom<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s gi<span class=\"_ _b\"/>ves r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e to di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>f the c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re cas<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d he<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>n asy<span class=\"_ _b\"/>m<span class=\"_ _b\"/>met<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>n the IFRS<span class=\"_ _39\"/> Consolidated St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position<span class=\"_ _39\"/> bet<span class=\"_ _b\"/>ween the<span class=\"_ _5\"/> deferr<span class=\"_ _39\"/>ed tax<span class=\"_ _5\"/> position and<span class=\"_ _39\"/> the offsetting client balance.<span class=\"_ _39\"/> The n<span class=\"_ _b\"/>et ta<span class=\"_ _b\"/>x asy<span class=\"_ _b\"/>m<span class=\"_ _b\"/>met<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce re<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ts a tem<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ora<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d in th<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>se<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce of m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket vol<span class=\"_ _b\"/>a<span class=\"_ _b\"/>til<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y we ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct i<span class=\"_ _b\"/>t wi<span class=\"_ _b\"/>ll u<span class=\"_ _b\"/>nw<span class=\"_ _b\"/>in<span class=\"_ _b\"/>d as futur<span class=\"_ _39\"/>e cash flows<span class=\"_ _39\"/> become less uncertain and<span class=\"_ _39\"/> are ultimat<span class=\"_ _39\"/>ely realised.<span class=\"_ _34e\"> </span>Ma<span class=\"_ _b\"/>rket c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>ll i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>l of a<span class=\"_ _b\"/>sy<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>etr<span class=\"_ _6\"/>y ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nce<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n a yea<span class=\"_ _b\"/>r an<span class=\"_ _b\"/>d m<span class=\"_ _b\"/>ay b<span class=\"_ _b\"/>e si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>nt wh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re the<span class=\"_ _b\"/>re is m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rket vol<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>l<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y. Ma<span class=\"_ _b\"/>rket fa<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n 2022 h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n a si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>an<span class=\"_ _b\"/>t po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, u<span class=\"_ _b\"/>nw<span class=\"_ _b\"/>in<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>eg<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tive i<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct se<span class=\"_ _b\"/>en i<span class=\"_ _b\"/>n 2021<span class=\"_ _b\"/>.<span class=\"_ _b\"/> Di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>reti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y fu<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>d from c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts fo<span class=\"_ _b\"/>r the p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of D<span class=\"_ _b\"/>FM se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Whe<span class=\"_ _b\"/>re a<span class=\"_ _b\"/>n inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ma<span class=\"_ _b\"/>de i<span class=\"_ _b\"/>n a S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pla<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>rod<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l pro<span class=\"_ _b\"/>du<span class=\"_ _b\"/>ct c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>ny de<span class=\"_ _b\"/>al<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in<span class=\"_ _b\"/> is def<span class=\"_ _39\"/>erred and r<span class=\"_ _39\"/>ecognised as a def<span class=\"_ _39\"/>erred income<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y.<span class=\"_ _39\"/> This liability is extinguished, and income r<span class=\"_ _39\"/>ecognised<span class=\"_ _b\"/>, ov<span class=\"_ _39\"/>er the exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted l<span class=\"_ _b\"/>ife o<span class=\"_ _b\"/>f the i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t. T<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s the a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f D<span class=\"_ _b\"/>IR i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e tab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>bove<span class=\"_ _b\"/>. 205<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>5. Exp<span class=\"_ _b\"/>enses<span class=\"_ _34e\"> </span>The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ite<span class=\"_ _b\"/>ms a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>u<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ive I<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e:<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Payments<span class=\"_ _39\"/> to Partners<span class=\"_ _248\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,011<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _50\"> </span><span class=\"ls3e ws3d\">988.0<span class=\"_ _34e\"> </span></span></span>Fee<span class=\"_ _b\"/>s pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e to the C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny<span class=\"_ _b\"/>\u2019s a<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ito<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ts as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tes: <span class=\"_ _bc\"> </span>For the<span class=\"_ _39\"/> audit of the<span class=\"_ _39\"/> Company and<span class=\"_ _5\"/> Consolidated<span class=\"_ _39\"/> Financial Stat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments<span class=\"_ _100\"> </span><span class=\"ls3e ws3d\">0.4<span class=\"_ _6e\"> </span>0.<span class=\"_ _b\"/>3</span> <span class=\"_ _bc\"> </span>Fo<span class=\"_ _b\"/>r oth<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s: <span class=\"_ _bc\"> </span>\u2013 Audit<span class=\"_ _39\"/> of the C<span class=\"_ _39\"/>ompany<span class=\"_ _b\"/>\u2019s<span class=\"_ _39\"/> subsidiaries (<span class=\"_ _4\"/>excluding unit<span class=\"_ _39\"/> trusts<span class=\"_ _4\"/>)<span class=\"_ _141\"> </span><span class=\"ls43 ws41\">0.6<span class=\"_ _6e\"> </span>0.6</span> <span class=\"_ _bc\"> </span>\u2013 Au<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>any<span class=\"_ _6\"/>\u2019s un<span class=\"_ _b\"/>it tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ts<span class=\"_ _1d7\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _6e\"> </span><span class=\"ls43 ws41\">0<span class=\"_ _b\"/>.6</span></span> <span class=\"_ _bc\"> </span>\u2013 Audit<span class=\"_ _4\"/>-relat<span class=\"_ _39\"/>ed assurance<span class=\"_ _39\"/> ser<span class=\"_ _b\"/>vices<span class=\"_ _1d9\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5</span> <span class=\"_ _bc\"> </span>\u2013 Other assur<span class=\"_ _39\"/>ance ser<span class=\"_ _b\"/>vices<span class=\"_ _249\"> </span><span class=\"ls3e ws3d\">0.1<span class=\"_ _5d\"> </span>0.1<span class=\"_ _34e\"> </span></span>T<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>al fe<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>ayab<span class=\"_ _b\"/>le t<span class=\"_ _b\"/>o th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>any<span class=\"_ _b\"/>\u2019s aud<span class=\"_ _b\"/>ito<span class=\"_ _b\"/>rs an<span class=\"_ _b\"/>d it<span class=\"_ _b\"/>s ass<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes<span class=\"_ _188\"> </span><span class=\"ls44 ws42\">2<span class=\"_ _b\"/>.3<span class=\"_ _134\"> </span><span class=\"ff9c fc3 ls2f ws2f\">2.1<span class=\"_ _34e\"> </span></span></span>Emp<span class=\"_ _b\"/>loye<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts:<span class=\"_ _34e\"> </span>Wages<span class=\"_ _39\"/> and salaries<span class=\"_ _24a\"> </span><span class=\"ls39 wsa4\">194.9<span class=\"_ _14\"> </span><span class=\"ls30 ws30\">186.5<span class=\"_ _34e\"> </span></span></span>Social securit<span class=\"_ _b\"/>y costs<span class=\"_ _24b\"> </span><span class=\"ls41 ws40\">22.3<span class=\"_ _a7\"> </span><span class=\"lsc0 wsc7\">26<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span>Other pension<span class=\"_ _5\"/> costs <span class=\"_ _24c\"> </span><span class=\"ls39 wsa4\">15.9<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span>Cost o<span class=\"_ _39\"/>f employee shar<span class=\"_ _39\"/>e awards<span class=\"_ _39\"/> and options<span class=\"_ _cb\"> </span><span class=\"lsb0 wsb5\">21.1<span class=\"_ _77\"> </span>23<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span>Restructuring costs<span class=\"_ _21e\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"lsa6 wsaa\">11.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal employ<span class=\"_ _39\"/>e<span class=\"_ _b\"/>e costs<span class=\"_ _173\"> </span><span class=\"ws95\">254.<span class=\"_ _b\"/>2<span class=\"_ _9d\"> </span><span class=\"ff9c fc3 ls5f ws65\">262.<span class=\"_ _b\"/>9<span class=\"_ _34e\"> </span></span></span>Averag<span class=\"_ _b\"/>e mon<span class=\"_ _b\"/>th<span class=\"_ _b\"/>ly nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f pe<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>ons e<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>loyed by t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up d<span class=\"_ _b\"/>uri<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar<span class=\"_ _24d\"> </span><span class=\"lsb2 wsb9\">2<span class=\"_ _b\"/>,669<span class=\"_ _9b\"> </span><span class=\"ff9c fc3 lsa1 ws39\">2,<span class=\"_ _b\"/>695<span class=\"_ _34e\"> </span></span></span>In<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in fe<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>any<span class=\"_ _6\"/>\u2019s au<span class=\"_ _b\"/>di<span class=\"_ _b\"/>tors a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes for a<span class=\"_ _b\"/>u<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce s<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s is \u00a30<span class=\"_ _b\"/>.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on<span class=\"_ _b\"/> (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: \u00a30<span class=\"_ _b\"/>.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on) f<span class=\"_ _39\"/>o<span class=\"_ _b\"/>r n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-aud<span class=\"_ _b\"/>i<span class=\"_ _b\"/>t se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s Pol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>y on Au<span class=\"_ _b\"/>di<span class=\"_ _b\"/>tor I<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s ava<span class=\"_ _b\"/>il<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e on o<span class=\"_ _b\"/>ur<span class=\"_ _b\"/> web<span class=\"_ _b\"/>si<span class=\"_ _b\"/>te at<span class=\"_ _b\"/>: <span class=\"ffa1 ls3\">w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co<span class=\"_ _39\"/>.uk. </span>The abo<span class=\"_ _39\"/>ve employ<span class=\"_ _39\"/>e<span class=\"_ _b\"/>e cost<span class=\"_ _5\"/>s inf<span class=\"_ _39\"/>ormation includes Dir<span class=\"_ _39\"/>ectors\u2019 r<span class=\"_ _39\"/>emuneration. Full<span class=\"_ _39\"/> details of<span class=\"_ _39\"/> the Direct<span class=\"_ _39\"/>ors\u2019 remuner<span class=\"_ _39\"/>ation<span class=\"_ _b\"/>, share<span class=\"_ _39\"/> options, pension<span class=\"_ _39\"/> entitlements and<span class=\"_ _39\"/> interest<span class=\"_ _39\"/>s in shares<span class=\"_ _39\"/> are disclosed in<span class=\"_ _39\"/> the Direct<span class=\"_ _39\"/>ors\u2019 Remuneration<span class=\"_ _39\"/> Repor<span class=\"_ _b\"/>t, and further info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w.<span class=\"_ _34e\"> </span>All pension<span class=\"_ _39\"/> costs relat<span class=\"_ _39\"/>ed to<span class=\"_ _39\"/> defined contribution<span class=\"_ _39\"/> schemes and cash supplement<span class=\"_ _5\"/>s in<span class=\"_ _39\"/> l<span class=\"_ _b\"/>ieu of<span class=\"_ _39\"/> contributions t<span class=\"_ _39\"/>o defined con<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>on p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. At 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of D<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s to wh<span class=\"_ _b\"/>om ret<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s are a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>, including those<span class=\"_ _39\"/> receiving a cash<span class=\"_ _39\"/> suppleme<span class=\"_ _b\"/>nt in<span class=\"_ _39\"/> lieu of cont<span class=\"_ _5\"/>ributions<span class=\"_ _5\"/> to<span class=\"_ _39\"/> defined contribution<span class=\"_ _39\"/> pension schemes, is two (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: th<span class=\"_ _b\"/>re<span class=\"_ _b\"/>e<span class=\"_ _39\"/>), wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e total c<span class=\"_ _b\"/>ost b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g \u00a30.<span class=\"_ _b\"/>2 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a30<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>). Reti<span class=\"_ _b\"/>re<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>its a<span class=\"_ _b\"/>re a<span class=\"_ _b\"/>ccr<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g in d<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ed c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>on<span class=\"_ _b\"/> pension schemes<span class=\"_ _5\"/> for<span class=\"_ _39\"/> one (<span class=\"_ _39\"/>2021:<span class=\"_ _39\"/> one<span class=\"_ _39\"/>) Direct<span class=\"_ _39\"/>or at t<span class=\"_ _39\"/>he year<span class=\"_ _39\"/>-end.<span class=\"_ _34e\"> </span>The n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f Di<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>tors w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>o exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d opt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns ove<span class=\"_ _b\"/>r sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>res i<span class=\"_ _b\"/>n the C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r is n<span class=\"_ _b\"/>il (2021: th<span class=\"_ _b\"/>ree)<span class=\"_ _39\"/>. Th<span class=\"_ _b\"/>e nu<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r of D<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of w<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>se q<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>li<span class=\"_ _b\"/>f<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g s<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>vab<span class=\"_ _b\"/>le u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>-term i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>ive s<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s is th<span class=\"_ _b\"/>re<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>202<span class=\"_ _39\"/>1: three<span class=\"_ _4\"/>), and<span class=\"_ _39\"/> the to<span class=\"_ _39\"/>tal amount<span class=\"_ _39\"/> receivable b<span class=\"_ _39\"/>y the Dir<span class=\"_ _5\"/>ector<span class=\"_ _39\"/>s under long-<span class=\"_ _39\"/>term incent<span class=\"_ _5\"/>ive<span class=\"_ _5\"/> schemes is<span class=\"_ _39\"/> \u00a32.5 million (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: \u00a31<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>). The a<span class=\"_ _b\"/>g<span class=\"_ _b\"/>gre<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>te ga<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ns m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e by Di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ctors o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>f sh<span class=\"_ _b\"/>are o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>pt o<span class=\"_ _b\"/>f de<span class=\"_ _b\"/>ferre<span class=\"_ _b\"/>d bonus scheme<span class=\"_ _39\"/> s<span class=\"_ _b\"/>hares<span class=\"_ _39\"/> during the y<span class=\"_ _5\"/>ear was<span class=\"_ _39\"/> \u00a31.7 million<span class=\"_ _5\"/> (<span class=\"_ _39\"/>202<span class=\"_ _39\"/>1: \u00a33.6 million<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>In 202<span class=\"_ _b\"/>1 the o<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>-of<span class=\"_ _6\"/>f cos<span class=\"_ _b\"/>t of a re<span class=\"_ _b\"/>str<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng ex<span class=\"_ _b\"/>erc<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th a<span class=\"_ _b\"/>n em<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>oye<span class=\"_ _b\"/>e red<span class=\"_ _b\"/>un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>an<span class=\"_ _b\"/>cy pro<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ram<span class=\"_ _b\"/>me wa<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>206<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>6. Inv<span class=\"_ _39\"/>estment return and mo<span class=\"_ _39\"/>vement in in<span class=\"_ _39\"/>ve<span class=\"_ _39\"/>st<span class=\"_ _b\"/>ment contract benefits<span class=\"_ _34e\"> </span>The majority of<span class=\"_ _39\"/> the business writt<span class=\"_ _39\"/>e<span class=\"_ _b\"/>n b<span class=\"_ _39\"/>y the Gro<span class=\"_ _5\"/>up is<span class=\"_ _5\"/> unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed inves<span class=\"_ _5\"/>tment busine<span class=\"_ _5\"/>ss, and so<span class=\"_ _39\"/> investment<span class=\"_ _39\"/> contract<span class=\"_ _39\"/> benefits are m<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red by re<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e to the u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>yi<span class=\"_ _b\"/>ng n<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s u<span class=\"_ _b\"/>nit<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ret<span class=\"_ _5\"/>urn on<span class=\"_ _39\"/> the unitised in<span class=\"_ _39\"/>vestment<span class=\"_ _5\"/> funds and<span class=\"_ _39\"/> the mov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ment in<span class=\"_ _39\"/> investmen<span class=\"_ _5\"/>t cont<span class=\"_ _39\"/>ract benefits<span class=\"_ _39\"/> are link<span class=\"_ _39\"/>ed<span class=\"_ _b\"/>. Inv<span class=\"_ _39\"/>estment return<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Invest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>tur<span class=\"_ _b\"/>n on n<span class=\"_ _b\"/>et as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>ld t<span class=\"_ _b\"/>o cover un<span class=\"_ _b\"/>it li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es<span class=\"_ _34e\"> </span>Rent<span class=\"_ _39\"/>al income<span class=\"_ _227\"> </span><span class=\"lsbf wsc6\">70.<span class=\"_ _b\"/>1<span class=\"_ _1f\"> </span><span class=\"ls4d ws4b\">74<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7<span class=\"_ _6\"/> </span></span>(<span class=\"_ _39\"/>Lo<span class=\"_ _b\"/>ss<span class=\"_ _39\"/>)/<span class=\"_ _39\"/>ga<span class=\"_ _b\"/>i<span class=\"_ _b\"/>n on reva<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _1ea\"> </span><span class=\"lsa4 wsfb\">(2<span class=\"_ _b\"/>4<span class=\"_ _30\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _14\"> </span></span><span class=\"ls3\">181<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span>Net in<span class=\"_ _39\"/>vestment r<span class=\"_ _39\"/>eturn on<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial instr<span class=\"_ _5\"/>uments classified<span class=\"_ _39\"/> as fair v<span class=\"_ _39\"/>alue through<span class=\"_ _39\"/> profit and<span class=\"_ _39\"/> loss<span class=\"_ _98\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>,<span class=\"_ _30\"/>4<span class=\"_ _6\"/>5<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>9)<span class=\"_ _5f\"> </span><span class=\"lsfd ws63\">1<span class=\"_ _39\"/>1,400.2<span class=\"_ _39\"/> </span></span>(9<span class=\"_ _b\"/>,<span class=\"_ _6\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>3<span class=\"_ _b\"/>)<span class=\"_ _89\"> </span><span class=\"ff9c fc3 ls3 ws3\">11<span class=\"_ _b\"/>,<span class=\"_ _b\"/>656<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 </span>Attribut<span class=\"_ _39\"/>a<span class=\"_ _b\"/>ble t<span class=\"_ _39\"/>o unit-<span class=\"_ _39\"/>linked insurance<span class=\"_ _39\"/> contract liabilities<span class=\"_ _24e\"> </span><span class=\"ls148 ws166\">(6<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _14\"> </span><span class=\"ls149 ws167\">52<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _b\"/> </span></span>Att<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>buta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to un<span class=\"_ _b\"/>it-linke<span class=\"_ _b\"/>d inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct be<span class=\"_ _b\"/>n<span class=\"_ _b\"/>efi<span class=\"_ _b\"/>ts<span class=\"_ _24f\"> </span><span class=\"ls14a ws168\">(<span class=\"_ _4\"/>9,56<span class=\"_ _39\"/>6.1<span class=\"_ _39\"/>)<span class=\"_ _89\"> </span><span class=\"ls14b ws169\">1<span class=\"_ _39\"/>1<span class=\"_ _b\"/>,603.5 </span></span>(9<span class=\"_ _b\"/>,<span class=\"_ _6\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>3<span class=\"_ _b\"/>)<span class=\"_ _89\"> </span><span class=\"ff9c fc3 ls3 ws3\">11<span class=\"_ _b\"/>,<span class=\"_ _b\"/>656<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 </span>Income attribut<span class=\"_ _39\"/>ab<span class=\"_ _b\"/>le t<span class=\"_ _39\"/>o third-<span class=\"_ _39\"/>par<span class=\"_ _b\"/>ty holdings in unit<span class=\"_ _39\"/> trusts<span class=\"_ _1c5\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>,<span class=\"_ _6\"/>1<span class=\"_ _6\"/>6<span class=\"_ _30\"/>8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7<span class=\"_ _b\"/>)<span class=\"_ _22\"> </span><span class=\"lse5 wsf4\">3,5<span class=\"_ _39\"/>83.2 </span></span>(1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>,<span class=\"_ _6\"/>8<span class=\"_ _6\"/>0<span class=\"_ _b\"/>1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _86\"> </span><span class=\"ff9c fc3 ls3 ws3\">15<span class=\"_ _b\"/>,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>9.<span class=\"_ _b\"/>5 </span>Inv<span class=\"_ _39\"/>est<span class=\"_ _b\"/>ment retur<span class=\"_ _39\"/>n on shareholder assets<span class=\"_ _34e\"> </span>Net in<span class=\"_ _39\"/>vestment r<span class=\"_ _39\"/>eturn on<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial instr<span class=\"_ _5\"/>uments classified<span class=\"_ _39\"/> as fair v<span class=\"_ _39\"/>alue through<span class=\"_ _39\"/> profit and<span class=\"_ _39\"/> loss<span class=\"_ _90\"> </span><span class=\"lsf0 wsfe\">(2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _b\"/>7.<span class=\"_ _b\"/>7<span class=\"_ _6\"/> </span></span>Inter<span class=\"_ _39\"/>est income on<span class=\"_ _39\"/> financial instruments<span class=\"_ _39\"/> he<span class=\"_ _b\"/>ld at<span class=\"_ _5\"/> amortised cost<span class=\"_ _250\"> </span><span class=\"ls42 ws95\">32.<span class=\"_ _b\"/>0<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">18<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>29.1<span class=\"_ _84\"> </span><span class=\"ff9c fc3\">35.<span class=\"_ _b\"/>9 </span>T<span class=\"_ _39\"/>otal in<span class=\"_ _39\"/>vestment return<span class=\"_ _241\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>,<span class=\"_ _b\"/>7<span class=\"_ _6\"/>7<span class=\"_ _6\"/>1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _114\"> </span><span class=\"ff9c fc3 lse9 wsd7\">15,27<span class=\"_ _39\"/>5.4 </span></span>Included in the<span class=\"_ _39\"/> net inv<span class=\"_ _39\"/>estment r<span class=\"_ _39\"/>eturn on financial<span class=\"_ _39\"/> instruments classified as<span class=\"_ _39\"/> fair v<span class=\"_ _39\"/>alu<span class=\"_ _b\"/>e thr<span class=\"_ _39\"/>ough profit<span class=\"_ _39\"/> and loss, within inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t retu<span class=\"_ _b\"/>rn o<span class=\"_ _b\"/>n ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d to cover u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t li<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>s di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>de<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me o<span class=\"_ _b\"/>f \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>216<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _5\"/>2021: \u00a39<span class=\"_ _b\"/>85<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>Mov<span class=\"_ _39\"/>ement in inv<span class=\"_ _39\"/>estment contract benefits<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ff9c ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _251\"> </span><span class=\"ls37 ws36\">110,349.8<span class=\"_ _11\"> </span><span class=\"ls5b ws5e\">93<span class=\"_ _b\"/>,<span class=\"_ _b\"/>1<span class=\"_ _b\"/>32<span class=\"_ _b\"/>.7 </span></span>Deposits<span class=\"_ _252\"> </span><span class=\"ls39 wsa4\">12,194<span class=\"_ _b\"/>.6<span class=\"_ _11a\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>2,<span class=\"_ _6\"/>43<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.1 </span></span>Withdraw<span class=\"_ _39\"/>al<span class=\"_ _b\"/>s <span class=\"_ _e8\"> </span><span class=\"ls2f ws2f\">(<span class=\"_ _4\"/>5<span class=\"_ _b\"/>,645.1<span class=\"_ _39\"/>)<span class=\"_ _13f\"> </span><span class=\"lsa4 wsfb\">(5<span class=\"_ _30\"/>,<span class=\"_ _6\"/>6<span class=\"_ _6\"/>0<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>5)<span class=\"_ _34e\"> </span></span></span>Mov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ment in<span class=\"_ _39\"/> unit<span class=\"_ _5\"/>-li<span class=\"_ _5\"/>nked<span class=\"_ _39\"/> invest<span class=\"_ _39\"/>me<span class=\"_ _b\"/>nt c<span class=\"_ _5\"/>ontr<span class=\"_ _39\"/>act benefits <span class=\"_ _144\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>,<span class=\"_ _30\"/>5<span class=\"_ _6\"/>6<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _30\"/>1)<span class=\"_ _5f\"> </span><span class=\"ls3 ws3\">11<span class=\"_ _b\"/>,6<span class=\"_ _b\"/>03<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 </span></span>Fees and<span class=\"_ _39\"/> other adjustment<span class=\"_ _39\"/>s<span class=\"_ _211\"> </span><span class=\"lsa4 wsfb\">(3<span class=\"_ _6\"/>6<span class=\"_ _6\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _17f\"> </span><span class=\"ls4d ws4b\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>,<span class=\"_ _30\"/>2<span class=\"_ _6\"/>1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _211\"> </span><span class=\"ls43 ws41\">106,964.7<span class=\"_ _114\"> </span><span class=\"ff9c fc3 ls37 ws36\">110,349.8 </span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _232\"> </span><span class=\"lse9 wsd7\">5,546.3<span class=\"_ _189\"> </span>5,585.4<span class=\"_ _39\"/> </span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _1fb\"> </span><span class=\"lsfd ws63\">10<span class=\"_ _39\"/>1,41<span class=\"_ _39\"/>8.4<span class=\"_ _5c\"> </span><span class=\"lse8 wsf7\">1<span class=\"_ _b\"/>04<span class=\"_ _6\"/>,76<span class=\"_ _b\"/>4<span class=\"_ _6\"/>.<span class=\"_ _b\"/>4<span class=\"_ _b\"/> </span></span>106,964.7<span class=\"_ _86\"> </span><span class=\"ff9c fc3 ls37 ws36\">110,349.8 </span>Movement<span class=\"_ _39\"/> in unit liabilities<span class=\"_ _34e\"> </span>Unit-<span class=\"_ _39\"/>l<span class=\"_ _b\"/>inked investment contract be<span class=\"_ _b\"/>nefits<span class=\"_ _b8\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>,<span class=\"_ _30\"/>5<span class=\"_ _6\"/>6<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _30\"/>1)<span class=\"_ _5f\"> </span><span class=\"ls3 ws3\">11<span class=\"_ _b\"/>,6<span class=\"_ _b\"/>03<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 </span></span>Third-<span class=\"_ _39\"/>part<span class=\"_ _b\"/>y unit t<span class=\"_ _39\"/>rust holdings<span class=\"_ _253\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>,<span class=\"_ _30\"/>1<span class=\"_ _6\"/>6<span class=\"_ _6\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>7)<span class=\"_ _22\"> </span><span class=\"lse5 wsf4\">3,58<span class=\"_ _39\"/>3.<span class=\"_ _b\"/>2 </span></span>Movem<span class=\"_ _b\"/>ent i<span class=\"_ _b\"/>n inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>ra<span class=\"_ _b\"/>ct b<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>its i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e <span class=\"ls3\"> </span>Consolidat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d Stat<span class=\"_ _5\"/>ement o<span class=\"_ _5\"/>f Compr<span class=\"_ _39\"/>ehensive Income<span class=\"_ _104\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>,<span class=\"_ _6\"/>7<span class=\"_ _6\"/>3<span class=\"_ _b\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _5f\"> </span><span class=\"ff9c fc3 ls5b ws5e\">15<span class=\"_ _b\"/>,<span class=\"_ _b\"/>1<span class=\"_ _b\"/>86<span class=\"_ _b\"/>.7 </span></span>Se<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>icy (ag) for fur<span class=\"_ _b\"/>t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r in<span class=\"_ _b\"/>form<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n on t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>rent a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d no<span class=\"_ _b\"/>n-cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ure<span class=\"_ _34e\"> </span><span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>207<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>7<span class=\"_ _4\"/>. Income and deferred taxes<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>ax for t<span class=\"_ _b\"/>he year<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Current<span class=\"_ _39\"/> tax<span class=\"_ _34e\"> </span>UK corpor<span class=\"_ _5\"/>ation t<span class=\"_ _39\"/>ax<span class=\"_ _34e\"> </span>\u2013 Cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t yea<span class=\"_ _b\"/>r ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e<span class=\"_ _16d\"> </span><span class=\"ls43 ws41\">66.0<span class=\"_ _6f\"> </span></span><span class=\"ls3\">294<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 </span>\u2013 Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r yea<span class=\"_ _b\"/>r <span class=\"_ _254\"> </span><span class=\"ls37 ws36\">3.5<span class=\"_ _6a\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _30\"/>.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>Overseas t<span class=\"_ _39\"/>axes<span class=\"_ _34e\"> </span>\u2013 Cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t yea<span class=\"_ _b\"/>r ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e<span class=\"_ _255\"> </span><span class=\"ls3e ws3d\">10.2<span class=\"_ _5d\"> </span></span><span class=\"ls3\">6<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 </span>\u2013 Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r yea<span class=\"_ _b\"/>r<span class=\"_ _ef\"> </span><span class=\"ls3\">\u2013<span class=\"_ _134\"> </span>0.1 </span>79.7<span class=\"_ _9b\"> </span><span class=\"ff9c fc3 ls3 ws3\">29<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.6 </span>Deferred tax<span class=\"_ _34e\"> </span>Unrealised c<span class=\"_ _39\"/>apital (<span class=\"_ _4\"/>losses<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/<span class=\"_ _39\"/>g<span class=\"_ _b\"/>ains in<span class=\"_ _39\"/> unit-<span class=\"_ _39\"/>linked<span class=\"_ _39\"/> funds<span class=\"_ _256\"> </span><span class=\"lsef wsfd\">(5<span class=\"_ _b\"/>0<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _27\"> </span><span class=\"ls5b ws5e\">266.7 </span></span>Unrelie<span class=\"_ _39\"/>ved ex<span class=\"_ _39\"/>penses<span class=\"_ _34e\"> </span>\u2013 Add<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar<span class=\"_ _257\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _7e\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span>\u2013 Uti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r<span class=\"_ _ec\"> </span><span class=\"lsa6 wsaa\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _6e\"> </span></span><span class=\"ls3\">11<span class=\"_ _b\"/>.6 </span>Capital losses \u2013 Reval<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r<span class=\"_ _123\"> </span><span class=\"ls3e ws3d\">4.0<span class=\"_ _a4\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _34e\"> </span></span></span>\u2013 Uti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r<span class=\"_ _258\"> </span><span class=\"lsbc wsc1\">25.<span class=\"_ _b\"/>2<span class=\"_ _65\"> </span></span><span class=\"ls3\">9.<span class=\"_ _b\"/>2 </span>\u2013 Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r yea<span class=\"_ _b\"/>r <span class=\"_ _259\"> </span><span class=\"lsa4 wsfb\">(4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _1f\"> </span></span><span class=\"ls3\">4<span class=\"_ _b\"/>.0 </span>DA<span class=\"_ _5\"/>C, D<span class=\"_ _b\"/>IR a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d PVI<span class=\"_ _b\"/>F<span class=\"_ _15b\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _69\"> </span><span class=\"lsf0 wsfe\">(8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span>Share-<span class=\"_ _39\"/>base<span class=\"_ _b\"/>d payments<span class=\"_ _16a\"> </span><span class=\"lse5 wsf4\">3.3<span class=\"_ _6a\"> </span><span class=\"lsf9 ws108\">(8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7)<span class=\"_ _34e\"> </span></span></span>Renewal<span class=\"_ _39\"/> income assets<span class=\"_ _170\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _b\"/>.<span class=\"_ _30\"/>0)<span class=\"_ _6a\"> </span><span class=\"ls5b ws5e\">0<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>Fi<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>d as<span class=\"_ _b\"/>set t<span class=\"_ _b\"/>im<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g d<span class=\"_ _b\"/>if<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s<span class=\"_ _241\"> </span><span class=\"ls3e ws3d\">1<span class=\"_ _b\"/>.0<span class=\"_ _6a\"> </span><span class=\"lsf1 wsff\">(2<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span></span>Other<span class=\"_ _5\"/> it<span class=\"_ _5\"/>ems<span class=\"_ _232\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _a4\"> </span><span class=\"ls3e ws3d\">1<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span>Overseas losses<span class=\"_ _25a\"> </span><span class=\"ls3e ws3d\">0.1<span class=\"_ _5d\"> </span><span class=\"lsbd wsc3\">(1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span>Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fo<span class=\"_ _b\"/>r ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n tax ra<span class=\"_ _b\"/>te<span class=\"_ _25b\"> </span><span class=\"ls3\">\u2013<span class=\"_ _6e\"> </span>0.<span class=\"_ _b\"/>4 </span>Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of p<span class=\"_ _b\"/>rio<span class=\"_ _b\"/>r p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ds<span class=\"_ _e0\"> </span><span class=\"ls3e ws3d\">2.0<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _b\"/> </span></span>(4<span class=\"_ _6\"/>8<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _50\"> </span><span class=\"ff9c fc3 lsb2 wsb9\">261<span class=\"_ _b\"/>.<span class=\"_ _6\"/>2 </span>T<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>al ta<span class=\"_ _b\"/>x (<span class=\"_ _39\"/>cr<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>it)<span class=\"_ _4\"/>/<span class=\"_ _5\"/>cha<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>e for t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar<span class=\"_ _bb\"> </span><span class=\"ls49 ws47\">(4<span class=\"_ _6\"/>0<span class=\"_ _30\"/>4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7<span class=\"_ _b\"/>)<span class=\"_ _60\"> </span></span><span class=\"ff9c fc3 ls3\">554<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span>Attributable to<span class=\"_ _39\"/>:<span class=\"_ _34e\"> </span>\u2013 polic<span class=\"_ _39\"/>yholders<span class=\"_ _235\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>0<span class=\"_ _6\"/>1<span class=\"_ _6\"/>.<span class=\"_ _30\"/>1)<span class=\"_ _7c\"> </span><span class=\"ls3 ws3\">4<span class=\"_ _b\"/>8<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.6 </span></span>\u2013 shar<span class=\"_ _39\"/>eholders<span class=\"_ _25c\"> </span><span class=\"ls2f ws2f\">96.4<span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">66<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>(4<span class=\"_ _6\"/>0<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>7<span class=\"_ _b\"/>)<span class=\"_ _7c\"> </span><span class=\"ff9c fc3 ls3 ws3\">55<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span>The p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>or ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt of \u00a3<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>5 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>n cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt tax a<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ove rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s a ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e of \u00a37.3 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>yh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/> tax (2021: \u00a36.0 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t) and a cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it of \u00a33<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er ta<span class=\"_ _b\"/>x (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a30<span class=\"_ _b\"/>.7 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t)<span class=\"_ _39\"/>. T<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>or<span class=\"_ _b\"/> yea<span class=\"_ _b\"/>r ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt of \u00a3<span class=\"_ _b\"/>2.<span class=\"_ _b\"/>5 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>n de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x ab<span class=\"_ _b\"/>ove rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts a c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>f \u00a3ni<span class=\"_ _b\"/>l in res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>icy<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r tax a<span class=\"_ _b\"/>nd a c<span class=\"_ _b\"/>re<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t of \u00a32<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er ta<span class=\"_ _b\"/>x (2021: defe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ates e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ly to s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er ta<span class=\"_ _b\"/>x)<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>In a<span class=\"_ _b\"/>rr<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it b<span class=\"_ _b\"/>efore ta<span class=\"_ _b\"/>x at<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>tab<span class=\"_ _b\"/>le to sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s\u2019 re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>t is n<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y to e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te th<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>str<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of th<span class=\"_ _b\"/>e to<span class=\"_ _39\"/>tal t<span class=\"_ _39\"/>ax char<span class=\"_ _5\"/>ge between<span class=\"_ _5\"/> that<span class=\"_ _5\"/> payable<span class=\"_ _39\"/> in respect<span class=\"_ _39\"/> of policyholder<span class=\"_ _5\"/>s and<span class=\"_ _39\"/> that payable<span class=\"_ _39\"/> by shar<span class=\"_ _39\"/>eholders. Shareholder<span class=\"_ _39\"/> tax is e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ted by m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ki<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>sm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve rate o<span class=\"_ _b\"/>f tax th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>s ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e prof<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s attribut<span class=\"_ _39\"/>able to<span class=\"_ _39\"/> shareholders. This<span class=\"_ _39\"/> is calculat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d b<span class=\"_ _39\"/>y applying the<span class=\"_ _39\"/> appropriat<span class=\"_ _39\"/>e effect<span class=\"_ _39\"/>ive corpor<span class=\"_ _39\"/>ate t<span class=\"_ _39\"/>ax ra<span class=\"_ _39\"/>tes t<span class=\"_ _39\"/>o the<span class=\"_ _5\"/> shareholder<span class=\"_ _5\"/> prof<span class=\"_ _b\"/>it<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e rem<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of th<span class=\"_ _b\"/>e tax c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge re<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s tax on p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>\u2019 inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ret<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>is c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on m<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>d is<span class=\"_ _b\"/> con<span class=\"_ _b\"/>s<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tent w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h the l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>sl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n rel<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g to th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>lc<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of tax o<span class=\"_ _b\"/>n sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>208<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Reconciliation of ta<span class=\"_ _5\"/>x charge to e<span class=\"_ _39\"/>xpected tax<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _5a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Prof<span class=\"_ _b\"/>it b<span class=\"_ _b\"/>efore ta<span class=\"_ _b\"/>x<span class=\"_ _a8\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _20a\"> </span><span class=\"ls14 ws13\">842<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span></span>T<span class=\"_ _4\"/>ax attributable<span class=\"_ _39\"/> to polic<span class=\"_ _39\"/>yholders\u2019 ret<span class=\"_ _5\"/>urns <span class=\"_ _117\"> </span><span class=\"lsbc wsc1\">501<span class=\"_ _6\"/>.1<span class=\"_ _1e5\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>8<span class=\"_ _30\"/>8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>Prof<span class=\"_ _b\"/>it be<span class=\"_ _b\"/>for<span class=\"_ _b\"/>e ta<span class=\"_ _b\"/>x at<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to sh<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>eh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs\u2019 r<span class=\"_ _b\"/>etu<span class=\"_ _b\"/>rns<span class=\"_ _a1\"> </span><span class=\"lsb2 wsb9\">501<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _20a\"> </span></span><span class=\"ff9c fc3 ls3\">353<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span>Sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r tax c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge a<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>ora<span class=\"_ _b\"/>te tax rate of 1<span class=\"_ _b\"/>9% (2021: 19%<span class=\"_ _39\"/>)<span class=\"_ _231\"> </span><span class=\"ls3e ws3d\">95<span class=\"_ _b\"/>.3<span class=\"_ _7e\"> </span><span class=\"lsa6 wsaa\">19.0%<span class=\"_ _d0\"> </span><span class=\"ls4d ws4b\">6<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _6\"/> <span class=\"_ _bf\"> </span></span>1<span class=\"_ _b\"/>9.0%<span class=\"_ _34e\"> </span></span></span>Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>Lowe<span class=\"_ _b\"/>r rates o<span class=\"_ _b\"/>f co<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>ora<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n tax i<span class=\"_ _b\"/>n over<span class=\"_ _b\"/>se<span class=\"_ _b\"/>a<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>es<span class=\"_ _1e7\"> </span><span class=\"ls86 ws88\">(1<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _b4\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _b\"/>%<span class=\"_ _6\"/> <span class=\"_ _6a\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _67\"> </span><span class=\"ls4d ws4b\">(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3<span class=\"_ _b\"/>%)<span class=\"_ _34e\"> </span></span></span></span></span>Expected shareh<span class=\"_ _5\"/>older tax<span class=\"_ _14a\"> </span><span class=\"lsad wsb2\">94<span class=\"_ _b\"/>.0<span class=\"_ _9b\"> </span><span class=\"ls3e ws3d\">18.7%<span class=\"_ _69\"> </span><span class=\"ff9c fc3 ls3 ws3\">66.<span class=\"_ _b\"/>0 <span class=\"_ _bf\"> </span><span class=\"ls83 ws38\">18<span class=\"_ _b\"/>.6%<span class=\"_ _34e\"> </span></span></span></span></span>Effects of:<span class=\"_ _34e\"> </span>Non-<span class=\"_ _39\"/>taxable income<span class=\"_ _23f\"> </span><span class=\"lsa4 wsfb\">(1<span class=\"_ _30\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _1e9\"> </span><span class=\"lsf0 wsfe\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span>Reval<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f hi<span class=\"_ _b\"/>stor<span class=\"_ _b\"/>ic c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _25d\"> </span><span class=\"ls3e ws3d\">4.0<span class=\"_ _78\"> </span><span class=\"lsef wsfd\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span>Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fo<span class=\"_ _b\"/>r ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n tax ra<span class=\"_ _b\"/>tes<span class=\"_ _ff\"> </span><span class=\"ls3\">\u2013<span class=\"_ _1b5\"> </span><span class=\"ls3e ws3d\">0.4<span class=\"_ _34e\"> </span></span></span>Adju<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r yea<span class=\"_ _b\"/>r \u2013 Cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t tax<span class=\"_ _df\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _21\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _b\"/>.<span class=\"_ _6\"/>7)<span class=\"_ _34e\"> </span></span></span>\u2013 De<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red ta<span class=\"_ _b\"/>x<span class=\"_ _167\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _25e\"> </span><span class=\"ls5b ws5e\">4<span class=\"_ _b\"/>.7 </span></span>Di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>cco<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>nd ta<span class=\"_ _b\"/>x ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s in re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on to e<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>oyee s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re schemes<span class=\"_ _25f\"> </span><span class=\"ls37 ws36\">2.5<span class=\"_ _260\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>6)<span class=\"_ _34e\"> </span></span></span>Im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e in ta<span class=\"_ _b\"/>x rates b<span class=\"_ _b\"/>et<span class=\"_ _6\"/>we<span class=\"_ _b\"/>en c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>rent a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d defe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax<span class=\"_ _19a\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>.<span class=\"_ _b\"/>0<span class=\"_ _b\"/>)<span class=\"_ _261\"> </span><span class=\"lsef wsfd\">(2<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span>Disallow<span class=\"_ _39\"/>able expenses<span class=\"_ _262\"> </span><span class=\"ls43 ws41\">5.6<span class=\"_ _1b5\"> </span><span class=\"ls3 ws3\">4<span class=\"_ _b\"/>.0 </span></span>Pr<span class=\"_ _5\"/>ovision<span class=\"_ _39\"/> for fut<span class=\"_ _5\"/>ure<span class=\"_ _39\"/> liabilities<span class=\"_ _b3\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _263\"> </span><span class=\"ls3 ws3\">0.<span class=\"_ _b\"/>3 </span></span>T<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es n<span class=\"_ _b\"/>ot re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d <span class=\"_ _264\"> </span><span class=\"lsf6 wsee\">2.2<span class=\"_ _36\"> </span></span><span class=\"ls3\">1<span class=\"_ _b\"/>.<span class=\"_ _6\"/>2 </span>Othe<span class=\"_ _b\"/>r<span class=\"_ _d8\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _1e9\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span>2<span class=\"_ _b\"/>.4<span class=\"_ _15\"> </span><span class=\"ff9c fc3 lsbf wsc6\">0.<span class=\"_ _b\"/>5%<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">0.<span class=\"_ _b\"/>2<span class=\"_ _93\"> </span><span class=\"ls83 ws38\">0<span class=\"_ _b\"/>.1%<span class=\"_ _34e\"> </span></span></span></span>Shareholder t<span class=\"_ _5\"/>ax char<span class=\"_ _5\"/>ge<span class=\"_ _109\"> </span><span class=\"ls43 ws41\">96.4<span class=\"_ _50\"> </span><span class=\"lsa1 ws39\">19.2<span class=\"_ _b\"/>%<span class=\"_ _a7\"> </span><span class=\"ff9c fc3 ls3 ws3\">66<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 <span class=\"_ _7a\"> </span><span class=\"ls36 ws35\">18.7%<span class=\"_ _34e\"> </span></span></span></span></span>Policyholder tax<span class=\"_ _39\"/> (<span class=\"_ _39\"/>credit)<span class=\"_ _4\"/>/<span class=\"_ _39\"/>charge<span class=\"_ _265\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _6\"/>0<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _266\"> </span><span class=\"ff9c fc3 ls3 ws3\">48<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.6 </span></span>T<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>al ta<span class=\"_ _b\"/>x (<span class=\"_ _39\"/>cr<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>it)<span class=\"_ _4\"/>/<span class=\"_ _5\"/>cha<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>e for t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar<span class=\"_ _145\"> </span><span class=\"ls49 ws47\">(4<span class=\"_ _30\"/>0<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>7)<span class=\"_ _19e\"> </span></span><span class=\"ff9c fc3 ls3\">554<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span>T<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x ca<span class=\"_ _b\"/>lc<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d on p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it b<span class=\"_ _b\"/>efore ta<span class=\"_ _b\"/>x at 1<span class=\"_ _b\"/>9% (2021: 19%<span class=\"_ _39\"/>) w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t to \u00a30.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a316<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on<span class=\"_ _39\"/>). Th<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f \u00a3404<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (2021: \u00a3394<span class=\"_ _b\"/>.7 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on) bet<span class=\"_ _b\"/>we<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n thi<span class=\"_ _b\"/>s nu<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e total tax c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>f \u00a3404<span class=\"_ _b\"/>.7 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a3554<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e<span class=\"_ _39\"/>) is m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e up o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ng i<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>s ab<span class=\"_ _b\"/>ove w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch total a c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge o<span class=\"_ _b\"/>f \u00a31<span class=\"_ _b\"/>.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: \u00a31<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t) and th<span class=\"_ _b\"/>e ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f the<span class=\"_ _b\"/> apportionment methodology on<span class=\"_ _39\"/> tax applicable t<span class=\"_ _39\"/>o policyholder r<span class=\"_ _39\"/>eturns of \u00a3<span class=\"_ _4\"/>405<span class=\"_ _b\"/>.9 million<span class=\"_ _39\"/> (2<span class=\"_ _39\"/>021: \u00a3<span class=\"_ _39\"/>395.7 million<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>ax p<span class=\"_ _b\"/>aid in t<span class=\"_ _b\"/>he year<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t tax ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e for t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar<span class=\"_ _fa\"> </span><span class=\"ls5b ws5e\">79.7<span class=\"_ _9b\"> </span></span><span class=\"ls3\">293<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6 </span>Refu<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ds d<span class=\"_ _b\"/>ue to b<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ved/<span class=\"_ _39\"/>(Paym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts to b<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>de<span class=\"_ _5\"/>) in f<span class=\"_ _b\"/>utu<span class=\"_ _b\"/>re ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt ye<span class=\"_ _b\"/>ar<span class=\"_ _3c\"> </span><span class=\"ls73 ws75\">39.5<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>Pay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>de i<span class=\"_ _b\"/>n cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt ye<span class=\"_ _b\"/>ar i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ect o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _267\"> </span><span class=\"ls43 ws41\">1.6<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _b\"/> </span></span>Othe<span class=\"_ _b\"/>r<span class=\"_ _268\"> </span><span class=\"ls3e ws3d\">0.3<span class=\"_ _5d\"> </span><span class=\"ls3 ws3\">1.<span class=\"_ _b\"/>8 </span></span>Ta<span class=\"_ _6\"/>x<span class=\"_ _b\"/> p<span class=\"_ _6\"/>a<span class=\"_ _6\"/>i<span class=\"_ _6\"/>d<span class=\"_ _269\"> </span><span class=\"ls3 ws3\">121<span class=\"_ _b\"/>.1<span class=\"_ _84\"> </span><span class=\"ff9c fc3\">3<span class=\"_ _b\"/>19.<span class=\"_ _b\"/>1 </span></span>T<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x pa<span class=\"_ _b\"/>id c<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ly<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>\u2013 T<span class=\"_ _39\"/>a<span class=\"_ _b\"/>xes p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n UK<span class=\"_ _26a\"> </span><span class=\"lsa6 wsaa\">110.1<span class=\"_ _7a\"> </span></span><span class=\"ls3\">30<span class=\"_ _b\"/>6<span class=\"_ _b\"/>.0 </span>\u2013 T<span class=\"_ _4\"/>axes paid<span class=\"_ _39\"/> in overs<span class=\"_ _5\"/>eas jurisdic<span class=\"_ _39\"/>tions<span class=\"_ _1d7\"> </span><span class=\"ls39 wsa4\">3.9<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">4<span class=\"_ _b\"/>.7 </span></span>\u2013 Wi<span class=\"_ _b\"/>thh<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g tax<span class=\"_ _b\"/>es su<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>red o<span class=\"_ _b\"/>n inve<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ved<span class=\"_ _101\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>1<span class=\"_ _65\"> </span></span><span class=\"ls3\">8<span class=\"_ _b\"/>.4 </span>To<span class=\"_ _b\"/>t<span class=\"_ _6\"/>a<span class=\"_ _6\"/>l<span class=\"_ _26b\"> </span><span class=\"ls3 ws3\">121<span class=\"_ _b\"/>.1<span class=\"_ _84\"> </span><span class=\"ff9c fc3\">3<span class=\"_ _b\"/>19.<span class=\"_ _b\"/>1<span class=\"_ _34e\"> </span></span></span><span class=\"ls3 ws3\"><span class=\"ff9c fc3\"> </span></span>209<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>7<span class=\"_ _4\"/>. Income and deferred taxes <span class=\"ff9c lsf5 ws104\">continu<span class=\"_ _b\"/>ed<span class=\"_ _34e\"> </span></span>Defe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax b<span class=\"_ _b\"/>ala<span class=\"_ _b\"/>nces<span class=\"_ _34e\"> </span>Def<span class=\"_ _b\"/>erre<span class=\"_ _b\"/>d ta<span class=\"_ _b\"/>x asset<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Deferre<span class=\"_ _b\"/>d acquis<span class=\"_ _b\"/>ition costs (<span class=\"_ _39\"/>DAC<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span>Deferre<span class=\"_ _b\"/>d income (<span class=\"_ _4\"/>D<span class=\"_ _b\"/>IR<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>Renewal income<span class=\"_ _34e\"> </span>assets<span class=\"_ _34e\"> </span>Share-based payments<span class=\"_ _34e\"> </span>Fixed asset temporar<span class=\"_ _b\"/>y differences<span class=\"_ _34e\"> </span>Other temporar<span class=\"_ _b\"/>y differences<span class=\"_ _1f\"> </span><span class=\"ls98 ws9c\">Tot<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _a1\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _a7\"> </span><span class=\"ls30 ws30\">33.1<span class=\"_ _77\"> </span><span class=\"ls86 ws88\">(1<span class=\"_ _b\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _93\"> </span><span class=\"lsf6 wsee\">6.<span class=\"_ _b\"/>8<span class=\"_ _a4\"> </span><span class=\"ls43 ws41\">5<span class=\"_ _b\"/>.6<span class=\"_ _6e\"> </span>0.6<span class=\"_ _1f\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span></span></span></span></span>Credit<span class=\"_ _39\"/>/<span class=\"_ _39\"/>(<span class=\"_ _4\"/>charge<span class=\"_ _39\"/>) to<span class=\"_ _39\"/> the Statement of Com<span class=\"_ _39\"/>prehensive Inco<span class=\"_ _5\"/>me<span class=\"_ _34e\"> </span>\u2013 Uti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n ye<span class=\"_ _b\"/>ar<span class=\"_ _53\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _a4\"> </span><span class=\"lsa4 wsfb\">(1<span class=\"_ _30\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _69\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _93\"> </span><span class=\"ls9e wsa3\">8.8<span class=\"_ _5d\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _70\"> </span></span></span></span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _93\"> </span><span class=\"ls39 wsa4\">8<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span></span>\u2013 Im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f tax rate c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e<span class=\"_ _53\"> </span><span class=\"lsf2 ws100\">(3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _1f\"> </span><span class=\"lsf6 wsee\">6.<span class=\"_ _b\"/>2<span class=\"_ _70\"> </span><span class=\"lsef wsfd\">(2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _1f\"> </span><span class=\"ls43 ws41\">0.6<span class=\"_ _4e\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _6a\"> </span></span></span>(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _a4\"> </span><span class=\"ls43 ws41\">1<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>T<span class=\"_ _39\"/>otal<span class=\"_ _39\"/> (<span class=\"_ _39\"/>charge<span class=\"_ _39\"/>)<span class=\"_ _39\"/>/<span class=\"_ _39\"/>credit<span class=\"_ _263\"> </span><span class=\"lsf1 wsff\">(2<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _70\"> </span><span class=\"ls5b ws5e\">4<span class=\"_ _b\"/>.7<span class=\"_ _70\"> </span><span class=\"lsf9 ws108\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _1f\"> </span><span class=\"ls30 ws30\">9.4<span class=\"_ _65\"> </span><span class=\"lsf6 wsee\">2.<span class=\"_ _b\"/>2<span class=\"_ _1f\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8<span class=\"_ _b\"/>)<span class=\"_ _69\"> </span><span class=\"ls37 ws36\">10.5<span class=\"_ _34e\"> </span></span></span></span></span></span></span></span>Impact of<span class=\"_ _39\"/> acquisition<span class=\"_ _26c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>3<span class=\"_ _b\"/>)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _199\"> </span><span class=\"lsf2 ws100\">(2<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _b\"/>6)<span class=\"_ _14\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>8<span class=\"_ _6d\"> </span><span class=\"lsa1 ws39\">(19.4<span class=\"_ _4\"/>)<span class=\"_ _6f\"> </span><span class=\"lsd wsc\">16.<span class=\"_ _b\"/>2<span class=\"_ _65\"> </span><span class=\"lse2 wsf1\">7.<span class=\"_ _6\"/>8<span class=\"_ _93\"> </span><span class=\"lsf0 wsfe\">(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _c1\"> </span><span class=\"lsb2 wsb9\">2<span class=\"_ _b\"/>0.6<span class=\"_ _34e\"> </span></span></span></span></span></span></span></span>Credit<span class=\"_ _39\"/>/<span class=\"_ _39\"/>(<span class=\"_ _4\"/>charge<span class=\"_ _39\"/>) to<span class=\"_ _39\"/> the Statement of Com<span class=\"_ _39\"/>prehensive Inco<span class=\"_ _5\"/>me<span class=\"_ _34e\"> </span>\u2013 Uti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n ye<span class=\"_ _b\"/>ar<span class=\"_ _53\"> </span><span class=\"lse7 wsf6\">1.2<span class=\"_ _6e\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _b\"/>.<span class=\"_ _6\"/>1<span class=\"_ _b\"/>)<span class=\"_ _6e\"> </span><span class=\"ls2f ws2f\">3.1<span class=\"_ _70\"> </span><span class=\"lse5 wsf4\">(<span class=\"_ _4\"/>3.3<span class=\"_ _39\"/>)<span class=\"_ _15\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _a4\"> </span><span class=\"lse7 wsf6\">1.<span class=\"_ _b\"/>2<span class=\"_ _a4\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span></span></span>T<span class=\"_ _39\"/>otal<span class=\"_ _39\"/> credit/<span class=\"_ _39\"/>(<span class=\"_ _4\"/>cha<span class=\"_ _b\"/>rge<span class=\"_ _4\"/>)<span class=\"_ _26d\"> </span><span class=\"lse7 wsf6\">1.2<span class=\"_ _6e\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _b\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _6e\"> </span><span class=\"ls2f ws2f\">3.1<span class=\"_ _6a\"> </span><span class=\"lse5 wsf4\">(<span class=\"_ _4\"/>3.3<span class=\"_ _4\"/>)<span class=\"_ _15\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _6e\"> </span><span class=\"lse7 wsf6\">1.2<span class=\"_ _a4\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span></span></span>Impact of<span class=\"_ _39\"/> acquisition<span class=\"_ _26c\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _34e\"> </span></span></span>Rec<span class=\"_ _b\"/>la<span class=\"_ _b\"/>s<span class=\"_ _b\"/>si<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ed to d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax liabilities<span class=\"_ _26e\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _a7\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _34e\"> </span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _20\"> </span><span class=\"ls4d ws4b\">(2<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _97\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>7.<span class=\"_ _b\"/>7<span class=\"_ _6f\"> </span><span class=\"ls46 ws44\">(2<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _6d\"> </span><span class=\"lsbc wsc1\">12<span class=\"_ _b\"/>.9<span class=\"_ _a4\"> </span>3.9<span class=\"_ _a4\"> </span>0.5<span class=\"_ _d0\"> </span>13<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span></span></span>Expected utilisation period<span class=\"_ _34e\"> </span>As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _19a\"> </span><span class=\"lsad wsb2\">1<span class=\"_ _b\"/>4 yea<span class=\"_ _b\"/>rs<span class=\"_ _18f\"> </span>14 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _113\"> </span>2<span class=\"_ _b\"/>0 yea<span class=\"_ _b\"/>rs<span class=\"_ _189\"> </span>3 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>6 yea<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span></span>As at 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>emb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _99\"> </span><span class=\"ws4a\">14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span>14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _1b1\"> </span><span class=\"ls14 ws13\">2<span class=\"_ _b\"/>0 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _63\"> </span>3 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _186\"> </span>6 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span>Deferred tax liabilitie<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>Unreliev<span class=\"_ _5\"/>ed expen<span class=\"_ _b\"/>ses on life insuranc<span class=\"_ _b\"/>e business<span class=\"_ _34e\"> </span>Deferre<span class=\"_ _b\"/>d acquis<span class=\"_ _b\"/>ition costs (<span class=\"_ _39\"/>DAC<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span>Capital losses (<span class=\"_ _39\"/>available for future relief)<span class=\"_ _34e\"> </span>Unrealised capital gains on life insuranc<span class=\"_ _b\"/>e assets backing unit<span class=\"_ _34e\"> </span>liabilities (BL<span class=\"_ _b\"/>AGAB)<span class=\"_ _34e\"> </span>Purchase<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in-<span class=\"_ _39\"/>force business (P<span class=\"_ _b\"/>V<span class=\"_ _b\"/>I<span class=\"_ _6\"/>F)<span class=\"_ _34e\"> </span>Other temporar<span class=\"_ _b\"/>y differences<span class=\"_ _1f\"> </span><span class=\"ls98 ws9c\">Tot<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _1e8\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8<span class=\"_ _b\"/>)<span class=\"_ _84\"> </span><span class=\"ls42 ws95\">32.<span class=\"_ _b\"/>1<span class=\"_ _6f\"> </span><span class=\"lsa4 wsfb\">(3<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _82\"> </span></span></span>4<span class=\"_ _b\"/>1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _4e\"> </span><span class=\"lse5 wsf4\">3.3<span class=\"_ _65\"> </span><span class=\"ls5b ws5e\">0<span class=\"_ _b\"/>.7<span class=\"_ _17\"> </span><span class=\"ls5f ws65\">378<span class=\"_ _b\"/>.1<span class=\"_ _34e\"> </span></span></span></span></span>Charge<span class=\"_ _39\"/>/<span class=\"_ _4\"/>(<span class=\"_ _39\"/>credit<span class=\"_ _4\"/>) to the St<span class=\"_ _5\"/>atement of Com<span class=\"_ _39\"/>prehensive Inco<span class=\"_ _5\"/>me<span class=\"_ _34e\"> </span>\u2013 Uti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n ye<span class=\"_ _b\"/>ar<span class=\"_ _26f\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _70\"> </span><span class=\"lsef wsfd\">(8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _79\"> </span></span>11<span class=\"_ _b\"/>.7<span class=\"_ _7a\"> </span><span class=\"lsc0 wsc7\">266<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _69\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _27\"> </span></span></span></span>269.7<span class=\"_ _34e\"> </span></span>\u2013 Im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f tax rate c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e<span class=\"_ _75\"> </span><span class=\"ls3\">\u2013<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">4.3<span class=\"_ _70\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _c4\"> </span></span></span>\u2013<span class=\"_ _4e\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">2<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal<span class=\"_ _39\"/> charge/<span class=\"_ _4\"/>(<span class=\"_ _39\"/>credit<span class=\"_ _39\"/>)<span class=\"_ _270\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _6e\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>1<span class=\"_ _b\"/>)<span class=\"_ _6a\"> </span></span>8<span class=\"_ _b\"/>.7<span class=\"_ _7a\"> </span><span class=\"lsc0 wsc7\">266<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _134\"> </span><span class=\"ls3e ws3d\">0.1<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _82\"> </span></span></span></span>27<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _199\"> </span><span class=\"lsf0 wsfe\">(3<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _b\"/>1)<span class=\"_ _c1\"> </span><span class=\"ls3e ws3d\">28.0<span class=\"_ _c1\"> </span><span class=\"lsf2 ws100\">(2<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _be\"> </span></span></span></span><span class=\"ls3\">684<span class=\"_ _b\"/>.1<span class=\"_ _d3\"> </span><span class=\"ls3e ws3d\">3.4<span class=\"_ _a4\"> </span><span class=\"lsbc wsc1\">0.<span class=\"_ _b\"/>2<span class=\"_ _1c3\"> </span><span class=\"lsad wsb2\">649<span class=\"_ _b\"/>.8<span class=\"_ _34e\"> </span></span></span></span></span>Charge<span class=\"_ _39\"/>/<span class=\"_ _4\"/>(<span class=\"_ _39\"/>credit<span class=\"_ _4\"/>) to the St<span class=\"_ _5\"/>atement of Com<span class=\"_ _39\"/>prehensive Inco<span class=\"_ _5\"/>me<span class=\"_ _34e\"> </span>\u2013 Uti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n ye<span class=\"_ _b\"/>ar<span class=\"_ _53\"> </span><span class=\"ls43 ws41\">1.6<span class=\"_ _79\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _30\"/>8)<span class=\"_ _6d\"> </span><span class=\"ls5b ws5e\">20<span class=\"_ _b\"/>.7<span class=\"_ _e9\"> </span><span class=\"lsef wsfd\">(5<span class=\"_ _6\"/>0<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _69\"> </span><span class=\"lsf2 ws100\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _a7\"> </span></span>(0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _102\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>9<span class=\"_ _30\"/>0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>\u2013 Im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f tax rate c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e<span class=\"_ _75\"> </span><span class=\"ls3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">4.0<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"ls3e ws3d\">4<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal<span class=\"_ _39\"/> charge/<span class=\"_ _4\"/>(<span class=\"_ _39\"/>credit<span class=\"_ _39\"/>)<span class=\"_ _26d\"> </span><span class=\"ls43 ws41\">1.6<span class=\"_ _79\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _30\"/>8)<span class=\"_ _6d\"> </span><span class=\"lsbf wsc6\">24<span class=\"_ _b\"/>.7<span class=\"_ _be\"> </span><span class=\"lsef wsfd\">(5<span class=\"_ _6\"/>0<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _69\"> </span><span class=\"lsf2 ws100\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _a7\"> </span></span>(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _102\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>8<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>Reclassified fr<span class=\"_ _39\"/>om deferr<span class=\"_ _39\"/>ed tax assets<span class=\"_ _59\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _a7\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _271\"> </span><span class=\"lsa4 wsfb\">(3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>5)<span class=\"_ _82\"> </span><span class=\"lsbc wsc1\">20.<span class=\"_ _b\"/>2<span class=\"_ _7b\"> </span><span class=\"ls144 ws160\">(2<span class=\"_ _30\"/>.<span class=\"_ _b\"/>1)<span class=\"_ _50\"> </span></span></span></span><span class=\"ls3\">18<span class=\"_ _b\"/>0.1<span class=\"_ _d3\"> </span><span class=\"ls2f ws2f\">2<span class=\"_ _b\"/>.8<span class=\"_ _d0\"> </span><span class=\"lsf2 ws100\">(0<span class=\"_ _6\"/>.<span class=\"_ _b\"/>6)<span class=\"_ _27\"> </span><span class=\"lsbc wsc1\">162.9<span class=\"_ _34e\"> </span></span></span></span></span>Expected utilisation period<span class=\"_ _34e\"> </span>As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _23\"> </span><span class=\"lsad wsb2\">6 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _18f\"> </span>14 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>5 yea<span class=\"_ _b\"/>rs<span class=\"_ _11\"> </span>5 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>4 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>As at 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>emb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _53\"> </span><span class=\"ls14 ws13\">6 year<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span></span><span class=\"ws4a\">14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _118\"> </span><span class=\"ls14 ws13\">1<span class=\"_ _b\"/> ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _186\"> </span>6 yea<span class=\"_ _b\"/>rs<span class=\"_ _63\"> </span>3 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span></span></span>210<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>App<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ate i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, ga<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s or p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>its a<span class=\"_ _b\"/>re ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to ari<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e ag<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>t wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e tax a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets c<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>til<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Whilst the<span class=\"_ _39\"/> actual ra<span class=\"_ _5\"/>tes<span class=\"_ _39\"/> of utilisation<span class=\"_ _39\"/> w<span class=\"_ _b\"/>ill depend on<span class=\"_ _39\"/> business growth and<span class=\"_ _39\"/> ex<span class=\"_ _b\"/>ternal f<span class=\"_ _39\"/>actors, particularly in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> m<span class=\"_ _b\"/>arke<span class=\"_ _39\"/>t con<span class=\"_ _b\"/>d<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>ey ha<span class=\"_ _b\"/>ve b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n tes<span class=\"_ _b\"/>ted for s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y to ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d are re<span class=\"_ _b\"/>si<span class=\"_ _b\"/>li<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t to a rang<span class=\"_ _b\"/>e of re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y fore<span class=\"_ _b\"/>se<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le s<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ios<span class=\"_ _b\"/>.<span class=\"_ _b\"/> At the re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te the<span class=\"_ _b\"/>re we<span class=\"_ _b\"/>re un<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>o<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets o<span class=\"_ _b\"/>f \u00a315<span class=\"_ _b\"/>.0 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a314<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on<span class=\"_ _39\"/>) i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of \u00a392<span class=\"_ _b\"/>.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: \u00a382<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on) of los<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s in c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ate p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>re no<span class=\"_ _b\"/>t con<span class=\"_ _b\"/>s<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>rob<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e fore<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>st p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. These losses<span class=\"_ _39\"/> primarily relat<span class=\"_ _39\"/>e to o<span class=\"_ _5\"/>ur Asia-<span class=\"_ _39\"/>based businesses and<span class=\"_ _39\"/> can be carried f<span class=\"_ _39\"/>or<span class=\"_ _b\"/>ward<span class=\"_ _39\"/> indefinitely<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>In th<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K Bu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>t of 3 M<span class=\"_ _b\"/>arc<span class=\"_ _b\"/>h 2021<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>t was a<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>n rate of c<span class=\"_ _b\"/>or<span class=\"_ _b\"/>po<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n tax w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e fro<span class=\"_ _b\"/>m 19% to 25% wi<span class=\"_ _b\"/>th ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ct fro<span class=\"_ _b\"/>m 1 Ap<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>l 2023<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>is c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e wa<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>tant<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>ly e<span class=\"_ _b\"/>n<span class=\"_ _b\"/>acte<span class=\"_ _b\"/>d on 24 M<span class=\"_ _b\"/>ay 2<span class=\"_ _b\"/>021 wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in th<span class=\"_ _b\"/>e F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce Act 20<span class=\"_ _b\"/>21 an<span class=\"_ _b\"/>d as a re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt<span class=\"_ _b\"/> the re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>evant d<span class=\"_ _b\"/>efe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d tax b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es we<span class=\"_ _b\"/>re rem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d in 2<span class=\"_ _b\"/>021<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>In D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he O<span class=\"_ _b\"/>ECD p<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>li<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d key do<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>le<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nta<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>ew Pi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ar Two mod<span class=\"_ _b\"/>e<span class=\"_ _b\"/>l ru<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Thi<span class=\"_ _b\"/>s l<span class=\"_ _b\"/>eg<span class=\"_ _b\"/>is<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y to St<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e as a l<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e mu<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l wi<span class=\"_ _b\"/>th ef<span class=\"_ _6\"/>fect f<span class=\"_ _b\"/>rom 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 2024<span class=\"_ _b\"/>. We are rev<span class=\"_ _b\"/>iew<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng the l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>st d<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>um<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>n de<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>l to ass<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>kel<span class=\"_ _b\"/>y im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>act<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>Purchase<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in-<span class=\"_ _39\"/>force business<span class=\"_ _34e\"> </span>Computer software and other spe<span class=\"_ _b\"/>cific soft<span class=\"_ _b\"/>ware developments<span class=\"_ _7b\"> </span><span class=\"ls58 ws5a\">DAC<span class=\"_ _19\"> </span><span class=\"ls39 wsa4\">DIR<span class=\"_ _34e\"> </span></span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _9d\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _68\"> </span>73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"ls14d wsed\">43.8<span class=\"_ _7c\"> </span><span class=\"lsb0 wsb5\">1,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>9<span class=\"_ _e9\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>6<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _1fc\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"ls39 wsa4\">19.<span class=\"_ _b\"/>2<span class=\"_ _6a\"> </span><span class=\"lsad wsb2\">41.<span class=\"_ _6\"/>2<span class=\"_ _93\"> </span><span class=\"lsbd wsc3\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>4<span class=\"_ _30\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _d1\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _b\"/>7)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _149\"> </span><span class=\"lsc0 wsc7\">31<span class=\"_ _b\"/>.1<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.4<span class=\"_ _69\"> </span><span class=\"ls2b ws2b\">55.3<span class=\"_ _11e\"> </span></span></span></span><span class=\"ws4a\">1<span class=\"_ _b\"/>,14<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _be\"> </span></span><span class=\"ls3\">(1,599.1<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Additions <span class=\"_ _274\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">16<span class=\"_ _b\"/>.1<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _a7\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>2<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _12a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _be\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _d0\"> </span></span></span></span>93<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _275\"> </span><span class=\"lsb2 wsb9\">36.6<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"lsbc wsc1\">70.9<span class=\"_ _11e\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>51<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b4\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span></span></span></span>Accumulated amortisation and impair<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _184\"> </span><span class=\"ls3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls83 ws38\">55<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _77\"> </span><span class=\"lsb0 wsb5\">20.3<span class=\"_ _50\"> </span><span class=\"ls45 ws43\">809<span class=\"_ _b\"/>.4<span class=\"_ _7e\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _b\"/>8<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">10.6<span class=\"_ _1f\"> </span><span class=\"ls30 ws30\">86<span class=\"_ _b\"/>.1<span class=\"_ _17\"> </span><span class=\"ls3e ws3d\">(160.4<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _1c5\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>.5<span class=\"_ _15\"> </span><span class=\"ls5b ws5e\">59<span class=\"_ _b\"/>.0<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">28.3<span class=\"_ _50\"> </span><span class=\"ls3f ws3e\">764<span class=\"_ _b\"/>.6<span class=\"_ _b4\"> </span></span></span></span>(<span class=\"_ _39\"/>1<span class=\"_ _b\"/>,036.5<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _6e\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>3<span class=\"_ _77\"> </span><span class=\"lsb2 wsb9\">79.6<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _5\"/>162.0<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _9b\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _d0\"> </span><span class=\"ls73 ws75\">93.9<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _277\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _69\"> </span>62<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _68\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _7e\"> </span></span></span><span class=\"ws4a\">7<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.0<span class=\"_ _e9\"> </span><span class=\"lsad wsb2\">(<span class=\"_ _39\"/>1,1<span class=\"_ _b\"/>04<span class=\"_ _b\"/>.6<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span>Carrying value<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _95\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _68\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>5<span class=\"_ _9b\"> </span><span class=\"lsbf wsc6\">424<span class=\"_ _6\"/>.<span class=\"_ _b\"/>5<span class=\"_ _14\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _6\"/>7<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _265\"> </span><span class=\"lsbc wsc1\">29.6<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _82\"> </span><span class=\"lsb2 wsb9\">379<span class=\"_ _b\"/>.6<span class=\"_ _14\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _b\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _181\"> </span><span class=\"lsb2 wsb9\">33.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _30\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _f6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.<span class=\"_ _b\"/>2<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">9.7<span class=\"_ _d0\"> </span></span></span>72<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _15\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _278\"> </span><span class=\"ls43 ws41\">33.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">8.0<span class=\"_ _84\"> </span><span class=\"lsb0 wsb5\">23<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"lsc0 wsc7\">265<span class=\"_ _b\"/>.1<span class=\"_ _82\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>33<span class=\"_ _b\"/>.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span></span></span>Outstanding amortisat<span class=\"_ _b\"/>ion period<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _279\"> </span><span class=\"lsbd wsc3\">n<span class=\"_ _b\"/>/a<span class=\"_ _189\"> </span><span class=\"lsad wsb2\">4 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _89\"> </span>14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _40\"> </span></span></span><span class=\"ls3\">6 to 14 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _27a\"> </span><span class=\"lsbd wsc3\">n/a<span class=\"_ _11\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _186\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span></span></span><span class=\"ws4a\">14 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _9a\"> </span></span><span class=\"ls3\">6 to 14 year<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>The M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2<span class=\"_ _b\"/>021 I<span class=\"_ _b\"/>FRS I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>tati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>mit<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>pd<span class=\"_ _b\"/>ate i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>a d<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on \u2018<span class=\"_ _b\"/>Co<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd C<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tom<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n Co<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n a Cl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>d Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ng A<span class=\"_ _b\"/>rra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019 wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h was r<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e IAS<span class=\"_ _b\"/>B in A<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>il 202<span class=\"_ _b\"/>1<span class=\"_ _b\"/>. As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cis<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>arr<span class=\"_ _6\"/>yi<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>r so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>war<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts has been<span class=\"_ _39\"/> reassessed, and th<span class=\"_ _5\"/>e impact<span class=\"_ _39\"/> of the<span class=\"_ _5\"/> revised<span class=\"_ _39\"/> capitalisat<span class=\"_ _5\"/>ion polic<span class=\"_ _5\"/>y has<span class=\"_ _39\"/> been charged t<span class=\"_ _39\"/>o the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _39\"/> Income. 211<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of g<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>dw<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll s<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>it by a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>s as fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>JE<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 24<span class=\"_ _4\"/>)<span class=\"_ _255\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _273\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Lewi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ton We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt Ltd (<span class=\"_ _39\"/>for<span class=\"_ _b\"/>me<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>ie Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ton &amp; Co L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _39\"/>)<span class=\"_ _27b\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices companies <span class=\"_ _27c\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>7<span class=\"_ _134\"> </span>7.7<span class=\"_ _34e\"> </span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> companies<span class=\"_ _125\"> </span><span class=\"ls9e wsa3\">1.8<span class=\"_ _5d\"> </span>1.8<span class=\"_ _34e\"> </span></span>SJP Asia<span class=\"_ _39\"/> companies<span class=\"_ _1fe\"> </span><span class=\"ls3e ws3d\">10.1<span class=\"_ _65\"> </span>10.1<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>e<span class=\"_ _b\"/>chnical Connect<span class=\"_ _39\"/>ion Limited<span class=\"_ _125\"> </span><span class=\"ls5b ws5e\">3<span class=\"_ _b\"/>.7<span class=\"_ _4e\"> </span>3<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>ote 24<span class=\"_ _39\"/>)<span class=\"_ _16c\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Willson Grange<span class=\"_ _39\"/> businesses <span class=\"_ _1ff\"> </span><span class=\"lse5 wsf4\">4.3<span class=\"_ _a4\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal goodwill<span class=\"_ _27d\"> </span><span class=\"lsb2 wsb9\">33<span class=\"_ _b\"/>.6<span class=\"_ _84\"> </span><span class=\"ff9c fc3 lsbc wsc1\">29.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Goodwill is<span class=\"_ _39\"/> reviewed<span class=\"_ _39\"/> at least annually<span class=\"_ _5\"/> for<span class=\"_ _39\"/> impairment, or when c<span class=\"_ _5\"/>ircums<span class=\"_ _39\"/>tances or<span class=\"_ _39\"/> events<span class=\"_ _39\"/> indicate t<span class=\"_ _39\"/>here may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty over i<span class=\"_ _b\"/>ts val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. Th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>-in<span class=\"_ _b\"/>-use c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>eta<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mpt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n the<span class=\"_ _b\"/>se c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low<span class=\"_ _b\"/>:<span class=\"_ _b\"/> K<span class=\"_ _39\"/>ey assumptions<span class=\"_ _39\"/> based on experience:<span class=\"_ _39\"/> <span class=\"_ _1c4\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _15\"> </span>Value o<span class=\"_ _39\"/>f new business<span class=\"_ _5\"/> and expenses<span class=\"_ _34e\"> </span>Proj<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d: <span class=\"_ _80\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _15\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span>Five ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>t<span class=\"_ _b\"/>rap<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto pe<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y/10 yea<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Pre<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>te ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n a ri<span class=\"_ _b\"/>sk-free rate p<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>s a ri<span class=\"_ _b\"/>sk m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n: <span class=\"_ _82\"> </span>7<span class=\"_ _4\"/>.<span class=\"_ _b\"/>0% to 12<span class=\"_ _b\"/>.0% (2021: 3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4% to 9.<span class=\"_ _b\"/>2%<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>It i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t no re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e key as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt i<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e goodwill, with the<span class=\"_ _39\"/> exception<span class=\"_ _39\"/> of Wilson Grange<span class=\"_ _39\"/> businesses<span class=\"_ _b\"/>. Purchased v<span class=\"_ _39\"/>alue of in-force busine<span class=\"_ _5\"/>ss<span class=\"_ _39\"/>/D<span class=\"_ _39\"/>AC<span class=\"_ _39\"/>/<span class=\"_ _39\"/>computer software Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income. Amortisation pr<span class=\"_ _39\"/>ofiles are<span class=\"_ _39\"/> reassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>DIR<span class=\"_ _34e\"> </span>Amortisation is<span class=\"_ _39\"/> credited wit<span class=\"_ _39\"/>hin fee and<span class=\"_ _39\"/> commission income in<span class=\"_ _5\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income.<span class=\"_ _39\"/> Amor<span class=\"_ _b\"/>tisation profiles<span class=\"_ _39\"/> are r<span class=\"_ _5\"/>eassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>212<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>9. Property and equ<span class=\"_ _b\"/>ipment, including le<span class=\"_ _b\"/>ased assets<span class=\"_ _34e\"> </span>Fixtures, fittin<span class=\"_ _b\"/>gs and office equipment<span class=\"_ _34e\"> </span>Computer equipment<span class=\"_ _34e\"> </span>Leased assets: properties<span class=\"_ _93\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _27e\"> </span><span class=\"ls3\">72.<span class=\"_ _b\"/>4<span class=\"_ _6e\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _14\"> </span><span class=\"ls3e ws3d\">164.0<span class=\"_ _97\"> </span><span class=\"lsbf wsc6\">241<span class=\"_ _b\"/>.<span class=\"_ _b\"/>9<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _b7\"> </span><span class=\"lsf6 wsee\">2.2<span class=\"_ _27f\"> </span><span class=\"lse7 wsf6\">1.2<span class=\"_ _5d\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _a4\"> </span><span class=\"ls39 wsa4\">4<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span></span></span>Disposals<span class=\"_ _280\"> </span><span class=\"lsa4 wsfb\">(1<span class=\"_ _30\"/>8<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _b\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _50\"> </span><span class=\"lsef wsfd\">(<span class=\"_ _b\"/>2<span class=\"_ _b\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _281\"> </span><span class=\"ls3\">56.1<span class=\"_ _6e\"> </span><span class=\"ls5f ws65\">6.7<span class=\"_ _c1\"> </span><span class=\"ls42 ws95\">158<span class=\"_ _b\"/>.6<span class=\"_ _82\"> </span><span class=\"lsa6 wsaa\">221<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _b7\"> </span><span class=\"ls3e ws3d\">2.0<span class=\"_ _6e\"> </span>2<span class=\"_ _b\"/>.0<span class=\"_ _a4\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>8<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">13.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span></span>Acquisit<span class=\"_ _39\"/>ion of subsidiary<span class=\"_ _282\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _65\"> </span>0.2<span class=\"_ _34e\"> </span></span></span>Disposals<span class=\"_ _283\"> </span><span class=\"lsf0 wsfe\">(1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _69\"> </span><span class=\"lsf2 ws100\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _a7\"> </span>(2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _284\"> </span><span class=\"ls3\">56.<span class=\"_ _b\"/>2<span class=\"_ _d3\"> </span><span class=\"lsb2 wsb9\">8<span class=\"_ _b\"/>.6<span class=\"_ _c1\"> </span><span class=\"lsd wsc\">168.0<span class=\"_ _50\"> </span><span class=\"lsa6 wsaa\">232<span class=\"_ _b\"/>.8<span class=\"_ _34e\"> </span></span></span></span></span>Accu<span class=\"_ _39\"/>mulated depreciation<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _285\"> </span><span class=\"ls39 wsa4\">33.9<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.3<span class=\"_ _84\"> </span><span class=\"ls3e ws3d\">30.3<span class=\"_ _68\"> </span><span class=\"ls4d ws4b\">6<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>5<span class=\"_ _34e\"> </span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _c8\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _5d\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _1f\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.9<span class=\"_ _79\"> </span><span class=\"ls2f ws2f\">22.1<span class=\"_ _34e\"> </span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _286\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _9d\"> </span><span class=\"lsf1 wsff\">(2<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _34e\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _287\"> </span><span class=\"lsbc wsc1\">23.9<span class=\"_ _6e\"> </span><span class=\"ls5f ws65\">4.7<span class=\"_ _69\"> </span><span class=\"ls73 ws75\">38.3<span class=\"_ _15\"> </span></span></span>66.9<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _288\"> </span><span class=\"lsfa ws109\">5.2<span class=\"_ _27f\"> </span><span class=\"lse5 wsf4\">1.3<span class=\"_ _70\"> </span><span class=\"ls3e ws3d\">15.2<span class=\"_ _7b\"> </span><span class=\"ls5b ws5e\">2<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span></span></span>Acquisit<span class=\"_ _39\"/>ion of subsidiary<span class=\"_ _282\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _65\"> </span>0.2<span class=\"_ _34e\"> </span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _282\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _70\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _b\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _1f\"> </span>(0<span class=\"_ _30\"/>.<span class=\"_ _b\"/>1<span class=\"_ _b\"/>)<span class=\"_ _70\"> </span><span class=\"lsf1 wsff\">(1<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _289\"> </span><span class=\"lse2 wsf1\">2<span class=\"_ _6\"/>7.<span class=\"_ _b\"/>6<span class=\"_ _6e\"> </span><span class=\"lsbc wsc1\">5.9<span class=\"_ _15\"> </span><span class=\"lsb2 wsb9\">53<span class=\"_ _b\"/>.6<span class=\"_ _70\"> </span></span></span>8<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>1<span class=\"_ _34e\"> </span></span>Net b<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ok val<span class=\"_ _b\"/>ue<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _b2\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _b\"/>.5<span class=\"_ _65\"> </span><span class=\"lsf6 wsee\">2.2<span class=\"_ _17\"> </span><span class=\"ls5b ws5e\">13<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.7<span class=\"_ _17\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>74<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4<span class=\"_ _34e\"> </span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _f8\"> </span><span class=\"ls42 ws95\">32.<span class=\"_ _6\"/>2<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">2.0<span class=\"_ _97\"> </span><span class=\"lsb0 wsb5\">120<span class=\"_ _b\"/>.3<span class=\"_ _14\"> </span></span>154<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _284\"> </span><span class=\"ls3e ws3d\">28.6<span class=\"_ _6e\"> </span><span class=\"ls5f ws65\">2<span class=\"_ _6\"/>.7<span class=\"_ _97\"> </span></span></span><span class=\"ws4a\">114<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _7e\"> </span>145.<span class=\"_ _b\"/>7<span class=\"_ _34e\"> </span></span>Depreciation per<span class=\"_ _39\"/>iod (<span class=\"_ _39\"/>estimated<span class=\"_ _5\"/> useful<span class=\"_ _39\"/> life<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _c0\"> </span><span class=\"ls3\">5 t<span class=\"_ _39\"/>o 1<span class=\"_ _b\"/>5 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _18f\"> </span><span class=\"lsad wsb2\">3<span class=\"_ _b\"/> yea<span class=\"_ _b\"/>rs<span class=\"_ _9a\"> </span></span>1 to 21 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _22e\"> </span><span class=\"ls3\">5 t<span class=\"_ _b\"/>o 15 yea<span class=\"_ _b\"/>rs<span class=\"_ _114\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _2e\"> </span></span>1 to 19 ye<span class=\"_ _b\"/>ars<span class=\"_ _34e\"> </span></span>10. Le<span class=\"_ _b\"/>ases<span class=\"_ _34e\"> </span>Thi<span class=\"_ _b\"/>s n<span class=\"_ _b\"/>ote provi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>nfor<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>n le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ere t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p is a l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>se<span class=\"_ _b\"/>e<span class=\"_ _b\"/>. For i<span class=\"_ _b\"/>nfo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>n l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p is a l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>or, refer to N<span class=\"_ _b\"/>ote 11<span class=\"_ _b\"/>. The G<span class=\"_ _b\"/>roup\u2019s leasi<span class=\"_ _b\"/>ng ac<span class=\"_ _b\"/>tivit<span class=\"_ _b\"/>ies an<span class=\"_ _b\"/>d how t<span class=\"_ _b\"/>hese a<span class=\"_ _b\"/>re acc<span class=\"_ _b\"/>ounte<span class=\"_ _b\"/>d for<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s a po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o of o<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>pm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d veh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e exe<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s ava<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>6 for l<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>-<span class=\"_ _34e\"> </span>value<span class=\"_ _5\"/> or short<span class=\"_ _39\"/>-t<span class=\"_ _39\"/>erm leases have<span class=\"_ _39\"/> be<span class=\"_ _b\"/>en applied t<span class=\"_ _39\"/>o all leased equipment<span class=\"_ _5\"/> and v<span class=\"_ _39\"/>e<span class=\"_ _b\"/>hicles, and so<span class=\"_ _39\"/> the leased assets<span class=\"_ _39\"/> and lease liabilities on<span class=\"_ _39\"/> the Consolidat<span class=\"_ _5\"/>ed Stat<span class=\"_ _39\"/>ement of<span class=\"_ _5\"/> Financial Posi<span class=\"_ _39\"/>tion<span class=\"_ _b\"/>, and t<span class=\"_ _39\"/>he depreciation char<span class=\"_ _39\"/>ge for<span class=\"_ _39\"/> le<span class=\"_ _b\"/>ased assets<span class=\"_ _39\"/> and inter<span class=\"_ _39\"/>est exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e on l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>da<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt of C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>en<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ve I<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e, re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>te to the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s p<span class=\"_ _b\"/>or<span class=\"_ _6\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>io o<span class=\"_ _b\"/>f of<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e properties only<span class=\"_ _39\"/>. Leases<span class=\"_ _39\"/> are negotiat<span class=\"_ _39\"/>ed on an individual<span class=\"_ _5\"/> basis and hence<span class=\"_ _39\"/> contain<span class=\"_ _39\"/> a variety of<span class=\"_ _5\"/> different<span class=\"_ _39\"/> terms and<span class=\"_ _39\"/> conditions. They con<span class=\"_ _39\"/>tain cov<span class=\"_ _39\"/>enants and r<span class=\"_ _39\"/>estrictions but<span class=\"_ _39\"/> generally these<span class=\"_ _39\"/> are st<span class=\"_ _39\"/>andard and t<span class=\"_ _39\"/>o be expect<span class=\"_ _39\"/>ed in a<span class=\"_ _5\"/> modern, commercial<span class=\"_ _39\"/> l<span class=\"_ _b\"/>ease cr<span class=\"_ _5\"/>eated un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r op<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n-ma<span class=\"_ _b\"/>rket te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. T<span class=\"_ _39\"/>y<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l cove<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e pre<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ms<span class=\"_ _b\"/>, s<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>, rates<span class=\"_ _b\"/> and V<span class=\"_ _4\"/>A<span class=\"_ _39\"/>T and k<span class=\"_ _39\"/>eeping the pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y in good<span class=\"_ _39\"/> repair and condition<span class=\"_ _39\"/> throughout t<span class=\"_ _39\"/>he lease. T<span class=\"_ _39\"/>ypical r<span class=\"_ _39\"/>estrictions include<span class=\"_ _39\"/> permit<span class=\"_ _b\"/>ting office use only<span class=\"_ _39\"/> and not tr<span class=\"_ _39\"/>ansferring or<span class=\"_ _39\"/> assigning the lease t<span class=\"_ _39\"/>o a thir<span class=\"_ _39\"/>d part<span class=\"_ _b\"/>y without t<span class=\"_ _39\"/>he lessor\u2019s consent. Ther<span class=\"_ _39\"/>e are<span class=\"_ _39\"/> no residual value<span class=\"_ _5\"/> guarant<span class=\"_ _39\"/>ees<span class=\"_ _b\"/>. 213<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>10. Le<span class=\"_ _b\"/>ases <span class=\"ff9c lsf5 ws104\">co<span class=\"_ _b\"/>ntinu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>s exp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to vari<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>i<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y in l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>s a nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>c<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>de re<span class=\"_ _b\"/>nt rev<span class=\"_ _b\"/>iew<span class=\"_ _b\"/>s du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g the l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e ter<span class=\"_ _b\"/>m wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ked to an i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>dex o<span class=\"_ _b\"/>r m<span class=\"_ _b\"/>arket ra<span class=\"_ _b\"/>tes<span class=\"_ _b\"/>. I<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 16<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts are i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ex o<span class=\"_ _b\"/>r rate at t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>me<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>ate of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e. Es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tes of f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure re<span class=\"_ _b\"/>nt ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re not m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>de; th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s are ta<span class=\"_ _b\"/>ken in<span class=\"_ _b\"/>to acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>nd l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ly w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d so th<span class=\"_ _b\"/>e vari<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y is re<span class=\"_ _b\"/>so<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re are n<span class=\"_ _b\"/>o var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are n<span class=\"_ _b\"/>ot l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ked to a<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>dex o<span class=\"_ _b\"/>r m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket rates<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>as n<span class=\"_ _b\"/>ot e<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>to any sa<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>ck t<span class=\"_ _b\"/>rans<span class=\"_ _b\"/>a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>De<span class=\"_ _b\"/>tail<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>rdi<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d to le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t in N<span class=\"_ _b\"/>ote 1<span class=\"_ _b\"/>: refer to p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>es (<span class=\"_ _39\"/>f)<span class=\"_ _39\"/>(ii<span class=\"_ _39\"/>) Lea<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, (<span class=\"_ _4\"/>m<span class=\"_ _39\"/>) Property and equipment and<span class=\"_ _39\"/> (z<span class=\"_ _4\"/>) Other payables. Amounts recognis<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in the Cons<span class=\"_ _39\"/>olid<span class=\"_ _b\"/>ated Statement o<span class=\"_ _5\"/>f Financial P<span class=\"_ _39\"/>osition<span class=\"_ _34e\"> </span>The f<span class=\"_ _39\"/>ollowing amounts<span class=\"_ _39\"/> are recognised<span class=\"_ _5\"/> in the<span class=\"_ _39\"/> Consolidated St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position.<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y an<span class=\"_ _b\"/>d eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>p<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce \u2013 re<span class=\"_ _b\"/>fer to N<span class=\"_ _b\"/>ote 9<span class=\"_ _34e\"> </span>Leased assets:<span class=\"_ _39\"/> p<span class=\"_ _b\"/>roperties<span class=\"_ _1cc\"> </span><span class=\"ls4c ws4a\">114<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _6d\"> </span><span class=\"ff9c fc3 lsb0 wsb5\">120.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>Wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce \u2013 re<span class=\"_ _b\"/>fer to No<span class=\"_ _b\"/>te 13<span class=\"_ _34e\"> </span>Lease liabilities:<span class=\"_ _39\"/> p<span class=\"_ _b\"/>roperties<span class=\"_ _169\"> </span><span class=\"lsb2 wsb9\">116.6<span class=\"_ _77\"> </span><span class=\"ff9c fc3 lsbf wsc6\">1<span class=\"_ _b\"/>24<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1<span class=\"_ _34e\"> </span></span></span>A move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt s<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>e for l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>ut a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r an<span class=\"_ _b\"/>d d<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>s pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>nted i<span class=\"_ _b\"/>n Note 9<span class=\"_ _b\"/>. A move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt s<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>u<span class=\"_ _b\"/>le fo<span class=\"_ _b\"/>r le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>s pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>nted b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w.<span class=\"_ _34e\"> </span>Amounts recognis<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in the Cons<span class=\"_ _39\"/>olid<span class=\"_ _b\"/>ated Statement o<span class=\"_ _5\"/>f Comprehensiv<span class=\"_ _39\"/>e Income<span class=\"_ _34e\"> </span>The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>unt<span class=\"_ _b\"/>s rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g to le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ve Income.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Depreciation<span class=\"_ _5\"/> charge<span class=\"_ _39\"/> for leased assets<span class=\"_ _39\"/>: properties <span class=\"_ _10b\"> </span><span class=\"ls3e ws3d\">15.<span class=\"_ _b\"/>2<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14.9<span class=\"_ _34e\"> </span></span></span>Inter<span class=\"_ _39\"/>est expense<span class=\"_ _39\"/> on lease liabilities:<span class=\"_ _39\"/> properties<span class=\"_ _28a\"> </span><span class=\"ls3e ws3d\">3.0<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _34e\"> </span></span></span>Lea<span class=\"_ _b\"/>se ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>ng to s<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>te<span class=\"_ _b\"/>rm l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es<span class=\"_ _28b\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _27f\"> </span>0.1<span class=\"_ _34e\"> </span></span>Lea<span class=\"_ _b\"/>se ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>ng to l<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>-valu<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ets<span class=\"_ _b1\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _7d\"> </span><span class=\"ls2f ws2f\">1.1<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal lease expense for<span class=\"_ _39\"/> t<span class=\"_ _b\"/>he year<span class=\"_ _28c\"> </span><span class=\"lsa1 ws39\">19.8<span class=\"_ _70\"> </span><span class=\"ff9c fc3 ls39 wsa4\">19.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal cash outflow for leases<span class=\"_ _5\"/> during the y<span class=\"_ _39\"/>ear <span class=\"_ _15c\"> </span><span class=\"lsd wsc\">16.8<span class=\"_ _70\"> </span><span class=\"ff9c fc3 ls43 ws41\">13<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span>Reconciliation of lease<span class=\"_ _39\"/> liabilities: properties The f<span class=\"_ _39\"/>ollowing mov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ment schedule<span class=\"_ _39\"/> reconciles the opening<span class=\"_ _39\"/> and closing lease liabilities<span class=\"_ _39\"/> relating t<span class=\"_ _39\"/>o properties in t<span class=\"_ _39\"/>he Consolidated<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Financial Posit<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ff9c ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y <span class=\"_ _28d\"> </span><span class=\"lsbf wsc6\">124<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1<span class=\"_ _15\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>32<span class=\"_ _b\"/>.7 </span></span>Additions<span class=\"_ _28e\"> </span><span class=\"lsf6 wsee\">6.3<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">2.<span class=\"_ _6\"/>2 </span></span>Disposals <span class=\"_ _28f\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span>In<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>st c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>ed<span class=\"_ _1b7\"> </span><span class=\"ls3e ws3d\">3.0<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>Lease<span class=\"_ _39\"/> payments made<span class=\"_ _123\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _14\"> </span><span class=\"lsf0 wsfe\">(1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember <span class=\"_ _290\"> </span><span class=\"lsb2 wsb9\">116<span class=\"_ _b\"/>.6<span class=\"_ _77\"> </span><span class=\"ff9c fc3 lsbf wsc6\">124<span class=\"_ _6\"/>.1<span class=\"_ _b\"/> </span></span>214<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>The l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>y<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>c<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>ove li<span class=\"_ _b\"/>nk to th<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>al l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts s<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n the C<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Ca<span class=\"_ _b\"/>sh F<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws a<span class=\"_ _b\"/>s foll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s:<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Int<span class=\"_ _39\"/>erest paym<span class=\"_ _5\"/>ents<span class=\"_ _26a\"> </span><span class=\"ls3e ws3d\">3.0<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _34e\"> </span></span></span>Principal lease<span class=\"_ _39\"/> payme<span class=\"_ _b\"/>nts<span class=\"_ _291\"> </span><span class=\"ls43 ws41\">13.<span class=\"_ _b\"/>8<span class=\"_ _79\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>0.7<span class=\"_ _34e\"> </span></span></span>Lease payments made <span class=\"_ _163\"> </span><span class=\"lsd wsc\">16.8<span class=\"_ _70\"> </span><span class=\"ff9c fc3 ls43 ws41\">13<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span>11. I<span class=\"_ _b\"/>n<span class=\"_ _5\"/>ve<span class=\"_ _39\"/>stments, inv<span class=\"_ _39\"/>estment propert<span class=\"_ _b\"/>y and cash and cash equivalen<span class=\"_ _39\"/>ts<span class=\"_ _34e\"> </span>Net assets<span class=\"_ _5\"/> held to co<span class=\"_ _39\"/>ver unit liabilitie<span class=\"_ _5\"/>s Included within<span class=\"_ _5\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position<span class=\"_ _39\"/> are the<span class=\"_ _39\"/> following assets<span class=\"_ _39\"/> and liabilities making<span class=\"_ _39\"/> up the net<span class=\"_ _39\"/> assets held to cover u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>i<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d to cove<span class=\"_ _b\"/>r un<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re set o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>t in a<span class=\"_ _b\"/>dj<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt 1 o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e IF<span class=\"_ _b\"/>RS to So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>y II N<span class=\"_ _b\"/>e<span class=\"_ _b\"/>t Ass<span class=\"_ _b\"/>ets<span class=\"_ _b\"/> Balance Sheet r<span class=\"_ _39\"/>econciliation in Sec<span class=\"_ _39\"/>tion 2.2 of the<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial r<span class=\"_ _39\"/>eview. 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Assets<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment<span class=\"_ _39\"/> propert<span class=\"_ _b\"/>y<span class=\"_ _240\"> </span><span class=\"lsbc wsc1\">1,<span class=\"_ _b\"/>29<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.5<span class=\"_ _b4\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>56<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.5 </span></span>Equit<span class=\"_ _5\"/>ies<span class=\"_ _292\"> </span><span class=\"ls73 ws75\">103,<span class=\"_ _b\"/>536<span class=\"_ _b\"/>.0<span class=\"_ _64\"> </span><span class=\"lsb2 wsb9\">10<span class=\"_ _b\"/>6<span class=\"_ _b\"/>,782<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 </span></span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _293\"> </span><span class=\"lsf2 ws100\">2<span class=\"_ _b\"/>7,<span class=\"_ _30\"/>5<span class=\"_ _6\"/>4<span class=\"_ _30\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8<span class=\"_ _186\"> </span><span class=\"lsbc wsc1\">29<span class=\"_ _b\"/>,<span class=\"_ _b\"/>298<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 </span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s<span class=\"_ _294\"> </span><span class=\"ls5b ws5e\">4<span class=\"_ _b\"/>,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>63<span class=\"_ _b\"/>.7<span class=\"_ _103\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _30\"/>,<span class=\"_ _6\"/>9<span class=\"_ _6\"/>0<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>9<span class=\"_ _b\"/> </span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _d7\"> </span><span class=\"ls37 ws36\">6,179<span class=\"_ _39\"/>.5<span class=\"_ _11e\"> </span><span class=\"lsf2 ws100\">7,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _b\"/> </span></span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _24b\"> </span><span class=\"ls30 ws30\">1,604<span class=\"_ _b\"/>.8<span class=\"_ _60\"> </span><span class=\"ls3 ws3\">1,<span class=\"_ _b\"/>3<span class=\"_ _b\"/>32.<span class=\"_ _b\"/>4 </span></span>Derivativ<span class=\"_ _39\"/>e financial instrument<span class=\"_ _5\"/>s<span class=\"_ _15d\"> </span><span class=\"lse5 wsf4\">3,49<span class=\"_ _39\"/>3.0<span class=\"_ _b4\"> </span><span class=\"ls45 ws43\">1,094<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal assets<span class=\"_ _295\"> </span><span class=\"ls4c ws4a\">148<span class=\"_ _b\"/>,1<span class=\"_ _b\"/>16<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _13a\"> </span><span class=\"ff9c fc3 ls3e ws3d\">151<span class=\"_ _b\"/>,571<span class=\"_ _b\"/>.0 </span></span>Liabilities<span class=\"_ _34e\"> </span>Other<span class=\"_ _5\"/> payables<span class=\"_ _eb\"> </span><span class=\"ls14 ws13\">8<span class=\"_ _b\"/>42<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _b4\"> </span><span class=\"lsfc ws10b\">1,344.9<span class=\"_ _39\"/> </span></span>Derivativ<span class=\"_ _39\"/>e financial instrument<span class=\"_ _5\"/>s<span class=\"_ _15d\"> </span><span class=\"lse5 wsf4\">3,26<span class=\"_ _5\"/>6.3<span class=\"_ _27\"> </span><span class=\"lsbc wsc1\">1,01<span class=\"_ _b\"/>9.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal liabilities<span class=\"_ _296\"> </span><span class=\"lsad wsb2\">4,1<span class=\"_ _b\"/>08.<span class=\"_ _b\"/>3<span class=\"_ _11a\"> </span><span class=\"ff9c fc3 ls3 ws3\">2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>3<span class=\"_ _b\"/>64<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span></span>Net assets held<span class=\"_ _5\"/> to co<span class=\"_ _39\"/>ver linked<span class=\"_ _5\"/> liabilities<span class=\"_ _12a\"> </span><span class=\"lsbc wsc1\">144<span class=\"_ _b\"/>,008<span class=\"_ _b\"/>.0<span class=\"_ _6b\"> </span><span class=\"ff9c fc3 ls3 ws3\">149<span class=\"_ _b\"/>,<span class=\"_ _b\"/>206<span class=\"_ _b\"/>.6 </span></span>Investment contract be<span class=\"_ _b\"/>nefits<span class=\"_ _25f\"> </span><span class=\"ls37 ws36\">106,964<span class=\"_ _b\"/>.7<span class=\"_ _86\"> </span>110,<span class=\"_ _b\"/>349.8 </span>Ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>utab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e to uni<span class=\"_ _b\"/>t h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs<span class=\"_ _b\"/> <span class=\"_ _282\"> </span><span class=\"ls5f ws65\">36<span class=\"_ _b\"/>,62<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _114\"> </span></span><span class=\"ls3\">3<span class=\"_ _b\"/>8<span class=\"_ _b\"/>,<span class=\"_ _b\"/>369<span class=\"_ _b\"/>.0 </span>Unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed insurance<span class=\"_ _39\"/> contrac<span class=\"_ _39\"/>t liabilities<span class=\"_ _297\"> </span><span class=\"lsad wsb2\">414<span class=\"_ _b\"/>.9<span class=\"_ _c1\"> </span><span class=\"ls4d ws4b\">4<span class=\"_ _6\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>8<span class=\"_ _b\"/> </span></span>Net unit<span class=\"_ _39\"/>-linked liabilities<span class=\"_ _1d6\"> </span><span class=\"lsbc wsc1\">144,008<span class=\"_ _b\"/>.0<span class=\"_ _6b\"> </span><span class=\"ff9c fc3 ls3 ws3\">149<span class=\"_ _b\"/>,<span class=\"_ _b\"/>206<span class=\"_ _b\"/>.6 </span></span>Ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d to cover l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ked l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>s in u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, are c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>de<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d to ha<span class=\"_ _b\"/>ve a ma<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rit<span class=\"_ _6\"/>y of u<span class=\"_ _b\"/>p to one y<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ar since<span class=\"_ _39\"/> the corresponding<span class=\"_ _5\"/> unit liabilities<span class=\"_ _39\"/> are r<span class=\"_ _39\"/>ep<span class=\"_ _b\"/>ayable and<span class=\"_ _39\"/> transf<span class=\"_ _5\"/>erable on<span class=\"_ _39\"/> demand<span class=\"_ _b\"/>. See accoun<span class=\"_ _39\"/>ting policy (<span class=\"_ _4\"/>ag)<span class=\"_ _39\"/> for further inf<span class=\"_ _39\"/>ormation on curr<span class=\"_ _39\"/>ent and non-<span class=\"_ _39\"/>current disclosur<span class=\"_ _39\"/>e.<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment propert<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ff9c ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _173\"> </span><span class=\"ls83 ws38\">1<span class=\"_ _b\"/>,56<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.5<span class=\"_ _e9\"> </span><span class=\"lse6 wsf5\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>52<span class=\"_ _b\"/>6<span class=\"_ _b\"/>.7 </span></span>Capit<span class=\"_ _39\"/>alised expenditure<span class=\"_ _39\"/> on existing<span class=\"_ _39\"/> properties<span class=\"_ _298\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>6<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">19<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>Disposals<span class=\"_ _299\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _6\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _60\"> </span><span class=\"ls9e wsa3\">(<span class=\"_ _4\"/>158.8<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span>Changes<span class=\"_ _39\"/> in fair<span class=\"_ _39\"/> value<span class=\"_ _29a\"> </span><span class=\"lsa4 wsfb\">(2<span class=\"_ _6\"/>4<span class=\"_ _30\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _7e\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>81<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _180\"> </span><span class=\"lsad wsb2\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>294<span class=\"_ _b\"/>.5<span class=\"_ _b4\"> </span><span class=\"ff9c fc3 ls3 ws3\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>568<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 </span></span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>s the l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s<span class=\"_ _b\"/>or for a p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>io o<span class=\"_ _b\"/>f pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h me<span class=\"_ _b\"/>et t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y. The po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>io i<span class=\"_ _b\"/>s h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n un<span class=\"_ _b\"/>it-lin<span class=\"_ _b\"/>ked f<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ds<span class=\"_ _b\"/>, l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>ut u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r op<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rati<span class=\"_ _b\"/>ng l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t. H<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>ever, si<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/> are n<span class=\"_ _b\"/>ot tra<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d in a<span class=\"_ _b\"/>n org<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d pu<span class=\"_ _b\"/>b<span class=\"_ _b\"/>li<span class=\"_ _b\"/>c ma<span class=\"_ _b\"/>rket t<span class=\"_ _b\"/>hey a<span class=\"_ _b\"/>re rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>ly i<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>id c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>are<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th m<span class=\"_ _b\"/>any ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t cl<span class=\"_ _b\"/>as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>re no r<span class=\"_ _39\"/>estrictions on<span class=\"_ _39\"/> the realisability of<span class=\"_ _39\"/> the Group\u2019<span class=\"_ _39\"/>s individual properties, or on<span class=\"_ _39\"/> the remittance<span class=\"_ _39\"/> of income or<span class=\"_ _39\"/> disp<span class=\"_ _b\"/>osal pr<span class=\"_ _39\"/>ocee<span class=\"_ _b\"/>ds.<span class=\"_ _34e\"> </span>215<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>11. I<span class=\"_ _b\"/>n<span class=\"_ _5\"/>ve<span class=\"_ _39\"/>stments, inv<span class=\"_ _39\"/>estment propert<span class=\"_ _b\"/>y and cash and cash equivalen<span class=\"_ _39\"/>ts <span class=\"ff9c lsf5 ws104\">c<span class=\"_ _b\"/>ontin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p fol<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ows va<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s stra<span class=\"_ _b\"/>teg<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s to mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>se t<span class=\"_ _b\"/>he r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ks as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted w<span class=\"_ _b\"/>ith a<span class=\"_ _b\"/>ny ri<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>ts th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up reta<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s in t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> properties. These<span class=\"_ _39\"/> strat<span class=\"_ _39\"/>egies include:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">actively<span class=\"_ _39\"/> reviewing and<span class=\"_ _39\"/> monitoring t<span class=\"_ _39\"/>he condition of<span class=\"_ _39\"/> the properties and<span class=\"_ _39\"/> under<span class=\"_ _b\"/>taking appr<span class=\"_ _39\"/>op<span class=\"_ _b\"/>riate<span class=\"_ _39\"/> repairs, capital<span class=\"_ _39\"/> works </span>project<span class=\"_ _39\"/>s and inv<span class=\"_ _39\"/>estments;<span class=\"_ _5\"/> <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">en<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>rofes<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>l a<span class=\"_ _b\"/>dv<span class=\"_ _b\"/>is<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s in d<span class=\"_ _b\"/>raf<span class=\"_ _6\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nt l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e term<span class=\"_ _b\"/>s gove<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng th<span class=\"_ _b\"/>e us<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>a<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> </span>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/>is<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>set m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s to overs<span class=\"_ _b\"/>ee a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce to th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e ter<span class=\"_ _b\"/>ms o<span class=\"_ _b\"/>n an o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s; <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">actively<span class=\"_ _39\"/> reviewing and<span class=\"_ _39\"/> monitoring lessee<span class=\"_ _39\"/> financial covenan<span class=\"_ _5\"/>t positions<span class=\"_ _39\"/>; </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">maintaining<span class=\"_ _39\"/> ap<span class=\"_ _b\"/>propriat<span class=\"_ _39\"/>e and prudent<span class=\"_ _39\"/> insurance f<span class=\"_ _39\"/>or the pr<span class=\"_ _39\"/>op<span class=\"_ _b\"/>erties; and </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 lsd ws35\">senior management r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gularly r<span class=\"_ _39\"/>eviewing the in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> propert<span class=\"_ _b\"/>y port<span class=\"_ _b\"/>folio t<span class=\"_ _39\"/>o ov<span class=\"_ _39\"/>ersee diversification<span class=\"_ _5\"/> and performance, </span>and t<span class=\"_ _39\"/>o maximise value<span class=\"_ _39\"/> and occupancy r<span class=\"_ _39\"/>ates. Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>s val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>t le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>st m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>thl<span class=\"_ _b\"/>y by ex<span class=\"_ _6\"/>tern<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>te<span class=\"_ _b\"/>red s<span class=\"_ _b\"/>ur<span class=\"_ _6\"/>veyor<span class=\"_ _b\"/>s in a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ord<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h the g<span class=\"_ _b\"/>u<span class=\"_ _b\"/>id<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> by<span class=\"_ _39\"/> the Roy<span class=\"_ _39\"/>al Institution<span class=\"_ _39\"/> of Chartered<span class=\"_ _39\"/> Sur<span class=\"_ _b\"/>vey<span class=\"_ _39\"/>ors<span class=\"_ _b\"/>. The in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> proper<span class=\"_ _b\"/>ty valuation<span class=\"_ _39\"/> h<span class=\"_ _b\"/>as been pr<span class=\"_ _39\"/>epared using the<span class=\"_ _39\"/> \u2018market approach\u2019<span class=\"_ _39\"/> valuation t<span class=\"_ _39\"/>echnique: that is, using<span class=\"_ _39\"/> prices and other<span class=\"_ _39\"/> relevan<span class=\"_ _39\"/>t information<span class=\"_ _39\"/> generated b<span class=\"_ _39\"/>y marke<span class=\"_ _39\"/>t transact<span class=\"_ _39\"/>ions inv<span class=\"_ _39\"/>olving identical or<span class=\"_ _39\"/> comparable (<span class=\"_ _4\"/>i<span class=\"_ _b\"/>.e. similar<span class=\"_ _4\"/>) assets.<span class=\"_ _34e\"> </span>The h<span class=\"_ _b\"/>i<span class=\"_ _b\"/>stor<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>ost o<span class=\"_ _b\"/>f inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er 2<span class=\"_ _b\"/>022 i<span class=\"_ _b\"/>s \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>475.7 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>20<span class=\"_ _b\"/>21: \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>57<span class=\"_ _b\"/>7<span class=\"_ _5\"/>.0 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on)<span class=\"_ _39\"/>. Th<span class=\"_ _b\"/>i<span class=\"_ _b\"/>s rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts the p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id for i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>or to a<span class=\"_ _b\"/>ny su<span class=\"_ _b\"/>bse<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>nt reva<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. The r<span class=\"_ _39\"/>ental income<span class=\"_ _39\"/> and direct<span class=\"_ _39\"/> ope<span class=\"_ _b\"/>rating<span class=\"_ _39\"/> expenses recognised in<span class=\"_ _39\"/> the Consolidat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d St<span class=\"_ _5\"/>atement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income in res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>ut b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ow. Al<span class=\"_ _b\"/>l ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s rel<span class=\"_ _b\"/>ate to pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y g<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ren<span class=\"_ _b\"/>tal in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Rent<span class=\"_ _39\"/>al income<span class=\"_ _227\"> </span><span class=\"lsbf wsc6\">70.<span class=\"_ _b\"/>1<span class=\"_ _1f\"> </span><span class=\"ls4d ws4b\">74<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7<span class=\"_ _6\"/> </span></span>Direc<span class=\"_ _39\"/>t operat<span class=\"_ _5\"/>ing e<span class=\"_ _39\"/>xpenses<span class=\"_ _223\"> </span><span class=\"lsfa ws109\">5.<span class=\"_ _b\"/>2<span class=\"_ _70\"> </span><span class=\"ls3e ws3d\">10.0 </span></span>At<span class=\"_ _39\"/> the year<span class=\"_ _4\"/>-end contr<span class=\"_ _39\"/>actual obligations<span class=\"_ _39\"/> to pur<span class=\"_ _39\"/>chase, construct or<span class=\"_ _39\"/> develop in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> proper<span class=\"_ _b\"/>ty amounted<span class=\"_ _39\"/> to \u00a33.0<span class=\"_ _39\"/> million (<span class=\"_ _39\"/>202<span class=\"_ _39\"/>1: \u00a34.3 million<span class=\"_ _4\"/>).<span class=\"_ _39\"/> The most significan<span class=\"_ _39\"/>t contrac<span class=\"_ _39\"/>tual obligations at 3<span class=\"_ _39\"/>1 December 2022<span class=\"_ _39\"/> were f<span class=\"_ _39\"/>or refurbishment<span class=\"_ _39\"/>s of war<span class=\"_ _39\"/>e<span class=\"_ _b\"/>house un<span class=\"_ _b\"/>its i<span class=\"_ _b\"/>n Le<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d Poy<span class=\"_ _b\"/>le total<span class=\"_ _b\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g \u00a32<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Con<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al o<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns to d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>po<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>f inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nted to \u00a3n<span class=\"_ _b\"/>il (2021: \u00a31<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>A maturity analysis<span class=\"_ _39\"/> of undiscount<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d cont<span class=\"_ _39\"/>ractual r<span class=\"_ _39\"/>ental income<span class=\"_ _39\"/> to be<span class=\"_ _39\"/> received on<span class=\"_ _39\"/> an annual basis f<span class=\"_ _39\"/>or the next five<span class=\"_ _39\"/> years, and the tota<span class=\"_ _b\"/>l to be re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>af<span class=\"_ _6\"/>ter, is set o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>t be<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w.<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Undiscount<span class=\"_ _5\"/>ed contr<span class=\"_ _39\"/>actual r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ntal<span class=\"_ _39\"/> income to<span class=\"_ _39\"/> be receiv<span class=\"_ _5\"/>ed in:<span class=\"_ _34e\"> </span>Ye<span class=\"_ _b\"/>a<span class=\"_ _6\"/>r<span class=\"_ _b\"/> 1<span class=\"_ _29b\"> </span><span class=\"lsbf wsc6\">70.<span class=\"_ _b\"/>1<span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">66<span class=\"_ _b\"/>.9 </span></span>Ye<span class=\"_ _b\"/>a<span class=\"_ _6\"/>r<span class=\"_ _b\"/> 2<span class=\"_ _29c\"> </span><span class=\"ls4d ws4b\">6<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _84\"> </span><span class=\"ls3 ws3\">6<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>Ye<span class=\"_ _b\"/>a<span class=\"_ _6\"/>r<span class=\"_ _b\"/> 3<span class=\"_ _29d\"> </span><span class=\"lsb2 wsb9\">59.<span class=\"_ _b\"/>1<span class=\"_ _a7\"> </span>59.<span class=\"_ _b\"/>8<span class=\"_ _b\"/> </span>Ye<span class=\"_ _b\"/>a<span class=\"_ _6\"/>r<span class=\"_ _b\"/> 4<span class=\"_ _29e\"> </span><span class=\"lse6 wsf5\">52<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _7b\"> </span><span class=\"ls5b ws5e\">51<span class=\"_ _b\"/>.7 </span></span>Ye<span class=\"_ _b\"/>a<span class=\"_ _6\"/>r<span class=\"_ _b\"/> 5<span class=\"_ _29f\"> </span><span class=\"ls57 ws59\">46.5<span class=\"_ _84\"> </span><span class=\"ls14 ws13\">42.<span class=\"_ _6\"/>8 </span></span>Y<span class=\"_ _39\"/>ear 6 onw<span class=\"_ _39\"/>ards<span class=\"_ _150\"> </span><span class=\"lsc0 wsc7\">268<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6<span class=\"_ _9b\"> </span>265<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span>T<span class=\"_ _4\"/>otal undiscounted contractual rental<span class=\"_ _5\"/> income to be r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceived<span class=\"_ _2a0\"> </span><span class=\"ls3 ws3\">564.<span class=\"_ _b\"/>2<span class=\"_ _7a\"> </span><span class=\"ff9c fc3\">55<span class=\"_ _b\"/>0.6<span class=\"_ _34e\"> </span></span></span><span class=\"ls3 ws3\"><span class=\"ff9c fc3\"> </span></span>216<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Cash an<span class=\"_ _b\"/>d cash e<span class=\"_ _b\"/>qui<span class=\"_ _b\"/>valents<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Cas<span class=\"_ _b\"/>h a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>va<span class=\"_ _b\"/>le<span class=\"_ _b\"/>nts n<span class=\"_ _b\"/>ot h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d to cove<span class=\"_ _b\"/>r un<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es<span class=\"_ _b\"/> <span class=\"_ _2a1\"> </span><span class=\"lse5 wsf4\">25<span class=\"_ _39\"/>3.3<span class=\"_ _c1\"> </span><span class=\"lsbf wsc6\">24<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>Balances held t<span class=\"_ _39\"/>o cov<span class=\"_ _39\"/>er unit liabilities<span class=\"_ _dc\"> </span><span class=\"ls37 ws36\">6,17<span class=\"_ _39\"/>9.5<span class=\"_ _11e\"> </span><span class=\"lsf2 ws100\">7,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>8<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal cash and cash equiv<span class=\"_ _39\"/>ale<span class=\"_ _b\"/>nts<span class=\"_ _22c\"> </span><span class=\"lsa6 wsaa\">6,<span class=\"_ _b\"/>432<span class=\"_ _b\"/>.8<span class=\"_ _140\"> </span><span class=\"ff9c fc3 lsf2 ws100\">7,<span class=\"_ _30\"/>8<span class=\"_ _6\"/>3<span class=\"_ _b\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span></span>All cash<span class=\"_ _39\"/> and cash equivalent<span class=\"_ _5\"/>s ar<span class=\"_ _39\"/>e considered curr<span class=\"_ _39\"/>ent.<span class=\"_ _34e\"> </span>12<span class=\"_ _b\"/>. O<span class=\"_ _b\"/>ther receivables<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Receiv<span class=\"_ _5\"/>ables in<span class=\"_ _39\"/> relation t<span class=\"_ _39\"/>o unit liabilit<span class=\"_ _39\"/>ies excluding<span class=\"_ _39\"/> policyholder int<span class=\"_ _5\"/>erest<span class=\"_ _39\"/>s<span class=\"_ _2a2\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _6\"/>9<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _9d\"> </span><span class=\"ls43 ws41\">433<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> in r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>lation t<span class=\"_ _39\"/>o insurance<span class=\"_ _39\"/> and unit trust<span class=\"_ _39\"/> business<span class=\"_ _2a0\"> </span><span class=\"lsbc wsc1\">81<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _95\"> </span><span class=\"ls5b ws5e\">7<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>Operatio<span class=\"_ _5\"/>nal r<span class=\"_ _39\"/>eadiness prepaymen<span class=\"_ _39\"/>t<span class=\"_ _d5\"> </span><span class=\"ls5f ws65\">278.<span class=\"_ _b\"/>3<span class=\"_ _9b\"> </span><span class=\"lsbc wsc1\">29<span class=\"_ _b\"/>6.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>Adv<span class=\"_ _39\"/>anced payments t<span class=\"_ _39\"/>o Partners<span class=\"_ _2a3\"> </span><span class=\"ls30 ws30\">83.<span class=\"_ _b\"/>8<span class=\"_ _6a\"> </span><span class=\"ls3e ws3d\">71<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span>Other pr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>payments and<span class=\"_ _39\"/> accrued income<span class=\"_ _1d0\"> </span><span class=\"ls7d ws82\">84.<span class=\"_ _b\"/>3<span class=\"_ _69\"> </span>84<span class=\"_ _b\"/>.3<span class=\"_ _34e\"> </span></span>Business loans t<span class=\"_ _39\"/>o Partners<span class=\"_ _1cc\"> </span><span class=\"ls42 ws95\">315.<span class=\"_ _b\"/>6<span class=\"_ _97\"> </span><span class=\"lse6 wsf5\">521<span class=\"_ _6\"/>.6<span class=\"_ _34e\"> </span></span></span>Renewal<span class=\"_ _39\"/> income assets<span class=\"_ _10d\"> </span><span class=\"lsa6 wsaa\">115.<span class=\"_ _b\"/>5<span class=\"_ _6f\"> </span><span class=\"ls37 ws36\">102.5<span class=\"_ _34e\"> </span></span></span>Miscellaneous<span class=\"_ _2a4\"> </span><span class=\"ls39 wsa4\">18.9<span class=\"_ _6e\"> </span><span class=\"ls43 ws41\">6.6<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>al ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ivab<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s on t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>olve<span class=\"_ _b\"/>ncy I<span class=\"_ _b\"/>I N<span class=\"_ _b\"/>et Ass<span class=\"_ _b\"/>ets B<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce S<span class=\"_ _b\"/>he<span class=\"_ _b\"/>et<span class=\"_ _2a5\"> </span><span class=\"lsef wsfd\">1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>3<span class=\"_ _b\"/>74<span class=\"_ _30\"/>.<span class=\"_ _6\"/>8<span class=\"_ _e9\"> </span><span class=\"ff9c fc3 ls4d ws4b\">1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _34e\"> </span></span></span>Pol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>yh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s in ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>vab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>es (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 11<span class=\"_ _39\"/>)<span class=\"_ _2a6\"> </span><span class=\"ls30 ws30\">1,604<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _7c\"> </span><span class=\"ls42 ws95\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>332<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span>Othe<span class=\"_ _b\"/>r<span class=\"_ _268\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">3<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal other receivables <span class=\"_ _2a7\"> </span><span class=\"lsc0 wsc7\">2<span class=\"_ _b\"/>,98<span class=\"_ _b\"/>2<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _102\"> </span><span class=\"ff9c fc3 lse5 wsf4\">2,9<span class=\"_ _39\"/>23.0<span class=\"_ _34e\"> </span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt <span class=\"_ _2a8\"> </span><span class=\"lse5 wsf4\">2,363.<span class=\"_ _39\"/>0<span class=\"_ _27\"> </span><span class=\"ls37 ws36\">2<span class=\"_ _b\"/>,106.1<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _14e\"> </span><span class=\"lsb2 wsb9\">619.<span class=\"_ _6\"/>8<span class=\"_ _14\"> </span><span class=\"lsbc wsc1\">816<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span>2<span class=\"_ _b\"/>,98<span class=\"_ _b\"/>2<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _102\"> </span><span class=\"ff9c fc3 lse5 wsf4\">2,9<span class=\"_ _39\"/>23.0<span class=\"_ _34e\"> </span></span>All it<span class=\"_ _39\"/>ems within o<span class=\"_ _39\"/>ther receivables<span class=\"_ _39\"/> meet the definit<span class=\"_ _39\"/>ion of financial<span class=\"_ _5\"/> assets wi<span class=\"_ _5\"/>th t<span class=\"_ _5\"/>he ex<span class=\"_ _39\"/>ception of<span class=\"_ _5\"/> prepayments<span class=\"_ _39\"/> and advanced payments t<span class=\"_ _39\"/>o Partners. The f<span class=\"_ _39\"/>air value o<span class=\"_ _39\"/>f those financial<span class=\"_ _39\"/> as<span class=\"_ _b\"/>sets held<span class=\"_ _39\"/> at amortised cost is<span class=\"_ _39\"/> not materially<span class=\"_ _39\"/> dif<span class=\"_ _b\"/>ferent<span class=\"_ _39\"/> from amortised cost.<span class=\"_ _34e\"> </span>Rec<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>vab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to un<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>te to out<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ma<span class=\"_ _b\"/>rket t<span class=\"_ _b\"/>rad<span class=\"_ _b\"/>e set<span class=\"_ _6\"/>tle<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>al<span class=\"_ _b\"/>es) in the li<span class=\"_ _b\"/>fe un<span class=\"_ _b\"/>it-lin<span class=\"_ _b\"/>ked f<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ds a<span class=\"_ _b\"/>nd<span class=\"_ _b\"/> the cons<span class=\"_ _39\"/>o<span class=\"_ _b\"/>lidated<span class=\"_ _5\"/> unit trus<span class=\"_ _5\"/>ts. Other r<span class=\"_ _39\"/>eceivables in r<span class=\"_ _39\"/>elation to<span class=\"_ _39\"/> insurance and<span class=\"_ _39\"/> unit trust business<span class=\"_ _39\"/> primarily relat<span class=\"_ _39\"/>e to out<span class=\"_ _39\"/>standing po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>-rela<span class=\"_ _b\"/>ted s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt t<span class=\"_ _b\"/>im<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs<span class=\"_ _b\"/>. B<span class=\"_ _b\"/>oth o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>teg<span class=\"_ _b\"/>or<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s of re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re s<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>. The o<span class=\"_ _b\"/>p<span class=\"_ _b\"/>era<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ates to th<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>do<span class=\"_ _b\"/>or a<span class=\"_ _b\"/>dm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>i<span class=\"_ _b\"/>stra<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on p<span class=\"_ _b\"/>la<span class=\"_ _b\"/>t<span class=\"_ _b\"/>for<span class=\"_ _b\"/>m wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h ha<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n de<span class=\"_ _b\"/>vel<span class=\"_ _b\"/>op<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by ou<span class=\"_ _b\"/>r key out<span class=\"_ _b\"/>so<span class=\"_ _b\"/>urce<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>k-of<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>dm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>rovid<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r. Man<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e rec<span class=\"_ _b\"/>overa<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>f thi<span class=\"_ _b\"/>s pre<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/> ag<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d cos<span class=\"_ _b\"/>t sa<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g be<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t of l<span class=\"_ _b\"/>owe<span class=\"_ _b\"/>r fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re tari<span class=\"_ _b\"/>f<span class=\"_ _b\"/>f c<span class=\"_ _b\"/>ost<span class=\"_ _b\"/>s ar<span class=\"_ _b\"/>is<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g fro<span class=\"_ _b\"/>m th<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>at<span class=\"_ _6\"/>form<span class=\"_ _b\"/>. I<span class=\"_ _b\"/>t is b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>li<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>d tha<span class=\"_ _b\"/>t n<span class=\"_ _b\"/>o rea<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y possible change in<span class=\"_ _39\"/> the assumptions<span class=\"_ _39\"/> applie<span class=\"_ _b\"/>d within<span class=\"_ _39\"/> this assessment, not<span class=\"_ _39\"/>ably levels o<span class=\"_ _39\"/>f future<span class=\"_ _5\"/> business, the an<span class=\"_ _39\"/>ticipated futur<span class=\"_ _39\"/>e se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e tari<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fs a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the d<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sco<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nt rate<span class=\"_ _b\"/>, wou<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d ha<span class=\"_ _b\"/>ve an i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct on t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t.<span class=\"_ _34e\"> </span>Renewal<span class=\"_ _39\"/> income assets r<span class=\"_ _39\"/>epresent t<span class=\"_ _39\"/>he present v<span class=\"_ _39\"/>alue of futur<span class=\"_ _39\"/>e cash flow<span class=\"_ _39\"/>s associated wit<span class=\"_ _5\"/>h business<span class=\"_ _39\"/> combinations or books<span class=\"_ _39\"/> of bu<span class=\"_ _b\"/>s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>. 217<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>12<span class=\"_ _b\"/>. O<span class=\"_ _b\"/>ther receivables <span class=\"ff9c lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Business l<span class=\"_ _b\"/>oans to Part<span class=\"_ _b\"/>ners<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million </span>Bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs d<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ly f<span class=\"_ _b\"/>un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _13e\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>5.<span class=\"_ _b\"/>6<span class=\"_ _82\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _6\"/>0<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _34e\"> </span></span></span>Securitised business<span class=\"_ _39\"/> loans to<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tners<span class=\"_ _122\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6f\"> </span><span class=\"lsb0 wsb5\">214<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal business loans to Partners<span class=\"_ _233\"> </span><span class=\"lsb2 wsb9\">315.6<span class=\"_ _97\"> </span><span class=\"ff9c fc3 lse6 wsf5\">52<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t-bear<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g (<span class=\"_ _39\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ked to B<span class=\"_ _b\"/>an<span class=\"_ _b\"/>k of En<span class=\"_ _b\"/>gl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nd b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e rate p<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>s a ma<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n<span class=\"_ _39\"/>), re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e in l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e w<span class=\"_ _b\"/>ith t<span class=\"_ _b\"/>he term<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>in<span class=\"_ _b\"/>st t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>utu<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>e stre<span class=\"_ _b\"/>am<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r. During the<span class=\"_ _39\"/> year<span class=\"_ _5\"/>, \u00a32<span class=\"_ _39\"/>62.5 million of<span class=\"_ _39\"/> business loans t<span class=\"_ _39\"/>o Partners pre<span class=\"_ _39\"/>viously recognised in<span class=\"_ _5\"/> the Con<span class=\"_ _5\"/>solidated<span class=\"_ _5\"/> Stat<span class=\"_ _39\"/>ement of Financial Pos<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on w<span class=\"_ _b\"/>ere s<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d to a thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y. The sa<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>t bo<span class=\"_ _b\"/>o<span class=\"_ _b\"/>k val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>et t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>co<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n cr<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>a of I<span class=\"_ _b\"/>FRS 9<span class=\"_ _b\"/> as s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>tia<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>ll r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ks an<span class=\"_ _b\"/>d rewa<span class=\"_ _b\"/>rds o<span class=\"_ _b\"/>f own<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>p we<span class=\"_ _b\"/>re tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>sks a<span class=\"_ _b\"/>nd re<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>s of ow<span class=\"_ _b\"/>n<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip w<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>s tr<span class=\"_ _5\"/>ansf<span class=\"_ _5\"/>erred<span class=\"_ _39\"/> primarily due<span class=\"_ _5\"/> to<span class=\"_ _39\"/> the f<span class=\"_ _39\"/>ollowing: <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re so<span class=\"_ _b\"/>ld to a th<span class=\"_ _b\"/>ird<span class=\"_ _b\"/>-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y S<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l Pur<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ose Veh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>le (SPV) whic<span class=\"_ _b\"/>h the G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up d<span class=\"_ _b\"/>oe<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e or c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>rol;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y SP<span class=\"_ _b\"/>V ha<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y to re<span class=\"_ _b\"/>move th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p as th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>r<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y;<span class=\"_ _b\"/> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>s no e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ure f<span class=\"_ _b\"/>rom th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ns s<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d to the t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>rd-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y S<span class=\"_ _b\"/>PV t<span class=\"_ _b\"/>hro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h cl<span class=\"_ _b\"/>aw<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>k<span class=\"_ _b\"/>, o<span class=\"_ _b\"/>r any res<span class=\"_ _b\"/>i<span class=\"_ _b\"/>du<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k<span class=\"_ _b\"/>; a<span class=\"_ _b\"/>nd<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ff9c fs9 ls4c\">th<span class=\"_ _b\"/>e tran<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n was s<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d by id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>f<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o of l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns (<span class=\"_ _5\"/>totall<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g \u00a32<span class=\"_ _b\"/>76.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>), s<span class=\"_ _b\"/>el<span class=\"_ _b\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 95% of th<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>du<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l </span>loans with<span class=\"_ _5\"/>in that<span class=\"_ _39\"/> por<span class=\"_ _b\"/>tfolio (<span class=\"_ _4\"/>realising pr<span class=\"_ _39\"/>oceeds of \u00a32<span class=\"_ _39\"/>62.5 million<span class=\"_ _4\"/>) witho<span class=\"_ _5\"/>ut r<span class=\"_ _39\"/>ecourse and r<span class=\"_ _39\"/>etaining 5<span class=\"_ _39\"/>% of<span class=\"_ _39\"/> the full individual lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in th<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _6\"/>foli<span class=\"_ _b\"/>o as re<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e Se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n reg<span class=\"_ _b\"/>u<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d for d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on on a<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>nd th<span class=\"_ _b\"/>e retai<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ed 5% d<span class=\"_ _b\"/>o not m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>et th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on c<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>ia o<span class=\"_ _b\"/>f IF<span class=\"_ _b\"/>RS 9.<span class=\"_ _34e\"> </span>As a<span class=\"_ _39\"/> result, these<span class=\"_ _5\"/> business loans t<span class=\"_ _39\"/>o Partners ar<span class=\"_ _39\"/>e no longer r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>cognised on t<span class=\"_ _39\"/>he Consolidated St<span class=\"_ _39\"/>atement o<span class=\"_ _39\"/>f Financial Position.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>as a c<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>nvol<span class=\"_ _b\"/>vem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>f the t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>an p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>io<span class=\"_ _b\"/>. A servicing f<span class=\"_ _39\"/>e<span class=\"_ _b\"/>e is<span class=\"_ _39\"/> received in<span class=\"_ _39\"/> respect of<span class=\"_ _39\"/> this servicing which<span class=\"_ _5\"/> is immat<span class=\"_ _39\"/>erial to<span class=\"_ _39\"/> the Gro<span class=\"_ _5\"/>up. The<span class=\"_ _39\"/> ser<span class=\"_ _b\"/>vicing f<span class=\"_ _5\"/>ee is<span class=\"_ _5\"/> included within<span class=\"_ _39\"/> fee and commission<span class=\"_ _39\"/> income on the<span class=\"_ _39\"/> face of<span class=\"_ _5\"/> the Con<span class=\"_ _5\"/>solidated<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ement of Compr<span class=\"_ _39\"/>ehensive Income. The<span class=\"_ _39\"/> sale included \u00a3222.8 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns to Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>, re<span class=\"_ _b\"/>du<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>it<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce to \u00a3n<span class=\"_ _b\"/>il (2021: \u00a3214<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on<span class=\"_ _39\"/>). Th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>n<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r tran<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>e of s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>it<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an n<span class=\"_ _b\"/>otes t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t we<span class=\"_ _b\"/>re se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>red u<span class=\"_ _b\"/>p<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d bu<span class=\"_ _b\"/>s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ns to Par<span class=\"_ _6\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s were re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d as p<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>t of th<span class=\"_ _b\"/>e tran<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. Se<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>ote 16 for f<span class=\"_ _b\"/>ur<span class=\"_ _6\"/>the<span class=\"_ _b\"/>r i<span class=\"_ _b\"/>nfor<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Pri<span class=\"_ _b\"/>or to th<span class=\"_ _b\"/>e sa<span class=\"_ _b\"/>le<span class=\"_ _b\"/>, l<span class=\"_ _b\"/>eg<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l own<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>p of th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ns to Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red to a st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>ctu<span class=\"_ _b\"/>red e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y, SJ<span class=\"_ _b\"/>P Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s No<span class=\"_ _b\"/>.1 L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n no<span class=\"_ _b\"/>tes se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d up<span class=\"_ _b\"/>on t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>m<span class=\"_ _b\"/>. N<span class=\"_ _b\"/>ote 16 p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>de<span class=\"_ _b\"/>s info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n note<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs w<span class=\"_ _b\"/>ere r<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g-fen<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d from t<span class=\"_ _b\"/>he o<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets o<span class=\"_ _b\"/>f the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at the c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e bu<span class=\"_ _b\"/>s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ns to Par<span class=\"_ _6\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d on<span class=\"_ _b\"/>ly h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n us<span class=\"_ _b\"/>ed to p<span class=\"_ _b\"/>urch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se n<span class=\"_ _b\"/>ew l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch<span class=\"_ _b\"/> go i<span class=\"_ _b\"/>nto the s<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>, or to re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>e no<span class=\"_ _b\"/>te hol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, pl<span class=\"_ _b\"/>u<span class=\"_ _b\"/>s as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e fee<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>sts<span class=\"_ _b\"/>. H<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n no<span class=\"_ _b\"/>tes h<span class=\"_ _b\"/>ad<span class=\"_ _b\"/> no re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>se to th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s oth<span class=\"_ _b\"/>er a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs w<span class=\"_ _b\"/>ere re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Fi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al Po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>s the G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol<span class=\"_ _b\"/>s SJ<span class=\"_ _b\"/>P Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s N<span class=\"_ _b\"/>o.1 L<span class=\"_ _b\"/>i<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted; refe<span class=\"_ _b\"/>r to the C<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>i<span class=\"_ _b\"/>n Note 2 fo<span class=\"_ _b\"/>r further inf<span class=\"_ _39\"/>ormation<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Reco<span class=\"_ _b\"/>nci<span class=\"_ _b\"/>lia<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on of t<span class=\"_ _b\"/>he b<span class=\"_ _b\"/>usin<span class=\"_ _b\"/>ess l<span class=\"_ _b\"/>oans t<span class=\"_ _b\"/>o Par<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>ers o<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>nin<span class=\"_ _b\"/>g and c<span class=\"_ _b\"/>los<span class=\"_ _b\"/>ing g<span class=\"_ _b\"/>ross l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n bal<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ces<span class=\"_ _34e\"> </span>Stage<span class=\"_ _5\"/> 1 performing<span class=\"_ _34e\"> </span>Stage<span class=\"_ _5\"/> 2 under<span class=\"_ _39\"/>-<span class=\"_ _34e\"> </span>performing<span class=\"_ _34e\"> </span>Stage<span class=\"_ _5\"/> 3 non-<span class=\"_ _34e\"> </span>performing<span class=\"_ _93\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Gros<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>t 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y 202<span class=\"_ _b\"/>2<span class=\"_ _149\"> </span><span class=\"lsa6 wsaa\">500<span class=\"_ _b\"/>.5<span class=\"_ _6a\"> </span><span class=\"lsb0 wsb5\">21<span class=\"_ _b\"/>.0<span class=\"_ _27f\"> </span><span class=\"ls2f ws2f\">4.1<span class=\"_ _9b\"> </span><span class=\"lse6 wsf5\">52<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>Business loans t<span class=\"_ _39\"/>o Partners classification<span class=\"_ _39\"/> changes:<span class=\"_ _34e\"> </span>\u2013 T<span class=\"_ _4\"/>ransf<span class=\"_ _39\"/>er t<span class=\"_ _39\"/>o underperforming<span class=\"_ _2a9\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _1f\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span></span></span></span>\u2013 T<span class=\"_ _4\"/>ransfer<span class=\"_ _39\"/> to non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming<span class=\"_ _120\"> </span><span class=\"lsa4 wsfb\">(0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _69\"> </span><span class=\"lsf0 wsfe\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _a4\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span></span></span>\u2013 T<span class=\"_ _39\"/>ra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer to pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _224\"> </span><span class=\"lsfa ws109\">5.<span class=\"_ _b\"/>2<span class=\"_ _70\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _c4\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span></span>Sa<span class=\"_ _b\"/>le to a th<span class=\"_ _b\"/>ird p<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar<span class=\"_ _2aa\"> </span><span class=\"lsa4 wsfb\">(2<span class=\"_ _6\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _c4\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"lsa4 wsfb\">(2<span class=\"_ _6\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _34e\"> </span></span></span>New lending<span class=\"_ _39\"/> activity during the<span class=\"_ _39\"/> year<span class=\"_ _228\"> </span><span class=\"lsb0 wsb5\">216<span class=\"_ _b\"/>.6<span class=\"_ _134\"> </span><span class=\"ls2f ws2f\">2.1<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">0.4<span class=\"_ _84\"> </span></span></span>21<span class=\"_ _b\"/>9.1<span class=\"_ _34e\"> </span></span>Inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar<span class=\"_ _2ab\"> </span><span class=\"lsb0 wsb5\">20.6<span class=\"_ _6e\"> </span><span class=\"ls39 wsa4\">0.9<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _7b\"> </span><span class=\"ls5b ws5e\">2<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span></span></span>Repayment<span class=\"_ _39\"/> activity during the<span class=\"_ _39\"/> year<span class=\"_ _8a\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _b\"/>7<span class=\"_ _6\"/>8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _69\"> </span>(5<span class=\"_ _30\"/>.<span class=\"_ _b\"/>0)<span class=\"_ _1f\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _60\"> </span>(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>8<span class=\"_ _30\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _34e\"> </span></span></span>Gr<span class=\"_ _b\"/>oss b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>t 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er 2<span class=\"_ _b\"/>02<span class=\"_ _b\"/>2<span class=\"_ _2ac\"> </span><span class=\"lse2 wsf1\">2<span class=\"_ _6\"/>9<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>1<span class=\"_ _95\"> </span>1<span class=\"_ _6\"/>7.<span class=\"_ _b\"/>7<span class=\"_ _a4\"> </span><span class=\"lsb2 wsb9\">4<span class=\"_ _b\"/>.6<span class=\"_ _82\"> </span><span class=\"lsa1 ws39\">319.4<span class=\"_ _34e\"> </span></span></span></span>218<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Sta<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e 1<span class=\"_ _34e\"> </span>performing<span class=\"_ _34e\"> </span>Sta<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e 2 under<span class=\"_ _39\"/>-<span class=\"_ _34e\"> </span>performing<span class=\"_ _34e\"> </span>Sta<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e 3 non-<span class=\"_ _34e\"> </span>performing<span class=\"_ _1f\"> </span><span class=\"lsed wsfa\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Gros<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>t 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y 2021<span class=\"_ _1c5\"> </span><span class=\"ls3\">45<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>8 <span class=\"_ _17\"> </span>22.<span class=\"_ _b\"/>3 <span class=\"_ _d3\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>6<span class=\"_ _6\"/> <span class=\"_ _27\"> </span><span class=\"ls5b ws5e\">4<span class=\"_ _b\"/>8<span class=\"_ _b\"/>0.7<span class=\"_ _b\"/> </span></span></span>Business loans t<span class=\"_ _39\"/>o Partners classification<span class=\"_ _39\"/> changes:<span class=\"_ _34e\"> </span>\u2013 T<span class=\"_ _4\"/>ransf<span class=\"_ _39\"/>er t<span class=\"_ _39\"/>o underperforming<span class=\"_ _13e\"> </span><span class=\"lsf1 wsff\">(1<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _69\"> </span><span class=\"ls3 ws3\">10.<span class=\"_ _b\"/>8 <span class=\"_ _6a\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1<span class=\"_ _b\"/>)<span class=\"_ _1b0\"> </span></span>\u2013 </span></span>\u2013 T<span class=\"_ _4\"/>ransfer<span class=\"_ _39\"/> to non-<span class=\"_ _39\"/>per<span class=\"_ _b\"/>forming<span class=\"_ _2ad\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _69\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">0.<span class=\"_ _b\"/>6 <span class=\"_ _ca\"> </span>\u2013 </span></span>\u2013 T<span class=\"_ _39\"/>ra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer to pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _286\"> </span><span class=\"ls5b ws5e\">6<span class=\"_ _b\"/>.7<span class=\"_ _b\"/> <span class=\"_ _68\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _c4\"> </span></span></span><span class=\"ls3\">\u2013<span class=\"_ _19\"> </span>\u2013 </span>New lending<span class=\"_ _39\"/> activity during the<span class=\"_ _39\"/> year<span class=\"_ _2ae\"> </span><span class=\"lsc0 wsc7\">265<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 <span class=\"_ _70\"> </span><span class=\"ls3 ws3\">6<span class=\"_ _b\"/>.6 <span class=\"_ _6a\"> </span>0.<span class=\"_ _b\"/>4 <span class=\"_ _bf\"> </span>272.<span class=\"_ _b\"/>8 </span></span>Inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar<span class=\"_ _105\"> </span><span class=\"ls3\">16.<span class=\"_ _b\"/>3 <span class=\"_ _65\"> </span>1<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 <span class=\"_ _6a\"> </span>0<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 <span class=\"_ _84\"> </span>18<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 </span>Repayment<span class=\"_ _39\"/> activity during the<span class=\"_ _39\"/> year<span class=\"_ _2aa\"> </span><span class=\"lsef wsfd\">(2<span class=\"_ _30\"/>2<span class=\"_ _b\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _14\"> </span><span class=\"lse5 wsf4\">(<span class=\"_ _4\"/>13.3<span class=\"_ _4\"/>)<span class=\"_ _17\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _140\"> </span><span class=\"lsf0 wsfe\">(2<span class=\"_ _b\"/>4<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span></span></span>Gros<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>t 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er 202<span class=\"_ _b\"/>1<span class=\"_ _228\"> </span><span class=\"ls3\">500<span class=\"_ _b\"/>.5 <span class=\"_ _77\"> </span>2<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.0 <span class=\"_ _65\"> </span>4<span class=\"_ _b\"/>.1 <span class=\"_ _27\"> </span><span class=\"lse6 wsf5\">52<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6 </span></span>Business lo<span class=\"_ _b\"/>ans to Part<span class=\"_ _b\"/>ners: provision The e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t mo<span class=\"_ _b\"/>de<span class=\"_ _b\"/>l for b<span class=\"_ _b\"/>u<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs i<span class=\"_ _b\"/>s ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f lo<span class=\"_ _b\"/>ss e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>or<span class=\"_ _6\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>io<span class=\"_ _b\"/>, with due<span class=\"_ _39\"/> consideration giv<span class=\"_ _39\"/>en to<span class=\"_ _5\"/> forward-<span class=\"_ _39\"/>looking infor<span class=\"_ _5\"/>mation. For<span class=\"_ _39\"/> those business loans<span class=\"_ _39\"/> to Partners sold<span class=\"_ _39\"/> to a<span class=\"_ _39\"/> third party,<span class=\"_ _39\"/> full cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t ri<span class=\"_ _b\"/>sk h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sfer<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n he<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>t bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>s<span class=\"_ _b\"/>s lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>s at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 was \u00a3<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>8 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a34<span class=\"_ _b\"/>.0 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on)<span class=\"_ _39\"/>. D<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e year<span class=\"_ _39\"/>, \u00a30<span class=\"_ _39\"/>.<span class=\"_ _b\"/>3 million of<span class=\"_ _39\"/> the pro<span class=\"_ _39\"/>vision was r<span class=\"_ _39\"/>ele<span class=\"_ _b\"/>ased (<span class=\"_ _4\"/>2021: \u00a3<span class=\"_ _39\"/>nil<span class=\"_ _39\"/>), \u00a3<span class=\"_ _39\"/>0.<span class=\"_ _b\"/>2 million w<span class=\"_ _39\"/>as utilised (<span class=\"_ _4\"/>2021: \u00a3<span class=\"_ _39\"/>0.5 million<span class=\"_ _4\"/>) and new<span class=\"_ _39\"/> provisions and<span class=\"_ _39\"/> ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts to ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e total by \u00a30.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a30.<span class=\"_ _b\"/>5 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>). There<span class=\"_ _39\"/> is no pro<span class=\"_ _39\"/>vision held against an<span class=\"_ _39\"/>y other r<span class=\"_ _39\"/>eceivables held at<span class=\"_ _39\"/> amor<span class=\"_ _b\"/>tised cost.<span class=\"_ _34e\"> </span>Bus<span class=\"_ _b\"/>ines<span class=\"_ _b\"/>s loa<span class=\"_ _b\"/>ns to Pa<span class=\"_ _b\"/>rt<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs as r<span class=\"_ _b\"/>eco<span class=\"_ _b\"/>gni<span class=\"_ _b\"/>sed o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>ent of Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nci<span class=\"_ _b\"/>al Posi<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Gross<span class=\"_ _39\"/> business loans to<span class=\"_ _39\"/> Partners<span class=\"_ _2af\"> </span><span class=\"ls42 ws95\">319.<span class=\"_ _b\"/>4<span class=\"_ _9b\"> </span><span class=\"lse6 wsf5\">52<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6 </span></span>Pro<span class=\"_ _39\"/>vision <span class=\"_ _2b0\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _69\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Net b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ess l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns to P<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _da\"> </span><span class=\"lsb2 wsb9\">315.6<span class=\"_ _97\"> </span><span class=\"ff9c fc3 lse6 wsf5\">521<span class=\"_ _6\"/>.6<span class=\"_ _b\"/> </span></span>Renewal<span class=\"_ _39\"/> income assets<span class=\"_ _34e\"> </span>Mov<span class=\"_ _39\"/>ement in renewal income<span class=\"_ _39\"/> assets<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ff9c ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _ec\"> </span><span class=\"ls37 ws36\">102.5<span class=\"_ _68\"> </span><span class=\"ls4d ws4b\">8<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>4<span class=\"_ _6\"/> </span></span>Additions<span class=\"_ _2b0\"> </span><span class=\"ls39 wsa4\">36.1<span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">3<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.6 </span></span>Disposals<span class=\"_ _2b0\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _6\"/>8)<span class=\"_ _14\"> </span><span class=\"ls37 ws36\">(<span class=\"_ _4\"/>10.5<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span>Rev<span class=\"_ _39\"/>aluation<span class=\"_ _2b1\"> </span><span class=\"ls86 ws88\">(1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _69\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _223\"> </span><span class=\"ls42 ws95\">115.5<span class=\"_ _6f\"> </span><span class=\"ff9c fc3 ls37 ws36\">102.5 </span></span>The k<span class=\"_ _39\"/>ey assumpt<span class=\"_ _39\"/>ions used for<span class=\"_ _39\"/> the assessment of<span class=\"_ _39\"/> the fair<span class=\"_ _39\"/> value of<span class=\"_ _39\"/> the renewal<span class=\"_ _39\"/> income are<span class=\"_ _39\"/> as follows:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>Lapse<span class=\"_ _39\"/> rate<span class=\"_ _39\"/> \u2013 SJP Partner r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>newal<span class=\"_ _39\"/> income 1<span class=\"_ _34e\"> </span>5.0% t<span class=\"_ _39\"/>o 15.0%<span class=\"_ _2b2\"> </span>5.0% t<span class=\"_ _39\"/>o 15.0%<span class=\"_ _34e\"> </span>Lapse<span class=\"_ _39\"/> rate<span class=\"_ _39\"/> \u2013 non-<span class=\"_ _39\"/>SJP renewal<span class=\"_ _39\"/> income 1<span class=\"_ _34e\"> </span>15.0% t<span class=\"_ _39\"/>o 25.0%<span class=\"_ _12e\"> </span>15<span class=\"_ _b\"/>.0% t<span class=\"_ _39\"/>o 25.0%<span class=\"_ _34e\"> </span>Discount r<span class=\"_ _39\"/>ate<span class=\"_ _2b3\"> </span><span class=\"ls3 ws3\">12.<span class=\"_ _b\"/>0% to 13<span class=\"_ _b\"/>.7%<span class=\"_ _113\"> </span>3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4% to 10<span class=\"_ _b\"/>.1%<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _32\"> </span>Future<span class=\"_ _39\"/> incom<span class=\"_ _b\"/>e streams<span class=\"_ _39\"/> are projected<span class=\"_ _39\"/> mak<span class=\"_ _b\"/>ing use o<span class=\"_ _39\"/>f retention<span class=\"_ _39\"/> assumptions derived fr<span class=\"_ _5\"/>om the<span class=\"_ _39\"/> G<span class=\"_ _b\"/>roup\u2019s<span class=\"_ _39\"/> experience of the business<span class=\"_ _39\"/> or, where<span class=\"_ _39\"/> insuf<span class=\"_ _b\"/>ficient data e<span class=\"_ _39\"/>xists<span class=\"_ _b\"/>, from<span class=\"_ _39\"/> ex<span class=\"_ _b\"/>ternal industry experience.<span class=\"_ _39\"/> These assumptions are<span class=\"_ _39\"/> reviewed on<span class=\"_ _39\"/> an annual basis.<span class=\"_ _34e\"> </span>These assump<span class=\"_ _39\"/>tions have been<span class=\"_ _39\"/> use<span class=\"_ _b\"/>d f<span class=\"_ _39\"/>or the analysis<span class=\"_ _39\"/> of each business combinat<span class=\"_ _39\"/>ion classified within r<span class=\"_ _39\"/>enewal income.<span class=\"_ _34e\"> </span>219<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>13. Other p<span class=\"_ _b\"/>ayables<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Paya<span class=\"_ _5\"/>bles in<span class=\"_ _39\"/> relation t<span class=\"_ _39\"/>o unit liabilit<span class=\"_ _39\"/>ies excluding<span class=\"_ _39\"/> policyholder inter<span class=\"_ _39\"/>ests<span class=\"_ _143\"> </span><span class=\"lsc0 wsc7\">326<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _6d\"> </span><span class=\"ls5f ws65\">178<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span>Other pay<span class=\"_ _5\"/>ables in r<span class=\"_ _39\"/>elation t<span class=\"_ _5\"/>o insur<span class=\"_ _39\"/>ance and unit t<span class=\"_ _39\"/>rust business<span class=\"_ _2b4\"> </span><span class=\"ls4d ws4b\">4<span class=\"_ _b\"/>1<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>8<span class=\"_ _50\"> </span><span class=\"ls39 wsa4\">4<span class=\"_ _b\"/>48<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span>Accr<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l for o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>o<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce fe<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _1fa\"> </span><span class=\"ls43 ws41\">133.<span class=\"_ _b\"/>2<span class=\"_ _84\"> </span><span class=\"lsad wsb2\">141<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span>Other accruals<span class=\"_ _2b5\"> </span><span class=\"ls57 ws59\">105.8<span class=\"_ _6f\"> </span><span class=\"ls73 ws75\">103.6<span class=\"_ _34e\"> </span></span></span>Contract paym<span class=\"_ _b\"/>ent<span class=\"_ _1fe\"> </span><span class=\"ls3e ws3d\">95<span class=\"_ _b\"/>.8<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _b\"/>0<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>1<span class=\"_ _34e\"> </span></span></span>Lease<span class=\"_ _39\"/> liabilities: pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>ties (<span class=\"_ _4\"/>see Not<span class=\"_ _39\"/>e 10<span class=\"_ _39\"/>)<span class=\"_ _2b6\"> </span><span class=\"lsa6 wsaa\">116.6<span class=\"_ _77\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>24<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1<span class=\"_ _34e\"> </span></span></span>Other<span class=\"_ _5\"/> payables<span class=\"_ _39\"/> in r<span class=\"_ _5\"/>elation<span class=\"_ _39\"/> to P<span class=\"_ _39\"/>ar<span class=\"_ _b\"/>tner paymen<span class=\"_ _39\"/>ts<span class=\"_ _2b7\"> </span><span class=\"ls4d ws4b\">74<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8<span class=\"_ _68\"> </span><span class=\"ls5b ws5e\">86<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>Miscellaneous<span class=\"_ _2b8\"> </span><span class=\"ls4d ws4b\">6<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _84\"> </span><span class=\"ls43 ws41\">63<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>al ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s on t<span class=\"_ _b\"/>he So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>ncy I<span class=\"_ _b\"/>I N<span class=\"_ _b\"/>et Asse<span class=\"_ _b\"/>ts B<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce Sh<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>t<span class=\"_ _2b9\"> </span><span class=\"lse2 wsf1\">1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>5<span class=\"_ _7c\"> </span><span class=\"ff9c fc3 lsbc wsc1\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>25<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span>Pol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>yh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s in ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>es (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 11<span class=\"_ _39\"/>)<span class=\"_ _c6\"> </span><span class=\"ls14 ws13\">8<span class=\"_ _b\"/>42.<span class=\"_ _b\"/>0<span class=\"_ _11e\"> </span><span class=\"lsfc ws10b\">1,3<span class=\"_ _39\"/>44.9<span class=\"_ _34e\"> </span></span></span>Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>dj<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent 2 o<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e 80)<span class=\"_ _ea\"> </span><span class=\"ls39 wsa4\">19.1<span class=\"_ _6e\"> </span><span class=\"lsfa ws109\">5.2<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal other payables<span class=\"_ _2ba\"> </span><span class=\"lsb2 wsb9\">2<span class=\"_ _b\"/>,19<span class=\"_ _b\"/>8.6<span class=\"_ _118\"> </span></span><span class=\"ff9c fc3 ls30\">2,604.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _2bb\"> </span><span class=\"lsbc wsc1\">2,<span class=\"_ _b\"/>01<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.5<span class=\"_ _118\"> </span><span class=\"ls57 ws59\">2,4<span class=\"_ _b\"/>05.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _2bc\"> </span><span class=\"ls2f ws2f\">180.1<span class=\"_ _14\"> </span><span class=\"ls73 ws75\">199.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>2<span class=\"_ _b\"/>,19<span class=\"_ _b\"/>8.6<span class=\"_ _118\"> </span><span class=\"ff9c fc3 ls30 ws30\">2,604.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span>Paya<span class=\"_ _5\"/>bles in<span class=\"_ _39\"/> relation t<span class=\"_ _39\"/>o unit liabilit<span class=\"_ _39\"/>ies relat<span class=\"_ _39\"/>e to<span class=\"_ _39\"/> outstanding<span class=\"_ _5\"/> marke<span class=\"_ _39\"/>t trade<span class=\"_ _39\"/> settlements (pur<span class=\"_ _39\"/>chases<span class=\"_ _39\"/>) in<span class=\"_ _39\"/> the life<span class=\"_ _39\"/> unit-<span class=\"_ _39\"/>linked funds and<span class=\"_ _39\"/> the consolidated<span class=\"_ _39\"/> unit trusts. Other<span class=\"_ _5\"/> payables in<span class=\"_ _39\"/> relation t<span class=\"_ _39\"/>o insurance<span class=\"_ _39\"/> and unit trust<span class=\"_ _39\"/> business primarily r<span class=\"_ _5\"/>elate to out<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>-rela<span class=\"_ _b\"/>ted s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt t<span class=\"_ _b\"/>im<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs<span class=\"_ _b\"/>. B<span class=\"_ _b\"/>ot<span class=\"_ _b\"/>h of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>teg<span class=\"_ _b\"/>or<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s of p<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>t pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of \u00a39<span class=\"_ _b\"/>5.<span class=\"_ _b\"/>8 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a31<span class=\"_ _b\"/>07<span class=\"_ _39\"/>.1 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) re<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>nts p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e by a thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>er to th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>s pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t of a s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e ag<span class=\"_ _b\"/>ree<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h are n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-intere<span class=\"_ _b\"/>st-bea<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>nd re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ya<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e over t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>ife of t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>gre<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>. The c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>t pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d pr<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r to 2020 is re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e on a s<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ht-line b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s over t<span class=\"_ _b\"/>he o<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l 12-yea<span class=\"_ _b\"/>r ter<span class=\"_ _b\"/>m<span class=\"_ _b\"/>, wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/> rep<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g on 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 2017. The co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n 2020 is re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e o<span class=\"_ _b\"/>n a stra<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ht-line<span class=\"_ _b\"/> ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s over 1<span class=\"_ _b\"/>3 yea<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>nd 4 m<span class=\"_ _b\"/>o<span class=\"_ _b\"/>nth<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, wi<span class=\"_ _b\"/>th rep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g on 1 S<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ptem<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2020<span class=\"_ _b\"/>. The Le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>: pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne i<span class=\"_ _b\"/>tem rep<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts th<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>ent va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f fut<span class=\"_ _b\"/>ure c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/>\u2019s port<span class=\"_ _b\"/>foli<span class=\"_ _39\"/>o of pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>ty leases. The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of f<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts h<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>t am<span class=\"_ _b\"/>or<span class=\"_ _6\"/>tis<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d cos<span class=\"_ _b\"/>t wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r p<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y di<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t from<span class=\"_ _b\"/> amortised cost. Pol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>yh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s in ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re sh<span class=\"_ _b\"/>or<span class=\"_ _6\"/>t-<span class=\"_ _39\"/>ter<span class=\"_ _b\"/>m in n<span class=\"_ _b\"/>at<span class=\"_ _b\"/>ure a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>an va<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y s<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y fro<span class=\"_ _b\"/>m pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d to pe<span class=\"_ _b\"/>rio<span class=\"_ _b\"/>d d<span class=\"_ _b\"/>ue<span class=\"_ _b\"/> to<span class=\"_ _39\"/> prev<span class=\"_ _39\"/>ailing mark<span class=\"_ _39\"/>et conditio<span class=\"_ _5\"/>ns and<span class=\"_ _39\"/> underlying tr<span class=\"_ _39\"/>ading activity<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>220<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>14. Insurance contract liabilities and reinsurance ass<span class=\"_ _39\"/>ets<span class=\"_ _34e\"> </span>Risk<span class=\"_ _34e\"> </span>Insurance<span class=\"_ _39\"/> risk arises<span class=\"_ _5\"/> from<span class=\"_ _39\"/> inherent unc<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rtainties<span class=\"_ _39\"/> as to<span class=\"_ _39\"/> the occurr<span class=\"_ _39\"/>ence, amount and<span class=\"_ _39\"/> timing of<span class=\"_ _5\"/> insuranc<span class=\"_ _5\"/>e liabilit<span class=\"_ _5\"/>ies. The<span class=\"_ _5\"/> Group as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k by is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>gre<span class=\"_ _b\"/>es to c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ate th<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t (<span class=\"_ _39\"/>or o<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r be<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y<span class=\"_ _39\"/>) if a s<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d f<span class=\"_ _b\"/>utu<span class=\"_ _b\"/>re eve<span class=\"_ _b\"/>nt (<span class=\"_ _39\"/>th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d event) occ<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>u<span class=\"_ _b\"/>res mo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>d mo<span class=\"_ _b\"/>rb<span class=\"_ _b\"/>i<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y ri<span class=\"_ _b\"/>sks b<span class=\"_ _b\"/>ut h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>s no l<span class=\"_ _b\"/>on<span class=\"_ _b\"/>gev<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ri<span class=\"_ _b\"/>sk a<span class=\"_ _b\"/>s we h<span class=\"_ _b\"/>ave n<span class=\"_ _b\"/>ever w<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ten a<span class=\"_ _b\"/>ny an<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ha<span class=\"_ _b\"/>s a l<span class=\"_ _b\"/>ow ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>eti<span class=\"_ _b\"/>te for in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k<span class=\"_ _b\"/>, o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ly a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>vel<span class=\"_ _b\"/>y pursuing it<span class=\"_ _39\"/> whe<span class=\"_ _b\"/>re<span class=\"_ _39\"/> financially beneficial, or in support of<span class=\"_ _39\"/> strategic<span class=\"_ _39\"/> objectives. Risk<span class=\"_ _1b\"> </span><span class=\"lsba wsc0\">Desc<span class=\"_ _b\"/>ription<span class=\"_ _146\"> </span><span class=\"lsae wsb3\">M<span class=\"_ _b\"/>anagement<span class=\"_ _34e\"> </span></span></span>Underwriting<span class=\"_ _34e\"> </span>Fai<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>re to pri<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>p<span class=\"_ _b\"/>pro<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tel<span class=\"_ _b\"/>y for a ri<span class=\"_ _b\"/>s<span class=\"_ _b\"/>k<span class=\"_ _b\"/>, o<span class=\"_ _b\"/>r the<span class=\"_ _b\"/> impa<span class=\"_ _b\"/>ct of anti-selectio<span class=\"_ _b\"/>n.<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup ceased writing<span class=\"_ _5\"/> new pr<span class=\"_ _39\"/>otection<span class=\"_ _39\"/> business in Ap<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>l 2011 a<span class=\"_ _b\"/>nd h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>s fu<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y rei<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e rem<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g UK insuranc<span class=\"_ _39\"/>e risk<span class=\"_ _b\"/>. Experience is<span class=\"_ _5\"/> monitor<span class=\"_ _39\"/>ed regularly and f<span class=\"_ _39\"/>or most business<span class=\"_ _39\"/> the premium or<span class=\"_ _39\"/> deduction rates c<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>ewe<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Epidemic/<span class=\"_ _4\"/>disaster<span class=\"_ _34e\"> </span>An unus<span class=\"_ _5\"/>ually lar<span class=\"_ _39\"/>ge number of c<span class=\"_ _39\"/>l<span class=\"_ _b\"/>aims arising<span class=\"_ _39\"/> from a s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>le i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t or eve<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Pr<span class=\"_ _5\"/>ot<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ction<span class=\"_ _39\"/> is pro<span class=\"_ _39\"/>vide<span class=\"_ _b\"/>d thr<span class=\"_ _39\"/>ough reinsur<span class=\"_ _39\"/>ance. The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>as f<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ly re<span class=\"_ _b\"/>in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red t<span class=\"_ _b\"/>he U<span class=\"_ _b\"/>K i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>sk<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Expense<span class=\"_ _34e\"> </span>Administr<span class=\"_ _39\"/>ation costs e<span class=\"_ _39\"/>xceed expense allowance.<span class=\"_ _43\"> </span><span class=\"ls4c ws3\">Admi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>is<span class=\"_ _b\"/>trat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is o<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>sou<span class=\"_ _b\"/>rce<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>nd a tar<span class=\"_ _b\"/>if<span class=\"_ _6\"/>f of co<span class=\"_ _b\"/>sts<span class=\"_ _b\"/> </span>is agr<span class=\"_ _5\"/>eed. The cont<span class=\"_ _39\"/>ract is<span class=\"_ _5\"/> monitor<span class=\"_ _39\"/>ed regularly to ratio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>al<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>red<span class=\"_ _b\"/>. I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al ove<span class=\"_ _b\"/>rh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ad expenses ar<span class=\"_ _39\"/>e monitor<span class=\"_ _39\"/>ed and closely managed. Reten<span class=\"_ _39\"/>tion<span class=\"_ _34e\"> </span>Un<span class=\"_ _b\"/>ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re prof<span class=\"_ _b\"/>it d<span class=\"_ _b\"/>ue<span class=\"_ _b\"/> to more (<span class=\"_ _39\"/>o<span class=\"_ _b\"/>r fewe<span class=\"_ _b\"/>r<span class=\"_ _39\"/>) c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts th<span class=\"_ _b\"/>an a<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d withdrawing<span class=\"_ _39\"/> their funds.<span class=\"_ _34e\"> </span>Reten<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts i<span class=\"_ _b\"/>s c<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> monitor<span class=\"_ _39\"/>ed and unexpect<span class=\"_ _39\"/>ed experience is investigated<span class=\"_ _b\"/>. Retention exper<span class=\"_ _b\"/>ien<span class=\"_ _b\"/>ce has contin<span class=\"_ _b\"/>ued in line<span class=\"_ _39\"/> with assumption<span class=\"_ _39\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Insurance contract liabilities<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ff9c ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _2bd\"> </span><span class=\"ls3 ws3\">572.<span class=\"_ _b\"/>3<span class=\"_ _9b\"> </span><span class=\"ls5f ws65\">562<span class=\"_ _b\"/>.6<span class=\"_ _b\"/> </span></span>Mov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ment in<span class=\"_ _39\"/> unit<span class=\"_ _5\"/>-li<span class=\"_ _5\"/>nked<span class=\"_ _39\"/> liabilities<span class=\"_ _2be\"> </span><span class=\"lsf0 wsfe\">(7<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _68\"> </span><span class=\"ls5b ws5e\">21<span class=\"_ _b\"/>.7 </span></span>Mov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ment in<span class=\"_ _39\"/> non-unit<span class=\"_ _4\"/>-linked<span class=\"_ _39\"/> liabilities:<span class=\"_ _34e\"> </span>\u2013 Existing business<span class=\"_ _2bf\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _1f\"> </span><span class=\"ls86 ws88\">(1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _34e\"> </span></span></span>\u2013 A<span class=\"_ _5\"/>ssumptio<span class=\"_ _5\"/>n changes<span class=\"_ _123\"> </span><span class=\"lsef wsfd\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _69\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>\u2013 Experience variance<span class=\"_ _234\"> </span><span class=\"lsf6 wsee\">2.8<span class=\"_ _79\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal mo<span class=\"_ _39\"/>vement in<span class=\"_ _39\"/> liabilities<span class=\"_ _245\"> </span><span class=\"lsf0 wsfe\">(1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _14\"> </span><span class=\"lsef wsfd\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _2c0\"> </span><span class=\"lsbc wsc1\">483.5<span class=\"_ _82\"> </span><span class=\"ff9c fc3 ls3 ws3\">572.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>Unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed<span class=\"_ _2c1\"> </span><span class=\"lsad wsb2\">414<span class=\"_ _b\"/>.9<span class=\"_ _c1\"> </span><span class=\"ls4d ws4b\">4<span class=\"_ _6\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>8<span class=\"_ _34e\"> </span></span></span>Non-uni<span class=\"_ _39\"/>t-<span class=\"_ _39\"/>linked<span class=\"_ _2b5\"> </span><span class=\"ls43 ws41\">68<span class=\"_ _b\"/>.6<span class=\"_ _69\"> </span><span class=\"ls37 ws36\">84<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span></span>483.5<span class=\"_ _82\"> </span><span class=\"ff9c fc3 ls3 ws3\">572.<span class=\"_ _b\"/>3 </span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _23e\"> </span><span class=\"ls5b ws5e\">106<span class=\"_ _b\"/>.7<span class=\"_ _6d\"> </span><span class=\"lsbf wsc6\">124<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 </span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _2c2\"> </span><span class=\"lse8 wsf7\">376<span class=\"_ _b\"/>.<span class=\"_ _6\"/>8<span class=\"_ _50\"> </span><span class=\"ls3 ws3\">4<span class=\"_ _b\"/>4<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 </span></span>483.5<span class=\"_ _82\"> </span><span class=\"ff9c fc3 ls3 ws3\">572.<span class=\"_ _b\"/>3 </span>Se<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>icy (ag) for fur<span class=\"_ _b\"/>t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r in<span class=\"_ _b\"/>form<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n on t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>rent a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d no<span class=\"_ _b\"/>n-cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>221<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>14. Insurance contract liabilities and reinsurance ass<span class=\"_ _39\"/>ets <span class=\"ff9c lsf5 ws104\">co<span class=\"_ _b\"/>ntin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Reinsurance<span class=\"_ _5\"/> assets<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ff9c ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Reconciliation of the mo<span class=\"_ _39\"/>vement in the net<span class=\"_ _39\"/> reinsurance balance<span class=\"_ _34e\"> </span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _2c3\"> </span><span class=\"ls42 ws95\">82.<span class=\"_ _b\"/>4<span class=\"_ _84\"> </span><span class=\"ls3 ws3\">9<span class=\"_ _b\"/>2.<span class=\"_ _b\"/>3 </span></span>Reinsur<span class=\"_ _39\"/>ance component of<span class=\"_ _39\"/> chan<span class=\"_ _b\"/>ge in<span class=\"_ _39\"/> insurance liabilities <span class=\"_ _1f6\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _39\"/>16.0<span class=\"_ _39\"/>)<span class=\"_ _15\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _b\"/>.<span class=\"_ _30\"/>9)<span class=\"_ _34e\"> </span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _251\"> </span><span class=\"lsb0 wsb5\">66.4<span class=\"_ _84\"> </span><span class=\"ff9c fc3 ls3 ws3\">82.<span class=\"_ _b\"/>4 </span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _2c4\"> </span><span class=\"ls5b ws5e\">14<span class=\"_ _b\"/>.7<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">15<span class=\"_ _b\"/>.<span class=\"_ _b\"/>9 </span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _160\"> </span><span class=\"ls5b ws5e\">51<span class=\"_ _b\"/>.7<span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">66<span class=\"_ _b\"/>.5 </span></span>66.4<span class=\"_ _84\"> </span><span class=\"ff9c fc3 ls3 ws3\">82<span class=\"_ _b\"/>.4 </span>The ove<span class=\"_ _b\"/>ral<span class=\"_ _b\"/>l i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>t of rei<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e on t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it for t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar w<span class=\"_ _b\"/>as a n<span class=\"_ _b\"/>et ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>f \u00a324<span class=\"_ _b\"/>.7 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a31<span class=\"_ _b\"/>6.<span class=\"_ _6\"/>2 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>). Ass<span class=\"_ _5\"/>umptions used<span class=\"_ _5\"/> in the calculation of in<span class=\"_ _5\"/>surance liabilities a<span class=\"_ _5\"/>nd reinsurance as<span class=\"_ _39\"/>sets<span class=\"_ _34e\"> </span>The principal<span class=\"_ _39\"/> assumptions used in<span class=\"_ _39\"/> the calculation<span class=\"_ _5\"/> of the<span class=\"_ _39\"/> liabilities are<span class=\"_ _39\"/>:<span class=\"_ _34e\"> </span>Assumption<span class=\"_ _90\"> </span>Descripti<span class=\"_ _b\"/>on<span class=\"_ _34e\"> </span>Interest rate<span class=\"_ _34e\"> </span>The va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st ra<span class=\"_ _b\"/>te is ca<span class=\"_ _b\"/>lc<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted by refe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce to th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g-term g<span class=\"_ _b\"/>il<span class=\"_ _b\"/>t yi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld a<span class=\"_ _b\"/>t 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>. The s<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ic ra<span class=\"_ _b\"/>tes u<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d are b<span class=\"_ _b\"/>et<span class=\"_ _6\"/>wee<span class=\"_ _b\"/>n 2<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8% a<span class=\"_ _b\"/>nd 3<span class=\"_ _b\"/>.6% d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e tax re<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>me (0.5% and 0<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8% at<span class=\"_ _b\"/> 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>Mortalit<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Mo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tal<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y is b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>s se<span class=\"_ _b\"/>t at 72<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e TM/F92 tabl<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>ith a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l loading for<span class=\"_ _39\"/> smokers. There<span class=\"_ _39\"/> has been no change<span class=\"_ _39\"/> since 2006.<span class=\"_ _34e\"> </span>Morbidit<span class=\"_ _b\"/>y \u2013 Critical Illness<span class=\"_ _34e\"> </span>Mo<span class=\"_ _b\"/>rb<span class=\"_ _b\"/>id<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y is b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>ere w<span class=\"_ _b\"/>as n<span class=\"_ _b\"/>o ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>. Sa<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>al ra<span class=\"_ _b\"/>tes per \u00a3 f<span class=\"_ _39\"/>or a male<span class=\"_ _39\"/> non-smoker<span class=\"_ _39\"/> are:<span class=\"_ _34e\"> </span>Age<span class=\"_ _34e\"> </span>Rate \u2013 2<span class=\"_ _b\"/>021 and 2<span class=\"_ _b\"/>02<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>25<span class=\"_ _26a\"> </span><span class=\"ls3e ws3d\">0.0<span class=\"_ _39\"/>76%<span class=\"_ _34e\"> </span></span>35<span class=\"_ _15b\"> </span><span class=\"ls71 wsc5\">0.<span class=\"_ _b\"/>133%<span class=\"_ _34e\"> </span></span>45<span class=\"_ _150\"> </span><span class=\"ls42 ws95\">0.31<span class=\"_ _b\"/>9%<span class=\"_ _34e\"> </span></span>Morbidity \u2013<span class=\"_ _39\"/> Permanent Health Insurance<span class=\"_ _34e\"> </span>Mo<span class=\"_ _b\"/>rb<span class=\"_ _b\"/>id<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y is b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>ere w<span class=\"_ _b\"/>as n<span class=\"_ _b\"/>o ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>. Sa<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>al ra<span class=\"_ _b\"/>tes per \u00a3 inc<span class=\"_ _5\"/>ome benefit<span class=\"_ _39\"/> for a male<span class=\"_ _39\"/> non-smok<span class=\"_ _5\"/>er ar<span class=\"_ _39\"/>e:<span class=\"_ _34e\"> </span>Age<span class=\"_ _34e\"> </span>Rate \u2013 2<span class=\"_ _b\"/>021 and 2<span class=\"_ _b\"/>02<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>25<span class=\"_ _eb\"> </span><span class=\"ls4d ws4b\">0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2<span class=\"_ _6\"/>74<span class=\"_ _b\"/>%<span class=\"_ _34e\"> </span></span>35<span class=\"_ _26a\"> </span><span class=\"ls5b ws5e\">0<span class=\"_ _b\"/>.723<span class=\"_ _b\"/>%<span class=\"_ _34e\"> </span></span>45<span class=\"_ _eb\"> </span><span class=\"ls83 ws38\">1<span class=\"_ _b\"/>.569%<span class=\"_ _34e\"> </span></span>Expenses<span class=\"_ _34e\"> </span>Contr<span class=\"_ _39\"/>act liabilities ar<span class=\"_ _39\"/>e calculated<span class=\"_ _39\"/> allowing for<span class=\"_ _39\"/> the actual cos<span class=\"_ _39\"/>ts of administr<span class=\"_ _39\"/>ation of<span class=\"_ _5\"/> the business. <span class=\"ls3 ws3\"> </span>The assumpt<span class=\"_ _39\"/>ion has been amended t<span class=\"_ _39\"/>o allow f<span class=\"_ _39\"/>or changes t<span class=\"_ _39\"/>o the underlying adminis<span class=\"_ _5\"/>trat<span class=\"_ _39\"/>ion costs.<span class=\"_ _34e\"> </span>Product<span class=\"_ _34e\"> </span>Annual cost<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>2021<span class=\"_ _34e\"> </span>Pro<span class=\"_ _39\"/>tection<span class=\"_ _5\"/> business<span class=\"_ _281\"> </span><span class=\"lsb0 wsb5\">\u00a337<span class=\"_ _39\"/>.<span class=\"_ _b\"/>10<span class=\"_ _140\"> </span><span class=\"ls37 ws36\">\u00a334.40<span class=\"_ _34e\"> </span></span></span>Persist<span class=\"_ _39\"/>ency<span class=\"_ _34e\"> </span>All<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>de fo<span class=\"_ _b\"/>r a pr<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt l<span class=\"_ _b\"/>evel o<span class=\"_ _b\"/>f la<span class=\"_ _b\"/>ps<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>i<span class=\"_ _b\"/>n the c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>ere wa<span class=\"_ _b\"/>s n<span class=\"_ _b\"/>o ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>. Sa<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>al l<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>se ra<span class=\"_ _b\"/>tes are<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>2021 a<span class=\"_ _b\"/>nd 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span>Lapses<span class=\"_ _34e\"> </span>Ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/> 1<span class=\"_ _97\"> </span>Ye<span class=\"_ _b\"/>a<span class=\"_ _6\"/>r 5<span class=\"_ _c1\"> </span>Ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/> 1<span class=\"_ _b\"/>0<span class=\"_ _34e\"> </span>Pro<span class=\"_ _39\"/>tection<span class=\"_ _5\"/> business<span class=\"_ _13e\"> </span><span class=\"ls36\">7%<span class=\"_ _cc\"> </span><span class=\"lsa6 wsaa\">9%<span class=\"_ _cc\"> </span><span class=\"ls71 wsc5\">8%<span class=\"_ _34e\"> </span></span></span></span>222<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Sensitivit<span class=\"_ _b\"/>y ana<span class=\"_ _b\"/>lysis<span class=\"_ _34e\"> </span>The t<span class=\"_ _39\"/>able below sets<span class=\"_ _39\"/> out the sensitivity of<span class=\"_ _39\"/> the pro<span class=\"_ _39\"/>fit on insuranc<span class=\"_ _5\"/>e business<span class=\"_ _39\"/> and net assets<span class=\"_ _39\"/> to changes<span class=\"_ _39\"/> in key<span class=\"_ _39\"/> assumptions. The l<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f se<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>it<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y te<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>d are c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>nt wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e pro<span class=\"_ _b\"/>po<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the E<span class=\"_ _b\"/>EV p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>nd re<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t rea<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>si<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>evel<span class=\"_ _b\"/>s of change<span class=\"_ _39\"/> in the assumpti<span class=\"_ _5\"/>ons. The analysis<span class=\"_ _39\"/> reflects<span class=\"_ _39\"/> the change in t<span class=\"_ _39\"/>he variable<span class=\"_ _39\"/>/<span class=\"_ _39\"/>assumption shown<span class=\"_ _39\"/> w<span class=\"_ _b\"/>hile all o<span class=\"_ _39\"/>ther variables<span class=\"_ _39\"/>/<span class=\"_ _34e\"> </span>assumptions<span class=\"_ _39\"/> are left unchanged. In pr<span class=\"_ _39\"/>a<span class=\"_ _b\"/>ctice<span class=\"_ _39\"/> variables/<span class=\"_ _4\"/>assumptions may<span class=\"_ _39\"/> change at the<span class=\"_ _5\"/> same time,<span class=\"_ _39\"/> as some may be cor<span class=\"_ _b\"/>rel<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted (<span class=\"_ _39\"/>fo<span class=\"_ _b\"/>r exa<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>le<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e in i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rest ra<span class=\"_ _b\"/>tes m<span class=\"_ _b\"/>ay a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t in a<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>se i<span class=\"_ _b\"/>n ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cts<span class=\"_ _b\"/> higher inflat<span class=\"_ _5\"/>ion<span class=\"_ _4\"/>). It<span class=\"_ _39\"/> should also be not<span class=\"_ _39\"/>ed that in<span class=\"_ _39\"/> some instances<span class=\"_ _39\"/> sensitivities ar<span class=\"_ _39\"/>e non-linear<span class=\"_ _4\"/>. The sensitivity perc<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ntage<span class=\"_ _5\"/> ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ap<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n pro<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on to th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>um<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>: for exa<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>e, a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f a 10<span class=\"_ _b\"/>% se<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>it<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y to a w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>dra<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on of 8% w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se i<span class=\"_ _b\"/>t to 8.<span class=\"_ _b\"/>8%<span class=\"_ _6\"/>.<span class=\"_ _34e\"> </span>Sensitivity analysis<span class=\"_ _34e\"> </span>Change in assumption<span class=\"_ _34e\"> </span>Change in profit/<span class=\"_ _4\"/>(<span class=\"_ _39\"/>l<span class=\"_ _b\"/>oss<span class=\"_ _39\"/>) before t<span class=\"_ _39\"/>ax 2022<span class=\"_ _34e\"> </span>Change in<span class=\"_ _5\"/> p<span class=\"_ _b\"/>r<span class=\"_ _b\"/>o<span class=\"_ _6\"/>f<span class=\"_ _b\"/>i<span class=\"_ _6\"/>t<span class=\"_ _b\"/>/(l<span class=\"_ _6\"/>o<span class=\"_ _b\"/>s<span class=\"_ _6\"/>s)<span class=\"_ _b\"/> be<span class=\"_ _b\"/>fore ta<span class=\"_ _b\"/>x  2021<span class=\"_ _34e\"> </span>Change in net assets 2022<span class=\"_ _34e\"> </span>Change in<span class=\"_ _5\"/> net assets 2021<span class=\"_ _34e\"> </span>Percent<span class=\"_ _39\"/>age<span class=\"_ _60\"> </span><span class=\"ls84 wsc2\">\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _7c\"> </span></span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span></span>Withdraw<span class=\"_ _39\"/>al rate<span class=\"_ _5\"/>s<span class=\"_ _2c5\"> </span><span class=\"lsa6 wsaa\">10%<span class=\"_ _4e\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _6e\"> </span><span class=\"ls39 wsa4\">0.9<span class=\"_ _6e\"> </span><span class=\"ls43 ws41\">0.6<span class=\"_ _6e\"> </span></span>0.9<span class=\"_ _34e\"> </span></span></span></span>Expense assumptions<span class=\"_ _277\"> </span><span class=\"wsaa\">10%<span class=\"_ _6e\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _69\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _1f\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1<span class=\"_ _b\"/>)<span class=\"_ _69\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span></span>Mortality/<span class=\"_ _4\"/>morbidity<span class=\"_ _2c6\"> </span><span class=\"lsbf wsc6\">5%<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">0.0<span class=\"_ _6e\"> </span>0.0<span class=\"_ _6e\"> </span>0.0<span class=\"_ _6e\"> </span>0.0<span class=\"_ _34e\"> </span></span></span>A ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t rate<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>ll h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve no m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>t on i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t or n<span class=\"_ _b\"/>et as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ets<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>15. Other provis<span class=\"_ _39\"/>ions and contingent liabilities<span class=\"_ _34e\"> </span>Complaints provision<span class=\"_ _34e\"> </span>Lease provision<span class=\"_ _34e\"> </span>Clawback provision<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>otal provisions<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _285\"> </span><span class=\"lsb0 wsb5\">20.<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span><span class=\"ls3e ws3d\">10.4<span class=\"_ _6e\"> </span><span class=\"ls37 ws36\">3.5<span class=\"_ _84\"> </span>34.3<span class=\"_ _34e\"> </span></span></span></span>Additional<span class=\"_ _39\"/> provisions<span class=\"_ _298\"> </span><span class=\"ls2f ws2f\">34.1<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _70\"> </span></span>34.1<span class=\"_ _34e\"> </span></span>Utilised duri<span class=\"_ _5\"/>ng the<span class=\"_ _39\"/> year<span class=\"_ _20e\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _1f\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>1)<span class=\"_ _69\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _7e\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _4\"/>16<span class=\"_ _b\"/>.0<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span></span>Release of<span class=\"_ _39\"/> provision<span class=\"_ _2c7\"> </span><span class=\"lsef wsfd\">(8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _a7\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"ls86 ws88\">(8<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _12a\"> </span><span class=\"lsbc wsc1\">30.9<span class=\"_ _68\"> </span>10.0<span class=\"_ _6e\"> </span><span class=\"ls2f ws2f\">3.2<span class=\"_ _77\"> </span></span></span><span class=\"ls3\">44<span class=\"_ _b\"/>.1<span class=\"_ _34e\"> </span></span>Additional<span class=\"_ _39\"/> provisions<span class=\"_ _289\"> </span><span class=\"ls42 ws95\">28.<span class=\"_ _b\"/>5<span class=\"_ _6e\"> </span><span class=\"ls37 ws36\">3.5<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _77\"> </span></span></span>32<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span>Utilised duri<span class=\"_ _5\"/>ng the<span class=\"_ _39\"/> year<span class=\"_ _20e\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _1f\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>1)<span class=\"_ _69\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _7e\"> </span><span class=\"ls86 ws88\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span>Release of<span class=\"_ _39\"/> provision<span class=\"_ _2c8\"> </span><span class=\"lsf1 wsff\">(1<span class=\"_ _b\"/>5<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _1f\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _69\"> </span><span class=\"lsf9 ws108\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _2c9\"> </span><span class=\"ls5f ws65\">29.7<span class=\"_ _93\"> </span><span class=\"lsd wsc\">13<span class=\"_ _b\"/>.3<span class=\"_ _a4\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _17\"> </span>46.0<span class=\"_ _34e\"> </span></span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _15a\"> </span><span class=\"ls41 ws40\">22.4<span class=\"_ _5d\"> </span><span class=\"ls43 ws41\">1.6<span class=\"_ _27f\"> </span><span class=\"ls3e ws3d\">1.0<span class=\"_ _84\"> </span><span class=\"lsbc wsc1\">25<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _d5\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>3<span class=\"_ _9f\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">2<span class=\"_ _b\"/>.0<span class=\"_ _70\"> </span><span class=\"lsb0 wsb5\">21<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _34e\"> </span></span></span></span></span>29.7<span class=\"_ _93\"> </span><span class=\"lsd wsc\">13<span class=\"_ _b\"/>.3<span class=\"_ _a4\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _17\"> </span>46.0<span class=\"_ _34e\"> </span></span></span>The p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n for th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>st of re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>res<span class=\"_ _b\"/>s of co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes of t<span class=\"_ _b\"/>he total n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>la<span class=\"_ _b\"/>i<span class=\"_ _b\"/>nts ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted to be up<span class=\"_ _b\"/>h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted co<span class=\"_ _b\"/>st o<span class=\"_ _b\"/>f red<span class=\"_ _b\"/>res<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d tim<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g of s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e prov<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n is b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on th<span class=\"_ _b\"/>e sq<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>re foota<span class=\"_ _b\"/>ge o<span class=\"_ _b\"/>f le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d t<span class=\"_ _b\"/>yp<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l cos<span class=\"_ _b\"/>ts p<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>re foot fo<span class=\"_ _b\"/>r resto<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng s<span class=\"_ _b\"/>im<span class=\"_ _b\"/>il<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r bu<span class=\"_ _b\"/>il<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gs to th<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>r or<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l state<span class=\"_ _b\"/>. The c<span class=\"_ _b\"/>l<span class=\"_ _b\"/>aw<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>ck p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n is b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes of t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>mn<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>y be re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. It i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t any rea<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>si<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>evel o<span class=\"_ _b\"/>f ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>s wou<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d not h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve a ma<span class=\"_ _b\"/>teri<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>n the va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f the b<span class=\"_ _b\"/>es<span class=\"_ _b\"/>t es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te of the<span class=\"_ _39\"/> provision.<span class=\"_ _34e\"> </span>In th<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>f it<span class=\"_ _b\"/>s bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>, t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>e su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t to le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>l pro<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>e<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d/<span class=\"_ _39\"/>o<span class=\"_ _b\"/>r reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y. Sho<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h an eve<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>ris<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, the B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ard wo<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ld c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r it<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>st e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ate of t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red to s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e ob<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n an<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ere<span class=\"_ _b\"/> appropriat<span class=\"_ _39\"/>e and mat<span class=\"_ _39\"/>erial<span class=\"_ _b\"/>, est<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>ish a<span class=\"_ _5\"/> pro<span class=\"_ _39\"/>vision<span class=\"_ _b\"/>. While t<span class=\"_ _5\"/>here<span class=\"_ _5\"/> can be<span class=\"_ _39\"/> no assurances t<span class=\"_ _39\"/>hat circumst<span class=\"_ _39\"/>ances will not<span class=\"_ _39\"/> change, ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d up<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n cu<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y ava<span class=\"_ _b\"/>il<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to the<span class=\"_ _b\"/>m th<span class=\"_ _b\"/>e Di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s do n<span class=\"_ _b\"/>ot b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ieve t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re is a<span class=\"_ _b\"/>ny po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>tiv<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y or eve<span class=\"_ _b\"/>nt tha<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d h<span class=\"_ _b\"/>ave a m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>dve<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>e ef<span class=\"_ _6\"/>fect o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. Fo<span class=\"_ _b\"/>r fu<span class=\"_ _b\"/>r<span class=\"_ _b\"/>th<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, se<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e li<span class=\"_ _b\"/>st o<span class=\"_ _b\"/>f pr<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>l ri<span class=\"_ _b\"/>sks a<span class=\"_ _b\"/>nd u<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tain<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n the r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k a<span class=\"_ _b\"/>nd ri<span class=\"_ _b\"/>s<span class=\"_ _b\"/>k ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t se<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e St<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>c rep<span class=\"_ _b\"/>or<span class=\"_ _6\"/>t.<span class=\"_ _34e\"> </span>Du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he n<span class=\"_ _b\"/>or<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>l co<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>f bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss<span class=\"_ _6\"/>, the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ma<span class=\"_ _b\"/>y fro<span class=\"_ _b\"/>m ti<span class=\"_ _b\"/>me to ti<span class=\"_ _b\"/>me p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>de g<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ara<span class=\"_ _b\"/>ntee<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>, c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts o<span class=\"_ _b\"/>r oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r thi<span class=\"_ _b\"/>rd pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Ho<span class=\"_ _b\"/>wever, ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d up<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n the i<span class=\"_ _b\"/>nfo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n cur<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>y ava<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e to the<span class=\"_ _b\"/>m th<span class=\"_ _b\"/>e Di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ctors d<span class=\"_ _b\"/>o n<span class=\"_ _b\"/>ot be<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ieve t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re are a<span class=\"_ _b\"/>ny gu<span class=\"_ _b\"/>ara<span class=\"_ _b\"/>ntee<span class=\"_ _b\"/>s w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch wo<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d h<span class=\"_ _b\"/>ave a m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>dve<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>e ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>o th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f any gu<span class=\"_ _b\"/>ara<span class=\"_ _b\"/>ntee<span class=\"_ _b\"/>s h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as \u00a3n<span class=\"_ _b\"/>il (2021: \u00a3ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>223<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>16. Borrowings and financial commitments<span class=\"_ _34e\"> </span>Borrowings<span class=\"_ _34e\"> </span>Borro<span class=\"_ _39\"/>wings are a<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y arising<span class=\"_ _39\"/> from financing<span class=\"_ _39\"/> activities. The<span class=\"_ _39\"/> Group has<span class=\"_ _39\"/> t<span class=\"_ _b\"/>wo differ<span class=\"_ _39\"/>ent types of borr<span class=\"_ _39\"/>owings: <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">se<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r un<span class=\"_ _b\"/>se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>red c<span class=\"_ _b\"/>or<span class=\"_ _b\"/>po<span class=\"_ _b\"/>rate b<span class=\"_ _b\"/>or<span class=\"_ _b\"/>rowi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gs w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re us<span class=\"_ _b\"/>ed to m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge wo<span class=\"_ _b\"/>rk<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital<span class=\"_ _b\"/>, b<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>-grou<span class=\"_ _b\"/>p ca<span class=\"_ _b\"/>s<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/> </span>and fund<span class=\"_ _39\"/> investment<span class=\"_ _39\"/> in the business<span class=\"_ _39\"/>; and <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n no<span class=\"_ _b\"/>tes w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>red o<span class=\"_ _b\"/>nl<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>n a le<span class=\"_ _b\"/>g<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly s<span class=\"_ _b\"/>eg<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>ted p<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>l of t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns to Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, </span>and hence<span class=\"_ _39\"/> are non-<span class=\"_ _39\"/>recourse t<span class=\"_ _39\"/>o the Gr<span class=\"_ _39\"/>oup\u2019s other<span class=\"_ _39\"/> assets. Further inf<span class=\"_ _39\"/>ormation about<span class=\"_ _5\"/> business loans t<span class=\"_ _39\"/>o Partners is<span class=\"_ _39\"/> provided in N<span class=\"_ _b\"/>ote 12<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Senior unsecured cor<span class=\"_ _39\"/>pora<span class=\"_ _b\"/>te borrow<span class=\"_ _5\"/>ings<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Corporat<span class=\"_ _39\"/>e borro<span class=\"_ _39\"/>w<span class=\"_ _b\"/>ings: bank<span class=\"_ _5\"/> loans<span class=\"_ _217\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _7e\"> </span>10<span class=\"_ _b\"/>6.<span class=\"_ _b\"/>8 </span>Corporat<span class=\"_ _39\"/>e borro<span class=\"_ _39\"/>w<span class=\"_ _b\"/>ings: loan no<span class=\"_ _39\"/>tes<span class=\"_ _283\"> </span><span class=\"ls43 ws41\">163.8<span class=\"_ _14\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>63<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span></span>Senior unsecured<span class=\"_ _39\"/> corporate borrowings<span class=\"_ _1bd\"> </span><span class=\"ls2f ws2f\">163.8<span class=\"_ _9d\"> </span><span class=\"ffa5 fc3 lsbf wsc6\">2<span class=\"_ _b\"/>70.<span class=\"_ _b\"/>6 </span></span>The primary senior uns<span class=\"_ _5\"/>ecured c<span class=\"_ _5\"/>orporat<span class=\"_ _39\"/>e borrowings<span class=\"_ _39\"/> are: <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls71 ws36\">a re<span class=\"_ _39\"/>volving cr<span class=\"_ _39\"/>edit facility<span class=\"_ _39\"/>, which w<span class=\"_ _39\"/>as renewed<span class=\"_ _39\"/> during the y<span class=\"_ _39\"/>ear.<span class=\"_ _39\"/> The f<span class=\"_ _5\"/>acility increased<span class=\"_ _39\"/> from \u00a3<span class=\"_ _39\"/>340 million t<span class=\"_ _39\"/>o \u00a3345 mil<span class=\"_ _5\"/>lion </span>wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h is re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e at m<span class=\"_ _b\"/>at<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>n 2027 w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h a var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>st rate<span class=\"_ _b\"/>. At 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>dra<span class=\"_ _b\"/>wn c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>i<span class=\"_ _b\"/>t ava<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e under this<span class=\"_ _39\"/> facility was<span class=\"_ _39\"/> \u00a3345 million (<span class=\"_ _4\"/>202<span class=\"_ _39\"/>1: \u00a3233<span class=\"_ _5\"/> million<span class=\"_ _4\"/>); <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">a N<span class=\"_ _b\"/>ote Purc<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>se Ag<span class=\"_ _b\"/>re<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t for \u00a364 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e note<span class=\"_ _b\"/>s are re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e in i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tal<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts ove<span class=\"_ _b\"/>r ten ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g in 2<span class=\"_ _b\"/>027<span class=\"_ _39\"/>, </span>wi<span class=\"_ _b\"/>th var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st ra<span class=\"_ _b\"/>tes; an<span class=\"_ _b\"/>d <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">a N<span class=\"_ _b\"/>ote Purc<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>se Ag<span class=\"_ _b\"/>re<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t for \u00a31<span class=\"_ _b\"/>00 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on<span class=\"_ _6\"/>. The n<span class=\"_ _b\"/>otes a<span class=\"_ _b\"/>re rep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>le i<span class=\"_ _b\"/>n on<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>unt i<span class=\"_ _b\"/>n 2031<span class=\"_ _6\"/>, wi<span class=\"_ _b\"/>th var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st ra<span class=\"_ _b\"/>tes<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span></span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>as a n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r of c<span class=\"_ _b\"/>oven<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ts w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>s of it<span class=\"_ _b\"/>s se<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>or u<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>red c<span class=\"_ _b\"/>or<span class=\"_ _b\"/>po<span class=\"_ _b\"/>rate b<span class=\"_ _b\"/>or<span class=\"_ _b\"/>rowi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g faci<span class=\"_ _b\"/>l<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se c<span class=\"_ _b\"/>oven<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ts are<span class=\"_ _39\"/> monitored<span class=\"_ _39\"/> on a regular basis<span class=\"_ _39\"/> and reported t<span class=\"_ _39\"/>o lenders on a<span class=\"_ _39\"/> six-mon<span class=\"_ _39\"/>thly basis. During the c<span class=\"_ _39\"/>ourse of the<span class=\"_ _39\"/> year all co<span class=\"_ _39\"/>venants were<span class=\"_ _39\"/> complied with.<span class=\"_ _34e\"> </span>As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022 a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2021 t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ha<span class=\"_ _b\"/>d su<span class=\"_ _b\"/>f<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>nt h<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>d<span class=\"_ _b\"/>room a<span class=\"_ _b\"/>va<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r it<span class=\"_ _b\"/>s cove<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nts to f<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ly d<span class=\"_ _b\"/>raw<span class=\"_ _b\"/> the r<span class=\"_ _39\"/>emaining commitment<span class=\"_ _39\"/> under its seni<span class=\"_ _5\"/>or unsecur<span class=\"_ _39\"/>ed corporat<span class=\"_ _39\"/>e borro<span class=\"_ _39\"/>wing facilit<span class=\"_ _5\"/>ies. T<span class=\"_ _4\"/>otal borrowings<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span>2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Senior unsecured<span class=\"_ _5\"/> corporat<span class=\"_ _39\"/>e borrowings<span class=\"_ _242\"> </span><span class=\"ls43 ws41\">163.8<span class=\"_ _82\"> </span><span class=\"lsbf wsc6\">270.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Senior tr<span class=\"_ _39\"/>anche of non-<span class=\"_ _39\"/>recourse securitisation loan<span class=\"_ _39\"/> notes<span class=\"_ _152\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _97\"> </span><span class=\"ls5f ws65\">162<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal borrowings<span class=\"_ _f2\"> </span><span class=\"ls2f ws2f\">16<span class=\"_ _39\"/>3.8<span class=\"_ _9b\"> </span><span class=\"ffa5 fc3 ls30 ws30\">433.0<span class=\"_ _34e\"> </span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _2ca\"> </span><span class=\"lsd wsc\">12.<span class=\"_ _b\"/>8<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _2bc\"> </span><span class=\"ls3e ws3d\">151.0<span class=\"_ _7a\"> </span><span class=\"ls30 ws30\">4<span class=\"_ _b\"/>33.0<span class=\"_ _34e\"> </span></span></span>163.8<span class=\"_ _50\"> </span><span class=\"ffa5 fc3 ls30 ws30\">4<span class=\"_ _b\"/>33.0<span class=\"_ _34e\"> </span></span>Du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>en<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r tra<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>he o<span class=\"_ _b\"/>f se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n note<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re rep<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d as a re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e sa<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>f a po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o of Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/> business loans, including all<span class=\"_ _39\"/> of the securit<span class=\"_ _39\"/>ised business loans, to<span class=\"_ _39\"/> a third<span class=\"_ _39\"/> par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _39\"/>. Prior t<span class=\"_ _39\"/>o the sale,<span class=\"_ _39\"/> the senior tr<span class=\"_ _39\"/>anche of se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n note<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re A<span class=\"_ _b\"/>A<span class=\"_ _b\"/>A-<span class=\"_ _5\"/>rated a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d rep<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e ove<span class=\"_ _b\"/>r the e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted l<span class=\"_ _b\"/>ife o<span class=\"_ _b\"/>f the s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rit<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ted to b<span class=\"_ _b\"/>e fi<span class=\"_ _b\"/>ve yea<span class=\"_ _b\"/>rs<span class=\"_ _5\"/>) wi<span class=\"_ _b\"/>th a var<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st ra<span class=\"_ _b\"/>te. Th<span class=\"_ _b\"/>ey we<span class=\"_ _b\"/>re he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d by thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y inves<span class=\"_ _b\"/>tors a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>red o<span class=\"_ _b\"/>n a l<span class=\"_ _b\"/>eg<span class=\"_ _b\"/>al<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y se<span class=\"_ _b\"/>gre<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>o of bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e oth<span class=\"_ _b\"/>er n<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y S<span class=\"_ _b\"/>JP Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r Loa<span class=\"_ _b\"/>ns N<span class=\"_ _b\"/>o.<span class=\"_ _b\"/>1 Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>. H<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s of<span class=\"_ _b\"/> the s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rit<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n lo<span class=\"_ _b\"/>an n<span class=\"_ _b\"/>otes h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d no re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>se to th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d by any o<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p. Fo<span class=\"_ _b\"/>r fu<span class=\"_ _b\"/>r<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er i<span class=\"_ _b\"/>nfo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/> on b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns to Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>u<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>al<span class=\"_ _b\"/>e of s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>it<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns to Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r, refer to Note 12<span class=\"_ _b\"/>. In a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to the s<span class=\"_ _b\"/>en<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r tra<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>he o<span class=\"_ _b\"/>f se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n note<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, a ju<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>or t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>e ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to ano<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>. The j<span class=\"_ _b\"/>un<span class=\"_ _b\"/>i<span class=\"_ _b\"/>or n<span class=\"_ _b\"/>otes we<span class=\"_ _b\"/>re e<span class=\"_ _b\"/>li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ted o<span class=\"_ _b\"/>n co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>da<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>n the p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up F<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l Sta<span class=\"_ _b\"/>teme<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d so d<span class=\"_ _b\"/>o not fo<span class=\"_ _b\"/>rm p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t o<span class=\"_ _b\"/>f G<span class=\"_ _b\"/>roup b<span class=\"_ _b\"/>o<span class=\"_ _b\"/>rrow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>2<span class=\"_ _b\"/>24<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Junior tr<span class=\"_ _39\"/>anche of non-<span class=\"_ _39\"/>recourse securitisation<span class=\"_ _5\"/> loan not<span class=\"_ _39\"/>es<span class=\"_ _2ad\"> </span><span class=\"ls2f\">2.1<span class=\"_ _70\"> </span><span class=\"lsb2 wsb9\">61<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>Senior tr<span class=\"_ _39\"/>anche of non-<span class=\"_ _39\"/>recourse securitisation loan<span class=\"_ _39\"/> notes<span class=\"_ _152\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _97\"> </span><span class=\"ls5f ws65\">162<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span></span>T<span class=\"_ _39\"/>otal non-recourse securitisation loan not<span class=\"_ _39\"/>es<span class=\"_ _af\"> </span><span class=\"ls3 ws3\">2.1<span class=\"_ _9d\"> </span><span class=\"ffa5 fc3\">2<span class=\"_ _b\"/>23<span class=\"_ _b\"/>.6 </span></span>Back<span class=\"_ _39\"/>ed by<span class=\"_ _34e\"> </span>Se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>tis<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs (see N<span class=\"_ _b\"/>ote 12)<span class=\"_ _b5\"> </span><span class=\"ls3\">\u2013<span class=\"_ _6f\"> </span>2<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.0 </span>Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s of S<span class=\"_ _b\"/>JP P<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r Loa<span class=\"_ _b\"/>ns N<span class=\"_ _b\"/>o<span class=\"_ _b\"/>.1 L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _2b7\"> </span><span class=\"ls2f ws2f\">2.1<span class=\"_ _a4\"> </span></span><span class=\"ls3\">9<span class=\"_ _b\"/>.6 </span>T<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>al ne<span class=\"_ _b\"/>t ass<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>ld by SJ<span class=\"_ _b\"/>P Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r Loa<span class=\"_ _b\"/>ns N<span class=\"_ _b\"/>o.1 Lim<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _c0\"> </span><span class=\"ls3\">2<span class=\"_ _b\"/>.1<span class=\"_ _9d\"> </span><span class=\"ffa5 fc3\">2<span class=\"_ _b\"/>23<span class=\"_ _b\"/>.6 </span></span>Mov<span class=\"_ _39\"/>ement in borrowings<span class=\"_ _34e\"> </span>Borrowings<span class=\"_ _39\"/> are liabilities<span class=\"_ _39\"/> arising from<span class=\"_ _39\"/> financing activities. The<span class=\"_ _39\"/> cash and non-<span class=\"_ _39\"/>cash movement<span class=\"_ _39\"/>s in borro<span class=\"_ _39\"/>wings over<span class=\"_ _39\"/> the year are se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t be<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow, wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>s<span class=\"_ _b\"/>h move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts a<span class=\"_ _b\"/>l<span class=\"_ _b\"/>so se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t in t<span class=\"_ _b\"/>he C<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>da<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Ca<span class=\"_ _b\"/>sh Fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Senior unsecured corpora<span class=\"_ _b\"/>te borrowings<span class=\"_ _34e\"> </span>Senior tranche of securitis<span class=\"_ _b\"/>ation loan notes<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>otal borrowings<span class=\"_ _34e\"> </span>Senior unsecured corporate borrowings<span class=\"_ _34e\"> </span>Senior<span class=\"_ _34e\"> </span>tranche<span class=\"_ _39\"/> of securitisation loan not<span class=\"_ _39\"/>es<span class=\"_ _34e\"> </span>To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l<span class=\"_ _b\"/> borrowings<span class=\"_ _34e\"> </span>2022<span class=\"_ _70\"> </span>2022<span class=\"_ _70\"> </span>2022<span class=\"_ _d3\"> </span><span class=\"ffa5 ls3 ws3\">2021<span class=\"_ _a4\"> </span>2021<span class=\"_ _d3\"> </span>2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _1b6\"> </span><span class=\"lsbf wsc6\">270.<span class=\"_ _b\"/>6<span class=\"_ _97\"> </span><span class=\"ls5f ws65\">162<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _9b\"> </span><span class=\"ls30 ws30\">433<span class=\"_ _b\"/>.0<span class=\"_ _9b\"> </span><span class=\"lsc0 wsc7\">2<span class=\"_ _b\"/>26.<span class=\"_ _b\"/>5 <span class=\"_ _6d\"> </span><span class=\"ls3 ws3\">115.<span class=\"_ _b\"/>3 <span class=\"_ _9b\"> </span><span class=\"lsad wsb2\">3<span class=\"_ _b\"/>41<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span></span></span></span></span></span>Addit<span class=\"_ _39\"/>ional borrowing<span class=\"_ _39\"/> during the y<span class=\"_ _39\"/>ear<span class=\"_ _76\"> </span><span class=\"lsa1 ws39\">145.<span class=\"_ _b\"/>0<span class=\"_ _a7\"> </span><span class=\"lsb2 wsb9\">59<span class=\"_ _b\"/>.0<span class=\"_ _9b\"> </span><span class=\"lsb0 wsb5\">204<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _c1\"> </span><span class=\"ls4d ws4b\">4<span class=\"_ _6\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _6\"/> <span class=\"_ _6f\"> </span><span class=\"ls3 ws3\">89.<span class=\"_ _b\"/>4 <span class=\"_ _1c3\"> </span><span class=\"lse8 wsf7\">576<span class=\"_ _b\"/>.<span class=\"_ _6\"/>4 </span></span></span></span></span></span>Repayment<span class=\"_ _39\"/> of borrowings<span class=\"_ _39\"/> during the<span class=\"_ _39\"/> year<span class=\"_ _1bf\"> </span><span class=\"lsef wsfd\">(2<span class=\"_ _b\"/>5<span class=\"_ _b\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _b4\"> </span><span class=\"lse5 wsf4\">(<span class=\"_ _4\"/>223.3<span class=\"_ _29\"/>)<span class=\"_ _140\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _b\"/>7<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>3<span class=\"_ _b\"/>)<span class=\"_ _102\"> </span>(4<span class=\"_ _30\"/>4<span class=\"_ _30\"/>3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _c1\"> </span>(4<span class=\"_ _b\"/>2<span class=\"_ _30\"/>.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _60\"> </span>(4<span class=\"_ _30\"/>8<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _30\"/>1)<span class=\"_ _34e\"> </span></span></span></span>Costs<span class=\"_ _39\"/> on additional borr<span class=\"_ _39\"/>owings during the<span class=\"_ _39\"/> year<span class=\"_ _95\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span></span>(1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _1f\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1<span class=\"_ _b\"/>)<span class=\"_ _1f\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _69\"> </span>(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span></span>Unwind o<span class=\"_ _5\"/>f borr<span class=\"_ _39\"/>owing costs<span class=\"_ _39\"/> <span class=\"ls3 ws3\"> </span>(<span class=\"_ _4\"/>non-cash mo<span class=\"_ _39\"/>vement<span class=\"_ _39\"/>)<span class=\"_ _1b6\"> </span><span class=\"ls43 ws41\">0.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _7d\"> </span><span class=\"ls2f ws2f\">1.1<span class=\"_ _6e\"> </span></span></span>0.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _7d\"> </span><span class=\"ls2f ws2f\">1.1<span class=\"_ _34e\"> </span></span></span></span>Reclassification of<span class=\"_ _39\"/> prepaid loan facility expense to<span class=\"_ _39\"/> prepayment<span class=\"_ _39\"/>s<span class=\"_ _1e6\"> </span><span class=\"lse7 wsf6\">1.2<span class=\"_ _5d\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _6e\"> </span><span class=\"ls43 ws41\">2.6<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _ca\"> </span>\u2013 <span class=\"_ _52\"> </span>\u2013 </span></span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _13d\"> </span><span class=\"ls2f ws2f\">163.8<span class=\"_ _273\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _82\"> </span></span>16<span class=\"_ _39\"/>3.8<span class=\"_ _c1\"> </span><span class=\"ffa5 fc3 lsbf wsc6\">2<span class=\"_ _b\"/>70<span class=\"_ _b\"/>.6<span class=\"_ _b\"/> <span class=\"_ _9d\"> </span><span class=\"ls5f ws65\">162.<span class=\"_ _b\"/>4 <span class=\"_ _27\"> </span><span class=\"ls3 ws3\">43<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.0 </span></span></span></span>The f<span class=\"_ _39\"/>air value o<span class=\"_ _39\"/>f the outst<span class=\"_ _39\"/>anding borrowings<span class=\"_ _39\"/> is not mat<span class=\"_ _39\"/>erially different<span class=\"_ _5\"/> from<span class=\"_ _39\"/> amor<span class=\"_ _b\"/>tised cost. Int<span class=\"_ _39\"/>erest e<span class=\"_ _39\"/>xp<span class=\"_ _b\"/>ense on<span class=\"_ _5\"/> borrowings<span class=\"_ _39\"/> is re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt of C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>h<span class=\"_ _b\"/>en<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ve In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>e. Financial commitments<span class=\"_ _34e\"> </span>Guarantees<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p g<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>rante<span class=\"_ _b\"/>es l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s prov<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by thi<span class=\"_ _b\"/>rd pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es to Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. I<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e even<span class=\"_ _b\"/>t of de<span class=\"_ _b\"/>fau<span class=\"_ _b\"/>lt o<span class=\"_ _b\"/>n any i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>du<span class=\"_ _b\"/>al P<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p gu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rante<span class=\"_ _b\"/>es to re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>ll a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e exc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of M<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ro Ba<span class=\"_ _b\"/>nk<span class=\"_ _b\"/>. Fo<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>is t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>rd pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p gu<span class=\"_ _b\"/>ara<span class=\"_ _b\"/>ntee<span class=\"_ _b\"/>s to cove<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es u<span class=\"_ _b\"/>p to 50% of t<span class=\"_ _b\"/>he va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e to the tota<span class=\"_ _b\"/>l lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s dra<span class=\"_ _b\"/>w<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. The<span class=\"_ _b\"/>se l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>in<span class=\"_ _b\"/>st t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure income st<span class=\"_ _5\"/>reams<span class=\"_ _5\"/> of the<span class=\"_ _39\"/> Partner.<span class=\"_ _39\"/> The value<span class=\"_ _39\"/> of the loans guar<span class=\"_ _39\"/>anteed is<span class=\"_ _39\"/> as follows:<span class=\"_ _34e\"> </span>Loans drawn<span class=\"_ _4f\"> </span><span class=\"ls3 ws3\">Fa<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span></span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _60\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Bank of<span class=\"_ _39\"/> Scotland<span class=\"_ _b2\"> </span><span class=\"ls5b ws5e\">28<span class=\"_ _b\"/>.7<span class=\"_ _70\"> </span><span class=\"ls42 ws95\">51<span class=\"_ _b\"/>.<span class=\"_ _b\"/>9<span class=\"_ _77\"> </span><span class=\"ls3e ws3d\">70.0<span class=\"_ _77\"> </span>70.0<span class=\"_ _34e\"> </span></span></span></span>Inv<span class=\"_ _b\"/>es<span class=\"_ _b\"/>te<span class=\"_ _b\"/>c<span class=\"_ _b\"/> <span class=\"_ _210\"> </span><span class=\"ls9e wsa3\">28.8<span class=\"_ _70\"> </span><span class=\"ls30 ws30\">33<span class=\"_ _b\"/>.1<span class=\"_ _a7\"> </span><span class=\"ls3e ws3d\">50.0<span class=\"_ _a7\"> </span>50.0<span class=\"_ _34e\"> </span></span></span></span>Me<span class=\"_ _b\"/>tro B<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>k<span class=\"_ _d5\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _1f\"> </span>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _84\"> </span><span class=\"ls3e ws3d\">40.0<span class=\"_ _70\"> </span><span class=\"lsb2 wsb9\">61<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _34e\"> </span></span></span></span>N<span class=\"_ _b\"/>at<span class=\"_ _b\"/>We<span class=\"_ _b\"/>s<span class=\"_ _b\"/>t<span class=\"_ _b7\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>9<span class=\"_ _77\"> </span><span class=\"ls9e wsa3\">2<span class=\"_ _39\"/>8.8<span class=\"_ _77\"> </span><span class=\"lsa1 ws39\">75.0<span class=\"_ _84\"> </span><span class=\"ls3e ws3d\">50.0<span class=\"_ _34e\"> </span></span></span></span></span>Sant<span class=\"_ _39\"/>and<span class=\"_ _b\"/>er <span class=\"_ _22b\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _b\"/>6<span class=\"_ _6\"/>7.<span class=\"_ _b\"/>7<span class=\"_ _77\"> </span><span class=\"ls39 wsa4\">119.9<span class=\"_ _6d\"> </span><span class=\"lsb2 wsb9\">179.<span class=\"_ _b\"/>0<span class=\"_ _14\"> </span><span class=\"lsa1 ws39\">169<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span></span></span>T<span class=\"_ _4\"/>otal loans<span class=\"_ _dc\"> </span><span class=\"lsbc wsc1\">29<span class=\"_ _b\"/>0.4<span class=\"_ _7e\"> </span><span class=\"ffa5 fc3 lsbf wsc6\">2<span class=\"_ _b\"/>70<span class=\"_ _b\"/>.7<span class=\"_ _c1\"> </span></span><span class=\"ls4c ws4a\">414.<span class=\"_ _b\"/>0<span class=\"_ _50\"> </span><span class=\"ffa5 fc3 ls39 wsa4\">4<span class=\"_ _b\"/>00.9<span class=\"_ _34e\"> </span></span></span></span>The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se g<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>tee<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as \u00a3n<span class=\"_ _b\"/>il (2021: \u00a3ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>). 225<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>17<span class=\"_ _29\"/>. Financial risk Risk management objectiv<span class=\"_ _39\"/>es and ris<span class=\"_ _39\"/>k policies<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l ri<span class=\"_ _b\"/>sk c<span class=\"_ _b\"/>an u<span class=\"_ _b\"/>se<span class=\"_ _b\"/>fu<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y be c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>d by lo<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ki<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>t t<span class=\"_ _b\"/>wo c<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>go<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts:<span class=\"_ _b\"/> <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts b<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>ki<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g un<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 11<span class=\"_ _39\"/>); an<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls73 ws40\">shareholder<span class=\"_ _5\"/> assets.<span class=\"_ _34e\"> </span></span>In general, t<span class=\"_ _39\"/>he policyholder bears the<span class=\"_ _39\"/> financial risk arising on<span class=\"_ _39\"/> assets backing the<span class=\"_ _39\"/> unitised business, and risk<span class=\"_ _39\"/> arising on shar<span class=\"_ _39\"/>eholder assets is<span class=\"_ _39\"/> minimised thro<span class=\"_ _39\"/>u<span class=\"_ _b\"/>gh in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> in liquid assets<span class=\"_ _39\"/> with a s<span class=\"_ _39\"/>trong cr<span class=\"_ _39\"/>edit rating. Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ure to th<span class=\"_ _b\"/>e fol<span class=\"_ _b\"/>low<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ks for th<span class=\"_ _b\"/>e t<span class=\"_ _b\"/>wo c<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>go<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ys<span class=\"_ _b\"/>ed s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>ly i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e foll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>n l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th the re<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts of I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 7:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsa1 ws59\">credit risk;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls71 ws36\">liquidity risk;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">market<span class=\"_ _39\"/> risk<span class=\"_ _b\"/>; and<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsb0 ws3d\">currency risk.<span class=\"_ _34e\"> </span></span>Cred<span class=\"_ _b\"/>it r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k i<span class=\"_ _b\"/>s the r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k of l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s d<span class=\"_ _b\"/>ue to a de<span class=\"_ _b\"/>bto<span class=\"_ _b\"/>r<span class=\"_ _b\"/>\u2019s no<span class=\"_ _b\"/>n-pa<span class=\"_ _b\"/>ym<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of a l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an o<span class=\"_ _b\"/>r oth<span class=\"_ _b\"/>er l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it<span class=\"_ _b\"/>. C<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k al<span class=\"_ _b\"/>so a<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s fro<span class=\"_ _b\"/>m ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>s of cash<span class=\"_ _39\"/> and cash equivalents,<span class=\"_ _5\"/> deposits and<span class=\"_ _39\"/> formal loans wi<span class=\"_ _5\"/>th bank<span class=\"_ _39\"/>s and financial inst<span class=\"_ _39\"/>itutions. The Gr<span class=\"_ _39\"/>oup has adopt<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d a ri<span class=\"_ _b\"/>sk-aver<span class=\"_ _b\"/>se a<span class=\"_ _b\"/>p<span class=\"_ _b\"/>pro<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h to su<span class=\"_ _b\"/>ch ri<span class=\"_ _b\"/>s<span class=\"_ _b\"/>k an<span class=\"_ _b\"/>d ha<span class=\"_ _b\"/>s a sta<span class=\"_ _b\"/>ted p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>icy o<span class=\"_ _b\"/>f no<span class=\"_ _b\"/>t act<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y pu<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>r ac<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t ri<span class=\"_ _b\"/>sk e<span class=\"_ _b\"/>xce<span class=\"_ _b\"/>pt w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n necessary to<span class=\"_ _5\"/> support other object<span class=\"_ _39\"/>ives. Risk<span class=\"_ _2cb\"> </span><span class=\"lsba wsc0\">Descripti<span class=\"_ _b\"/>on<span class=\"_ _10\"> </span><span class=\"lsae wsb3\">Managemen<span class=\"_ _39\"/>t<span class=\"_ _34e\"> </span></span></span>Shareholders\u2019 assets<span class=\"_ _34e\"> </span>Loss o<span class=\"_ _b\"/>f as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts o<span class=\"_ _b\"/>r reduc<span class=\"_ _5\"/>tion<span class=\"_ _39\"/> in value.<span class=\"_ _34e\"> </span>Sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s are p<span class=\"_ _b\"/>red<span class=\"_ _b\"/>o<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>nveste<span class=\"_ _b\"/>d in A<span class=\"_ _b\"/>A<span class=\"_ _b\"/>A-rated u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d money<span class=\"_ _39\"/> m<span class=\"_ _b\"/>arke<span class=\"_ _39\"/>t funds, which are<span class=\"_ _39\"/> classified as inv<span class=\"_ _39\"/>estments in<span class=\"_ _39\"/> Collective Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t Sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>C<span class=\"_ _b\"/>IS), and de<span class=\"_ _b\"/>po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ts w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h ap<span class=\"_ _b\"/>prove<span class=\"_ _b\"/>d ba<span class=\"_ _b\"/>nks<span class=\"_ _b\"/>, b<span class=\"_ _b\"/>u<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>y be i<span class=\"_ _b\"/>nveste<span class=\"_ _b\"/>d in s<span class=\"_ _b\"/>overe<span class=\"_ _b\"/>i<span class=\"_ _b\"/>gn f<span class=\"_ _b\"/>ixe<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s UK g<span class=\"_ _b\"/>i<span class=\"_ _b\"/>lts w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ere regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y constrain<span class=\"_ _39\"/>ts on ot<span class=\"_ _39\"/>he<span class=\"_ _b\"/>r assets<span class=\"_ _39\"/> apply.<span class=\"_ _39\"/> M<span class=\"_ _b\"/>aximum count<span class=\"_ _39\"/>erpar<span class=\"_ _b\"/>ty li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ts are s<span class=\"_ _b\"/>et fo<span class=\"_ _b\"/>r ea<span class=\"_ _b\"/>ch c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p an<span class=\"_ _b\"/>d ag<span class=\"_ _b\"/>g<span class=\"_ _b\"/>reg<span class=\"_ _b\"/>ate l<span class=\"_ _b\"/>im<span class=\"_ _b\"/>its<span class=\"_ _b\"/> are a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o set a<span class=\"_ _b\"/>t a G<span class=\"_ _b\"/>roup l<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>l<span class=\"_ _b\"/>. Reinsurance Failur<span class=\"_ _39\"/>e of count<span class=\"_ _39\"/>erpart<span class=\"_ _b\"/>y,<span class=\"_ _39\"/> or co<span class=\"_ _39\"/>unterparty unable to<span class=\"_ _39\"/> meet liabilities.<span class=\"_ _34e\"> </span>Cred<span class=\"_ _b\"/>it ra<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>s of p<span class=\"_ _b\"/>oten<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>rer<span class=\"_ _b\"/>s mu<span class=\"_ _b\"/>st m<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>t or e<span class=\"_ _b\"/>xce<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d A<span class=\"_ _b\"/>A-<span class=\"_ _39\"/>. Considerati<span class=\"_ _5\"/>on is<span class=\"_ _5\"/> also giv<span class=\"_ _39\"/>e<span class=\"_ _b\"/>n t<span class=\"_ _39\"/>o size,<span class=\"_ _39\"/> risk concentr<span class=\"_ _39\"/>ations/<span class=\"_ _4\"/>exposures<span class=\"_ _5\"/> and own<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>p in th<span class=\"_ _b\"/>e s<span class=\"_ _b\"/>el<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on of re<span class=\"_ _b\"/>in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p al<span class=\"_ _b\"/>so s<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>ks to di<span class=\"_ _b\"/>ver<span class=\"_ _b\"/>si<span class=\"_ _b\"/>f<span class=\"_ _b\"/>y<span class=\"_ _b\"/> its re<span class=\"_ _b\"/>in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh t<span class=\"_ _b\"/>he u<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>f a sp<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>d of re<span class=\"_ _b\"/>in<span class=\"_ _b\"/>su<span class=\"_ _b\"/>rer<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Business loans to P<span class=\"_ _39\"/>ar<span class=\"_ _b\"/>tners<span class=\"_ _34e\"> </span>Inability of Partners to repa<span class=\"_ _b\"/>y l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns o<span class=\"_ _b\"/>r advances<span class=\"_ _39\"/> from th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Loa<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>dva<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d lending policy<span class=\"_ _39\"/>. L<span class=\"_ _39\"/>o<span class=\"_ _b\"/>ans ar<span class=\"_ _39\"/>e secured on<span class=\"_ _39\"/> the future<span class=\"_ _39\"/> renewal inc<span class=\"_ _5\"/>ome str<span class=\"_ _39\"/>eam exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted f<span class=\"_ _b\"/>rom a Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>\u2019s po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o an<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s var<span class=\"_ _6\"/>y in re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on to the pr<span class=\"_ _39\"/>ojected fut<span class=\"_ _39\"/>ure income o<span class=\"_ _39\"/>f the r<span class=\"_ _5\"/>elevan<span class=\"_ _39\"/>t Partner<span class=\"_ _5\"/>. Outst<span class=\"_ _39\"/>anding balances are<span class=\"_ _39\"/> regularly re<span class=\"_ _39\"/>viewed and assessed on<span class=\"_ _39\"/> a conservative<span class=\"_ _39\"/> b<span class=\"_ _b\"/>asis. Support is pr<span class=\"_ _39\"/>ovided to<span class=\"_ _39\"/> help Partners manage their<span class=\"_ _39\"/> businesses appropriat<span class=\"_ _39\"/>el<span class=\"_ _b\"/>y<span class=\"_ _39\"/>. Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s are re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>in<span class=\"_ _b\"/>st t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Li<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>id<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ris<span class=\"_ _b\"/>k i<span class=\"_ _b\"/>s the r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k th<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p, a<span class=\"_ _b\"/>lth<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h so<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, e<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r do<span class=\"_ _b\"/>es n<span class=\"_ _b\"/>ot h<span class=\"_ _b\"/>ave a<span class=\"_ _b\"/>vai<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le s<span class=\"_ _b\"/>uf<span class=\"_ _6\"/>fi<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l res<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>rce<span class=\"_ _b\"/>s to en<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>le<span class=\"_ _b\"/> it to me<span class=\"_ _b\"/>et i<span class=\"_ _b\"/>ts o<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>ey fal<span class=\"_ _b\"/>l du<span class=\"_ _b\"/>e, o<span class=\"_ _b\"/>r ca<span class=\"_ _b\"/>n se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>re su<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h reso<span class=\"_ _b\"/>urc<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>nl<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>t exce<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ve cos<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up i<span class=\"_ _b\"/>s ave<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>e to li<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>id<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ri<span class=\"_ _b\"/>sk a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>ks to mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>se t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>sk by n<span class=\"_ _b\"/>ot a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>vel<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>su<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g it e<span class=\"_ _b\"/>xce<span class=\"_ _b\"/>pt w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re ne<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y to su<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>or<span class=\"_ _6\"/>t oth<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ves<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Risk<span class=\"_ _2cb\"> </span><span class=\"lsba wsc0\">Descripti<span class=\"_ _b\"/>on<span class=\"_ _10\"> </span><span class=\"lsae wsb3\">Managemen<span class=\"_ _39\"/>t<span class=\"_ _34e\"> </span></span></span>Cash or e<span class=\"_ _39\"/>xpense requirement<span class=\"_ _34e\"> </span>A significant<span class=\"_ _39\"/> cash or expense<span class=\"_ _39\"/> requiremen<span class=\"_ _39\"/>t ne<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>s to be m<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>t short notice.<span class=\"_ _34e\"> </span>The m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>jo<span class=\"_ _b\"/>rit<span class=\"_ _6\"/>y of fre<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets a<span class=\"_ _b\"/>re inve<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>d in c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h or c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>le<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d the cash<span class=\"_ _39\"/> position and f<span class=\"_ _39\"/>orecast ar<span class=\"_ _39\"/>e monitor<span class=\"_ _39\"/>ed on a mon<span class=\"_ _39\"/>thly basis. The Gro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o ma<span class=\"_ _b\"/>in<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>ns a m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in o<span class=\"_ _b\"/>f fre<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s in e<span class=\"_ _b\"/>xce<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>m req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red s<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>ncy c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n it<span class=\"_ _b\"/>s reg<span class=\"_ _b\"/>u<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. Fur<span class=\"_ _6\"/>the<span class=\"_ _b\"/>r, the G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/> has est<span class=\"_ _39\"/>ablished committed<span class=\"_ _5\"/> borro<span class=\"_ _39\"/>wing facilities<span class=\"_ _39\"/> (<span class=\"_ _39\"/>see Not<span class=\"_ _39\"/>e 16<span class=\"_ _4\"/>) intended to<span class=\"_ _39\"/> fur<span class=\"_ _b\"/>ther mit<span class=\"_ _39\"/>igate liquidity risk<span class=\"_ _34e\"> </span>2<span class=\"_ _b\"/>26<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Ma<span class=\"_ _b\"/>rket r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k is t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct a fal<span class=\"_ _b\"/>l in t<span class=\"_ _b\"/>he va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y or ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>y ha<span class=\"_ _b\"/>ve o<span class=\"_ _b\"/>n the b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p ad<span class=\"_ _b\"/>op<span class=\"_ _b\"/>ts a ri<span class=\"_ _b\"/>sk-aver<span class=\"_ _b\"/>se a<span class=\"_ _b\"/>p<span class=\"_ _b\"/>pro<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h to ma<span class=\"_ _b\"/>rket ri<span class=\"_ _b\"/>s<span class=\"_ _b\"/>k<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>ith a s<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>d so<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>ncy p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy of n<span class=\"_ _b\"/>ot a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>vel<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>su<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g or a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket ri<span class=\"_ _b\"/>sk e<span class=\"_ _b\"/>xce<span class=\"_ _b\"/>pt wh<span class=\"_ _b\"/>ere n<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y to s<span class=\"_ _b\"/>up<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r ob<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Ho<span class=\"_ _b\"/>weve<span class=\"_ _b\"/>r, the Grou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ept<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e ris<span class=\"_ _b\"/>k th<span class=\"_ _b\"/>at a fa<span class=\"_ _b\"/>ll i<span class=\"_ _b\"/>n e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y or ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>ll re<span class=\"_ _b\"/>du<span class=\"_ _b\"/>ce t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>l of an<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ved f<span class=\"_ _b\"/>rom p<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>yh<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>se<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>nt r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k of low<span class=\"_ _b\"/>er f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ow s<span class=\"_ _b\"/>um<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>in m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rket r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ks th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e bu<span class=\"_ _b\"/>s<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s is e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ed to a<span class=\"_ _b\"/>nd th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>od<span class=\"_ _b\"/>s by wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/> se<span class=\"_ _b\"/>eks to m<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ate th<span class=\"_ _b\"/>em<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Risk<span class=\"_ _2cb\"> </span><span class=\"lsba wsc0\">Descripti<span class=\"_ _b\"/>on<span class=\"_ _10\"> </span><span class=\"lsae wsb3\">Managemen<span class=\"_ _39\"/>t<span class=\"_ _34e\"> </span></span></span>Client liabilities<span class=\"_ _34e\"> </span>As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of a reduct<span class=\"_ _39\"/>ion in equity val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up ma<span class=\"_ _b\"/>y be u<span class=\"_ _b\"/>na<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le to meet clien<span class=\"_ _5\"/>t liabilit<span class=\"_ _5\"/>ies.<span class=\"_ _34e\"> </span>Thi<span class=\"_ _b\"/>s ri<span class=\"_ _b\"/>s<span class=\"_ _b\"/>k is s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>tia<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ly m<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d by the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s s<span class=\"_ _b\"/>trate<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>c foc<span class=\"_ _b\"/>us<span class=\"_ _b\"/> on unit<span class=\"_ _39\"/>ise<span class=\"_ _b\"/>d business, b<span class=\"_ _39\"/>y not pr<span class=\"_ _39\"/>oviding guar<span class=\"_ _39\"/>antees t<span class=\"_ _39\"/>o clients<span class=\"_ _39\"/> on po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>nd by th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>atch<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g of a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>i<span class=\"_ _b\"/>li<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Reten<span class=\"_ _39\"/>tion<span class=\"_ _34e\"> </span>Loss o<span class=\"_ _b\"/>f fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>n investment contracts du<span class=\"_ _b\"/>e to more c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts<span class=\"_ _b\"/> than antici<span class=\"_ _b\"/>pated withdrawing<span class=\"_ _39\"/> their funds, particularly as a<span class=\"_ _39\"/> result of p<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>r inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t performance.<span class=\"_ _34e\"> </span>Ret<span class=\"_ _39\"/>ention of<span class=\"_ _39\"/> investment<span class=\"_ _39\"/> contract<span class=\"_ _39\"/>s is closely monit<span class=\"_ _39\"/>ored and<span class=\"_ _5\"/> unexpect<span class=\"_ _5\"/>ed experience v<span class=\"_ _39\"/>ariances are<span class=\"_ _39\"/> investigat<span class=\"_ _39\"/>ed<span class=\"_ _b\"/>. Ret<span class=\"_ _39\"/>ention has<span class=\"_ _39\"/> remained consisten<span class=\"_ _39\"/>tly strong<span class=\"_ _39\"/> throughout 2<span class=\"_ _39\"/>022 despite<span class=\"_ _39\"/> the volatile<span class=\"_ _39\"/> market conditions<span class=\"_ _5\"/> experienced. New business<span class=\"_ _34e\"> </span>Poor performance<span class=\"_ _39\"/> in the financial<span class=\"_ _39\"/> markets in a<span class=\"_ _b\"/>b<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>u<span class=\"_ _b\"/>te te<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ms<span class=\"_ _6\"/>, an<span class=\"_ _b\"/>d rel<span class=\"_ _b\"/>at<span class=\"_ _b\"/>ive to in<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, le<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>s to ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g an<span class=\"_ _b\"/>d futur<span class=\"_ _39\"/>e clients r<span class=\"_ _39\"/>ejecting inv<span class=\"_ _39\"/>estment<span class=\"_ _39\"/> in longer<span class=\"_ _39\"/>-<span class=\"_ _34e\"> </span>term assets.<span class=\"_ _34e\"> </span>The b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t to cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts of l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>er-<span class=\"_ _39\"/>te<span class=\"_ _b\"/>rm e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt as p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t of<span class=\"_ _b\"/> a di<span class=\"_ _b\"/>ver<span class=\"_ _b\"/>si<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>o of as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ets i<span class=\"_ _b\"/>s fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>am<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ntal to ou<span class=\"_ _b\"/>r p<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>so<span class=\"_ _b\"/>phy. Advice<span class=\"_ _39\"/> be<span class=\"_ _b\"/>comes e<span class=\"_ _39\"/>ven more<span class=\"_ _39\"/> impor<span class=\"_ _b\"/>tant when<span class=\"_ _39\"/> market v<span class=\"_ _39\"/>alues fall, and gre<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>r at<span class=\"_ _b\"/>te<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>s req<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d to sup<span class=\"_ _b\"/>p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d gi<span class=\"_ _b\"/>ve co<span class=\"_ _b\"/>nfi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce to ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> an<span class=\"_ _b\"/>d fu<span class=\"_ _b\"/>ture c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>n su<span class=\"_ _b\"/>ch c<span class=\"_ _b\"/>irc<span class=\"_ _b\"/>um<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. I<span class=\"_ _b\"/>n ad<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>ls a<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>t poor performance t<span class=\"_ _39\"/>he Group monit<span class=\"_ _39\"/>ors asset<span class=\"_ _39\"/> all<span class=\"_ _b\"/>ocations acr<span class=\"_ _39\"/>oss port<span class=\"_ _b\"/>folios to ens<span class=\"_ _b\"/>ure t<span class=\"_ _b\"/>hey a<span class=\"_ _b\"/>re wor<span class=\"_ _b\"/>k<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g as ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted to me<span class=\"_ _b\"/>et l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>-term go<span class=\"_ _b\"/>al<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd monitor<span class=\"_ _5\"/>s funds<span class=\"_ _39\"/> ag<span class=\"_ _b\"/>ainst their<span class=\"_ _39\"/> objectives<span class=\"_ _5\"/> to<span class=\"_ _39\"/> ensure an appr<span class=\"_ _39\"/>opriate le<span class=\"_ _39\"/>vel of inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ri<span class=\"_ _b\"/>s<span class=\"_ _b\"/>k<span class=\"_ _b\"/>. Wh<span class=\"_ _b\"/>ere n<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y, fun<span class=\"_ _b\"/>d m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup is not<span class=\"_ _39\"/> subject to<span class=\"_ _39\"/> any significant<span class=\"_ _39\"/> direct curr<span class=\"_ _39\"/>ency risk, since all<span class=\"_ _39\"/> material shareholder<span class=\"_ _5\"/> financial assets<span class=\"_ _39\"/> and financial li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s are d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>om<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>n Ste<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>. H<span class=\"_ _b\"/>oweve<span class=\"_ _b\"/>r, sin<span class=\"_ _b\"/>ce fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ts are d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt on c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>es b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n FU<span class=\"_ _b\"/>M<span class=\"_ _b\"/>, c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s in FU<span class=\"_ _b\"/>M as a re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt o<span class=\"_ _b\"/>f cu<span class=\"_ _b\"/>rren<span class=\"_ _b\"/>cy m<span class=\"_ _b\"/>ovem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>act f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure p<span class=\"_ _b\"/>rofi<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>227<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>17<span class=\"_ _29\"/>. Financial risk <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d</span> Shareholder assets<span class=\"_ _34e\"> </span>Categories o<span class=\"_ _5\"/>f financial as<span class=\"_ _39\"/>sets and financial liabilities<span class=\"_ _34e\"> </span>The cat<span class=\"_ _39\"/>egories and carrying values<span class=\"_ _39\"/> of the shar<span class=\"_ _39\"/>eholde<span class=\"_ _b\"/>r financial<span class=\"_ _39\"/> as<span class=\"_ _b\"/>sets and<span class=\"_ _39\"/> financial liabilities held<span class=\"_ _39\"/> in the Gr<span class=\"_ _5\"/>oup\u2019s<span class=\"_ _39\"/> Statement of Fi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al Po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>re su<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in th<span class=\"_ _b\"/>e tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e be<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w. The i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct of c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e do<span class=\"_ _b\"/>es n<span class=\"_ _b\"/>ot h<span class=\"_ _b\"/>ave a m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct on<span class=\"_ _b\"/> the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ow.<span class=\"_ _34e\"> </span>31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>Financial assets at fair value<span class=\"_ _39\"/> through pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d los<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Financial liabilities at fair<span class=\"_ _5\"/> value through pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d los<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Financial assets measur<span class=\"_ _39\"/>ed at amortised cost<span class=\"_ _34e\"> </span>Financial liabilities measur<span class=\"_ _39\"/>ed at amortised cost<span class=\"_ _27\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _c4\"> </span>\u00a3\u2019Million<span class=\"_ _84\"> </span>\u00a3\u2019Million<span class=\"_ _a7\"> </span>\u00a3\u2019Million<span class=\"_ _114\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _1ba\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>9<span class=\"_ _2cc\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _7a\"> </span></span>7.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span>Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in C<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ive I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>es 1<span class=\"_ _34e\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _6\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _1a1\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _8b\"> </span></span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _b\"/>1<span class=\"_ _6\"/>.7<span class=\"_ _34e\"> </span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> 2<span class=\"_ _34e\"> </span>\u2013 Business loans<span class=\"_ _39\"/> to P<span class=\"_ _5\"/>artners<span class=\"_ _1de\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _53\"> </span>\u2013 <span class=\"_ _95\"> </span><span class=\"ls42 ws95\">315<span class=\"_ _b\"/>.6<span class=\"_ _a0\"> </span></span>\u2013 <span class=\"_ _63\"> </span><span class=\"ls42 ws95\">315<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span>\u2013 Rene<span class=\"_ _39\"/>wal income assets<span class=\"_ _2a5\"> </span><span class=\"lsa6 wsaa\">115.5<span class=\"_ _1a1\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _196\"> </span>\u2013<span class=\"_ _a0\"> </span>\u2013 <span class=\"_ _1c4\"> </span></span>11<span class=\"_ _b\"/>5.5<span class=\"_ _34e\"> </span></span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _d4\"> </span><span class=\"ls3\">\u2013 <span class=\"_ _53\"> </span>\u2013<span class=\"_ _79\"> </span><span class=\"lsa6 wsaa\">500.<span class=\"_ _b\"/>5<span class=\"_ _a0\"> </span></span>\u2013<span class=\"_ _22\"> </span><span class=\"lsa6 wsaa\">50<span class=\"_ _b\"/>0.5<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other r<span class=\"_ _39\"/>eceivables<span class=\"_ _2cd\"> </span><span class=\"ls150 ws16d\">115.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span>\u2013<span class=\"_ _34e\"> </span>816.<span class=\"_ _b\"/>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _34e\"> </span>931<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2ce\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _c\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"lse5 wsf4\">2<span class=\"_ _39\"/>53.3<span class=\"_ _2cf\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _63\"> </span></span>253.3<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial assets <span class=\"_ _2d0\"> </span><span class=\"ls3 ws3\">1,<span class=\"_ _b\"/>395.1<span class=\"_ _1a1\"> </span><span class=\"ffa5 fc3\">\u2013<span class=\"_ _14\"> </span></span><span class=\"lsad wsb2\">1,069.<span class=\"_ _b\"/>4<span class=\"_ _a0\"> </span></span><span class=\"ffa5 fc3\">\u2013<span class=\"_ _7f\"> </span></span>2<span class=\"_ _b\"/>,464<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span>Financial liabilities<span class=\"_ _34e\"> </span>Borrowings<span class=\"_ _c0\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2d1\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _7b\"> </span><span class=\"ls43 ws41\">163.<span class=\"_ _b\"/>8<span class=\"_ _118\"> </span>1<span class=\"_ _b\"/>63.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span>Other<span class=\"_ _5\"/> payables<span class=\"_ _34e\"> </span>\u2013 L<span class=\"_ _39\"/>ease liabilities <span class=\"_ _3\"/>: pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>ties<span class=\"_ _26e\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _c\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _9f\"> </span><span class=\"lsa6 wsaa\">116.<span class=\"_ _b\"/>6<span class=\"_ _7c\"> </span>116<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span>\u2013 Continge<span class=\"_ _b\"/>nt consi<span class=\"_ _b\"/>deratio<span class=\"_ _b\"/>n<span class=\"_ _2ce\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2cf\"> </span><span class=\"lse5 wsf4\">8.3<span class=\"_ _2cf\"> </span></span>\u2013<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _82\"> </span><span class=\"lse5 wsf4\">8.3<span class=\"_ _34e\"> </span></span></span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r <span class=\"_ _202\"> </span><span class=\"ls3\">\u2013<span class=\"_ _19a\"> </span>\u2013<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _79\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _13a\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>31<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other pay<span class=\"_ _39\"/>ables<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _34e\"> </span>8.3<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _34e\"> </span>1,34<span class=\"_ _39\"/>8.3<span class=\"_ _64\"> </span><span class=\"ls153 ws171\">1,<span class=\"_ _6\"/>356<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal financial liabilities<span class=\"_ _117\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _8d\"> </span></span><span class=\"ls3e ws3d\">8.3<span class=\"_ _2cf\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _1f\"> </span><span class=\"ffa8 fc2\">1,512<span class=\"_ _6\"/>.1<span class=\"_ _1b3\"> </span><span class=\"ls2b ws2b\">1<span class=\"_ _b\"/>,52<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span></span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> at fair<span class=\"_ _39\"/> value through profit<span class=\"_ _39\"/> and loss<span class=\"_ _34e\"> </span>Financial liabilities<span class=\"_ _39\"/> at fair<span class=\"_ _39\"/> value through profit<span class=\"_ _39\"/> and loss<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> measured at<span class=\"_ _39\"/> amortised cost<span class=\"_ _34e\"> </span>Financial liabilities measured at<span class=\"_ _39\"/> amortised cost<span class=\"_ _1c3\"> </span><span class=\"lsed wsfa\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _7d\"> </span>\u00a3\u2019Million<span class=\"_ _d0\"> </span>\u00a3\u2019Million<span class=\"_ _d0\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _8b\"> </span>\u00a3<span class=\"_ _b\"/>\u2019Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _1ba\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>8<span class=\"_ _6\"/> <span class=\"_ _2d1\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _7a\"> </span></span>7.<span class=\"_ _30\"/>8<span class=\"_ _b\"/> </span>Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in C<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ive I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>es 1<span class=\"_ _34e\"> </span>1<span class=\"_ _b\"/>,6<span class=\"_ _b\"/>05<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 <span class=\"_ _2d1\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _25\"> </span>1<span class=\"_ _b\"/>,6<span class=\"_ _b\"/>05<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> 2<span class=\"_ _34e\"> </span>\u2013 Business loans<span class=\"_ _39\"/> to P<span class=\"_ _5\"/>artners<span class=\"_ _1de\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2d1\"> </span>\u2013 <span class=\"_ _a4\"> </span><span class=\"lse6 wsf5\">521<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6 <span class=\"_ _196\"> </span></span>\u2013 <span class=\"_ _11\"> </span><span class=\"lse6 wsf5\">521<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6<span class=\"_ _b\"/> </span></span>\u2013 Rene<span class=\"_ _39\"/>wal income assets<span class=\"_ _c5\"> </span><span class=\"ls37 ws36\">102.5<span class=\"_ _39\"/> <span class=\"_ _2d1\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _11\"> </span></span>102.5<span class=\"_ _39\"/> </span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _d4\"> </span><span class=\"ls3\">\u2013 <span class=\"_ _2d1\"> </span>\u2013 <span class=\"_ _95\"> </span>514<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _186\"> </span>514<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other r<span class=\"_ _39\"/>eceivables<span class=\"_ _2d3\"> </span><span class=\"ls3 ws3\">102<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 <span class=\"_ _c\"> </span>\u2013 <span class=\"_ _7e\"> </span>1<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>36<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _113\"> </span><span class=\"ls152 ws170\">1,1<span class=\"_ _39\"/>38.9<span class=\"_ _39\"/> </span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2ce\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _c\"> </span>\u2013 <span class=\"_ _6a\"> </span><span class=\"lsbf wsc6\">245<span class=\"_ _b\"/>.<span class=\"_ _b\"/>7 <span class=\"_ _196\"> </span></span>\u2013 <span class=\"_ _5f\"> </span><span class=\"lsbf wsc6\">245<span class=\"_ _b\"/>.<span class=\"_ _b\"/>7 </span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> assets <span class=\"_ _2b9\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,7<span class=\"_ _b\"/>15<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6 <span class=\"_ _2d1\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _84\"> </span><span class=\"ls42 ws95\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>282<span class=\"_ _b\"/>.1 <span class=\"_ _196\"> </span></span>\u2013 <span class=\"_ _25\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>,<span class=\"_ _6\"/>9<span class=\"_ _6\"/>9<span class=\"_ _6\"/>7.<span class=\"_ _b\"/>7<span class=\"_ _6\"/> </span></span></span>Financial liabilit<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span>Borrowings<span class=\"_ _c0\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2d1\"> </span>\u2013 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _93\"> </span>4<span class=\"_ _b\"/>33<span class=\"_ _b\"/>.0 <span class=\"_ _89\"> </span>43<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.0 </span>Other<span class=\"_ _5\"/> payables<span class=\"_ _34e\"> </span>\u2013 L<span class=\"_ _39\"/>ease liabilities <span class=\"_ _3\"/>: pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>ties<span class=\"_ _26e\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _c\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _19b\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>24<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 <span class=\"_ _140\"> </span>124<span class=\"_ _6\"/>.1<span class=\"_ _b\"/> </span></span>\u2013 Continge<span class=\"_ _b\"/>nt consi<span class=\"_ _b\"/>deratio<span class=\"_ _b\"/>n<span class=\"_ _2ce\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2cf\"> </span>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _bf\"> </span>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 </span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r <span class=\"_ _202\"> </span><span class=\"ls3\">\u2013 <span class=\"_ _c\"> </span>\u2013 <span class=\"_ _196\"> </span>\u2013 <span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>,<span class=\"_ _30\"/>1<span class=\"_ _b\"/>2<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _b\"/> <span class=\"_ _89\"> </span>1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>1<span class=\"_ _6\"/>2<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _b\"/> </span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other pay<span class=\"_ _39\"/>ables<span class=\"_ _22a\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2cf\"> </span>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _a7\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>251<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 <span class=\"_ _1b3\"> </span><span class=\"ls154 ws172\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>59.<span class=\"_ _b\"/>6 </span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> liabilities<span class=\"_ _2d4\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2cf\"> </span>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _7e\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>68<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 <span class=\"_ _1b3\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>692.<span class=\"_ _b\"/>6 </span>1 <span class=\"_ _bc\"> </span>All a<span class=\"_ _5\"/>ssets<span class=\"_ _5\"/> included as<span class=\"_ _39\"/> shareholder inv<span class=\"_ _39\"/>estment in C<span class=\"_ _39\"/>oll<span class=\"_ _b\"/>ective<span class=\"_ _39\"/> Investment<span class=\"_ _39\"/> Schemes are<span class=\"_ _39\"/> holdings of high-<span class=\"_ _39\"/>quality, highly<span class=\"_ _39\"/> liquid money<span class=\"_ _39\"/> market funds, containing<span class=\"_ _39\"/> assets which ar<span class=\"_ _39\"/>e cash and<span class=\"_ _39\"/> cash equivalents.<span class=\"_ _34e\"> </span>2  Other<span class=\"_ _39\"/> receivables e<span class=\"_ _39\"/>xclude prepayments<span class=\"_ _39\"/> and advanced<span class=\"_ _39\"/> payments to<span class=\"_ _39\"/> Partners, which are<span class=\"_ _39\"/> not consider<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d financial<span class=\"_ _39\"/> assets. 228<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Income, e<span class=\"_ _39\"/>xpense, gains<span class=\"_ _5\"/> and losses<span class=\"_ _39\"/> arising from financial<span class=\"_ _39\"/> assets and financial liabilities<span class=\"_ _34e\"> </span>The income,<span class=\"_ _39\"/> expense, gains and losses<span class=\"_ _39\"/> arising from<span class=\"_ _39\"/> shareholder financial assets<span class=\"_ _39\"/> and financial liabilities<span class=\"_ _39\"/> are summarised in t<span class=\"_ _39\"/>he table<span class=\"_ _39\"/> below: Year en<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>e<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span>Financial assets at fair value<span class=\"_ _39\"/> through pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d los<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _34e\"> </span>measur<span class=\"_ _39\"/>ed at<span class=\"_ _34e\"> </span>amortised cost<span class=\"_ _34e\"> </span>Financial liabilities measur<span class=\"_ _39\"/>ed at amortised cost<span class=\"_ _27\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _a7\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _a7\"> </span>\u00a3\u2019Milli<span class=\"_ _b\"/>on<span class=\"_ _86\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _c7\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _16\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _50\"> </span></span>(0<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _34e\"> </span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s<span class=\"_ _2d5\"> </span><span class=\"lsa1 ws39\">14.<span class=\"_ _b\"/>9<span class=\"_ _2cf\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _67\"> </span></span>14<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _34e\"> </span>\u2013 Business loans<span class=\"_ _39\"/> to P<span class=\"_ _5\"/>artners<span class=\"_ _2d6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _52\"> </span><span class=\"lsb0 wsb5\">20.6<span class=\"_ _2cf\"> </span></span>\u2013<span class=\"_ _e9\"> </span><span class=\"lsb0 wsb5\">20.6<span class=\"_ _34e\"> </span></span></span>\u2013 Rene<span class=\"_ _39\"/>wal income assets<span class=\"_ _c0\"> </span><span class=\"lsd1 wsd6\">(15<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _2d7\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _60\"> </span></span>(1<span class=\"_ _b\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other r<span class=\"_ _39\"/>eceivables<span class=\"_ _2d8\"> </span><span class=\"ls156 ws173\">(1<span class=\"_ _b\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _cc\"> </span></span><span class=\"ws16a\">20<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span>\u2013<span class=\"_ _34e\"> </span>5.4<span class=\"_ _34e\"> </span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2d9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _1bf\"> </span><span class=\"ls43 ws41\">2.6<span class=\"_ _2cf\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"ls43 ws41\">2.6<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial assets <span class=\"_ _10b\"> </span><span class=\"lsef wsfd\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _6e\"> </span><span class=\"ls39 wsa4\">23.<span class=\"_ _b\"/>2<span class=\"_ _2cf\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _7c\"> </span></span><span class=\"ls44 ws42\">22<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Financial liabilities Borrowings<span class=\"_ _259\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _2da\"> </span>\u2013<span class=\"_ _13b\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _11e\"> </span>(9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span>Other<span class=\"_ _5\"/> payables<span class=\"_ _34e\"> </span>\u2013 L<span class=\"_ _39\"/>ease liabilities:<span class=\"_ _5\"/> properties<span class=\"_ _221\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _2da\"> </span>\u2013<span class=\"_ _19b\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _7c\"> </span>(3<span class=\"_ _30\"/>.<span class=\"_ _b\"/>0<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other pay<span class=\"_ _39\"/>ables<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _2da\"> </span>\u2013<span class=\"_ _13b\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _7c\"> </span>(3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal financial liabilities<span class=\"_ _10b\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _2da\"> </span>\u2013<span class=\"_ _1f\"> </span></span><span class=\"ls4d ws4b\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _22\"> </span>(1<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _34e\"> </span></span>Year e<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> at fair<span class=\"_ _39\"/> value through profit<span class=\"_ _39\"/> and loss<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> measured at<span class=\"_ _39\"/> amortised cost<span class=\"_ _34e\"> </span>Financial liabilities<span class=\"_ _39\"/> measured at<span class=\"_ _39\"/> amortised cost<span class=\"_ _1c3\"> </span><span class=\"lsed wsfa\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _d0\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _d0\"> </span>\u00a3\u2019Mill<span class=\"_ _b\"/>ion<span class=\"_ _8b\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _11b\"> </span><span class=\"ls3 ws3\">0.<span class=\"_ _b\"/>5 <span class=\"_ _2d2\"> </span>\u2013<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _82\"> </span>0.<span class=\"_ _b\"/>5 </span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s<span class=\"_ _2db\"> </span><span class=\"ls3 ws3\">0.<span class=\"_ _b\"/>2 <span class=\"_ _196\"> </span>\u2013<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _7e\"> </span>0.<span class=\"_ _b\"/>2 </span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _34e\"> </span>\u2013 Business loans<span class=\"_ _39\"/> to P<span class=\"_ _5\"/>artners<span class=\"_ _2d6\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _52\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.3<span class=\"_ _a0\"> </span></span>\u2013<span class=\"_ _bf\"> </span>14.<span class=\"_ _b\"/>3 </span>\u2013 Rene<span class=\"_ _39\"/>wal income assets<span class=\"_ _2dc\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _16\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _bf\"> </span></span>(9<span class=\"_ _b\"/>.<span class=\"_ _6\"/>0<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other r<span class=\"_ _39\"/>eceivables<span class=\"_ _202\"> </span><span class=\"ls158 ws175\">(9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0<span class=\"_ _b\"/>)<span class=\"_ _134\"> </span><span class=\"ls153 ws171\">14<span class=\"_ _6\"/>.<span class=\"_ _b\"/>3<span class=\"_ _2cf\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _7e\"> </span>5.<span class=\"_ _b\"/>3 </span></span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2d9\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2d2\"> </span>\u2013<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _6a\"> </span>\u2013 </span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> assets <span class=\"_ _20e\"> </span><span class=\"ls86 ws88\">(<span class=\"_ _b\"/>8<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _1b0\"> </span><span class=\"lsa1 ws39\">14.<span class=\"_ _b\"/>3<span class=\"_ _a0\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _67\"> </span>6<span class=\"_ _b\"/>.0 </span></span></span>Financial liabilit<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span>Borrowings<span class=\"_ _259\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _98\"> </span><span class=\"ls4d ws4b\">(<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0)<span class=\"_ _e9\"> </span>(<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Other<span class=\"_ _5\"/> payables<span class=\"_ _34e\"> </span>\u2013 L<span class=\"_ _39\"/>ease liabilities:<span class=\"_ _5\"/> properties<span class=\"_ _221\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _19\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>.<span class=\"_ _6\"/>2<span class=\"_ _b\"/>)<span class=\"_ _7c\"> </span>(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other pay<span class=\"_ _39\"/>ables<span class=\"_ _2c8\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _273\"> </span><span class=\"ls148 ws166\">(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _7c\"> </span>(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> liabilities<span class=\"_ _17c\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _2d2\"> </span>\u2013 <span class=\"_ _4e\"> </span><span class=\"lsd1 wsd6\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _118\"> </span>(1<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span></span>Loss<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>n re<span class=\"_ _b\"/>new<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts h<span class=\"_ _b\"/>ave b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt retu<span class=\"_ _b\"/>rn l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne i<span class=\"_ _b\"/>n the S<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>teme<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>reh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ive Income.<span class=\"_ _34e\"> </span>229<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>17<span class=\"_ _29\"/>. Financial risk <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d</span> F<span class=\"_ _39\"/>air value estimation<span class=\"_ _34e\"> </span>Financial asse<span class=\"_ _39\"/>ts and liabilit<span class=\"_ _5\"/>ies which<span class=\"_ _39\"/> are held<span class=\"_ _5\"/> at f<span class=\"_ _39\"/>air value<span class=\"_ _39\"/> in the Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s are r<span class=\"_ _39\"/>equired t<span class=\"_ _39\"/>o have<span class=\"_ _39\"/> disclosed their f<span class=\"_ _39\"/>air value<span class=\"_ _5\"/> measurements<span class=\"_ _39\"/> by lev<span class=\"_ _39\"/>el of the<span class=\"_ _39\"/> following f<span class=\"_ _39\"/>air value measur<span class=\"_ _39\"/>eme<span class=\"_ _b\"/>nt hier<span class=\"_ _39\"/>archy:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">qu<span class=\"_ _b\"/>ote<span class=\"_ _b\"/>d pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es (<span class=\"_ _39\"/>u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>ju<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>d<span class=\"_ _39\"/>) i<span class=\"_ _b\"/>n act<span class=\"_ _b\"/>ive m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>kets for i<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s or l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es (Level 1<span class=\"_ _39\"/>);<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">in<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uts o<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>an q<span class=\"_ _b\"/>u<span class=\"_ _b\"/>oted p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>u<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in Leve<span class=\"_ _b\"/>l 1 th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re ob<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>va<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e for t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>r li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y, eith<span class=\"_ _b\"/>er d<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ctl<span class=\"_ _b\"/>y (<span class=\"_ _39\"/>th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t is<span class=\"_ _b\"/>, </span>as p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) or i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>di<span class=\"_ _b\"/>rect<span class=\"_ _b\"/>ly (<span class=\"_ _39\"/>t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t is<span class=\"_ _b\"/>, d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ved f<span class=\"_ _b\"/>rom p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) (Level 2<span class=\"_ _39\"/>); an<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">inputs f<span class=\"_ _39\"/>or the asset<span class=\"_ _39\"/> or liabilit<span class=\"_ _b\"/>y that<span class=\"_ _39\"/> are not<span class=\"_ _39\"/> base<span class=\"_ _b\"/>d on<span class=\"_ _5\"/> observable mark<span class=\"_ _39\"/>et data<span class=\"_ _5\"/> (<span class=\"_ _4\"/>that is, unobservable inputs<span class=\"_ _4\"/>) (<span class=\"_ _4\"/>Level<span class=\"_ _39\"/> 3<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span></span>The f<span class=\"_ _39\"/>ollowing table<span class=\"_ _39\"/> presents the<span class=\"_ _39\"/> Group\u2019s<span class=\"_ _39\"/> shareholder assets and<span class=\"_ _39\"/> liabilities measured<span class=\"_ _5\"/> at f<span class=\"_ _39\"/>air value.<span class=\"_ _34e\"> </span>31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>Leve<span class=\"_ _b\"/>l 1<span class=\"_ _7e\"> </span>Level 2<span class=\"_ _82\"> </span>L<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>l 3<span class=\"_ _fc\"> </span><span class=\"ls84 wsbf\">T<span class=\"_ _39\"/>otal balance<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _48\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>9<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _4e\"> </span></span>7.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s 1<span class=\"_ _34e\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _6\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _50\"> </span></span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _b\"/>1<span class=\"_ _6\"/>.7<span class=\"_ _34e\"> </span>Renewal<span class=\"_ _39\"/> income assets<span class=\"_ _2c9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _a7\"> </span><span class=\"lsa6 wsaa\">115<span class=\"_ _b\"/>.5<span class=\"_ _84\"> </span>115.5<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial assets <span class=\"_ _264\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>79.6<span class=\"_ _19\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _6d\"> </span></span><span class=\"ls42 ws95\">115.5<span class=\"_ _7c\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>,39<span class=\"_ _b\"/>5.1<span class=\"_ _34e\"> </span></span></span></span>Financial liabilities<span class=\"_ _34e\"> </span>Conting<span class=\"_ _b\"/>ent cons<span class=\"_ _b\"/>ide<span class=\"_ _b\"/>ration<span class=\"_ _286\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">8.3<span class=\"_ _6e\"> </span>8.3<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial liabilities<span class=\"_ _2dd\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _a4\"> </span></span><span class=\"ls3e ws3d\">8.3<span class=\"_ _95\"> </span>8.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _34e\"> </span>Leve<span class=\"_ _b\"/>l 1<span class=\"_ _7e\"> </span>L<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>l 2<span class=\"_ _7e\"> </span>Le<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>l 3<span class=\"_ _1c2\"> </span><span class=\"lsba ws96\">T<span class=\"_ _39\"/>otal balance<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _48\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>8<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _cc\"> </span></span>7.<span class=\"_ _30\"/>8<span class=\"_ _34e\"> </span></span>Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in C<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ive I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>es <span class=\"_ _1\"/>1<span class=\"_ _2de\"> </span><span class=\"ls3e ws3d\">1,605<span class=\"_ _b\"/>.3<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _11e\"> </span><span class=\"ls3e ws3d\">1,605.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>Renewal<span class=\"_ _39\"/> income assets<span class=\"_ _2c9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _6f\"> </span><span class=\"ls37 ws36\">102.5<span class=\"_ _6f\"> </span>102.5<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> assets <span class=\"_ _294\"> </span><span class=\"ls2f ws2f\">1,613.1<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6f\"> </span><span class=\"ls37 ws36\">102.5<span class=\"_ _67\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,7<span class=\"_ _b\"/>1<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>Financial liabilit<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span>Conting<span class=\"_ _b\"/>ent cons<span class=\"_ _b\"/>ide<span class=\"_ _b\"/>ration<span class=\"_ _286\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">8.3<span class=\"_ _6e\"> </span>8.3<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> liabilities<span class=\"_ _281\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">8<span class=\"_ _b\"/>.3<span class=\"_ _a4\"> </span>8.3<span class=\"_ _34e\"> </span></span></span>1 <span class=\"_ _bc\"> </span>All a<span class=\"_ _5\"/>ssets<span class=\"_ _5\"/> included as<span class=\"_ _39\"/> shareholder inv<span class=\"_ _39\"/>estment in C<span class=\"_ _39\"/>oll<span class=\"_ _b\"/>ective<span class=\"_ _39\"/> Investment<span class=\"_ _39\"/> Schemes are<span class=\"_ _39\"/> holdings of high-<span class=\"_ _39\"/>quality, highly<span class=\"_ _39\"/> liquid unitised<span class=\"_ _39\"/> money marke<span class=\"_ _39\"/>t funds, cont<span class=\"_ _39\"/>aining assets<span class=\"_ _39\"/> which are c<span class=\"_ _39\"/>ash and cash<span class=\"_ _39\"/> e<span class=\"_ _b\"/>quivalents. The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of f<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts t<span class=\"_ _b\"/>rad<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s is b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n q<span class=\"_ _b\"/>uote<span class=\"_ _b\"/>d bi<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ces a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e instruments<span class=\"_ _39\"/> are included in<span class=\"_ _39\"/> Level<span class=\"_ _39\"/> 1<span class=\"_ _b\"/>. Le<span class=\"_ _39\"/>vel 2 financial<span class=\"_ _39\"/> assets and liabilit<span class=\"_ _39\"/>ies are v<span class=\"_ _39\"/>alued using observable prices<span class=\"_ _39\"/> for identical current<span class=\"_ _39\"/> arm\u2019s-length<span class=\"_ _39\"/> transactions.<span class=\"_ _34e\"> </span>The r<span class=\"_ _39\"/>enewal income asse<span class=\"_ _39\"/>ts are<span class=\"_ _5\"/> Le<span class=\"_ _39\"/>vel 3 and<span class=\"_ _39\"/> are valued<span class=\"_ _39\"/> usin<span class=\"_ _b\"/>g a<span class=\"_ _39\"/> discounted cash<span class=\"_ _39\"/> flow technique<span class=\"_ _39\"/> and the assumption<span class=\"_ _5\"/>s outlined in N<span class=\"_ _b\"/>ote 12<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ct of a<span class=\"_ _b\"/>p<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>yi<span class=\"_ _b\"/>ng re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>si<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e al<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s of a move<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent o<span class=\"_ _b\"/>f 10<span class=\"_ _b\"/>0<span class=\"_ _b\"/>bp<span class=\"_ _b\"/>s on t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t rate an<span class=\"_ _b\"/>d a 10% m<span class=\"_ _b\"/>ovem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt in t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>se ra<span class=\"_ _b\"/>te wou<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d resu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>t in a<span class=\"_ _b\"/>n unfa<span class=\"_ _b\"/>vou<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of \u00a38<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a38<span class=\"_ _b\"/>.9 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on) an<span class=\"_ _b\"/>d a favo<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e in va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of \u00a31<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>4 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (2021: \u00a39.9 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>), res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tive<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y.<span class=\"_ _34e\"> </span>The con<span class=\"_ _39\"/>tingent consideration<span class=\"_ _39\"/> liabilit<span class=\"_ _b\"/>y is classified as<span class=\"_ _39\"/> Lev<span class=\"_ _39\"/>e<span class=\"_ _b\"/>l 3<span class=\"_ _39\"/> and is valued based<span class=\"_ _39\"/> on the t<span class=\"_ _39\"/>erms set out<span class=\"_ _39\"/> in the v<span class=\"_ _39\"/>arious sale and pur<span class=\"_ _39\"/>chase agreements. Given<span class=\"_ _39\"/> the nature<span class=\"_ _39\"/> of the v<span class=\"_ _39\"/>aluation basis the<span class=\"_ _39\"/> ef<span class=\"_ _b\"/>fect<span class=\"_ _39\"/> of applying reasonably<span class=\"_ _5\"/> possible alt<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rnative<span class=\"_ _39\"/> as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mpt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt i<span class=\"_ _b\"/>n an u<span class=\"_ _b\"/>nfa<span class=\"_ _b\"/>vou<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge of \u00a3n<span class=\"_ _b\"/>il (2021: \u00a3ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>nd fa<span class=\"_ _b\"/>vou<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge o<span class=\"_ _b\"/>f \u00a38<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>202<span class=\"_ _39\"/>1: \u00a38.3 million<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>The<span class=\"_ _b\"/>re we<span class=\"_ _b\"/>re no t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rs b<span class=\"_ _b\"/>et<span class=\"_ _b\"/>we<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n Level 1 a<span class=\"_ _b\"/>nd Leve<span class=\"_ _b\"/>l 2 d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r, nor i<span class=\"_ _b\"/>nto or o<span class=\"_ _b\"/>ut of Leve<span class=\"_ _b\"/>l 3<span class=\"_ _b\"/>. 230<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>es p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>ent t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s in Leve<span class=\"_ _b\"/>l 3 fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets a<span class=\"_ _b\"/>nd l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>Financial asse<span class=\"_ _39\"/>ts<span class=\"_ _34e\"> </span>Renewal<span class=\"_ _5\"/> income assets<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ffa5 ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _ec\"> </span><span class=\"ls37 ws36\">102.5<span class=\"_ _68\"> </span><span class=\"ls4d ws4b\">8<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>4<span class=\"_ _6\"/> </span></span>Addit<span class=\"_ _39\"/>ions during the<span class=\"_ _39\"/> year<span class=\"_ _1ca\"> </span><span class=\"ls39 wsa4\">36.<span class=\"_ _b\"/>1<span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">34<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6 </span></span>Disposals during<span class=\"_ _39\"/> the year<span class=\"_ _15e\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _30\"/>8)<span class=\"_ _7e\"> </span></span><span class=\"ls37\">(10<span class=\"_ _5\"/>.5<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span>Unrealised losses<span class=\"_ _39\"/> recognised in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income<span class=\"_ _25d\"> </span><span class=\"ls86 ws88\">(1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _69\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _223\"> </span><span class=\"ls42 ws95\">115.5<span class=\"_ _6f\"> </span><span class=\"ffa5 fc3 ls37 ws36\">102.5 </span></span>Un<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s on re<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ewa<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets a<span class=\"_ _b\"/>re re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt retu<span class=\"_ _b\"/>rn i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of<span class=\"_ _b\"/> Comprehensiv<span class=\"_ _39\"/>e Income.<span class=\"_ _34e\"> </span>Financial liabilities<span class=\"_ _34e\"> </span>Contingent<span class=\"_ _39\"/> consideration<span class=\"_ _34e\"> </span>2022<span class=\"_ _a4\"> </span><span class=\"ffa5 ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y<span class=\"_ _21f\"> </span><span class=\"lse5 wsf4\">8.3<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013 </span></span>Addit<span class=\"_ _39\"/>ions during the<span class=\"_ _39\"/> year<span class=\"_ _2df\"> </span><span class=\"lsf6 wsee\">6.3<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">8.<span class=\"_ _b\"/>3 </span></span>Payment<span class=\"_ _39\"/>s made during<span class=\"_ _39\"/> the year<span class=\"_ _da\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _b\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _ac\"> </span><span class=\"ls3e ws3d\">8.3<span class=\"_ _6e\"> </span><span class=\"ffa5 fc3 ls3 ws3\">8.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>Cre<span class=\"_ _b\"/>dit ris<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e set<span class=\"_ _b\"/>s ou<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>xi<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>m cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it ri<span class=\"_ _b\"/>s<span class=\"_ _b\"/>k exp<span class=\"_ _b\"/>os<span class=\"_ _b\"/>u<span class=\"_ _b\"/>re an<span class=\"_ _b\"/>d rati<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>s of s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l an<span class=\"_ _b\"/>d ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch are su<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t ri<span class=\"_ _b\"/>sk<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>AAA<span class=\"_ _134\"> </span>AA<span class=\"_ _1ac\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _52\"> </span><span class=\"lsb wsa\">BB<span class=\"_ _e9\"> </span><span class=\"ls40 ws3f\">Unrated<span class=\"_ _1f\"> </span><span class=\"ls98 ws9c\">Tot<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span></span></span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _7c\"> </span>\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _34e\"> </span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _2e0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _4e\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>9<span class=\"_ _2e1\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _9f\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s 1<span class=\"_ _34e\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _6\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span></span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>7<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span>Reinsur<span class=\"_ _39\"/>ance assets<span class=\"_ _2b9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls43 ws41\">66.4<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _a7\"> </span><span class=\"ls43 ws41\">66.4<span class=\"_ _34e\"> </span></span></span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _1a5\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a4\"> </span><span class=\"ls43 ws41\">5.6<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsc0 wsc7\">926<span class=\"_ _b\"/>.0<span class=\"_ _6f\"> </span><span class=\"ls42 ws95\">931<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2e2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a7\"> </span><span class=\"ls30 ws30\">53.<span class=\"_ _b\"/>8<span class=\"_ _17\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>9<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>4<span class=\"_ _1b0\"> </span><span class=\"ls2f ws2f\">2.1<span class=\"_ _19\"> </span></span></span></span>\u2013<span class=\"_ _9d\"> </span><span class=\"lse5 wsf4\">25<span class=\"_ _39\"/>3.3<span class=\"_ _34e\"> </span></span></span>To<span class=\"_ _b\"/>t<span class=\"_ _6\"/>a<span class=\"_ _6\"/>l<span class=\"_ _2e3\"> </span><span class=\"ls5f ws65\">1,<span class=\"_ _6\"/>271<span class=\"_ _b\"/>.7<span class=\"_ _6f\"> </span>133.7<span class=\"_ _14\"> </span><span class=\"lse2 wsf1\">1<span class=\"_ _6\"/>9<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>4<span class=\"_ _5d\"> </span><span class=\"ls3 ws3\">2<span class=\"_ _b\"/>.1<span class=\"_ _bf\"> </span><span class=\"ls71 wsc5\">926.0<span class=\"_ _11\"> </span><span class=\"lsbc wsc1\">2<span class=\"_ _b\"/>,530.9<span class=\"_ _34e\"> </span></span></span></span></span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _34e\"> </span>AAA<span class=\"_ _1b0\"> </span>AA<span class=\"_ _1aa\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _ca\"> </span><span class=\"ls7a ws7e\">BB<span class=\"_ _e9\"> </span><span class=\"ls3b ws3b\">U<span class=\"_ _b\"/>nra<span class=\"_ _b\"/>ted<span class=\"_ _70\"> </span><span class=\"lsed wsfa\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span></span></span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Mill<span class=\"_ _b\"/>ion<span class=\"_ _be\"> </span>\u00a3<span class=\"_ _b\"/>\u2019Million<span class=\"_ _34e\"> </span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _2e0\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _4e\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>8<span class=\"_ _2e1\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _4e\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _30\"/>8<span class=\"_ _34e\"> </span></span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s 1<span class=\"_ _34e\"> </span>1,605<span class=\"_ _b\"/>.3<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _b4\"> </span></span>1<span class=\"_ _b\"/>,605.3<span class=\"_ _34e\"> </span>Reinsur<span class=\"_ _39\"/>ance assets<span class=\"_ _2b9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a7\"> </span><span class=\"ls42 ws95\">82<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _a7\"> </span><span class=\"ls42 ws95\">82<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _1a5\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _a4\"> </span><span class=\"ls39 wsa4\">9.9<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _bf\"> </span><span class=\"lsbc wsc1\">1,1<span class=\"_ _b\"/>29.0<span class=\"_ _27\"> </span><span class=\"ls43 ws41\">1<span class=\"_ _b\"/>,13<span class=\"_ _b\"/>8.9<span class=\"_ _34e\"> </span></span></span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2e2\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _68\"> </span><span class=\"ls4d ws4b\">4<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>8<span class=\"_ _97\"> </span></span>196<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 <span class=\"_ _65\"> </span><span class=\"ls39 wsa4\">1.9<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"lsbf wsc6\">245<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>To<span class=\"_ _b\"/>t<span class=\"_ _6\"/>a<span class=\"_ _6\"/>l<span class=\"_ _133\"> </span><span class=\"ls3e ws3d\">1<span class=\"_ _b\"/>,605.3<span class=\"_ _15\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _b\"/>4<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>9<span class=\"_ _6f\"> </span><span class=\"ls39 wsa4\">196.0<span class=\"_ _5d\"> </span>1<span class=\"_ _b\"/>.9<span class=\"_ _67\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,129<span class=\"_ _b\"/>.0<span class=\"_ _11e\"> </span><span class=\"ls2f ws2f\">3<span class=\"_ _b\"/>,080.1<span class=\"_ _34e\"> </span></span></span></span></span></span>1 <span class=\"_ _bc\"> </span>Inv<span class=\"_ _39\"/>estment of<span class=\"_ _39\"/> sh<span class=\"_ _b\"/>areholder ass<span class=\"_ _5\"/>ets<span class=\"_ _5\"/> in Collect<span class=\"_ _39\"/>ive Inv<span class=\"_ _39\"/>estment Schemes<span class=\"_ _39\"/> refers t<span class=\"_ _39\"/>o inv<span class=\"_ _39\"/>estment in<span class=\"_ _39\"/> unitised money<span class=\"_ _39\"/> m<span class=\"_ _b\"/>arke<span class=\"_ _5\"/>t funds,<span class=\"_ _5\"/> contain<span class=\"_ _5\"/>ing asset<span class=\"_ _5\"/>s which<span class=\"_ _39\"/> are cash and<span class=\"_ _39\"/> cash equivalents.<span class=\"_ _34e\"> </span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _5\"/> includes \u00a33<span class=\"_ _39\"/>15.6 million (<span class=\"_ _4\"/>2021:<span class=\"_ _39\"/> \u00a352<span class=\"_ _39\"/>1<span class=\"_ _b\"/>.6 million<span class=\"_ _4\"/>) of business<span class=\"_ _39\"/> loans to<span class=\"_ _39\"/> Par<span class=\"_ _b\"/>tners, which ar<span class=\"_ _39\"/>e inter<span class=\"_ _39\"/>est-<span class=\"_ _39\"/>bearing (<span class=\"_ _39\"/>li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ked to Ba<span class=\"_ _b\"/>nk o<span class=\"_ _b\"/>f Eng<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an<span class=\"_ _b\"/>d ba<span class=\"_ _b\"/>se ra<span class=\"_ _b\"/>te pl<span class=\"_ _b\"/>us a m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in), repaya<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le i<span class=\"_ _b\"/>n li<span class=\"_ _b\"/>ne w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e term<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d against the<span class=\"_ _39\"/> future r<span class=\"_ _39\"/>enewal income st<span class=\"_ _39\"/>reams of t<span class=\"_ _39\"/>he respectiv<span class=\"_ _39\"/>e Partner<span class=\"_ _39\"/>. Im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s is d<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ss m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>e<span class=\"_ _b\"/>l set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n I<span class=\"_ _b\"/>FRS 9<span class=\"_ _b\"/>. E<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d on the<span class=\"_ _39\"/> historic le<span class=\"_ _39\"/>vels of loss<span class=\"_ _39\"/> experienced on business loans<span class=\"_ _39\"/> to P<span class=\"_ _5\"/>artners, with due con<span class=\"_ _5\"/>sideration<span class=\"_ _39\"/> given t<span class=\"_ _39\"/>o forward-<span class=\"_ _39\"/>look<span class=\"_ _b\"/>ing info<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. A ran<span class=\"_ _b\"/>ge o<span class=\"_ _b\"/>f facto<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g the n<span class=\"_ _b\"/>at<span class=\"_ _b\"/>ure o<span class=\"_ _b\"/>r t<span class=\"_ _b\"/>y<span class=\"_ _b\"/>pe o<span class=\"_ _b\"/>f the l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y he<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>re taken i<span class=\"_ _b\"/>nto a<span class=\"_ _b\"/>cco<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t in<span class=\"_ _b\"/> calculating t<span class=\"_ _39\"/>he provision. 231<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>17<span class=\"_ _29\"/>. Financial risk <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d</span> The l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>al<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e is p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ted n<span class=\"_ _b\"/>et of a \u00a33<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n provi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a34<span class=\"_ _b\"/>.0 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on)<span class=\"_ _39\"/>; s<span class=\"_ _b\"/>ee N<span class=\"_ _b\"/>ote 12<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>ovem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in th<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _39\"/>vision will ref<span class=\"_ _39\"/>le<span class=\"_ _b\"/>ct utilisat<span class=\"_ _39\"/>ion of the<span class=\"_ _39\"/> existing pro<span class=\"_ _39\"/>vision during the<span class=\"_ _39\"/> year<span class=\"_ _39\"/>, but the<span class=\"_ _5\"/> ov<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rall<span class=\"_ _39\"/> cost of business<span class=\"_ _39\"/> lo<span class=\"_ _b\"/>ans t<span class=\"_ _39\"/>o Partners (<span class=\"_ _4\"/>inclu<span class=\"_ _b\"/>ding new<span class=\"_ _39\"/> provisions<span class=\"_ _4\"/>) recognised<span class=\"_ _39\"/> w<span class=\"_ _b\"/>ithin administ<span class=\"_ _39\"/>ration expenses<span class=\"_ _39\"/> in the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income<span class=\"_ _39\"/> during the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r was a c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge o<span class=\"_ _b\"/>f \u00a31<span class=\"_ _b\"/>.7 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (2021: \u00a33<span class=\"_ _b\"/>.9 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on)<span class=\"_ _39\"/>. Contractual maturity and liquidi<span class=\"_ _5\"/>ty analysis<span class=\"_ _34e\"> </span>The f<span class=\"_ _39\"/>ollowing table<span class=\"_ _39\"/> sets out the<span class=\"_ _39\"/> contract<span class=\"_ _39\"/>u<span class=\"_ _b\"/>al maturity analysis<span class=\"_ _39\"/> of the Gr<span class=\"_ _39\"/>oup\u2019s financial<span class=\"_ _39\"/> assets and financial<span class=\"_ _39\"/> liabilities<span class=\"_ _b\"/>. All financ<span class=\"_ _5\"/>ial liabilit<span class=\"_ _39\"/>ies are undis<span class=\"_ _5\"/>count<span class=\"_ _39\"/>ed:<span class=\"_ _34e\"> </span>31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>Up to 1 ye<span class=\"_ _b\"/>ar<span class=\"_ _13f\"> </span>1 to 5 y<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>rs<span class=\"_ _1a7\"> </span>Ove<span class=\"_ _b\"/>r 5 yea<span class=\"_ _b\"/>rs<span class=\"_ _1f\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _34e\"> </span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _48\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>9<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _4e\"> </span></span>7.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s<span class=\"_ _2e4\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _6\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _50\"> </span></span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _b\"/>1<span class=\"_ _6\"/>.7<span class=\"_ _34e\"> </span></span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _34e\"> </span>\u2013 Business loans<span class=\"_ _39\"/> to P<span class=\"_ _5\"/>artners<span class=\"_ _152\"> </span><span class=\"ls43 ws41\">63.5<span class=\"_ _a7\"> </span><span class=\"ls30 ws30\">186.1<span class=\"_ _a7\"> </span></span>66.0<span class=\"_ _6f\"> </span><span class=\"ls42 ws95\">315<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span>\u2013 Rene<span class=\"_ _39\"/>wal income<span class=\"_ _ba\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.0<span class=\"_ _77\"> </span><span class=\"ls42 ws95\">28.<span class=\"_ _b\"/>3<span class=\"_ _68\"> </span>73<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _84\"> </span><span class=\"lsa6 wsaa\">115.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span></span></span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _15d\"> </span><span class=\"lsa6 wsaa\">500.5<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _50\"> </span><span class=\"lsa6 wsaa\">500.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other r<span class=\"_ _39\"/>eceivables<span class=\"_ _d4\"> </span><span class=\"ls154 ws172\">578<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _6f\"> </span><span class=\"ls3 ws3\">214<span class=\"_ _6\"/>.4<span class=\"_ _97\"> </span><span class=\"ls159 ws176\">139.<span class=\"_ _b\"/>2<span class=\"_ _14\"> </span><span class=\"ls13d ws16e\">9<span class=\"_ _b\"/>31<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2e5\"> </span><span class=\"lse5 wsf4\">25<span class=\"_ _39\"/>3.3<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _9b\"> </span></span>253.3<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal financial assets<span class=\"_ _d4\"> </span><span class=\"lsbc wsc1\">2<span class=\"_ _b\"/>,11<span class=\"_ _b\"/>0.9<span class=\"_ _c1\"> </span><span class=\"ls4c ws4a\">2<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.4<span class=\"_ _7e\"> </span></span>139.<span class=\"_ _6\"/>2<span class=\"_ _13a\"> </span><span class=\"ls3 ws3\">2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>464.5<span class=\"_ _34e\"> </span></span></span>Financial liabilities<span class=\"_ _34e\"> </span>Borrowings<span class=\"_ _259\"> </span>12.<span class=\"_ _b\"/>8<span class=\"_ _70\"> </span><span class=\"ls42 ws95\">51.<span class=\"_ _b\"/>0<span class=\"_ _14\"> </span><span class=\"ls3e ws3d\">10<span class=\"_ _b\"/>0.0<span class=\"_ _14\"> </span><span class=\"ls43 ws41\">163.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span></span>Other<span class=\"_ _5\"/> payables<span class=\"_ _34e\"> </span>\u2013 L<span class=\"_ _39\"/>ease liabilities:<span class=\"_ _5\"/> properties<span class=\"_ _1ea\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>7.<span class=\"_ _b\"/>7<span class=\"_ _84\"> </span><span class=\"ls83 ws38\">56.<span class=\"_ _b\"/>8<span class=\"_ _84\"> </span><span class=\"lsb2 wsb9\">59<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _17\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>33<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span></span></span>\u2013 Continge<span class=\"_ _b\"/>nt consi<span class=\"_ _b\"/>deratio<span class=\"_ _b\"/>n<span class=\"_ _2e6\"> </span><span class=\"lsf6 wsee\">6.4<span class=\"_ _5d\"> </span><span class=\"ls39 wsa4\">1.9<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">8.3<span class=\"_ _34e\"> </span></span></span></span></span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _122\"> </span><span class=\"ls37 ws36\">1,158.5<span class=\"_ _a7\"> </span><span class=\"ls73 ws75\">58.0<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _60\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>25<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span></span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other pay<span class=\"_ _39\"/>ables<span class=\"_ _b5\"> </span><span class=\"ls15a ws177\">1,182.6<span class=\"_ _84\"> </span><span class=\"ls15b ws178\">1<span class=\"_ _b\"/>16<span class=\"_ _b\"/>.7<span class=\"_ _a7\"> </span><span class=\"ls15c ws15a\">96.<span class=\"_ _b\"/>2<span class=\"_ _b4\"> </span><span class=\"ls159 ws176\">1,<span class=\"_ _b\"/>39<span class=\"_ _b\"/>5.5<span class=\"_ _34e\"> </span></span></span></span></span>T<span class=\"_ _4\"/>otal financial liabilities<span class=\"_ _21c\"> </span><span class=\"lsad wsb2\">1<span class=\"_ _b\"/>,195.<span class=\"_ _b\"/>4<span class=\"_ _6d\"> </span><span class=\"lse2 wsf1\">1<span class=\"_ _b\"/>6<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>7<span class=\"_ _7e\"> </span><span class=\"ls43 ws41\">196.2<span class=\"_ _1c4\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>,559<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span></span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _34e\"> </span>Up to 1 y<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>r<span class=\"_ _88\"> </span>1 to 5 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _2b2\"> </span>Ove<span class=\"_ _b\"/>r 5 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _70\"> </span><span class=\"lsed wsfa\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _34e\"> </span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _48\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>8<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _cc\"> </span></span>7.<span class=\"_ _30\"/>8<span class=\"_ _34e\"> </span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s<span class=\"_ _25d\"> </span><span class=\"ls3e ws3d\">1,605<span class=\"_ _b\"/>.3<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _11e\"> </span></span>1,605.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span>Other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _34e\"> </span>\u2013 Business loans<span class=\"_ _39\"/> to P<span class=\"_ _5\"/>artners<span class=\"_ _184\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>4<span class=\"_ _97\"> </span><span class=\"lsbc wsc1\">3<span class=\"_ _b\"/>01<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"ls83 ws38\">102<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"lse6 wsf5\">521<span class=\"_ _6\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>\u2013 Rene<span class=\"_ _39\"/>wal income<span class=\"_ _ba\"> </span><span class=\"ls36\">18<span class=\"_ _b\"/>.2<span class=\"_ _a7\"> </span><span class=\"ls43 ws41\">4<span class=\"_ _b\"/>3.6<span class=\"_ _68\"> </span><span class=\"ls5b ws5e\">40<span class=\"_ _b\"/>.7<span class=\"_ _6f\"> </span><span class=\"ls37 ws36\">102.5<span class=\"_ _34e\"> </span></span></span></span></span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _f1\"> </span><span class=\"ls42 ws95\">514<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _14\"> </span><span class=\"ls42 ws95\">514.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other r<span class=\"_ _39\"/>eceivables<span class=\"_ _11b\"> </span><span class=\"ls13d ws16e\">6<span class=\"_ _b\"/>50.<span class=\"_ _b\"/>4<span class=\"_ _7a\"> </span><span class=\"ls15d ws165\">345<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _6f\"> </span><span class=\"ls153 ws171\">143<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _27\"> </span><span class=\"ls152 ws170\">1,1<span class=\"_ _5\"/>38.<span class=\"_ _39\"/>9<span class=\"_ _34e\"> </span></span></span></span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2ad\"> </span><span class=\"lsbf wsc6\">24<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.7<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _82\"> </span></span>245<span class=\"_ _b\"/>.<span class=\"_ _b\"/>7<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> assets<span class=\"_ _2e7\"> </span><span class=\"lsa6 wsaa\">2,<span class=\"_ _b\"/>509.<span class=\"_ _b\"/>2<span class=\"_ _9b\"> </span><span class=\"ls37 ws36\">345.2<span class=\"_ _6f\"> </span><span class=\"lse5 wsf4\">143.3<span class=\"_ _b4\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>,<span class=\"_ _6\"/>9<span class=\"_ _6\"/>9<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>7<span class=\"_ _34e\"> </span></span></span></span></span>Financial liabilit<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span>Borrowings<span class=\"_ _153\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _9d\"> </span><span class=\"ls42 ws95\">320<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _84\"> </span><span class=\"lsa6 wsaa\">112<span class=\"_ _b\"/>.8<span class=\"_ _9b\"> </span><span class=\"ls30 ws30\">433<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span></span></span>Other<span class=\"_ _5\"/> payables<span class=\"_ _34e\"> </span>\u2013 L<span class=\"_ _39\"/>ease liabilities:<span class=\"_ _5\"/> properties 1<span class=\"_ _34e\"> </span>1<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _79\"> </span><span class=\"lsb2 wsb9\">59.<span class=\"_ _b\"/>1<span class=\"_ _68\"> </span><span class=\"lsbf wsc6\">70.<span class=\"_ _b\"/>9<span class=\"_ _15\"> </span></span></span>1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>2<span class=\"_ _34e\"> </span>\u2013 Continge<span class=\"_ _b\"/>nt consi<span class=\"_ _b\"/>deratio<span class=\"_ _b\"/>n<span class=\"_ _2e6\"> </span><span class=\"lsf6 wsee\">6.4<span class=\"_ _5d\"> </span><span class=\"ls39 wsa4\">1.9<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">8.3<span class=\"_ _34e\"> </span></span></span></span></span>\u2013 Oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2<span class=\"_ _34e\"> </span>1,<span class=\"_ _b\"/>034<span class=\"_ _b\"/>.6<span class=\"_ _a7\"> </span>58.0<span class=\"_ _70\"> </span><span class=\"ls42 ws95\">51<span class=\"_ _b\"/>.5<span class=\"_ _9d\"> </span><span class=\"lsa1 ws39\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>14<span class=\"_ _b\"/>4.<span class=\"_ _b\"/>1<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal<span class=\"_ _39\"/> other pay<span class=\"_ _39\"/>ables<span class=\"_ _224\"> </span><span class=\"ls152 ws170\">1,0<span class=\"_ _39\"/>58.2<span class=\"_ _69\"> </span><span class=\"ls150 ws16d\">119<span class=\"_ _b\"/>.0<span class=\"_ _6d\"> </span><span class=\"ls13d ws16e\">122.<span class=\"_ _b\"/>4<span class=\"_ _b4\"> </span><span class=\"ls153 ws171\">1<span class=\"_ _b\"/>,<span class=\"_ _6\"/>299<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> liabilities<span class=\"_ _225\"> </span><span class=\"ls73 ws75\">1,058<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _7a\"> </span>4<span class=\"_ _b\"/>39.<span class=\"_ _b\"/>2<span class=\"_ _9d\"> </span><span class=\"lsb0 wsb5\">235.<span class=\"_ _b\"/>2<span class=\"_ _be\"> </span><span class=\"ls42 ws95\">1<span class=\"_ _b\"/>,732.6<span class=\"_ _34e\"> </span></span></span></span>1   Le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>: pro<span class=\"_ _b\"/>p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>t<span class=\"_ _b\"/>i<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>d to re<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct t<span class=\"_ _b\"/>he u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>sta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d 1 to 5 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s by \u00a34<span class=\"_ _b\"/>.9 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>nd O<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>r 5 years<span class=\"_ _39\"/> by \u00a318.2 million.<span class=\"_ _34e\"> </span>2  Ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en r<span class=\"_ _b\"/>es<span class=\"_ _b\"/>tate<span class=\"_ _b\"/>d to re<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct th<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>hf<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e res<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt d<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d 1 to 5 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s by \u00a30<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>cr<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed O<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>r 5 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s by \u00a317<span class=\"_ _4\"/>.3 million<span class=\"_ _34e\"> </span>.<span class=\"_ _34e\"> </span>2<span class=\"_ _34e\"> </span>32<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Sen<span class=\"_ _b\"/>siti<span class=\"_ _b\"/>vit<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>alysis t<span class=\"_ _b\"/>o market risks<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> and liabilities held<span class=\"_ _39\"/> outside unitised funds<span class=\"_ _39\"/> primarily consist of<span class=\"_ _39\"/> fixed inter<span class=\"_ _39\"/>est securities, units<span class=\"_ _39\"/> in money mar<span class=\"_ _5\"/>ke<span class=\"_ _5\"/>t funds, cash and<span class=\"_ _39\"/> cash equivalents, and<span class=\"_ _5\"/> other ac<span class=\"_ _5\"/>counting<span class=\"_ _39\"/> assets and liabilities. T<span class=\"_ _39\"/>he fixed int<span class=\"_ _39\"/>erest securities<span class=\"_ _39\"/> are short<span class=\"_ _39\"/>-t<span class=\"_ _39\"/>erm an<span class=\"_ _b\"/>d are h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d as a<span class=\"_ _b\"/>n al<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve to cas<span class=\"_ _b\"/>h<span class=\"_ _b\"/>. S<span class=\"_ _b\"/>im<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ly, ca<span class=\"_ _b\"/>sh h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n un<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ey ma<span class=\"_ _b\"/>rket f<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ds a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d at b<span class=\"_ _b\"/>an<span class=\"_ _b\"/>k is va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d at p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/> and is<span class=\"_ _39\"/> un<span class=\"_ _b\"/>affected<span class=\"_ _39\"/> by mov<span class=\"_ _39\"/>ement in int<span class=\"_ _39\"/>erest r<span class=\"_ _39\"/>ates. Other asse<span class=\"_ _39\"/>ts and liabilities<span class=\"_ _39\"/> are similarly unaffect<span class=\"_ _39\"/>ed by<span class=\"_ _39\"/> m<span class=\"_ _b\"/>arke<span class=\"_ _39\"/>t movement<span class=\"_ _39\"/>s<span class=\"_ _b\"/>. As a<span class=\"_ _39\"/> result of<span class=\"_ _39\"/> these combined f<span class=\"_ _39\"/>actors, the<span class=\"_ _39\"/> Group\u2019s<span class=\"_ _39\"/> financial assets and<span class=\"_ _39\"/> liabilities held outside uni<span class=\"_ _39\"/>tised funds are<span class=\"_ _39\"/> not mater<span class=\"_ _5\"/>ially su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ect to m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket ri<span class=\"_ _b\"/>sk<span class=\"_ _6\"/>, an<span class=\"_ _b\"/>d move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s at th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te in in<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>st rate<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve an i<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ct on th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/>\u2019s pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>t af<span class=\"_ _b\"/>te<span class=\"_ _b\"/>r tax a<span class=\"_ _b\"/>nd e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y. Future pro<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ts fro<span class=\"_ _b\"/>m an<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t ch<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>es m<span class=\"_ _b\"/>ay b<span class=\"_ _b\"/>e af<span class=\"_ _6\"/>fecte<span class=\"_ _b\"/>d by move<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s in i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st ra<span class=\"_ _b\"/>tes an<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Unit liabilities and<span class=\"_ _39\"/> associated assets<span class=\"_ _34e\"> </span>Categories o<span class=\"_ _5\"/>f financial as<span class=\"_ _39\"/>sets and financial liabilities<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>ets h<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld to cove<span class=\"_ _b\"/>r u<span class=\"_ _b\"/>nit l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>um<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 11<span class=\"_ _b\"/>, an<span class=\"_ _b\"/>d al<span class=\"_ _b\"/>l are h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue t<span class=\"_ _b\"/>hrou<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Equ<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts in u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ts w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch s<span class=\"_ _b\"/>it w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>i<span class=\"_ _b\"/>n inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in Co<span class=\"_ _b\"/>l<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve I<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>vati<span class=\"_ _b\"/>ve f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s are req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red to b<span class=\"_ _b\"/>e he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d at fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss by I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S 9, a<span class=\"_ _b\"/>s they a<span class=\"_ _b\"/>re e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>um<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts o<span class=\"_ _b\"/>r de<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>vat<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. All o<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets<span class=\"_ _b\"/> he<span class=\"_ _b\"/>ld to cove<span class=\"_ _b\"/>r u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s are e<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d to be h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>t fair va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>g<span class=\"_ _b\"/>h prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>s to matc<span class=\"_ _b\"/>h the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh p<span class=\"_ _b\"/>rof<span class=\"_ _b\"/>it<span class=\"_ _b\"/> or loss<span class=\"_ _39\"/> cl<span class=\"_ _b\"/>assification which<span class=\"_ _39\"/> is required<span class=\"_ _39\"/> for unit<span class=\"_ _39\"/> liabilities<span class=\"_ _b\"/>. The<span class=\"_ _39\"/>y are designat<span class=\"_ _39\"/>ed as such<span class=\"_ _5\"/> upon initial<span class=\"_ _39\"/> recognition.<span class=\"_ _34e\"> </span>Income, e<span class=\"_ _39\"/>xpense, gains<span class=\"_ _5\"/> and losses<span class=\"_ _39\"/> arising from financial<span class=\"_ _39\"/> assets, inv<span class=\"_ _39\"/>estment properties and financial liabilities<span class=\"_ _34e\"> </span>The income,<span class=\"_ _39\"/> expense, gains and losses<span class=\"_ _39\"/> arising from<span class=\"_ _39\"/> financial assets, in<span class=\"_ _5\"/>vestmen<span class=\"_ _39\"/>t properties and financial<span class=\"_ _39\"/> liabilities are su<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e tab<span class=\"_ _b\"/>le b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w<span class=\"_ _b\"/>: 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Financial assets and<span class=\"_ _39\"/> investment properties<span class=\"_ _34e\"> </span>Investment prope<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ties<span class=\"_ _2ba\"> </span><span class=\"lsf2 ws100\">(2<span class=\"_ _30\"/>2<span class=\"_ _b\"/>6<span class=\"_ _30\"/>.<span class=\"_ _b\"/>6)<span class=\"_ _7a\"> </span><span class=\"lsbf wsc6\">24<span class=\"_ _b\"/>6<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 </span></span>Other asse<span class=\"_ _5\"/>ts backing<span class=\"_ _39\"/> unit liabilities<span class=\"_ _dc\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _6\"/>,<span class=\"_ _30\"/>4<span class=\"_ _6\"/>5<span class=\"_ _6\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _5f\"> </span><span class=\"lsfd ws63\">11,4<span class=\"_ _39\"/>00.2<span class=\"_ _39\"/> </span></span>T<span class=\"_ _4\"/>otal financial assets and in<span class=\"_ _39\"/>vestment properties<span class=\"_ _152\"> </span><span class=\"lsb2 wsb9\">(<span class=\"_ _39\"/>9,684<span class=\"_ _b\"/>.6<span class=\"_ _39\"/>)<span class=\"_ _89\"> </span><span class=\"ffa5 fc3 ls3 ws3\">11,<span class=\"_ _b\"/>64<span class=\"_ _b\"/>6.<span class=\"_ _b\"/>3 </span></span>Financial liabilities<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>Unit liabilit<span class=\"_ _39\"/>ies<span class=\"_ _1b7\"> </span><span class=\"ls57 ws59\">9,930.1<span class=\"_ _86\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>0<span class=\"_ _6\"/>,<span class=\"_ _30\"/>3<span class=\"_ _6\"/>8<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial liabilities<span class=\"_ _249\"> </span><span class=\"lsbc wsc1\">9,<span class=\"_ _39\"/>9<span class=\"_ _b\"/>30.1<span class=\"_ _114\"> </span><span class=\"ffa5 fc3 lsef wsfd\">(1<span class=\"_ _6\"/>0<span class=\"_ _6\"/>,<span class=\"_ _30\"/>3<span class=\"_ _6\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>1 <span class=\"_ _bc\"> </span>None of<span class=\"_ _39\"/> the change in<span class=\"_ _39\"/> the f<span class=\"_ _5\"/>air v<span class=\"_ _39\"/>alue of financial<span class=\"_ _39\"/> liabilities at f<span class=\"_ _39\"/>air value<span class=\"_ _39\"/> through pr<span class=\"_ _39\"/>ofit or loss<span class=\"_ _39\"/> is attributable<span class=\"_ _39\"/> to changes<span class=\"_ _39\"/> in their cr<span class=\"_ _39\"/>edit risk.<span class=\"_ _34e\"> </span>Loss<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt re<span class=\"_ _b\"/>tur<span class=\"_ _b\"/>n li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ve In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>233<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>17<span class=\"_ _29\"/>. Financial risk <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d</span> F<span class=\"_ _39\"/>air value estimation<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> and liabilities which<span class=\"_ _39\"/> are held at<span class=\"_ _39\"/> fair v<span class=\"_ _39\"/>alu<span class=\"_ _b\"/>e in<span class=\"_ _39\"/> the Financial Stat<span class=\"_ _39\"/>ements ar<span class=\"_ _39\"/>e required<span class=\"_ _5\"/> to<span class=\"_ _39\"/> have disclosed t<span class=\"_ _5\"/>heir fair va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue m<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>, s<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t by leve<span class=\"_ _b\"/>l in t<span class=\"_ _b\"/>he fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>rem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t hi<span class=\"_ _b\"/>era<span class=\"_ _b\"/>rchy. The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g tab<span class=\"_ _b\"/>le p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s unit liabilit<span class=\"_ _39\"/>ies and associat<span class=\"_ _39\"/>ed assets<span class=\"_ _39\"/> me<span class=\"_ _b\"/>asured<span class=\"_ _39\"/> at fair<span class=\"_ _5\"/> value:<span class=\"_ _34e\"> </span>31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>Leve<span class=\"_ _b\"/>l 1<span class=\"_ _7e\"> </span>Level 2<span class=\"_ _82\"> </span>L<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>l 3<span class=\"_ _fc\"> </span><span class=\"ls84 wsbf\">T<span class=\"_ _39\"/>otal balance<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets and<span class=\"_ _39\"/> investment properties<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment<span class=\"_ _39\"/> propert<span class=\"_ _b\"/>y<span class=\"_ _c9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _11e\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>29<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.5<span class=\"_ _11e\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>294<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span></span>Equit<span class=\"_ _5\"/>ies<span class=\"_ _4b\"> </span><span class=\"ls37 ws36\">101,944.0<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _11e\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _6\"/>,59<span class=\"_ _b\"/>2.<span class=\"_ _b\"/>0<span class=\"_ _6b\"> </span><span class=\"ls73 ws75\">1<span class=\"_ _b\"/>03,<span class=\"_ _b\"/>536<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span></span></span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _2e8\"> </span><span class=\"lsf2 ws100\">7,<span class=\"_ _6\"/>3<span class=\"_ _6\"/>2<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0<span class=\"_ _22\"> </span><span class=\"ls57 ws59\">19,856.4<span class=\"_ _50\"> </span><span class=\"ls43 ws41\">366<span class=\"_ _b\"/>.4<span class=\"_ _88\"> </span></span></span>2<span class=\"_ _6\"/>7,<span class=\"_ _6\"/>5<span class=\"_ _30\"/>4<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _30\"/>8<span class=\"_ _34e\"> </span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s<span class=\"_ _2e9\"> </span><span class=\"lsb2 wsb9\">4<span class=\"_ _b\"/>,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>59.<span class=\"_ _b\"/>8<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls39 wsa4\">3.9<span class=\"_ _1c4\"> </span><span class=\"ls5b ws5e\">4<span class=\"_ _b\"/>,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>6<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span></span></span>Derivativ<span class=\"_ _39\"/>e financial instrument<span class=\"_ _5\"/>s<span class=\"_ _a9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _118\"> </span><span class=\"lse5 wsf4\">3,49<span class=\"_ _39\"/>3.0<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _118\"> </span></span>3,49<span class=\"_ _39\"/>3.0<span class=\"_ _34e\"> </span></span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _2a9\"> </span><span class=\"ls37 ws36\">6,179.5<span class=\"_ _46\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _7c\"> </span></span>6,179.5<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal financial assets and in<span class=\"_ _39\"/>vestment properties<span class=\"_ _2ea\"> </span><span class=\"lsc0 wsc7\">119,9<span class=\"_ _b\"/>05.<span class=\"_ _b\"/>3<span class=\"_ _113\"> </span><span class=\"ls39 wsa4\">23,3<span class=\"_ _39\"/>49.4<span class=\"_ _63\"> </span><span class=\"ls3 ws3\">3,<span class=\"_ _b\"/>256<span class=\"_ _b\"/>.8<span class=\"_ _86\"> </span><span class=\"ls42 ws95\">146,511.5<span class=\"_ _34e\"> </span></span></span></span></span>Financial liabilities<span class=\"_ _34e\"> </span>Investment contract be<span class=\"_ _b\"/>nefits<span class=\"_ _2eb\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6b\"> </span><span class=\"ls37 ws36\">106,964<span class=\"_ _b\"/>.7<span class=\"_ _273\"> </span></span>\u2013<span class=\"_ _6b\"> </span><span class=\"ls37 ws36\">106,964<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>Derivativ<span class=\"_ _39\"/>e financial instrument<span class=\"_ _5\"/>s<span class=\"_ _a9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _118\"> </span><span class=\"lse5 wsf4\">3,266<span class=\"_ _39\"/>.3<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _118\"> </span></span>3,26<span class=\"_ _39\"/>6.3<span class=\"_ _34e\"> </span></span></span>Ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>utab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e to uni<span class=\"_ _b\"/>t h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs<span class=\"_ _2e4\"> </span><span class=\"ls5f ws65\">3<span class=\"_ _b\"/>6<span class=\"_ _b\"/>,62<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _13f\"> </span><span class=\"ls5f ws65\">3<span class=\"_ _b\"/>6<span class=\"_ _b\"/>,628<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial liabilities <span class=\"_ _24e\"> </span><span class=\"ls3e ws3d\">36<span class=\"_ _39\"/>,628.4<span class=\"_ _114\"> </span><span class=\"lsb2 wsb9\">110,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>31<span class=\"_ _b\"/>.0<span class=\"_ _19\"> </span><span class=\"ffa5 fc3 ls3 ws3\">\u2013<span class=\"_ _115\"> </span></span><span class=\"ls42 ws95\">146,859.4<span class=\"_ _34e\"> </span></span></span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _34e\"> </span>Leve<span class=\"_ _b\"/>l 1<span class=\"_ _7e\"> </span>L<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>l 2<span class=\"_ _7e\"> </span>Le<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>l 3<span class=\"_ _1c2\"> </span><span class=\"lsba ws96\">T<span class=\"_ _39\"/>otal balance<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _39\"/> and inv<span class=\"_ _39\"/>estment properties<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment<span class=\"_ _39\"/> propert<span class=\"_ _b\"/>y<span class=\"_ _c9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _b4\"> </span><span class=\"ls83 ws38\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>568<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5<span class=\"_ _b4\"> </span>1,<span class=\"_ _b\"/>56<span class=\"_ _b\"/>8.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span></span>Equit<span class=\"_ _5\"/>ies<span class=\"_ _df\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>0<span class=\"_ _b\"/>5<span class=\"_ _b\"/>,735<span class=\"_ _b\"/>.<span class=\"_ _6\"/>2<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _50\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>0<span class=\"_ _6\"/>4<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>1<span class=\"_ _113\"> </span></span></span>1<span class=\"_ _b\"/>0<span class=\"_ _b\"/>6<span class=\"_ _b\"/>,782<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _202\"> </span><span class=\"lsf2 ws100\">7,<span class=\"_ _6\"/>7<span class=\"_ _6\"/>1<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>1<span class=\"_ _118\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _b\"/>1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>2<span class=\"_ _6\"/>7<span class=\"_ _30\"/>7.<span class=\"_ _6\"/>9<span class=\"_ _97\"> </span><span class=\"ls57 ws59\">308.1<span class=\"_ _13a\"> </span><span class=\"lsbc wsc1\">29<span class=\"_ _b\"/>,<span class=\"_ _b\"/>298<span class=\"_ _b\"/>.1<span class=\"_ _34e\"> </span></span></span></span></span>Investment in Coll<span class=\"_ _b\"/>ective Investment Sc<span class=\"_ _b\"/>heme<span class=\"_ _b\"/>s<span class=\"_ _2de\"> </span><span class=\"ls30 ws30\">3,904<span class=\"_ _b\"/>.0<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls39 wsa4\">3<span class=\"_ _b\"/>.9<span class=\"_ _17f\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _30\"/>,<span class=\"_ _6\"/>9<span class=\"_ _6\"/>0<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span></span></span></span>Derivativ<span class=\"_ _39\"/>e financial instrument<span class=\"_ _5\"/>s<span class=\"_ _a9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _b4\"> </span><span class=\"ls45 ws43\">1<span class=\"_ _b\"/>,094<span class=\"_ _b\"/>.6<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _b4\"> </span><span class=\"ls45 ws43\">1<span class=\"_ _b\"/>,094<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _201\"> </span><span class=\"lsf2 ws100\">7,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _11e\"> </span></span>7,<span class=\"_ _30\"/>5<span class=\"_ _b\"/>8<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> assets and in<span class=\"_ _39\"/>vestment pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>ties<span class=\"_ _1e7\"> </span><span class=\"ls37 ws36\">12<span class=\"_ _39\"/>4,938.5<span class=\"_ _18f\"> </span><span class=\"ls3 ws3\">22<span class=\"_ _b\"/>,<span class=\"_ _b\"/>372<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5<span class=\"_ _140\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _30\"/>,<span class=\"_ _6\"/>9<span class=\"_ _b\"/>2<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _1b1\"> </span><span class=\"lsb0 wsb5\">150<span class=\"_ _b\"/>,<span class=\"_ _b\"/>238<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>Financial liabilit<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span>Investment contract be<span class=\"_ _b\"/>nefits<span class=\"_ _2eb\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _114\"> </span><span class=\"ls37 ws36\">110,349.8<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _114\"> </span><span class=\"ls37 ws36\">110,349.8<span class=\"_ _34e\"> </span></span></span>Derivativ<span class=\"_ _39\"/>e financial instrument<span class=\"_ _5\"/>s<span class=\"_ _a9\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _27\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>019.<span class=\"_ _b\"/>5<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _1c3\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,01<span class=\"_ _b\"/>9.5<span class=\"_ _34e\"> </span></span></span>Ne<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t val<span class=\"_ _b\"/>ue a<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>utab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e to uni<span class=\"_ _b\"/>t h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs<span class=\"_ _2e4\"> </span><span class=\"lsa1 ws39\">38<span class=\"_ _b\"/>,<span class=\"_ _b\"/>369.0<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _114\"> </span><span class=\"lsa1 ws39\">38<span class=\"_ _b\"/>,<span class=\"_ _b\"/>369.0<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal financial<span class=\"_ _39\"/> liabilities <span class=\"_ _2ec\"> </span><span class=\"lsa1 ws39\">38<span class=\"_ _b\"/>,<span class=\"_ _b\"/>369.<span class=\"_ _b\"/>0<span class=\"_ _22\"> </span><span class=\"lsa6 wsaa\">111<span class=\"_ _b\"/>,<span class=\"_ _b\"/>369.<span class=\"_ _b\"/>3<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _64\"> </span><span class=\"lsb2 wsb9\">14<span class=\"_ _b\"/>9,7<span class=\"_ _b\"/>38<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span></span></span>In re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>r<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>tive f<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>i<span class=\"_ _b\"/>li<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, \u00a310<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f co<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ral h<span class=\"_ _b\"/>ad b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en p<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>s at 3<span class=\"_ _b\"/>1 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021:<span class=\"_ _b\"/> \u00a319<span class=\"_ _39\"/>2<span class=\"_ _b\"/>.7<span class=\"_ _39\"/> million<span class=\"_ _39\"/>), comprising<span class=\"_ _39\"/> cash and tr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>asury bills, in accordance<span class=\"_ _39\"/> with the<span class=\"_ _39\"/> terms and c<span class=\"_ _5\"/>onditions o<span class=\"_ _39\"/>f the derivat<span class=\"_ _39\"/>ive contr<span class=\"_ _39\"/>acts. The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of f<span class=\"_ _b\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts t<span class=\"_ _b\"/>rad<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve ma<span class=\"_ _b\"/>rkets i<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n q<span class=\"_ _b\"/>uote<span class=\"_ _b\"/>d bi<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ces a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>str<span class=\"_ _b\"/>um<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in Leve<span class=\"_ _b\"/>l 1<span class=\"_ _b\"/>. 234<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p cl<span class=\"_ _b\"/>o<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ly m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ito<span class=\"_ _b\"/>rs th<span class=\"_ _b\"/>e val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>n ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s tha<span class=\"_ _b\"/>t h<span class=\"_ _b\"/>ave b<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s li<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>id<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r a m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket is act<span class=\"_ _b\"/>ive re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>f ju<span class=\"_ _b\"/>dg<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>nd i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>term<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d u<span class=\"_ _b\"/>po<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e fact<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d ci<span class=\"_ _b\"/>rcu<span class=\"_ _b\"/>msta<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f the m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rket for t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> in<span class=\"_ _b\"/>str<span class=\"_ _b\"/>um<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt be<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng m<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Wh<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>t is d<span class=\"_ _b\"/>eter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t the<span class=\"_ _b\"/>re is n<span class=\"_ _b\"/>o a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>, fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s esta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ed u<span class=\"_ _b\"/>si<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g a val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on technique.<span class=\"_ _5\"/> The t<span class=\"_ _39\"/>echniques applied incorporat<span class=\"_ _39\"/>e relev<span class=\"_ _39\"/>ant inf<span class=\"_ _39\"/>ormation available and<span class=\"_ _39\"/> reflect appr<span class=\"_ _39\"/>opriate adjus<span class=\"_ _5\"/>tments<span class=\"_ _39\"/> for cr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>dit an<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>id<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y ri<span class=\"_ _b\"/>sks<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he<span class=\"_ _b\"/>se va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n tec<span class=\"_ _b\"/>hn<span class=\"_ _b\"/>iq<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ax<span class=\"_ _b\"/>im<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e us<span class=\"_ _b\"/>e of o<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vab<span class=\"_ _b\"/>le m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket da<span class=\"_ _b\"/>ta wh<span class=\"_ _b\"/>e<span class=\"_ _b\"/>re it is a<span class=\"_ _b\"/>va<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d rel<span class=\"_ _b\"/>y as l<span class=\"_ _b\"/>it<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>s po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e on e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _b\"/>-spe<span class=\"_ _b\"/>c<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ic e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve we<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hti<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>s gi<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>n to dif<span class=\"_ _6\"/>feri<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g so<span class=\"_ _b\"/>urce<span class=\"_ _b\"/>s of i<span class=\"_ _b\"/>nfo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> determinat<span class=\"_ _39\"/>ion of non-<span class=\"_ _39\"/>obser<span class=\"_ _b\"/>vable inputs<span class=\"_ _39\"/> to v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>uation models c<span class=\"_ _5\"/>an r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>quire<span class=\"_ _39\"/> the exer<span class=\"_ _5\"/>cise of<span class=\"_ _39\"/> significant judgement.<span class=\"_ _34e\"> </span>If a<span class=\"_ _b\"/>ll s<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ant i<span class=\"_ _b\"/>np<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ts req<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d to fair-value a<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>nst<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>re ob<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>va<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, the i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>um<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t is i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n Level 2<span class=\"_ _b\"/>.<span class=\"_ _b\"/> If o<span class=\"_ _b\"/>ne o<span class=\"_ _b\"/>r mo<span class=\"_ _b\"/>re of t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>np<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>s is n<span class=\"_ _b\"/>ot b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n ob<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>va<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket da<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>, the i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>um<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t is i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed i<span class=\"_ _b\"/>n Leve<span class=\"_ _b\"/>l 3.<span class=\"_ _34e\"> </span>Note t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t al<span class=\"_ _b\"/>l of th<span class=\"_ _b\"/>e res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in Leve<span class=\"_ _b\"/>l 2<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ept fo<span class=\"_ _b\"/>r ce<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>n e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, fi<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts in C<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>ive I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s as d<span class=\"_ _b\"/>etai<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low.<span class=\"_ _34e\"> </span>Specific valuat<span class=\"_ _39\"/>ion techniques used<span class=\"_ _39\"/> to v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ue L<span class=\"_ _39\"/>evel 2<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial asset<span class=\"_ _5\"/>s and<span class=\"_ _39\"/> li<span class=\"_ _b\"/>abilities include<span class=\"_ _39\"/> the use of<span class=\"_ _39\"/> obser<span class=\"_ _b\"/>vable prices<span class=\"_ _39\"/> for identical curr<span class=\"_ _39\"/>ent arm\u2019s-<span class=\"_ _39\"/>len<span class=\"_ _b\"/>gth tr<span class=\"_ _39\"/>ansactions, specifically<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f fi<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>d in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>rit<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s are d<span class=\"_ _b\"/>eter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ed by i<span class=\"_ _b\"/>np<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st ra<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket ob<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>va<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e yi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld<span class=\"_ _b\"/> </span>cur<span class=\"_ _6\"/>ves o<span class=\"_ _b\"/>f si<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>la<span class=\"_ _b\"/>r i<span class=\"_ _b\"/>nst<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket;<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f un<span class=\"_ _b\"/>it-lin<span class=\"_ _b\"/>ked l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>s as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by refere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e to the va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>yi<span class=\"_ _b\"/>ng n<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s </span>un<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt f<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ds<span class=\"_ _b\"/>, d<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n a bi<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, at t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g da<span class=\"_ _b\"/>te; an<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">the Gr<span class=\"_ _39\"/>oup\u2019s derivat<span class=\"_ _39\"/>i<span class=\"_ _b\"/>ve<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial instr<span class=\"_ _5\"/>uments ar<span class=\"_ _39\"/>e valued using<span class=\"_ _39\"/> valuation t<span class=\"_ _39\"/>echniques commonly used b<span class=\"_ _39\"/>y market<span class=\"_ _39\"/> </span>participants. These consist<span class=\"_ _39\"/> of discount<span class=\"_ _39\"/>ed cash flow<span class=\"_ _39\"/> and option pricing<span class=\"_ _39\"/> models<span class=\"_ _b\"/>, which typically incorpor<span class=\"_ _39\"/>ate observable ma<span class=\"_ _b\"/>rket d<span class=\"_ _b\"/>ata<span class=\"_ _b\"/>, p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t rates<span class=\"_ _b\"/>, b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>i<span class=\"_ _b\"/>s sp<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>ds<span class=\"_ _b\"/>, fo<span class=\"_ _b\"/>rei<span class=\"_ _b\"/>gn e<span class=\"_ _b\"/>xch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e rates<span class=\"_ _b\"/>, e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Specific valuat<span class=\"_ _39\"/>ion techniques used<span class=\"_ _39\"/> to v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ue L<span class=\"_ _39\"/>evel 3<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial asset<span class=\"_ _5\"/>s and<span class=\"_ _39\"/> li<span class=\"_ _b\"/>abilities include<span class=\"_ _5\"/>:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">the use<span class=\"_ _5\"/> of unobservable input<span class=\"_ _39\"/>s<span class=\"_ _b\"/>, such as<span class=\"_ _39\"/> expected r<span class=\"_ _39\"/>ental v<span class=\"_ _39\"/>alues and equivalent<span class=\"_ _39\"/> yie<span class=\"_ _b\"/>lds; and<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r tech<span class=\"_ _b\"/>n<span class=\"_ _b\"/>iq<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s di<span class=\"_ _b\"/>s<span class=\"_ _b\"/>cou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w an<span class=\"_ _b\"/>d hi<span class=\"_ _b\"/>stor<span class=\"_ _b\"/>ic l<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ps<span class=\"_ _b\"/>e rates<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re us<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue fo<span class=\"_ _b\"/>r the<span class=\"_ _b\"/> </span>remaining<span class=\"_ _39\"/> financial instrument<span class=\"_ _39\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The<span class=\"_ _b\"/>re we<span class=\"_ _b\"/>re no t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rs b<span class=\"_ _b\"/>et<span class=\"_ _b\"/>we<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n Level 1 a<span class=\"_ _b\"/>nd Leve<span class=\"_ _b\"/>l 2 d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r.<span class=\"_ _34e\"> </span>Trans<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>s into a<span class=\"_ _b\"/>nd ou<span class=\"_ _b\"/>t of Level 3 po<span class=\"_ _b\"/>rt<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>lios<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy is to re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>s into a<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>ut o<span class=\"_ _b\"/>f leve<span class=\"_ _b\"/>l<span class=\"_ _b\"/>s as of t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h rep<span class=\"_ _b\"/>or<span class=\"_ _6\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d exc<span class=\"_ _b\"/>ept fo<span class=\"_ _b\"/>r ma<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rs w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>re rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ate of t<span class=\"_ _b\"/>he eve<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>r ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n ci<span class=\"_ _b\"/>rcu<span class=\"_ _b\"/>ms<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s tha<span class=\"_ _b\"/>t ca<span class=\"_ _b\"/>us<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e tran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>r. T<span class=\"_ _4\"/>ra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>s ou<span class=\"_ _b\"/>t of Leve<span class=\"_ _b\"/>l 3 po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fol<span class=\"_ _b\"/>i<span class=\"_ _b\"/>os ar<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>pu<span class=\"_ _b\"/>ts t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d ha<span class=\"_ _b\"/>ve a si<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>nt im<span class=\"_ _b\"/>p<span class=\"_ _b\"/>act o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019s val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me ma<span class=\"_ _b\"/>rket-obse<span class=\"_ _b\"/>r<span class=\"_ _b\"/>va<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le; c<span class=\"_ _b\"/>onve<span class=\"_ _b\"/>rse<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y, trans<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>s into th<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>li<span class=\"_ _b\"/>os a<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>se w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>nt so<span class=\"_ _b\"/>urc<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f da<span class=\"_ _b\"/>ta ce<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e to be a<span class=\"_ _b\"/>vai<span class=\"_ _b\"/>la<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>ra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fers i<span class=\"_ _b\"/>n of c<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tai<span class=\"_ _b\"/>n inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts in C<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>ive I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s oc<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>r wh<span class=\"_ _b\"/>en a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>set va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns c<span class=\"_ _b\"/>an n<span class=\"_ _b\"/>o l<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>r b<span class=\"_ _b\"/>e obta<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d from a<span class=\"_ _b\"/>n ob<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>va<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e; e.<span class=\"_ _b\"/>g<span class=\"_ _b\"/>. wh<span class=\"_ _b\"/>ere t<span class=\"_ _b\"/>hey h<span class=\"_ _b\"/>ave b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>iq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>n li<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>id<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>s<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d etc. T<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>onve<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>e is t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>e if an observable mark<span class=\"_ _39\"/>et price becomes<span class=\"_ _39\"/> available. Du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, \u00a34.<span class=\"_ _b\"/>8 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n of Ru<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>n e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: \u00a3n<span class=\"_ _b\"/>il<span class=\"_ _39\"/>) t<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>sfe<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>d from Leve<span class=\"_ _b\"/>l 1 to Level 3 a<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en<span class=\"_ _b\"/> calculated<span class=\"_ _39\"/> using a mark<span class=\"_ _39\"/>d<span class=\"_ _b\"/>own on<span class=\"_ _39\"/> the quot<span class=\"_ _5\"/>ed price, wi<span class=\"_ _5\"/>th t<span class=\"_ _39\"/>he markdown<span class=\"_ _39\"/> bein<span class=\"_ _b\"/>g a<span class=\"_ _39\"/> si<span class=\"_ _b\"/>gnificant unob<span class=\"_ _39\"/>se<span class=\"_ _b\"/>rvable input.<span class=\"_ _34e\"> </span>235<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>17<span class=\"_ _29\"/>. Financial risk <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d</span> The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e pre<span class=\"_ _b\"/>se<span class=\"_ _b\"/>nts t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>n Leve<span class=\"_ _b\"/>l 3 fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>nd l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue t<span class=\"_ _b\"/>hro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e prof<span class=\"_ _b\"/>it a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d lo<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>Investment property<span class=\"_ _34e\"> </span>Fixed income<span class=\"_ _34e\"> </span>securitie<span class=\"_ _b\"/>s <span class=\"_ _7c\"> </span><span class=\"ls84 wsc2\">Equities<span class=\"_ _34e\"> </span></span>Colle<span class=\"_ _b\"/>ctive Investment Schemes<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y 20<span class=\"_ _39\"/>2<span class=\"_ _b\"/>2<span class=\"_ _120\"> </span><span class=\"ls83 ws38\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>568<span class=\"_ _b\"/>.5<span class=\"_ _6f\"> </span><span class=\"ls57 ws59\">308.1<span class=\"_ _50\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>0<span class=\"_ _6\"/>4<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>1<span class=\"_ _cc\"> </span><span class=\"ls39 wsa4\">3<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span></span></span>T<span class=\"_ _39\"/>ra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer i<span class=\"_ _b\"/>nto Level 3<span class=\"_ _af\"> </span><span class=\"ls3e ws3d\">0.0<span class=\"_ _6e\"> </span>6.0<span class=\"_ _a4\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _34e\"> </span></span></span></span>Addit<span class=\"_ _39\"/>ions during the<span class=\"_ _39\"/> year<span class=\"_ _2d8\"> </span><span class=\"lsb0 wsb5\">23.6<span class=\"_ _68\"> </span><span class=\"ls4d ws4b\">5<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>8<span class=\"_ _9d\"> </span><span class=\"ls14 ws13\">425<span class=\"_ _b\"/>.<span class=\"_ _6\"/>8<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span></span></span>Disposed during<span class=\"_ _39\"/> the year<span class=\"_ _10a\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _6\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _9d\"> </span><span class=\"lsf1 wsff\">(2<span class=\"_ _b\"/>9<span class=\"_ _b\"/>.<span class=\"_ _6\"/>7)<span class=\"_ _6d\"> </span><span class=\"ls4d ws4b\">(<span class=\"_ _b\"/>7<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>1)<span class=\"_ _15\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span>(<span class=\"_ _39\"/>Losses<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/<span class=\"_ _39\"/>gains recognised in<span class=\"_ _39\"/> the income st<span class=\"_ _39\"/>atement<span class=\"_ _207\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>2<span class=\"_ _b\"/>4<span class=\"_ _30\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _6f\"> </span><span class=\"lsbf wsc6\">24<span class=\"_ _6\"/>.<span class=\"_ _b\"/>2<span class=\"_ _84\"> </span><span class=\"ls3 ws3\">191<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _27f\"> </span><span class=\"ls3e ws3d\">0.1<span class=\"_ _34e\"> </span></span></span></span></span>Balance at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _133\"> </span><span class=\"lsad wsb2\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>294<span class=\"_ _b\"/>.5<span class=\"_ _67\"> </span><span class=\"lsb0 wsb5\">366<span class=\"_ _b\"/>.4<span class=\"_ _1c4\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>,59<span class=\"_ _b\"/>2<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _a4\"> </span><span class=\"lsbc wsc1\">3.9<span class=\"_ _34e\"> </span></span></span></span></span>Realised (<span class=\"_ _4\"/>losses<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/<span class=\"_ _39\"/>gains<span class=\"_ _2ed\"> </span><span class=\"lsf1 wsff\">(1<span class=\"_ _b\"/>9<span class=\"_ _6\"/>2<span class=\"_ _b\"/>.<span class=\"_ _6\"/>7)<span class=\"_ _a4\"> </span><span class=\"ls30 ws30\">9.1<span class=\"_ _6e\"> </span><span class=\"lsa6 wsaa\">11.9<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span></span></span>Unrealised (<span class=\"_ _4\"/>losses<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/<span class=\"_ _39\"/>gains<span class=\"_ _2ee\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _1f\"> </span><span class=\"ls3e ws3d\">15<span class=\"_ _b\"/>.1<span class=\"_ _6d\"> </span><span class=\"lsb2 wsb9\">179.<span class=\"_ _b\"/>5<span class=\"_ _27f\"> </span></span>0.1<span class=\"_ _34e\"> </span></span></span>(<span class=\"_ _39\"/>Losses<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/<span class=\"_ _39\"/>gains recognised in the income statement<span class=\"_ _2ef\"> </span><span class=\"lsa4 wsfb\">(2<span class=\"_ _6\"/>4<span class=\"_ _6\"/>4<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _c1\"> </span><span class=\"lsd wsc\">24.<span class=\"_ _b\"/>2<span class=\"_ _6d\"> </span><span class=\"lsc0 wsc7\">191.<span class=\"_ _b\"/>4<span class=\"_ _27f\"> </span><span class=\"ffa5 fc3 ls3e ws3d\">0.1<span class=\"_ _34e\"> </span></span></span></span></span>2021<span class=\"_ _34e\"> </span>Investment property<span class=\"_ _34e\"> </span>Fixed income<span class=\"_ _39\"/> securities<span class=\"_ _1c3\"> </span><span class=\"lsb wsa\">Equities<span class=\"_ _34e\"> </span></span>Col<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ctive<span class=\"_ _b\"/> Investment Schemes<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019<span class=\"_ _b\"/>Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Balance at 1<span class=\"_ _39\"/> Januar<span class=\"_ _b\"/>y 20<span class=\"_ _39\"/>21<span class=\"_ _221\"> </span><span class=\"lse6 wsf5\">1,<span class=\"_ _6\"/>526<span class=\"_ _b\"/>.7<span class=\"_ _b\"/> <span class=\"_ _1a\"> </span><span class=\"ls3 ws3\">30<span class=\"_ _b\"/>9.<span class=\"_ _b\"/>4 <span class=\"_ _be\"> </span>46<span class=\"_ _b\"/>5.<span class=\"_ _b\"/>8 <span class=\"_ _65\"> </span>1.<span class=\"_ _b\"/>8 </span></span>T<span class=\"_ _39\"/>ra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>fer i<span class=\"_ _b\"/>nto Level 3<span class=\"_ _285\"> </span><span class=\"ls3\">\u2013 <span class=\"_ _52\"> </span>\u2013 <span class=\"_ _ca\"> </span>\u2013 <span class=\"_ _79\"> </span>2<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 </span>Addit<span class=\"_ _39\"/>ions during the<span class=\"_ _39\"/> year<span class=\"_ _109\"> </span><span class=\"ls3 ws3\">19<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 <span class=\"_ _9d\"> </span><span class=\"ls3e ws3d\">135.0 <span class=\"_ _be\"> </span></span>568<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 <span class=\"_ _ca\"> </span>\u2013 </span>Disposed during<span class=\"_ _39\"/> the year<span class=\"_ _21c\"> </span><span class=\"ls9e wsa3\">(<span class=\"_ _39\"/>158.8<span class=\"_ _4\"/>)<span class=\"_ _60\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _be\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>4<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _69\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span></span></span></span>Gains/<span class=\"_ _4\"/>(<span class=\"_ _4\"/>losses<span class=\"_ _39\"/>) recognised in<span class=\"_ _39\"/> the income st<span class=\"_ _39\"/>atement<span class=\"_ _2f0\"> </span><span class=\"lsbc wsc1\">181<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _50\"> </span><span class=\"ls3 ws3\">155.9 <span class=\"_ _ca\"> </span>\u2013 </span></span></span>Ba<span class=\"_ _b\"/>la<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2021<span class=\"_ _144\"> </span><span class=\"ls3\">1,<span class=\"_ _b\"/>568<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 <span class=\"_ _9b\"> </span><span class=\"ls57 ws59\">308.1 <span class=\"_ _be\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>0<span class=\"_ _6\"/>4<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>1<span class=\"_ _b\"/> <span class=\"_ _79\"> </span></span></span>3.<span class=\"_ _b\"/>9 </span>Realised gains 1<span class=\"_ _34e\"> </span>139.9<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">6.9 <span class=\"_ _9d\"> </span><span class=\"lsbf wsc6\">124<span class=\"_ _b\"/>.<span class=\"_ _6\"/>8 <span class=\"_ _ca\"> </span></span>\u2013 </span>Unrealised gains<span class=\"_ _39\"/>/<span class=\"_ _4\"/>(<span class=\"_ _39\"/>losses<span class=\"_ _39\"/>) 1<span class=\"_ _34e\"> </span>41<span class=\"_ _b\"/>.5 <span class=\"_ _17\"> </span><span class=\"lsf1 wsff\">(1<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _b\"/> <span class=\"_ _a7\"> </span><span class=\"ls3 ws3\">31<span class=\"_ _b\"/>.1 <span class=\"_ _ca\"> </span>\u2013 </span></span>Gains/<span class=\"_ _4\"/>(<span class=\"_ _4\"/>losses<span class=\"_ _39\"/>) recognised in<span class=\"_ _39\"/> the income st<span class=\"_ _39\"/>atement<span class=\"_ _2f0\"> </span><span class=\"lsbc wsc1\">181<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _b\"/> <span class=\"_ _e9\"> </span><span class=\"ls83 ws38\">155.9<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013 </span></span></span></span>1   Realised<span class=\"_ _39\"/> g<span class=\"_ _b\"/>ains and<span class=\"_ _39\"/> unrealised gains<span class=\"_ _39\"/>/(<span class=\"_ _4\"/>losses<span class=\"_ _39\"/>) have<span class=\"_ _39\"/> bee<span class=\"_ _b\"/>n r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>-pr<span class=\"_ _39\"/>esented t<span class=\"_ _39\"/>o correct<span class=\"_ _39\"/> the classification<span class=\"_ _39\"/> of the<span class=\"_ _39\"/> categories. Un<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>li<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd re<span class=\"_ _b\"/>al<span class=\"_ _b\"/>i<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d ga<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ns/<span class=\"_ _39\"/>(<span class=\"_ _39\"/>l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) fo<span class=\"_ _b\"/>r al<span class=\"_ _b\"/>l Level 3 a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s are re<span class=\"_ _b\"/>co<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt ret<span class=\"_ _b\"/>urn i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of Comprehensiv<span class=\"_ _39\"/>e Income.<span class=\"_ _34e\"> </span>Leve<span class=\"_ _b\"/>l 3<span class=\"_ _b\"/> val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment property<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>294<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>568<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on<span class=\"_ _39\"/>) o<span class=\"_ _b\"/>f inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y, all of w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch i<span class=\"_ _b\"/>s cl<span class=\"_ _b\"/>as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d as<span class=\"_ _b\"/> Level 3 i<span class=\"_ _b\"/>n the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ue h<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>rarc<span class=\"_ _b\"/>hy. It is in<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>st i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>si<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n co<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>eq<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ly va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d at l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>st m<span class=\"_ _b\"/>on<span class=\"_ _b\"/>th<span class=\"_ _b\"/>ly by p<span class=\"_ _b\"/>rofes<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s at t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019 res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tive fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s at e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>d are b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n an<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ted m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>es for t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tie<span class=\"_ _b\"/>s in a<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ord<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th gu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>da<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by the R<span class=\"_ _b\"/>oyal In<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on of C<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>d S<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>veyo<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>, b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d am<span class=\"_ _b\"/>o<span class=\"_ _b\"/>unt t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t wo<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>d be re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ved f<span class=\"_ _b\"/>rom a sa<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>n an o<span class=\"_ _b\"/>rde<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y transac<span class=\"_ _39\"/>tion between marke<span class=\"_ _39\"/>t par<span class=\"_ _b\"/>ticipants. The<span class=\"_ _39\"/> valuation of<span class=\"_ _39\"/> investmen<span class=\"_ _39\"/>t propert<span class=\"_ _b\"/>y is inher<span class=\"_ _39\"/>ently subjectiv<span class=\"_ _39\"/>e as it r<span class=\"_ _39\"/>equires, among oth<span class=\"_ _b\"/>er fa<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns to b<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e reg<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y of ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng te<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nts to m<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>t the<span class=\"_ _b\"/>i<span class=\"_ _b\"/>r renta<span class=\"_ _b\"/>l ob<span class=\"_ _b\"/>li<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s over t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>ire li<span class=\"_ _b\"/>fe of th<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>r le<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, the e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of th<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d ren<span class=\"_ _b\"/>tal in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me i<span class=\"_ _b\"/>nto th<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re; the a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt of a p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _6\"/>\u2019s pote<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>al to rem<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>n as a<span class=\"_ _b\"/>n at<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ract<span class=\"_ _b\"/>ive te<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>l co<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on to ex<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>nd p<span class=\"_ _b\"/>ros<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve ten<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>n a ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g ma<span class=\"_ _b\"/>rket a<span class=\"_ _b\"/>nd a j<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t on th<span class=\"_ _b\"/>e at<span class=\"_ _6\"/>tract<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>s<span class=\"_ _b\"/>s of a bu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>, it<span class=\"_ _b\"/>s lo<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g e<span class=\"_ _b\"/>nviro<span class=\"_ _b\"/>nm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>236<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span>Inves<span class=\"_ _5\"/>tment pr<span class=\"_ _5\"/>operty classification<span class=\"_ _34e\"> </span>Office<span class=\"_ _46\"> </span><span class=\"ls84 wsc2\">Industrial<span class=\"_ _63\"> </span><span class=\"wsbf\">Retail and<span class=\"_ _39\"/> l<span class=\"_ _b\"/>eisure<span class=\"_ _8c\"> </span><span class=\"ls40 ws3f\">All<span class=\"_ _34e\"> </span></span></span></span>Gr<span class=\"_ _b\"/>oss E<span class=\"_ _b\"/>RV (pe<span class=\"_ _b\"/>r sq f<span class=\"_ _b\"/>t)<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>Range<span class=\"_ _2f1\"> </span><span class=\"lsad wsb2\">\u00a314<span class=\"_ _b\"/>.0<span class=\"_ _b\"/>0 to \u00a3107<span class=\"_ _5\"/>.50<span class=\"_ _2b2\"> </span><span class=\"ls3 ws3\">\u00a35<span class=\"_ _b\"/>.0<span class=\"_ _b\"/>0 to \u00a32<span class=\"_ _b\"/>2.<span class=\"_ _b\"/>50<span class=\"_ _96\"> </span>\u00a32.<span class=\"_ _b\"/>50 to \u00a388<span class=\"_ _b\"/>.<span class=\"_ _b\"/>94<span class=\"_ _115\"> </span><span class=\"ls37 ws36\">\u00a32.5<span class=\"_ _5\"/>0 t<span class=\"_ _39\"/>o \u00a310<span class=\"_ _39\"/>7<span class=\"_ _39\"/>.50<span class=\"_ _34e\"> </span></span></span></span>Weigh<span class=\"_ _39\"/>ted aver<span class=\"_ _39\"/>age<span class=\"_ _2f2\"> </span><span class=\"ls32 ws32\">\u00a34<span class=\"_ _b\"/>6<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1<span class=\"_ _6\"/>8<span class=\"_ _2f3\"> </span><span class=\"ls5b ws5e\">\u00a312<span class=\"_ _b\"/>.7<span class=\"_ _b\"/>1<span class=\"_ _26\"> </span><span class=\"lsad wsb2\">\u00a313<span class=\"_ _b\"/>.5<span class=\"_ _b\"/>4<span class=\"_ _16\"> </span><span class=\"ls4d ws4b\">\u00a3<span class=\"_ _b\"/>1<span class=\"_ _6\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _b\"/>0<span class=\"_ _34e\"> </span></span></span></span></span>T<span class=\"_ _39\"/>rue equiv<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ent yield<span class=\"_ _34e\"> </span>Range<span class=\"_ _144\"> </span><span class=\"ls3 ws3\">4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3% to 9.7<span class=\"_ _b\"/>%<span class=\"_ _e9\"> </span>5.<span class=\"_ _b\"/>2<span class=\"_ _b\"/>% to 6.<span class=\"_ _b\"/>3%<span class=\"_ _103\"> </span>6.<span class=\"_ _b\"/>0% to 10<span class=\"_ _b\"/>.5%<span class=\"_ _103\"> </span>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3% to 10<span class=\"_ _b\"/>.5%<span class=\"_ _34e\"> </span></span>Weigh<span class=\"_ _39\"/>ted aver<span class=\"_ _39\"/>age<span class=\"_ _138\"> </span><span class=\"lsa6 wsaa\">5.<span class=\"_ _b\"/>9%<span class=\"_ _24\"> </span><span class=\"lsbf wsc6\">5<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5%<span class=\"_ _99\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _30\"/>2<span class=\"_ _6\"/>%<span class=\"_ _80\"> </span><span class=\"ls39 wsa4\">6.2%<span class=\"_ _34e\"> </span></span></span></span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _34e\"> </span>Invest<span class=\"_ _5\"/>ment pr<span class=\"_ _39\"/>op<span class=\"_ _b\"/>ert<span class=\"_ _b\"/>y classification<span class=\"_ _34e\"> </span>Office<span class=\"_ _98\"> </span><span class=\"lsba wsc0\">Industrial<span class=\"_ _db\"> </span><span class=\"ws96\">Retail<span class=\"_ _39\"/> and leisure<span class=\"_ _1a8\"> </span><span class=\"lsf wse\">All<span class=\"_ _34e\"> </span></span></span></span>Gros<span class=\"_ _b\"/>s ERV (p<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>q f<span class=\"_ _b\"/>t)<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>Range<span class=\"_ _83\"> </span><span class=\"ls3e ws3d\">\u00a3<span class=\"_ _39\"/>15.0<span class=\"_ _b\"/>0 t<span class=\"_ _39\"/>o \u00a395.06<span class=\"_ _113\"> </span><span class=\"ls3 ws3\">\u00a34.75 to \u00a319<span class=\"_ _b\"/>.0<span class=\"_ _b\"/>0<span class=\"_ _96\"> </span>\u00a32.<span class=\"_ _b\"/>50 to \u00a399<span class=\"_ _b\"/>.98<span class=\"_ _96\"> </span>\u00a32<span class=\"_ _b\"/>.5<span class=\"_ _b\"/>0 to \u00a399.9<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span>Weigh<span class=\"_ _39\"/>ted aver<span class=\"_ _39\"/>age<span class=\"_ _2f4\"> </span><span class=\"ls32 ws32\">\u00a342<span class=\"_ _6\"/>.<span class=\"_ _b\"/>1<span class=\"_ _b\"/>9<span class=\"_ _2f5\"> </span><span class=\"lsad wsb2\">\u00a311<span class=\"_ _b\"/>.1<span class=\"_ _b\"/>0<span class=\"_ _2f6\"> </span>\u00a313<span class=\"_ _b\"/>.1<span class=\"_ _b\"/>8<span class=\"_ _51\"> </span>\u00a316<span class=\"_ _b\"/>.<span class=\"_ _b\"/>58<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>rue equiv<span class=\"_ _39\"/>al<span class=\"_ _b\"/>ent yield<span class=\"_ _34e\"> </span>Range<span class=\"_ _2f7\"> </span><span class=\"ls3 ws3\">4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2% to 11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5%<span class=\"_ _50\"> </span>3<span class=\"_ _b\"/>.1% to 5<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2%<span class=\"_ _b4\"> </span>5.<span class=\"_ _b\"/>1% to 20.<span class=\"_ _b\"/>3%<span class=\"_ _b4\"> </span>3<span class=\"_ _b\"/>.1% to 20.<span class=\"_ _b\"/>3<span class=\"_ _b\"/>%<span class=\"_ _34e\"> </span></span>Weigh<span class=\"_ _39\"/>ted aver<span class=\"_ _39\"/>age<span class=\"_ _138\"> </span><span class=\"ls4c ws4a\">5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>4%<span class=\"_ _2f8\"> </span><span class=\"ls5b ws5e\">3<span class=\"_ _b\"/>.7%<span class=\"_ _80\"> </span>6<span class=\"_ _b\"/>.7<span class=\"_ _b\"/>%<span class=\"_ _2f9\"> </span><span class=\"ls83 ws38\">5.<span class=\"_ _b\"/>1%<span class=\"_ _34e\"> </span></span></span></span>1 <span class=\"_ _bc\"> </span>Eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t re<span class=\"_ _b\"/>nta<span class=\"_ _b\"/>l val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e (p<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>re fo<span class=\"_ _b\"/>ot).<span class=\"_ _34e\"> </span>Fixed income securities and<span class=\"_ _39\"/> e<span class=\"_ _b\"/>quities<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d \u00a336<span class=\"_ _b\"/>6.<span class=\"_ _b\"/>4 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a33<span class=\"_ _b\"/>08<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) i<span class=\"_ _b\"/>n pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>587.3 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>047<span class=\"_ _39\"/>.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) i<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>vate ma<span class=\"_ _b\"/>rket i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pla<span class=\"_ _b\"/>ce D<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ver<span class=\"_ _b\"/>si<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>ed A<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets (F<span class=\"_ _39\"/>AI<span class=\"_ _b\"/>F<span class=\"_ _5\"/>) Un<span class=\"_ _b\"/>it Trust<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e are<span class=\"_ _39\"/> recognised within fix<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d income<span class=\"_ _39\"/> se<span class=\"_ _b\"/>curities<span class=\"_ _39\"/> and equities, respectiv<span class=\"_ _39\"/>ely,<span class=\"_ _5\"/> in the<span class=\"_ _39\"/> Consolidated St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Financial Position. They a<span class=\"_ _b\"/>re me<span class=\"_ _b\"/>a<span class=\"_ _b\"/>su<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>t fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e, w<span class=\"_ _b\"/>ith t<span class=\"_ _b\"/>he b<span class=\"_ _b\"/>es<span class=\"_ _b\"/>t evi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>t in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>al re<span class=\"_ _b\"/>c<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he tra<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce i<span class=\"_ _b\"/>.e<span class=\"_ _b\"/>. the fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rat<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n gi<span class=\"_ _b\"/>ven o<span class=\"_ _b\"/>r re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Fol<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g in<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on a m<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>hl<span class=\"_ _b\"/>y val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on p<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>ces<span class=\"_ _b\"/>s o<span class=\"_ _b\"/>cc<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h includes v<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rification<span class=\"_ _5\"/> by<span class=\"_ _39\"/> suitably qualified pr<span class=\"_ _39\"/>ofessional external<span class=\"_ _39\"/> valuers, who are<span class=\"_ _39\"/> membe<span class=\"_ _b\"/>rs of<span class=\"_ _39\"/> various industry bodies in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>rit<span class=\"_ _b\"/>is<span class=\"_ _b\"/>h Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Equ<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>nd Vent<span class=\"_ _b\"/>ure C<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital A<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>. The f<span class=\"_ _39\"/>air values o<span class=\"_ _39\"/>f the priva<span class=\"_ _5\"/>te<span class=\"_ _39\"/> credit in<span class=\"_ _39\"/>vestments ar<span class=\"_ _39\"/>e principally det<span class=\"_ _39\"/>ermined using two v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>uation met<span class=\"_ _39\"/>hods:<span class=\"_ _34e\"> </span>1<span class=\"_ _b\"/>. <span class=\"_ _2c\"> </span><span class=\"ws3\">th<span class=\"_ _b\"/>e s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>do<span class=\"_ _b\"/>w rati<span class=\"_ _b\"/>ng m<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ns a s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ow cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t rat<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g to the d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>bt-<span class=\"_ _39\"/>i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>u<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g en<span class=\"_ _b\"/>tit<span class=\"_ _6\"/>y an<span class=\"_ _b\"/>d dete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>n ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d </span>yi<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>ith re<span class=\"_ _b\"/>fere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e to obs<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vab<span class=\"_ _b\"/>le y<span class=\"_ _b\"/>i<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ds fo<span class=\"_ _b\"/>r co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ara<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h a pu<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>c cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t rati<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g in th<span class=\"_ _b\"/>e l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>; a<span class=\"_ _b\"/>nd 2. <span class=\"_ _4d\"> </span><span class=\"ws3\"> <span class=\"_ _3\"/>th<span class=\"_ _b\"/>e wei<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>vera<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e cos<span class=\"_ _b\"/>t of c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital (W<span class=\"_ _39\"/>ACC<span class=\"_ _39\"/>) m<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>od<span class=\"_ _b\"/>, w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch d<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>eb<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>ng e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _6\"/>\u2019s WA<span class=\"_ _39\"/>CC w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h refere<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e </span>to<span class=\"_ _39\"/> obser<span class=\"_ _b\"/>vable mark<span class=\"_ _39\"/>et comparativ<span class=\"_ _39\"/>es. The e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted y<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d WA<span class=\"_ _39\"/>C<span class=\"_ _b\"/>C are u<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>tes to ca<span class=\"_ _b\"/>lc<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te the p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f the e<span class=\"_ _b\"/>xp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/> un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>ow ra<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>nd WACC meth<span class=\"_ _b\"/>od<span class=\"_ _b\"/>s res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>ly, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h is ta<span class=\"_ _b\"/>ken to be th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e.<span class=\"_ _34e\"> </span>The f<span class=\"_ _39\"/>air values o<span class=\"_ _39\"/>f the priva<span class=\"_ _5\"/>te<span class=\"_ _39\"/> market in<span class=\"_ _39\"/>vestments<span class=\"_ _39\"/> are principally<span class=\"_ _39\"/> determined using two<span class=\"_ _5\"/> valuation<span class=\"_ _39\"/> methods: 1<span class=\"_ _b\"/>. <span class=\"_ _2c\"> </span><span class=\"ws3\"> <span class=\"_ _1\"/>a ma<span class=\"_ _b\"/>rket a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>roa<span class=\"_ _b\"/>ch w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h refere<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce to su<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>rket c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ara<span class=\"_ _b\"/>tive<span class=\"_ _b\"/>s; an<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>2. <span class=\"_ _4d\"> </span><span class=\"ws3\"> <span class=\"_ _1\"/> <span class=\"_ _3\"/>an in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d ca<span class=\"_ _b\"/>sh f<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w an<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ys<span class=\"_ _b\"/>is w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s<span class=\"_ _b\"/>es th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>t ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n its<span class=\"_ _b\"/> </span>exp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>.<span class=\"_ _b\"/> The o<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>pu<span class=\"_ _b\"/>t of e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h me<span class=\"_ _b\"/>th<span class=\"_ _b\"/>od fo<span class=\"_ _b\"/>r bot<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te cre<span class=\"_ _b\"/>di<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te ma<span class=\"_ _b\"/>rket i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>s a ran<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e of va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>es<span class=\"_ _b\"/>, f<span class=\"_ _b\"/>rom w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch th<span class=\"_ _b\"/>e mi<span class=\"_ _b\"/>d-po<span class=\"_ _b\"/>in<span class=\"_ _b\"/>t is s<span class=\"_ _b\"/>el<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted to b<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>jo<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y of c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he m<span class=\"_ _b\"/>id<span class=\"_ _b\"/>-poi<span class=\"_ _b\"/>nt w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld n<span class=\"_ _b\"/>ot b<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>le<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d if f<span class=\"_ _b\"/>ur<span class=\"_ _6\"/>the<span class=\"_ _b\"/>r i<span class=\"_ _b\"/>nfor<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n is known<span class=\"_ _39\"/> about an inv<span class=\"_ _39\"/>estment which<span class=\"_ _5\"/> cannot be<span class=\"_ _39\"/> fact<span class=\"_ _39\"/>ored int<span class=\"_ _39\"/>o the v<span class=\"_ _39\"/>al<span class=\"_ _b\"/>uation met<span class=\"_ _39\"/>hod used. A weighting<span class=\"_ _39\"/> is assigned to<span class=\"_ _39\"/> the values<span class=\"_ _39\"/> d<span class=\"_ _b\"/>eterm<span class=\"_ _5\"/>ined f<span class=\"_ _39\"/>oll<span class=\"_ _b\"/>owing each<span class=\"_ _5\"/> method t<span class=\"_ _39\"/>o det<span class=\"_ _39\"/>ermine the final<span class=\"_ _5\"/> valuation. The va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ve as t<span class=\"_ _b\"/>hey re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire a n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns to b<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>de<span class=\"_ _b\"/>, s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h as d<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rmi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h entities<span class=\"_ _39\"/> provide sui<span class=\"_ _5\"/>table<span class=\"_ _39\"/> market compar<span class=\"_ _39\"/>atives and<span class=\"_ _39\"/> their relev<span class=\"_ _39\"/>ant performance met<span class=\"_ _39\"/>rics (<span class=\"_ _4\"/>for ex<span class=\"_ _39\"/>am<span class=\"_ _b\"/>ple earnings bef<span class=\"_ _39\"/>ore in<span class=\"_ _5\"/>ter<span class=\"_ _39\"/>est<span class=\"_ _b\"/>, tax, depreciat<span class=\"_ _5\"/>ion and<span class=\"_ _39\"/> amor<span class=\"_ _b\"/>tisation<span class=\"_ _4\"/>), det<span class=\"_ _39\"/>ermining appropriat<span class=\"_ _39\"/>e discount r<span class=\"_ _39\"/>ates and c<span class=\"_ _39\"/>as<span class=\"_ _b\"/>h flow<span class=\"_ _39\"/> forecast<span class=\"_ _5\"/>s t<span class=\"_ _39\"/>o use in models, the w<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g to ap<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>y to ea<span class=\"_ _b\"/>ch va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n m<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>od<span class=\"_ _b\"/>o<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>gy, an<span class=\"_ _b\"/>d the p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>int i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ran<span class=\"_ _b\"/>ge o<span class=\"_ _b\"/>f val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s to se<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct a<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>237<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>17<span class=\"_ _29\"/>. Financial risk <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d</span> Sen<span class=\"_ _b\"/>siti<span class=\"_ _b\"/>vit<span class=\"_ _b\"/>y of Level 3 valu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>ions<span class=\"_ _34e\"> </span>Investment<span class=\"_ _39\"/> in Collective Investment<span class=\"_ _39\"/> Sche<span class=\"_ _b\"/>mes<span class=\"_ _34e\"> </span>The va<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n of c<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tain i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts in C<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>ive I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s are b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e la<span class=\"_ _b\"/>tes<span class=\"_ _b\"/>t ob<span class=\"_ _b\"/>se<span class=\"_ _b\"/>r<span class=\"_ _b\"/>va<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e ava<span class=\"_ _b\"/>i<span class=\"_ _b\"/>la<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>. Whi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>st s<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>h val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>en<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve to est<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ates<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>t is b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>li<span class=\"_ _b\"/>eve<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>at ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ed to a re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e alternat<span class=\"_ _5\"/>ive<span class=\"_ _39\"/> would not change<span class=\"_ _5\"/> the f<span class=\"_ _39\"/>air value signi<span class=\"_ _5\"/>ficantly<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment property<span class=\"_ _34e\"> </span>As se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t on th<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>revi<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s pa<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y is i<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>al<span class=\"_ _b\"/>ly m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d at c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>t in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>is<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on c<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ts a<span class=\"_ _b\"/>nd subsequently<span class=\"_ _39\"/> valued at<span class=\"_ _39\"/> least monthly<span class=\"_ _39\"/> by pr<span class=\"_ _39\"/>ofessional<span class=\"_ _39\"/> ex<span class=\"_ _b\"/>terna<span class=\"_ _5\"/>l v<span class=\"_ _39\"/>aluers at th<span class=\"_ _39\"/>e properties\u2019 r<span class=\"_ _39\"/>espective<span class=\"_ _39\"/> fair v<span class=\"_ _39\"/>alues at each rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g d<span class=\"_ _b\"/>ate. T<span class=\"_ _b\"/>he fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g tab<span class=\"_ _b\"/>le s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s ou<span class=\"_ _b\"/>t the e<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ct of a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>l<span class=\"_ _b\"/>yi<span class=\"_ _b\"/>ng re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e al<span class=\"_ _b\"/>ter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>, b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a 10%<span class=\"_ _b\"/> move<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted re<span class=\"_ _b\"/>ntal va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d a 50 b<span class=\"_ _b\"/>ps m<span class=\"_ _b\"/>ovem<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve yi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>, to th<span class=\"_ _b\"/>e val<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f the i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t pro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>.<span class=\"_ _b\"/> Any ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of inve<span class=\"_ _b\"/>st<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y is m<span class=\"_ _b\"/>atc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>d by an a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>ted m<span class=\"_ _b\"/>ove<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n the p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y, and theref<span class=\"_ _39\"/>ore w<span class=\"_ _39\"/>ould not impact<span class=\"_ _39\"/> on the shareholder<span class=\"_ _39\"/> net assets.<span class=\"_ _34e\"> </span>Investment<span class=\"_ _39\"/> p<span class=\"_ _b\"/>ropert<span class=\"_ _b\"/>y significant unobservable inputs<span class=\"_ _34e\"> </span>Carrying value<span class=\"_ _34e\"> </span>Effect of reasonable possible<span class=\"_ _39\"/> alternati<span class=\"_ _b\"/>ve assumptions<span class=\"_ _34e\"> </span>Favourable changes<span class=\"_ _34e\"> </span>Unfavourabl<span class=\"_ _b\"/>e changes<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _19\"> </span><span class=\"ls83 ws30\">Exp<span class=\"_ _b\"/>ected rental v<span class=\"_ _39\"/>alue/<span class=\"_ _4\"/>rel<span class=\"_ _b\"/>ative yield<span class=\"_ _2fa\"> </span><span class=\"lsad wsb2\">1,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>94.5<span class=\"_ _11e\"> </span><span class=\"ls4c ws4a\">1.<span class=\"_ _b\"/>410<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _11e\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,186<span class=\"_ _b\"/>.6<span class=\"_ _34e\"> </span></span></span></span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _54\"> </span><span class=\"ls73 ws40\">Expect<span class=\"_ _39\"/>ed rent<span class=\"_ _39\"/>al value<span class=\"_ _39\"/>/<span class=\"_ _39\"/>relativ<span class=\"_ _39\"/>e yield<span class=\"_ _1e3\"> </span><span class=\"ls83 ws38\">1<span class=\"_ _b\"/>,56<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.5<span class=\"_ _67\"> </span><span class=\"ls42 ws95\">1<span class=\"_ _b\"/>,921<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _60\"> </span><span class=\"lsbc wsc1\">1,<span class=\"_ _b\"/>292<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span></span></span>Fixed income securities and<span class=\"_ _39\"/> e<span class=\"_ _b\"/>quities<span class=\"_ _34e\"> </span>As se<span class=\"_ _b\"/>t ou<span class=\"_ _b\"/>t on th<span class=\"_ _b\"/>e p<span class=\"_ _b\"/>revi<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s pa<span class=\"_ _b\"/>ge a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d ab<span class=\"_ _b\"/>ove, t<span class=\"_ _b\"/>he fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f the Leve<span class=\"_ _b\"/>l 3 f<span class=\"_ _b\"/>ixe<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e se<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>nd e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>el<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cted<span class=\"_ _b\"/> from t<span class=\"_ _b\"/>he va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n ran<span class=\"_ _b\"/>ge d<span class=\"_ _b\"/>ete<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ed t<span class=\"_ _b\"/>hro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e mo<span class=\"_ _b\"/>nth<span class=\"_ _b\"/>ly va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>roce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e set<span class=\"_ _b\"/>s ou<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ef<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>ct of<span class=\"_ _b\"/> val<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>ng e<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ch of t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et<span class=\"_ _b\"/>s at th<span class=\"_ _b\"/>e hi<span class=\"_ _b\"/>gh a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d low p<span class=\"_ _b\"/>o<span class=\"_ _b\"/>int o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e ran<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>. As for i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y, any ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of these fix<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d income<span class=\"_ _39\"/> se<span class=\"_ _b\"/>curities<span class=\"_ _39\"/> or equities is mat<span class=\"_ _39\"/>ched by<span class=\"_ _39\"/> an associated mo<span class=\"_ _39\"/>vement in<span class=\"_ _39\"/> the policyholder liability,<span class=\"_ _39\"/> and theref<span class=\"_ _39\"/>ore would no<span class=\"_ _39\"/>t impact on the<span class=\"_ _39\"/> shareholder net asse<span class=\"_ _39\"/>ts<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Carrying value<span class=\"_ _34e\"> </span>Effect of reasonable possible<span class=\"_ _39\"/> alternati<span class=\"_ _b\"/>ve assumptions<span class=\"_ _34e\"> </span>Favourable changes<span class=\"_ _34e\"> </span>Unfavourabl<span class=\"_ _b\"/>e changes<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _19\"> </span><span class=\"ls83 ws30\">Fixed income securities<span class=\"_ _2fb\"> </span><span class=\"lsb0 wsb5\">366.4<span class=\"_ _9b\"> </span><span class=\"lsef wsfd\">3<span class=\"_ _6\"/>74<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2<span class=\"_ _50\"> </span><span class=\"ls42 ws95\">358.3<span class=\"_ _34e\"> </span></span></span></span></span>Equities<span class=\"_ _2fc\"> </span><span class=\"lse2 wsf1\">1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>8<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _140\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,783<span class=\"_ _b\"/>.5<span class=\"_ _102\"> </span><span class=\"lsbc wsc1\">1,<span class=\"_ _b\"/>380.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span></span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2<span class=\"_ _39\"/>021<span class=\"_ _54\"> </span><span class=\"lsd ws35\">Fixed<span class=\"_ _39\"/> income securities<span class=\"_ _137\"> </span><span class=\"ls57 ws59\">308<span class=\"_ _b\"/>.1<span class=\"_ _84\"> </span><span class=\"ls42 ws95\">311<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5<span class=\"_ _7a\"> </span><span class=\"ls30 ws30\">304.5<span class=\"_ _34e\"> </span></span></span></span></span>Equit<span class=\"_ _5\"/>ies<span class=\"_ _278\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>0<span class=\"_ _6\"/>4<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>1<span class=\"_ _67\"> </span><span class=\"ls73 ws75\">1,<span class=\"_ _b\"/>193.<span class=\"_ _b\"/>4<span class=\"_ _50\"> </span><span class=\"ls39 wsa4\">943<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span></span></span>Cre<span class=\"_ _b\"/>dit ris<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Cred<span class=\"_ _b\"/>it r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng to un<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es i<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>or<span class=\"_ _b\"/>ne by th<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>nit h<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Contractual maturity and liquidi<span class=\"_ _5\"/>ty analysis<span class=\"_ _34e\"> </span>Un<span class=\"_ _b\"/>it l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es (<span class=\"_ _5\"/>an<span class=\"_ _b\"/>d the a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>re de<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>d to ha<span class=\"_ _b\"/>ve a ma<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y of u<span class=\"_ _b\"/>p to on<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r si<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>ey are re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>d transf<span class=\"_ _39\"/>erable on<span class=\"_ _39\"/> d<span class=\"_ _b\"/>emand. In prac<span class=\"_ _39\"/>tice the con<span class=\"_ _39\"/>tractual mat<span class=\"_ _39\"/>urities of t<span class=\"_ _5\"/>he assets<span class=\"_ _39\"/> may be longer than<span class=\"_ _39\"/> one year<span class=\"_ _39\"/>, but the<span class=\"_ _39\"/> majorit<span class=\"_ _b\"/>y of asse<span class=\"_ _39\"/>ts held within<span class=\"_ _39\"/> the unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>ed and unit<span class=\"_ _39\"/> trust funds<span class=\"_ _39\"/> are highly<span class=\"_ _39\"/> liquid and the<span class=\"_ _39\"/> Group also<span class=\"_ _39\"/> actively moni<span class=\"_ _39\"/>tors fund<span class=\"_ _39\"/> liquidit<span class=\"_ _b\"/>y<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>Sen<span class=\"_ _b\"/>siti<span class=\"_ _b\"/>vit<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>alysis t<span class=\"_ _b\"/>o market risks<span class=\"_ _34e\"> </span>The m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>jo<span class=\"_ _b\"/>rit<span class=\"_ _6\"/>y of th<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup<span class=\"_ _b\"/>\u2019s bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>n<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s is u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>t as<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d ma<span class=\"_ _b\"/>rket r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k i<span class=\"_ _b\"/>s the<span class=\"_ _b\"/>refo<span class=\"_ _b\"/>re bo<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>e by un<span class=\"_ _b\"/>it h<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. For<span class=\"_ _5\"/> completeness, w<span class=\"_ _39\"/>e note<span class=\"_ _39\"/> that there<span class=\"_ _39\"/> is an indirec<span class=\"_ _5\"/>t risk<span class=\"_ _39\"/> associated with<span class=\"_ _39\"/> m<span class=\"_ _b\"/>arke<span class=\"_ _39\"/>t per<span class=\"_ _b\"/>formance<span class=\"_ _39\"/> as future<span class=\"_ _39\"/> sh<span class=\"_ _b\"/>areholder income<span class=\"_ _39\"/> is d<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t up<span class=\"_ _b\"/>on m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>kets; h<span class=\"_ _b\"/>oweve<span class=\"_ _b\"/>r, the di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ct ri<span class=\"_ _b\"/>sk h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n mit<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>roa<span class=\"_ _b\"/>ch to m<span class=\"_ _b\"/>atch<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets<span class=\"_ _b\"/> and liabilit<span class=\"_ _39\"/>ies<span class=\"_ _34e\"> </span><span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>238<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>18. Cash generated from operations<span class=\"_ _34e\"> </span>Note<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Cash f<span class=\"_ _39\"/>lows from<span class=\"_ _39\"/> operating activities<span class=\"_ _34e\"> </span>Prof<span class=\"_ _b\"/>it b<span class=\"_ _b\"/>efore ta<span class=\"_ _b\"/>x for th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r<span class=\"_ _2c0\"> </span><span class=\"ffa8 fc2 ls5f ws65\">0.7<span class=\"_ _7a\"> </span></span><span class=\"ls14 ws13\">8<span class=\"_ _b\"/>42<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 </span>Adjust<span class=\"_ _5\"/>ments f<span class=\"_ _39\"/>or:<span class=\"_ _34e\"> </span>Amortisation of<span class=\"_ _39\"/> purchased value<span class=\"_ _39\"/> of in-<span class=\"_ _39\"/>force<span class=\"_ _39\"/> business<span class=\"_ _2ae\"> </span><span class=\"ls3 ws3\">8<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _65\"> </span></span>3.<span class=\"_ _b\"/>2 </span>Amortisation of<span class=\"_ _39\"/> computer software<span class=\"_ _23f\"> </span><span class=\"ls3 ws3\">8<span class=\"_ _65\"> </span><span class=\"ls30 ws30\">9.3<span class=\"_ _70\"> </span></span>10.<span class=\"_ _b\"/>6 </span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _2fd\"> </span><span class=\"ls3 ws3\">8<span class=\"_ _19\"> </span>\u2013<span class=\"_ _27f\"> </span>5.<span class=\"_ _b\"/>1 </span>Depreciation<span class=\"_ _170\"> </span><span class=\"ls3 ws3\">9<span class=\"_ _7b\"> </span><span class=\"ls5b ws5e\">2<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _79\"> </span></span>2<span class=\"_ _b\"/>2.<span class=\"_ _b\"/>1 </span>Impairment o<span class=\"_ _5\"/>f goodwill<span class=\"_ _a2\"> </span><span class=\"ls3 ws3\">8<span class=\"_ _5d\"> </span></span><span class=\"ls37\">1.5<span class=\"_ _5d\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 </span></span>Loss<span class=\"_ _39\"/> on disposal of c<span class=\"_ _39\"/>om<span class=\"_ _b\"/>puter<span class=\"_ _39\"/> sof<span class=\"_ _b\"/>tware<span class=\"_ _286\"> </span><span class=\"ls3 ws3\">8<span class=\"_ _a4\"> </span><span class=\"ls3e ws3d\">0.<span class=\"_ _b\"/>5<span class=\"_ _273\"> </span></span>\u2013 </span>Loss o<span class=\"_ _b\"/>n d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>po<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>l of p<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y an<span class=\"_ _b\"/>d e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g l<span class=\"_ _b\"/>ea<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ets<span class=\"_ _1f1\"> </span><span class=\"ls3\">9<span class=\"_ _6e\"> </span><span class=\"ls39 wsa4\">0.9<span class=\"_ _4e\"> </span><span class=\"ls5b ws5e\">2<span class=\"_ _b\"/>.7 </span></span></span>Share-<span class=\"_ _39\"/>base<span class=\"_ _b\"/>d payment<span class=\"_ _39\"/> charge<span class=\"_ _2fe\"> </span><span class=\"lsb0 wsb5\">21<span class=\"_ _84\"> </span>20.<span class=\"_ _b\"/>5<span class=\"_ _77\"> </span><span class=\"ls3 ws3\">22.<span class=\"_ _b\"/>9 </span></span>Inter<span class=\"_ _39\"/>est income<span class=\"_ _2b5\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _14\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>9<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _34e\"> </span></span></span>Int<span class=\"_ _39\"/>erest e<span class=\"_ _39\"/>xpense<span class=\"_ _2b5\"> </span><span class=\"lsd wsc\">12.<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>0.<span class=\"_ _6\"/>2 </span></span>Increase in<span class=\"_ _39\"/> provisions <span class=\"_ _2ff\"> </span><span class=\"ls3e ws3d\">15<span class=\"_ _5d\"> </span><span class=\"ls39 wsa4\">1.9<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">9.8 </span></span></span>Exchange r<span class=\"_ _39\"/>ate<span class=\"_ _39\"/> (gains<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/losses<span class=\"_ _125\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>7)<span class=\"_ _a4\"> </span><span class=\"ls3e ws3d\">0.<span class=\"_ _b\"/>1<span class=\"_ _34e\"> </span></span></span>9.4<span class=\"_ _a7\"> </span><span class=\"ffa5 fc3 ls3 ws3\">69.<span class=\"_ _b\"/>0 </span>Changes in operating assets<span class=\"_ _39\"/> and liabilities<span class=\"_ _34e\"> </span>De<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se i<span class=\"_ _b\"/>n de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on c<span class=\"_ _b\"/>ost<span class=\"_ _b\"/>s <span class=\"_ _d6\"> </span><span class=\"ls3\">8<span class=\"_ _84\"> </span><span class=\"ls14 ws13\">42<span class=\"_ _b\"/>.<span class=\"_ _6\"/>3<span class=\"_ _69\"> </span></span>4<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>9 </span>Decrease<span class=\"_ _39\"/>/<span class=\"_ _39\"/>(<span class=\"_ _39\"/>increase<span class=\"_ _4\"/>) in in<span class=\"_ _39\"/>vestment pr<span class=\"_ _39\"/>oper<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _1d5\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>74<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0<span class=\"_ _84\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>8<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span>Decrease<span class=\"_ _39\"/>/<span class=\"_ _39\"/>(<span class=\"_ _39\"/>increase<span class=\"_ _4\"/>) in other<span class=\"_ _39\"/> invest<span class=\"_ _5\"/>ments<span class=\"_ _c8\"> </span><span class=\"ls5f ws65\">2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>378<span class=\"_ _6\"/>.9<span class=\"_ _6b\"> </span><span class=\"lsef wsfd\">(2<span class=\"_ _6\"/>4<span class=\"_ _6\"/>,<span class=\"_ _30\"/>3<span class=\"_ _6\"/>5<span class=\"_ _6\"/>8<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span>In<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e in i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>ent i<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes<span class=\"_ _233\"> </span><span class=\"ls3\">\u2013<span class=\"_ _6e\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _34e\"> </span></span></span>Decrease in<span class=\"_ _39\"/> reinsurance<span class=\"_ _39\"/> assets<span class=\"_ _1d6\"> </span><span class=\"ls3e ws3d\">16.0<span class=\"_ _a4\"> </span><span class=\"ls3 ws3\">9<span class=\"_ _b\"/>.9 </span></span>Increase in<span class=\"_ _39\"/> other r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ceivables<span class=\"_ _161\"> </span><span class=\"ls9e wsa3\">(<span class=\"_ _39\"/>29<span class=\"_ _39\"/>8.8<span class=\"_ _39\"/>)<span class=\"_ _17f\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _b\"/>2<span class=\"_ _6\"/>6<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span>(<span class=\"_ _39\"/>Decrease<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/incr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ase in<span class=\"_ _39\"/> insurance con<span class=\"_ _39\"/>tract<span class=\"_ _39\"/> liabilities<span class=\"_ _14a\"> </span><span class=\"lsf9 ws108\">(8<span class=\"_ _6\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _6a\"> </span><span class=\"ls5b ws5e\">9<span class=\"_ _b\"/>.7 </span></span>(<span class=\"_ _39\"/>Decrease<span class=\"_ _4\"/>)<span class=\"_ _39\"/>/incr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ase in<span class=\"_ _39\"/> financial liabilities<span class=\"_ _39\"/> (<span class=\"_ _39\"/>excluding borr<span class=\"_ _39\"/>owings<span class=\"_ _4\"/>)<span class=\"_ _1ba\"> </span><span class=\"ls86 ws88\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _89\"> </span><span class=\"lsf2 ws100\">1<span class=\"_ _b\"/>7,<span class=\"_ _30\"/>4<span class=\"_ _6\"/>8<span class=\"_ _6\"/>6<span class=\"_ _30\"/>.<span class=\"_ _b\"/>7<span class=\"_ _6\"/> </span></span>Decrease in<span class=\"_ _39\"/> deferred<span class=\"_ _39\"/> income<span class=\"_ _167\"> </span><span class=\"ls3 ws3\">8<span class=\"_ _97\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _6d\"> </span>(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3)<span class=\"_ _34e\"> </span></span></span>(<span class=\"_ _39\"/>Decrease<span class=\"_ _4\"/>)<span class=\"_ _5\"/>/<span class=\"_ _5\"/>increase<span class=\"_ _39\"/> in other pay<span class=\"_ _5\"/>ables<span class=\"_ _300\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>9<span class=\"_ _b\"/>7.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _27\"> </span>5<span class=\"_ _6\"/>74<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3<span class=\"_ _b\"/> </span>(<span class=\"_ _39\"/>Decrease<span class=\"_ _4\"/>)<span class=\"_ _5\"/>/<span class=\"_ _5\"/>increase<span class=\"_ _39\"/> in net assets<span class=\"_ _39\"/> at<span class=\"_ _b\"/>tributable<span class=\"_ _39\"/> to unit<span class=\"_ _39\"/> hold<span class=\"_ _b\"/>ers<span class=\"_ _301\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _30\"/>,<span class=\"_ _b\"/>74<span class=\"_ _30\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _13a\"> </span>7,<span class=\"_ _6\"/>4<span class=\"_ _30\"/>4<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span>(9<span class=\"_ _6\"/>8<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _60\"> </span><span class=\"ffa5 fc3 ls3 ws3\">829<span class=\"_ _b\"/>.6 </span>Cash (<span class=\"_ _29\"/>used in<span class=\"_ _39\"/>)<span class=\"_ _4\"/>/<span class=\"_ _39\"/>generated from opera<span class=\"_ _5\"/>tions<span class=\"_ _16c\"> </span><span class=\"lsf7 ws106\">(97<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _7c\"> </span><span class=\"ffa5 fc3 ls4d ws4b\">1<span class=\"_ _30\"/>,<span class=\"_ _b\"/>74<span class=\"_ _6\"/>1<span class=\"_ _6\"/>.<span class=\"_ _30\"/>0<span class=\"_ _b\"/> </span></span>19. Capital management and allocation<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy, set by th<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>, is to m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ntai<span class=\"_ _b\"/>n a st<span class=\"_ _b\"/>ron<span class=\"_ _b\"/>g ca<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>tal ba<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e in o<span class=\"_ _b\"/>rde<span class=\"_ _b\"/>r to:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">pro<span class=\"_ _b\"/>tect c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>\u2019 i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>sts;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">meet regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y requir<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">pro<span class=\"_ _b\"/>tect c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>ito<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>\u2019 in<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>sts; a<span class=\"_ _b\"/>nd<span class=\"_ _b\"/> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">create<span class=\"_ _39\"/> shareholder value<span class=\"_ _39\"/> through support for<span class=\"_ _39\"/> business dev<span class=\"_ _5\"/>elopment.<span class=\"_ _34e\"> </span></span>The polic<span class=\"_ _39\"/>y requires<span class=\"_ _39\"/> that each su<span class=\"_ _5\"/>bsidiary manages its<span class=\"_ _39\"/> own capit<span class=\"_ _39\"/>al<span class=\"_ _b\"/>, in<span class=\"_ _39\"/> par<span class=\"_ _b\"/>ticular t<span class=\"_ _39\"/>o maintain<span class=\"_ _39\"/> regulatory solv<span class=\"_ _39\"/>ency<span class=\"_ _39\"/>, in the con<span class=\"_ _b\"/>tex<span class=\"_ _b\"/>t o<span class=\"_ _b\"/>f a Gro<span class=\"_ _b\"/>up c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>ny cap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l in e<span class=\"_ _b\"/>xce<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>f pl<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s is re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rne<span class=\"_ _b\"/>d to th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s Pare<span class=\"_ _b\"/>nt C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny, St. James\u2019s P<span class=\"_ _39\"/>lace plc, normally b<span class=\"_ _5\"/>y way<span class=\"_ _39\"/> of dividends. The Gr<span class=\"_ _39\"/>oup capital<span class=\"_ _39\"/> p<span class=\"_ _b\"/>osition<span class=\"_ _5\"/> is monit<span class=\"_ _39\"/>ored by<span class=\"_ _39\"/> the Audit<span class=\"_ _39\"/> Committee on b<span class=\"_ _b\"/>eh<span class=\"_ _b\"/>al<span class=\"_ _b\"/>f of t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c B<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>239<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>19. Capital management and allocation <span class=\"ffa5 lsf5 ws104\">conti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ed<span class=\"_ _34e\"> </span></span>Regulatory capital<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy i<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, for e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>y, to hol<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e hi<span class=\"_ _b\"/>g<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r of<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>tal re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d by any re<span class=\"_ _b\"/>leva<span class=\"_ _b\"/>nt s<span class=\"_ _b\"/>up<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>is<span class=\"_ _b\"/>or<span class=\"_ _b\"/>y b<span class=\"_ _b\"/>o<span class=\"_ _b\"/>dy, up<span class=\"_ _b\"/>li<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ted by a s<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in to ab<span class=\"_ _b\"/>so<span class=\"_ _b\"/>rb c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es; o<span class=\"_ _b\"/>r<span class=\"_ _34e\"> </span></span><span class=\"ffa5 fs9 ls4c\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">the capit<span class=\"_ _39\"/>al required<span class=\"_ _39\"/> based on the C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>any\u2019s in<span class=\"_ _39\"/>ternal assessment.<span class=\"_ _34e\"> </span></span><span class=\"ffa5 fs9 lsd ws35\"> </span>For<span class=\"_ _5\"/> our insur<span class=\"_ _39\"/>ance companies, we hold<span class=\"_ _39\"/> capital based on<span class=\"_ _39\"/> our own in<span class=\"_ _5\"/>ternal<span class=\"_ _39\"/> assessment<span class=\"_ _b\"/>, recognising<span class=\"_ _39\"/> the regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y requirement.<span class=\"_ _34e\"> </span> For<span class=\"_ _5\"/> other<span class=\"_ _5\"/> regulat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d companies<span class=\"_ _5\"/> we gener<span class=\"_ _39\"/>ally hold capital<span class=\"_ _39\"/> based on the<span class=\"_ _39\"/> regulatory requiremen<span class=\"_ _5\"/>t uplifted b<span class=\"_ _39\"/>y a specified mar<span class=\"_ _39\"/>gin<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct to re<span class=\"_ _b\"/>gu<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tor<span class=\"_ _6\"/>y su<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n an<span class=\"_ _b\"/>d h<span class=\"_ _b\"/>ave to ma<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ntai<span class=\"_ _b\"/>n a mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>m l<span class=\"_ _b\"/>evel o<span class=\"_ _b\"/>f reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ato<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>Entit<span class=\"_ _b\"/>y<span class=\"_ _20e\"> </span><span class=\"lsb9 wsbf\">Regulatory body and jurisdiction<span class=\"_ _34e\"> </span></span>Capst<span class=\"_ _39\"/>one Financial (<span class=\"_ _4\"/>H<span class=\"_ _b\"/>K<span class=\"_ _39\"/>) Limited<span class=\"_ _302\"> </span>Securities<span class=\"_ _5\"/> and F<span class=\"_ _39\"/>utures Commission<span class=\"_ _39\"/> (<span class=\"_ _39\"/>Hon<span class=\"_ _b\"/>g K<span class=\"_ _39\"/>ong)<span class=\"_ _39\"/>: Member<span class=\"_ _34e\"> </span> of the<span class=\"_ _39\"/> Hong K<span class=\"_ _39\"/>ong Confederat<span class=\"_ _39\"/>ion of Insur<span class=\"_ _39\"/>ance Brokers<span class=\"_ _34e\"> </span>Perennial<span class=\"_ _39\"/> Financial Management Limited <span class=\"_ _271\"> </span><span class=\"lsb0 ws3d\">FCA: Personal In<span class=\"_ _39\"/>vestment Firm<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices Limit<span class=\"_ _39\"/>ed <span class=\"_ _303\"> </span><span class=\"lsb0 ws3d\">FC<span class=\"_ _39\"/>A<span class=\"_ _b\"/>: Personal Inv<span class=\"_ _39\"/>estme<span class=\"_ _b\"/>nt Firm<span class=\"_ _34e\"> </span></span>Rowa<span class=\"_ _b\"/>n Da<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gton &amp; C<span class=\"_ _b\"/>o Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _304\"> </span>FCA: I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt F<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>m<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e (<span class=\"_ _5\"/>Ho<span class=\"_ _b\"/>ng Kon<span class=\"_ _b\"/>g) Lim<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _305\"> </span><span class=\"lsd ws35\">Securities<span class=\"_ _5\"/> and F<span class=\"_ _39\"/>utures Commission<span class=\"_ _39\"/> (<span class=\"_ _39\"/>Hon<span class=\"_ _b\"/>g K<span class=\"_ _39\"/>ong)<span class=\"_ _39\"/>: Member<span class=\"_ _34e\"> </span></span><span class=\"lsd ws35\"> </span>of the<span class=\"_ _39\"/> Hong K<span class=\"_ _39\"/>ong Confederat<span class=\"_ _39\"/>ion of Insur<span class=\"_ _39\"/>ance Brokers<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace International<span class=\"_ _39\"/> (<span class=\"_ _39\"/>H<span class=\"_ _b\"/>ong K<span class=\"_ _39\"/>ong)<span class=\"_ _39\"/> Limited<span class=\"_ _19\"> </span>Insurance A<span class=\"_ _39\"/>uthority (<span class=\"_ _39\"/>Hong K<span class=\"_ _39\"/>ong)<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al p<span class=\"_ _b\"/>lc<span class=\"_ _1ed\"> </span><span class=\"lsd ws35\">Central Bank<span class=\"_ _39\"/> of Ireland: Lif<span class=\"_ _39\"/>e insurance<span class=\"_ _39\"/> business<span class=\"_ _34e\"> </span></span>St. James\u2019s P<span class=\"_ _39\"/>lace Invest<span class=\"_ _39\"/>ment Administr<span class=\"_ _39\"/>ation Limit<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d<span class=\"_ _52\"> </span><span class=\"ls4c ws3\">F<span class=\"_ _b\"/>CA: I<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt F<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>m<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip S<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _1c7\"> </span>FCA: Con<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>er Cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it F<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>m<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>S<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ore<span class=\"_ _39\"/>) P<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>vate Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _b\"/> <span class=\"_ _d\"> </span><span class=\"lsd ws35\">Monetary Aut<span class=\"_ _39\"/>horit<span class=\"_ _b\"/>y of Singapor<span class=\"_ _39\"/>e: Member of t<span class=\"_ _5\"/>he Associat<span class=\"_ _39\"/>ion<span class=\"_ _34e\"> </span></span><span class=\"lsd ws35\"> </span>of Financial<span class=\"_ _39\"/> Advisers<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K pl<span class=\"_ _b\"/>c<span class=\"_ _2b9\"> </span><span class=\"lsd ws35\">P<span class=\"_ _39\"/>R<span class=\"_ _b\"/>A and<span class=\"_ _39\"/> FCA: L<span class=\"_ _39\"/>ong-t<span class=\"_ _39\"/>erm insurance<span class=\"_ _39\"/> business<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>nit Trus<span class=\"_ _b\"/>t Gro<span class=\"_ _b\"/>up L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _261\"> </span><span class=\"lsd ws35\">FC<span class=\"_ _39\"/>A: UCITS Management C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>any<span class=\"_ _34e\"> </span></span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> Wealth<span class=\"_ _39\"/> M<span class=\"_ _b\"/>anagement<span class=\"_ _39\"/> plc<span class=\"_ _19d\"> </span><span class=\"lsb0 ws3d\">FCA: Personal Inv<span class=\"_ _39\"/>estment Firm<span class=\"_ _34e\"> </span></span>In a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>gu<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>s an i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce g<span class=\"_ _b\"/>roup u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cy II<span class=\"_ _6\"/>, wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e PR<span class=\"_ _b\"/>A as t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ad<span class=\"_ _34e\"> </span> regulat<span class=\"_ _39\"/>or.<span class=\"_ _39\"/> More inf<span class=\"_ _39\"/>ormation about the<span class=\"_ _39\"/> capital posit<span class=\"_ _39\"/>ion of the<span class=\"_ _39\"/> Group under Solv<span class=\"_ _39\"/>ency II r<span class=\"_ _5\"/>egulations is<span class=\"_ _39\"/> set out in t<span class=\"_ _39\"/>he separate<span class=\"_ _39\"/> Solvency<span class=\"_ _39\"/> and Financial Condition<span class=\"_ _39\"/> Repor<span class=\"_ _b\"/>t document. T<span class=\"_ _5\"/>he o<span class=\"_ _39\"/>verall capit<span class=\"_ _39\"/>al position<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> Group at 3<span class=\"_ _39\"/>1 December 2022, assessed<span class=\"_ _34e\"> </span> on the<span class=\"_ _39\"/> standard<span class=\"_ _39\"/> formula basis, is<span class=\"_ _5\"/> present<span class=\"_ _39\"/>ed in the<span class=\"_ _39\"/> following t<span class=\"_ _39\"/>able:<span class=\"_ _34e\"> </span> 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span> 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span> 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>IFRS tot<span class=\"_ _39\"/>a<span class=\"_ _b\"/>l assets<span class=\"_ _1cf\"> </span><span class=\"ls3e ws3d\">151,705.0<span class=\"_ _64\"> </span></span><span class=\"ws3\">155<span class=\"_ _b\"/>,729.9<span class=\"_ _34e\"> </span></span><span class=\"ws3\"> </span>Less<span class=\"_ _39\"/> Solvency II v<span class=\"_ _39\"/>aluation adjustments<span class=\"_ _39\"/> and unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d liabilities<span class=\"_ _306\"> </span><span class=\"ls2f ws2f\">(<span class=\"_ _39\"/>150,325.1<span class=\"_ _4\"/>)<span class=\"_ _87\"> </span><span class=\"ls7d ws82\">(<span class=\"_ _39\"/>154,4<span class=\"_ _b\"/>84.6<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span>Sol<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy II n<span class=\"_ _b\"/>et as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts<span class=\"_ _10f\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>379.9<span class=\"_ _7c\"> </span><span class=\"ffa5 fc3 lsbf wsc6\">1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>24<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b\"/> </span></span>So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>ncy I<span class=\"_ _b\"/>I V<span class=\"_ _b\"/>IF<span class=\"_ _150\"> </span><span class=\"lse9 wsd7\">5,580.4<span class=\"_ _b4\"> </span><span class=\"ls2f ws2f\">5,640.1<span class=\"_ _34e\"> </span></span></span><span class=\"lse9 wsd7\"><span class=\"ls2f ws2f\"> </span></span>Risk mar<span class=\"_ _39\"/>gin<span class=\"_ _307\"> </span><span class=\"lse9 wsd7\">(<span class=\"_ _39\"/>1,516.4<span class=\"_ _29\"/>)<span class=\"_ _5f\"> </span><span class=\"lsf0 wsfe\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span>Own funds (<span class=\"_ _4\"/>A)<span class=\"_ _f2\"> </span><span class=\"lsbc wsc1\">5,<span class=\"_ _b\"/>443<span class=\"_ _b\"/>.9<span class=\"_ _1c4\"> </span><span class=\"ffa5 fc3 ls5f ws65\">5<span class=\"_ _b\"/>,<span class=\"_ _b\"/>262<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span></span><span class=\"lsbc wsc1\"><span class=\"ffa5 fc3 ls5f ws65\"> </span></span>Sta<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ard f<span class=\"_ _b\"/>ormu<span class=\"_ _b\"/>la S<span class=\"_ _b\"/>CR (B<span class=\"_ _4\"/>)<span class=\"_ _308\"> </span><span class=\"lsa4 wsfb\">(3<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>2<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _db\"> </span><span class=\"ffa5 fc3 ls73 ws75\">3<span class=\"_ _b\"/>,939.1<span class=\"_ _34e\"> </span></span></span><span class=\"lsa4 wsfb\"><span class=\"ffa5 fc3 ls73 ws75\"> </span></span>Sol<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy II f<span class=\"_ _b\"/>re<span class=\"_ _b\"/>e ass<span class=\"_ _b\"/>ets (A-B<span class=\"_ _39\"/>)<span class=\"_ _1d6\"> </span><span class=\"lsc0 wsc7\">1,921<span class=\"_ _b\"/>.4<span class=\"_ _60\"> </span></span><span class=\"ffa5 fc3 ls3\">1,<span class=\"_ _6\"/>323<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span><span class=\"ffa5 fc3 ls3\"> </span>Sol<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy II r<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io (A/<span class=\"_ _39\"/>B)<span class=\"_ _16a\"> </span><span class=\"lsf3 ws101\">155%<span class=\"_ _15\"> </span></span><span class=\"ffa5 fc3 ws4a\">13<span class=\"_ _b\"/>4%<span class=\"_ _34e\"> </span></span><span class=\"ffa5 fc3 ws4a\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span> 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span> 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>ncy I<span class=\"_ _b\"/>I n<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets<span class=\"_ _173\"> </span><span class=\"lsb2 wsb9\">1,<span class=\"_ _b\"/>3<span class=\"_ _b\"/>79.<span class=\"_ _b\"/>9<span class=\"_ _7c\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>24<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>3<span class=\"_ _34e\"> </span></span></span><span class=\"lsb2 wsb9\"><span class=\"lsbf wsc6\"> </span></span>Less<span class=\"_ _5\"/>: management<span class=\"_ _39\"/> solvency<span class=\"_ _39\"/> buf<span class=\"_ _b\"/>fer<span class=\"_ _39\"/> (<span class=\"_ _5\"/>MSB<span class=\"_ _39\"/>)<span class=\"_ _cd\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _60\"> </span><span class=\"lsef wsfd\">(5<span class=\"_ _6\"/>1<span class=\"_ _6\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Excess of<span class=\"_ _5\"/> free assets o<span class=\"_ _39\"/>ver MSB<span class=\"_ _da\"> </span><span class=\"lse2 wsf1\">8<span class=\"_ _6\"/>4<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _97\"> </span><span class=\"ffa5 fc3 ls3 ws3\">727<span class=\"_ _39\"/>.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span><span class=\"lse2 wsf1\"><span class=\"ffa5 fc3 ls3 ws3\"> </span></span>An overa<span class=\"_ _b\"/>ll i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>s req<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d for i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e gro<span class=\"_ _b\"/>ups<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s is k<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n as a<span class=\"_ _b\"/>n OR<span class=\"_ _b\"/>SA (<span class=\"_ _39\"/>O<span class=\"_ _b\"/>wn R<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k an<span class=\"_ _b\"/>d So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cy<span class=\"_ _34e\"> </span> Ass<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt) and i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>be<span class=\"_ _b\"/>d in m<span class=\"_ _b\"/>o<span class=\"_ _b\"/>re deta<span class=\"_ _b\"/>il i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e OR<span class=\"_ _b\"/>SA se<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>sk a<span class=\"_ _b\"/>nd r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span> 24<span class=\"_ _b\"/>0<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>The r<span class=\"_ _39\"/>egulatory capital<span class=\"_ _39\"/> requirements o<span class=\"_ _5\"/>f companies<span class=\"_ _39\"/> within the Gr<span class=\"_ _39\"/>oup, and the<span class=\"_ _39\"/> associated solv<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ncy o<span class=\"_ _39\"/>f the Gro<span class=\"_ _5\"/>up, ar<span class=\"_ _39\"/>e assessed and monit<span class=\"_ _39\"/>ored b<span class=\"_ _5\"/>y the<span class=\"_ _39\"/> Finance Oversight<span class=\"_ _39\"/> Group, a<span class=\"_ _39\"/> commit<span class=\"_ _b\"/>tee o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> E<span class=\"_ _b\"/>xecutiv<span class=\"_ _5\"/>e Board, wi<span class=\"_ _5\"/>th o<span class=\"_ _39\"/>versight b<span class=\"_ _39\"/>y the A<span class=\"_ _39\"/>udit Committee on behalf of<span class=\"_ _39\"/> the Group<span class=\"_ _39\"/> Board. Ultimate<span class=\"_ _39\"/> responsibility for individual<span class=\"_ _39\"/> companies<span class=\"_ _b\"/>\u2019 regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y capit<span class=\"_ _39\"/>al lies with<span class=\"_ _5\"/> the r<span class=\"_ _39\"/>elevant subsidiary boards.<span class=\"_ _34e\"> </span>For th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, we rev<span class=\"_ _b\"/>iew<span class=\"_ _b\"/>ed t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>evel o<span class=\"_ _b\"/>f ou<span class=\"_ _b\"/>r M<span class=\"_ _b\"/>SB a<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>nta<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ed t<span class=\"_ _b\"/>he M<span class=\"_ _b\"/>S<span class=\"_ _b\"/>B for th<span class=\"_ _b\"/>e Li<span class=\"_ _b\"/>fe bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>s<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s at \u00a33<span class=\"_ _b\"/>55.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on (<span class=\"_ _39\"/>31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2021<span class=\"_ _b\"/>: \u00a3355<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>). Th<span class=\"_ _b\"/>ere h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en n<span class=\"_ _b\"/>o oth<span class=\"_ _b\"/>er m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>teri<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>l of c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l requir<span class=\"_ _5\"/>ements of<span class=\"_ _39\"/> individual companies during t<span class=\"_ _39\"/>he year<span class=\"_ _39\"/>, nor in<span class=\"_ _39\"/> the Group\u2019<span class=\"_ _39\"/>s management of capit<span class=\"_ _39\"/>al. All r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gulated en<span class=\"_ _39\"/>tities exce<span class=\"_ _b\"/>e<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>m<span class=\"_ _b\"/>um so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s at th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te and d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar. See S<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l re<span class=\"_ _39\"/>view for<span class=\"_ _39\"/> fur<span class=\"_ _b\"/>ther inf<span class=\"_ _39\"/>ormation<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>IFRS capital composition<span class=\"_ _34e\"> </span>The principal<span class=\"_ _39\"/> forms of<span class=\"_ _39\"/> capital ar<span class=\"_ _39\"/>e included in t<span class=\"_ _39\"/>he following balances<span class=\"_ _39\"/> on the Cons<span class=\"_ _5\"/>olidated St<span class=\"_ _39\"/>atement o<span class=\"_ _5\"/>f Financial<span class=\"_ _39\"/> Position: 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Share<span class=\"_ _39\"/> capital<span class=\"_ _309\"> </span><span class=\"lsbc wsc1\">81<span class=\"_ _b\"/>.6<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">81<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 </span></span>Sh<span class=\"_ _b\"/>are p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>u<span class=\"_ _b\"/>m<span class=\"_ _21e\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>2<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>8<span class=\"_ _6d\"> </span><span class=\"ls3 ws3\">21<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span></span>Sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s in tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ve<span class=\"_ _f3\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _69\"> </span><span class=\"lsa4 wsfb\">(8<span class=\"_ _30\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _34e\"> </span></span></span>Miscellaneous reserves<span class=\"_ _124\"> </span><span class=\"ls37 ws36\">2.5<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">2.<span class=\"_ _b\"/>5 </span></span>Ret<span class=\"_ _39\"/>ained earnings<span class=\"_ _21f\"> </span><span class=\"lse6 wsf5\">952<span class=\"_ _6\"/>.<span class=\"_ _b\"/>4<span class=\"_ _9b\"> </span><span class=\"ls3 ws3\">83<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>3 </span></span>Shareholders\u2019 equity<span class=\"_ _30a\"> </span><span class=\"lsbc wsc1\">1,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>60.<span class=\"_ _b\"/>2<span class=\"_ _82\"> </span><span class=\"ffa5 fc3 ls3 ws3\">1,<span class=\"_ _b\"/>119.<span class=\"_ _6\"/>2 </span></span>Non-controll<span class=\"_ _b\"/>ing interests<span class=\"_ _123\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal equity<span class=\"_ _111\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>260.<span class=\"_ _b\"/>4<span class=\"_ _c1\"> </span><span class=\"ffa5 fc3 ls3 ws3\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>119<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>The abo<span class=\"_ _39\"/>ve assets<span class=\"_ _39\"/> do not all<span class=\"_ _39\"/> qu<span class=\"_ _b\"/>alify as regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y capit<span class=\"_ _5\"/>al. The r<span class=\"_ _39\"/>equired minimum r<span class=\"_ _39\"/>egulatory capital, and<span class=\"_ _39\"/> analysis of the as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at q<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>li<span class=\"_ _b\"/>f<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>s reg<span class=\"_ _b\"/>u<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l<span class=\"_ _b\"/>, is o<span class=\"_ _b\"/>utl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d in s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l revi<span class=\"_ _b\"/>ew, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h d<span class=\"_ _b\"/>em<span class=\"_ _b\"/>on<span class=\"_ _b\"/>stra<span class=\"_ _b\"/>tes th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p has met<span class=\"_ _39\"/> its int<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rnal capit<span class=\"_ _39\"/>al objectiv<span class=\"_ _5\"/>es. The Gr<span class=\"_ _39\"/>oup and its<span class=\"_ _39\"/> individu<span class=\"_ _b\"/>ally r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gulated oper<span class=\"_ _39\"/>ations have<span class=\"_ _39\"/> complied with all e<span class=\"_ _39\"/>x<span class=\"_ _b\"/>ternally and int<span class=\"_ _39\"/>ernally imposed capit<span class=\"_ _39\"/>al requirement<span class=\"_ _39\"/>s throughout<span class=\"_ _5\"/> the y<span class=\"_ _39\"/>ear.<span class=\"_ _34e\"> </span>20. Share capital, earnings per share and dividends<span class=\"_ _34e\"> </span>Share capital Nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f ordinary shares<span class=\"_ _34e\"> </span>Called-up share capital<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _290\"> </span><span class=\"lsf2 ws100\">5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>7,<span class=\"_ _6\"/>3<span class=\"_ _30\"/>4<span class=\"_ _6\"/>3<span class=\"_ _30\"/>,<span class=\"_ _6\"/>4<span class=\"_ _6\"/>6<span class=\"_ _6\"/>6<span class=\"_ _4e\"> </span><span class=\"ls43 ws41\">80.6<span class=\"_ _34e\"> </span></span></span>\u2013 Issue<span class=\"_ _39\"/> of shares<span class=\"_ _124\"> </span><span class=\"ls57 ws59\">85<span class=\"_ _5\"/>0,985<span class=\"_ _30b\"> </span><span class=\"ls3e ws3d\">0.1<span class=\"_ _34e\"> </span></span></span>\u2013 Ex<span class=\"_ _b\"/>erc<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e of o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _219\"> </span><span class=\"ls5b ws5e\">2,<span class=\"_ _6\"/>33<span class=\"_ _b\"/>6<span class=\"_ _b\"/>,<span class=\"_ _b\"/>078<span class=\"_ _46\"> </span><span class=\"ls3e ws3d\">0.4<span class=\"_ _34e\"> </span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _fa\"> </span><span class=\"lsb2 wsb9\">540,530,529<span class=\"_ _ca\"> </span>81.1<span class=\"_ _34e\"> </span></span>\u2013 Issue<span class=\"_ _39\"/> of shares<span class=\"_ _239\"> </span><span class=\"lsb2 wsb9\">4<span class=\"_ _b\"/>59,<span class=\"_ _b\"/>02<span class=\"_ _b\"/>8<span class=\"_ _30b\"> </span><span class=\"ls3e ws3d\">0.1<span class=\"_ _34e\"> </span></span></span>\u2013 Ex<span class=\"_ _b\"/>erc<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e of o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _1cb\"> </span><span class=\"lsfc ws10b\">3,24<span class=\"_ _39\"/>6,20<span class=\"_ _39\"/>0<span class=\"_ _46\"> </span><span class=\"ls3e ws3d\">0.4<span class=\"_ _34e\"> </span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _25b\"> </span><span class=\"ls8f ws90\">54<span class=\"_ _b\"/>4<span class=\"_ _b\"/>,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>3<span class=\"_ _b\"/>5,<span class=\"_ _b\"/>757<span class=\"_ _5d\"> </span><span class=\"lsb2 wsb9\">81.6<span class=\"_ _34e\"> </span></span></span>Ord<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s ha<span class=\"_ _b\"/>ve a p<span class=\"_ _b\"/>ar va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of 1<span class=\"_ _b\"/>5 pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re (2021: 15 p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>nd a<span class=\"_ _b\"/>re fu<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>In<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he i<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>tal are 2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>07<span class=\"_ _39\"/>,1<span class=\"_ _b\"/>86 (2021: 1<span class=\"_ _b\"/>,6<span class=\"_ _b\"/>85<span class=\"_ _b\"/>,<span class=\"_ _b\"/>250) sha<span class=\"_ _b\"/>res he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res i<span class=\"_ _b\"/>n tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ve wit<span class=\"_ _b\"/>h a no<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f \u00a30.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on (2021: \u00a30.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on)<span class=\"_ _39\"/>. Th<span class=\"_ _b\"/>e s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res a<span class=\"_ _b\"/>re he<span class=\"_ _b\"/>ld by t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>JP Em<span class=\"_ _b\"/>p<span class=\"_ _b\"/>loye<span class=\"_ _b\"/>e Sh<span class=\"_ _b\"/>are Trust a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e 2010<span class=\"_ _b\"/> SI<span class=\"_ _b\"/>P Trust to sa<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>sf<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>er<span class=\"_ _6\"/>tai<span class=\"_ _b\"/>n sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>-ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt s<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he Truste<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e SJ<span class=\"_ _b\"/>P Emp<span class=\"_ _b\"/>loye<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t retai<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>t to di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>de<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ds o<span class=\"_ _b\"/>n the s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>ld by t<span class=\"_ _b\"/>he Trust b<span class=\"_ _b\"/>ut h<span class=\"_ _b\"/>ave c<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>se<span class=\"_ _b\"/>n to wa<span class=\"_ _b\"/>ive th<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>r e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t to the d<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s on 81<span class=\"_ _b\"/>5<span class=\"_ _b\"/>,737 sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s at<span class=\"_ _b\"/> 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 an<span class=\"_ _b\"/>d 285<span class=\"_ _b\"/>,<span class=\"_ _b\"/>03<span class=\"_ _b\"/>3 sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _b\"/>. N<span class=\"_ _b\"/>o di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ds w<span class=\"_ _b\"/>ere wa<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ved o<span class=\"_ _b\"/>n sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pla<span class=\"_ _b\"/>ce<span class=\"_ _b\"/> 2010 S<span class=\"_ _b\"/>I<span class=\"_ _b\"/>P T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t in 20<span class=\"_ _b\"/>22 o<span class=\"_ _b\"/>r 2021<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Sh<span class=\"_ _b\"/>are c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cre<span class=\"_ _b\"/>as<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e \u2018exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se of o<span class=\"_ _b\"/>pt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>\u2019 l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e tab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ove wh<span class=\"_ _b\"/>ere th<span class=\"_ _b\"/>ey re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>te to the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s share-<span class=\"_ _39\"/>base<span class=\"_ _b\"/>d payment<span class=\"_ _5\"/> schemes. Other shar<span class=\"_ _39\"/>e capital<span class=\"_ _39\"/> increases are<span class=\"_ _39\"/> included within the<span class=\"_ _39\"/> \u2018issue of share<span class=\"_ _5\"/>s\u2019 line.<span class=\"_ _34e\"> </span>The n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ved fo<span class=\"_ _b\"/>r is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>cts fo<span class=\"_ _b\"/>r sa<span class=\"_ _b\"/>le o<span class=\"_ _b\"/>f sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>res<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g term<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d co<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>,<span class=\"_ _b\"/> is i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 21.<span class=\"_ _34e\"> </span>241<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>20. Share capital, earnings per share and dividends <span class=\"ffa5 lsf5 ws104\">conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Earnin<span class=\"_ _b\"/>gs p<span class=\"_ _b\"/>er sha<span class=\"_ _b\"/>re<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Earnings<span class=\"_ _34e\"> </span>Pro<span class=\"_ _39\"/>fit after t<span class=\"_ _5\"/>ax attribut<span class=\"_ _39\"/>ab<span class=\"_ _b\"/>le t<span class=\"_ _39\"/>o equit<span class=\"_ _b\"/>y shareholders<span class=\"_ _39\"/> (<span class=\"_ _39\"/>for bo<span class=\"_ _5\"/>th basic<span class=\"_ _39\"/> and diluted E<span class=\"_ _39\"/>PS<span class=\"_ _39\"/>)<span class=\"_ _305\"> </span><span class=\"ls3e ws3d\">405.0<span class=\"_ _9d\"> </span><span class=\"ls5b ws5e\">28<span class=\"_ _b\"/>6<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>Million<span class=\"_ _6f\"> </span><span class=\"ffa5 lsba wsc0\">Million<span class=\"_ _34e\"> </span></span>Weigh<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d aver<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e num<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res<span class=\"_ _34e\"> </span>Weig<span class=\"_ _b\"/>hte<span class=\"_ _b\"/>d ave<span class=\"_ _b\"/>rag<span class=\"_ _b\"/>e nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of o<span class=\"_ _b\"/>rdi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res i<span class=\"_ _b\"/>n is<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ue (<span class=\"_ _39\"/>fo<span class=\"_ _b\"/>r ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>c EP<span class=\"_ _b\"/>S<span class=\"_ _39\"/>)<span class=\"_ _30c\"> </span><span class=\"ls14 ws13\">542<span class=\"_ _b\"/>.7<span class=\"_ _14\"> </span><span class=\"ls4d ws4b\">5<span class=\"_ _30\"/>3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>7<span class=\"_ _34e\"> </span></span></span>Adjust<span class=\"_ _5\"/>ments f<span class=\"_ _39\"/>or outst<span class=\"_ _39\"/>anding share op<span class=\"_ _39\"/>tions<span class=\"_ _1be\"> </span><span class=\"ls2f ws2f\">5.1<span class=\"_ _a4\"> </span><span class=\"ls37 ws36\">8<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span></span>Weight<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d average<span class=\"_ _5\"/> number of ordinary shares (<span class=\"_ _4\"/>for diluted EPS<span class=\"_ _4\"/>)<span class=\"_ _f7\"> </span><span class=\"lse2 wsf1\">5<span class=\"_ _6\"/>4<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>8<span class=\"_ _9b\"> </span><span class=\"ffa5 fc3 ls57 ws59\">546<span class=\"_ _b\"/>.2<span class=\"_ _34e\"> </span></span></span>Pence<span class=\"_ _6f\"> </span><span class=\"ffa5 lsdd wsea\">Pe<span class=\"_ _b\"/>nce<span class=\"_ _34e\"> </span></span>Earnings per<span class=\"_ _5\"/> share (<span class=\"_ _4\"/>E<span class=\"_ _b\"/>PS<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>Basic earnings per<span class=\"_ _39\"/> share<span class=\"_ _15e\"> </span><span class=\"ls4d ws4b\">74<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6<span class=\"_ _77\"> </span><span class=\"lse5 wsf4\">53.3<span class=\"_ _34e\"> </span></span></span>Diluted earnings<span class=\"_ _39\"/> per share<span class=\"_ _30d\"> </span><span class=\"ls42 ws95\">73.<span class=\"_ _b\"/>9<span class=\"_ _84\"> </span><span class=\"lse6 wsf5\">52<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span></span>Divide<span class=\"_ _b\"/>nds<span class=\"_ _34e\"> </span>The f<span class=\"_ _39\"/>ollowing dividends hav<span class=\"_ _39\"/>e been paid b<span class=\"_ _39\"/>y the Gr<span class=\"_ _39\"/>oup:<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>Pence per share<span class=\"_ _34e\"> </span>Pence<span class=\"_ _39\"/> per sha<span class=\"_ _b\"/>re<span class=\"_ _60\"> </span><span class=\"ffa7 ls84 wsc2\">\u00a3\u2019Million<span class=\"_ _1a\"> </span></span><span class=\"lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Withheld 2<span class=\"_ _39\"/>019 dividend <span class=\"_ _287\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _77\"> </span><span class=\"lsa6 wsaa\">11.<span class=\"_ _b\"/>22<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _84\"> </span><span class=\"ls3e ws3d\">60.3<span class=\"_ _34e\"> </span></span></span>Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of 202<span class=\"_ _b\"/>0 <span class=\"_ _272\"> </span><span class=\"ls3\">\u2013<span class=\"_ _50\"> </span><span class=\"ls71 wsc5\">38<span class=\"_ _b\"/>.<span class=\"_ _b\"/>49<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _7e\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>0<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _34e\"> </span></span></span>Inte<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>m di<span class=\"_ _b\"/>v<span class=\"_ _b\"/>id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of 20<span class=\"_ _b\"/>21<span class=\"_ _220\"> </span><span class=\"ls3\">\u2013<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">11<span class=\"_ _b\"/>.55<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _84\"> </span><span class=\"ls5f ws65\">62<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span>Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of 202<span class=\"_ _b\"/>1<span class=\"_ _30e\"> </span><span class=\"lsad wsb2\">40<span class=\"_ _b\"/>.41<span class=\"_ _98\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _14\"> </span><span class=\"lsb0 wsb5\">21<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.9<span class=\"_ _19\"> </span></span>\u2013<span class=\"_ _34e\"> </span></span>Inte<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>m di<span class=\"_ _b\"/>v<span class=\"_ _b\"/>id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of 20<span class=\"_ _b\"/>22<span class=\"_ _181\"> </span><span class=\"lsb2 wsb9\">15<span class=\"_ _b\"/>.<span class=\"_ _b\"/>59<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _77\"> </span><span class=\"ls5b ws5e\">8<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.7<span class=\"_ _98\"> </span></span>\u2013<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>otal dividends<span class=\"_ _b8\"> </span><span class=\"ls3 ws3\">56.00<span class=\"_ _6f\"> </span><span class=\"ffa5 fc3 lsb2 wsb9\">61<span class=\"_ _b\"/>.<span class=\"_ _b\"/>26<span class=\"_ _50\"> </span><span class=\"ffa8 fc2\">303.6<span class=\"_ _9d\"> </span></span><span class=\"lsbc wsc1\">329.<span class=\"_ _b\"/>9<span class=\"_ _34e\"> </span></span></span></span>In re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of 202<span class=\"_ _b\"/>2 th<span class=\"_ _b\"/>e Di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ctors h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve rec<span class=\"_ _b\"/>om<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d a 202<span class=\"_ _b\"/>2 fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l di<span class=\"_ _b\"/>v<span class=\"_ _b\"/>id<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d of 37.19 pe<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>r s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts to \u00a3202<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n an<span class=\"_ _b\"/>d w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t to sha<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r ap<span class=\"_ _b\"/>prova<span class=\"_ _b\"/>l at th<span class=\"_ _b\"/>e An<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>al G<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ral M<span class=\"_ _b\"/>e<span class=\"_ _b\"/>eti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g<span class=\"_ _b\"/>, be p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n 31 Ma<span class=\"_ _b\"/>y 2023 to th<span class=\"_ _b\"/>os<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>rs o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e reg<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ter a<span class=\"_ _b\"/>s at 5 M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>y 2022<span class=\"_ _34e\"> </span><span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>242<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>21. Sh<span class=\"_ _b\"/>are-based payments<span class=\"_ _34e\"> </span>Du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng t<span class=\"_ _b\"/>he ye<span class=\"_ _b\"/>ar e<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up o<span class=\"_ _b\"/>p<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ted a n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r of d<span class=\"_ _b\"/>if<span class=\"_ _6\"/>fere<span class=\"_ _b\"/>nt e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _b\"/>-set<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>nd c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h-se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>ed<span class=\"_ _b\"/> share-<span class=\"_ _39\"/>base<span class=\"_ _b\"/>d payment<span class=\"_ _5\"/> arrangements, which<span class=\"_ _39\"/> are aggr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gated as<span class=\"_ _39\"/> follows:<span class=\"_ _34e\"> </span>Share option schemes<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">Sa<span class=\"_ _b\"/>ve As You Earn (SA<span class=\"_ _4\"/>Y<span class=\"_ _b\"/>E<span class=\"_ _39\"/>) Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n \u2013 thi<span class=\"_ _b\"/>s i<span class=\"_ _b\"/>s an e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y-se<span class=\"_ _b\"/>t<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>ed s<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>at i<span class=\"_ _b\"/>s ava<span class=\"_ _b\"/>i<span class=\"_ _b\"/>la<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e to al<span class=\"_ _b\"/>l em<span class=\"_ _b\"/>p<span class=\"_ _b\"/>loye<span class=\"_ _b\"/>es w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>id<span class=\"_ _b\"/>u<span class=\"_ _b\"/>al<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>y </span>con<span class=\"_ _b\"/>tri<span class=\"_ _b\"/>b<span class=\"_ _b\"/>ute up to \u00a33<span class=\"_ _b\"/>00 p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r mo<span class=\"_ _b\"/>nth ove<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>ree<span class=\"_ _b\"/>-yea<span class=\"_ _b\"/>r ves<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d to pu<span class=\"_ _b\"/>rch<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s at a p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce n<span class=\"_ _b\"/>ot l<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>an 8<span class=\"_ _b\"/>0% of<span class=\"_ _b\"/> the m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket p<span class=\"_ _b\"/>ric<span class=\"_ _b\"/>e at t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>ate o<span class=\"_ _b\"/>f the i<span class=\"_ _b\"/>nvi<span class=\"_ _b\"/>tati<span class=\"_ _b\"/>on to p<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>tic<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>. A total of 420<span class=\"_ _b\"/>,798 (2021: 413<span class=\"_ _b\"/>,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>68<span class=\"_ _39\"/>) SAYE opti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re gra<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d on 25 M<span class=\"_ _b\"/>arc<span class=\"_ _b\"/>h 202<span class=\"_ _b\"/>2 (<span class=\"_ _39\"/>20<span class=\"_ _b\"/>21: 25 M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2021 a<span class=\"_ _b\"/>nd 24 Se<span class=\"_ _b\"/>pte<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _39\"/>). Th<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>re no o<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r ve<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>d<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er Pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re Pl<span class=\"_ _b\"/>an \u2013 t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s is a<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _b\"/>-set<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>la<span class=\"_ _b\"/>n un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re ent<span class=\"_ _b\"/>it<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d to pu<span class=\"_ _b\"/>rch<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s in<span class=\"_ _b\"/> </span>the f<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ure a<span class=\"_ _b\"/>t no<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>l val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>1<span class=\"_ _b\"/>5 p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce<span class=\"_ _39\"/>). Th<span class=\"_ _b\"/>e nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res th<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s are e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>itl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to purc<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>se w<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll d<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>r personal business<span class=\"_ _5\"/> volumes<span class=\"_ _39\"/> in a specified 12-<span class=\"_ _39\"/>month period<span class=\"_ _39\"/> and validation<span class=\"_ _39\"/> over the<span class=\"_ _39\"/> following thr<span class=\"_ _39\"/>ee years. The<span class=\"_ _39\"/> first award un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>me w<span class=\"_ _b\"/>as m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e on 29 J<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>y 201<span class=\"_ _b\"/>6, w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>en 3<span class=\"_ _b\"/>,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>56<span class=\"_ _b\"/>,<span class=\"_ _b\"/>281 sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>res we<span class=\"_ _b\"/>re gra<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. No f<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r a<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re gra<span class=\"_ _b\"/>nted i<span class=\"_ _b\"/>n ei<span class=\"_ _b\"/>the<span class=\"_ _b\"/>r 2021 o<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 in re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on to th<span class=\"_ _b\"/>e or<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l gra<span class=\"_ _b\"/>nts m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e in 2<span class=\"_ _b\"/>016<span class=\"_ _b\"/>. <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er a<span class=\"_ _b\"/>nd Ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>er Ch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>d Pl<span class=\"_ _b\"/>an \u2013 t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s is a<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _b\"/>-set<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>m<span class=\"_ _b\"/>e th<span class=\"_ _b\"/>at wa<span class=\"_ _b\"/>s la<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>d du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g 2015 a<span class=\"_ _b\"/>s pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he<span class=\"_ _b\"/> </span>Partner Performance<span class=\"_ _39\"/> Share Plan, whereb<span class=\"_ _39\"/>y Partners and advisers<span class=\"_ _39\"/> are entit<span class=\"_ _39\"/>le<span class=\"_ _b\"/>d t<span class=\"_ _39\"/>o purchase<span class=\"_ _5\"/> shares<span class=\"_ _39\"/> in the futur<span class=\"_ _39\"/>e at nominal val<span class=\"_ _b\"/>ue (15 pe<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e<span class=\"_ _39\"/>). The n<span class=\"_ _b\"/>um<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>f sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re en<span class=\"_ _b\"/>tit<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d to pu<span class=\"_ _b\"/>rch<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l de<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d up<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>i<span class=\"_ _b\"/>evi<span class=\"_ _b\"/>ng s<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>c<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ic<span class=\"_ _b\"/> prof<span class=\"_ _39\"/>essional qualifications and<span class=\"_ _39\"/> a threshold<span class=\"_ _39\"/> new business lev<span class=\"_ _39\"/>el in a specified<span class=\"_ _39\"/> 12-mont<span class=\"_ _39\"/>h period and v<span class=\"_ _39\"/>alid<span class=\"_ _b\"/>ation o<span class=\"_ _39\"/>ver the foll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>re<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>ward u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>me w<span class=\"_ _b\"/>as m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e on 29 J<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>y 201<span class=\"_ _b\"/>6, w<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n 2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>019<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>0<span class=\"_ _b\"/>0 sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re gra<span class=\"_ _b\"/>nted<span class=\"_ _b\"/>.<span class=\"_ _b\"/> No g<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ts we<span class=\"_ _b\"/>re ma<span class=\"_ _b\"/>de i<span class=\"_ _b\"/>n 202<span class=\"_ _b\"/>2 (<span class=\"_ _5\"/>2021: n<span class=\"_ _b\"/>i<span class=\"_ _b\"/>l<span class=\"_ _39\"/>). <span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">As<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ate Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>n \u2013 th<span class=\"_ _b\"/>is i<span class=\"_ _b\"/>s an e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y-s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>me t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t was l<span class=\"_ _b\"/>a<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>ed d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng 201<span class=\"_ _b\"/>7 wh<span class=\"_ _b\"/>ere<span class=\"_ _b\"/>by Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d ad<span class=\"_ _b\"/>v<span class=\"_ _b\"/>is<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s </span>are e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>ed to pu<span class=\"_ _b\"/>rch<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se a s<span class=\"_ _b\"/>et nu<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re at th<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>rket p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce a<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e inv<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n if t<span class=\"_ _b\"/>hey m<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>t the re<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ss vo<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s over t<span class=\"_ _b\"/>he fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>ree ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. N<span class=\"_ _b\"/>o gra<span class=\"_ _b\"/>nts we<span class=\"_ _b\"/>re m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e in 20<span class=\"_ _b\"/>22 (2021: ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>Sha<span class=\"_ _b\"/>re awar<span class=\"_ _b\"/>ds<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">Sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>re In<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>ve Pl<span class=\"_ _b\"/>an (SIP<span class=\"_ _39\"/>) \u2013 th<span class=\"_ _b\"/>is i<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _b\"/>-set<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>me<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>vai<span class=\"_ _b\"/>la<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le to al<span class=\"_ _b\"/>l e<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>loye<span class=\"_ _b\"/>es<span class=\"_ _6\"/>, wh<span class=\"_ _b\"/>ere i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>i<span class=\"_ _b\"/>du<span class=\"_ _b\"/>al<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/> </span>up to an a<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>u<span class=\"_ _b\"/>al l<span class=\"_ _b\"/>im<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>f \u00a31<span class=\"_ _b\"/>,<span class=\"_ _b\"/>80<span class=\"_ _b\"/>0 of p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-tax sal<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y in S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>res<span class=\"_ _b\"/>, to wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l ad<span class=\"_ _b\"/>d a fu<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r 10%<span class=\"_ _6\"/>. Th<span class=\"_ _b\"/>e vest<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d is t<span class=\"_ _b\"/>hre<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>rs; h<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>ever, if th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s are h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d for f<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ve yea<span class=\"_ _b\"/>rs th<span class=\"_ _b\"/>ey m<span class=\"_ _b\"/>ay b<span class=\"_ _b\"/>e so<span class=\"_ _b\"/>ld f<span class=\"_ _b\"/>ree o<span class=\"_ _b\"/>f in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me<span class=\"_ _b\"/> tax or c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l ga<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s tax<span class=\"_ _6\"/>. The<span class=\"_ _b\"/>re a<span class=\"_ _b\"/>re no ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r ves<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g co<span class=\"_ _b\"/>n<span class=\"_ _b\"/>di<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>. A tota<span class=\"_ _b\"/>l of 6<span class=\"_ _b\"/>,6<span class=\"_ _b\"/>53 (2021: 4<span class=\"_ _b\"/>,<span class=\"_ _b\"/>472<span class=\"_ _39\"/>) s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ares w<span class=\"_ _b\"/>ere g<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>er<span class=\"_ _b\"/> the S<span class=\"_ _b\"/>I<span class=\"_ _b\"/>P on 25 M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 202<span class=\"_ _b\"/>2 (2021: 25 Ma<span class=\"_ _b\"/>rch 202<span class=\"_ _b\"/>1<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>tive D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ferre<span class=\"_ _b\"/>d B<span class=\"_ _b\"/>on<span class=\"_ _b\"/>us S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>es \u2013 u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red e<span class=\"_ _b\"/>l<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e an<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l bo<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>s is u<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d to pu<span class=\"_ _b\"/>rch<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e </span>sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s at m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ket val<span class=\"_ _b\"/>ue i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>any. The s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ares a<span class=\"_ _b\"/>re he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st ove<span class=\"_ _b\"/>r the t<span class=\"_ _b\"/>hre<span class=\"_ _b\"/>e<span class=\"_ _b\"/>-year ve<span class=\"_ _b\"/>st<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d ma<span class=\"_ _b\"/>y b<span class=\"_ _b\"/>e subject t<span class=\"_ _39\"/>o further non-<span class=\"_ _39\"/>market<span class=\"_ _39\"/>-based<span class=\"_ _39\"/> p<span class=\"_ _b\"/>erformance condit<span class=\"_ _5\"/>ions. The plans<span class=\"_ _39\"/> are predominant<span class=\"_ _39\"/>ly equit<span class=\"_ _b\"/>y-settled. A<span class=\"_ _5\"/> to<span class=\"_ _39\"/>tal of 532<span class=\"_ _b\"/>,<span class=\"_ _b\"/>147 (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: n<span class=\"_ _b\"/>il) share<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re gra<span class=\"_ _b\"/>nted u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e De<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red B<span class=\"_ _b\"/>on<span class=\"_ _b\"/>us S<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s on 25 M<span class=\"_ _b\"/>arc<span class=\"_ _b\"/>h 202<span class=\"_ _b\"/>2 (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: 25 M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2021)<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">Executive P<span class=\"_ _39\"/>er<span class=\"_ _b\"/>formance Shar<span class=\"_ _39\"/>e Plan \u2013<span class=\"_ _39\"/> the Remunerat<span class=\"_ _39\"/>ion Committee of<span class=\"_ _39\"/> the Group<span class=\"_ _5\"/> Board may<span class=\"_ _39\"/> make awar<span class=\"_ _39\"/>ds of performance </span>sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s to the E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve Di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d oth<span class=\"_ _b\"/>er s<span class=\"_ _b\"/>en<span class=\"_ _b\"/>io<span class=\"_ _b\"/>r m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>. T<span class=\"_ _5\"/>wo th<span class=\"_ _b\"/>ird<span class=\"_ _b\"/>s of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res a<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to Di<span class=\"_ _b\"/>recto<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t to an ea<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs g<span class=\"_ _b\"/>row<span class=\"_ _b\"/>t<span class=\"_ _b\"/>h co<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>n<span class=\"_ _b\"/>e thi<span class=\"_ _b\"/>rd of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rde<span class=\"_ _b\"/>d to Di<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>tors a<span class=\"_ _b\"/>re su<span class=\"_ _b\"/>bj<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t to a com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ara<span class=\"_ _b\"/>tive tota<span class=\"_ _b\"/>l sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r retu<span class=\"_ _b\"/>rn c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>, b<span class=\"_ _b\"/>oth m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d over a t<span class=\"_ _b\"/>hre<span class=\"_ _b\"/>e<span class=\"_ _b\"/>-year ve<span class=\"_ _b\"/>st<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er i<span class=\"_ _b\"/>nfo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n reg<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ves<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng conditions<span class=\"_ _39\"/> of the earnings-<span class=\"_ _39\"/>growth-dependent and<span class=\"_ _39\"/> total-<span class=\"_ _39\"/>shareholder<span class=\"_ _39\"/>-r<span class=\"_ _39\"/>eturn-dependent portions o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> award is<span class=\"_ _39\"/> given in the Dir<span class=\"_ _39\"/>ectors\u2019 Remuner<span class=\"_ _39\"/>ation Report. Aw<span class=\"_ _5\"/>ards<span class=\"_ _39\"/> mad<span class=\"_ _b\"/>e t<span class=\"_ _39\"/>o senior managers ar<span class=\"_ _39\"/>e typi<span class=\"_ _b\"/>cally only<span class=\"_ _5\"/> subject t<span class=\"_ _39\"/>o the earnings<span class=\"_ _39\"/> growth con<span class=\"_ _b\"/>d<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>. Thi<span class=\"_ _b\"/>s i<span class=\"_ _b\"/>s pre<span class=\"_ _b\"/>do<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ant<span class=\"_ _b\"/>ly a<span class=\"_ _b\"/>n eq<span class=\"_ _b\"/>u<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y<span class=\"_ _b\"/>-set<span class=\"_ _b\"/>t<span class=\"_ _b\"/>le<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e. A tota<span class=\"_ _b\"/>l of 1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>120,<span class=\"_ _b\"/>07<span class=\"_ _b\"/>7 (2021: 1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>27<span class=\"_ _b\"/>7<span class=\"_ _39\"/>,<span class=\"_ _b\"/>152) share<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re gra<span class=\"_ _b\"/>nted u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r the E<span class=\"_ _b\"/>x<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ve Pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>for<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re Pl<span class=\"_ _b\"/>an a<span class=\"_ _b\"/>cros<span class=\"_ _b\"/>s o<span class=\"_ _b\"/>ne g<span class=\"_ _b\"/>rant m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>de o<span class=\"_ _b\"/>n 25 Ma<span class=\"_ _b\"/>rch 20<span class=\"_ _b\"/>22 (2021: th<span class=\"_ _b\"/>ree g<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ts ma<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e on 25 M<span class=\"_ _b\"/>arc<span class=\"_ _b\"/>h 2021<span class=\"_ _b\"/>, 29 Ap<span class=\"_ _b\"/>r<span class=\"_ _b\"/>il 2021 a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d 24 Sep<span class=\"_ _b\"/>temb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021)<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">Res<span class=\"_ _b\"/>tr<span class=\"_ _b\"/>icte<span class=\"_ _b\"/>d Sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>re Pla<span class=\"_ _b\"/>n \u2013 un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er th<span class=\"_ _b\"/>i<span class=\"_ _b\"/>s pl<span class=\"_ _b\"/>an e<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>oyee<span class=\"_ _b\"/>s are a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rde<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>-rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res w<span class=\"_ _b\"/>ith t<span class=\"_ _b\"/>he ve<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g co<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on<span class=\"_ _b\"/> </span>be<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ked to Gro<span class=\"_ _b\"/>up f<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ds u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t. T<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an i<span class=\"_ _b\"/>s pre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>om<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>tly e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y-s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d<span class=\"_ _b\"/>. A total of 1<span class=\"_ _b\"/>62<span class=\"_ _b\"/>,6<span class=\"_ _b\"/>4<span class=\"_ _b\"/>3 (<span class=\"_ _39\"/>202<span class=\"_ _b\"/>1: 4<span class=\"_ _b\"/>5<span class=\"_ _b\"/>,<span class=\"_ _b\"/>85<span class=\"_ _b\"/>3<span class=\"_ _39\"/>) awa<span class=\"_ _b\"/>rds w<span class=\"_ _b\"/>ere g<span class=\"_ _b\"/>rante<span class=\"_ _b\"/>d un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er th<span class=\"_ _b\"/>e Re<span class=\"_ _b\"/>str<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re Pl<span class=\"_ _b\"/>an o<span class=\"_ _b\"/>n 25 Ma<span class=\"_ _b\"/>rch 20<span class=\"_ _b\"/>22 (2021: 24 Se<span class=\"_ _b\"/>ptem<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2021)<span class=\"_ _39\"/>.<span class=\"_ _b\"/> Share<span class=\"_ _39\"/> options and aw<span class=\"_ _5\"/>ards<span class=\"_ _39\"/> outstanding under<span class=\"_ _39\"/> the various<span class=\"_ _39\"/> share-based payment<span class=\"_ _39\"/> schemes set out<span class=\"_ _39\"/> ab<span class=\"_ _b\"/>ov<span class=\"_ _39\"/>e at 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022 a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>un<span class=\"_ _b\"/>t to 12.<span class=\"_ _b\"/>6 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res (2021: 13<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on)<span class=\"_ _39\"/>. O<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e, 2<span class=\"_ _b\"/>.9 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>20<span class=\"_ _b\"/>21: 3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>9 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>re un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n to Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>se<span class=\"_ _b\"/>rs o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip<span class=\"_ _b\"/>, 8<span class=\"_ _b\"/>.5 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>20<span class=\"_ _b\"/>21: 8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>re un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on to E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve Di<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>tors a<span class=\"_ _b\"/>nd s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>or ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t (<span class=\"_ _39\"/>i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g 0.9 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>20<span class=\"_ _b\"/>21: 1<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r opt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to Di<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>tors a<span class=\"_ _b\"/>s di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ose<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Di<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>tors<span class=\"_ _b\"/>\u2019 Re<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>n<span class=\"_ _b\"/>era<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n Report<span class=\"_ _39\"/>) and 1.<span class=\"_ _b\"/>2 million<span class=\"_ _5\"/> (<span class=\"_ _39\"/>202<span class=\"_ _5\"/>1: 1.4 million<span class=\"_ _4\"/>) are<span class=\"_ _39\"/> unde<span class=\"_ _b\"/>r opt<span class=\"_ _39\"/>ion through t<span class=\"_ _39\"/>he SA<span class=\"_ _4\"/>YE and SIP schemes. These<span class=\"_ _39\"/> are ex<span class=\"_ _39\"/>ercisable on a<span class=\"_ _39\"/> range of fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re da<span class=\"_ _b\"/>tes<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>24<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>21. Sh<span class=\"_ _b\"/>are-based payments <span class=\"ffa5 lsf5 ws104\">co<span class=\"_ _b\"/>ntinu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Financial assump<span class=\"_ _39\"/>t<span class=\"_ _b\"/>ions underlying the calculation o<span class=\"_ _39\"/>f fair value<span class=\"_ _34e\"> </span>The fa<span class=\"_ _b\"/>ir va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>se h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d on t<span class=\"_ _b\"/>he fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>st<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts g<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>s ca<span class=\"_ _b\"/>lc<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ate de<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>vat<span class=\"_ _b\"/>ive p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ng m<span class=\"_ _b\"/>od<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e be<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow s<span class=\"_ _b\"/>how<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e wei<span class=\"_ _b\"/>g<span class=\"_ _b\"/>hted a<span class=\"_ _b\"/>vera<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>o<span class=\"_ _b\"/>de<span class=\"_ _b\"/>ls u<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed to ca<span class=\"_ _b\"/>l<span class=\"_ _b\"/>cul<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te the g<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te fair va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of e<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rd:<span class=\"_ _34e\"> </span>Va<span class=\"_ _5\"/>luation model<span class=\"_ _34e\"> </span>SAY<span class=\"_ _6\"/>E<span class=\"_ _b\"/> P<span class=\"_ _b\"/>l<span class=\"_ _6\"/>a<span class=\"_ _6\"/>n 3<span class=\"_ _34e\"> </span>Share Incentive<span class=\"_ _39\"/> Plan<span class=\"_ _34e\"> </span>Exe<span class=\"_ _b\"/>cuti<span class=\"_ _b\"/>ve<span class=\"_ _34e\"> </span>Deferre<span class=\"_ _b\"/>d Bonus<span class=\"_ _34e\"> </span>Executi<span class=\"_ _b\"/>ve Performance Share Plan 3,4,5<span class=\"_ _34e\"> </span>Restricted<span class=\"_ _34e\"> </span>Share Plan Black-<span class=\"_ _39\"/>Scholes<span class=\"_ _116\"> </span>Black<span class=\"_ _39\"/>-Scholes<span class=\"_ _116\"> </span>Black<span class=\"_ _39\"/>-Scholes<span class=\"_ _13a\"> </span><span class=\"lsbb ws3\">Mo<span class=\"_ _b\"/>nte C<span class=\"_ _b\"/>arl<span class=\"_ _b\"/>o<span class=\"_ _64\"> </span><span class=\"ls40 wsc8\"> Mon<span class=\"_ _b\"/>te-Carl<span class=\"_ _b\"/>o<span class=\"_ _34e\"> </span></span></span>Aw<span class=\"_ _39\"/>ards in 2022<span class=\"_ _34e\"> </span>Fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue (p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e<span class=\"_ _39\"/>)<span class=\"_ _182\"> </span><span class=\"ls30 ws30\">404<span class=\"_ _b\"/>.8<span class=\"_ _e9\"> </span><span class=\"lsfd ws63\">1,44<span class=\"_ _39\"/>7<span class=\"_ _4\"/>.0<span class=\"_ _60\"> </span>1,44<span class=\"_ _39\"/>7<span class=\"_ _4\"/>.0<span class=\"_ _1c\"> </span><span class=\"ls3 ws3\">911<span class=\"_ _b\"/>.<span class=\"_ _b\"/>6/1,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>47<span class=\"_ _39\"/>.<span class=\"_ _b\"/>0<span class=\"_ _7e\"> </span><span class=\"ls39 wsa4\">1,<span class=\"_ _b\"/>30<span class=\"_ _b\"/>0.9<span class=\"_ _34e\"> </span></span></span></span></span>Share price (<span class=\"_ _39\"/>p<span class=\"_ _b\"/>ence<span class=\"_ _39\"/>)<span class=\"_ _30f\"> </span><span class=\"lsfd ws63\">1,44<span class=\"_ _39\"/>7<span class=\"_ _4\"/>.0<span class=\"_ _60\"> </span>1,44<span class=\"_ _39\"/>7<span class=\"_ _39\"/>.0<span class=\"_ _7c\"> </span>1,447<span class=\"_ _4\"/>.0<span class=\"_ _97\"> </span>1,447<span class=\"_ _29\"/>.0<span class=\"_ _6f\"> </span>1,447<span class=\"_ _29\"/>.0<span class=\"_ _34e\"> </span></span>Exercise price (pence<span class=\"_ _4\"/>)<span class=\"_ _1bc\"> </span><span class=\"lsa6 wsaa\">1,111<span class=\"_ _b\"/>.0<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _310\"> </span>\u2013<span class=\"_ _34e\"> </span></span></span>Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted vo<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y (<span class=\"_ _39\"/>% p<span class=\"_ _b\"/>a<span class=\"_ _39\"/>) 1<span class=\"_ _34e\"> </span>33<span class=\"_ _6a\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _b\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _3a\"> </span></span>33<span class=\"_ _30b\"> </span>33<span class=\"_ _34e\"> </span>Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted d<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>% pa) 2<span class=\"_ _34e\"> </span>3.6<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _98\"> </span></span>3<span class=\"_ _b\"/>.6<span class=\"_ _273\"> </span>3.6<span class=\"_ _34e\"> </span>Ris<span class=\"_ _b\"/>k-free in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t rate (<span class=\"_ _39\"/>% p<span class=\"_ _b\"/>a<span class=\"_ _39\"/>)<span class=\"_ _143\"> </span><span class=\"lse9 wsd7\">1.43<span class=\"_ _70\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _6\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _b\"/>/A<span class=\"_ _7d\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _1a0\"> </span>N<span class=\"_ _b\"/>/A<span class=\"_ _34e\"> </span></span></span>Expect<span class=\"_ _39\"/>ed lif<span class=\"_ _39\"/>e (<span class=\"_ _39\"/>years<span class=\"_ _4\"/>)<span class=\"_ _311\"> </span><span class=\"ls37 ws36\">3.5<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">3<span class=\"_ _98\"> </span>3<span class=\"_ _12\"> </span>3<span class=\"_ _2f6\"> </span>3<span class=\"_ _34e\"> </span></span></span>Volat<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>f co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>itor<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>% pa)<span class=\"_ _2a2\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _b\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _b\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _84\"> </span><span class=\"ls111 ws11f\">2<span class=\"_ _b\"/>3<span class=\"_ _b\"/>-8<span class=\"_ _b\"/>0<span class=\"_ _ca\"> </span></span>N<span class=\"_ _b\"/>/A<span class=\"_ _34e\"> </span></span>Correlati<span class=\"_ _5\"/>on with<span class=\"_ _39\"/> competitors<span class=\"_ _39\"/> (<span class=\"_ _39\"/>%<span class=\"_ _39\"/>)<span class=\"_ _1b6\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _6\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _79\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _3a\"> </span><span class=\"lsb0 wsb5\">20<span class=\"_ _ca\"> </span></span>N<span class=\"_ _b\"/>/A<span class=\"_ _34e\"> </span></span>Awards i<span class=\"_ _b\"/>n 2021<span class=\"_ _34e\"> </span>Fai<span class=\"_ _b\"/>r val<span class=\"_ _b\"/>ue (p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e<span class=\"_ _39\"/>)<span class=\"_ _275\"> </span><span class=\"ls3\">372.<span class=\"_ _b\"/>8<span class=\"_ _207\"> </span>87<span class=\"_ _5\"/>9.<span class=\"_ _b\"/>3/1,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>72.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span>396.1<span class=\"_ _60\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>,<span class=\"_ _6\"/>272.<span class=\"_ _b\"/>5<span class=\"_ _79\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _b\"/>/A<span class=\"_ _2c\"> </span><span class=\"lsb0 wsb5\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>221<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3/1,578<span class=\"_ _b\"/>.0<span class=\"_ _34e\"> </span></span></span></span>3,5<span class=\"_ _34e\"> </span>1,439<span class=\"_ _39\"/>.1<span class=\"_ _34e\"> </span>Share price (<span class=\"_ _39\"/>p<span class=\"_ _b\"/>ence<span class=\"_ _39\"/>)<span class=\"_ _30f\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>272<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5<span class=\"_ _9c\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _6\"/>272.<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span></span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>578<span class=\"_ _b\"/>.0<span class=\"_ _e9\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>272<span class=\"_ _b\"/>.<span class=\"_ _b\"/>5<span class=\"_ _6a\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _6\"/>/A<span class=\"_ _17\"> </span></span></span>1<span class=\"_ _b\"/>,5<span class=\"_ _b\"/>78<span class=\"_ _b\"/>.0<span class=\"_ _6f\"> </span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>578<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0<span class=\"_ _34e\"> </span>Exercise price (pence<span class=\"_ _4\"/>)<span class=\"_ _2d4\"> </span><span class=\"ls3e\">940.0<span class=\"_ _34e\"> </span></span>1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>281<span class=\"_ _b\"/>.0<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _196\"> </span>\u2013<span class=\"_ _2d2\"> </span>\u2013<span class=\"_ _34e\"> </span></span>Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted vo<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y (<span class=\"_ _39\"/>% p<span class=\"_ _b\"/>a<span class=\"_ _39\"/>) 1<span class=\"_ _34e\"> </span>31<span class=\"_ _2fb\"> </span>31<span class=\"_ _34e\"> </span>32<span class=\"_ _6a\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _6\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _b\"/>/A<span class=\"_ _54\"> </span></span>32<span class=\"_ _30b\"> </span>32<span class=\"_ _34e\"> </span>Ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted d<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>% pa) 2<span class=\"_ _34e\"> </span>2.4<span class=\"_ _2ce\"> </span>2.4<span class=\"_ _34e\"> </span>3.1<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _312\"> </span></span>3.1<span class=\"_ _1bf\"> </span>3.1<span class=\"_ _34e\"> </span>Ris<span class=\"_ _b\"/>k-free in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t rate (<span class=\"_ _39\"/>% p<span class=\"_ _b\"/>a<span class=\"_ _39\"/>)<span class=\"_ _15f\"> </span><span class=\"lsa6 wsaa\">0.11<span class=\"_ _79\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _b\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _b\"/>/A<span class=\"_ _313\"> </span>N<span class=\"_ _b\"/>/A<span class=\"_ _1a0\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _34e\"> </span></span></span>Expect<span class=\"_ _39\"/>ed lif<span class=\"_ _39\"/>e (<span class=\"_ _39\"/>years<span class=\"_ _4\"/>)<span class=\"_ _311\"> </span><span class=\"ls37 ws36\">3.5<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">3<span class=\"_ _77\"> </span><span class=\"ls143 ws15f\"> N<span class=\"_ _6\"/>/A<span class=\"_ _55\"> </span></span>3<span class=\"_ _2f6\"> </span>3<span class=\"_ _34e\"> </span></span></span>Volat<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>f co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>itor<span class=\"_ _b\"/>s (<span class=\"_ _39\"/>% pa)<span class=\"_ _2a2\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _b\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _b\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _68\"> </span><span class=\"ls2b ws2b\">22<span class=\"_ _b\"/>-67<span class=\"_ _52\"> </span></span>N<span class=\"_ _6\"/>/A<span class=\"_ _34e\"> </span></span>22<span class=\"_ _b\"/>-68<span class=\"_ _34e\"> </span>Correlati<span class=\"_ _5\"/>on with<span class=\"_ _39\"/> competitors<span class=\"_ _39\"/> (<span class=\"_ _39\"/>%<span class=\"_ _39\"/>)<span class=\"_ _1b6\"> </span><span class=\"ls143 ws15f\">N<span class=\"_ _6\"/>/A<span class=\"_ _7b\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _79\"> </span>N<span class=\"_ _6\"/>/A<span class=\"_ _3a\"> </span><span class=\"lsb0 wsb5\">20<span class=\"_ _ca\"> </span></span>N<span class=\"_ _b\"/>/A<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>Expected<span class=\"_ _39\"/> volatility is based<span class=\"_ _39\"/> on an analysis<span class=\"_ _39\"/> of the C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>any\u2019s<span class=\"_ _5\"/> historic<span class=\"_ _39\"/> share price<span class=\"_ _39\"/> volatility ov<span class=\"_ _39\"/>er a period<span class=\"_ _39\"/> which is commensur<span class=\"_ _39\"/>ate with<span class=\"_ _39\"/> the expect<span class=\"_ _39\"/>ed ter<span class=\"_ _b\"/>m of t<span class=\"_ _b\"/>he o<span class=\"_ _b\"/>pt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>s or t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>2  F<span class=\"_ _39\"/>or schemes where<span class=\"_ _39\"/> dividends are<span class=\"_ _39\"/> payable on t<span class=\"_ _39\"/>he shares dur<span class=\"_ _5\"/>ing the<span class=\"_ _39\"/> vesting period,<span class=\"_ _39\"/> the dividend yield<span class=\"_ _39\"/> assumption in t<span class=\"_ _39\"/>he Black-<span class=\"_ _39\"/>Scholes option<span class=\"_ _39\"/> pricing mo<span class=\"_ _b\"/>d<span class=\"_ _b\"/>el i<span class=\"_ _b\"/>s se<span class=\"_ _b\"/>t a<span class=\"_ _b\"/>t zero<span class=\"_ _b\"/>. 3  T<span class=\"_ _39\"/>w<span class=\"_ _b\"/>o SAYE awa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 20<span class=\"_ _b\"/>21<span class=\"_ _b\"/>, o<span class=\"_ _b\"/>n 25 M<span class=\"_ _b\"/>arc<span class=\"_ _b\"/>h a<span class=\"_ _b\"/>nd 24 S<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r, and t<span class=\"_ _b\"/>hre<span class=\"_ _b\"/>e E<span class=\"_ _b\"/>x<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>e Pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>an<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>re Pl<span class=\"_ _b\"/>an a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 2021<span class=\"_ _b\"/>, o<span class=\"_ _b\"/>n 25 M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch<span class=\"_ _b\"/>, 2<span class=\"_ _b\"/>9 Ap<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>l a<span class=\"_ _b\"/>nd 24 S<span class=\"_ _b\"/>ep<span class=\"_ _b\"/>tem<span class=\"_ _b\"/>b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r, the a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>u<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s for w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h a<span class=\"_ _b\"/>re sh<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>ove a<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>e f<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>st a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d se<span class=\"_ _b\"/>c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>d fi<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>es (wit<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e sa<span class=\"_ _b\"/>me a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns fo<span class=\"_ _b\"/>r 25 M<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>nd 2<span class=\"_ _b\"/>9 Ap<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>l E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve P<span class=\"_ _b\"/>er<span class=\"_ _6\"/>for<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rds), res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>ly. Th<span class=\"_ _b\"/>er<span class=\"_ _b\"/>e wa<span class=\"_ _b\"/>s a si<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gl<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rd in 2<span class=\"_ _b\"/>02<span class=\"_ _b\"/>2.<span class=\"_ _34e\"> </span>24<span class=\"_ _6\"/>4<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>4  <span class=\"_ _39\"/>T<span class=\"_ _b\"/>h<span class=\"_ _b\"/>e aw<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve Pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>n ar<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>d<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t up<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n ea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gs g<span class=\"_ _b\"/>row<span class=\"_ _6\"/>th i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ny (<span class=\"_ _39\"/>t<span class=\"_ _6\"/>wo th<span class=\"_ _b\"/>i<span class=\"_ _b\"/>rds o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rd) and a tota<span class=\"_ _b\"/>l sh<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>eh<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r ret<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>n of a c<span class=\"_ _b\"/>o<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ato<span class=\"_ _b\"/>r gr<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>p of c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>an<span class=\"_ _b\"/>i<span class=\"_ _b\"/>es (one<span class=\"_ _b\"/>-th<span class=\"_ _b\"/>ird o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rd)<span class=\"_ _39\"/>. T<span class=\"_ _b\"/>h<span class=\"_ _b\"/>is re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>n ha<span class=\"_ _b\"/>v<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g t<span class=\"_ _b\"/>w<span class=\"_ _b\"/>o fai<span class=\"_ _b\"/>r va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s for e<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ch o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rds<span class=\"_ _b\"/> made in<span class=\"_ _39\"/> the table<span class=\"_ _39\"/> above:<span class=\"_ _5\"/> the firs<span class=\"_ _39\"/>t being in r<span class=\"_ _39\"/>elation to<span class=\"_ _39\"/> the compara<span class=\"_ _5\"/>tor<span class=\"_ _39\"/> total<span class=\"_ _39\"/> shareholder re<span class=\"_ _39\"/>turn<span class=\"_ _b\"/>, which<span class=\"_ _39\"/> is a mark<span class=\"_ _39\"/>et-<span class=\"_ _39\"/>based performance condi<span class=\"_ _39\"/>tion and so v<span class=\"_ _39\"/>alued using a Mon<span class=\"_ _39\"/>te Carlo<span class=\"_ _39\"/> simulation; and<span class=\"_ _39\"/> the second r<span class=\"_ _39\"/>elating to<span class=\"_ _39\"/> the Company\u2019s<span class=\"_ _39\"/> earnings growth, which<span class=\"_ _39\"/> is a non-<span class=\"_ _39\"/>market<span class=\"_ _39\"/>-based performanc<span class=\"_ _39\"/>e condition<span class=\"_ _39\"/> and so v<span class=\"_ _5\"/>alued using<span class=\"_ _39\"/> the Black-<span class=\"_ _39\"/>Scholes model.<span class=\"_ _34e\"> </span>5  <span class=\"_ _39\"/>T<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>w<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>s m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve Pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n for m<span class=\"_ _b\"/>e<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rs o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ard C<span class=\"_ _b\"/>o<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>it<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>re s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct to a t<span class=\"_ _6\"/>wo<span class=\"_ _b\"/>-yea<span class=\"_ _b\"/>r holding period<span class=\"_ _39\"/> once the aw<span class=\"_ _5\"/>ard<span class=\"_ _39\"/> has vest<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d. This<span class=\"_ _39\"/> results in<span class=\"_ _39\"/> discounted f<span class=\"_ _39\"/>air values<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> E<span class=\"_ _b\"/>xecutive<span class=\"_ _39\"/> Board Committee<span class=\"_ _39\"/> population of<span class=\"_ _39\"/> 820.4/1,447<span class=\"_ _4\"/>.0 (2021: 79<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.0/1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>72<span class=\"_ _b\"/>.5) pen<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e pe<span class=\"_ _b\"/>r s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re<span class=\"_ _b\"/>, to ref<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>du<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d m<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>keta<span class=\"_ _b\"/>b<span class=\"_ _b\"/>il<span class=\"_ _b\"/>i<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y of t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Share option schemes<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span>2021<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>Number<span class=\"_ _34e\"> </span>of options<span class=\"_ _34e\"> </span>Weight<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>average exercis<span class=\"_ _b\"/>e price<span class=\"_ _34e\"> </span>Number of opt<span class=\"_ _39\"/>io<span class=\"_ _b\"/>ns<span class=\"_ _34e\"> </span>Weight<span class=\"_ _39\"/>ed average<span class=\"_ _39\"/> exercise<span class=\"_ _5\"/> price<span class=\"_ _34e\"> </span>S<span class=\"_ _b\"/>AY<span class=\"_ _6\"/>E<span class=\"_ _6\"/> P<span class=\"_ _b\"/>l<span class=\"_ _30\"/>a<span class=\"_ _6\"/>n<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _1f6\"> </span><span class=\"lsfd ws63\">1,405<span class=\"_ _5\"/>,4<span class=\"_ _39\"/>75<span class=\"_ _14\"> </span><span class=\"ls5f ws65\">\u00a38.<span class=\"_ _b\"/>18<span class=\"_ _1b1\"> </span><span class=\"ls37 ws36\">1<span class=\"_ _b\"/>,400,927 <span class=\"_ _bf\"> </span><span class=\"ls4d ws4b\">\u00a3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _6\"/>8<span class=\"_ _34e\"> </span></span></span></span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _164\"> </span><span class=\"lsb2 wsb9\">420<span class=\"_ _b\"/>,79<span class=\"_ _b\"/>8<span class=\"_ _77\"> </span><span class=\"lsa6 wsaa\">\u00a311.11<span class=\"_ _189\"> </span><span class=\"ls57 ws59\">413,468 <span class=\"_ _b4\"> </span><span class=\"lsad wsb2\">\u00a310.<span class=\"_ _b\"/>89<span class=\"_ _34e\"> </span></span></span></span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _df\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>7,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>9<span class=\"_ _6\"/>6)<span class=\"_ _e9\"> </span><span class=\"lsbc wsc1\">\u00a39.9<span class=\"_ _b\"/>0<span class=\"_ _18f\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>6<span class=\"_ _30\"/>,<span class=\"_ _6\"/>2<span class=\"_ _6\"/>0<span class=\"_ _30\"/>5)<span class=\"_ _6\"/> <span class=\"_ _e9\"> </span><span class=\"ls5f ws65\">\u00a38.1<span class=\"_ _b\"/>9<span class=\"_ _34e\"> </span></span></span></span></span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _bb\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _b\"/>2<span class=\"_ _b\"/>8<span class=\"_ _30\"/>,<span class=\"_ _6\"/>9<span class=\"_ _6\"/>4<span class=\"_ _6\"/>6)<span class=\"_ _27\"> </span><span class=\"ls4d ws4b\">\u00a3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>4<span class=\"_ _30\"/>6<span class=\"_ _63\"> </span><span class=\"lsa4 wsfb\">(2<span class=\"_ _6\"/>5<span class=\"_ _6\"/>2<span class=\"_ _6\"/>,<span class=\"_ _6\"/>7<span class=\"_ _30\"/>1<span class=\"_ _6\"/>5)<span class=\"_ _6\"/> <span class=\"_ _102\"> </span><span class=\"ls9e wsa3\">\u00a38.85<span class=\"_ _34e\"> </span></span></span></span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _2f7\"> </span><span class=\"lsbc wsc1\">1,139,731<span class=\"_ _7a\"> </span><span class=\"ls87 wsb6\">\u00a39.<span class=\"_ _b\"/>76<span class=\"_ _1b1\"> </span><span class=\"ffa5 fc3 lsfd ws63\">1,40<span class=\"_ _39\"/>5,47<span class=\"_ _39\"/>5 <span class=\"_ _7a\"> </span><span class=\"ls5f ws65\">\u00a38<span class=\"_ _b\"/>.<span class=\"_ _b\"/>18<span class=\"_ _34e\"> </span></span></span></span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _314\"> </span><span class=\"ls71 wsc5\">2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>233<span class=\"_ _1c3\"> </span><span class=\"ls8f ws90\">\u00a38<span class=\"_ _b\"/>.0<span class=\"_ _b\"/>6<span class=\"_ _9b\"> </span></span></span><span class=\"ffa5 fc3 ls3\">19,<span class=\"_ _b\"/>15<span class=\"_ _b\"/>8 <span class=\"_ _1a\"> </span><span class=\"lsbc wsc1\">\u00a39.0<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Partner Performance Share P<span class=\"_ _39\"/>l<span class=\"_ _b\"/>an<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _107\"> </span><span class=\"lsbf wsc6\">4<span class=\"_ _b\"/>4<span class=\"_ _b\"/>0<span class=\"_ _b\"/>,70<span class=\"_ _b\"/>2<span class=\"_ _97\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _89\"> </span><span class=\"lse6 wsf5\">89<span class=\"_ _b\"/>6<span class=\"_ _6\"/>,<span class=\"_ _b\"/>052<span class=\"_ _b\"/> <span class=\"_ _9d\"> </span></span>\u00a30.15<span class=\"_ _34e\"> </span></span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _217\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013 <span class=\"_ _ca\"> </span>\u2013<span class=\"_ _34e\"> </span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _315\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _27\"> </span><span class=\"lsf2 ws100\">(7,<span class=\"_ _30\"/>9<span class=\"_ _6\"/>4<span class=\"_ _6\"/>8)<span class=\"_ _6\"/> <span class=\"_ _e9\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _34e\"> </span></span></span></span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _2b6\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _30\"/>4<span class=\"_ _6\"/>0<span class=\"_ _30\"/>,<span class=\"_ _b\"/>7<span class=\"_ _6\"/>0<span class=\"_ _6\"/>2)<span class=\"_ _7a\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _13f\"> </span></span>(4<span class=\"_ _30\"/>4<span class=\"_ _b\"/>7,<span class=\"_ _30\"/>4<span class=\"_ _30\"/>0<span class=\"_ _b\"/>2<span class=\"_ _b\"/>)<span class=\"_ _6\"/> <span class=\"_ _e9\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _34e\"> </span></span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _c7\"> </span><span class=\"ffa5 fc3 ls3\">\u2013<span class=\"_ _c1\"> </span></span><span class=\"ls8f ws90\">\u00a30<span class=\"_ _b\"/>.1<span class=\"_ _b\"/>5<span class=\"_ _13a\"> </span><span class=\"ffa5 fc3 lsbf wsc6\">4<span class=\"_ _b\"/>4<span class=\"_ _b\"/>0<span class=\"_ _b\"/>,70<span class=\"_ _b\"/>2 <span class=\"_ _9d\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _34e\"> </span></span></span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _316\"> </span><span class=\"ffa5 fc3 ls3\">\u2013<span class=\"_ _c1\"> </span></span><span class=\"ls8f ws90\">\u00a30.<span class=\"_ _b\"/>15<span class=\"_ _13a\"> </span><span class=\"ffa5 fc3 lsbf wsc6\">4<span class=\"_ _6\"/>4<span class=\"_ _b\"/>0<span class=\"_ _b\"/>,702<span class=\"_ _b\"/> <span class=\"_ _9d\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _34e\"> </span></span></span></span>Partner and<span class=\"_ _39\"/> Adviser C<span class=\"_ _5\"/>hartered P<span class=\"_ _39\"/>l<span class=\"_ _b\"/>an<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _2c6\"> </span><span class=\"lse8 wsf7\">1<span class=\"_ _b\"/>76<span class=\"_ _b\"/>,<span class=\"_ _6\"/>37<span class=\"_ _b\"/>8<span class=\"_ _97\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _11\"> </span><span class=\"ls3 ws3\">314<span class=\"_ _b\"/>,<span class=\"_ _b\"/>94<span class=\"_ _b\"/>4 <span class=\"_ _9d\"> </span></span>\u00a30.15<span class=\"_ _34e\"> </span></span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _217\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _d5\"> </span><span class=\"lsfa ws109\">(<span class=\"_ _4\"/>2,000<span class=\"_ _39\"/>)<span class=\"_ _bf\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _17\"> </span><span class=\"lsef wsfd\">(5<span class=\"_ _6\"/>0<span class=\"_ _6\"/>0)<span class=\"_ _7a\"> </span></span>\u00a30.15<span class=\"_ _34e\"> </span></span></span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _dc\"> </span><span class=\"ls4d ws4b\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>74<span class=\"_ _6\"/>,<span class=\"_ _30\"/>3<span class=\"_ _6\"/>7<span class=\"_ _b\"/>8)<span class=\"_ _7a\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _88\"> </span><span class=\"ls43 ws41\">(138,066<span class=\"_ _39\"/>) <span class=\"_ _e9\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _34e\"> </span></span></span></span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _c7\"> </span><span class=\"ffa5 fc3 ls3\">\u2013<span class=\"_ _c1\"> </span></span><span class=\"ls8f ws90\">\u00a30<span class=\"_ _b\"/>.1<span class=\"_ _b\"/>5<span class=\"_ _102\"> </span><span class=\"ffa5 fc3 lse8 wsf7\">1<span class=\"_ _b\"/>76<span class=\"_ _b\"/>,<span class=\"_ _b\"/>3<span class=\"_ _b\"/>7<span class=\"_ _b\"/>8 <span class=\"_ _9d\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _34e\"> </span></span></span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _316\"> </span><span class=\"ffa5 fc3 ls3\">\u2013<span class=\"_ _c1\"> </span></span><span class=\"ls8f ws90\">\u00a30.<span class=\"_ _b\"/>15<span class=\"_ _102\"> </span><span class=\"ffa5 fc3 lse8 wsf7\">1<span class=\"_ _b\"/>76<span class=\"_ _6\"/>,<span class=\"_ _b\"/>3<span class=\"_ _b\"/>78<span class=\"_ _b\"/> <span class=\"_ _9d\"> </span><span class=\"ls3e ws3d\">\u00a30.15<span class=\"_ _34e\"> </span></span></span></span>Asso<span class=\"_ _b\"/>cia<span class=\"_ _b\"/>te Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er Pl<span class=\"_ _b\"/>an<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _101\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>,<span class=\"_ _30\"/>2<span class=\"_ _6\"/>74<span class=\"_ _30\"/>,<span class=\"_ _6\"/>0<span class=\"_ _6\"/>3<span class=\"_ _6\"/>3<span class=\"_ _9d\"> </span><span class=\"lsad wsb2\">\u00a31<span class=\"_ _b\"/>0.9<span class=\"_ _b\"/>1<span class=\"_ _115\"> </span><span class=\"lsfc ws10b\">5,2<span class=\"_ _39\"/>06,2<span class=\"_ _39\"/>50<span class=\"_ _39\"/> <span class=\"_ _b4\"> </span><span class=\"ls3e ws3d\">\u00a310.95<span class=\"_ _34e\"> </span></span></span></span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _217\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013 <span class=\"_ _ca\"> </span>\u2013<span class=\"_ _34e\"> </span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _216\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>3<span class=\"_ _6\"/>,<span class=\"_ _b\"/>7<span class=\"_ _6\"/>5<span class=\"_ _6\"/>0)<span class=\"_ _be\"> </span><span class=\"lsad wsb2\">\u00a31<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>91<span class=\"_ _114\"> </span><span class=\"lsa4 wsfb\">(5<span class=\"_ _6\"/>3<span class=\"_ _30\"/>9<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>2<span class=\"_ _6\"/>5)<span class=\"_ _6\"/> <span class=\"_ _103\"> </span></span>\u00a311<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b\"/>4<span class=\"_ _34e\"> </span></span></span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _317\"> </span><span class=\"ls37 ws36\">(<span class=\"_ _4\"/>331,100<span class=\"_ _39\"/>)<span class=\"_ _1c4\"> </span><span class=\"lsad wsb2\">\u00a31<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>8<span class=\"_ _b\"/>5<span class=\"_ _115\"> </span><span class=\"ls42 ws95\">(1,<span class=\"_ _b\"/>392<span class=\"_ _b\"/>,<span class=\"_ _b\"/>692<span class=\"_ _5\"/>) <span class=\"_ _11\"> </span><span class=\"lsad wsb2\">\u00a310<span class=\"_ _b\"/>.9<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span></span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _133\"> </span><span class=\"lsc0 wsc7\">2<span class=\"_ _b\"/>,9<span class=\"_ _b\"/>09,18<span class=\"_ _b\"/>3<span class=\"_ _27\"> </span><span class=\"lsbc wsc1\">\u00a310.91<span class=\"_ _1b3\"> </span><span class=\"ffa5 fc3 ls4d ws4b\">3<span class=\"_ _6\"/>,<span class=\"_ _30\"/>2<span class=\"_ _b\"/>74<span class=\"_ _30\"/>,<span class=\"_ _6\"/>0<span class=\"_ _6\"/>3<span class=\"_ _6\"/>3<span class=\"_ _6\"/> <span class=\"_ _27\"> </span><span class=\"lsad wsb2\">\u00a310<span class=\"_ _b\"/>.91<span class=\"_ _34e\"> </span></span></span></span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _2f7\"> </span><span class=\"lsc0 wsc7\">2<span class=\"_ _b\"/>,909,1<span class=\"_ _b\"/>83<span class=\"_ _27\"> </span><span class=\"lsbc wsc1\">\u00a310.91<span class=\"_ _1b3\"> </span><span class=\"ffa5 fc3 ls4d ws4b\">3<span class=\"_ _6\"/>,<span class=\"_ _30\"/>2<span class=\"_ _6\"/>74<span class=\"_ _30\"/>,<span class=\"_ _6\"/>0<span class=\"_ _6\"/>3<span class=\"_ _6\"/>3<span class=\"_ _b\"/> <span class=\"_ _27\"> </span><span class=\"lsad wsb2\">\u00a31<span class=\"_ _b\"/>0.9<span class=\"_ _b\"/>1<span class=\"_ _34e\"> </span></span></span></span></span>The a<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>rag<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce d<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rin<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar wa<span class=\"_ _b\"/>s 1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>24<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.7 pe<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: 1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>37.5 pe<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>The SAYE Pla<span class=\"_ _b\"/>n op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns o<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>stan<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022 h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s of 7<span class=\"_ _b\"/>7<span class=\"_ _b\"/>1 p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce (7<span class=\"_ _4\"/>,<span class=\"_ _b\"/>627 o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _39\"/>), 813 p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>422<span class=\"_ _b\"/>,7<span class=\"_ _b\"/>14 op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns), 940 pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce (239,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>39 op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns), 1,<span class=\"_ _b\"/>281 p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce (<span class=\"_ _39\"/>9<span class=\"_ _b\"/>0<span class=\"_ _b\"/>,99<span class=\"_ _b\"/>9 opt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns) and 1<span class=\"_ _b\"/>,1<span class=\"_ _b\"/>11 pe<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce (<span class=\"_ _39\"/>378<span class=\"_ _b\"/>,<span class=\"_ _b\"/>952 op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns) and a wei<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>vera<span class=\"_ _b\"/>ge re<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al l<span class=\"_ _b\"/>ife of 1<span class=\"_ _6\"/>.3 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The op<span class=\"_ _5\"/>tions out<span class=\"_ _39\"/>standing under t<span class=\"_ _39\"/>he Partner Performance Shar<span class=\"_ _39\"/>e Plan and<span class=\"_ _39\"/> the Partner and A<span class=\"_ _39\"/>dviser Chartered P<span class=\"_ _39\"/>lan at 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 we<span class=\"_ _b\"/>re al<span class=\"_ _b\"/>l exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>sa<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th a<span class=\"_ _b\"/>n exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f 15 p<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>, h<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce th<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>r we<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>hte<span class=\"_ _b\"/>d ave<span class=\"_ _b\"/>rag<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>in<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g con<span class=\"_ _b\"/>tra<span class=\"_ _b\"/>ctu<span class=\"_ _b\"/>al l<span class=\"_ _b\"/>ife wa<span class=\"_ _b\"/>s n<span class=\"_ _b\"/>il<span class=\"_ _b\"/>. The o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns o<span class=\"_ _b\"/>uts<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e Ass<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>te Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r Pl<span class=\"_ _b\"/>an a<span class=\"_ _b\"/>t 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er 2<span class=\"_ _b\"/>022 h<span class=\"_ _b\"/>ad a<span class=\"_ _b\"/>n exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f 1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>08<span class=\"_ _b\"/>3 pe<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>4<span class=\"_ _b\"/>60<span class=\"_ _b\"/>,9<span class=\"_ _b\"/>58 o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s<span class=\"_ _39\"/>) an<span class=\"_ _b\"/>d 1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>135 p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>4<span class=\"_ _b\"/>4<span class=\"_ _b\"/>8<span class=\"_ _b\"/>,<span class=\"_ _b\"/>225 o<span class=\"_ _b\"/>pt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>nd a w<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>gh<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>vera<span class=\"_ _b\"/>ge re<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>trac<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>al l<span class=\"_ _b\"/>ife of n<span class=\"_ _b\"/>i<span class=\"_ _b\"/>l yea<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>24<span class=\"_ _b\"/>5<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>21. Sh<span class=\"_ _b\"/>are-based payments <span class=\"ffa5 lsf5 ws104\">co<span class=\"_ _b\"/>ntinu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Sha<span class=\"_ _b\"/>re awar<span class=\"_ _b\"/>ds<span class=\"_ _34e\"> </span>All s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are a<span class=\"_ _b\"/>ward<span class=\"_ _b\"/>s un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er th<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ow s<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>em<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s of ni<span class=\"_ _b\"/>l<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span>2021<span class=\"_ _34e\"> </span>Numbe<span class=\"_ _b\"/>r of shares<span class=\"_ _34e\"> </span>Number of s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>Share Incentive<span class=\"_ _39\"/> Plan<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _d8\"> </span><span class=\"ls73 ws75\">38<span class=\"_ _b\"/>,039<span class=\"_ _103\"> </span><span class=\"ls3 ws3\">4<span class=\"_ _b\"/>6,<span class=\"_ _b\"/>96<span class=\"_ _b\"/>3 </span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _318\"> </span><span class=\"ls43 ws41\">6,653<span class=\"_ _c1\"> </span><span class=\"ls3 ws3\">4<span class=\"_ _b\"/>,<span class=\"_ _b\"/>472 </span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _29e\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013 </span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _319\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _6\"/>,<span class=\"_ _30\"/>4<span class=\"_ _6\"/>4<span class=\"_ _6\"/>3)<span class=\"_ _11\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>,<span class=\"_ _30\"/>3<span class=\"_ _6\"/>9<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _d8\"> </span><span class=\"lsbc wsc1\">39,<span class=\"_ _b\"/>249<span class=\"_ _b4\"> </span><span class=\"ffa5 fc3 ls73 ws75\">38,039 </span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _1c9\"> </span><span class=\"lsc0 wsc7\">11<span class=\"_ _b\"/>,937<span class=\"_ _6f\"> </span><span class=\"ffa5 fc3 lsb2 wsb9\">11<span class=\"_ _b\"/>,<span class=\"_ _b\"/>0<span class=\"_ _b\"/>61 </span></span>Executiv<span class=\"_ _39\"/>e Deferred<span class=\"_ _39\"/> Bonus Scheme<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _2a3\"> </span><span class=\"lsc0 wsc7\">1,<span class=\"_ _b\"/>026<span class=\"_ _b\"/>,9<span class=\"_ _b\"/>85<span class=\"_ _114\"> </span><span class=\"lsfd ws63\">1,80<span class=\"_ _39\"/>1,54<span class=\"_ _39\"/>9 </span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _31a\"> </span><span class=\"ls4c ws4a\">53<span class=\"_ _b\"/>2<span class=\"_ _b\"/>,<span class=\"_ _b\"/>147<span class=\"_ _98\"> </span><span class=\"ls3 ws3\">\u2013 </span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _31b\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>2<span class=\"_ _6\"/>,<span class=\"_ _6\"/>7<span class=\"_ _b\"/>2<span class=\"_ _6\"/>4)<span class=\"_ _186\"> </span><span class=\"lsf0 wsfe\">(1<span class=\"_ _6\"/>0<span class=\"_ _6\"/>,<span class=\"_ _30\"/>8<span class=\"_ _6\"/>6<span class=\"_ _b\"/>9)<span class=\"_ _34e\"> </span></span></span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _2bc\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>6<span class=\"_ _6\"/>1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7)<span class=\"_ _1b3\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>7<span class=\"_ _b\"/>6<span class=\"_ _30\"/>3<span class=\"_ _6\"/>,<span class=\"_ _30\"/>6<span class=\"_ _b\"/>9<span class=\"_ _30\"/>5)<span class=\"_ _34e\"> </span></span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _161\"> </span><span class=\"lsa1 ws39\">9<span class=\"_ _b\"/>85,<span class=\"_ _b\"/>271<span class=\"_ _6b\"> </span><span class=\"ffa5 fc3 lsc0 wsc7\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>026<span class=\"_ _b\"/>,9<span class=\"_ _b\"/>85 </span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _31c\"> </span><span class=\"ls3\">646<span class=\"_ _19\"> </span><span class=\"ffa5 fc3\">\u2013 </span></span>Executive<span class=\"_ _39\"/> Per<span class=\"_ _b\"/>formance Share P<span class=\"_ _39\"/>lan<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _20f\"> </span><span class=\"ls37 ws36\">7<span class=\"_ _39\"/>,424,110<span class=\"_ _115\"> </span><span class=\"lsf2 ws100\">7,<span class=\"_ _b\"/>9<span class=\"_ _6\"/>6<span class=\"_ _30\"/>4<span class=\"_ _6\"/>,<span class=\"_ _30\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>6<span class=\"_ _6\"/> </span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _31d\"> </span><span class=\"ls5b ws5e\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>120<span class=\"_ _b\"/>,<span class=\"_ _b\"/>07<span class=\"_ _b\"/>7<span class=\"_ _22\"> </span><span class=\"lsf2 ws100\">1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>2<span class=\"_ _6\"/>7<span class=\"_ _30\"/>7,<span class=\"_ _6\"/>1<span class=\"_ _6\"/>5<span class=\"_ _b\"/>2<span class=\"_ _6\"/> </span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _292\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>4<span class=\"_ _6\"/>1<span class=\"_ _30\"/>,<span class=\"_ _6\"/>9<span class=\"_ _6\"/>2<span class=\"_ _6\"/>9)<span class=\"_ _f5\"> </span><span class=\"lsfd ws63\">(<span class=\"_ _4\"/>1,40<span class=\"_ _5\"/>2,33<span class=\"_ _39\"/>9<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _227\"> </span><span class=\"ls57 ws59\">(<span class=\"_ _39\"/>729,088<span class=\"_ _39\"/>)<span class=\"_ _5c\"> </span><span class=\"lse9 wsd7\">(<span class=\"_ _39\"/>41<span class=\"_ _39\"/>5,549<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _28c\"> </span><span class=\"lsee wsfc\">7,<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7<span class=\"_ _6\"/>3<span class=\"_ _6\"/>,<span class=\"_ _6\"/>1<span class=\"_ _b\"/>7<span class=\"_ _6\"/>0<span class=\"_ _5f\"> </span><span class=\"ffa5 fc3 ls37 ws36\">7<span class=\"_ _39\"/>,<span class=\"_ _b\"/>42<span class=\"_ _39\"/>4<span class=\"_ _b\"/>,110 </span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _112\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,8<span class=\"_ _b\"/>40,66<span class=\"_ _b\"/>0<span class=\"_ _11\"> </span><span class=\"ffa5 fc3 lsf2 ws100\">2<span class=\"_ _6\"/>2<span class=\"_ _6\"/>7,<span class=\"_ _6\"/>6<span class=\"_ _30\"/>8<span class=\"_ _b\"/>7<span class=\"_ _6\"/> </span></span>Restricted Share<span class=\"_ _39\"/> Plan<span class=\"_ _34e\"> </span>Outstanding<span class=\"_ _39\"/> at start of<span class=\"_ _39\"/> year<span class=\"_ _fa\"> </span><span class=\"ls30 ws30\">45,<span class=\"_ _b\"/>853<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span>Gr<span class=\"_ _b\"/>an<span class=\"_ _b\"/>te<span class=\"_ _b\"/>d<span class=\"_ _319\"> </span><span class=\"ls5f ws65\">162,<span class=\"_ _b\"/>64<span class=\"_ _b\"/>3<span class=\"_ _140\"> </span><span class=\"ls30 ws30\">45,<span class=\"_ _b\"/>853<span class=\"_ _34e\"> </span></span></span>Forfeit<span class=\"_ _39\"/>ed<span class=\"_ _232\"> </span><span class=\"lsa4 wsfb\">(1<span class=\"_ _6\"/>1<span class=\"_ _6\"/>,<span class=\"_ _30\"/>2<span class=\"_ _6\"/>0<span class=\"_ _30\"/>5)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span>E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d<span class=\"_ _176\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span></span>Ou<span class=\"_ _b\"/>tst<span class=\"_ _b\"/>an<span class=\"_ _b\"/>din<span class=\"_ _b\"/>g at e<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>f yea<span class=\"_ _b\"/>r<span class=\"_ _308\"> </span><span class=\"lsee wsfc\">1<span class=\"_ _6\"/>9<span class=\"_ _6\"/>7,<span class=\"_ _30\"/>2<span class=\"_ _6\"/>9<span class=\"_ _6\"/>1<span class=\"_ _b4\"> </span><span class=\"ffa5 fc3 ls30 ws30\">45,853<span class=\"_ _34e\"> </span></span></span>Exer<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>sab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t en<span class=\"_ _b\"/>d of ye<span class=\"_ _b\"/>ar<span class=\"_ _123\"> </span><span class=\"ffa5 fc3 ls3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span></span>Early e<span class=\"_ _39\"/>xercise as<span class=\"_ _39\"/>sumptions<span class=\"_ _34e\"> </span>An al<span class=\"_ _b\"/>l<span class=\"_ _b\"/>owa<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e ha<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ma<span class=\"_ _b\"/>de fo<span class=\"_ _b\"/>r th<span class=\"_ _b\"/>e im<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f ea<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se o<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ve veste<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the SAYE Pla<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, wh<span class=\"_ _b\"/>ere a<span class=\"_ _b\"/>ll o<span class=\"_ _b\"/>pt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s are a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>su<span class=\"_ _b\"/>me<span class=\"_ _b\"/>d to exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>se h<span class=\"_ _b\"/>al<span class=\"_ _b\"/>f-way th<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>gh th<span class=\"_ _b\"/>e s<span class=\"_ _b\"/>ix-mo<span class=\"_ _b\"/>nth e<span class=\"_ _b\"/>xerc<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ow.<span class=\"_ _34e\"> </span>Allowance<span class=\"_ _39\"/> for per<span class=\"_ _b\"/>formance conditions<span class=\"_ _34e\"> </span>The Executiv<span class=\"_ _39\"/>e Performance Shar<span class=\"_ _39\"/>e Plan includes<span class=\"_ _39\"/> a market<span class=\"_ _4\"/>-based performance c<span class=\"_ _5\"/>ondition based<span class=\"_ _39\"/> on the Compan<span class=\"_ _39\"/>y<span class=\"_ _b\"/>\u2019s t<span class=\"_ _39\"/>otal shareholder r<span class=\"_ _39\"/>eturn relativ<span class=\"_ _39\"/>e to<span class=\"_ _39\"/> an index of<span class=\"_ _39\"/> comparator<span class=\"_ _39\"/> companies<span class=\"_ _b\"/>. The<span class=\"_ _39\"/> imp<span class=\"_ _b\"/>act of<span class=\"_ _39\"/> this performance condit<span class=\"_ _39\"/>ion has been modelled using Mont<span class=\"_ _39\"/>e Carlo simulation<span class=\"_ _39\"/> techniques, which in<span class=\"_ _39\"/>volve running<span class=\"_ _39\"/> many thousands<span class=\"_ _39\"/> of simulations o<span class=\"_ _5\"/>f futur<span class=\"_ _39\"/>e share price mo<span class=\"_ _39\"/>vements f<span class=\"_ _39\"/>or both t<span class=\"_ _39\"/>he Company and<span class=\"_ _39\"/> the comparat<span class=\"_ _39\"/>or index. For<span class=\"_ _39\"/> the purpose of<span class=\"_ _39\"/> these simulations<span class=\"_ _39\"/> it is assumed that<span class=\"_ _5\"/> the shar<span class=\"_ _39\"/>e price of<span class=\"_ _39\"/> the Company<span class=\"_ _39\"/> and the compar<span class=\"_ _39\"/>ator index<span class=\"_ _39\"/> are 20<span class=\"_ _39\"/>% (<span class=\"_ _39\"/>2021:<span class=\"_ _39\"/> 20%<span class=\"_ _4\"/>) correlat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d and<span class=\"_ _5\"/> that t<span class=\"_ _5\"/>he compar<span class=\"_ _39\"/>ator index ha<span class=\"_ _b\"/>s vol<span class=\"_ _b\"/>at<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s ran<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>ng b<span class=\"_ _b\"/>et<span class=\"_ _b\"/>w<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n 23% p<span class=\"_ _b\"/>.a<span class=\"_ _b\"/>. a<span class=\"_ _b\"/>nd 8<span class=\"_ _b\"/>0% p<span class=\"_ _b\"/>.a<span class=\"_ _b\"/>. (2021: 22<span class=\"_ _b\"/>% p.a<span class=\"_ _b\"/>. a<span class=\"_ _b\"/>nd 6<span class=\"_ _b\"/>8% p<span class=\"_ _b\"/>.a<span class=\"_ _b\"/>.)<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>The performance<span class=\"_ _39\"/> condition is based<span class=\"_ _5\"/> on the<span class=\"_ _39\"/> Company\u2019s performance r<span class=\"_ _39\"/>elative t<span class=\"_ _39\"/>o the compar<span class=\"_ _39\"/>ator index<span class=\"_ _39\"/> over a<span class=\"_ _39\"/> three-y<span class=\"_ _39\"/>ear pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>od c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>me<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>n 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y ea<span class=\"_ _b\"/>ch ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r. The fair-valu<span class=\"_ _b\"/>e cal<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns for t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rds th<span class=\"_ _b\"/>at w<span class=\"_ _b\"/>ere m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n 2022 t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>refore<span class=\"_ _b\"/> in<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e an a<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce fo<span class=\"_ _b\"/>r the a<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>fo<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce of t<span class=\"_ _b\"/>he C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny<span class=\"_ _b\"/>\u2019s s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re pr<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e rel<span class=\"_ _b\"/>a<span class=\"_ _b\"/>tive to th<span class=\"_ _b\"/>e in<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ex over t<span class=\"_ _b\"/>he p<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rio<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>et<span class=\"_ _b\"/>w<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n 1 January 20<span class=\"_ _39\"/>22 and the v<span class=\"_ _39\"/>arious awar<span class=\"_ _39\"/>d dates.<span class=\"_ _34e\"> </span>24<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Charge to the Cons<span class=\"_ _39\"/>olid<span class=\"_ _b\"/>ated Statement o<span class=\"_ _39\"/>f Comprehensive Income<span class=\"_ _34e\"> </span>The ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ow s<span class=\"_ _b\"/>ets o<span class=\"_ _b\"/>ut t<span class=\"_ _b\"/>he c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>rge to th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt of C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pre<span class=\"_ _b\"/>he<span class=\"_ _b\"/>n<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ve In<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>-ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d payment awar<span class=\"_ _39\"/>ds:<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Equity-<span class=\"_ _39\"/>settled shar<span class=\"_ _39\"/>e<span class=\"_ _b\"/>-<span class=\"_ _39\"/>based payment<span class=\"_ _5\"/> expense<span class=\"_ _287\"> </span><span class=\"lsb0 wsb5\">20<span class=\"_ _b\"/>.5<span class=\"_ _84\"> </span>20<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span>Cash-<span class=\"_ _39\"/>settled shar<span class=\"_ _39\"/>e-based pa<span class=\"_ _5\"/>yment<span class=\"_ _39\"/> expense<span class=\"_ _31e\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span><span class=\"ls37 ws36\">2<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal share-based payment expense<span class=\"_ _de\"> </span><span class=\"lsbc wsc1\">21<span class=\"_ _b\"/>.0<span class=\"_ _77\"> </span><span class=\"ffa5 fc3 ls39 wsa4\">22.9<span class=\"_ _34e\"> </span></span></span>Liabilities recognis<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in the Statement<span class=\"_ _39\"/> of Financial Position<span class=\"_ _34e\"> </span>The liabilities<span class=\"_ _39\"/> recognised in t<span class=\"_ _39\"/>he Statemen<span class=\"_ _39\"/>t of Financial P<span class=\"_ _39\"/>osition in r<span class=\"_ _39\"/>espect of the<span class=\"_ _39\"/> cash-settled shar<span class=\"_ _39\"/>e<span class=\"_ _b\"/>-based<span class=\"_ _39\"/> p<span class=\"_ _b\"/>ayment awar<span class=\"_ _39\"/>ds<span class=\"_ _b\"/>, and National<span class=\"_ _39\"/> I<span class=\"_ _b\"/>nsurance<span class=\"_ _39\"/> oblig<span class=\"_ _b\"/>ations ar<span class=\"_ _5\"/>ising fr<span class=\"_ _39\"/>om share-<span class=\"_ _5\"/>based payment aw<span class=\"_ _39\"/>ards, are as<span class=\"_ _39\"/> follows. These<span class=\"_ _39\"/> liabilities are<span class=\"_ _39\"/> includ<span class=\"_ _b\"/>ed wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n oth<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>n the fa<span class=\"_ _b\"/>ce o<span class=\"_ _b\"/>f the S<span class=\"_ _b\"/>ta<span class=\"_ _b\"/>teme<span class=\"_ _b\"/>nt o<span class=\"_ _b\"/>f Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al Po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>. N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y i<span class=\"_ _b\"/>n res<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>ct o<span class=\"_ _b\"/>f ca<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>-set<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>-ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt a<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rds at 3<span class=\"_ _b\"/>1 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 or 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021 i<span class=\"_ _b\"/>s in re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>t of ves<span class=\"_ _b\"/>ted c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h-s<span class=\"_ _b\"/>et<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>-ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d payments.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Liability for<span class=\"_ _39\"/> cash-settled share-<span class=\"_ _39\"/>based payments<span class=\"_ _31f\"> </span><span class=\"ls37 ws36\">2.5<span class=\"_ _6e\"> </span><span class=\"ls39 wsa4\">2<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span>Liability for<span class=\"_ _39\"/> e<span class=\"_ _b\"/>mployer<span class=\"_ _39\"/> National Insurance<span class=\"_ _39\"/> contributions <span class=\"ls3 ws3\"> </span>on cash-<span class=\"_ _39\"/>settled and equity-settled shar<span class=\"_ _5\"/>e-based<span class=\"_ _5\"/> payments<span class=\"_ _1f6\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _6\"/>8<span class=\"_ _cc\"> </span><span class=\"ls30 ws30\">9.2<span class=\"_ _34e\"> </span></span></span>22<span class=\"_ _6\"/>. Interests in unconsolidated entities<span class=\"_ _34e\"> </span>Unconsolidated structured entities<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p o<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>s inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t veh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, su<span class=\"_ _b\"/>ch a<span class=\"_ _b\"/>s u<span class=\"_ _b\"/>nit t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts a<span class=\"_ _b\"/>re ab<span class=\"_ _b\"/>le to i<span class=\"_ _b\"/>nvest i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e di<span class=\"_ _b\"/>re<span class=\"_ _b\"/>ctl<span class=\"_ _b\"/>y, but al<span class=\"_ _b\"/>so i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>di<span class=\"_ _b\"/>rect<span class=\"_ _b\"/>ly<span class=\"_ _b\"/> thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h pro<span class=\"_ _b\"/>d<span class=\"_ _b\"/>uct<span class=\"_ _b\"/>s of<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>red by S<span class=\"_ _b\"/>J<span class=\"_ _b\"/>PU<span class=\"_ _b\"/>K an<span class=\"_ _b\"/>d SJ<span class=\"_ _b\"/>PI<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>s a resu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>t<span class=\"_ _b\"/>, the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p<span class=\"_ _b\"/>\u2019s ins<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>es c<span class=\"_ _b\"/>an b<span class=\"_ _b\"/>e si<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>if<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>nt inve<span class=\"_ _b\"/>stor<span class=\"_ _b\"/>s in<span class=\"_ _b\"/> the u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>. N<span class=\"_ _b\"/>ote 2 se<span class=\"_ _b\"/>ts ou<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e ju<span class=\"_ _b\"/>dg<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nts i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>he<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>t in d<span class=\"_ _b\"/>eter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g wh<span class=\"_ _b\"/>en t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>ntro<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>, a<span class=\"_ _b\"/>nd t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>refore c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ates<span class=\"_ _b\"/>,<span class=\"_ _b\"/> the relevant investment vehicl<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. The m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>jo<span class=\"_ _b\"/>rit<span class=\"_ _6\"/>y of th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>sk f<span class=\"_ _b\"/>rom a c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n the va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s i<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>n un<span class=\"_ _b\"/>co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s is m<span class=\"_ _b\"/>atc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>d by a ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n un<span class=\"_ _b\"/>it h<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>er l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>b<span class=\"_ _b\"/>il<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>he m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>xi<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>m ex<span class=\"_ _b\"/>po<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re to los<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, p<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>or to co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>ng u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t ho<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r li<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>il<span class=\"_ _b\"/>it<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, is e<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l to the<span class=\"_ _b\"/> car<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>is i<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>o<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>n Co<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve Inves<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t Sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g u<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t tru<span class=\"_ _b\"/>st i<span class=\"_ _b\"/>s no<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts; h<span class=\"_ _b\"/>oweve<span class=\"_ _b\"/>r, the Gro<span class=\"_ _b\"/>up d<span class=\"_ _b\"/>o<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>ct as t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>un<span class=\"_ _b\"/>d ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>r of t<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Percent<span class=\"_ _39\"/>age of <span class=\"ls3 ws3\"> </span>ownership interest<span class=\"_ _34e\"> </span>Nature of relationship<span class=\"_ _f5\"> </span><span class=\"lsb wsa\">Measureme<span class=\"_ _b\"/>nt method<span class=\"_ _34e\"> </span></span>Net a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>et va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e as at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _34e\"> </span>2022<span class=\"_ _9d\"> </span><span class=\"ffa5 ls3 ws3\">2021<span class=\"_ _320\"> </span></span>2022<span class=\"_ _9d\"> </span><span class=\"ffa5 ls3 ws3\">2021<span class=\"_ _34e\"> </span></span>%<span class=\"_ _7b\"> </span><span class=\"ffa5\">%<span class=\"_ _1ce\"> </span></span><span class=\"ls84 wsc2\">\u00a3\u2019M<span class=\"_ _b\"/>illion<span class=\"_ _8b\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3<span class=\"_ _b\"/>\u2019Million<span class=\"_ _34e\"> </span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Prop<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _313\"> </span><span class=\"ls3e ws3d\">0.98<span class=\"_ _60\"> </span><span class=\"ls39 wsa4\">0.36<span class=\"_ _5e\"> </span><span class=\"ls73 ws75\">Manager </span></span></span>of un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>Fair<span class=\"_ _39\"/> value thr<span class=\"_ _39\"/>ough prof<span class=\"_ _b\"/>it o<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>ss<span class=\"_ _34e\"> </span>1,<span class=\"_ _b\"/>021<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _22\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>,<span class=\"_ _30\"/>1<span class=\"_ _b\"/>74<span class=\"_ _30\"/>.<span class=\"_ _6\"/>9<span class=\"_ _34e\"> </span></span>As at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022 t<span class=\"_ _b\"/>he va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>he G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pla<span class=\"_ _b\"/>ce P<span class=\"_ _b\"/>rop<span class=\"_ _b\"/>er<span class=\"_ _6\"/>t<span class=\"_ _b\"/>y Un<span class=\"_ _b\"/>it Trust w<span class=\"_ _b\"/>as \u00a31<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>202<span class=\"_ _39\"/>1: \u00a3<span class=\"_ _39\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 million<span class=\"_ _4\"/>).<span class=\"_ _34e\"> </span>The 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2021 ow<span class=\"_ _b\"/>n<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rest h<span class=\"_ _b\"/>a<span class=\"_ _b\"/>s be<span class=\"_ _b\"/>en re<span class=\"_ _b\"/>sta<span class=\"_ _b\"/>ted fro<span class=\"_ _b\"/>m 0.<span class=\"_ _b\"/>00<span class=\"_ _b\"/>% to 0.<span class=\"_ _b\"/>36% to ref<span class=\"_ _b\"/>le<span class=\"_ _b\"/>ct a<span class=\"_ _b\"/>n inte<span class=\"_ _b\"/>res<span class=\"_ _b\"/>t he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h ha<span class=\"_ _b\"/>d be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n omitted fr<span class=\"_ _39\"/>om the disclosure.<span class=\"_ _34e\"> </span>247<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>23. Interests in other entities<span class=\"_ _34e\"> </span>Principal subsidiaries<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment Holding C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>anies<span class=\"_ _302\"> </span><span class=\"ls4c ws3\">S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pla<span class=\"_ _b\"/>ce We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ited </span>1<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e D<span class=\"_ _b\"/>FM H<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gs L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d 1<span class=\"_ _34e\"> </span>Life<span class=\"_ _39\"/> Assurance<span class=\"_ _321\"> </span><span class=\"ls4c ws3\">St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K pl<span class=\"_ _b\"/>c<span class=\"_ _34e\"> </span></span>St. James\u2019s P<span class=\"_ _39\"/>lace International<span class=\"_ _39\"/> plc (<span class=\"_ _39\"/>incorporat<span class=\"_ _39\"/>ed in Ireland<span class=\"_ _4\"/>) 2<span class=\"_ _34e\"> </span>Unit T<span class=\"_ _4\"/>rust Management<span class=\"_ _2cd\"> </span><span class=\"ls4c ws3\">S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Trust G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _34e\"> </span></span>Unit T<span class=\"_ _4\"/>rust Administ<span class=\"_ _39\"/>ration and<span class=\"_ _39\"/> I<span class=\"_ _b\"/>SA<span class=\"_ _5\"/> Management<span class=\"_ _10\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place In<span class=\"_ _5\"/>vestmen<span class=\"_ _39\"/>t Administr<span class=\"_ _39\"/>ation Limited<span class=\"_ _34e\"> </span>Distribution<span class=\"_ _322\"> </span><span class=\"ls45 ws42\">St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> Wealth<span class=\"_ _39\"/> M<span class=\"_ _b\"/>anagement<span class=\"_ _39\"/> plc<span class=\"_ _34e\"> </span></span>Management<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices<span class=\"_ _323\"> </span><span class=\"ls4c ws3\">St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt S<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted </span>3<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>reasury Company<span class=\"_ _324\"> </span><span class=\"ls4c ws3\">St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip S<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ited<span class=\"_ _b\"/> </span>Adviser<span class=\"_ _39\"/> Acquisitions<span class=\"_ _188\"> </span>St. James\u2019s<span class=\"_ _39\"/> Place Acquisit<span class=\"_ _39\"/>ion Ser<span class=\"_ _b\"/>vices Limi<span class=\"_ _5\"/>ted<span class=\"_ _34e\"> </span>Asia Dist<span class=\"_ _39\"/>ribution<span class=\"_ _c3\"> </span>St. James\u2019s Place<span class=\"_ _39\"/> International<span class=\"_ _39\"/> D<span class=\"_ _b\"/>istribution<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>Discret<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>ary Fund<span class=\"_ _39\"/> M<span class=\"_ _b\"/>anagement<span class=\"_ _325\"> </span><span class=\"ls4c ws3\">Rowa<span class=\"_ _b\"/>n Da<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gton &amp; C<span class=\"_ _b\"/>o. L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>D<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>c<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>y he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d by S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>c.<span class=\"_ _34e\"> </span>2  Th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ny al<span class=\"_ _b\"/>s<span class=\"_ _b\"/>o op<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>s a b<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h in S<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>o<span class=\"_ _b\"/>re<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>3  T<span class=\"_ _39\"/>he Company<span class=\"_ _39\"/> also operates<span class=\"_ _39\"/> a branch<span class=\"_ _39\"/> in the R<span class=\"_ _39\"/>epublic of Ireland.<span class=\"_ _34e\"> </span>Ongoing solv<span class=\"_ _39\"/>ency requir<span class=\"_ _39\"/>ements within<span class=\"_ _39\"/> the life<span class=\"_ _39\"/> assurance, uni<span class=\"_ _5\"/>t trus<span class=\"_ _39\"/>t and financial<span class=\"_ _39\"/> ser<span class=\"_ _b\"/>vices companies o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> Group r<span class=\"_ _39\"/>estrict their ability t<span class=\"_ _39\"/>o distribut<span class=\"_ _39\"/>e all their<span class=\"_ _5\"/> distribut<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e r<span class=\"_ _39\"/>eser<span class=\"_ _b\"/>ves.<span class=\"_ _34e\"> </span>In<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d be<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow is a f<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>l l<span class=\"_ _b\"/>is<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e en<span class=\"_ _b\"/>tit<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Jam<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>lc G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>t 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>Entit<span class=\"_ _b\"/>y<span class=\"_ _326\"> </span><span class=\"lsb9 wsbf\">Company number<span class=\"_ _1a7\"> </span><span class=\"ls66 ws6b\">Registered office<span class=\"_ _95\"> </span><span class=\"ls7a ws7e\">Country of i<span class=\"_ _5\"/>ncorporation<span class=\"_ _34e\"> </span></span></span></span>Principal activit<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Aud<span class=\"_ _b\"/>it exemptio<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span>Baxter Holding Compan<span class=\"_ _39\"/>y Limited 0980<span class=\"_ _b\"/>5128<span class=\"_ _d3\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Baxter &amp; Lindle<span class=\"_ _39\"/>y Financial Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>023<span class=\"_ _b\"/>07<span class=\"_ _b\"/>70<span class=\"_ _b\"/>6<span class=\"_ _7b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Cabot P<span class=\"_ _39\"/>or<span class=\"_ _b\"/>tfolio Nominees Limited<span class=\"_ _34e\"> </span>03636010<span class=\"_ _95\"> </span><span class=\"ls12 ws7f\">Temple<span class=\"_ _39\"/> Point, Redcliffe<span class=\"_ _39\"/> </span>Way, Br<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tol B<span class=\"_ _b\"/>S1 6<span class=\"_ _b\"/>N<span class=\"_ _b\"/>L<span class=\"_ _34e\"> </span>England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span>Nominee Compan<span class=\"_ _39\"/>y<span class=\"_ _189\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>Capst<span class=\"_ _39\"/>one Financial (<span class=\"_ _39\"/>HK)<span class=\"_ _39\"/> Limited<span class=\"_ _85\"> </span><span class=\"ls1d ws1c\">12564<span class=\"_ _b\"/>31<span class=\"_ _273\"> </span><span class=\"ls8e ws3\">8<span class=\"_ _b\"/>F Kail<span class=\"_ _b\"/>ey Tower, 16<span class=\"_ _b\"/> </span></span>Stanley Street<span class=\"_ _b\"/>, Central, Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>CG<span class=\"_ _39\"/>A Financial &amp;<span class=\"_ _39\"/> I<span class=\"_ _b\"/>nv<span class=\"_ _39\"/>estment Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>02666<span class=\"_ _5\"/>180<span class=\"_ _d3\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial A<span class=\"_ _5\"/>dvice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Dartington P<span class=\"_ _39\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>folio<span class=\"_ _39\"/> N<span class=\"_ _b\"/>ominees Limited<span class=\"_ _34e\"> </span>014<span class=\"_ _b\"/>89<span class=\"_ _b\"/>5<span class=\"_ _b\"/>42<span class=\"_ _d3\"> </span><span class=\"ls12 ws7f\">T<span class=\"_ _5\"/>emple Poin<span class=\"_ _39\"/>t<span class=\"_ _b\"/>, Redcliffe<span class=\"_ _39\"/> </span>Way, Br<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tol<span class=\"_ _b\"/>23<span class=\"_ _b\"/>. B<span class=\"_ _b\"/>S1 6N<span class=\"_ _b\"/>L<span class=\"_ _34e\"> </span>England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span>Nominee Compan<span class=\"_ _39\"/>y<span class=\"_ _189\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>Futur<span class=\"_ _39\"/>e Proo<span class=\"_ _5\"/>f Limit<span class=\"_ _39\"/>ed<span class=\"_ _327\"> </span><span class=\"ls93 ws94\">076<span class=\"_ _b\"/>08<span class=\"_ _b\"/>3<span class=\"_ _b\"/>19<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>JEWM Lt<span class=\"_ _39\"/>d (<span class=\"_ _4\"/>formerly Janine Edwar<span class=\"_ _39\"/>ds Wealth<span class=\"_ _39\"/> Mana<span class=\"_ _b\"/>gement Limited<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span>09229<span class=\"_ _b\"/>694<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Lewingt<span class=\"_ _39\"/>on Wealth<span class=\"_ _39\"/> Manageme<span class=\"_ _b\"/>nt Limited<span class=\"_ _34e\"> </span>04290504<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Linden House<span class=\"_ _5\"/> Financial Services Limited<span class=\"_ _34e\"> </span>0299029<span class=\"_ _b\"/>5<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Fin<span class=\"_ _b\"/>ancial A<span class=\"_ _39\"/>dvice<span class=\"_ _69\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>M.<span class=\"_ _b\"/>H.<span class=\"_ _b\"/>S. (<span class=\"_ _39\"/>Holdings<span class=\"_ _39\"/>) Limited<span class=\"_ _84\"> </span><span class=\"ls11 ws10\">00559995<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England<span class=\"_ _39\"/> and Wales<span class=\"_ _22\"> </span><span class=\"wsa\">Non-<span class=\"_ _39\"/>trading<span class=\"_ _30b\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span>Perennial<span class=\"_ _39\"/> Financial Management Limit<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d 04609753<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _17\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>24<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Entit<span class=\"_ _b\"/>y<span class=\"_ _326\"> </span><span class=\"lsb9 wsbf\">Company number<span class=\"_ _1a7\"> </span><span class=\"ls66 ws6b\">Registered office<span class=\"_ _95\"> </span><span class=\"ls7a ws7e\">Country of i<span class=\"_ _5\"/>ncorporation<span class=\"_ _34e\"> </span></span></span></span>Principal activit<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Aud<span class=\"_ _b\"/>it exemptio<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices Limit<span class=\"_ _39\"/>ed<span class=\"_ _13b\"> </span><span class=\"ls8e ws8f\">SC2<span class=\"_ _b\"/>301<span class=\"_ _b\"/>67<span class=\"_ _a4\"> </span><span class=\"lsb ws14\">Oracle C<span class=\"_ _5\"/>ampus, </span></span>Blackness Road, Linlithgow<span class=\"_ _39\"/>, West<span class=\"_ _39\"/> Lothian<span class=\"_ _39\"/> EH4<span class=\"_ _b\"/>9 7B<span class=\"_ _b\"/>F<span class=\"_ _39\"/>, U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d Kingdom<span class=\"_ _34e\"> </span>Scotland<span class=\"_ _24\"> </span><span class=\"ws14\">Financial Advice<span class=\"_ _15\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>Reflect<span class=\"_ _39\"/> Financial Limited <span class=\"_ _6d\"> </span><span class=\"ls130 ws17b\">04<span class=\"_ _b\"/>37394<span class=\"_ _b\"/>6<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial A<span class=\"_ _39\"/>d<span class=\"_ _b\"/>vice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>Richard<span class=\"_ _39\"/> Barnes Wealth<span class=\"_ _39\"/> Management<span class=\"_ _39\"/> Ltd<span class=\"_ _34e\"> </span>0632011<span class=\"_ _b\"/>2<span class=\"_ _5d\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _2cb\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> &amp; Co. Limit<span class=\"_ _39\"/>ed<span class=\"_ _12e\"> </span><span class=\"ls62 ws67\">0<span class=\"_ _b\"/>27<span class=\"_ _b\"/>523<span class=\"_ _b\"/>0<span class=\"_ _b\"/>4<span class=\"_ _7b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span>Stockbr<span class=\"_ _39\"/>oker and Inv<span class=\"_ _39\"/>estment Manager<span class=\"_ _34e\"> </span>No<span class=\"_ _34e\"> </span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> H<span class=\"_ _b\"/>oldings Limited<span class=\"_ _34e\"> </span>07<span class=\"_ _39\"/>470<span class=\"_ _b\"/>2<span class=\"_ _b\"/>26<span class=\"_ _a4\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England<span class=\"_ _39\"/> and Wales<span class=\"_ _22\"> </span>Holding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>SJ<span class=\"_ _b\"/>P Le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>cy H<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>s Ltd <span class=\"_ _84\"> </span><span class=\"ls1d ws1c\">SC4929<span class=\"_ _b\"/>06<span class=\"_ _68\"> </span><span class=\"lsb ws14\">Oracle Campus, </span></span>Blackness Road, Linlithgow<span class=\"_ _39\"/>, West<span class=\"_ _39\"/> Lothian<span class=\"_ _39\"/> EH4<span class=\"_ _b\"/>9 7B<span class=\"_ _b\"/>F<span class=\"_ _39\"/>, U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d Kingdom<span class=\"_ _34e\"> </span>Scotland<span class=\"_ _24\"> </span><span class=\"ws14\">Ho<span class=\"_ _b\"/>lding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span>SJP Partner L<span class=\"_ _39\"/>oans No. 1<span class=\"_ _39\"/> Limited<span class=\"_ _25\"> </span><span class=\"ls3e ws3d\">1139090<span class=\"_ _39\"/>1<span class=\"_ _c4\"> </span><span class=\"ls8e ws3\">10<span class=\"_ _b\"/>th F<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r, 5 Chur<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l </span></span>Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e, Lo<span class=\"_ _b\"/>n<span class=\"_ _b\"/>do<span class=\"_ _b\"/>n E<span class=\"_ _b\"/>14 5H<span class=\"_ _b\"/>U<span class=\"_ _b\"/>, United<span class=\"_ _39\"/> K<span class=\"_ _b\"/>ingdom England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span><span class=\"ls7 ws6\">Securitisation<span class=\"_ _c4\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e (Hon<span class=\"_ _b\"/>g Kong) Limited<span class=\"_ _34e\"> </span>275275<span class=\"_ _1ac\"> </span><span class=\"ls12 ws7f\">1st Floor<span class=\"_ _4\"/>, Henley Building, </span>5 Qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en<span class=\"_ _b\"/>\u2019s Ro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d Ce<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>l<span class=\"_ _b\"/>, Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Overseas Distribution<span class=\"_ _5c\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e (PCP<span class=\"_ _39\"/>) L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _1c\"> </span><span class=\"ls162 ws17d\">0270<span class=\"_ _b\"/>66<span class=\"_ _b\"/>8<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span></span><span class=\"ls3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"ws17f\">T<span class=\"_ _39\"/>ransaction<span class=\"_ _39\"/> and Ser<span class=\"_ _b\"/>vicing </span></span></span>of SJP<span class=\"_ _39\"/> Income Streams<span class=\"_ _34e\"> </span>Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>St. James\u2019s<span class=\"_ _39\"/> Place (<span class=\"_ _39\"/>Shanghai<span class=\"_ _39\"/>) Limited<span class=\"_ _34e\"> </span>3100004<span class=\"_ _5\"/>0064005<span class=\"_ _39\"/>1<span class=\"_ _34e\"> </span>(H<span class=\"_ _6\"/>U<span class=\"_ _b\"/>A<span class=\"_ _b\"/>N<span class=\"_ _6\"/>G<span class=\"_ _6\"/>P<span class=\"_ _b\"/>U)<span class=\"_ _34e\"> </span>Unit 10<span class=\"_ _39\"/>1-10<span class=\"_ _5\"/>2, Building 9,<span class=\"_ _39\"/> Yue<span class=\"_ _5\"/>jie Shank<span class=\"_ _39\"/>angli<span class=\"_ _b\"/>, No. 358, K<span class=\"_ _39\"/>angding Road, Jing\u2019an<span class=\"_ _39\"/> District, Shanghai, China<span class=\"_ _34e\"> </span>China<span class=\"_ _1c7\"> </span><span class=\"lsb ws14\">Overseas<span class=\"_ _39\"/> Distribution<span class=\"_ _1b1\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place (<span class=\"_ _39\"/>Singapore<span class=\"_ _4\"/>) Pri<span class=\"_ _b\"/>va<span class=\"_ _b\"/>te L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ted<span class=\"_ _34e\"> </span>20040<span class=\"_ _5\"/>6398R<span class=\"_ _1a\"> </span><span class=\"ls8e ws3\">1 Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e, #1<span class=\"_ _b\"/>5-61<span class=\"_ _b\"/> </span>On<span class=\"_ _b\"/>e Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, Singapore 0<span class=\"_ _39\"/>4<span class=\"_ _b\"/>8616 Singapore<span class=\"_ _16\"> </span><span class=\"ws14\">Financial<span class=\"_ _39\"/> Advice<span class=\"_ _15\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St. James\u2019s Place A<span class=\"_ _39\"/>cqu<span class=\"_ _b\"/>isition Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>07730835<span class=\"_ _6a\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"ls12 ws7f\">Adviser A<span class=\"_ _39\"/>cquisitions<span class=\"_ _186\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Corporat<span class=\"_ _39\"/>e Secret<span class=\"_ _39\"/>ar<span class=\"_ _b\"/>y Limited<span class=\"_ _34e\"> </span>09131866<span class=\"_ _4e\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Corporat<span class=\"_ _39\"/>e Secret<span class=\"_ _5\"/>ary<span class=\"_ _89\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e DF<span class=\"_ _b\"/>M H<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs<span class=\"_ _b\"/> Limited<span class=\"_ _34e\"> </span>096<span class=\"_ _b\"/>87687<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Hol<span class=\"_ _b\"/>ding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Internati<span class=\"_ _5\"/>onal (<span class=\"_ _39\"/>Hong K<span class=\"_ _39\"/>ong) Limit<span class=\"_ _39\"/>ed<span class=\"_ _34e\"> </span>22<span class=\"_ _b\"/>076<span class=\"_ _b\"/>9<span class=\"_ _b\"/>4<span class=\"_ _5d\"> </span><span class=\"ls12 ws7f\">1st Floor<span class=\"_ _39\"/>, Henley Building, </span>5 Qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en<span class=\"_ _b\"/>\u2019s Ro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d Ce<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>l<span class=\"_ _b\"/>, Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Life Assur<span class=\"_ _39\"/>ance<span class=\"_ _9f\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>St. James\u2019s<span class=\"_ _39\"/> Place Internati<span class=\"_ _5\"/>onal Distribution<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>08798683<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _2cb\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Hol<span class=\"_ _b\"/>ding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Internati<span class=\"_ _5\"/>onal plc<span class=\"_ _34e\"> </span>185345<span class=\"_ _1ac\"> </span><span class=\"lsb ws14\">Fleming Court, Flemings </span>Place, Dublin<span class=\"_ _39\"/> 4<span class=\"_ _b\"/>, Ireland<span class=\"_ _34e\"> </span>Ireland<span class=\"_ _195\"> </span><span class=\"ws14\">Life A<span class=\"_ _39\"/>ssurance<span class=\"_ _9f\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Inv<span class=\"_ _b\"/>es<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t Administr<span class=\"_ _39\"/>ation Limited<span class=\"_ _34e\"> </span>08<span class=\"_ _b\"/>76<span class=\"_ _b\"/>423<span class=\"_ _b\"/>1<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span><span class=\"ls7 ws8\">U<span class=\"_ _b\"/>nit T<span class=\"_ _4\"/>rust Administr<span class=\"_ _5\"/>ation </span></span></span>and ISA<span class=\"_ _39\"/> Manager<span class=\"_ _34e\"> </span>No<span class=\"_ _34e\"> </span>St. James\u2019s<span class=\"_ _39\"/> Place Management Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>02661<span class=\"_ _b\"/>04<span class=\"_ _b\"/>4<span class=\"_ _a4\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _2cb\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span><span class=\"ls13 ws80\">Management Services<span class=\"_ _5e\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Nominees Limited<span class=\"_ _34e\"> </span>08<span class=\"_ _b\"/>76<span class=\"_ _b\"/>421<span class=\"_ _b\"/>4<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Nominee Company<span class=\"_ _11\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Partnership Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>08201211<span class=\"_ _ca\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>T<span class=\"_ _39\"/>reasury Company<span class=\"_ _102\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>249<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>Entit<span class=\"_ _b\"/>y<span class=\"_ _326\"> </span><span class=\"lsb9 wsbf\">Company number<span class=\"_ _1a7\"> </span><span class=\"ls66 ws6b\">Registered office<span class=\"_ _95\"> </span><span class=\"ls7a ws7e\">Country of i<span class=\"_ _5\"/>ncorporation<span class=\"_ _34e\"> </span></span></span></span>Principal<span class=\"_ _34e\"> </span> activit<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Aud<span class=\"_ _b\"/>it<span class=\"_ _34e\"> </span> exemptio<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e UK p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>c<span class=\"_ _1f\"> </span><span class=\"ls14 ws13\">02628<span class=\"_ _b\"/>062<span class=\"_ _6a\"> </span></span><span class=\"ls3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Life A<span class=\"_ _39\"/>ssurance<span class=\"_ _9f\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Tru<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span> Group<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>0<span class=\"_ _b\"/>09<span class=\"_ _b\"/>476<span class=\"_ _b\"/>4<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Unit T<span class=\"_ _4\"/>rust Management<span class=\"_ _12e\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span> Management (<span class=\"_ _4\"/>Shanghai)<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>1511517<span class=\"_ _26\"> </span><span class=\"ls12 ws7f\">1st Floor<span class=\"_ _39\"/>, Henley Building,<span class=\"_ _34e\"> </span></span><span class=\"ls12 ws7f\"> </span>5 Qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en<span class=\"_ _b\"/>\u2019s Ro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d Ce<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>l<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span> Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Overseas Distribution<span class=\"_ _5c\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span> Management Group<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span> 0262751<span class=\"_ _b\"/>8<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Holding Company<span class=\"_ _e9\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span> Management Int<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rnational Pt<span class=\"_ _39\"/>e.<span class=\"_ _34e\"> </span> Ltd<span class=\"_ _34e\"> </span>20132345<span class=\"_ _b\"/>3N<span class=\"_ _c1\"> </span><span class=\"ls8e ws3\">1 Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>f<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, #15<span class=\"_ _b\"/>-61<span class=\"_ _34e\"> </span></span><span class=\"ls8e ws3\"> </span>On<span class=\"_ _b\"/>e Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span> Singapore 0<span class=\"_ _39\"/>4<span class=\"_ _b\"/>8616<span class=\"_ _34e\"> </span> Singapore<span class=\"_ _16\"> </span><span class=\"ws14\">Holding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span> Management<span class=\"_ _39\"/> plc<span class=\"_ _34e\"> </span>04113<span class=\"_ _b\"/>955<span class=\"_ _13b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>UK Distribution<span class=\"_ _cc\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>Staffor<span class=\"_ _39\"/>d House Inv<span class=\"_ _39\"/>estments<span class=\"_ _34e\"> </span> Limited<span class=\"_ _34e\"> </span>0386693<span class=\"_ _b\"/>5<span class=\"_ _93\"> </span>*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>echnical Connection<span class=\"_ _39\"/> Limited<span class=\"_ _6b\"> </span><span class=\"ls11 ws10\">0317847<span class=\"_ _4\"/>4<span class=\"_ _4e\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span><span class=\"ls12 ws7f\">Tax<span class=\"_ _39\"/> and Advisory Services<span class=\"_ _6\"/><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span></span></span>Thompson<span class=\"_ _39\"/> Private<span class=\"_ _39\"/> Clients<span class=\"_ _34e\"> </span> Limited<span class=\"_ _34e\"> </span>1125820<span class=\"_ _b\"/>0<span class=\"_ _19b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Tivoli<span class=\"_ _39\"/> Private<span class=\"_ _39\"/> Clients Limit<span class=\"_ _39\"/>ed<span class=\"_ _17f\"> </span><span class=\"lsbe wsc4\">14<span class=\"_ _b\"/>3206<span class=\"_ _b\"/>41<span class=\"_ _19b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"wsa\">Non-<span class=\"_ _5\"/>trading<span class=\"_ _13\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span></span></span>T<span class=\"_ _39\"/>ring Financial Management<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>05487108<span class=\"_ _d3\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"ls7 ws8\">Policy A<span class=\"_ _39\"/>dministration<span class=\"_ _114\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span></span>Virtue Money Limi<span class=\"_ _5\"/>ted<span class=\"_ _98\"> </span><span class=\"lsd8 wse2\">SC346827<span class=\"_ _93\"> </span></span>Oracle<span class=\"_ _39\"/> Campus<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span> Blackness Road,<span class=\"_ _34e\"> </span> Linlithgow<span class=\"_ _39\"/>, West<span class=\"_ _39\"/> Lothian<span class=\"_ _39\"/> EH4<span class=\"_ _b\"/>9 7B<span class=\"_ _b\"/>F<span class=\"_ _39\"/>, U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span> Kingdom<span class=\"_ _34e\"> </span>Scotland<span class=\"_ _24\"> </span><span class=\"ws14\">Ho<span class=\"_ _b\"/>lding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span>*  <span class=\"_ _6\"/>I<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>tes t<span class=\"_ _b\"/>h<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>g<span class=\"_ _b\"/>is<span class=\"_ _b\"/>te<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d of<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e H<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e, 1 Tetb<span class=\"_ _b\"/>ur<span class=\"_ _6\"/>y Ro<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>, C<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>r, Gl<span class=\"_ _b\"/>o<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>, G<span class=\"_ _b\"/>L7 1F<span class=\"_ _b\"/>P<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red J<span class=\"_ _b\"/>E<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>0<span class=\"_ _b\"/>9229<span class=\"_ _b\"/>694), f<span class=\"_ _39\"/>o<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y Ja<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ne Ed<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rds Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h Ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ited<span class=\"_ _b\"/>, o<span class=\"_ _b\"/>n 1<span class=\"_ _b\"/>8 Ma<span class=\"_ _b\"/>y 202<span class=\"_ _b\"/>2 an<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span> Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>1<span class=\"_ _b\"/>125820<span class=\"_ _b\"/>0<span class=\"_ _39\"/>) o<span class=\"_ _b\"/>n 17 J<span class=\"_ _b\"/>un<span class=\"_ _b\"/>e 202<span class=\"_ _b\"/>2.<span class=\"_ _b\"/> The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>orp<span class=\"_ _b\"/>o<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>d Ti<span class=\"_ _b\"/>vol<span class=\"_ _b\"/>i Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>1<span class=\"_ _b\"/>43<span class=\"_ _b\"/>206<span class=\"_ _b\"/>41<span class=\"_ _39\"/>) o<span class=\"_ _b\"/>n 26 Aug<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t 202<span class=\"_ _b\"/>2.<span class=\"_ _34e\"> </span>Whe<span class=\"_ _b\"/>re i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e, s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>si<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s of S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c ha<span class=\"_ _b\"/>ve take<span class=\"_ _b\"/>n ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>tag<span class=\"_ _b\"/>e, o<span class=\"_ _b\"/>r are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted to take ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>tag<span class=\"_ _b\"/>e,<span class=\"_ _b\"/> of th<span class=\"_ _b\"/>e exe<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n fro<span class=\"_ _b\"/>m stat<span class=\"_ _b\"/>uto<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y au<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it g<span class=\"_ _b\"/>rante<span class=\"_ _b\"/>d by se<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n 479A of the Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>an<span class=\"_ _b\"/>i<span class=\"_ _b\"/>es Act 20<span class=\"_ _b\"/>0<span class=\"_ _b\"/>6. I<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce w<span class=\"_ _b\"/>ith s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 479C<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span> St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c h<span class=\"_ _b\"/>as g<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>tee<span class=\"_ _b\"/>d al<span class=\"_ _b\"/>l th<span class=\"_ _b\"/>e ou<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>tand<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>s at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>All G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>ave a<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng refe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te of 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er. Unl<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r<span class=\"_ _b\"/>w<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e sta<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e tax re<span class=\"_ _b\"/>si<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>y of e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span> subsidiary is the<span class=\"_ _39\"/> same as the c<span class=\"_ _39\"/>ountr<span class=\"_ _b\"/>y of<span class=\"_ _5\"/> incorporat<span class=\"_ _5\"/>ion.<span class=\"_ _34e\"> </span>10<span class=\"_ _b\"/>0% of t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y sh<span class=\"_ _b\"/>are c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l is h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d for t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>si<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s li<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>ove<span class=\"_ _b\"/>, wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e exc<span class=\"_ _b\"/>ept<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">SJ<span class=\"_ _b\"/>P Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er Lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ns N<span class=\"_ _b\"/>o. 1 L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (113909<span class=\"_ _b\"/>01), where 1<span class=\"_ _b\"/>00<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are ca<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ital i<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d by a thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y en<span class=\"_ _b\"/>tit<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>tsi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e of<span class=\"_ _34e\"> </span></span><span class=\"ffa5 fs9 ls4c\"> </span>the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p. N<span class=\"_ _b\"/>ote th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t al<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts an<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es of S<span class=\"_ _b\"/>J<span class=\"_ _b\"/>P Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s No<span class=\"_ _b\"/>.1 L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d are re<span class=\"_ _b\"/>str<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>nd r<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g-fenc<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d from t<span class=\"_ _b\"/>he ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r<span class=\"_ _34e\"> </span> assets and<span class=\"_ _39\"/> liabilities of t<span class=\"_ _39\"/>he Group;<span class=\"_ _39\"/> and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gto<span class=\"_ _b\"/>n Weal<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent L<span class=\"_ _b\"/>i<span class=\"_ _b\"/>mite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>0<span class=\"_ _b\"/>4290<span class=\"_ _b\"/>504) where 25% of t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y sh<span class=\"_ _b\"/>are c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l is h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d by a th<span class=\"_ _b\"/>ird<span class=\"_ _b\"/>-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span></span><span class=\"ffa5 fs9 ls4c\"> </span>ou<span class=\"_ _b\"/>tsi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>23. Interests in other entities <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>250<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Fol<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>sm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol in a<span class=\"_ _b\"/>c<span class=\"_ _b\"/>cord<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>0 it w<span class=\"_ _b\"/>as d<span class=\"_ _b\"/>eter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t SJ<span class=\"_ _b\"/>P Par<span class=\"_ _6\"/>tn<span class=\"_ _b\"/>er Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s No<span class=\"_ _b\"/>. 1 Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d Lewingt<span class=\"_ _39\"/>on W<span class=\"_ _5\"/>ealth Management ar<span class=\"_ _39\"/>e contr<span class=\"_ _39\"/>olle<span class=\"_ _b\"/>d b<span class=\"_ _39\"/>y the Group<span class=\"_ _39\"/> and thus c<span class=\"_ _5\"/>onsolidated.<span class=\"_ _34e\"> </span>In addition, the<span class=\"_ _39\"/> Group Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements consolidat<span class=\"_ _39\"/>e the f<span class=\"_ _39\"/>oll<span class=\"_ _b\"/>owing unit<span class=\"_ _39\"/> trusts, all of<span class=\"_ _39\"/> which are r<span class=\"_ _39\"/>egistered<span class=\"_ _5\"/> in E<span class=\"_ _39\"/>n<span class=\"_ _b\"/>gland and Wale<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e reg<span class=\"_ _b\"/>i<span class=\"_ _b\"/>stere<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>res<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>r, St. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ce U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t G<span class=\"_ _b\"/>roup L<span class=\"_ _b\"/>i<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>s St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e H<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>se<span class=\"_ _b\"/>, 1 T<span class=\"_ _39\"/>et<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y Ro<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>, C<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>ter, Gl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ster<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>re GL7 1F<span class=\"_ _b\"/>P<span class=\"_ _4\"/>, U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ted K<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>do<span class=\"_ _b\"/>m<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Adve<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>urou<span class=\"_ _b\"/>s G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Adve<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>urou<span class=\"_ _b\"/>s I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al G<span class=\"_ _b\"/>row<span class=\"_ _6\"/>th Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e As<span class=\"_ _b\"/>ia Pa<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>c U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Balance InRetir<span class=\"_ _39\"/>ement Unit T<span class=\"_ _4\"/>rust St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Balanced Internat<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>al Gr<span class=\"_ _39\"/>ow<span class=\"_ _b\"/>th Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Balanced Managed Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vati<span class=\"_ _b\"/>ve G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vati<span class=\"_ _b\"/>ve I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al G<span class=\"_ _b\"/>row<span class=\"_ _6\"/>th Unit T<span class=\"_ _4\"/>rust St. James\u2019s P<span class=\"_ _39\"/>lace Continent<span class=\"_ _39\"/>al Eur<span class=\"_ _39\"/>opean Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Corporat<span class=\"_ _39\"/>e Bond Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Di<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d As<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts (F<span class=\"_ _4\"/>A<span class=\"_ _b\"/>IF) Uni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Diversified Bond Unit<span class=\"_ _39\"/> T<span class=\"_ _39\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Eme<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g Ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s Equ<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Gi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ts Un<span class=\"_ _b\"/>it Trus<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Ab<span class=\"_ _b\"/>so<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>te Retu<span class=\"_ _b\"/>rn U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it T<span class=\"_ _5\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Eme<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g Ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Equ<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it T<span class=\"_ _5\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l H<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>h Yi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld B<span class=\"_ _b\"/>on<span class=\"_ _b\"/>d U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Q<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St. James\u2019s P<span class=\"_ _39\"/>lace Global Smaller Companies Unit<span class=\"_ _39\"/> T<span class=\"_ _39\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Valu<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Trust<span class=\"_ _b\"/> St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>ter Euro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n Prog<span class=\"_ _b\"/>res<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ve U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>Reti<span class=\"_ _b\"/>re<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ex Li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ked G<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ts U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al Eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt G<span class=\"_ _b\"/>rad<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>ora<span class=\"_ _b\"/>te Bo<span class=\"_ _b\"/>nd U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>u<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Ja<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>n U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d Grow<span class=\"_ _6\"/>th U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e M<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ey Ma<span class=\"_ _b\"/>rket U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>h Am<span class=\"_ _b\"/>er<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>an U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 1 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 2 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 3 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 4 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pr<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>Ret<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>trate<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>c I<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>trate<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>c M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Su<span class=\"_ _b\"/>sta<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e &amp; Res<span class=\"_ _b\"/>po<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e Equ<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K Equ<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Worldwide Income<span class=\"_ _39\"/> Unit T<span class=\"_ _39\"/>rust<span class=\"_ _34e\"> </span>Individually immaterial a<span class=\"_ _5\"/>ssociates<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o ha<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y im<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted fo<span class=\"_ _b\"/>r us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y m<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>od<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Aggr<span class=\"_ _39\"/>egate carrying v<span class=\"_ _39\"/>alue of individually immat<span class=\"_ _39\"/>erial associat<span class=\"_ _39\"/>es<span class=\"_ _1f2\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _19b\"> </span>1<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span>Aggr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gate<span class=\"_ _39\"/> amounts of t<span class=\"_ _39\"/>he Group\u2019s<span class=\"_ _39\"/> share of<span class=\"_ _39\"/> tot<span class=\"_ _39\"/>al comprehensive<span class=\"_ _39\"/> income<span class=\"_ _328\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span></span>251<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>24. Business combinations<span class=\"_ _34e\"> </span>During the<span class=\"_ _39\"/> year the<span class=\"_ _39\"/> Group acquir<span class=\"_ _39\"/>ed the f<span class=\"_ _39\"/>ollowing subsidiaries<span class=\"_ _39\"/> in line with<span class=\"_ _39\"/> the Gro<span class=\"_ _5\"/>up\u2019s<span class=\"_ _39\"/> strat<span class=\"_ _39\"/>egic objective<span class=\"_ _39\"/> of gro<span class=\"_ _39\"/>wing and supporting the P<span class=\"_ _39\"/>ar<span class=\"_ _b\"/>tnership:<span class=\"_ _34e\"> </span>Business acquired<span class=\"_ _181\"> </span>Principal activity<span class=\"_ _74\"> </span>% shareholding<span class=\"_ _86\"> </span><span class=\"ls3 ws3\">D<span class=\"_ _b\"/>at<span class=\"_ _b\"/>e of a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>uis<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span></span>JEWM Lt<span class=\"_ _39\"/>d (<span class=\"_ _4\"/>formerly Janine<span class=\"_ _39\"/> Edwards<span class=\"_ _39\"/> Wealth Management L<span class=\"_ _6\"/>i<span class=\"_ _6\"/>m<span class=\"_ _6\"/>i<span class=\"_ _6\"/>t<span class=\"_ _6\"/>e<span class=\"_ _6\"/>d)<span class=\"_ _230\"> </span><span class=\"lsd ws35\">Pr<span class=\"_ _39\"/>ovision of<span class=\"_ _39\"/> fin<span class=\"_ _b\"/>ancial services<span class=\"_ _1ab\"> </span><span class=\"lsb2 wsb9\">60%<span class=\"_ _51\"> </span><span class=\"ls4c ws3\">18 Ma<span class=\"_ _b\"/>y 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Thompson P<span class=\"_ _39\"/>rivate<span class=\"_ _39\"/> Clients Limit<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d<span class=\"_ _329\"> </span>Pro<span class=\"_ _39\"/>vision of financial<span class=\"_ _39\"/> ser<span class=\"_ _b\"/>vices<span class=\"_ _1ab\"> </span><span class=\"lsb2 wsb9\">10<span class=\"_ _b\"/>0%<span class=\"_ _1aa\"> </span><span class=\"ls4c ws3\">1<span class=\"_ _b\"/>7 Ju<span class=\"_ _b\"/>ne 202<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d own<span class=\"_ _b\"/>s 4<span class=\"_ _b\"/>0% of th<span class=\"_ _b\"/>e s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re ca<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>tal of J<span class=\"_ _b\"/>E<span class=\"_ _b\"/>WM Ltd<span class=\"_ _b\"/>. From 17 Ju<span class=\"_ _b\"/>n<span class=\"_ _b\"/>e 2022<span class=\"_ _b\"/>, fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g it<span class=\"_ _b\"/>s ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p no<span class=\"_ _b\"/>w ho<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ds 1<span class=\"_ _b\"/>00% o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>are c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l of J<span class=\"_ _b\"/>EW<span class=\"_ _b\"/>M Ltd<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Acquisition-<span class=\"_ _39\"/>related c<span class=\"_ _5\"/>osts of<span class=\"_ _39\"/> \u00a30.1 million hav<span class=\"_ _39\"/>e been charged t<span class=\"_ _39\"/>o administration<span class=\"_ _39\"/> expenses in the Consolidat<span class=\"_ _39\"/>ed Statement of Compr<span class=\"_ _39\"/>ehensive Income f<span class=\"_ _39\"/>or the y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _5\"/> December 2022.<span class=\"_ _34e\"> </span>J<span class=\"_ _b\"/>EW<span class=\"_ _b\"/>M<span class=\"_ _b\"/> Ltd<span class=\"_ _34e\"> </span>The acquisit<span class=\"_ _5\"/>ion cont<span class=\"_ _39\"/>ributed \u00a3<span class=\"_ _39\"/>nil to f<span class=\"_ _39\"/>ee and commission<span class=\"_ _39\"/> income and a \u00a3<span class=\"_ _39\"/>3<span class=\"_ _b\"/>.4 million pr<span class=\"_ _39\"/>ofit befor<span class=\"_ _39\"/>e income t<span class=\"_ _39\"/>ax for<span class=\"_ _39\"/> the period bet<span class=\"_ _6\"/>we<span class=\"_ _b\"/>en t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on d<span class=\"_ _b\"/>ate a<span class=\"_ _b\"/>nd 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2022<span class=\"_ _b\"/>. H<span class=\"_ _b\"/>ad t<span class=\"_ _b\"/>he a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>da<span class=\"_ _b\"/>ted f<span class=\"_ _b\"/>rom 1 J<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e acquisition w<span class=\"_ _39\"/>ould have cont<span class=\"_ _39\"/>ributed \u00a3<span class=\"_ _39\"/>nil to f<span class=\"_ _39\"/>ee and commission<span class=\"_ _39\"/> income and \u00a3<span class=\"_ _39\"/>5<span class=\"_ _b\"/>.5 million pr<span class=\"_ _39\"/>ofit bef<span class=\"_ _39\"/>ore income t<span class=\"_ _39\"/>ax<span class=\"_ _b\"/>. The net<span class=\"_ _39\"/> assets, fair<span class=\"_ _39\"/> value adjustments<span class=\"_ _39\"/> and consideration<span class=\"_ _39\"/> for this<span class=\"_ _39\"/> acquisition are<span class=\"_ _39\"/> summarised below (<span class=\"_ _4\"/>all values<span class=\"_ _39\"/> shown as at their acquisit<span class=\"_ _39\"/>ion date<span class=\"_ _4\"/>):<span class=\"_ _34e\"> </span>Book value<span class=\"_ _34e\"> </span>Fair v<span class=\"_ _39\"/>alue adjustment<span class=\"_ _93\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _6\"/>a<span class=\"_ _b\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _169\"> </span><span class=\"ls3 ws3\">4.<span class=\"_ _b\"/>3 <span class=\"_ _77\"> </span>14.<span class=\"_ _b\"/>0 <span class=\"_ _84\"> </span>1<span class=\"_ _b\"/>8<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 </span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _ad\"> </span><span class=\"ls3 ws3\">2.<span class=\"_ _b\"/>0 <span class=\"_ _ca\"> </span>\u2013 <span class=\"_ _6a\"> </span>2<span class=\"_ _b\"/>.0 </span>Financial liabilit<span class=\"_ _39\"/>ies<span class=\"_ _1e1\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _69\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _69\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span>T<span class=\"_ _4\"/>otal net assets acquired<span class=\"_ _4b\"> </span><span class=\"ls3 ws3\">5.<span class=\"_ _b\"/>3 <span class=\"_ _69\"> </span>10.<span class=\"_ _6\"/>2 <span class=\"_ _15\"> </span>15.<span class=\"_ _b\"/>5 </span>Considerati<span class=\"_ _5\"/>on<span class=\"_ _34e\"> </span>Cash consider<span class=\"_ _39\"/>ation on complet<span class=\"_ _5\"/>ion<span class=\"_ _f3\"> </span><span class=\"ls3 ws3\">1<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.4 </span>Shares<span class=\"_ _39\"/> issu<span class=\"_ _b\"/>ed on c<span class=\"_ _5\"/>ompletion<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>5.7<span class=\"_ _b\"/> Deferred conti<span class=\"_ _b\"/>nge<span class=\"_ _b\"/>nt consid<span class=\"_ _b\"/>eration<span class=\"_ _21d\"> </span><span class=\"ls3 ws3\">3<span class=\"_ _b\"/>.<span class=\"_ _6\"/>2 </span>T<span class=\"_ _4\"/>otal consideratio<span class=\"_ _39\"/>n<span class=\"_ _32a\"> </span><span class=\"ls3 ws3\">20.<span class=\"_ _b\"/>3 </span>Goodwill<span class=\"_ _32b\"> </span><span class=\"ls3 ws3\">4.<span class=\"_ _b\"/>8 </span>1   S<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re<span class=\"_ _b\"/>s is<span class=\"_ _b\"/>su<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d ref<span class=\"_ _b\"/>er to S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>m<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c o<span class=\"_ _b\"/>rdi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>res<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Goodwill comprises t<span class=\"_ _39\"/>he future<span class=\"_ _39\"/> value generat<span class=\"_ _39\"/>ed from<span class=\"_ _5\"/> new business<span class=\"_ _39\"/> oppor<span class=\"_ _b\"/>tunities.<span class=\"_ _34e\"> </span>It i<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ent c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>d<span class=\"_ _b\"/>era<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l be p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id i<span class=\"_ _b\"/>n fu<span class=\"_ _b\"/>ll o<span class=\"_ _b\"/>n 1 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2023 w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h no c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s to the amount init<span class=\"_ _39\"/>ially recognised.<span class=\"_ _34e\"> </span>252<span class=\"_ _34e\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> plc<span class=\"_ _38\"> </span><span class=\"ls3 ws3\">A<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>l Re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t an<span class=\"_ _b\"/>d Acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nts 2<span class=\"_ _b\"/>022<span class=\"_ _34e\"> </span></span>Financial<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/>s<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ards conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Thompson P<span class=\"_ _39\"/>rivate<span class=\"_ _39\"/> Clients Limited<span class=\"_ _34e\"> </span>The acquisit<span class=\"_ _5\"/>ion cont<span class=\"_ _39\"/>ributed \u00a3<span class=\"_ _39\"/>nil to f<span class=\"_ _39\"/>ee and commission<span class=\"_ _39\"/> income and a \u00a3<span class=\"_ _39\"/>nil profit<span class=\"_ _39\"/> before<span class=\"_ _39\"/> income tax<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> period between the a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te and 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2. H<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>is<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n co<span class=\"_ _b\"/>nso<span class=\"_ _b\"/>l<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d fro<span class=\"_ _b\"/>m 1 Ja<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ar<span class=\"_ _6\"/>y 2022<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on would hav<span class=\"_ _39\"/>e contribut<span class=\"_ _39\"/>ed \u00a3nil t<span class=\"_ _39\"/>o fee<span class=\"_ _39\"/> and commission income and<span class=\"_ _39\"/> \u00a30.3 million pr<span class=\"_ _39\"/>ofit bef<span class=\"_ _39\"/>ore income t<span class=\"_ _39\"/>ax<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The net<span class=\"_ _39\"/> assets, fair<span class=\"_ _39\"/> value adjustments<span class=\"_ _39\"/> and consideration<span class=\"_ _39\"/> for this<span class=\"_ _39\"/> acquisition are<span class=\"_ _39\"/> summarised below (<span class=\"_ _4\"/>all values<span class=\"_ _39\"/> shown as at their acquisit<span class=\"_ _39\"/>ion date<span class=\"_ _4\"/>):<span class=\"_ _34e\"> </span>Book value<span class=\"_ _34e\"> </span>Fair v<span class=\"_ _39\"/>alue adjustment<span class=\"_ _93\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _6\"/>a<span class=\"_ _b\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Financial assets<span class=\"_ _169\"> </span><span class=\"ls3 ws3\">3<span class=\"_ _b\"/>.4 <span class=\"_ _6a\"> </span>0<span class=\"_ _b\"/>.6 <span class=\"_ _6a\"> </span>4<span class=\"_ _b\"/>.0 </span>Cash and<span class=\"_ _39\"/> cash equivalents<span class=\"_ _164\"> </span><span class=\"ls3 ws3\">\u2013 <span class=\"_ _52\"> </span>\u2013 <span class=\"_ _ca\"> </span>\u2013 </span>Financial liabilit<span class=\"_ _39\"/>ies<span class=\"_ _32c\"> </span><span class=\"lsf2 ws100\">(2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _69\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _69\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>3<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _34e\"> </span></span></span></span>T<span class=\"_ _4\"/>otal net assets acquired<span class=\"_ _de\"> </span><span class=\"lsbc wsc1\">0.<span class=\"_ _b\"/>8<span class=\"_ _d0\"> </span><span class=\"lsf0 wsfe\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>3)<span class=\"_ _6\"/> <span class=\"_ _6d\"> </span></span>0.5 </span>Considerati<span class=\"_ _5\"/>on<span class=\"_ _34e\"> </span>Cash consider<span class=\"_ _39\"/>ation on complet<span class=\"_ _5\"/>ion<span class=\"_ _f3\"> </span><span class=\"ls3 ws3\">0<span class=\"_ _b\"/>.5 </span>Deferred conti<span class=\"_ _b\"/>nge<span class=\"_ _b\"/>nt consid<span class=\"_ _b\"/>eration<span class=\"_ _24b\"> </span><span class=\"ls5b ws5e\">0<span class=\"_ _b\"/>.7 </span>T<span class=\"_ _4\"/>otal consideratio<span class=\"_ _39\"/>n<span class=\"_ _29d\"> </span><span class=\"ls3 ws3\">1.<span class=\"_ _6\"/>2 </span>Goodwill<span class=\"_ _32d\"> </span><span class=\"ls5f ws65\">0.7 </span>It i<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d tha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ent c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>d<span class=\"_ _b\"/>era<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n w<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l be p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id i<span class=\"_ _b\"/>n fu<span class=\"_ _b\"/>ll o<span class=\"_ _b\"/>n 16 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2023 wi<span class=\"_ _b\"/>th n<span class=\"_ _b\"/>o ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s to th<span class=\"_ _b\"/>e amount init<span class=\"_ _39\"/>ially recognised.<span class=\"_ _34e\"> </span>25. Related-part<span class=\"_ _b\"/>y transactions<span class=\"_ _34e\"> </span>Transa<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>ons wit<span class=\"_ _b\"/>h St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>ames\u2019s Place un<span class=\"_ _b\"/>it trus<span class=\"_ _b\"/>ts In re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ct of th<span class=\"_ _b\"/>e no<span class=\"_ _b\"/>n-c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>so<span class=\"_ _b\"/>li<span class=\"_ _b\"/>da<span class=\"_ _b\"/>ted S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>ed u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>ts th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d as i<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s in th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pla<span class=\"_ _b\"/>ce<span class=\"_ _b\"/> li<span class=\"_ _b\"/>fe an<span class=\"_ _b\"/>d pe<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n fu<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>ere w<span class=\"_ _b\"/>ere l<span class=\"_ _b\"/>os<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s rec<span class=\"_ _b\"/>o<span class=\"_ _b\"/>gn<span class=\"_ _b\"/>is<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>f \u00a30.7 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a311<span class=\"_ _b\"/>.0 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) a<span class=\"_ _b\"/>nd th<span class=\"_ _b\"/>e total va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of t<span class=\"_ _b\"/>rans<span class=\"_ _b\"/>a<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>th tho<span class=\"_ _b\"/>se n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>sts w<span class=\"_ _b\"/>as \u00a36<span class=\"_ _b\"/>.5 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>20<span class=\"_ _b\"/>21: \u00a314<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on<span class=\"_ _39\"/>). N<span class=\"_ _b\"/>et m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt fe<span class=\"_ _b\"/>es re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e fro<span class=\"_ _b\"/>m th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it<span class=\"_ _b\"/> tru<span class=\"_ _b\"/>st<span class=\"_ _b\"/>s am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nted to \u00a3n<span class=\"_ _b\"/>il (2021: \u00a31<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>). Th<span class=\"_ _b\"/>e val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e inve<span class=\"_ _b\"/>stm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t in<span class=\"_ _b\"/>to the n<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-con<span class=\"_ _b\"/>so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>id<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>sts a<span class=\"_ _b\"/>t 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er<span class=\"_ _b\"/> 2022 w<span class=\"_ _b\"/>as \u00a31<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a34<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on<span class=\"_ _39\"/>). Transactions<span class=\"_ _39\"/> with associates and non-wholly<span class=\"_ _39\"/> owned subsidiaries<span class=\"_ _34e\"> </span>Ou<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>tand<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>t the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _39\"/>-e<span class=\"_ _b\"/>nd w<span class=\"_ _b\"/>as a b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n of \u00a31<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 m<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a30<span class=\"_ _b\"/>.9 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on) t<span class=\"_ _39\"/>o a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>s<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>te of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>. Du<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g the<span class=\"_ _b\"/> yea<span class=\"_ _b\"/>r \u00a30.<span class=\"_ _b\"/>3 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a3ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>) wa<span class=\"_ _b\"/>s a<span class=\"_ _b\"/>dva<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>nd \u00a3n<span class=\"_ _b\"/>il (2021: \u00a3ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>) w<span class=\"_ _b\"/>as re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>id<span class=\"_ _b\"/>. B<span class=\"_ _b\"/>u<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to ass<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t-<span class=\"_ _39\"/>b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g (<span class=\"_ _39\"/>li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ked to the B<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nk o<span class=\"_ _b\"/>f Eng<span class=\"_ _b\"/>la<span class=\"_ _b\"/>nd b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>se ra<span class=\"_ _b\"/>te pl<span class=\"_ _b\"/>us a m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in) and rep<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le i<span class=\"_ _b\"/>n li<span class=\"_ _b\"/>ne w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h th<span class=\"_ _b\"/>e term<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>n co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct<span class=\"_ _b\"/>. I<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>st o<span class=\"_ _b\"/>f \u00a3nil w<span class=\"_ _b\"/>as re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ive<span class=\"_ _b\"/>d d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 202<span class=\"_ _b\"/>2 (<span class=\"_ _39\"/>2<span class=\"_ _b\"/>021: \u00a3n<span class=\"_ _b\"/>il)<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>In a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, co<span class=\"_ _b\"/>mm<span class=\"_ _b\"/>is<span class=\"_ _b\"/>s<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce fe<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er p<span class=\"_ _b\"/>ay<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s of \u00a34.<span class=\"_ _b\"/>3 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n were p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>id<span class=\"_ _b\"/>, u<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>er n<span class=\"_ _b\"/>or<span class=\"_ _b\"/>m<span class=\"_ _b\"/>al co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>me<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>al te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, to non-wholly<span class=\"_ _39\"/> owned Group<span class=\"_ _5\"/> companies. The out<span class=\"_ _39\"/>standing amount<span class=\"_ _39\"/> receivable at<span class=\"_ _39\"/> 31 December 2022<span class=\"_ _39\"/> was \u00a30.1<span class=\"_ _39\"/> million<span class=\"_ _b\"/>. As<span class=\"_ _39\"/> at 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2021 t<span class=\"_ _b\"/>he<span class=\"_ _b\"/>re we<span class=\"_ _b\"/>re no e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s for w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch d<span class=\"_ _b\"/>i<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>su<span class=\"_ _b\"/>re was re<span class=\"_ _b\"/>q<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>253<span class=\"_ _34e\"> </span>Strat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gic Report<span class=\"_ _37\"> </span><span class=\"ls2f ws2f\">Governance<span class=\"_ _1f6\"> </span>Other Inf<span class=\"_ _39\"/>ormation<span class=\"_ _34e\"> </span></span>w<span class=\"_ _b\"/>w<span class=\"_ _b\"/>w.sjp.co.u<span class=\"_ _b\"/>k<span class=\"_ _34e\"> </span>Financial<span class=\"_ _39\"/> Statements<span class=\"_ _34e\"> </span>25. Related-part<span class=\"_ _b\"/>y transactions <span class=\"ffa5 lsf5 ws104\">conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Transaction<span class=\"_ _39\"/>s with k<span class=\"_ _39\"/>ey management pers<span class=\"_ _39\"/>onnel<span class=\"_ _34e\"> </span>Key mana<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>son<span class=\"_ _b\"/>n<span class=\"_ _b\"/>el h<span class=\"_ _b\"/>ave b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en d<span class=\"_ _b\"/>ef<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d as th<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>rd of D<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d m<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>rs o<span class=\"_ _b\"/>f th<span class=\"_ _b\"/>e E<span class=\"_ _b\"/>xec<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>ive B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ard<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The re<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>n<span class=\"_ _b\"/>era<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d to the B<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ard of D<span class=\"_ _b\"/>i<span class=\"_ _b\"/>recto<span class=\"_ _b\"/>rs of S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c i<span class=\"_ _b\"/>s set o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e D<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>ctor<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019 Rem<span class=\"_ _b\"/>un<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on Re<span class=\"_ _b\"/>p<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _6\"/>,<span class=\"_ _34e\"> </span>in a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n to the d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>os<span class=\"_ _b\"/>ure b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low.<span class=\"_ _b\"/> The Dir<span class=\"_ _39\"/>ectors\u2019 Remuner<span class=\"_ _39\"/>ation Report also se<span class=\"_ _5\"/>ts out<span class=\"_ _39\"/> transactions<span class=\"_ _39\"/> with the<span class=\"_ _5\"/> Direct<span class=\"_ _39\"/>ors under the<span class=\"_ _39\"/> Group\u2019s<span class=\"_ _39\"/> s<span class=\"_ _b\"/>hare-<span class=\"_ _39\"/>base<span class=\"_ _b\"/>d payment<span class=\"_ _34e\"> </span>sch<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, tog<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>er w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>h de<span class=\"_ _b\"/>tai<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f the D<span class=\"_ _b\"/>i<span class=\"_ _b\"/>recto<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>\u2019 i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e sh<span class=\"_ _b\"/>a<span class=\"_ _b\"/>re cap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l of th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ny<span class=\"_ _5\"/>.<span class=\"_ _34e\"> </span>Compensation o<span class=\"_ _39\"/>f key<span class=\"_ _39\"/> manageme<span class=\"_ _b\"/>nt personnel<span class=\"_ _39\"/> is as follo<span class=\"_ _5\"/>ws:<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span>2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Short<span class=\"_ _39\"/>-t<span class=\"_ _39\"/>erm emplo<span class=\"_ _39\"/>yee benefit<span class=\"_ _39\"/>s<span class=\"_ _1c8\"> </span><span class=\"lsf6 wsee\">6.3<span class=\"_ _5d\"> </span><span class=\"ls2f ws2f\">6.1<span class=\"_ _34e\"> </span></span></span>Post<span class=\"_ _4\"/>-emplo<span class=\"_ _5\"/>yment<span class=\"_ _39\"/> benefits<span class=\"_ _290\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5<span class=\"_ _34e\"> </span></span>Share-<span class=\"_ _39\"/>base<span class=\"_ _b\"/>d payment<span class=\"_ _239\"> </span><span class=\"ls37 ws36\">6.5<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">5<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span>To<span class=\"_ _b\"/>t<span class=\"_ _6\"/>a<span class=\"_ _6\"/>l<span class=\"_ _29b\"> </span><span class=\"lsd wsc\">13<span class=\"_ _b\"/>.3<span class=\"_ _79\"> </span><span class=\"ffa5 fc3\">12.3<span class=\"_ _34e\"> </span></span></span>The tota<span class=\"_ _b\"/>l val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f Gro<span class=\"_ _b\"/>up F<span class=\"_ _b\"/>UM h<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld by re<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted p<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p as a<span class=\"_ _b\"/>t 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>er 2<span class=\"_ _b\"/>022 wa<span class=\"_ _b\"/>s \u00a341.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (2021: \u00a335<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>The tota<span class=\"_ _b\"/>l val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>lc d<span class=\"_ _b\"/>iv<span class=\"_ _b\"/>i<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>s p<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d to rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es o<span class=\"_ _b\"/>f the G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r wa<span class=\"_ _b\"/>s \u00a30.<span class=\"_ _b\"/>8 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on<span class=\"_ _34e\"> </span>(<span class=\"_ _39\"/>202<span class=\"_ _39\"/>1: \u00a30.9<span class=\"_ _39\"/> million<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>T<span class=\"_ _4\"/>otal consider<span class=\"_ _39\"/>ation of \u00a32<span class=\"_ _39\"/>0.3 million (<span class=\"_ _39\"/>202<span class=\"_ _39\"/>1: \u00a3nil<span class=\"_ _4\"/>) was agr<span class=\"_ _39\"/>eed under normal commer<span class=\"_ _39\"/>cial terms<span class=\"_ _39\"/> to k<span class=\"_ _39\"/>ey management personnel<span class=\"_ _34e\"> </span>and their<span class=\"_ _39\"/> connected parties f<span class=\"_ _39\"/>or the acquisit<span class=\"_ _39\"/>ion of JEWM L<span class=\"_ _39\"/>td (<span class=\"_ _4\"/>formerly<span class=\"_ _39\"/> Janine Edwar<span class=\"_ _39\"/>ds Wealth<span class=\"_ _39\"/> M<span class=\"_ _b\"/>anagement Limit<span class=\"_ _39\"/>ed<span class=\"_ _39\"/>). A<span class=\"_ _39\"/>s at<span class=\"_ _34e\"> </span>31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 th<span class=\"_ _b\"/>ere wa<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>fer<span class=\"_ _b\"/>red c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>tin<span class=\"_ _b\"/>g<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>era<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on o<span class=\"_ _b\"/>uts<span class=\"_ _b\"/>tan<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ng o<span class=\"_ _b\"/>f \u00a33<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on (2021: \u00a3ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>Commission, advice f<span class=\"_ _39\"/>ees and other<span class=\"_ _39\"/> payme<span class=\"_ _b\"/>nts o<span class=\"_ _39\"/>f \u00a33.<span class=\"_ _b\"/>2 million<span class=\"_ _39\"/> (2<span class=\"_ _39\"/>021: \u00a3<span class=\"_ _39\"/>6.<span class=\"_ _b\"/>2 million<span class=\"_ _4\"/>) were<span class=\"_ _5\"/> paid, under normal c<span class=\"_ _5\"/>ommercial<span class=\"_ _39\"/> terms,<span class=\"_ _34e\"> </span>to St<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>se<span class=\"_ _b\"/>rs w<span class=\"_ _b\"/>h<span class=\"_ _b\"/>o were re<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es by v<span class=\"_ _b\"/>ir<span class=\"_ _6\"/>tu<span class=\"_ _b\"/>e of b<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>cte<span class=\"_ _b\"/>d pe<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>th key m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>so<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>el<span class=\"_ _b\"/>.<span class=\"_ _b\"/> The o<span class=\"_ _b\"/>ut<span class=\"_ _b\"/>sta<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g am<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>aya<span class=\"_ _b\"/>b<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>t 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 wa<span class=\"_ _b\"/>s \u00a30.<span class=\"_ _b\"/>1 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (2021: \u00a30.<span class=\"_ _b\"/>8 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>Ou<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>tand<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g a<span class=\"_ _b\"/>t the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r<span class=\"_ _39\"/>-e<span class=\"_ _b\"/>nd w<span class=\"_ _b\"/>ere Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ns of \u00a3n<span class=\"_ _b\"/>il (2021: \u00a33<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3 mi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>li<span class=\"_ _b\"/>on<span class=\"_ _5\"/>) du<span class=\"_ _b\"/>e from S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>m<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e ad<span class=\"_ _b\"/>v<span class=\"_ _b\"/>is<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>o we<span class=\"_ _b\"/>re<span class=\"_ _34e\"> </span>rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es by v<span class=\"_ _b\"/>i<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>e of b<span class=\"_ _b\"/>ei<span class=\"_ _b\"/>ng c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ecte<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>so<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ith key m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt p<span class=\"_ _b\"/>er<span class=\"_ _b\"/>so<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>e<span class=\"_ _b\"/>l<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up e<span class=\"_ _b\"/>ith<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span>or g<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>tee<span class=\"_ _b\"/>d<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r \u00a30.<span class=\"_ _b\"/>5 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (2021: \u00a3ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>) wa<span class=\"_ _b\"/>s ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>nd \u00a33<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n (<span class=\"_ _5\"/>2021: \u00a30<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>) w<span class=\"_ _b\"/>as<span class=\"_ _b\"/> rep<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>d by ad<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>s<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s wh<span class=\"_ _b\"/>o we<span class=\"_ _b\"/>re rel<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The re<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ng b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>la<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wa<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>s a rel<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y du<span class=\"_ _b\"/>e to ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>in key ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>so<span class=\"_ _b\"/>nn<span class=\"_ _b\"/>el d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar.<span class=\"_ _34e\"> </span>Bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>ss l<span class=\"_ _b\"/>o<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s to Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>rs a<span class=\"_ _b\"/>re in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>t-bear<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g (<span class=\"_ _39\"/>l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ked to th<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>an<span class=\"_ _b\"/>k of En<span class=\"_ _b\"/>gl<span class=\"_ _b\"/>an<span class=\"_ _b\"/>d b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>e rate pl<span class=\"_ _b\"/>u<span class=\"_ _b\"/>s a ma<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n<span class=\"_ _39\"/>), re<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>yab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e in l<span class=\"_ _b\"/>in<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th<span class=\"_ _34e\"> </span>the te<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n co<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>ct an<span class=\"_ _b\"/>d s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ure<span class=\"_ _b\"/>d ag<span class=\"_ _b\"/>a<span class=\"_ _b\"/>in<span class=\"_ _b\"/>st th<span class=\"_ _b\"/>e fu<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>re ren<span class=\"_ _b\"/>ewa<span class=\"_ _b\"/>l in<span class=\"_ _b\"/>co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>e stre<span class=\"_ _b\"/>am<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>sp<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ve Par<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>r. Intere<span class=\"_ _b\"/>st of<span class=\"_ _b\"/> \u00a30.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n was re<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ved d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g 202<span class=\"_ _b\"/>2 (<span class=\"_ _5\"/>2021: \u00a30<span class=\"_ _b\"/>.1 m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>li<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n<span class=\"_ _39\"/>).<span class=\"_ _34e\"> </span>At the s<span class=\"_ _b\"/>tar<span class=\"_ _b\"/>t o<span class=\"_ _b\"/>f the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r, relate<span class=\"_ _b\"/>d p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s of key ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>son<span class=\"_ _b\"/>n<span class=\"_ _b\"/>el h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d n<span class=\"_ _b\"/>il (2021: 28<span class=\"_ _b\"/>,<span class=\"_ _b\"/>517) share<span class=\"_ _b\"/>s an<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s un<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r var<span class=\"_ _b\"/>io<span class=\"_ _b\"/>us<span class=\"_ _b\"/> St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>re op<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n sc<span class=\"_ _b\"/>he<span class=\"_ _b\"/>m<span class=\"_ _b\"/>es<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e yea<span class=\"_ _b\"/>r ni<span class=\"_ _b\"/>l (2021: ni<span class=\"_ _b\"/>l<span class=\"_ _39\"/>) s<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>res a<span class=\"_ _b\"/>nd o<span class=\"_ _b\"/>pti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s we<span class=\"_ _b\"/>re gra<span class=\"_ _b\"/>nted<span class=\"_ _b\"/>, n<span class=\"_ _b\"/>il (2021: n<span class=\"_ _b\"/>il<span class=\"_ _39\"/>)<span class=\"_ _b\"/> opt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns l<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d an<span class=\"_ _b\"/>d ni<span class=\"_ _b\"/>l (2021: 28<span class=\"_ _b\"/>,<span class=\"_ _b\"/>517) optio<span class=\"_ _b\"/>ns we<span class=\"_ _b\"/>re exe<span class=\"_ _b\"/>rci<span class=\"_ _b\"/>s<span class=\"_ _b\"/>ed<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>N<span class=\"_ _39\"/>ot<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/> to<span class=\"_ _b\"/> the<span class=\"_ _b\"/> C<span class=\"_ _b\"/>on<span class=\"_ _6\"/>sol<span class=\"_ _6\"/>idate<span class=\"_ _b\"/>d<span class=\"_ _b\"/> F<span class=\"_ _6\"/>i<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l<span class=\"_ _b\"/> St<span class=\"_ _6\"/>at<span class=\"_ _b\"/>ement<span class=\"_ _b\"/>s<span class=\"_ _b\"/> u<span class=\"_ _b\"/>nder<span class=\"_ _6\"/> Inte<span class=\"_ _39\"/>rnatio<span class=\"_ _39\"/>nal Financi<span class=\"_ _39\"/>al R<span class=\"_ _39\"/>eport<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng Stand<span class=\"_ _39\"/>ardsconti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-321": {
   "value": "St. James\u2019s Place plc (the Company) is a public company limited by shares which is incorporated and registered in England and Wales, domiciled in the United Kingdom and  whose shares are publicly traded. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-2": {
   "value": "St. James\u2019s Place plc ",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-5": {
   "value": "public company limited by shares",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-3": {
   "value": "England and Wales",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-4": {
   "value": "United Kingdom",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-322": {
   "value": "i. Statement of compliance The Group Financial Statements consolidate those of the Company and its subsidiaries (together referred to  as the Group). The Group Financial Statements have been prepared in  accordance with UK-adopted International Accounting  Standards and with the requirements of the Companies  Act 2006 as applicable to companies reporting under  those standards.  As at 31 December 2022, the following relevant amended standards, which the Group adopted as of 1 January 2022,  have not had any material impact on the Group\u2019s  Consolidated Financial Statements:    Amendments to IFRS 3 Business Combinations \u2013  Reference to the Conceptual Framework; and     Annual Improvements to IFRS Standards 2018-2020. There were no new accounting standards adopted as of 1 January 2022.  ",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-380": {
   "value": "ii. New and amended accounting standards not  yet adopted As at 31 December 2022, the following new and amended  standards, which are relevant to the Group but have not  been applied in the Financial Statements, were in issue but  are not yet effective. All of the below had been adopted by  the UK Endorsement Board as at 31 December 2022, except  for Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-Current:    Amendments to IAS 1 Presentation of Financial Statements  \u2013 Classification of Liabilities as Current or Non-Current;    Amendments to IAS 1 Presentation of Financial Statements  \u2013 Disclosure of Accounting Policies;    Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors \u2013 Definition of Accounting Estimates;    Amendments to IAS 12 Income Taxes \u2013 Deferred Tax  related to Asset and Liabilities arising from a Single  Transaction; and    IFRS 17 Insurance Contracts. The adoption of the above standards and amendments  is not expected to have a material impact on the Group\u2019s  Consolidated Financial Statements other than requiring  additional disclosure or alternative presentation. Further  detail regarding IFRS 17 Insurance Contracts is given below. IFRS 17 Insurance Contracts IFRS 17 was issued in May 2017 and is mandatory for  annual reporting periods commencing on 1 January  2023. It incorporates revised principles for the recognition,  measurement, presentation and disclosure of insurance  contracts.  Under IFRS 17, groups of insurance contracts are recognised and measured as:     the Fulfilment Cashflows, which comprise an estimate  of future cash flows, adjusted to reflect the time value of  money, the financial risks associated with the future cash  flows and a risk adjustment for non-financial risk; and    the Contractual Service Margin, comprising the unearned  profit within a group of contracts that will be recognised as the Group provides insurance services in the future. If a group of contracts is expected to be onerous  (i.e. loss-making) over the remaining coverage period,  a loss is recognised immediately. The Group closed to new insurance business, as defined  under IFRS 17, in 2011. At 31 December 2022, on an IFRS 4 Insurance Contracts basis, the Group had \u00a368.6 million  of non-unit-linked insurance contract liabilities, which  are substantially reinsured, and \u00a3414.9 million of unit- linked insurance contract liabilities. As a result, the Group\u2019s  exposure on this business is not material (\u00a32.2 million, being  the net of \u00a368.6 million non-unit-linked insurance liabilities  and \u00a366.4 million reinsurance assets). The Group has an established project group managing  the implementation of IFRS 17, overseen by the Group Audit Committee. During 2022 the Group continued to refine its valuation approach and to develop the required models  and reporting systems, with the associated governance  processes due to be completed in 2023. Whilst these processes have yet to be completed, there is not expected  to be a material impact on either equity or financial results  on adopting IFRS 17. The Group intends to adopt the following key accounting policies:    the General Measurement Model will be applied to  non-unit-linked insurance business and reassurance  ceded, and the Variable Fee Approach to unit-linked  insurance business measured under IFRS 17;    the fair value approach will be applied to all insurance  contracts on transition to IFRS 17, as the Group considers  that application of a fully retrospective approach is  impracticable (since our accounting and actuarial  systems hold information on historic business at a higher  level of aggregation than that required for the fully  retrospective approach); and    IFRS 17 requires an accounting policy decision as to  whether to recognise all finance income or expense in  profit or loss, or whether to disaggregate the income or  expense that relates to changes in financial assumptions  into other comprehensive income. All finance income  and expense will be included in profit or loss.  Adoption of IFRS 17 is not expected to have a material impact  on alternative performance measures used by the Group.  ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-323": {
   "value": "ii. New and amended accounting standards not  yet adopted As at 31 December 2022, the following new and amended  standards, which are relevant to the Group but have not  been applied in the Financial Statements, were in issue but  are not yet effective. All of the below had been adopted by  the UK Endorsement Board as at 31 December 2022, except  for Amendments to IAS 1 Presentation of Financial Statements \u2013 Classification of Liabilities as Current or Non-Current:    Amendments to IAS 1 Presentation of Financial Statements  \u2013 Classification of Liabilities as Current or Non-Current;    Amendments to IAS 1 Presentation of Financial Statements  \u2013 Disclosure of Accounting Policies;    Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors \u2013 Definition of Accounting Estimates;    Amendments to IAS 12 Income Taxes \u2013 Deferred Tax  related to Asset and Liabilities arising from a Single  Transaction; and    IFRS 17 Insurance Contracts. The adoption of the above standards and amendments  is not expected to have a material impact on the Group\u2019s  Consolidated Financial Statements other than requiring  additional disclosure or alternative presentation. Further  detail regarding IFRS 17 Insurance Contracts is given below. IFRS 17 Insurance Contracts IFRS 17 was issued in May 2017 and is mandatory for  annual reporting periods commencing on 1 January  2023. It incorporates revised principles for the recognition,  measurement, presentation and disclosure of insurance  contracts.  Under IFRS 17, groups of insurance contracts are recognised and measured as:     the Fulfilment Cashflows, which comprise an estimate  of future cash flows, adjusted to reflect the time value of  money, the financial risks associated with the future cash  flows and a risk adjustment for non-financial risk; and    the Contractual Service Margin, comprising the unearned  profit within a group of contracts that will be recognised as the Group provides insurance services in the future. If a group of contracts is expected to be onerous  (i.e. loss-making) over the remaining coverage period,  a loss is recognised immediately. The Group closed to new insurance business, as defined  under IFRS 17, in 2011. At 31 December 2022, on an IFRS 4 Insurance Contracts basis, the Group had \u00a368.6 million  of non-unit-linked insurance contract liabilities, which  are substantially reinsured, and \u00a3414.9 million of unit- linked insurance contract liabilities. As a result, the Group\u2019s  exposure on this business is not material (\u00a32.2 million, being  the net of \u00a368.6 million non-unit-linked insurance liabilities  and \u00a366.4 million reinsurance assets). The Group has an established project group managing  the implementation of IFRS 17, overseen by the Group Audit Committee. During 2022 the Group continued to refine its valuation approach and to develop the required models  and reporting systems, with the associated governance  processes due to be completed in 2023. Whilst these processes have yet to be completed, there is not expected  to be a material impact on either equity or financial results  on adopting IFRS 17. The Group intends to adopt the following key accounting policies:    the General Measurement Model will be applied to  non-unit-linked insurance business and reassurance  ceded, and the Variable Fee Approach to unit-linked  insurance business measured under IFRS 17;    the fair value approach will be applied to all insurance  contracts on transition to IFRS 17, as the Group considers  that application of a fully retrospective approach is  impracticable (since our accounting and actuarial  systems hold information on historic business at a higher  level of aggregation than that required for the fully  retrospective approach); and    IFRS 17 requires an accounting policy decision as to  whether to recognise all finance income or expense in  profit or loss, or whether to disaggregate the income or  expense that relates to changes in financial assumptions  into other comprehensive income. All finance income  and expense will be included in profit or loss.  Adoption of IFRS 17 is not expected to have a material impact  on alternative performance measures used by the Group.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-325": {
   "value": "iii. Basis o<span class=\"_ _5\"/>f preparation<span class=\"_ _34e\"> </span>The g<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g co<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>er<span class=\"_ _b\"/>n ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pted i<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g these Financial<span class=\"_ _39\"/> Statement<span class=\"_ _5\"/>s.<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup\u2019s business<span class=\"_ _39\"/> a<span class=\"_ _b\"/>ctivities, t<span class=\"_ _39\"/>ogether with<span class=\"_ _39\"/> the fac<span class=\"_ _5\"/>tors<span class=\"_ _39\"/> likely<span class=\"_ _39\"/> to affect<span class=\"_ _39\"/> its future<span class=\"_ _39\"/> development, performance and<span class=\"_ _39\"/> po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, are s<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Chi<span class=\"_ _b\"/>ef E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>c<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>\u2019s rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the<span class=\"_ _b\"/> Chief<span class=\"_ _5\"/> Financial Officer\u2019s report. The financial<span class=\"_ _39\"/> per<span class=\"_ _b\"/>formance and financial<span class=\"_ _39\"/> p<span class=\"_ _b\"/>osition o<span class=\"_ _39\"/>f the Gr<span class=\"_ _5\"/>oup ar<span class=\"_ _39\"/>e described in the<span class=\"_ _39\"/> financial r<span class=\"_ _39\"/>eview.<span class=\"_ _34e\"> </span>As sh<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n in S<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ew, the G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s capital<span class=\"_ _39\"/> position r<span class=\"_ _5\"/>emains str<span class=\"_ _39\"/>ong and well<span class=\"_ _39\"/> in excess o<span class=\"_ _39\"/>f reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ato<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. In a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>di<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, it h<span class=\"_ _b\"/>as c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ed to op<span class=\"_ _b\"/>era<span class=\"_ _b\"/>te wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n it<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al b<span class=\"_ _b\"/>an<span class=\"_ _b\"/>k<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g cove<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The S<span class=\"_ _b\"/>&amp;<span class=\"_ _b\"/>P rati<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g of S<span class=\"_ _b\"/>JPU<span class=\"_ _b\"/>K re<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s at A- (<span class=\"_ _5\"/>BB<span class=\"_ _b\"/>B a<span class=\"_ _b\"/>t SJ<span class=\"_ _b\"/>P PLC<span class=\"_ _4\"/>). Si<span class=\"_ _b\"/>m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ly, the F<span class=\"_ _b\"/>itch<span class=\"_ _b\"/> rati<span class=\"_ _b\"/>ng re<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>t A<span class=\"_ _39\"/>+ fo<span class=\"_ _b\"/>r SJ<span class=\"_ _b\"/>PU<span class=\"_ _b\"/>K (A at SJ<span class=\"_ _b\"/>P PLC leve<span class=\"_ _b\"/>l<span class=\"_ _39\"/>). Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er, the long-<span class=\"_ _39\"/>term<span class=\"_ _39\"/> nature of<span class=\"_ _39\"/> the business r<span class=\"_ _39\"/>esults in consider<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e positive<span class=\"_ _39\"/> cash flows ar<span class=\"_ _39\"/>isin<span class=\"_ _b\"/>g fr<span class=\"_ _39\"/>om existing business.<span class=\"_ _34e\"> </span>The Boar<span class=\"_ _39\"/>d has considered<span class=\"_ _39\"/> the challenging macroeconomic and geopolitic<span class=\"_ _39\"/>al conditions wh<span class=\"_ _5\"/>ich pr<span class=\"_ _39\"/>evailed during<span class=\"_ _39\"/> 2022, not<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to be su<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ces<span class=\"_ _b\"/>sf<span class=\"_ _b\"/>ul i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>is<span class=\"_ _b\"/> envir<span class=\"_ _39\"/>onment<span class=\"_ _b\"/>. F<span class=\"_ _5\"/>or ex<span class=\"_ _39\"/>ampl<span class=\"_ _b\"/>e, 20<span class=\"_ _39\"/>22 marked<span class=\"_ _5\"/> the second-<span class=\"_ _39\"/>best yea<span class=\"_ _b\"/>r for g<span class=\"_ _b\"/>ross i<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws i<span class=\"_ _b\"/>n the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y<span class=\"_ _b\"/>; a s<span class=\"_ _b\"/>tron<span class=\"_ _b\"/>g outcome<span class=\"_ _39\"/> that is t<span class=\"_ _39\"/>estament<span class=\"_ _5\"/> to<span class=\"_ _39\"/> the enduring r<span class=\"_ _39\"/>esilience of the<span class=\"_ _39\"/> business<span class=\"_ _b\"/>. This, along<span class=\"_ _39\"/> with the performance<span class=\"_ _39\"/> of our key out<span class=\"_ _b\"/>so<span class=\"_ _b\"/>urce p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, mo<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tore<span class=\"_ _b\"/>d thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h ou<span class=\"_ _b\"/>r o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> ov<span class=\"_ _39\"/>ersight<span class=\"_ _b\"/>, supports its<span class=\"_ _39\"/> view that the<span class=\"_ _39\"/> business will cont<span class=\"_ _5\"/>inue to<span class=\"_ _39\"/> remain operat<span class=\"_ _5\"/>ionally r<span class=\"_ _39\"/>esili<span class=\"_ _b\"/>ent.<span class=\"_ _34e\"> </span>As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of it<span class=\"_ _b\"/>s revi<span class=\"_ _b\"/>ew, th<span class=\"_ _b\"/>e Bo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rd be<span class=\"_ _b\"/>li<span class=\"_ _b\"/>eves t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/> will cont<span class=\"_ _39\"/>inue to oper<span class=\"_ _39\"/>ate, with<span class=\"_ _39\"/> neither the<span class=\"_ _5\"/> int<span class=\"_ _5\"/>ention nor<span class=\"_ _39\"/> the necessity of liquidat<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>, ceasing t<span class=\"_ _39\"/>rading or s<span class=\"_ _5\"/>eeking prot<span class=\"_ _39\"/>ection fr<span class=\"_ _39\"/>om credit<span class=\"_ _39\"/>ors pursuant t<span class=\"_ _39\"/>o laws or<span class=\"_ _39\"/> regulations, for a pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d of a<span class=\"_ _b\"/>t le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t 12 m<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>hs f<span class=\"_ _b\"/>rom th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te of a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>roval of the<span class=\"_ _39\"/> Group Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> present<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in pounds<span class=\"_ _39\"/> Sterling, rounded<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> ne<span class=\"_ _b\"/>arest<span class=\"_ _39\"/> one hundred t<span class=\"_ _39\"/>housand pounds. They a<span class=\"_ _b\"/>re p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>are<span class=\"_ _b\"/>d on a h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>ost b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ept fo<span class=\"_ _b\"/>r assets c<span class=\"_ _5\"/>lassified as in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> p<span class=\"_ _b\"/>roperty and financial assets and<span class=\"_ _39\"/> liabilities at f<span class=\"_ _39\"/>air value<span class=\"_ _5\"/> through<span class=\"_ _39\"/> profit and<span class=\"_ _39\"/> loss<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The pr<span class=\"_ _39\"/>eparation of<span class=\"_ _39\"/> the Financial St<span class=\"_ _39\"/>atements in<span class=\"_ _39\"/> conformity wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS<span class=\"_ _b\"/>s req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent to m<span class=\"_ _b\"/>ake j<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, estimat<span class=\"_ _39\"/>es and assumptions<span class=\"_ _39\"/> that affect t<span class=\"_ _39\"/>he application of policies<span class=\"_ _39\"/> and reported amount<span class=\"_ _5\"/>s of<span class=\"_ _39\"/> assets and liabilities, income and<span class=\"_ _39\"/> expenses<span class=\"_ _b\"/>. The<span class=\"_ _39\"/> estimates and<span class=\"_ _39\"/> associated assumptions<span class=\"_ _39\"/> are based on<span class=\"_ _39\"/> historical e<span class=\"_ _5\"/>xperience and vari<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r facto<span class=\"_ _b\"/>rs th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ieve<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e under the<span class=\"_ _39\"/> circumstanc<span class=\"_ _5\"/>es, the r<span class=\"_ _39\"/>esults of<span class=\"_ _39\"/> w<span class=\"_ _b\"/>hich f<span class=\"_ _39\"/>orm the basis of making<span class=\"_ _39\"/> judgements about<span class=\"_ _39\"/> the carrying v<span class=\"_ _39\"/>alues of a<span class=\"_ _39\"/>ssets and liabilities<span class=\"_ _39\"/> that are<span class=\"_ _39\"/> not readily appar<span class=\"_ _39\"/>ent from<span class=\"_ _39\"/> other sou<span class=\"_ _b\"/>rce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Actu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l resu<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>y d<span class=\"_ _b\"/>if<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>r fro<span class=\"_ _b\"/>m the<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ates<span class=\"_ _6\"/>.<span class=\"_ _34e\"> </span>The est<span class=\"_ _39\"/>imates and underlying<span class=\"_ _39\"/> assumptions ar<span class=\"_ _5\"/>e r<span class=\"_ _39\"/>eviewed on a<span class=\"_ _b\"/>n on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is<span class=\"_ _b\"/>. Rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s to acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>s are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te is rev<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d if th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cts o<span class=\"_ _b\"/>nl<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>at ye<span class=\"_ _b\"/>ar, or i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r of th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n and futur<span class=\"_ _39\"/>e years, if<span class=\"_ _39\"/> the revision<span class=\"_ _39\"/> af<span class=\"_ _b\"/>fects<span class=\"_ _39\"/> both curr<span class=\"_ _39\"/>ent and future y<span class=\"_ _39\"/>ea<span class=\"_ _b\"/>rs.<span class=\"_ _34e\"> </span>Judgements<span class=\"_ _39\"/> made by<span class=\"_ _39\"/> management in t<span class=\"_ _39\"/>he application<span class=\"_ _39\"/> of IF<span class=\"_ _b\"/>RSs t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>ve m<span class=\"_ _b\"/>ater<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l ef<span class=\"_ _6\"/>fect o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts<span class=\"_ _b\"/> and estimat<span class=\"_ _39\"/>es with<span class=\"_ _39\"/> a significant risk<span class=\"_ _39\"/> of material adj<span class=\"_ _5\"/>ustment in th<span class=\"_ _b\"/>e ne<span class=\"_ _b\"/>x<span class=\"_ _b\"/>t ye<span class=\"_ _b\"/>ar a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>us<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> prepared in<span class=\"_ _39\"/> accordance with t<span class=\"_ _39\"/>he Companies Ac<span class=\"_ _39\"/>t 2006 as<span class=\"_ _5\"/> applicable t<span class=\"_ _39\"/>o companies rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s set o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>t be<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w ha<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ed c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y to al<span class=\"_ _b\"/>l yea<span class=\"_ _b\"/>rs p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nted<span class=\"_ _b\"/> in these<span class=\"_ _39\"/> Consolidated Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-381": {
   "value": "iii. Basis o<span class=\"_ _5\"/>f preparation<span class=\"_ _34e\"> </span>The g<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g co<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>er<span class=\"_ _b\"/>n ba<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>do<span class=\"_ _b\"/>pted i<span class=\"_ _b\"/>n p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g these Financial<span class=\"_ _39\"/> Statement<span class=\"_ _5\"/>s.<span class=\"_ _34e\"> </span>The Gr<span class=\"_ _39\"/>oup\u2019s business<span class=\"_ _39\"/> a<span class=\"_ _b\"/>ctivities, t<span class=\"_ _39\"/>ogether with<span class=\"_ _39\"/> the fac<span class=\"_ _5\"/>tors<span class=\"_ _39\"/> likely<span class=\"_ _39\"/> to affect<span class=\"_ _39\"/> its future<span class=\"_ _39\"/> development, performance and<span class=\"_ _39\"/> po<span class=\"_ _b\"/>si<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, are s<span class=\"_ _b\"/>et o<span class=\"_ _b\"/>ut i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Chi<span class=\"_ _b\"/>ef E<span class=\"_ _b\"/>xe<span class=\"_ _b\"/>c<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>\u2019s rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d the<span class=\"_ _b\"/> Chief<span class=\"_ _5\"/> Financial Officer\u2019s report. The financial<span class=\"_ _39\"/> per<span class=\"_ _b\"/>formance and financial<span class=\"_ _39\"/> p<span class=\"_ _b\"/>osition o<span class=\"_ _39\"/>f the Gr<span class=\"_ _5\"/>oup ar<span class=\"_ _39\"/>e described in the<span class=\"_ _39\"/> financial r<span class=\"_ _39\"/>eview.<span class=\"_ _34e\"> </span>As sh<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n in S<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>al rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ew, the G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s capital<span class=\"_ _39\"/> position r<span class=\"_ _5\"/>emains str<span class=\"_ _39\"/>ong and well<span class=\"_ _39\"/> in excess o<span class=\"_ _39\"/>f reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ato<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. In a<span class=\"_ _b\"/>d<span class=\"_ _b\"/>di<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, it h<span class=\"_ _b\"/>as c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ed to op<span class=\"_ _b\"/>era<span class=\"_ _b\"/>te wi<span class=\"_ _b\"/>thi<span class=\"_ _b\"/>n it<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al b<span class=\"_ _b\"/>an<span class=\"_ _b\"/>k<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g cove<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. The S<span class=\"_ _b\"/>&amp;<span class=\"_ _b\"/>P rati<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g of S<span class=\"_ _b\"/>JPU<span class=\"_ _b\"/>K re<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>in<span class=\"_ _b\"/>s at A- (<span class=\"_ _5\"/>BB<span class=\"_ _b\"/>B a<span class=\"_ _b\"/>t SJ<span class=\"_ _b\"/>P PLC<span class=\"_ _4\"/>). Si<span class=\"_ _b\"/>m<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ly, the F<span class=\"_ _b\"/>itch<span class=\"_ _b\"/> rati<span class=\"_ _b\"/>ng re<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ns a<span class=\"_ _b\"/>t A<span class=\"_ _39\"/>+ fo<span class=\"_ _b\"/>r SJ<span class=\"_ _b\"/>PU<span class=\"_ _b\"/>K (A at SJ<span class=\"_ _b\"/>P PLC leve<span class=\"_ _b\"/>l<span class=\"_ _39\"/>). Fur<span class=\"_ _b\"/>th<span class=\"_ _b\"/>er, the long-<span class=\"_ _39\"/>term<span class=\"_ _39\"/> nature of<span class=\"_ _39\"/> the business r<span class=\"_ _39\"/>esults in consider<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e positive<span class=\"_ _39\"/> cash flows ar<span class=\"_ _39\"/>isin<span class=\"_ _b\"/>g fr<span class=\"_ _39\"/>om existing business.<span class=\"_ _34e\"> </span>The Boar<span class=\"_ _39\"/>d has considered<span class=\"_ _39\"/> the challenging macroeconomic and geopolitic<span class=\"_ _39\"/>al conditions wh<span class=\"_ _5\"/>ich pr<span class=\"_ _39\"/>evailed during<span class=\"_ _39\"/> 2022, not<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>at th<span class=\"_ _b\"/>e b<span class=\"_ _b\"/>us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d to be su<span class=\"_ _b\"/>c<span class=\"_ _b\"/>ces<span class=\"_ _b\"/>sf<span class=\"_ _b\"/>ul i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>is<span class=\"_ _b\"/> envir<span class=\"_ _39\"/>onment<span class=\"_ _b\"/>. F<span class=\"_ _5\"/>or ex<span class=\"_ _39\"/>ampl<span class=\"_ _b\"/>e, 20<span class=\"_ _39\"/>22 marked<span class=\"_ _5\"/> the second-<span class=\"_ _39\"/>best yea<span class=\"_ _b\"/>r for g<span class=\"_ _b\"/>ross i<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ws i<span class=\"_ _b\"/>n the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y<span class=\"_ _b\"/>; a s<span class=\"_ _b\"/>tron<span class=\"_ _b\"/>g outcome<span class=\"_ _39\"/> that is t<span class=\"_ _39\"/>estament<span class=\"_ _5\"/> to<span class=\"_ _39\"/> the enduring r<span class=\"_ _39\"/>esilience of the<span class=\"_ _39\"/> business<span class=\"_ _b\"/>. This, along<span class=\"_ _39\"/> with the performance<span class=\"_ _39\"/> of our key out<span class=\"_ _b\"/>so<span class=\"_ _b\"/>urce p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, mo<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>tore<span class=\"_ _b\"/>d thro<span class=\"_ _b\"/>ug<span class=\"_ _b\"/>h ou<span class=\"_ _b\"/>r o<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>oi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/> ov<span class=\"_ _39\"/>ersight<span class=\"_ _b\"/>, supports its<span class=\"_ _39\"/> view that the<span class=\"_ _39\"/> business will cont<span class=\"_ _5\"/>inue to<span class=\"_ _39\"/> remain operat<span class=\"_ _5\"/>ionally r<span class=\"_ _39\"/>esili<span class=\"_ _b\"/>ent.<span class=\"_ _34e\"> </span>As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of it<span class=\"_ _b\"/>s revi<span class=\"_ _b\"/>ew, th<span class=\"_ _b\"/>e Bo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rd be<span class=\"_ _b\"/>li<span class=\"_ _b\"/>eves t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/> will cont<span class=\"_ _39\"/>inue to oper<span class=\"_ _39\"/>ate, with<span class=\"_ _39\"/> neither the<span class=\"_ _5\"/> int<span class=\"_ _5\"/>ention nor<span class=\"_ _39\"/> the necessity of liquidat<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>, ceasing t<span class=\"_ _39\"/>rading or s<span class=\"_ _5\"/>eeking prot<span class=\"_ _39\"/>ection fr<span class=\"_ _39\"/>om credit<span class=\"_ _39\"/>ors pursuant t<span class=\"_ _39\"/>o laws or<span class=\"_ _39\"/> regulations, for a pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>io<span class=\"_ _b\"/>d of a<span class=\"_ _b\"/>t le<span class=\"_ _b\"/>as<span class=\"_ _b\"/>t 12 m<span class=\"_ _b\"/>ont<span class=\"_ _b\"/>hs f<span class=\"_ _b\"/>rom th<span class=\"_ _b\"/>e da<span class=\"_ _b\"/>te of a<span class=\"_ _b\"/>pp<span class=\"_ _b\"/>roval of the<span class=\"_ _39\"/> Group Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> present<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d in pounds<span class=\"_ _39\"/> Sterling, rounded<span class=\"_ _39\"/> to the<span class=\"_ _39\"/> ne<span class=\"_ _b\"/>arest<span class=\"_ _39\"/> one hundred t<span class=\"_ _39\"/>housand pounds. They a<span class=\"_ _b\"/>re p<span class=\"_ _b\"/>rep<span class=\"_ _b\"/>are<span class=\"_ _b\"/>d on a h<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>ost b<span class=\"_ _b\"/>a<span class=\"_ _b\"/>si<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, exc<span class=\"_ _b\"/>ept fo<span class=\"_ _b\"/>r assets c<span class=\"_ _5\"/>lassified as in<span class=\"_ _39\"/>vestment<span class=\"_ _39\"/> p<span class=\"_ _b\"/>roperty and financial assets and<span class=\"_ _39\"/> liabilities at f<span class=\"_ _39\"/>air value<span class=\"_ _5\"/> through<span class=\"_ _39\"/> profit and<span class=\"_ _39\"/> loss<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The pr<span class=\"_ _39\"/>eparation of<span class=\"_ _39\"/> the Financial St<span class=\"_ _39\"/>atements in<span class=\"_ _39\"/> conformity wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS<span class=\"_ _b\"/>s req<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>res m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent to m<span class=\"_ _b\"/>ake j<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, estimat<span class=\"_ _39\"/>es and assumptions<span class=\"_ _39\"/> that affect t<span class=\"_ _39\"/>he application of policies<span class=\"_ _39\"/> and reported amount<span class=\"_ _5\"/>s of<span class=\"_ _39\"/> assets and liabilities, income and<span class=\"_ _39\"/> expenses<span class=\"_ _b\"/>. The<span class=\"_ _39\"/> estimates and<span class=\"_ _39\"/> associated assumptions<span class=\"_ _39\"/> are based on<span class=\"_ _39\"/> historical e<span class=\"_ _5\"/>xperience and vari<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r facto<span class=\"_ _b\"/>rs th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re b<span class=\"_ _b\"/>el<span class=\"_ _b\"/>ieve<span class=\"_ _b\"/>d to be re<span class=\"_ _b\"/>a<span class=\"_ _b\"/>so<span class=\"_ _b\"/>na<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e under the<span class=\"_ _39\"/> circumstanc<span class=\"_ _5\"/>es, the r<span class=\"_ _39\"/>esults of<span class=\"_ _39\"/> w<span class=\"_ _b\"/>hich f<span class=\"_ _39\"/>orm the basis of making<span class=\"_ _39\"/> judgements about<span class=\"_ _39\"/> the carrying v<span class=\"_ _39\"/>alues of a<span class=\"_ _39\"/>ssets and liabilities<span class=\"_ _39\"/> that are<span class=\"_ _39\"/> not readily appar<span class=\"_ _39\"/>ent from<span class=\"_ _39\"/> other sou<span class=\"_ _b\"/>rce<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Actu<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l resu<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>s ma<span class=\"_ _b\"/>y d<span class=\"_ _b\"/>if<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>r fro<span class=\"_ _b\"/>m the<span class=\"_ _b\"/>se e<span class=\"_ _b\"/>st<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ates<span class=\"_ _6\"/>.<span class=\"_ _34e\"> </span>The est<span class=\"_ _39\"/>imates and underlying<span class=\"_ _39\"/> assumptions ar<span class=\"_ _5\"/>e r<span class=\"_ _39\"/>eviewed on a<span class=\"_ _b\"/>n on<span class=\"_ _b\"/>go<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>is<span class=\"_ _b\"/>. Rev<span class=\"_ _b\"/>i<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s to acc<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g es<span class=\"_ _b\"/>tim<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>s are rec<span class=\"_ _b\"/>og<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r in w<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>ch t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>sti<span class=\"_ _b\"/>ma<span class=\"_ _b\"/>te is rev<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d if th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fe<span class=\"_ _b\"/>cts o<span class=\"_ _b\"/>nl<span class=\"_ _b\"/>y th<span class=\"_ _b\"/>at ye<span class=\"_ _b\"/>ar, or i<span class=\"_ _b\"/>n the ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>r of th<span class=\"_ _b\"/>e revi<span class=\"_ _b\"/>si<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n and futur<span class=\"_ _39\"/>e years, if<span class=\"_ _39\"/> the revision<span class=\"_ _39\"/> af<span class=\"_ _b\"/>fects<span class=\"_ _39\"/> both curr<span class=\"_ _39\"/>ent and future y<span class=\"_ _39\"/>ea<span class=\"_ _b\"/>rs.<span class=\"_ _34e\"> </span>Judgements<span class=\"_ _39\"/> made by<span class=\"_ _39\"/> management in t<span class=\"_ _39\"/>he application<span class=\"_ _39\"/> of IF<span class=\"_ _b\"/>RSs t<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>t ha<span class=\"_ _b\"/>ve m<span class=\"_ _b\"/>ater<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l ef<span class=\"_ _6\"/>fect o<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e Fi<span class=\"_ _b\"/>na<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l S<span class=\"_ _b\"/>tatem<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts<span class=\"_ _b\"/> and estimat<span class=\"_ _39\"/>es with<span class=\"_ _39\"/> a significant risk<span class=\"_ _39\"/> of material adj<span class=\"_ _5\"/>ustment in th<span class=\"_ _b\"/>e ne<span class=\"_ _b\"/>x<span class=\"_ _b\"/>t ye<span class=\"_ _b\"/>ar a<span class=\"_ _b\"/>re di<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>us<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d i<span class=\"_ _b\"/>n No<span class=\"_ _b\"/>te 2.<span class=\"_ _34e\"> </span>The Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements are<span class=\"_ _39\"/> prepared in<span class=\"_ _39\"/> accordance with t<span class=\"_ _39\"/>he Companies Ac<span class=\"_ _39\"/>t 2006 as<span class=\"_ _5\"/> applicable t<span class=\"_ _39\"/>o companies rep<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g un<span class=\"_ _b\"/>d<span class=\"_ _b\"/>er I<span class=\"_ _b\"/>FR<span class=\"_ _b\"/>S an<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g po<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s set o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>t be<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>w ha<span class=\"_ _b\"/>ve be<span class=\"_ _b\"/>e<span class=\"_ _b\"/>n ap<span class=\"_ _b\"/>p<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ed c<span class=\"_ _b\"/>on<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>ntl<span class=\"_ _b\"/>y to al<span class=\"_ _b\"/>l yea<span class=\"_ _b\"/>rs p<span class=\"_ _b\"/>res<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nted<span class=\"_ _b\"/> in these<span class=\"_ _39\"/> Consolidated Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-324": {
   "value": "(a) Basis of consolidation The consolidated financial information incorporates the assets, liabilities and results of the Company and of its subsidiaries. Subsidiaries are those entities which the Group controls. Control exists if the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity (including unit trusts in which the Group holds more than 30% of the units). Further information on how control is assessed, including the judgement taken in consolidating SJP Partner Loans No.1 Limited, the Group\u2019s securitisation entity, is set out in Note 2. Associates are all entities over which the Group has significant influence but not control and are accounted for at fair value through profit or loss. The Group uses the acquisition method of accounting to account for business combinations and expenses all acquisition costs as they are incurred. The financial information of subsidiaries are included in the Consolidated Financial Statements from the date that control commences until the date that control ceases. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with policies adopted by the Group. Any contingent consideration to be transferred by the Group is recognised at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability is recognised in accordance with IFRS 9 in the Consolidated Statement of Comprehensive Income. 1. Accounting policies continued The treatment of transactions with non-controlling interests depends on whether, as a result of the transaction, the Group alters control of the subsidiary. Changes in the Parent\u2019s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions; any difference between the amount by which the non- controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the Parent entity. Where the Group loses control of a subsidiary, at the date when control is lost the amount of any non-controlling interest in that former subsidiary is derecognised and any investment retained in the former subsidiary is remeasured to its fair value; the gain or loss that is recognised in profit or loss on the partial disposal of the subsidiary includes the gain or loss on the remeasurement of the retained interest. Intra-Group balances, and any income and expenses or unrealised gains and losses arising from intra-Group transactions, are eliminated in preparing the Consolidated Financial Statements. The St. James\u2019s Place Charitable Foundation is not consolidated within the financial information. This is because the Company does not control the Charitable Foundation in accordance with IFRS 10. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-326": {
   "value": "(b) Fee and commission income Fee and commission income comprises: (i)  advice charges (post-RDR) paid by clients who receive advice alongside their investment in a St. James\u2019s Place product. Advice may be provided at initial investment, and on an ongoing basis; (ii)   third-party fee and commission income, due from third-party product providers in respect of products sold on their behalf; (iii)  wealth management fees paid by clients for the ongoing administration of their investment product; (iv)   investment management fees paid by clients for all aspects of investment management, including fees taken by the Group to pay third-party investment advisers; (v)   fund tax deductions, which are fees charged to clients to match the policyholder tax expense; (vi)   policyholder tax asymmetry, which is the difference between the deferred tax position and the offsetting client balances; (vii) discretionary fund management (DFM) fees generated through the services provided by our DFM business; and (viii) amortisation of DIR, the unwinding of income that has been deferred. This relates to initial product charges and dealing margins from unit trusts. The provision of initial advice is a distinct performance obligation. As a result, initial advice charges are recognised in full on acceptance and inception of the associated policy by the relevant product provider, which may be a Group company or a third party. Ongoing advice charges are recognised as revenue on an ongoing basis, consistent with the nature of the performance obligation being discharged, rather than at a single point in time. Third-party fee and commission income is recognised in full on acceptance and inception of the associated policy by the relevant third-party product provider. The performance obligation is the initial advice provided to a client which leads to investment in a third-party product, hence it is appropriate that this revenue stream is recognised on the same basis as initial advice charges. Where the third-party product provider retains the right to clawback of commission on an indemnity basis, revenue on sale of these products is recognised to the extent that it is highly probable the revenue will not be clawed back. A provision is recognised for any amounts received which do not meet the \u2018highly probable\u2019 threshold. Wealth management fees, investment management fees, fund tax deductions, policyholder tax asymmetry and discretionary fund management fees relate to services provided on an ongoing basis, and revenue is recognised on an ongoing basis to reflect the nature of the performance obligations being discharged. When initial product charges and dealing margins do not relate to a distinct performance obligation satisfied at inception of a contract, the income is deferred and amortised over the anticipated period in which the services will be provided. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-328": {
   "value": "(c) Insurance and reinsurance premiums Unit-linked insurance contract premiums are recognised as revenue when the liabilities arising from them are recognised. All other premiums are accounted for when due for payment. (d) Insurance claims and reinsurance recoveries Insurance contract death claims are accounted for on notification of death. Critical illness claims are accounted for when admitted. All other claims and surrenders are accounted for when payment is due. Reinsurance recoveries, in respect of insurance claims, are accounted for in the same period as the related claim. (n) Reinsurance assets Reinsurance assets represent amounts recoverable from reinsurers in respect of non-unit-linked insurance contract liabilities, net of any future reinsurance premiums. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-327": {
   "value": "(e) Investment return Investment return comprises investment income and investment gains and losses. Investment income includes dividends, interest and rental income from investment properties under operating leases. Dividends are accrued on an ex-dividend basis, and rental income is recognised in the Statement of Comprehensive Income on a straight-line basis over the term of the lease. Interest on assets classified as fair value through profit or loss are accounted for based on the actual coupon payments, whilst interest on financial assets measured at amortised cost are accounted for using the effective interest method. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForInvestmentReturn",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-329": {
   "value": "(f) Expenses (i) Payments to Partners Payments to Partners comprise initial commission and initial advice fees (IAF) (paid for initial advice, at policy outset and within an initial period for regular contribution), renewal commission and renewal advice fees (payable on regular contributions) and fund fee commission or ongoing advice fees (OAF) (based on funds under management). Initial and renewal commission and advice fees are recognised in line with the associated premium income, but initial commission on insurance and investment contracts may be deferred, as set out in accounting policy (k). Fund fee commission and ongoing advice fees are recognised on an accruals basis. (ii) Lease expenses Lease expenses under IFRS 16 comprise depreciation of the right-of-use asset and interest expense on the lease liability. Further information on depreciation of the right-of-use asset is set out in accounting policy (m). Interest expense on the lease liability is calculated using the effective interest method. It is charged to expenses within the Statement of Comprehensive Income. The Group recognises lease payments associated with short-term leases and leases of low-value assets on a straight-line basis over the lease term. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-330": {
   "value": "(g) Income taxes Income tax on the profit or loss for the year comprises current and deferred tax payable by the Group in respect of policyholders and shareholders. Income tax is recognised in the Statement of Comprehensive Income except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Tax liabilities are recognised when it is considered probable that there will be a future outflow of funds to a taxing authority, and are measured using a best-estimate approach. (i) Current tax Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. (ii) Deferred tax Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date and taking into account excepted timing of utilisation. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. (iii) Policyholder and shareholder tax The total income tax charge is a separate adjustment within the Statement of Comprehensive Income based on the movement in current and deferred income taxes in respect of income, gains and expenses. The total charge reflects tax incurred on behalf of policyholders as well as shareholders, and so it is useful to be able to identify these separately. Shareholder tax is estimated by making an assessment of the effective rate of tax that is applicable to the shareholders on the profits attributable to shareholders. This is calculated by applying the appropriate effective corporate tax rates to the shareholder profits. The remainder of the tax charge represents tax on policyholders\u2019 investment returns. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-382": {
   "value": "(ii) Deferred tax Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following differences are not provided for: the initial recognition of assets or liabilities that affect neither accounting nor taxable profit, and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realisation or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the reporting date and taking into account excepted timing of utilisation. A deferred tax asset is recognised only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realised. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities, and when the deferred tax assets and liabilities relate to income taxes levied by the same taxation authority on either the taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-331": {
   "value": "(h) Dividends Interim dividend distributions to the Company\u2019s shareholders are recognised in equity in the period in which they are paid. Final dividend distributions to the Company\u2019s shareholders are recognised in the period in which the dividends are declared: that is, when they are appropriately authorised and no longer at the discretion of the Company. The final dividend for the financial year is disclosed but shown as unpaid and awaiting approval by the Company\u2019s shareholders at the Annual General Meeting. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-332": {
   "value": "(i) Investment contract deposits and withdrawals Investment contract payments in and out are not included in the Statement of Comprehensive Income but are reported as deposits to or deductions from investment contract benefits in the Statement of Financial Position. The movement in investment contract benefits within the Statement of Comprehensive Income principally represents the investment return credited to policyholders. Explicit advice charges are payable by most clients who wish to receive advice with their investment in a St. James\u2019s Place retail investment product. St. James\u2019s Place facilitates the payment of these charges for the client, by arranging withdrawals from the client\u2019s policy, which are then recognised as income to the Group. A proportion of the charge is then paid to the St. James\u2019s Place adviser who provides the advice (see (b) Fee and commission income (i) and (f) Expenses (i)). ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForInvestmentContractDepositsAndWthdrawals",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-333": {
   "value": "(j) Goodwill 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. Where the fair value of the Group\u2019s share of the identifiable net assets of the acquired entity is greater than the cost of acquisition, the excess is recognised immediately in the Statement of Comprehensive Income. Goodwill is recognised as an asset at cost and is reviewed at least annually for impairment or when circumstances or events indicate there may be uncertainty over this value. If an impairment is identified, the carrying value of the goodwill is written down immediately through the Statement of Comprehensive Income and is not subsequently reversed. At the date of disposal of a subsidiary, the carrying value of attributable goodwill is included in the calculation of the profit or loss on disposal except where it has been written off directly to reserves in the past. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-334": {
   "value": "(k) Deferred acquisition costs For insurance contracts, acquisition costs comprise both direct costs such as initial commission and the indirect costs of obtaining and processing new business. Acquisition costs which are incurred during a financial year, net of any impairment losses, are deferred and then amortised to expenses in the Statement of Comprehensive Income on a straight-line basis over the period during which the costs are expected to be recoverable, and in accordance with the incidence of future related margins. For investment contracts, only directly attributable acquisition costs, which vary with and are related to securing new contracts and renewing existing contracts, are deferred, and only to the extent that they are recoverable out of future revenue. These deferred acquisition costs, which represent the contractual right to benefit from providing investment management services, net of any impairment losses, are amortised to expenses in the Statement of Comprehensive Income on a straight-line basis over the expected lifetime of the Group\u2019s investment contracts. All other costs are recognised as expenses when incurred. The periods over which costs are expected to be recoverable are as follows: Insurance contracts:  5 years Investment contracts:  14 years. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-336": {
   "value": "(l) Intangible assets (i) Purchased value of in-force business The purchased value of in-force business in respect of insurance business represents the present value of profits that are expected to emerge from insurance business acquired on business combinations. It is calculated at the time of acquisition using best-estimate actuarial assumptions for interest, mortality, persistency and expenses, net of any impairment losses, and it is amortised on a straight-line basis as profits emerge over the anticipated lives of the related contracts in the portfolio. An intangible asset is also recognised in respect of acquired investment management contracts, representing the fair value of contractual rights acquired under those contracts. The purchased value of in-force business is expressed as a gross figure in the Statement of Financial Position, with the associated tax included within deferred tax liabilities. It is assessed for impairment at each reporting date and any movement is charged to the Statement of Comprehensive Income. The estimated useful economic life of acquired in-force business is 20 years. (ii) Computer software and other specific software developments Computer software is stated at cost less accumulated amortisation and any recognised impairment loss. The carrying value is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Computer software, including cloud customisation costs, is recognised as an intangible asset during development, with amortisation commencing when the software is operational. Amortisation is charged to the Statement of Comprehensive Income to expenses on a straight-line basis over four years, being the estimated useful life of the intangible asset, except for software development additions which are estimated to have a useful life of five years. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-335": {
   "value": "(m) Property and equipment Property and equipment comprises both assets which are owned and those which are leased. (i) Initial and subsequent measurement of owned assets Owned items of property and equipment are stated at cost less accumulated depreciation and impairment. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. Depreciation is charged to expenses within the Statement of Comprehensive Income on a straight-line basis over the estimated useful lives of the property and equipment, which are as follows: Fixtures, fittings and office equipment:  5 to 15 years Computer equipment:  3 years. (ii) Initial and subsequent measurement of leased assets A right-of-use asset is recognised within property and equipment for leased items which are not subject to the short-term or low-value lease exemptions set out in IFRS 16. This comprises the Group\u2019s leased property portfolio. The right-of-use asset recognised on the commencement date of the lease is the value of the lease liability (refer to accounting policy (z)), plus expected dilapidation costs, initial direct costs (that is, incremental costs that would not have been incurred if the lease had not been obtained, such as legal fees) and lease payments made before or at the commencement date of the lease. Following initial recognition, depreciation is charged to expenses within the Statement of Comprehensive Income on a straight- line basis over the lease term. (iii) Impairment of owned and leased assets The carrying value of owned and leased assets is reviewed for impairment when events or changes in circumstances indicate that the carrying value may not be recoverable. Any assets that may have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-337": {
   "value": "(o) Other receivables Other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Most shareholder other receivables are initially recognised at fair value and subsequently held at amortised cost less impairment losses, as the business model for these assets is to hold to collect contractual cash flows, which consist solely of payments of principal and interest. The exception to this is renewal income assets, which are classified as FVTPL and are initially, and subsequently, recognised at fair value. The value of any impairment recognised is the difference between the asset\u2019s carrying amount and the present value of the estimated future cash flows, discounted at the original effective interest rate. See accounting policy (ad) for information relating to the treatment of impaired amounts. Other receivables include prepayments, which are recognised where services are paid for in advance of being received. The prepayment reduces, and an expense is recognised in the Statement of Comprehensive Income, as the service is received. Commission and advice fees in respect of some insurance and investment business may be paid to Partners in advance of renewal premiums and accelerated by up to five years. The unearned element of this accelerated remuneration is recognised as advanced payments to Partners within other receivables. Should the contributions reduce or stop within the initial period, any unearned amount is recovered. (i) Derecognition A financial asset is primarily derecognised when the rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risk and rewards of the asset, but has transferred control of the asset. When the Group has transferred its rights to receive cash flows from an asset or has entered into a pass-through arrangement, it evaluates if, and to what extent, it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all of the risks and rewards of the asset, nor transferred control of the asset, the Group continues to recognise the transferred asset to the extent of its continuing involvement. In that case, the Group also recognises an associated liability. The transferred asset and the associated liability are measured on a basis that reflects the rights and obligations that the Group has retained. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-338": {
   "value": "(p) Investment property Investment properties, which are all held within the unit- linked funds, are properties which are held to earn rental income and/or for capital appreciation. They are stated at fair value. An external, independent valuer, having an appropriate recognised professional qualification and recent experience in the location and category of property being valued, values the portfolio every month. The fair values are based on open market values, being the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm\u2019s-length transaction after proper marketing wherein the parties had each acted knowledgeably, prudently and without compulsion. Any gain or loss arising from a change in fair value is recognised in the Statement of Comprehensive Income within investment income. Rental return from investment property is accounted for as described in accounting policy (e). ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-339": {
   "value": "(q) Equities, fixed income securities and investment in Collective Investment Schemes These financial assets are initially and subsequently recognised at FVTPL, with all gains and losses recognised within investment income in the Statement of Comprehensive Income. The vast majority of these financial assets are quoted, and so the fair value is based on the value within the bid-ask spread that is most representative of fair value. If the market for a financial asset is not active, the Group establishes fair value by using valuation techniques such as recent arm\u2019s-length transactions, reference to similar listed investments, discounted cash flow models or option pricing models. Subsequent measurement of these financial assets at FVTPL is required by IFRS 9 for debt instruments for which the objectives of the Group\u2019s business model are not met by either holding the instrument to collect contractual cash flows or selling the instruments, or where the contractual terms of the instrument do not give rise to cash flows which are solely payments of principal and interest. Where both the \u2018business model\u2019 and \u2018solely payments of principal and interest\u2019 tests are met, management has made an irrevocable decision to designate the debt instruments at FVTPL as doing so aligns the measurement of the financial assets with the measurement of their associated unit-linked liabilities. 1. Accounting policies continued Management has not made the irrevocable election to present changes in the fair value of equity instruments in other comprehensive income, and so all equity instruments are also designated at FVTPL. The Group recognises purchases and sales of investments on trade date. The costs associated with investment transactions are included within expenses in the Statement of Comprehensive Income. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForEquitiesFixedIncomeSecuritiesAndInvestmentInCollectiveInvestmentSchemes",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-340": {
   "value": "(r) Derivative financial instruments The Group uses derivative financial instruments within some unit-linked funds, with each contract initially and subsequently recognised at fair value, based on observable market prices. All changes in value are recognised within investment income in the Statement of Comprehensive Income. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-341": {
   "value": "(s) Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquid investments. Cash and cash equivalents held within unit-linked and unit trust funds are classified at FVTPL, as management has made an irrevocable decision to designate them as such in order to align the measurement of these financial assets with the measurement of their associated unit-linked liabilities. Therefore, these cash and cash equivalents are initially and subsequently recognised at FVTPL, with gains and losses recognised within investment return in the Statement of Comprehensive Income. All other cash and cash equivalents are classified as amortised cost, as the business model for these assets is to hold to collect contractual cash flows, which consist solely of payments of principal and interest. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less impairment losses. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-342": {
   "value": "(t) Insurance contract liabilities Insurance contract liability provisions are determined following an annual actuarial investigation of the long- term fund in accordance with regulatory requirements. The provisions are calculated on the basis of current information and using the gross premium valuation method. The Group\u2019s accounting policies for insurance contracts meet the minimum specified requirements for liability adequacy testing under IFRS 4, as they consider current estimates of all contractual cashflows, and of related cashflows such as claims handling costs. Insurance contract liabilities can never be definitive as to either the timing or the amount of claims and are, therefore, subject to reassessment on a regular basis. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-343": {
   "value": "(u) Investment contract benefits All of the Group\u2019s investment contracts are unit-linked. Unit-linked liabilities are measured at fair value by reference to the value of the underlying net asset value of the Group\u2019s unitised investment funds, on a bid valuation basis, at the reporting date. An allowance for deductions due to (or from) the Group in respect of policyholder tax on capital gains (and losses) in the life assurance funds is also reflected in the measurement of unit-linked liabilities. Investment contract benefits are recognised when units are first allocated to the policyholder; they are derecognised when units allocated to the policyholder have been cancelled. The decision by the Group to designate its unit-linked liabilities at FVTPL reflects the fact that the matching investment portfolio, which underpins the unit-linked liabilities, is recognised at FVTPL. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForInvestmentContractBenefits",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-344": {
   "value": "(v) Deferred income The initial margin on financial instruments (including dealing margins from unit trusts) is deferred and recognised on a straight-line basis over the expected lifetime of the financial instrument, which is between six and 14 years. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForDeferredIncome",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-345": {
   "value": "(w) Net asset value attributable to unit holders The Group consolidates unit trusts in which it holds more than 30% of the units and exercises control. The third-party interests in these unit trusts are termed the net asset value attributable to unit holders and are presented in the Statement of Financial Position. They are classified at FVTPL, hence are initially and subsequently measured at fair value. The decision by the Group to designate the net asset value attributable to unit holders at FVTPL reflects the fact that the underlying investment portfolios are recognised at FVTPL. Income attributable to the third-party interests is accounted for within investment return, offset by a corresponding change in investment contract benefits. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForNetAssetValueAttributableToUnitHolders",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-346": {
   "value": "(x) Provisions Provisions are made where an event has taken place that gives the Group a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to profit or loss in the year that the Group becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-347": {
   "value": "(y) Borrowings Borrowings are measured initially at fair value, net of directly attributable transaction costs, and subsequently stated at amortised cost. The difference between the proceeds and the redemption value is recognised in the Statement of Comprehensive Income over the borrowing period on an effective interest rate basis. Borrowings are recognised on drawdown and derecognised on repayment. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-348": {
   "value": "(z) Other payables Other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method. Other payables include lease liabilities calculated in accordance with IFRS 16. On the commencement date of the lease the lease liability is measured as the present value of the future lease payments to be made over the lease term. For the Group, future lease payments include those which are fixed and those which vary depending on an index or rate. The future lease payments are discounted at the Group\u2019s incremental borrowing rate at the commencement date of the lease, which varies depending on the lease term. The lease term includes the non-cancellable period for which the Group has the right to use the leased asset, plus periods covered by extension options where the option is reasonably certain to be taken. Conversely, the non- cancellable period is reduced if it is reasonably certain that a termination option will be taken. The incremental borrowing rate is management\u2019s judgement as to the rate of interest that the Group would have to pay to borrow, over a similar term and with similar security, the funds necessary to obtain an asset of a similar value to the cost of the right-of-use asset. This has been determined with reference to the rate of interest of existing borrowings held by the Group and market rates adjusted to take into account the security and term associated with the lease. The Group applied the practical expedient on transition to IFRS 16 on 1 January 2019 of applying a single discount rate to a portfolio of leases with reasonably similar characteristics by grouping leases by asset type and remaining lease term on the date of transition. Similarly, the Group periodically determines standard discount rates to apply for leases entered into since 1 January 2019 by asset type and lease term. (i) Derecognition A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expired. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-349": {
   "value": "(aa) Employee benefits (i) Pension obligations The Group operates a defined contribution personal pension plan for its employees. Contributions to this plan are recognised as an expense in the Statement of Comprehensive Income as incurred. The Group has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. (ii) Share-based payments The Group operates a number of share-based payment plans for employees, Partners and advisers. The fair value of share-based payment awards granted is recognised as an expense spread over the vesting period of the instrument, which accords with the period for which related services are provided, with a corresponding increase in equity in the case of equity-settled plans and the recognition of a liability for cash-settled plans. The total amount to be expensed is determined by reference to the fair value of the awards, which are measured using standard option pricing models as the fair value of the services provided by employees, Partners and advisers cannot be reliably measured. For equity-settled plans, the fair value is determined at grant date and not subsequently remeasured. For cash-settled plans, the fair value is remeasured at each reporting date and at the date of settlement, with any changes in fair value recognised in the Statement of Comprehensive Income for the period. At each reporting date, the Group revises its estimate of the number of awards that are expected to vest and it recognises the impact of the revision of original estimates, if any, in the Statement of Comprehensive Income, such that the amounts recognised for employee, Partner and adviser services are based on the number of awards that actually vest. The charge to the Statement of Comprehensive Income is not revised for any changes in market vesting conditions. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-383": {
   "value": "(ii) Share-based payments The Group operates a number of share-based payment plans for employees, Partners and advisers. The fair value of share-based payment awards granted is recognised as an expense spread over the vesting period of the instrument, which accords with the period for which related services are provided, with a corresponding increase in equity in the case of equity-settled plans and the recognition of a liability for cash-settled plans. The total amount to be expensed is determined by reference to the fair value of the awards, which are measured using standard option pricing models as the fair value of the services provided by employees, Partners and advisers cannot be reliably measured. For equity-settled plans, the fair value is determined at grant date and not subsequently remeasured. For cash-settled plans, the fair value is remeasured at each reporting date and at the date of settlement, with any changes in fair value recognised in the Statement of Comprehensive Income for the period. At each reporting date, the Group revises its estimate of the number of awards that are expected to vest and it recognises the impact of the revision of original estimates, if any, in the Statement of Comprehensive Income, such that the amounts recognised for employee, Partner and adviser services are based on the number of awards that actually vest. The charge to the Statement of Comprehensive Income is not revised for any changes in market vesting conditions. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-350": {
   "value": "(ab) Share capital Ordinary shares are classified as equity. Where any Group entity purchases the Company\u2019s equity share capital (shares held in trust), the consideration paid is deducted from equity attributable to shareholders, as disclosed in the Shares in trust reserve. Where such shares are subsequently sold, reissued or otherwise disposed of, any consideration received is included in equity attributable to shareholders, net of any directly attributable incremental transaction costs and the related income tax effects. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-351": {
   "value": "(ac) Product classification The Group\u2019s products are classified for accounting purposes as either insurance contracts or investment contracts. (i) Insurance contracts Insurance contracts are contracts that transfer significant insurance risk. The Group\u2019s historic product range includes a variety of term assurance and whole-of-life protection contracts involving significant insurance risk transfer. (ii) Investment contracts Contracts that do not transfer significant insurance risk are treated as investment contracts. The majority of the business written by the Group is unit-linked investment business and is classified as investment contracts. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForProductClassification",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-356": {
   "value": "(ad) Impairment (i) Non-financial assets Assets that are subject to amortisation are reviewed for impairment when circumstances or events indicate there may be uncertainty over their value. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell or its value in use. Refer to accounting policy (j) for the Group\u2019s impairment policy for goodwill. (ii) Financial assets Financial assets held at amortised cost are impaired using an expected credit loss model. The model splits financial assets into performing, underperforming and non-performing categories based on changes in credit quality since initial recognition. At initial recognition financial assets are considered to be performing. They become underperforming where there has been a significant increase in credit risk since initial recognition, and non-performing when there is objective evidence of impairment. 12 months of expected credit losses are recognised within expenses in the Statement of Comprehensive Income and netted against the financial asset in the Statement of Financial Position for all performing financial assets, with lifetime expected credit losses recognised for underperforming and non-performing financial assets. Expected credit losses are based on the historic levels of loss experienced for the relevant financial assets, with due consideration given to forward-looking information. The most significant category of financial assets held at amortised cost for the Group are business loans to Partners, which are explained in more detail in Note 12. The significant increase in credit risk which triggers the move from performing to underperforming for these assets is when they are more than 30 days past due, in line with the presumption set out in IFRS 9 Financial Instruments, or when the loan facility has expired and is in the process of being renegotiated. Business loans to Partners are classified as non-performing when the loan is to a Partner who has left the St. James\u2019s Place Partnership, or when the loan is to a Partner whom management considers to be at significant risk of leaving the Partnership and where an orderly settlement of debt is considered to be in question. The definition of non-performing loans in this context is a critical accounting judgement, about which more information is set out in Note 2. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-384": {
   "value": "(i) Non-financial assets Assets that are subject to amortisation are reviewed for impairment when circumstances or events indicate there may be uncertainty over their value. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell or its value in use. Refer to accounting policy (j) for the Group\u2019s impairment policy for goodwill. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-385": {
   "value": "(ii) Financial assets Financial assets held at amortised cost are impaired using an expected credit loss model. The model splits financial assets into performing, underperforming and non-performing categories based on changes in credit quality since initial recognition. At initial recognition financial assets are considered to be performing. They become underperforming where there has been a significant increase in credit risk since initial recognition, and non-performing when there is objective evidence of impairment. 12 months of expected credit losses are recognised within expenses in the Statement of Comprehensive Income and netted against the financial asset in the Statement of Financial Position for all performing financial assets, with lifetime expected credit losses recognised for underperforming and non-performing financial assets. Expected credit losses are based on the historic levels of loss experienced for the relevant financial assets, with due consideration given to forward-looking information. The most significant category of financial assets held at amortised cost for the Group are business loans to Partners, which are explained in more detail in Note 12. The significant increase in credit risk which triggers the move from performing to underperforming for these assets is when they are more than 30 days past due, in line with the presumption set out in IFRS 9 Financial Instruments, or when the loan facility has expired and is in the process of being renegotiated. Business loans to Partners are classified as non-performing when the loan is to a Partner who has left the St. James\u2019s Place Partnership, or when the loan is to a Partner whom management considers to be at significant risk of leaving the Partnership and where an orderly settlement of debt is considered to be in question. The definition of non-performing loans in this context is a critical accounting judgement, about which more information is set out in Note 2. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-352": {
   "value": "(ae) Foreign currency translation The Group\u2019s presentation and the Company\u2019s functional currency is pounds Sterling. The Statement of Comprehensive Income and Statement of Cash Flows for foreign subsidiaries are translated into the Group\u2019s presentation currency using exchange rates prevailing at the date of the transaction. The Statement of Financial Position for foreign subsidiaries is translated at the year-end exchange rate. Exchange rate differences arising from these translations are taken to the Statement of Comprehensive Income. Foreign currency transactions are translated into Sterling using the exchange rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the reporting date and the gain or losses on translation are recognised in the Statement of Comprehensive Income. Non-monetary assets and liabilities which are held at historical cost are translated using exchange rates prevailing at the date of the transaction; those held at fair value are translated using exchange rates ruling at the date on which the fair value was determined. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-386": {
   "value": "(ae) Foreign currency translation The Group\u2019s presentation and the Company\u2019s functional currency is pounds Sterling. The Statement of Comprehensive Income and Statement of Cash Flows for foreign subsidiaries are translated into the Group\u2019s presentation currency using exchange rates prevailing at the date of the transaction. The Statement of Financial Position for foreign subsidiaries is translated at the year-end exchange rate. Exchange rate differences arising from these translations are taken to the Statement of Comprehensive Income. Foreign currency transactions are translated into Sterling using the exchange rate prevailing at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated using the rate of exchange ruling at the reporting date and the gain or losses on translation are recognised in the Statement of Comprehensive Income. Non-monetary assets and liabilities which are held at historical cost are translated using exchange rates prevailing at the date of the transaction; those held at fair value are translated using exchange rates ruling at the date on which the fair value was determined. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-353": {
   "value": "(af) Segment 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, responsible for allocating resources and assessing performance of the operating segments, has been identified as the Executive Board. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-354": {
   "value": "(ag) Current and non-current disclosure Assets which are expected to be recovered or settled no more than 12 months after the reporting date are disclosed as current within the Notes to the Financial Statements. Those expected to be recovered or settled more than 12 months after the reporting date are disclosed as non-current. Liabilities which are expected or due to be settled no more than 12 months after the reporting date are disclosed as current within the Notes to the Financial Statements. Those liabilities which are expected or due to be settled more than 12 months after the reporting date are disclosed as non-current. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForCurrentAndNonCurrentDisclosure",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-355": {
   "value": "(ah) Alternative performance measures Within the Financial Statements, a number of alternative performance measures (APMs) are disclosed. An APM is a measure of financial performance, financial position or cash flows which is not defined by the relevant financial reporting framework, which for the Group is International Financial Reporting Standards as adopted by the UK Endorsement Board. APMs are used to provide greater insight into the performance of the Group and the way it is managed by the Directors. A definition of each of the APMs is included in the glossary of alternative performance measures, which explains why it is used and, where applicable, explains how the measure can be reconciled to the IFRS Financial Statements. ",
   "dimensions": {
    "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForAlternativePerformanceMeasures",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-357": {
   "value": "2. Critical accounting estimates and judgements in applying accounting policies Estimates Critical accounting estimates are those which give rise to a significant risk of material adjustment to the balances recognised in the Financial Statements within the next 12 months. The Group\u2019s critical accounting estimates are:    determining the value of insurance contract liabilities;    determining the fair value of investment property; and    determining the fair value of Level 3 fixed income securities and equities. Estimates are also applied in calculating other assets of the Financial Statements, including determining the value of deferred tax assets, investment contract benefits, the operational readiness prepayment and other provisions. Determining the value of insurance contract liabilities The assumptions used in the calculation of insurance contract liabilities that have an effect on the Statement of Comprehensive Income of the Group are:    the lapse assumption, which is set based on an investigation of experience during the year;    the level of expenses, which for the year under review is based on actual expenses in 2022 and expected rates in 2023 and over the long term;    the mortality and morbidity rates, which are based on the results of an investigation of experience during the year; and    the assumed rate of investment return, which is based on current gilt yields. Greater detail on the assumptions applied, and sensitivity analysis, is shown in Note 14. Whilst the measurement of insurance contract liabilities is considered to be a critical accounting estimate for the Group, the vast majority of non-unit-linked insurance business written is reinsured. As a result, the impact of a change in estimate in determining the value of insurance contract liabilities would be mitigated to a significant degree by the impact of the change in estimate in determining the value of reinsurance assets. Determining the fair value of investment property In accordance with IAS 40, the Group initially recognises investment properties at cost, and subsequently remeasures its portfolio to fair value in the Statement of Financial Position. Fair value is determined at least monthly by professional external valuers. It is based on anticipated market values for the properties in accordance with the guidance issued by the Royal Institution of Chartered Surveyors (RICS), being the estimated amount that would be received from a sale of the assets in an orderly transaction between market participants. The valuation of investment property is inherently subjective as it requires, among other factors, assumptions to be made regarding the ability of existing tenants to meet their rental obligations over the entire life of their leases, the estimation of the expected rental income into the future, the assessment of a property\u2019s potential to remain as an attractive technical configuration to existing and prospective tenants in a changing market and a judgement on the attractiveness of a building, its location and the surrounding environment. Wherever appropriate, sustainability and environmental matters are an integral part of the valuation approach. In a valuation context, sustainability encompasses a wide range of physical, social, environmental and economic factors that can affect value. The range of issues includes key environmental risks, such as flooding, energy efficiency and climate, as well as matters of design, configuration, accessibility, legislation, management and fiscal considerations \u2013 and, additionally, current and historic land use. As such, investment properties are classified as Level 3 in the IFRS 13 fair value hierarchy because they are valued using techniques which are not based on observable inputs. Further details of the valuation of investment properties, including sensitivity analysis, are set out in Note 17. 2. Critical accounting estimates and judgements in applying accounting policies continued Determining the fair value of Level 3 fixed income securities and equities In accordance with IFRS 9, the Group elects to classify its portfolio of policyholder fixed income securities at fair value through profit and loss to match the accounting for policyholder liabilities. Its portfolio of equities is required to be held at fair value through profit and loss. As a result, all fixed income securities and equities are held at fair value, with the best evidence of the fair value at initial recognition typically being the transaction price i.e. the fair value of the consideration given or received. During 2021 and 2022, a number of investments were made in private credit and private equity assets, which are recognised within fixed income securities and within equities, respectively, on the Consolidated Statement of Financial Position. The fair value of these assets is determined following a monthly valuation process which uses two different valuation models and includes verification by professional external valuers. The models use suitable market comparatives and an estimate of future cash flows expected to flow from the issuing entity. The valuations are inherently subjective as they require a number of assumptions to be made, such as determining which entities provide suitable market comparatives and their relevant performance metrics (for example earnings before interest, tax, depreciation and amortisation), determining appropriate discount rates and cash flow forecasts to use in models, the weighting to apply to each valuation methodology, and the point in the range of valuations to select as the fair value. As the inputs to the valuation models are unobservable, the investments in private credit and private equity assets are classified as Level 3 in the IFRS 13 fair value hierarchy. Following the invasion of Ukraine by Russia, sanctions and trading restrictions were placed on foreign investors. As a result, fair value pricing was applied to Russian assets that represents a significant markdown in the value of these assets. Further detail about the valuation models, including sensitivity analysis, is set out in Note 17. Judgements The primary areas in which the Group has applied judgement are as follows: Consolidation Entities are consolidated within the Group Financial Statements if they are controlled by the Group. Control exists if the Group is exposed to, or has rights to, variable returns from its involvement with the entity and the Group has the ability to affect those returns through its power over the entity. Significant judgement can be involved in determining whether the Group controls an entity, such as in the case of the structured entity set up for the Group\u2019s securitisation transaction, SJP Partner Loans No.1 Limited, and for the Group\u2019s unit trusts. A structured entity is one that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity. As a result, factors such as whether a Group entity is able to direct the relevant activities of the entity and the extent to which the Group is exposed to variability of returns are considered. In the case of SJP Partner Loans No.1 Limited, it was determined that the Group does control the entity and hence it is consolidated. This is due to an entity in the Group holding the junior tranche of loan notes, hence being subject to variability of returns, and the same entity being able to direct the relevant activities of the structured entity through its role of servicer to the securitised portfolio. Unit trusts are consolidated when the Group holds more than 30% of the units in that unit trust. This is the threshold at which the Group is considered to achieve control, having regard to factors such as:    the scope of decision-making authority held by St. James\u2019s Place Unit Trust Group Limited, the unit trust manager;    rights held by external parties to remove the unit trust manager; and    the Group\u2019s exposure to variable returns through its holdings in the unit trusts and its ability to influence the unit trust manager\u2019s remuneration. Determining non-performing business loans to Partners Business loans to Partners are considered to be non- performing (Stage 3), in the context of the definition prescribed by IFRS 9, if they are in default. This is defined as a loan to either:    a Partner who has left the St. James\u2019s Place Partnership; or    a Partner whom management considers to be at significant risk of leaving the Partnership and where an orderly settlement of debt is considered to be in question. Determining the derecognition of business loans to Partners Business loans to Partners are derecognised, in the context of the definition prescribed by IFRS 9, when:    the assets have been sold to a third party;    there is an obligation to pay received cash flows in full without material delay to a third party under a \u2018pass- through\u2019 arrangement; and    the originator has transferred substantially all the risks and rewards of owning the assets. See Note 12 for further information on the derecognition of business loans to Partners. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-358": {
   "value": "3. Segment reporting IFRS 8 Operating Segments requires operating segments to be identified on the basis of internal reports about components of the Group that are regularly reviewed by the Board, in order to allocate resources to each segment and assess its performance. The Group\u2019s only reportable segment under IFRS 8 is a \u2018wealth management\u2019 business \u2013 which is a vertically-integrated business providing support to our clients through the provision of financial advice and assistance through our Partner network, and financial solutions including (but not limited to) wealth management products manufactured in the Group, such as insurance bonds, pensions, unit trust and ISA investments, and a DFM service. Separate geographical segmental information is not presented since the Group does not segment its business geographically. Most of its customers are based in the United Kingdom, as is management of the assets. In particular, the operation based in Asia is not yet sufficiently material for separate consideration. Segment revenue Revenue received from fee and commission income is set out in Note 4, which details the different types of revenue received from our wealth management business. Segment profit Two separate measures of profit are monitored on a monthly basis by the Board. These are the post-tax Underlying cash result and the pre-tax European Embedded Value (EEV) profit. Underlying cash result The measure of cash profit monitored on a monthly basis by the Board is the post-tax Underlying cash result. This reflects emergence of cash available for paying a dividend during the year. Underlying cash is based on the IFRS result excluding the impact of intangibles, principally DAC, DIR, PVIF, goodwill, deferred tax, and strategic expenses. As the cost associated with equity-settled share-based payments is reflected in changes in shareholder equity, they are also not included in the Underlying cash result. More detail is provided in Section 2.2 of the financial review. The Cash result should not be confused with the IFRS Consolidated Statement of Cash Flows, which is prepared in accordance with IAS 7. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Underlying cash result after tax  410.1 401.2 Equity-settled share-based payments (20.5) (20.4) Deferred tax impacts (30.5) 0.5 Restructuring \u2013 (9.7) Impact in the year of DAC/DIR/PVIF (9.3) (28.0) Impact of policyholder tax asymmetry (see Note 4) 1 50.6 (52.9) Other 5.0 (3.1) IFRS profit after tax 405.4 287.6 Shareholder tax 96.4 66.2 Profit before tax attributable to shareholders\u2019 returns 501.8 353.8 Tax attributable to policyholder returns (501.1) 488.6 IFRS profit before tax 0.7 842.4 1  Further information on policyholder tax asymmetry can also be found in Section 2.1 of the financial review. 3. Segment reporting continued EEV operating profit EEV operating profit is monitored on a monthly basis by the Board. The components of the EEV operating profit are included in more detail in the financial review within the Annual Report and Accounts. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million EEV operating profit before tax 1,589.7 1,545.4 Investment return variance (1,314.0) 894.5 Economic assumption changes 235.1 4.2 EEV profit before tax  510.8 2,444.1 Adjustments to IFRS basis: Deduct: amortisation of purchased value of in-force business (3.2) (3.2) Movement of balance sheet life value of in-force business (net of tax) 103.5 (824.5) Movement of balance sheet unit trust and DFM value of in-force business (net of tax) (94.9) (337.3) Corporation tax rate change \u2013 (412.7) Tax on movement in value of in-force business (14.4) (512.6) Profit before tax attributable to shareholders\u2019 returns 501.8 353.8 Tax attributable to policyholder returns (501.1) 488.6 IFRS profit before tax 0.7 842.4 The movement in life, unit trust and DFM value of in-force business is the difference between the opening and closing discounted value of the profits that will emerge from the in-force book over time, after adjusting for DAC and DIR impacts which are already included under IFRS. Segment assets Funds under management (FUM) FUM, as reported in Section 1 of the financial review, is the measure of segment assets which is monitored on a monthly basis by the Board. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Investment 33,290.0 35,950.0 Pension 73,860.0 74,830.0 UT/ISA and DFM 41,220.0 43,210.0 Total FUM  148,370.0 153,990.0 Exclude client and third-party holdings in non-consolidated unit trusts and DFM (4,407.3) (4,811.5) Other 4,153.6 2,392.5 Gross assets held to cover unit liabilities 148,116.3 151,571.0 IFRS intangible assets 496.4 551.6 Shareholder gross assets 3,092.3 3,607.3 Total assets 151,705.0 155,729.9 Other represents liabilities included within the underlying unit trusts. The unit trust liabilities form a reconciling item between total FUM, which is reported net of these liabilities, and total assets, which exclude these liabilities. More detail on IFRS intangible assets and shareholder gross assets is provided in Section 2.2 of the financial review. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-359": {
   "value": "4. Fee and commission income Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Advice charges (post-RDR) 987.6 946.7 Third-party fee and commission income 131.9 135.8 Wealth management fees 1,039.0 974.5 Investment management fees 60.8 63.4 Fund tax deductions (501.1) 486.9 Policyholder tax asymmetry 50.6 (52.9) Discretionary fund management fees 23.4 22.4 Fee and commission income before DIR amortisation 1,792.2 2,576.8 Amortisation of DIR 162.0 160.4 Total fee and commission income 1,954.2 2,737.2 Advice charges are received from clients for the provision of initial and ongoing advice in relation to a post-Retail Distribution Review (RDR) investment into a St. James\u2019s Place or third-party product. Third-party fee and commission income is received from the product provider where an investment has been made into a third-party product. Wealth management fees represent charges levied on manufactured business. Investment management fees are received from clients for the provision of all aspects of investment management. Broadly, investment management fees match investment management expenses. Fund tax (refunds)/deductions represent amounts credited to, or deducted from, the life insurance business to match policyholder tax credits or charges. Life insurance tax incorporates a policyholder tax element, and the Financial Statements of a life insurance group need to reflect the liability to HMRC, with the corresponding deductions incorporated into policy charges (\u2018Fund tax deductions\u2019 in the table above). The tax liability to HMRC is assessed using IAS 12 Income Taxes, which does not allow discounting, whereas the policy charges are designed to ensure fair outcomes between clients and so reflect a wide range of possible outcomes. This gives rise to different assessments of the current value of future cash flows and hence an asymmetry in the IFRS Consolidated Statement of Financial Position between the deferred tax position and the offsetting client balance. The net tax asymmetry balance reflects a temporary position, and in the absence of market volatility we expect it will unwind as future cash flows become less uncertain and are ultimately realised. Market conditions will impact the level of asymmetry experienced in a year and may be significant where there is market volatility. Market falls experienced in 2022 have resulted in a significant positive movement, unwinding the negative impact seen in 2021. Discretionary fund management fees are received from clients for the provision of DFM services. Where an investment has been made in a St. James\u2019s Place product, the initial product charge and any dealing margin is deferred and recognised as a deferred income liability. This liability is extinguished, and income recognised, over the expected life of the investment. The income is the amortisation of DIR in the table above. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-403": {
   "value": "5. Expenses The following items are included within the expenses disclosed in the Statement of Comprehensive Income: Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Payments to Partners 1,011.8 988.0 Fees payable to the Company\u2019s auditors and its associates:  For the audit of the Company and Consolidated Financial Statements 0.4 0.3  For other services:  \u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts) 0.6 0.6  \u2013 Audit of the Company\u2019s unit trusts 0.7 0.6  \u2013 Audit-related assurance services 0.5 0.5  \u2013 Other assurance services 0.1 0.1 Total fees payable to the Company\u2019s auditors and its associates 2.3 2.1 Employee costs: Wages and salaries 194.9 186.5 Social security costs 22.3 26.8 Other pension costs  15.9 14.8 Cost of employee share awards and options 21.1 23.0 Restructuring costs \u2013 11.8 Total employee costs 254.2 262.9 Average monthly number of persons employed by the Group during the year 2,669 2,695 Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is \u00a30.1 million (2021: \u00a30.1 million) for non-audit services as defined by the Group\u2019s Policy on Auditor Independence, which is available on our website at: www.sjp.co.uk. The above employee costs information includes Directors\u2019 remuneration. Full details of the Directors\u2019 remuneration, share options, pension entitlements and interests in shares are disclosed in the Directors\u2019 Remuneration Report, and further information is also provided below. All pension costs related to defined contribution schemes and cash supplements in lieu of contributions to defined contribution pension schemes. At 31 December 2022, the number of Directors to whom retirement benefits are accruing, including those receiving a cash supplement in lieu of contributions to defined contribution pension schemes, is two (2021: three), with the total cost being \u00a30.2 million (2021: \u00a30.3 million). Retirement benefits are accruing in defined contribution pension schemes for one (2021: one) Director at the year-end. The number of Directors who exercised options over shares in the Company during the year is nil (2021: three). The number of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is three (2021: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a32.5 million (2021: \u00a31.2 million). The aggregate gains made by Directors on the exercise of share options and the receipt of deferred bonus scheme shares during the year was \u00a31.7 million (2021: \u00a33.6 million). In 2021 the one-off cost of a restructuring exercise associated with an employee redundancy programme was recognised. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-387": {
   "value": "5. Expenses The following items are included within the expenses disclosed in the Statement of Comprehensive Income: Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Payments to Partners 1,011.8 988.0 Fees payable to the Company\u2019s auditors and its associates:  For the audit of the Company and Consolidated Financial Statements 0.4 0.3  For other services:  \u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts) 0.6 0.6  \u2013 Audit of the Company\u2019s unit trusts 0.7 0.6  \u2013 Audit-related assurance services 0.5 0.5  \u2013 Other assurance services 0.1 0.1 Total fees payable to the Company\u2019s auditors and its associates 2.3 2.1 Employee costs: Wages and salaries 194.9 186.5 Social security costs 22.3 26.8 Other pension costs  15.9 14.8 Cost of employee share awards and options 21.1 23.0 Restructuring costs \u2013 11.8 Total employee costs 254.2 262.9 Average monthly number of persons employed by the Group during the year 2,669 2,695 Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is \u00a30.1 million (2021: \u00a30.1 million) for non-audit services as defined by the Group\u2019s Policy on Auditor Independence, which is available on our website at: www.sjp.co.uk. The above employee costs information includes Directors\u2019 remuneration. Full details of the Directors\u2019 remuneration, share options, pension entitlements and interests in shares are disclosed in the Directors\u2019 Remuneration Report, and further information is also provided below. All pension costs related to defined contribution schemes and cash supplements in lieu of contributions to defined contribution pension schemes. At 31 December 2022, the number of Directors to whom retirement benefits are accruing, including those receiving a cash supplement in lieu of contributions to defined contribution pension schemes, is two (2021: three), with the total cost being \u00a30.2 million (2021: \u00a30.3 million). Retirement benefits are accruing in defined contribution pension schemes for one (2021: one) Director at the year-end. The number of Directors who exercised options over shares in the Company during the year is nil (2021: three). The number of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is three (2021: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a32.5 million (2021: \u00a31.2 million). The aggregate gains made by Directors on the exercise of share options and the receipt of deferred bonus scheme shares during the year was \u00a31.7 million (2021: \u00a33.6 million). In 2021 the one-off cost of a restructuring exercise associated with an employee redundancy programme was recognised. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-360": {
   "value": "5. Expenses The following items are included within the expenses disclosed in the Statement of Comprehensive Income: Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Payments to Partners 1,011.8 988.0 Fees payable to the Company\u2019s auditors and its associates:  For the audit of the Company and Consolidated Financial Statements 0.4 0.3  For other services:  \u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts) 0.6 0.6  \u2013 Audit of the Company\u2019s unit trusts 0.7 0.6  \u2013 Audit-related assurance services 0.5 0.5  \u2013 Other assurance services 0.1 0.1 Total fees payable to the Company\u2019s auditors and its associates 2.3 2.1 Employee costs: Wages and salaries 194.9 186.5 Social security costs 22.3 26.8 Other pension costs  15.9 14.8 Cost of employee share awards and options 21.1 23.0 Restructuring costs \u2013 11.8 Total employee costs 254.2 262.9 Average monthly number of persons employed by the Group during the year 2,669 2,695 Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is \u00a30.1 million (2021: \u00a30.1 million) for non-audit services as defined by the Group\u2019s Policy on Auditor Independence, which is available on our website at: www.sjp.co.uk. The above employee costs information includes Directors\u2019 remuneration. Full details of the Directors\u2019 remuneration, share options, pension entitlements and interests in shares are disclosed in the Directors\u2019 Remuneration Report, and further information is also provided below. All pension costs related to defined contribution schemes and cash supplements in lieu of contributions to defined contribution pension schemes. At 31 December 2022, the number of Directors to whom retirement benefits are accruing, including those receiving a cash supplement in lieu of contributions to defined contribution pension schemes, is two (2021: three), with the total cost being \u00a30.2 million (2021: \u00a30.3 million). Retirement benefits are accruing in defined contribution pension schemes for one (2021: one) Director at the year-end. The number of Directors who exercised options over shares in the Company during the year is nil (2021: three). The number of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is three (2021: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a32.5 million (2021: \u00a31.2 million). The aggregate gains made by Directors on the exercise of share options and the receipt of deferred bonus scheme shares during the year was \u00a31.7 million (2021: \u00a33.6 million). In 2021 the one-off cost of a restructuring exercise associated with an employee redundancy programme was recognised. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-388": {
   "value": "6. Investment return and movement in investment contract benefits The majority of the business written by the Group is unit-linked investment business, and so investment contract benefits are measured by reference to the underlying net asset value of the Group\u2019s unitised investment funds. As a result, investment return on the unitised investment funds and the movement in investment contract benefits are linked. Investment return Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Investment return on net assets held to cover unit liabilities Rental income 70.1 74.7 (Loss)/gain on revaluation of investment properties (244.5) 181.4 Net investment return on financial instruments classified as fair value through profit and loss (9,457.9) 11,400.2 (9,632.3) 11,656.3 Attributable to unit-linked insurance contract liabilities (66.2) 52.8 Attributable to unit-linked investment contract benefits (9,566.1) 11,603.5 (9,632.3) 11,656.3 Income attributable to third-party holdings in unit trusts (4,168.7) 3,583.2 (13,801.0) 15,239.5 Investment return on shareholder assets Net investment return on financial instruments classified as fair value through profit and loss (2.9) 17.7 Interest income on financial instruments held at amortised cost 32.0 18.2 29.1 35.9 Total investment return (13,771.9) 15,275.4 Included in the net investment return on financial instruments classified as fair value through profit and loss, within investment return on net assets held to cover unit liabilities, is dividend income of \u00a31,216.0 million (2021: \u00a3985.1 million). Movement in investment contract benefits 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 110,349.8 93,132.7 Deposits 12,194.6 12,438.1 Withdrawals  (5,645.1) (5,607.5) Movement in unit-linked investment contract benefits  (9,566.1) 11,603.5 Fees and other adjustments (368.5) (1,217.0) Balance at 31 December 106,964.7 110,349.8 Current 5,546.3 5,585.4 Non-current 101,418.4 104,764.4 106,964.7 110,349.8 Movement in unit liabilities Unit-linked investment contract benefits (9,566.1) 11,603.5 Third-party unit trust holdings (4,168.7) 3,583.2 Movement in investment contract benefits in the  Consolidated Statement of Comprehensive Income (13,734.8) 15,186.7 See accounting policy (ag) for further information on the current and non-current disclosure 11. Investments, investment property and cash and cash equivalents Net assets held to cover unit liabilities Included within the Statement of Financial Position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation in Section 2.2 of the financial review. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Assets Investment property 1,294.5 1,568.5 Equities 103,536.0 106,782.3 Fixed income securities 27,544.8 29,298.1 Investment in Collective Investment Schemes 4,463.7 3,907.9 Cash and cash equivalents 6,179.5 7,587.2 Other receivables 1,604.8 1,332.4 Derivative financial instruments 3,493.0 1,094.6 Total assets 148,116.3 151,571.0 Liabilities Other payables 842.0 1,344.9 Derivative financial instruments 3,266.3 1,019.5 Total liabilities 4,108.3 2,364.4 Net assets held to cover linked liabilities 144,008.0 149,206.6 Investment contract benefits 106,964.7 110,349.8 Net asset value attributable to unit holders  36,628.4 38,369.0 Unit-linked insurance contract liabilities 414.9 487.8 Net unit-linked liabilities 144,008.0 149,206.6 Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ag) for further information on current and non-current disclosure. Investment property 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 1,568.5 1,526.7 Capitalised expenditure on existing properties 23.6 19.2 Disposals (53.1) (158.8) Changes in fair value (244.5) 181.4 Balance at 31 December 1,294.5 1,568.5 The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. 11. Investments, investment property and cash and cash equivalents continued The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include:    actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments;    engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis;    actively reviewing and monitoring lessee financial covenant positions;    maintaining appropriate and prudent insurance for the properties; and    senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2022 is \u00a31,475.7 million (2021: \u00a31,577.0 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the Consolidated Statement of Comprehensive Income in respect of investment properties are set out below. All expenses relate to property generating rental income. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Rental income 70.1 74.7 Direct operating expenses 5.2 10.0 At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a33.0 million (2021: \u00a34.3 million). The most significant contractual obligations at 31 December 2022 were for refurbishments of warehouse units in Leeds and Poyle totalling \u00a32.4 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2021: \u00a31.4 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Undiscounted contractual rental income to be received in: Year 1 70.1 66.9 Year 2 67.6 64.2 Year 3 59.1 59.8 Year 4 52.3 51.7 Year 5 46.5 42.8 Year 6 onwards 268.6 265.2 Total undiscounted contractual rental income to be received 564.2 550.6 Cash and cash equivalents 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Cash and cash equivalents not held to cover unit liabilities  253.3 245.7 Balances held to cover unit liabilities 6,179.5 7,587.2 Total cash and cash equivalents 6,432.8 7,832.9 All cash and cash equivalents are considered current. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-361": {
   "value": "6. Investment return and movement in investment contract benefits The majority of the business written by the Group is unit-linked investment business, and so investment contract benefits are measured by reference to the underlying net asset value of the Group\u2019s unitised investment funds. As a result, investment return on the unitised investment funds and the movement in investment contract benefits are linked. Investment return Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Investment return on net assets held to cover unit liabilities Rental income 70.1 74.7 (Loss)/gain on revaluation of investment properties (244.5) 181.4 Net investment return on financial instruments classified as fair value through profit and loss (9,457.9) 11,400.2 (9,632.3) 11,656.3 Attributable to unit-linked insurance contract liabilities (66.2) 52.8 Attributable to unit-linked investment contract benefits (9,566.1) 11,603.5 (9,632.3) 11,656.3 Income attributable to third-party holdings in unit trusts (4,168.7) 3,583.2 (13,801.0) 15,239.5 Investment return on shareholder assets Net investment return on financial instruments classified as fair value through profit and loss (2.9) 17.7 Interest income on financial instruments held at amortised cost 32.0 18.2 29.1 35.9 Total investment return (13,771.9) 15,275.4 Included in the net investment return on financial instruments classified as fair value through profit and loss, within investment return on net assets held to cover unit liabilities, is dividend income of \u00a31,216.0 million (2021: \u00a3985.1 million). Movement in investment contract benefits 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 110,349.8 93,132.7 Deposits 12,194.6 12,438.1 Withdrawals  (5,645.1) (5,607.5) Movement in unit-linked investment contract benefits  (9,566.1) 11,603.5 Fees and other adjustments (368.5) (1,217.0) Balance at 31 December 106,964.7 110,349.8 Current 5,546.3 5,585.4 Non-current 101,418.4 104,764.4 106,964.7 110,349.8 Movement in unit liabilities Unit-linked investment contract benefits (9,566.1) 11,603.5 Third-party unit trust holdings (4,168.7) 3,583.2 Movement in investment contract benefits in the  Consolidated Statement of Comprehensive Income (13,734.8) 15,186.7 See accounting policy (ag) for further information on the current and non-current disclosure ",
   "dimensions": {
    "concept": "stjamessplaceplc:DisclosureOfInvestmentReturnAndMovementInInvestmentContractBenefits",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-389": {
   "value": "7. Income and deferred taxes Tax for the year Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Current tax UK corporation tax \u2013 Current year charge 66.0 294.1 \u2013 Adjustment in respect of prior year  3.5 (6.7) Overseas taxes \u2013 Current year charge 10.2 6.1 \u2013 Adjustment in respect of prior year \u2013 0.1 79.7 293.6 Deferred tax Unrealised capital (losses)/gains in unit-linked funds (504.0) 266.7 Unrelieved expenses \u2013 Additional expenses recognised in the year (9.9) (10.8) \u2013 Utilisation in the year 11.4 11.6 Capital losses \u2013 Revaluation in the year 4.0 (1.4) \u2013 Utilisation in the year 25.2 9.2 \u2013 Adjustment in respect of prior year  (4.5) 4.0 DAC, DIR and PVIF (8.5) (8.9) Share-based payments 3.3 (8.7) Renewal income assets (3.0) 0.7 Fixed asset timing differences 1.0 (2.2) Other items (1.5) 1.0 Overseas losses 0.1 (1.1) Adjustment for change in tax rate \u2013 0.4 Adjustments in respect of prior periods 2.0 0.7 (484.4) 261.2 Total tax (credit)/charge for the year (404.7) 554.8 Attributable to: \u2013 policyholders (501.1) 488.6 \u2013 shareholders 96.4 66.2 (404.7) 554.8 The prior year adjustment of \u00a33.5 million in current tax above represents a charge of \u00a37.3 million in respect of policyholder tax (2021: \u00a36.0 million credit) and a credit of \u00a33.8 million in respect of shareholder tax (2021: \u00a30.7 million credit). The prior year adjustment of \u00a32.5 million in deferred tax above represents a credit of \u00a3nil in respect of policyholder tax and a credit of \u00a32.5 million in respect of shareholder tax (2021: deferred tax relates entirely to shareholder tax). In arriving at the profit before tax attributable to shareholders\u2019 return, it is necessary to estimate the distribution of the total tax charge between that payable in respect of policyholders and that payable by shareholders. Shareholder tax is estimated by making an assessment of the effective rate of tax that is applicable to the shareholders on the profits attributable to shareholders. This is calculated by applying the appropriate effective corporate tax rates to the shareholder profits. The remainder of the tax charge represents tax on policyholders\u2019 investment returns. This calculation method is consistent with the legislation relating to the calculation of tax on shareholder profits. Reconciliation of tax charge to expected tax Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Profit before tax 0.7 842.4 Tax attributable to policyholders\u2019 returns  501.1 (488.6) Profit before tax attributable to shareholders\u2019 returns 501.8 353.8 Shareholder tax charge at corporate tax rate of 19% (2021: 19%) 95.3 19.0% 67.2  19.0% Adjustments: Lower rates of corporation tax in overseas subsidiaries (1.3) (0.3)%  (1.2) (0.3%) Expected shareholder tax 94.0 18.7% 66.0  18.6% Effects of: Non-taxable income (1.5) (0.9) Revaluation of historic capital losses in the Group 4.0 (1.4) Adjustment for change in tax rates \u2013 0.4 Adjustment in respect of prior year \u2013 Current tax (3.8) (0.7) \u2013 Deferred tax (2.5) 4.7 Differences in accounting and tax bases in relation to employee share schemes 2.5 (4.6) Impact of difference in tax rates between current and deferred tax (3.0) (2.4) Disallowable expenses 5.6 4.0 Provision for future liabilities 0.5 0.3 Tax losses not recognised  2.2 1.2 Other (1.6) (0.4) 2.4 0.5% 0.2 0.1% Shareholder tax charge 96.4 19.2% 66.2  18.7% Policyholder tax (credit)/charge (501.1) 488.6 Total tax (credit)/charge for the year (404.7) 554.8 Tax calculated on profit before tax at 19% (2021: 19%) would amount to \u00a30.1 million (2021: \u00a3160.1 million). The difference of \u00a3404.8 million (2021: \u00a3394.7 million) between this number and the total tax credit of \u00a3404.7 million (2021: \u00a3554.8 million charge) is made up of the reconciling items above which total a charge of \u00a31.1 million (2021: \u00a31.0 million credit) and the effect of the apportionment methodology on tax applicable to policyholder returns of \u00a3405.9 million (2021: \u00a3395.7 million). Tax paid in the year Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Current tax charge for the year 79.7 293.6 Refunds due to be received/(Payments to be made) in future years in respect of current year 39.5 (3.6) Payments made in current year in respect of prior years 1.6 27.3 Other 0.3 1.8 Tax paid 121.1 319.1 Tax paid can be analysed as: \u2013 Taxes paid in UK 110.1 306.0 \u2013 Taxes paid in overseas jurisdictions 3.9 4.7 \u2013 Withholding taxes suffered on investment income received 7.1 8.4 Total 121.1 319.1 7. Income and deferred taxes continued Deferred tax balances Deferred tax assets Deferred acquisition costs (DAC) Deferred income (DIR) Renewal income assets Share-based payments Fixed asset temporary differences Other temporary differences Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million At 1 January 2021 (19.4) 33.1 (12.3) 6.8 5.6 0.6 14.4 Credit/(charge) to the Statement of Comprehensive Income \u2013 Utilised and created in year 1.4 (1.5) (0.8) 8.8 1.5 (0.5) 8.9 \u2013 Impact of tax rate change (3.6) 6.2 (2.0) 0.6 0.7 (0.3) 1.6 Total (charge)/credit (2.2) 4.7 (2.8) 9.4 2.2 (0.8) 10.5 Impact of acquisition \u2013 \u2013 (4.3) \u2013 \u2013 \u2013 (4.3) At 31 December 2021 (21.6) 37.8 (19.4) 16.2 7.8 (0.2) 20.6 Credit/(charge) to the Statement of Comprehensive Income \u2013 Utilised and created in year 1.2 (0.1) 3.1 (3.3) (3.9) 1.2 (1.8) Total credit/(charge) 1.2 (0.1) 3.1 (3.3) (3.9) 1.2 (1.8) Impact of acquisition \u2013 \u2013 (4.4) \u2013 \u2013 \u2013 (4.4) Reclassified to deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (0.5) (0.5) At 31 December 2022 (20.4) 37.7 (20.7) 12.9 3.9 0.5 13.9 Expected utilisation period As at 31 December 2021 14 years 14 years 20 years 3 years 6 years As at 31 December 2022 14 years 14 years 20 years 3 years 6 years Deferred tax liabilities Unrelieved expenses on life insurance business Deferred acquisition costs (DAC) Capital losses (available for future relief) Unrealised capital gains on life insurance assets backing unit liabilities (BLAGAB) Purchased value of in-force business (PVIF) Other temporary differences Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million At 1 January 2021 (39.8) 32.1 (35.5) 417.3 3.3 0.7 378.1 Charge/(credit) to the Statement of Comprehensive Income \u2013 Utilised and created in year 0.7 (8.4) 11.7 266.8 (0.6) (0.5) 269.7 \u2013 Impact of tax rate change \u2013 4.3 (3.0) \u2013 0.7 \u2013 2.0 Total charge/(credit) 0.7 (4.1) 8.7 266.8 0.1 (0.5) 271.7 At 31 December 2021 (39.1) 28.0 (26.8) 684.1 3.4 0.2 649.8 Charge/(credit) to the Statement of Comprehensive Income \u2013 Utilised and created in year 1.6 (7.8) 20.7 (504.0) (0.6) (0.3) (490.4) \u2013 Impact of tax rate change \u2013 \u2013 4.0 \u2013 \u2013 \u2013 4.0 Total charge/(credit) 1.6 (7.8) 24.7 (504.0) (0.6) (0.3) (486.4) Reclassified from deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 (0.5) (0.5) At 31 December 2022 (37.5) 20.2 (2.1) 180.1 2.8 (0.6) 162.9 Expected utilisation period As at 31 December 2021 6 years 14 years 5 years 5 years 4 years As at 31 December 2022 6 years 14 years 1 years 6 years 3 years Appropriate investment income, gains or profits are expected to arise against which the tax assets can be utilised. Whilst the actual rates of utilisation will depend on business growth and external factors, particularly investment market conditions, they have been tested for sensitivity to experience and are resilient to a range of reasonably foreseeable scenarios. At the reporting date there were unrecognised deferred tax assets of \u00a315.0 million (2021: \u00a314.0 million) in respect of \u00a392.1 million (2021: \u00a382.2 million) of losses in companies where appropriate profits are not considered probable in the forecast period. These losses primarily relate to our Asia-based businesses and can be carried forward indefinitely. In the UK Budget of 3 March 2021, it was announced that the main rate of corporation tax will increase from 19% to 25% with effect from 1 April 2023. This change was substantively enacted on 24 May 2021 within the Finance Act 2021 and as a result the relevant deferred tax balances were remeasured in 2021. In December 2022, the OECD published key documents on the implementation of the new Pillar Two model rules. This legislation will apply to St. James\u2019s Place as a large multinational with effect from 1 January 2024. We are reviewing the latest documents in detail to assess the likely impact. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-362": {
   "value": "7. Income and deferred taxes Tax for the year Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Current tax UK corporation tax \u2013 Current year charge 66.0 294.1 \u2013 Adjustment in respect of prior year  3.5 (6.7) Overseas taxes \u2013 Current year charge 10.2 6.1 \u2013 Adjustment in respect of prior year \u2013 0.1 79.7 293.6 Deferred tax Unrealised capital (losses)/gains in unit-linked funds (504.0) 266.7 Unrelieved expenses \u2013 Additional expenses recognised in the year (9.9) (10.8) \u2013 Utilisation in the year 11.4 11.6 Capital losses \u2013 Revaluation in the year 4.0 (1.4) \u2013 Utilisation in the year 25.2 9.2 \u2013 Adjustment in respect of prior year  (4.5) 4.0 DAC, DIR and PVIF (8.5) (8.9) Share-based payments 3.3 (8.7) Renewal income assets (3.0) 0.7 Fixed asset timing differences 1.0 (2.2) Other items (1.5) 1.0 Overseas losses 0.1 (1.1) Adjustment for change in tax rate \u2013 0.4 Adjustments in respect of prior periods 2.0 0.7 (484.4) 261.2 Total tax (credit)/charge for the year (404.7) 554.8 Attributable to: \u2013 policyholders (501.1) 488.6 \u2013 shareholders 96.4 66.2 (404.7) 554.8 The prior year adjustment of \u00a33.5 million in current tax above represents a charge of \u00a37.3 million in respect of policyholder tax (2021: \u00a36.0 million credit) and a credit of \u00a33.8 million in respect of shareholder tax (2021: \u00a30.7 million credit). The prior year adjustment of \u00a32.5 million in deferred tax above represents a credit of \u00a3nil in respect of policyholder tax and a credit of \u00a32.5 million in respect of shareholder tax (2021: deferred tax relates entirely to shareholder tax). In arriving at the profit before tax attributable to shareholders\u2019 return, it is necessary to estimate the distribution of the total tax charge between that payable in respect of policyholders and that payable by shareholders. Shareholder tax is estimated by making an assessment of the effective rate of tax that is applicable to the shareholders on the profits attributable to shareholders. This is calculated by applying the appropriate effective corporate tax rates to the shareholder profits. The remainder of the tax charge represents tax on policyholders\u2019 investment returns. This calculation method is consistent with the legislation relating to the calculation of tax on shareholder profits. Reconciliation of tax charge to expected tax Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Profit before tax 0.7 842.4 Tax attributable to policyholders\u2019 returns  501.1 (488.6) Profit before tax attributable to shareholders\u2019 returns 501.8 353.8 Shareholder tax charge at corporate tax rate of 19% (2021: 19%) 95.3 19.0% 67.2  19.0% Adjustments: Lower rates of corporation tax in overseas subsidiaries (1.3) (0.3)%  (1.2) (0.3%) Expected shareholder tax 94.0 18.7% 66.0  18.6% Effects of: Non-taxable income (1.5) (0.9) Revaluation of historic capital losses in the Group 4.0 (1.4) Adjustment for change in tax rates \u2013 0.4 Adjustment in respect of prior year \u2013 Current tax (3.8) (0.7) \u2013 Deferred tax (2.5) 4.7 Differences in accounting and tax bases in relation to employee share schemes 2.5 (4.6) Impact of difference in tax rates between current and deferred tax (3.0) (2.4) Disallowable expenses 5.6 4.0 Provision for future liabilities 0.5 0.3 Tax losses not recognised  2.2 1.2 Other (1.6) (0.4) 2.4 0.5% 0.2 0.1% Shareholder tax charge 96.4 19.2% 66.2  18.7% Policyholder tax (credit)/charge (501.1) 488.6 Total tax (credit)/charge for the year (404.7) 554.8 Tax calculated on profit before tax at 19% (2021: 19%) would amount to \u00a30.1 million (2021: \u00a3160.1 million). The difference of \u00a3404.8 million (2021: \u00a3394.7 million) between this number and the total tax credit of \u00a3404.7 million (2021: \u00a3554.8 million charge) is made up of the reconciling items above which total a charge of \u00a31.1 million (2021: \u00a31.0 million credit) and the effect of the apportionment methodology on tax applicable to policyholder returns of \u00a3405.9 million (2021: \u00a3395.7 million). Tax paid in the year Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Current tax charge for the year 79.7 293.6 Refunds due to be received/(Payments to be made) in future years in respect of current year 39.5 (3.6) Payments made in current year in respect of prior years 1.6 27.3 Other 0.3 1.8 Tax paid 121.1 319.1 Tax paid can be analysed as: \u2013 Taxes paid in UK 110.1 306.0 \u2013 Taxes paid in overseas jurisdictions 3.9 4.7 \u2013 Withholding taxes suffered on investment income received 7.1 8.4 Total 121.1 319.1 7. Income and deferred taxes continued Deferred tax balances Deferred tax assets Deferred acquisition costs (DAC) Deferred income (DIR) Renewal income assets Share-based payments Fixed asset temporary differences Other temporary differences Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million At 1 January 2021 (19.4) 33.1 (12.3) 6.8 5.6 0.6 14.4 Credit/(charge) to the Statement of Comprehensive Income \u2013 Utilised and created in year 1.4 (1.5) (0.8) 8.8 1.5 (0.5) 8.9 \u2013 Impact of tax rate change (3.6) 6.2 (2.0) 0.6 0.7 (0.3) 1.6 Total (charge)/credit (2.2) 4.7 (2.8) 9.4 2.2 (0.8) 10.5 Impact of acquisition \u2013 \u2013 (4.3) \u2013 \u2013 \u2013 (4.3) At 31 December 2021 (21.6) 37.8 (19.4) 16.2 7.8 (0.2) 20.6 Credit/(charge) to the Statement of Comprehensive Income \u2013 Utilised and created in year 1.2 (0.1) 3.1 (3.3) (3.9) 1.2 (1.8) Total credit/(charge) 1.2 (0.1) 3.1 (3.3) (3.9) 1.2 (1.8) Impact of acquisition \u2013 \u2013 (4.4) \u2013 \u2013 \u2013 (4.4) Reclassified to deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (0.5) (0.5) At 31 December 2022 (20.4) 37.7 (20.7) 12.9 3.9 0.5 13.9 Expected utilisation period As at 31 December 2021 14 years 14 years 20 years 3 years 6 years As at 31 December 2022 14 years 14 years 20 years 3 years 6 years Deferred tax liabilities Unrelieved expenses on life insurance business Deferred acquisition costs (DAC) Capital losses (available for future relief) Unrealised capital gains on life insurance assets backing unit liabilities (BLAGAB) Purchased value of in-force business (PVIF) Other temporary differences Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million At 1 January 2021 (39.8) 32.1 (35.5) 417.3 3.3 0.7 378.1 Charge/(credit) to the Statement of Comprehensive Income \u2013 Utilised and created in year 0.7 (8.4) 11.7 266.8 (0.6) (0.5) 269.7 \u2013 Impact of tax rate change \u2013 4.3 (3.0) \u2013 0.7 \u2013 2.0 Total charge/(credit) 0.7 (4.1) 8.7 266.8 0.1 (0.5) 271.7 At 31 December 2021 (39.1) 28.0 (26.8) 684.1 3.4 0.2 649.8 Charge/(credit) to the Statement of Comprehensive Income \u2013 Utilised and created in year 1.6 (7.8) 20.7 (504.0) (0.6) (0.3) (490.4) \u2013 Impact of tax rate change \u2013 \u2013 4.0 \u2013 \u2013 \u2013 4.0 Total charge/(credit) 1.6 (7.8) 24.7 (504.0) (0.6) (0.3) (486.4) Reclassified from deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 (0.5) (0.5) At 31 December 2022 (37.5) 20.2 (2.1) 180.1 2.8 (0.6) 162.9 Expected utilisation period As at 31 December 2021 6 years 14 years 5 years 5 years 4 years As at 31 December 2022 6 years 14 years 1 years 6 years 3 years Appropriate investment income, gains or profits are expected to arise against which the tax assets can be utilised. Whilst the actual rates of utilisation will depend on business growth and external factors, particularly investment market conditions, they have been tested for sensitivity to experience and are resilient to a range of reasonably foreseeable scenarios. At the reporting date there were unrecognised deferred tax assets of \u00a315.0 million (2021: \u00a314.0 million) in respect of \u00a392.1 million (2021: \u00a382.2 million) of losses in companies where appropriate profits are not considered probable in the forecast period. These losses primarily relate to our Asia-based businesses and can be carried forward indefinitely. In the UK Budget of 3 March 2021, it was announced that the main rate of corporation tax will increase from 19% to 25% with effect from 1 April 2023. This change was substantively enacted on 24 May 2021 within the Finance Act 2021 and as a result the relevant deferred tax balances were remeasured in 2021. In December 2022, the OECD published key documents on the implementation of the new Pillar Two model rules. This legislation will apply to St. James\u2019s Place as a large multinational with effect from 1 January 2024. We are reviewing the latest documents in detail to assess the likely impact. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-411": {
   "value": "8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>Purchase<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in-<span class=\"_ _39\"/>force business<span class=\"_ _34e\"> </span>Computer software and other spe<span class=\"_ _b\"/>cific soft<span class=\"_ _b\"/>ware developments<span class=\"_ _7b\"> </span><span class=\"ls58 ws5a\">DAC<span class=\"_ _19\"> </span><span class=\"ls39 wsa4\">DIR<span class=\"_ _34e\"> </span></span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _9d\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _68\"> </span>73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"ls14d wsed\">43.8<span class=\"_ _7c\"> </span><span class=\"lsb0 wsb5\">1,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>9<span class=\"_ _e9\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>6<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _1fc\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"ls39 wsa4\">19.<span class=\"_ _b\"/>2<span class=\"_ _6a\"> </span><span class=\"lsad wsb2\">41.<span class=\"_ _6\"/>2<span class=\"_ _93\"> </span><span class=\"lsbd wsc3\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>4<span class=\"_ _30\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _d1\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _b\"/>7)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _149\"> </span><span class=\"lsc0 wsc7\">31<span class=\"_ _b\"/>.1<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.4<span class=\"_ _69\"> </span><span class=\"ls2b ws2b\">55.3<span class=\"_ _11e\"> </span></span></span></span><span class=\"ws4a\">1<span class=\"_ _b\"/>,14<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _be\"> </span></span><span class=\"ls3\">(1,599.1<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Additions <span class=\"_ _274\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">16<span class=\"_ _b\"/>.1<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _a7\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>2<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _12a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _be\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _d0\"> </span></span></span></span>93<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _275\"> </span><span class=\"lsb2 wsb9\">36.6<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"lsbc wsc1\">70.9<span class=\"_ _11e\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>51<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b4\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span></span></span></span>Accumulated amortisation and impair<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _184\"> </span><span class=\"ls3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls83 ws38\">55<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _77\"> </span><span class=\"lsb0 wsb5\">20.3<span class=\"_ _50\"> </span><span class=\"ls45 ws43\">809<span class=\"_ _b\"/>.4<span class=\"_ _7e\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _b\"/>8<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">10.6<span class=\"_ _1f\"> </span><span class=\"ls30 ws30\">86<span class=\"_ _b\"/>.1<span class=\"_ _17\"> </span><span class=\"ls3e ws3d\">(160.4<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _1c5\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>.5<span class=\"_ _15\"> </span><span class=\"ls5b ws5e\">59<span class=\"_ _b\"/>.0<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">28.3<span class=\"_ _50\"> </span><span class=\"ls3f ws3e\">764<span class=\"_ _b\"/>.6<span class=\"_ _b4\"> </span></span></span></span>(<span class=\"_ _39\"/>1<span class=\"_ _b\"/>,036.5<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _6e\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>3<span class=\"_ _77\"> </span><span class=\"lsb2 wsb9\">79.6<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _5\"/>162.0<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _9b\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _d0\"> </span><span class=\"ls73 ws75\">93.9<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _277\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _69\"> </span>62<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _68\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _7e\"> </span></span></span><span class=\"ws4a\">7<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.0<span class=\"_ _e9\"> </span><span class=\"lsad wsb2\">(<span class=\"_ _39\"/>1,1<span class=\"_ _b\"/>04<span class=\"_ _b\"/>.6<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span>Carrying value<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _95\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _68\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>5<span class=\"_ _9b\"> </span><span class=\"lsbf wsc6\">424<span class=\"_ _6\"/>.<span class=\"_ _b\"/>5<span class=\"_ _14\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _6\"/>7<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _265\"> </span><span class=\"lsbc wsc1\">29.6<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _82\"> </span><span class=\"lsb2 wsb9\">379<span class=\"_ _b\"/>.6<span class=\"_ _14\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _b\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _181\"> </span><span class=\"lsb2 wsb9\">33.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _30\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _f6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.<span class=\"_ _b\"/>2<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">9.7<span class=\"_ _d0\"> </span></span></span>72<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _15\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _278\"> </span><span class=\"ls43 ws41\">33.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">8.0<span class=\"_ _84\"> </span><span class=\"lsb0 wsb5\">23<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"lsc0 wsc7\">265<span class=\"_ _b\"/>.1<span class=\"_ _82\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>33<span class=\"_ _b\"/>.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span></span></span>Outstanding amortisat<span class=\"_ _b\"/>ion period<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _279\"> </span><span class=\"lsbd wsc3\">n<span class=\"_ _b\"/>/a<span class=\"_ _189\"> </span><span class=\"lsad wsb2\">4 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _89\"> </span>14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _40\"> </span></span></span><span class=\"ls3\">6 to 14 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _27a\"> </span><span class=\"lsbd wsc3\">n/a<span class=\"_ _11\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _186\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span></span></span><span class=\"ws4a\">14 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _9a\"> </span></span><span class=\"ls3\">6 to 14 year<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>The M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2<span class=\"_ _b\"/>021 I<span class=\"_ _b\"/>FRS I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>tati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>mit<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>pd<span class=\"_ _b\"/>ate i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>a d<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on \u2018<span class=\"_ _b\"/>Co<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd C<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tom<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n Co<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n a Cl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>d Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ng A<span class=\"_ _b\"/>rra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019 wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h was r<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e IAS<span class=\"_ _b\"/>B in A<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>il 202<span class=\"_ _b\"/>1<span class=\"_ _b\"/>. As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cis<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>arr<span class=\"_ _6\"/>yi<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>r so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>war<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts has been<span class=\"_ _39\"/> reassessed, and th<span class=\"_ _5\"/>e impact<span class=\"_ _39\"/> of the<span class=\"_ _5\"/> revised<span class=\"_ _39\"/> capitalisat<span class=\"_ _5\"/>ion polic<span class=\"_ _5\"/>y has<span class=\"_ _39\"/> been charged t<span class=\"_ _39\"/>o the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _39\"/> Income. 8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of g<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>dw<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll s<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>it by a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>s as fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>JE<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 24<span class=\"_ _4\"/>)<span class=\"_ _255\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _273\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Lewi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ton We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt Ltd (<span class=\"_ _39\"/>for<span class=\"_ _b\"/>me<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>ie Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ton &amp; Co L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _39\"/>)<span class=\"_ _27b\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices companies <span class=\"_ _27c\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>7<span class=\"_ _134\"> </span>7.7<span class=\"_ _34e\"> </span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> companies<span class=\"_ _125\"> </span><span class=\"ls9e wsa3\">1.8<span class=\"_ _5d\"> </span>1.8<span class=\"_ _34e\"> </span></span>SJP Asia<span class=\"_ _39\"/> companies<span class=\"_ _1fe\"> </span><span class=\"ls3e ws3d\">10.1<span class=\"_ _65\"> </span>10.1<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>e<span class=\"_ _b\"/>chnical Connect<span class=\"_ _39\"/>ion Limited<span class=\"_ _125\"> </span><span class=\"ls5b ws5e\">3<span class=\"_ _b\"/>.7<span class=\"_ _4e\"> </span>3<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>ote 24<span class=\"_ _39\"/>)<span class=\"_ _16c\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Willson Grange<span class=\"_ _39\"/> businesses <span class=\"_ _1ff\"> </span><span class=\"lse5 wsf4\">4.3<span class=\"_ _a4\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal goodwill<span class=\"_ _27d\"> </span><span class=\"lsb2 wsb9\">33<span class=\"_ _b\"/>.6<span class=\"_ _84\"> </span><span class=\"ff9c fc3 lsbc wsc1\">29.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Goodwill is<span class=\"_ _39\"/> reviewed<span class=\"_ _39\"/> at least annually<span class=\"_ _5\"/> for<span class=\"_ _39\"/> impairment, or when c<span class=\"_ _5\"/>ircums<span class=\"_ _39\"/>tances or<span class=\"_ _39\"/> events<span class=\"_ _39\"/> indicate t<span class=\"_ _39\"/>here may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty over i<span class=\"_ _b\"/>ts val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. Th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>-in<span class=\"_ _b\"/>-use c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>eta<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mpt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n the<span class=\"_ _b\"/>se c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low<span class=\"_ _b\"/>:<span class=\"_ _b\"/> K<span class=\"_ _39\"/>ey assumptions<span class=\"_ _39\"/> based on experience:<span class=\"_ _39\"/> <span class=\"_ _1c4\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _15\"> </span>Value o<span class=\"_ _39\"/>f new business<span class=\"_ _5\"/> and expenses<span class=\"_ _34e\"> </span>Proj<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d: <span class=\"_ _80\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _15\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span>Five ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>t<span class=\"_ _b\"/>rap<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto pe<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y/10 yea<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Pre<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>te ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n a ri<span class=\"_ _b\"/>sk-free rate p<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>s a ri<span class=\"_ _b\"/>sk m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n: <span class=\"_ _82\"> </span>7<span class=\"_ _4\"/>.<span class=\"_ _b\"/>0% to 12<span class=\"_ _b\"/>.0% (2021: 3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4% to 9.<span class=\"_ _b\"/>2%<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>It i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t no re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e key as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt i<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e goodwill, with the<span class=\"_ _39\"/> exception<span class=\"_ _39\"/> of Wilson Grange<span class=\"_ _39\"/> businesses<span class=\"_ _b\"/>. Purchased v<span class=\"_ _39\"/>alue of in-force busine<span class=\"_ _5\"/>ss<span class=\"_ _39\"/>/D<span class=\"_ _39\"/>AC<span class=\"_ _39\"/>/<span class=\"_ _39\"/>computer software Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income. Amortisation pr<span class=\"_ _39\"/>ofiles are<span class=\"_ _39\"/> reassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>DIR<span class=\"_ _34e\"> </span>Amortisation is<span class=\"_ _39\"/> credited wit<span class=\"_ _39\"/>hin fee and<span class=\"_ _39\"/> commission income in<span class=\"_ _5\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income.<span class=\"_ _39\"/> Amor<span class=\"_ _b\"/>tisation profiles<span class=\"_ _39\"/> are r<span class=\"_ _5\"/>eassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-409": {
   "value": "8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>Purchase<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in-<span class=\"_ _39\"/>force business<span class=\"_ _34e\"> </span>Computer software and other spe<span class=\"_ _b\"/>cific soft<span class=\"_ _b\"/>ware developments<span class=\"_ _7b\"> </span><span class=\"ls58 ws5a\">DAC<span class=\"_ _19\"> </span><span class=\"ls39 wsa4\">DIR<span class=\"_ _34e\"> </span></span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _9d\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _68\"> </span>73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"ls14d wsed\">43.8<span class=\"_ _7c\"> </span><span class=\"lsb0 wsb5\">1,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>9<span class=\"_ _e9\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>6<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _1fc\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"ls39 wsa4\">19.<span class=\"_ _b\"/>2<span class=\"_ _6a\"> </span><span class=\"lsad wsb2\">41.<span class=\"_ _6\"/>2<span class=\"_ _93\"> </span><span class=\"lsbd wsc3\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>4<span class=\"_ _30\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _d1\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _b\"/>7)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _149\"> </span><span class=\"lsc0 wsc7\">31<span class=\"_ _b\"/>.1<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.4<span class=\"_ _69\"> </span><span class=\"ls2b ws2b\">55.3<span class=\"_ _11e\"> </span></span></span></span><span class=\"ws4a\">1<span class=\"_ _b\"/>,14<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _be\"> </span></span><span class=\"ls3\">(1,599.1<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Additions <span class=\"_ _274\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">16<span class=\"_ _b\"/>.1<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _a7\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>2<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _12a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _be\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _d0\"> </span></span></span></span>93<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _275\"> </span><span class=\"lsb2 wsb9\">36.6<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"lsbc wsc1\">70.9<span class=\"_ _11e\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>51<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b4\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span></span></span></span>Accumulated amortisation and impair<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _184\"> </span><span class=\"ls3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls83 ws38\">55<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _77\"> </span><span class=\"lsb0 wsb5\">20.3<span class=\"_ _50\"> </span><span class=\"ls45 ws43\">809<span class=\"_ _b\"/>.4<span class=\"_ _7e\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _b\"/>8<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">10.6<span class=\"_ _1f\"> </span><span class=\"ls30 ws30\">86<span class=\"_ _b\"/>.1<span class=\"_ _17\"> </span><span class=\"ls3e ws3d\">(160.4<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _1c5\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>.5<span class=\"_ _15\"> </span><span class=\"ls5b ws5e\">59<span class=\"_ _b\"/>.0<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">28.3<span class=\"_ _50\"> </span><span class=\"ls3f ws3e\">764<span class=\"_ _b\"/>.6<span class=\"_ _b4\"> </span></span></span></span>(<span class=\"_ _39\"/>1<span class=\"_ _b\"/>,036.5<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _6e\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>3<span class=\"_ _77\"> </span><span class=\"lsb2 wsb9\">79.6<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _5\"/>162.0<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _9b\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _d0\"> </span><span class=\"ls73 ws75\">93.9<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _277\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _69\"> </span>62<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _68\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _7e\"> </span></span></span><span class=\"ws4a\">7<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.0<span class=\"_ _e9\"> </span><span class=\"lsad wsb2\">(<span class=\"_ _39\"/>1,1<span class=\"_ _b\"/>04<span class=\"_ _b\"/>.6<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span>Carrying value<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _95\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _68\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>5<span class=\"_ _9b\"> </span><span class=\"lsbf wsc6\">424<span class=\"_ _6\"/>.<span class=\"_ _b\"/>5<span class=\"_ _14\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _6\"/>7<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _265\"> </span><span class=\"lsbc wsc1\">29.6<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _82\"> </span><span class=\"lsb2 wsb9\">379<span class=\"_ _b\"/>.6<span class=\"_ _14\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _b\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _181\"> </span><span class=\"lsb2 wsb9\">33.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _30\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _f6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.<span class=\"_ _b\"/>2<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">9.7<span class=\"_ _d0\"> </span></span></span>72<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _15\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _278\"> </span><span class=\"ls43 ws41\">33.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">8.0<span class=\"_ _84\"> </span><span class=\"lsb0 wsb5\">23<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"lsc0 wsc7\">265<span class=\"_ _b\"/>.1<span class=\"_ _82\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>33<span class=\"_ _b\"/>.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span></span></span>Outstanding amortisat<span class=\"_ _b\"/>ion period<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _279\"> </span><span class=\"lsbd wsc3\">n<span class=\"_ _b\"/>/a<span class=\"_ _189\"> </span><span class=\"lsad wsb2\">4 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _89\"> </span>14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _40\"> </span></span></span><span class=\"ls3\">6 to 14 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _27a\"> </span><span class=\"lsbd wsc3\">n/a<span class=\"_ _11\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _186\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span></span></span><span class=\"ws4a\">14 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _9a\"> </span></span><span class=\"ls3\">6 to 14 year<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>The M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2<span class=\"_ _b\"/>021 I<span class=\"_ _b\"/>FRS I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>tati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>mit<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>pd<span class=\"_ _b\"/>ate i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>a d<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on \u2018<span class=\"_ _b\"/>Co<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd C<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tom<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n Co<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n a Cl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>d Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ng A<span class=\"_ _b\"/>rra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019 wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h was r<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e IAS<span class=\"_ _b\"/>B in A<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>il 202<span class=\"_ _b\"/>1<span class=\"_ _b\"/>. As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cis<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>arr<span class=\"_ _6\"/>yi<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>r so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>war<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts has been<span class=\"_ _39\"/> reassessed, and th<span class=\"_ _5\"/>e impact<span class=\"_ _39\"/> of the<span class=\"_ _5\"/> revised<span class=\"_ _39\"/> capitalisat<span class=\"_ _5\"/>ion polic<span class=\"_ _5\"/>y has<span class=\"_ _39\"/> been charged t<span class=\"_ _39\"/>o the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _39\"/> Income. 8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of g<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>dw<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll s<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>it by a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>s as fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>JE<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 24<span class=\"_ _4\"/>)<span class=\"_ _255\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _273\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Lewi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ton We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt Ltd (<span class=\"_ _39\"/>for<span class=\"_ _b\"/>me<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>ie Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ton &amp; Co L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _39\"/>)<span class=\"_ _27b\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices companies <span class=\"_ _27c\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>7<span class=\"_ _134\"> </span>7.7<span class=\"_ _34e\"> </span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> companies<span class=\"_ _125\"> </span><span class=\"ls9e wsa3\">1.8<span class=\"_ _5d\"> </span>1.8<span class=\"_ _34e\"> </span></span>SJP Asia<span class=\"_ _39\"/> companies<span class=\"_ _1fe\"> </span><span class=\"ls3e ws3d\">10.1<span class=\"_ _65\"> </span>10.1<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>e<span class=\"_ _b\"/>chnical Connect<span class=\"_ _39\"/>ion Limited<span class=\"_ _125\"> </span><span class=\"ls5b ws5e\">3<span class=\"_ _b\"/>.7<span class=\"_ _4e\"> </span>3<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>ote 24<span class=\"_ _39\"/>)<span class=\"_ _16c\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Willson Grange<span class=\"_ _39\"/> businesses <span class=\"_ _1ff\"> </span><span class=\"lse5 wsf4\">4.3<span class=\"_ _a4\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal goodwill<span class=\"_ _27d\"> </span><span class=\"lsb2 wsb9\">33<span class=\"_ _b\"/>.6<span class=\"_ _84\"> </span><span class=\"ff9c fc3 lsbc wsc1\">29.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Goodwill is<span class=\"_ _39\"/> reviewed<span class=\"_ _39\"/> at least annually<span class=\"_ _5\"/> for<span class=\"_ _39\"/> impairment, or when c<span class=\"_ _5\"/>ircums<span class=\"_ _39\"/>tances or<span class=\"_ _39\"/> events<span class=\"_ _39\"/> indicate t<span class=\"_ _39\"/>here may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty over i<span class=\"_ _b\"/>ts val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. Th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>-in<span class=\"_ _b\"/>-use c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>eta<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mpt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n the<span class=\"_ _b\"/>se c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low<span class=\"_ _b\"/>:<span class=\"_ _b\"/> K<span class=\"_ _39\"/>ey assumptions<span class=\"_ _39\"/> based on experience:<span class=\"_ _39\"/> <span class=\"_ _1c4\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _15\"> </span>Value o<span class=\"_ _39\"/>f new business<span class=\"_ _5\"/> and expenses<span class=\"_ _34e\"> </span>Proj<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d: <span class=\"_ _80\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _15\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span>Five ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>t<span class=\"_ _b\"/>rap<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto pe<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y/10 yea<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Pre<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>te ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n a ri<span class=\"_ _b\"/>sk-free rate p<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>s a ri<span class=\"_ _b\"/>sk m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n: <span class=\"_ _82\"> </span>7<span class=\"_ _4\"/>.<span class=\"_ _b\"/>0% to 12<span class=\"_ _b\"/>.0% (2021: 3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4% to 9.<span class=\"_ _b\"/>2%<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>It i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t no re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e key as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt i<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e goodwill, with the<span class=\"_ _39\"/> exception<span class=\"_ _39\"/> of Wilson Grange<span class=\"_ _39\"/> businesses<span class=\"_ _b\"/>. Purchased v<span class=\"_ _39\"/>alue of in-force busine<span class=\"_ _5\"/>ss<span class=\"_ _39\"/>/D<span class=\"_ _39\"/>AC<span class=\"_ _39\"/>/<span class=\"_ _39\"/>computer software Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income. Amortisation pr<span class=\"_ _39\"/>ofiles are<span class=\"_ _39\"/> reassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>DIR<span class=\"_ _34e\"> </span>Amortisation is<span class=\"_ _39\"/> credited wit<span class=\"_ _39\"/>hin fee and<span class=\"_ _39\"/> commission income in<span class=\"_ _5\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income.<span class=\"_ _39\"/> Amor<span class=\"_ _b\"/>tisation profiles<span class=\"_ _39\"/> are r<span class=\"_ _5\"/>eassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>9. Property and equ<span class=\"_ _b\"/>ipment, including le<span class=\"_ _b\"/>ased assets<span class=\"_ _34e\"> </span>Fixtures, fittin<span class=\"_ _b\"/>gs and office equipment<span class=\"_ _34e\"> </span>Computer equipment<span class=\"_ _34e\"> </span>Leased assets: properties<span class=\"_ _93\"> </span><span class=\"ls98 ws9c\">To<span class=\"_ _b\"/>t<span class=\"_ _b\"/>a<span class=\"_ _6\"/>l<span class=\"_ _34e\"> </span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _27e\"> </span><span class=\"ls3\">72.<span class=\"_ _b\"/>4<span class=\"_ _6e\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _14\"> </span><span class=\"ls3e ws3d\">164.0<span class=\"_ _97\"> </span><span class=\"lsbf wsc6\">241<span class=\"_ _b\"/>.<span class=\"_ _b\"/>9<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _b7\"> </span><span class=\"lsf6 wsee\">2.2<span class=\"_ _27f\"> </span><span class=\"lse7 wsf6\">1.2<span class=\"_ _5d\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _a4\"> </span><span class=\"ls39 wsa4\">4<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span></span></span></span></span>Disposals<span class=\"_ _280\"> </span><span class=\"lsa4 wsfb\">(1<span class=\"_ _30\"/>8<span class=\"_ _6\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _b\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _50\"> </span><span class=\"lsef wsfd\">(<span class=\"_ _b\"/>2<span class=\"_ _b\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _281\"> </span><span class=\"ls3\">56.1<span class=\"_ _6e\"> </span><span class=\"ls5f ws65\">6.7<span class=\"_ _c1\"> </span><span class=\"ls42 ws95\">158<span class=\"_ _b\"/>.6<span class=\"_ _82\"> </span><span class=\"lsa6 wsaa\">221<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _b7\"> </span><span class=\"ls3e ws3d\">2.0<span class=\"_ _6e\"> </span>2<span class=\"_ _b\"/>.0<span class=\"_ _a4\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>8<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">13.<span class=\"_ _b\"/>8<span class=\"_ _34e\"> </span></span></span></span>Acquisit<span class=\"_ _39\"/>ion of subsidiary<span class=\"_ _282\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _65\"> </span>0.2<span class=\"_ _34e\"> </span></span></span>Disposals<span class=\"_ _283\"> </span><span class=\"lsf0 wsfe\">(1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _69\"> </span><span class=\"lsf2 ws100\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _a7\"> </span>(2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _284\"> </span><span class=\"ls3\">56.<span class=\"_ _b\"/>2<span class=\"_ _d3\"> </span><span class=\"lsb2 wsb9\">8<span class=\"_ _b\"/>.6<span class=\"_ _c1\"> </span><span class=\"lsd wsc\">168.0<span class=\"_ _50\"> </span><span class=\"lsa6 wsaa\">232<span class=\"_ _b\"/>.8<span class=\"_ _34e\"> </span></span></span></span></span>Accu<span class=\"_ _39\"/>mulated depreciation<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _285\"> </span><span class=\"ls39 wsa4\">33.9<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.3<span class=\"_ _84\"> </span><span class=\"ls3e ws3d\">30.3<span class=\"_ _68\"> </span><span class=\"ls4d ws4b\">6<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>5<span class=\"_ _34e\"> </span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _c8\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _5d\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _1f\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.9<span class=\"_ _79\"> </span><span class=\"ls2f ws2f\">22.1<span class=\"_ _34e\"> </span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _286\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>5<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(6<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _9d\"> </span><span class=\"lsf1 wsff\">(2<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _34e\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _287\"> </span><span class=\"lsbc wsc1\">23.9<span class=\"_ _6e\"> </span><span class=\"ls5f ws65\">4.7<span class=\"_ _69\"> </span><span class=\"ls73 ws75\">38.3<span class=\"_ _15\"> </span></span></span>66.9<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _288\"> </span><span class=\"lsfa ws109\">5.2<span class=\"_ _27f\"> </span><span class=\"lse5 wsf4\">1.3<span class=\"_ _70\"> </span><span class=\"ls3e ws3d\">15.2<span class=\"_ _7b\"> </span><span class=\"ls5b ws5e\">2<span class=\"_ _b\"/>1<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span></span></span></span>Acquisit<span class=\"_ _39\"/>ion of subsidiary<span class=\"_ _282\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _65\"> </span>0.2<span class=\"_ _34e\"> </span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _282\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>1<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _70\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _b\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _1f\"> </span>(0<span class=\"_ _30\"/>.<span class=\"_ _b\"/>1<span class=\"_ _b\"/>)<span class=\"_ _70\"> </span><span class=\"lsf1 wsff\">(1<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7)<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _289\"> </span><span class=\"lse2 wsf1\">2<span class=\"_ _6\"/>7.<span class=\"_ _b\"/>6<span class=\"_ _6e\"> </span><span class=\"lsbc wsc1\">5.9<span class=\"_ _15\"> </span><span class=\"lsb2 wsb9\">53<span class=\"_ _b\"/>.6<span class=\"_ _70\"> </span></span></span>8<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>1<span class=\"_ _34e\"> </span></span>Net b<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ok val<span class=\"_ _b\"/>ue<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _b2\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _b\"/>.5<span class=\"_ _65\"> </span><span class=\"lsf6 wsee\">2.2<span class=\"_ _17\"> </span><span class=\"ls5b ws5e\">13<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.7<span class=\"_ _17\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>74<span class=\"_ _6\"/>.<span class=\"_ _30\"/>4<span class=\"_ _34e\"> </span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _f8\"> </span><span class=\"ls42 ws95\">32.<span class=\"_ _6\"/>2<span class=\"_ _65\"> </span><span class=\"ls3e ws3d\">2.0<span class=\"_ _97\"> </span><span class=\"lsb0 wsb5\">120<span class=\"_ _b\"/>.3<span class=\"_ _14\"> </span></span>154<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _284\"> </span><span class=\"ls3e ws3d\">28.6<span class=\"_ _6e\"> </span><span class=\"ls5f ws65\">2<span class=\"_ _6\"/>.7<span class=\"_ _97\"> </span></span></span><span class=\"ws4a\">114<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _7e\"> </span>145.<span class=\"_ _b\"/>7<span class=\"_ _34e\"> </span></span>Depreciation per<span class=\"_ _39\"/>iod (<span class=\"_ _39\"/>estimated<span class=\"_ _5\"/> useful<span class=\"_ _39\"/> life<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _c0\"> </span><span class=\"ls3\">5 t<span class=\"_ _39\"/>o 1<span class=\"_ _b\"/>5 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _18f\"> </span><span class=\"lsad wsb2\">3<span class=\"_ _b\"/> yea<span class=\"_ _b\"/>rs<span class=\"_ _9a\"> </span></span>1 to 21 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _22e\"> </span><span class=\"ls3\">5 t<span class=\"_ _b\"/>o 15 yea<span class=\"_ _b\"/>rs<span class=\"_ _114\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _2e\"> </span></span>1 to 19 ye<span class=\"_ _b\"/>ars<span class=\"_ _34e\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-404": {
   "value": "8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>Purchase<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in-<span class=\"_ _39\"/>force business<span class=\"_ _34e\"> </span>Computer software and other spe<span class=\"_ _b\"/>cific soft<span class=\"_ _b\"/>ware developments<span class=\"_ _7b\"> </span><span class=\"ls58 ws5a\">DAC<span class=\"_ _19\"> </span><span class=\"ls39 wsa4\">DIR<span class=\"_ _34e\"> </span></span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _9d\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _68\"> </span>73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"ls14d wsed\">43.8<span class=\"_ _7c\"> </span><span class=\"lsb0 wsb5\">1,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>9<span class=\"_ _e9\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>6<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _1fc\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"ls39 wsa4\">19.<span class=\"_ _b\"/>2<span class=\"_ _6a\"> </span><span class=\"lsad wsb2\">41.<span class=\"_ _6\"/>2<span class=\"_ _93\"> </span><span class=\"lsbd wsc3\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>4<span class=\"_ _30\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _d1\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _b\"/>7)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _149\"> </span><span class=\"lsc0 wsc7\">31<span class=\"_ _b\"/>.1<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.4<span class=\"_ _69\"> </span><span class=\"ls2b ws2b\">55.3<span class=\"_ _11e\"> </span></span></span></span><span class=\"ws4a\">1<span class=\"_ _b\"/>,14<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _be\"> </span></span><span class=\"ls3\">(1,599.1<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Additions <span class=\"_ _274\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">16<span class=\"_ _b\"/>.1<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _a7\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>2<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _12a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _be\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _d0\"> </span></span></span></span>93<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _275\"> </span><span class=\"lsb2 wsb9\">36.6<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"lsbc wsc1\">70.9<span class=\"_ _11e\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>51<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b4\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span></span></span></span>Accumulated amortisation and impair<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _184\"> </span><span class=\"ls3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls83 ws38\">55<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _77\"> </span><span class=\"lsb0 wsb5\">20.3<span class=\"_ _50\"> </span><span class=\"ls45 ws43\">809<span class=\"_ _b\"/>.4<span class=\"_ _7e\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _b\"/>8<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">10.6<span class=\"_ _1f\"> </span><span class=\"ls30 ws30\">86<span class=\"_ _b\"/>.1<span class=\"_ _17\"> </span><span class=\"ls3e ws3d\">(160.4<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _1c5\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>.5<span class=\"_ _15\"> </span><span class=\"ls5b ws5e\">59<span class=\"_ _b\"/>.0<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">28.3<span class=\"_ _50\"> </span><span class=\"ls3f ws3e\">764<span class=\"_ _b\"/>.6<span class=\"_ _b4\"> </span></span></span></span>(<span class=\"_ _39\"/>1<span class=\"_ _b\"/>,036.5<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _6e\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>3<span class=\"_ _77\"> </span><span class=\"lsb2 wsb9\">79.6<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _5\"/>162.0<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _9b\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _d0\"> </span><span class=\"ls73 ws75\">93.9<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _277\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _69\"> </span>62<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _68\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _7e\"> </span></span></span><span class=\"ws4a\">7<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.0<span class=\"_ _e9\"> </span><span class=\"lsad wsb2\">(<span class=\"_ _39\"/>1,1<span class=\"_ _b\"/>04<span class=\"_ _b\"/>.6<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span>Carrying value<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _95\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _68\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>5<span class=\"_ _9b\"> </span><span class=\"lsbf wsc6\">424<span class=\"_ _6\"/>.<span class=\"_ _b\"/>5<span class=\"_ _14\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _6\"/>7<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _265\"> </span><span class=\"lsbc wsc1\">29.6<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _82\"> </span><span class=\"lsb2 wsb9\">379<span class=\"_ _b\"/>.6<span class=\"_ _14\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _b\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _181\"> </span><span class=\"lsb2 wsb9\">33.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _30\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _f6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.<span class=\"_ _b\"/>2<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">9.7<span class=\"_ _d0\"> </span></span></span>72<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _15\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _278\"> </span><span class=\"ls43 ws41\">33.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">8.0<span class=\"_ _84\"> </span><span class=\"lsb0 wsb5\">23<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"lsc0 wsc7\">265<span class=\"_ _b\"/>.1<span class=\"_ _82\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>33<span class=\"_ _b\"/>.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span></span></span>Outstanding amortisat<span class=\"_ _b\"/>ion period<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _279\"> </span><span class=\"lsbd wsc3\">n<span class=\"_ _b\"/>/a<span class=\"_ _189\"> </span><span class=\"lsad wsb2\">4 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _89\"> </span>14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _40\"> </span></span></span><span class=\"ls3\">6 to 14 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _27a\"> </span><span class=\"lsbd wsc3\">n/a<span class=\"_ _11\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _186\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span></span></span><span class=\"ws4a\">14 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _9a\"> </span></span><span class=\"ls3\">6 to 14 year<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>The M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2<span class=\"_ _b\"/>021 I<span class=\"_ _b\"/>FRS I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>tati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>mit<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>pd<span class=\"_ _b\"/>ate i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>a d<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on \u2018<span class=\"_ _b\"/>Co<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd C<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tom<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n Co<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n a Cl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>d Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ng A<span class=\"_ _b\"/>rra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019 wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h was r<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e IAS<span class=\"_ _b\"/>B in A<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>il 202<span class=\"_ _b\"/>1<span class=\"_ _b\"/>. As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cis<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>arr<span class=\"_ _6\"/>yi<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>r so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>war<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts has been<span class=\"_ _39\"/> reassessed, and th<span class=\"_ _5\"/>e impact<span class=\"_ _39\"/> of the<span class=\"_ _5\"/> revised<span class=\"_ _39\"/> capitalisat<span class=\"_ _5\"/>ion polic<span class=\"_ _5\"/>y has<span class=\"_ _39\"/> been charged t<span class=\"_ _39\"/>o the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _39\"/> Income. 8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of g<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>dw<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll s<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>it by a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>s as fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>JE<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 24<span class=\"_ _4\"/>)<span class=\"_ _255\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _273\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Lewi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ton We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt Ltd (<span class=\"_ _39\"/>for<span class=\"_ _b\"/>me<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>ie Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ton &amp; Co L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _39\"/>)<span class=\"_ _27b\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices companies <span class=\"_ _27c\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>7<span class=\"_ _134\"> </span>7.7<span class=\"_ _34e\"> </span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> companies<span class=\"_ _125\"> </span><span class=\"ls9e wsa3\">1.8<span class=\"_ _5d\"> </span>1.8<span class=\"_ _34e\"> </span></span>SJP Asia<span class=\"_ _39\"/> companies<span class=\"_ _1fe\"> </span><span class=\"ls3e ws3d\">10.1<span class=\"_ _65\"> </span>10.1<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>e<span class=\"_ _b\"/>chnical Connect<span class=\"_ _39\"/>ion Limited<span class=\"_ _125\"> </span><span class=\"ls5b ws5e\">3<span class=\"_ _b\"/>.7<span class=\"_ _4e\"> </span>3<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>ote 24<span class=\"_ _39\"/>)<span class=\"_ _16c\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Willson Grange<span class=\"_ _39\"/> businesses <span class=\"_ _1ff\"> </span><span class=\"lse5 wsf4\">4.3<span class=\"_ _a4\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal goodwill<span class=\"_ _27d\"> </span><span class=\"lsb2 wsb9\">33<span class=\"_ _b\"/>.6<span class=\"_ _84\"> </span><span class=\"ff9c fc3 lsbc wsc1\">29.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Goodwill is<span class=\"_ _39\"/> reviewed<span class=\"_ _39\"/> at least annually<span class=\"_ _5\"/> for<span class=\"_ _39\"/> impairment, or when c<span class=\"_ _5\"/>ircums<span class=\"_ _39\"/>tances or<span class=\"_ _39\"/> events<span class=\"_ _39\"/> indicate t<span class=\"_ _39\"/>here may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty over i<span class=\"_ _b\"/>ts val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. Th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>-in<span class=\"_ _b\"/>-use c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>eta<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mpt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n the<span class=\"_ _b\"/>se c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low<span class=\"_ _b\"/>:<span class=\"_ _b\"/> K<span class=\"_ _39\"/>ey assumptions<span class=\"_ _39\"/> based on experience:<span class=\"_ _39\"/> <span class=\"_ _1c4\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _15\"> </span>Value o<span class=\"_ _39\"/>f new business<span class=\"_ _5\"/> and expenses<span class=\"_ _34e\"> </span>Proj<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d: <span class=\"_ _80\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _15\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span>Five ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>t<span class=\"_ _b\"/>rap<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto pe<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y/10 yea<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Pre<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>te ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n a ri<span class=\"_ _b\"/>sk-free rate p<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>s a ri<span class=\"_ _b\"/>sk m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n: <span class=\"_ _82\"> </span>7<span class=\"_ _4\"/>.<span class=\"_ _b\"/>0% to 12<span class=\"_ _b\"/>.0% (2021: 3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4% to 9.<span class=\"_ _b\"/>2%<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>It i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t no re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e key as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt i<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e goodwill, with the<span class=\"_ _39\"/> exception<span class=\"_ _39\"/> of Wilson Grange<span class=\"_ _39\"/> businesses<span class=\"_ _b\"/>. Purchased v<span class=\"_ _39\"/>alue of in-force busine<span class=\"_ _5\"/>ss<span class=\"_ _39\"/>/D<span class=\"_ _39\"/>AC<span class=\"_ _39\"/>/<span class=\"_ _39\"/>computer software Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income. Amortisation pr<span class=\"_ _39\"/>ofiles are<span class=\"_ _39\"/> reassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>DIR<span class=\"_ _34e\"> </span>Amortisation is<span class=\"_ _39\"/> credited wit<span class=\"_ _39\"/>hin fee and<span class=\"_ _39\"/> commission income in<span class=\"_ _5\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income.<span class=\"_ _39\"/> Amor<span class=\"_ _b\"/>tisation profiles<span class=\"_ _39\"/> are r<span class=\"_ _5\"/>eassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-390": {
   "value": "8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>Purchase<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in-<span class=\"_ _39\"/>force business<span class=\"_ _34e\"> </span>Computer software and other spe<span class=\"_ _b\"/>cific soft<span class=\"_ _b\"/>ware developments<span class=\"_ _7b\"> </span><span class=\"ls58 ws5a\">DAC<span class=\"_ _19\"> </span><span class=\"ls39 wsa4\">DIR<span class=\"_ _34e\"> </span></span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _9d\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _68\"> </span>73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"ls14d wsed\">43.8<span class=\"_ _7c\"> </span><span class=\"lsb0 wsb5\">1,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>9<span class=\"_ _e9\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>6<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _1fc\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"ls39 wsa4\">19.<span class=\"_ _b\"/>2<span class=\"_ _6a\"> </span><span class=\"lsad wsb2\">41.<span class=\"_ _6\"/>2<span class=\"_ _93\"> </span><span class=\"lsbd wsc3\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>4<span class=\"_ _30\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _d1\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _b\"/>7)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _149\"> </span><span class=\"lsc0 wsc7\">31<span class=\"_ _b\"/>.1<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.4<span class=\"_ _69\"> </span><span class=\"ls2b ws2b\">55.3<span class=\"_ _11e\"> </span></span></span></span><span class=\"ws4a\">1<span class=\"_ _b\"/>,14<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _be\"> </span></span><span class=\"ls3\">(1,599.1<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Additions <span class=\"_ _274\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">16<span class=\"_ _b\"/>.1<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _a7\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>2<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _12a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _be\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _d0\"> </span></span></span></span>93<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _275\"> </span><span class=\"lsb2 wsb9\">36.6<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"lsbc wsc1\">70.9<span class=\"_ _11e\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>51<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b4\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span></span></span></span>Accumulated amortisation and impair<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _184\"> </span><span class=\"ls3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls83 ws38\">55<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _77\"> </span><span class=\"lsb0 wsb5\">20.3<span class=\"_ _50\"> </span><span class=\"ls45 ws43\">809<span class=\"_ _b\"/>.4<span class=\"_ _7e\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _b\"/>8<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">10.6<span class=\"_ _1f\"> </span><span class=\"ls30 ws30\">86<span class=\"_ _b\"/>.1<span class=\"_ _17\"> </span><span class=\"ls3e ws3d\">(160.4<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _1c5\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>.5<span class=\"_ _15\"> </span><span class=\"ls5b ws5e\">59<span class=\"_ _b\"/>.0<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">28.3<span class=\"_ _50\"> </span><span class=\"ls3f ws3e\">764<span class=\"_ _b\"/>.6<span class=\"_ _b4\"> </span></span></span></span>(<span class=\"_ _39\"/>1<span class=\"_ _b\"/>,036.5<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _6e\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>3<span class=\"_ _77\"> </span><span class=\"lsb2 wsb9\">79.6<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _5\"/>162.0<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _9b\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _d0\"> </span><span class=\"ls73 ws75\">93.9<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _277\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _69\"> </span>62<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _68\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _7e\"> </span></span></span><span class=\"ws4a\">7<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.0<span class=\"_ _e9\"> </span><span class=\"lsad wsb2\">(<span class=\"_ _39\"/>1,1<span class=\"_ _b\"/>04<span class=\"_ _b\"/>.6<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span>Carrying value<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _95\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _68\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>5<span class=\"_ _9b\"> </span><span class=\"lsbf wsc6\">424<span class=\"_ _6\"/>.<span class=\"_ _b\"/>5<span class=\"_ _14\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _6\"/>7<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _265\"> </span><span class=\"lsbc wsc1\">29.6<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _82\"> </span><span class=\"lsb2 wsb9\">379<span class=\"_ _b\"/>.6<span class=\"_ _14\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _b\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _181\"> </span><span class=\"lsb2 wsb9\">33.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _30\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _f6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.<span class=\"_ _b\"/>2<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">9.7<span class=\"_ _d0\"> </span></span></span>72<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _15\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _278\"> </span><span class=\"ls43 ws41\">33.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">8.0<span class=\"_ _84\"> </span><span class=\"lsb0 wsb5\">23<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"lsc0 wsc7\">265<span class=\"_ _b\"/>.1<span class=\"_ _82\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>33<span class=\"_ _b\"/>.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span></span></span>Outstanding amortisat<span class=\"_ _b\"/>ion period<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _279\"> </span><span class=\"lsbd wsc3\">n<span class=\"_ _b\"/>/a<span class=\"_ _189\"> </span><span class=\"lsad wsb2\">4 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _89\"> </span>14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _40\"> </span></span></span><span class=\"ls3\">6 to 14 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _27a\"> </span><span class=\"lsbd wsc3\">n/a<span class=\"_ _11\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _186\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span></span></span><span class=\"ws4a\">14 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _9a\"> </span></span><span class=\"ls3\">6 to 14 year<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>The M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2<span class=\"_ _b\"/>021 I<span class=\"_ _b\"/>FRS I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>tati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>mit<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>pd<span class=\"_ _b\"/>ate i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>a d<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on \u2018<span class=\"_ _b\"/>Co<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd C<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tom<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n Co<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n a Cl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>d Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ng A<span class=\"_ _b\"/>rra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019 wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h was r<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e IAS<span class=\"_ _b\"/>B in A<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>il 202<span class=\"_ _b\"/>1<span class=\"_ _b\"/>. As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cis<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>arr<span class=\"_ _6\"/>yi<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>r so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>war<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts has been<span class=\"_ _39\"/> reassessed, and th<span class=\"_ _5\"/>e impact<span class=\"_ _39\"/> of the<span class=\"_ _5\"/> revised<span class=\"_ _39\"/> capitalisat<span class=\"_ _5\"/>ion polic<span class=\"_ _5\"/>y has<span class=\"_ _39\"/> been charged t<span class=\"_ _39\"/>o the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _39\"/> Income. 8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of g<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>dw<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll s<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>it by a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>s as fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>JE<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 24<span class=\"_ _4\"/>)<span class=\"_ _255\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _273\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Lewi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ton We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt Ltd (<span class=\"_ _39\"/>for<span class=\"_ _b\"/>me<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>ie Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ton &amp; Co L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _39\"/>)<span class=\"_ _27b\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices companies <span class=\"_ _27c\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>7<span class=\"_ _134\"> </span>7.7<span class=\"_ _34e\"> </span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> companies<span class=\"_ _125\"> </span><span class=\"ls9e wsa3\">1.8<span class=\"_ _5d\"> </span>1.8<span class=\"_ _34e\"> </span></span>SJP Asia<span class=\"_ _39\"/> companies<span class=\"_ _1fe\"> </span><span class=\"ls3e ws3d\">10.1<span class=\"_ _65\"> </span>10.1<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>e<span class=\"_ _b\"/>chnical Connect<span class=\"_ _39\"/>ion Limited<span class=\"_ _125\"> </span><span class=\"ls5b ws5e\">3<span class=\"_ _b\"/>.7<span class=\"_ _4e\"> </span>3<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>ote 24<span class=\"_ _39\"/>)<span class=\"_ _16c\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Willson Grange<span class=\"_ _39\"/> businesses <span class=\"_ _1ff\"> </span><span class=\"lse5 wsf4\">4.3<span class=\"_ _a4\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal goodwill<span class=\"_ _27d\"> </span><span class=\"lsb2 wsb9\">33<span class=\"_ _b\"/>.6<span class=\"_ _84\"> </span><span class=\"ff9c fc3 lsbc wsc1\">29.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Goodwill is<span class=\"_ _39\"/> reviewed<span class=\"_ _39\"/> at least annually<span class=\"_ _5\"/> for<span class=\"_ _39\"/> impairment, or when c<span class=\"_ _5\"/>ircums<span class=\"_ _39\"/>tances or<span class=\"_ _39\"/> events<span class=\"_ _39\"/> indicate t<span class=\"_ _39\"/>here may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty over i<span class=\"_ _b\"/>ts val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. Th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>-in<span class=\"_ _b\"/>-use c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>eta<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mpt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n the<span class=\"_ _b\"/>se c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low<span class=\"_ _b\"/>:<span class=\"_ _b\"/> K<span class=\"_ _39\"/>ey assumptions<span class=\"_ _39\"/> based on experience:<span class=\"_ _39\"/> <span class=\"_ _1c4\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _15\"> </span>Value o<span class=\"_ _39\"/>f new business<span class=\"_ _5\"/> and expenses<span class=\"_ _34e\"> </span>Proj<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d: <span class=\"_ _80\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _15\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span>Five ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>t<span class=\"_ _b\"/>rap<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto pe<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y/10 yea<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Pre<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>te ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n a ri<span class=\"_ _b\"/>sk-free rate p<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>s a ri<span class=\"_ _b\"/>sk m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n: <span class=\"_ _82\"> </span>7<span class=\"_ _4\"/>.<span class=\"_ _b\"/>0% to 12<span class=\"_ _b\"/>.0% (2021: 3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4% to 9.<span class=\"_ _b\"/>2%<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>It i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t no re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e key as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt i<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e goodwill, with the<span class=\"_ _39\"/> exception<span class=\"_ _39\"/> of Wilson Grange<span class=\"_ _39\"/> businesses<span class=\"_ _b\"/>. Purchased v<span class=\"_ _39\"/>alue of in-force busine<span class=\"_ _5\"/>ss<span class=\"_ _39\"/>/D<span class=\"_ _39\"/>AC<span class=\"_ _39\"/>/<span class=\"_ _39\"/>computer software Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income. Amortisation pr<span class=\"_ _39\"/>ofiles are<span class=\"_ _39\"/> reassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>DIR<span class=\"_ _34e\"> </span>Amortisation is<span class=\"_ _39\"/> credited wit<span class=\"_ _39\"/>hin fee and<span class=\"_ _39\"/> commission income in<span class=\"_ _5\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income.<span class=\"_ _39\"/> Amor<span class=\"_ _b\"/>tisation profiles<span class=\"_ _39\"/> are r<span class=\"_ _5\"/>eassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-363": {
   "value": "8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>Purchase<span class=\"_ _b\"/>d val<span class=\"_ _b\"/>ue o<span class=\"_ _b\"/>f in-<span class=\"_ _39\"/>force business<span class=\"_ _34e\"> </span>Computer software and other spe<span class=\"_ _b\"/>cific soft<span class=\"_ _b\"/>ware developments<span class=\"_ _7b\"> </span><span class=\"ls58 ws5a\">DAC<span class=\"_ _19\"> </span><span class=\"ls39 wsa4\">DIR<span class=\"_ _34e\"> </span></span></span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _7c\"> </span>\u00a3\u2019Million<span class=\"_ _60\"> </span>\u00a3\u2019Million<span class=\"_ _9d\"> </span>\u00a3\u2019Million<span class=\"_ _34e\"> </span>Cost<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _68\"> </span>73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"ls14d wsed\">43.8<span class=\"_ _7c\"> </span><span class=\"lsb0 wsb5\">1,<span class=\"_ _b\"/>23<span class=\"_ _b\"/>3.<span class=\"_ _b\"/>9<span class=\"_ _e9\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>6<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _34e\"> </span></span></span></span></span>Additions<span class=\"_ _1fc\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _70\"> </span><span class=\"ls39 wsa4\">19.<span class=\"_ _b\"/>2<span class=\"_ _6a\"> </span><span class=\"lsad wsb2\">41.<span class=\"_ _6\"/>2<span class=\"_ _93\"> </span><span class=\"lsbd wsc3\">(<span class=\"_ _b\"/>1<span class=\"_ _b\"/>4<span class=\"_ _30\"/>3<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _d1\"> </span><span class=\"lsef wsfd\">(0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4)<span class=\"_ _c4\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _a4\"> </span><span class=\"ls4d ws4b\">(7.<span class=\"_ _b\"/>7)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _98\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _149\"> </span><span class=\"lsc0 wsc7\">31<span class=\"_ _b\"/>.1<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.4<span class=\"_ _69\"> </span><span class=\"ls2b ws2b\">55.3<span class=\"_ _11e\"> </span></span></span></span><span class=\"ws4a\">1<span class=\"_ _b\"/>,14<span class=\"_ _b\"/>4<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _be\"> </span></span><span class=\"ls3\">(1,599.1<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Additions <span class=\"_ _274\"> </span><span class=\"ls37 ws36\">5.5<span class=\"_ _273\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">16<span class=\"_ _b\"/>.1<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _a7\"> </span><span class=\"lsf9 ws108\">(1<span class=\"_ _6\"/>2<span class=\"_ _b\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>Disposals<span class=\"_ _12a\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _273\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsa4 wsfb\">(<span class=\"_ _b\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _be\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>2)<span class=\"_ _d0\"> </span></span></span></span>93<span class=\"_ _b\"/>.9<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _275\"> </span><span class=\"lsb2 wsb9\">36.6<span class=\"_ _a7\"> </span><span class=\"ls83 ws38\">73.<span class=\"_ _b\"/>4<span class=\"_ _a7\"> </span><span class=\"lsbc wsc1\">70.9<span class=\"_ _11e\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,0<span class=\"_ _b\"/>51<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b4\"> </span><span class=\"lsef wsfd\">(1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>6<span class=\"_ _6\"/>3<span class=\"_ _6\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span></span></span></span>Accumulated amortisation and impair<span class=\"_ _39\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _184\"> </span><span class=\"ls3\">\u2013<span class=\"_ _69\"> </span><span class=\"ls83 ws38\">55<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8<span class=\"_ _77\"> </span><span class=\"lsb0 wsb5\">20.3<span class=\"_ _50\"> </span><span class=\"ls45 ws43\">809<span class=\"_ _b\"/>.4<span class=\"_ _7e\"> </span><span class=\"lsf7 ws106\">(9<span class=\"_ _b\"/>8<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _30\"/>3)<span class=\"_ _34e\"> </span></span></span></span></span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _70\"> </span><span class=\"ls43 ws41\">10.6<span class=\"_ _1f\"> </span><span class=\"ls30 ws30\">86<span class=\"_ _b\"/>.1<span class=\"_ _17\"> </span><span class=\"ls3e ws3d\">(160.4<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _7a\"> </span><span class=\"lsf0 wsfe\">(<span class=\"_ _b\"/>1<span class=\"_ _6\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _1f\"> </span><span class=\"lsa6 wsaa\">113.<span class=\"_ _b\"/>2<span class=\"_ _34e\"> </span></span></span></span>Change in<span class=\"_ _39\"/> capitalisation polic<span class=\"_ _39\"/>y<span class=\"_ _34e\"> </span>1<span class=\"_ _34e\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _70\"> </span><span class=\"lsf2 ws100\">(<span class=\"_ _b\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>21<span class=\"_ _1c5\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>.5<span class=\"_ _15\"> </span><span class=\"ls5b ws5e\">59<span class=\"_ _b\"/>.0<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">28.3<span class=\"_ _50\"> </span><span class=\"ls3f ws3e\">764<span class=\"_ _b\"/>.6<span class=\"_ _b4\"> </span></span></span></span>(<span class=\"_ _39\"/>1<span class=\"_ _b\"/>,036.5<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span>Charge<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> year<span class=\"_ _ff\"> </span><span class=\"ls37 ws36\">1.5<span class=\"_ _6e\"> </span><span class=\"lse5 wsf4\">3.2<span class=\"_ _6e\"> </span><span class=\"ls30 ws30\">9.<span class=\"_ _b\"/>3<span class=\"_ _77\"> </span><span class=\"lsb2 wsb9\">79.6<span class=\"_ _69\"> </span><span class=\"ls3e ws3d\">(<span class=\"_ _5\"/>162.0<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span></span></span></span>Eliminat<span class=\"_ _39\"/>ed on disposal<span class=\"_ _276\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _9b\"> </span><span class=\"lsd1 wsd6\">(1<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>2)<span class=\"_ _d0\"> </span><span class=\"ls73 ws75\">93.9<span class=\"_ _34e\"> </span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _277\"> </span><span class=\"lsbc wsc1\">3.0<span class=\"_ _69\"> </span>62<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _68\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _7e\"> </span></span></span><span class=\"ws4a\">7<span class=\"_ _b\"/>14<span class=\"_ _b\"/>.0<span class=\"_ _e9\"> </span><span class=\"lsad wsb2\">(<span class=\"_ _39\"/>1,1<span class=\"_ _b\"/>04<span class=\"_ _b\"/>.6<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span></span></span>Carrying value<span class=\"_ _34e\"> </span>At 1 Jan<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y 20<span class=\"_ _b\"/>21<span class=\"_ _272\"> </span><span class=\"ls42 ws95\">31<span class=\"_ _b\"/>.0<span class=\"_ _95\"> </span><span class=\"ls4d ws4b\">1<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>6<span class=\"_ _68\"> </span><span class=\"lsb0 wsb5\">23.<span class=\"_ _b\"/>5<span class=\"_ _9b\"> </span><span class=\"lsbf wsc6\">424<span class=\"_ _6\"/>.<span class=\"_ _b\"/>5<span class=\"_ _14\"> </span><span class=\"lsf0 wsfe\">(5<span class=\"_ _6\"/>7<span class=\"_ _6\"/>9<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _265\"> </span><span class=\"lsbc wsc1\">29.6<span class=\"_ _70\"> </span><span class=\"lsa1 ws39\">14<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4<span class=\"_ _93\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _b\"/>7.<span class=\"_ _6\"/>0<span class=\"_ _82\"> </span><span class=\"lsb2 wsb9\">379<span class=\"_ _b\"/>.6<span class=\"_ _14\"> </span><span class=\"lsf2 ws100\">(5<span class=\"_ _b\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span></span></span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _181\"> </span><span class=\"lsb2 wsb9\">33.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _30\"/>0<span class=\"_ _b\"/>.<span class=\"_ _30\"/>4)<span class=\"_ _34e\"> </span></span></span></span></span></span>Cur<span class=\"_ _b\"/>re<span class=\"_ _b\"/>nt<span class=\"_ _f6\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _65\"> </span><span class=\"lse5 wsf4\">3.<span class=\"_ _b\"/>2<span class=\"_ _cc\"> </span><span class=\"ls5b ws5e\">9.7<span class=\"_ _d0\"> </span></span></span>72<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _15\"> </span><span class=\"lsf2 ws100\">(1<span class=\"_ _6\"/>4<span class=\"_ _6\"/>5<span class=\"_ _30\"/>.<span class=\"_ _6\"/>6)<span class=\"_ _34e\"> </span></span></span>N<span class=\"_ _b\"/>on<span class=\"_ _b\"/>-c<span class=\"_ _b\"/>u<span class=\"_ _b\"/>rre<span class=\"_ _b\"/>n<span class=\"_ _b\"/>t<span class=\"_ _278\"> </span><span class=\"ls43 ws41\">33.6<span class=\"_ _6e\"> </span><span class=\"ls3e ws3d\">8.0<span class=\"_ _84\"> </span><span class=\"lsb0 wsb5\">23<span class=\"_ _b\"/>.6<span class=\"_ _97\"> </span><span class=\"lsc0 wsc7\">265<span class=\"_ _b\"/>.1<span class=\"_ _82\"> </span><span class=\"ls4d ws4b\">(3<span class=\"_ _30\"/>8<span class=\"_ _6\"/>4<span class=\"_ _6\"/>.<span class=\"_ _30\"/>8)<span class=\"_ _34e\"> </span></span></span></span></span></span>33<span class=\"_ _b\"/>.6<span class=\"_ _7b\"> </span><span class=\"ls42 ws95\">11<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2<span class=\"_ _a7\"> </span><span class=\"ls71 wsc5\">33.3<span class=\"_ _c1\"> </span><span class=\"lse2 wsf1\">3<span class=\"_ _6\"/>3<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>3<span class=\"_ _9d\"> </span><span class=\"lsee wsfc\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>0<span class=\"_ _6\"/>.<span class=\"_ _6\"/>4<span class=\"_ _b\"/>)<span class=\"_ _34e\"> </span></span></span></span></span>Outstanding amortisat<span class=\"_ _b\"/>ion period<span class=\"_ _34e\"> </span>At 31 De<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 2021<span class=\"_ _279\"> </span><span class=\"lsbd wsc3\">n<span class=\"_ _b\"/>/a<span class=\"_ _189\"> </span><span class=\"lsad wsb2\">4 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _11\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _89\"> </span>14 ye<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rs<span class=\"_ _40\"> </span></span></span><span class=\"ls3\">6 to 14 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>At 31 Dec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 20<span class=\"_ _b\"/>22<span class=\"_ _27a\"> </span><span class=\"lsbd wsc3\">n/a<span class=\"_ _11\"> </span><span class=\"ls14 ws13\">3 ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s<span class=\"_ _186\"> </span>5 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _13f\"> </span></span></span><span class=\"ws4a\">14 yea<span class=\"_ _b\"/>r<span class=\"_ _b\"/>s<span class=\"_ _9a\"> </span></span><span class=\"ls3\">6 to 14 year<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>The M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rch 2<span class=\"_ _b\"/>021 I<span class=\"_ _b\"/>FRS I<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>re<span class=\"_ _b\"/>tati<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ns Co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>mit<span class=\"_ _b\"/>te<span class=\"_ _b\"/>e u<span class=\"_ _b\"/>pd<span class=\"_ _b\"/>ate i<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>ed a<span class=\"_ _b\"/>n a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>a d<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n on \u2018<span class=\"_ _b\"/>Co<span class=\"_ _b\"/>nf<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on a<span class=\"_ _b\"/>nd C<span class=\"_ _b\"/>us<span class=\"_ _b\"/>tom<span class=\"_ _b\"/>is<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n Co<span class=\"_ _b\"/>sts i<span class=\"_ _b\"/>n a Cl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>d Com<span class=\"_ _b\"/>p<span class=\"_ _b\"/>uti<span class=\"_ _b\"/>ng A<span class=\"_ _b\"/>rra<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _6\"/>\u2019 wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h was r<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d by th<span class=\"_ _b\"/>e IAS<span class=\"_ _b\"/>B in A<span class=\"_ _b\"/>pr<span class=\"_ _b\"/>il 202<span class=\"_ _b\"/>1<span class=\"_ _b\"/>. As a res<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>t of t<span class=\"_ _b\"/>he d<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cis<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on th<span class=\"_ _b\"/>e c<span class=\"_ _b\"/>arr<span class=\"_ _6\"/>yi<span class=\"_ _b\"/>ng va<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>e of c<span class=\"_ _b\"/>om<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ute<span class=\"_ _b\"/>r so<span class=\"_ _b\"/>f<span class=\"_ _b\"/>t<span class=\"_ _b\"/>war<span class=\"_ _b\"/>e as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts has been<span class=\"_ _39\"/> reassessed, and th<span class=\"_ _5\"/>e impact<span class=\"_ _39\"/> of the<span class=\"_ _5\"/> revised<span class=\"_ _39\"/> capitalisat<span class=\"_ _5\"/>ion polic<span class=\"_ _5\"/>y has<span class=\"_ _39\"/> been charged t<span class=\"_ _39\"/>o the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive<span class=\"_ _39\"/> Income. 8. Goodwill, intangible assets, deferred acquisition cos<span class=\"_ _39\"/>ts an<span class=\"_ _b\"/>d deferred income conti<span class=\"_ _b\"/>nue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Goodwill<span class=\"_ _34e\"> </span>The c<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e of g<span class=\"_ _b\"/>oo<span class=\"_ _b\"/>dw<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ll s<span class=\"_ _b\"/>pl<span class=\"_ _b\"/>it by a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>s<span class=\"_ _b\"/>iti<span class=\"_ _b\"/>on i<span class=\"_ _b\"/>s as fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>s:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ff9c lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>JE<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>e No<span class=\"_ _b\"/>te 24<span class=\"_ _4\"/>)<span class=\"_ _255\"> </span><span class=\"ls9e wsa3\">4.8<span class=\"_ _273\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Lewi<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>ton We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt Ltd (<span class=\"_ _39\"/>for<span class=\"_ _b\"/>me<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>ie Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ton &amp; Co L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _39\"/>)<span class=\"_ _27b\"> </span><span class=\"ls3e ws3d\">0.5<span class=\"_ _6e\"> </span>0.5<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices companies <span class=\"_ _27c\"> </span><span class=\"ls4d ws4b\">7.<span class=\"_ _b\"/>7<span class=\"_ _134\"> </span>7.7<span class=\"_ _34e\"> </span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> companies<span class=\"_ _125\"> </span><span class=\"ls9e wsa3\">1.8<span class=\"_ _5d\"> </span>1.8<span class=\"_ _34e\"> </span></span>SJP Asia<span class=\"_ _39\"/> companies<span class=\"_ _1fe\"> </span><span class=\"ls3e ws3d\">10.1<span class=\"_ _65\"> </span>10.1<span class=\"_ _34e\"> </span></span>T<span class=\"_ _4\"/>e<span class=\"_ _b\"/>chnical Connect<span class=\"_ _39\"/>ion Limited<span class=\"_ _125\"> </span><span class=\"ls5b ws5e\">3<span class=\"_ _b\"/>.7<span class=\"_ _4e\"> </span>3<span class=\"_ _b\"/>.7<span class=\"_ _34e\"> </span></span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>se<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>ote 24<span class=\"_ _39\"/>)<span class=\"_ _16c\"> </span><span class=\"ls5b ws5e\">0.7<span class=\"_ _19\"> </span></span><span class=\"ls3\">\u2013<span class=\"_ _34e\"> </span></span>Willson Grange<span class=\"_ _39\"/> businesses <span class=\"_ _1ff\"> </span><span class=\"lse5 wsf4\">4.3<span class=\"_ _a4\"> </span><span class=\"lsfa ws109\">5.8<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>otal goodwill<span class=\"_ _27d\"> </span><span class=\"lsb2 wsb9\">33<span class=\"_ _b\"/>.6<span class=\"_ _84\"> </span><span class=\"ff9c fc3 lsbc wsc1\">29.<span class=\"_ _b\"/>6<span class=\"_ _34e\"> </span></span></span>Goodwill is<span class=\"_ _39\"/> reviewed<span class=\"_ _39\"/> at least annually<span class=\"_ _5\"/> for<span class=\"_ _39\"/> impairment, or when c<span class=\"_ _5\"/>ircums<span class=\"_ _39\"/>tances or<span class=\"_ _39\"/> events<span class=\"_ _39\"/> indicate t<span class=\"_ _39\"/>here may be<span class=\"_ _39\"/> uncer<span class=\"_ _b\"/>tainty over i<span class=\"_ _b\"/>ts val<span class=\"_ _b\"/>u<span class=\"_ _b\"/>e. Th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>cove<span class=\"_ _b\"/>rab<span class=\"_ _b\"/>le a<span class=\"_ _b\"/>mo<span class=\"_ _b\"/>u<span class=\"_ _b\"/>nt ha<span class=\"_ _b\"/>s b<span class=\"_ _b\"/>ee<span class=\"_ _b\"/>n b<span class=\"_ _b\"/>as<span class=\"_ _b\"/>ed o<span class=\"_ _b\"/>n val<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>-in<span class=\"_ _b\"/>-use c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s us<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x c<span class=\"_ _b\"/>as<span class=\"_ _b\"/>h fl<span class=\"_ _b\"/>ows<span class=\"_ _b\"/>. D<span class=\"_ _b\"/>eta<span class=\"_ _b\"/>il<span class=\"_ _b\"/>s of t<span class=\"_ _b\"/>he as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mpt<span class=\"_ _b\"/>io<span class=\"_ _b\"/>ns m<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>n the<span class=\"_ _b\"/>se c<span class=\"_ _b\"/>al<span class=\"_ _b\"/>cu<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ati<span class=\"_ _b\"/>on<span class=\"_ _b\"/>s are p<span class=\"_ _b\"/>rovi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ed b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>low<span class=\"_ _b\"/>:<span class=\"_ _b\"/> K<span class=\"_ _39\"/>ey assumptions<span class=\"_ _39\"/> based on experience:<span class=\"_ _39\"/> <span class=\"_ _1c4\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _15\"> </span>Value o<span class=\"_ _39\"/>f new business<span class=\"_ _5\"/> and expenses<span class=\"_ _34e\"> </span>Proj<span class=\"_ _b\"/>ect<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n pe<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>o<span class=\"_ _b\"/>d: <span class=\"_ _80\"> </span> <span class=\"_ _25\"> </span> <span class=\"_ _15\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span> <span class=\"_ _69\"> </span>Five ye<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>s ex<span class=\"_ _b\"/>t<span class=\"_ _b\"/>rap<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ted i<span class=\"_ _b\"/>nto pe<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>et<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y/10 yea<span class=\"_ _b\"/>rs<span class=\"_ _34e\"> </span>Pre<span class=\"_ _b\"/>-t<span class=\"_ _39\"/>a<span class=\"_ _b\"/>x d<span class=\"_ _b\"/>is<span class=\"_ _b\"/>co<span class=\"_ _b\"/>unt ra<span class=\"_ _b\"/>te ba<span class=\"_ _b\"/>se<span class=\"_ _b\"/>d o<span class=\"_ _b\"/>n a ri<span class=\"_ _b\"/>sk-free rate p<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>s a ri<span class=\"_ _b\"/>sk m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n: <span class=\"_ _82\"> </span>7<span class=\"_ _4\"/>.<span class=\"_ _b\"/>0% to 12<span class=\"_ _b\"/>.0% (2021: 3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>4% to 9.<span class=\"_ _b\"/>2%<span class=\"_ _39\"/>)<span class=\"_ _34e\"> </span>It i<span class=\"_ _b\"/>s co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>id<span class=\"_ _b\"/>e<span class=\"_ _b\"/>red th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t no re<span class=\"_ _b\"/>as<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>y po<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ib<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>ls o<span class=\"_ _b\"/>f ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>g<span class=\"_ _b\"/>e in th<span class=\"_ _b\"/>e key as<span class=\"_ _b\"/>su<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>ns w<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ld re<span class=\"_ _b\"/>su<span class=\"_ _b\"/>lt i<span class=\"_ _b\"/>n i<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e goodwill, with the<span class=\"_ _39\"/> exception<span class=\"_ _39\"/> of Wilson Grange<span class=\"_ _39\"/> businesses<span class=\"_ _b\"/>. Purchased v<span class=\"_ _39\"/>alue of in-force busine<span class=\"_ _5\"/>ss<span class=\"_ _39\"/>/D<span class=\"_ _39\"/>AC<span class=\"_ _39\"/>/<span class=\"_ _39\"/>computer software Amortisation is<span class=\"_ _39\"/> charged to<span class=\"_ _39\"/> expenses in the<span class=\"_ _39\"/> Statement<span class=\"_ _39\"/> of Comprehensiv<span class=\"_ _39\"/>e Income. Amortisation pr<span class=\"_ _39\"/>ofiles are<span class=\"_ _39\"/> reassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>DIR<span class=\"_ _34e\"> </span>Amortisation is<span class=\"_ _39\"/> credited wit<span class=\"_ _39\"/>hin fee and<span class=\"_ _39\"/> commission income in<span class=\"_ _5\"/> the St<span class=\"_ _39\"/>atement of<span class=\"_ _39\"/> Comprehensive Income.<span class=\"_ _39\"/> Amor<span class=\"_ _b\"/>tisation profiles<span class=\"_ _39\"/> are r<span class=\"_ _5\"/>eassessed annually<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-364": {
   "value": "9. Property and equipment, including leased assets Fixtures, fittings and office equipment Computer equipment Leased assets: properties Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Cost At 1 January 2021 72.4 5.5 164.0 241.9 Additions 2.2 1.2 1.5 4.9 Disposals (18.5) \u2013 (6.9) (25.4) At 31 December 2021 56.1 6.7 158.6 221.4 Additions 2.0 2.0 9.8 13.8 Acquisition of subsidiary \u2013 \u2013 0.2 0.2 Disposals (1.9) (0.1) (0.6) (2.6) At 31 December 2022 56.2 8.6 168.0 232.8 Accumulated depreciation At 1 January 2021 33.9 3.3 30.3 67.5 Charge for the year 5.8 1.4 14.9 22.1 Eliminated on disposal (15.8) \u2013 (6.9) (22.7) At 31 December 2021 23.9 4.7 38.3 66.9 Charge for the year 5.2 1.3 15.2 21.7 Acquisition of subsidiary \u2013 \u2013 0.2 0.2 Eliminated on disposal (1.5) (0.1) (0.1) (1.7) At 31 December 2022 27.6 5.9 53.6 87.1 Net book value At 1 January 2021 38.5 2.2 133.7 174.4 At 31 December 2021 32.2 2.0 120.3 154.5 At 31 December 2022 28.6 2.7 114.4 145.7 Depreciation period (estimated useful life) At 31 December 2021 5 to 15 years 3 years 1 to 21 years At 31 December 2022 5 to 15 years 3 years 1 to 19 years ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-365": {
   "value": "10. Leases This note provides information on leases where the Group is a lessee. For information on leases where the Group is a lessor, refer to Note 11. The Group\u2019s leasing activities and how these are accounted for The Group leases a portfolio of office properties, equipment and vehicles. The exemptions available under IFRS 16 for low- value or short-term leases have been applied to all leased equipment and vehicles, and so the leased assets and lease liabilities on the Consolidated Statement of Financial Position, and the depreciation charge for leased assets and interest expense on lease liabilities in the Consolidated Statement of Comprehensive Income, relate to the Group\u2019s portfolio of office properties only. Leases are negotiated on an individual basis and hence contain a variety of different terms and conditions. They contain covenants and restrictions but generally these are standard and to be expected in a modern, commercial lease created under open-market terms. Typical covenants include paying the annual rent, insurance premiums, service charge, rates and VAT and keeping the property in good repair and condition throughout the lease. Typical restrictions include permitting office use only and not transferring or assigning the lease to a third party without the lessor\u2019s consent. There are no residual value guarantees. 10. Leases continued The Group is exposed to variability in lease payments, as a number of leases include rent reviews during the lease term which are linked to an index or market rates. In accordance with IFRS 16, these variable lease payments are initially measured based on the index or rate at the commencement date of the lease. Estimates of future rent changes are not made; these changes are taken into account in the lease liabilities and leased assets only when the lease payments change and so the variability is resolved. There are no variable lease payments which are not linked to an index or market rates. The Group has not entered into any sale and leaseback transactions. Details regarding the accounting policies applied to leases are set out in Note 1: refer to policies (f)(ii) Lease expenses, (m) Property and equipment and (z) Other payables. Amounts recognised in the Consolidated Statement of Financial Position The following amounts are recognised in the Consolidated Statement of Financial Position. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Within the property and equipment balance \u2013 refer to Note 9 Leased assets: properties 114.4 120.3 Within the other payables balance \u2013 refer to Note 13 Lease liabilities: properties 116.6 124.1 A movement schedule for leased assets, setting out additions during the year and depreciation charged, is presented in Note 9. A movement schedule for lease liabilities is presented below. Amounts recognised in the Consolidated Statement of Comprehensive Income The following amounts relating to leases are recognised within expenses in the Consolidated Statement of Comprehensive Income. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Depreciation charge for leased assets: properties  15.2 14.9 Interest expense on lease liabilities: properties 3.0 3.2 Lease expense relating to short-term leases 0.2 0.1 Lease expense relating to low-value assets 1.4 1.1 Total lease expense for the year 19.8 19.3 Total cash outflow for leases during the year  16.8 13.9 Reconciliation of lease liabilities: properties The following movement schedule reconciles the opening and closing lease liabilities relating to properties in the Consolidated Statement of Financial Position. 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January  124.1 132.7 Additions 6.3 2.2 Disposals  \u2013 (0.1) Interest charged 3.0 3.2 Lease payments made (16.8) (13.9) Balance at 31 December  116.6 124.1 The lease payments disclosed in the table above link to the principal lease payments set out in the Consolidated Statement of Cash Flows as follows: Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Interest payments 3.0 3.2 Principal lease payments 13.8 10.7 Lease payments made  16.8 13.9 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-415": {
   "value": "11. Investments, investment property and cash and cash equivalents Net assets held to cover unit liabilities Included within the Statement of Financial Position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation in Section 2.2 of the financial review. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Assets Investment property 1,294.5 1,568.5 Equities 103,536.0 106,782.3 Fixed income securities 27,544.8 29,298.1 Investment in Collective Investment Schemes 4,463.7 3,907.9 Cash and cash equivalents 6,179.5 7,587.2 Other receivables 1,604.8 1,332.4 Derivative financial instruments 3,493.0 1,094.6 Total assets 148,116.3 151,571.0 Liabilities Other payables 842.0 1,344.9 Derivative financial instruments 3,266.3 1,019.5 Total liabilities 4,108.3 2,364.4 Net assets held to cover linked liabilities 144,008.0 149,206.6 Investment contract benefits 106,964.7 110,349.8 Net asset value attributable to unit holders  36,628.4 38,369.0 Unit-linked insurance contract liabilities 414.9 487.8 Net unit-linked liabilities 144,008.0 149,206.6 Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ag) for further information on current and non-current disclosure. Investment property 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 1,568.5 1,526.7 Capitalised expenditure on existing properties 23.6 19.2 Disposals (53.1) (158.8) Changes in fair value (244.5) 181.4 Balance at 31 December 1,294.5 1,568.5 The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. 11. Investments, investment property and cash and cash equivalents continued The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include:    actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments;    engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis;    actively reviewing and monitoring lessee financial covenant positions;    maintaining appropriate and prudent insurance for the properties; and    senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2022 is \u00a31,475.7 million (2021: \u00a31,577.0 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the Consolidated Statement of Comprehensive Income in respect of investment properties are set out below. All expenses relate to property generating rental income. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Rental income 70.1 74.7 Direct operating expenses 5.2 10.0 At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a33.0 million (2021: \u00a34.3 million). The most significant contractual obligations at 31 December 2022 were for refurbishments of warehouse units in Leeds and Poyle totalling \u00a32.4 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2021: \u00a31.4 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Undiscounted contractual rental income to be received in: Year 1 70.1 66.9 Year 2 67.6 64.2 Year 3 59.1 59.8 Year 4 52.3 51.7 Year 5 46.5 42.8 Year 6 onwards 268.6 265.2 Total undiscounted contractual rental income to be received 564.2 550.6 Cash and cash equivalents 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Cash and cash equivalents not held to cover unit liabilities  253.3 245.7 Balances held to cover unit liabilities 6,179.5 7,587.2 Total cash and cash equivalents 6,432.8 7,832.9 All cash and cash equivalents are considered current. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-410": {
   "value": "11. Investments, investment property and cash and cash equivalents Net assets held to cover unit liabilities Included within the Statement of Financial Position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation in Section 2.2 of the financial review. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Assets Investment property 1,294.5 1,568.5 Equities 103,536.0 106,782.3 Fixed income securities 27,544.8 29,298.1 Investment in Collective Investment Schemes 4,463.7 3,907.9 Cash and cash equivalents 6,179.5 7,587.2 Other receivables 1,604.8 1,332.4 Derivative financial instruments 3,493.0 1,094.6 Total assets 148,116.3 151,571.0 Liabilities Other payables 842.0 1,344.9 Derivative financial instruments 3,266.3 1,019.5 Total liabilities 4,108.3 2,364.4 Net assets held to cover linked liabilities 144,008.0 149,206.6 Investment contract benefits 106,964.7 110,349.8 Net asset value attributable to unit holders  36,628.4 38,369.0 Unit-linked insurance contract liabilities 414.9 487.8 Net unit-linked liabilities 144,008.0 149,206.6 Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ag) for further information on current and non-current disclosure. Investment property 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 1,568.5 1,526.7 Capitalised expenditure on existing properties 23.6 19.2 Disposals (53.1) (158.8) Changes in fair value (244.5) 181.4 Balance at 31 December 1,294.5 1,568.5 The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. 11. Investments, investment property and cash and cash equivalents continued The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include:    actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments;    engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis;    actively reviewing and monitoring lessee financial covenant positions;    maintaining appropriate and prudent insurance for the properties; and    senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2022 is \u00a31,475.7 million (2021: \u00a31,577.0 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the Consolidated Statement of Comprehensive Income in respect of investment properties are set out below. All expenses relate to property generating rental income. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Rental income 70.1 74.7 Direct operating expenses 5.2 10.0 At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a33.0 million (2021: \u00a34.3 million). The most significant contractual obligations at 31 December 2022 were for refurbishments of warehouse units in Leeds and Poyle totalling \u00a32.4 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2021: \u00a31.4 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Undiscounted contractual rental income to be received in: Year 1 70.1 66.9 Year 2 67.6 64.2 Year 3 59.1 59.8 Year 4 52.3 51.7 Year 5 46.5 42.8 Year 6 onwards 268.6 265.2 Total undiscounted contractual rental income to be received 564.2 550.6 Cash and cash equivalents 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Cash and cash equivalents not held to cover unit liabilities  253.3 245.7 Balances held to cover unit liabilities 6,179.5 7,587.2 Total cash and cash equivalents 6,432.8 7,832.9 All cash and cash equivalents are considered current. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-405": {
   "value": "11. Investments, investment property and cash and cash equivalents Net assets held to cover unit liabilities Included within the Statement of Financial Position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation in Section 2.2 of the financial review. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Assets Investment property 1,294.5 1,568.5 Equities 103,536.0 106,782.3 Fixed income securities 27,544.8 29,298.1 Investment in Collective Investment Schemes 4,463.7 3,907.9 Cash and cash equivalents 6,179.5 7,587.2 Other receivables 1,604.8 1,332.4 Derivative financial instruments 3,493.0 1,094.6 Total assets 148,116.3 151,571.0 Liabilities Other payables 842.0 1,344.9 Derivative financial instruments 3,266.3 1,019.5 Total liabilities 4,108.3 2,364.4 Net assets held to cover linked liabilities 144,008.0 149,206.6 Investment contract benefits 106,964.7 110,349.8 Net asset value attributable to unit holders  36,628.4 38,369.0 Unit-linked insurance contract liabilities 414.9 487.8 Net unit-linked liabilities 144,008.0 149,206.6 Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ag) for further information on current and non-current disclosure. Investment property 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 1,568.5 1,526.7 Capitalised expenditure on existing properties 23.6 19.2 Disposals (53.1) (158.8) Changes in fair value (244.5) 181.4 Balance at 31 December 1,294.5 1,568.5 The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. 11. Investments, investment property and cash and cash equivalents continued The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include:    actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments;    engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis;    actively reviewing and monitoring lessee financial covenant positions;    maintaining appropriate and prudent insurance for the properties; and    senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2022 is \u00a31,475.7 million (2021: \u00a31,577.0 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the Consolidated Statement of Comprehensive Income in respect of investment properties are set out below. All expenses relate to property generating rental income. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Rental income 70.1 74.7 Direct operating expenses 5.2 10.0 At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a33.0 million (2021: \u00a34.3 million). The most significant contractual obligations at 31 December 2022 were for refurbishments of warehouse units in Leeds and Poyle totalling \u00a32.4 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2021: \u00a31.4 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Undiscounted contractual rental income to be received in: Year 1 70.1 66.9 Year 2 67.6 64.2 Year 3 59.1 59.8 Year 4 52.3 51.7 Year 5 46.5 42.8 Year 6 onwards 268.6 265.2 Total undiscounted contractual rental income to be received 564.2 550.6 Cash and cash equivalents 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Cash and cash equivalents not held to cover unit liabilities  253.3 245.7 Balances held to cover unit liabilities 6,179.5 7,587.2 Total cash and cash equivalents 6,432.8 7,832.9 All cash and cash equivalents are considered current. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-366": {
   "value": "11. Investments, investment property and cash and cash equivalents Net assets held to cover unit liabilities Included within the Statement of Financial Position are the following assets and liabilities making up the net assets held to cover unit liabilities. The assets held to cover unit liabilities are set out in adjustment 1 of the IFRS to Solvency II Net Assets Balance Sheet reconciliation in Section 2.2 of the financial review. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Assets Investment property 1,294.5 1,568.5 Equities 103,536.0 106,782.3 Fixed income securities 27,544.8 29,298.1 Investment in Collective Investment Schemes 4,463.7 3,907.9 Cash and cash equivalents 6,179.5 7,587.2 Other receivables 1,604.8 1,332.4 Derivative financial instruments 3,493.0 1,094.6 Total assets 148,116.3 151,571.0 Liabilities Other payables 842.0 1,344.9 Derivative financial instruments 3,266.3 1,019.5 Total liabilities 4,108.3 2,364.4 Net assets held to cover linked liabilities 144,008.0 149,206.6 Investment contract benefits 106,964.7 110,349.8 Net asset value attributable to unit holders  36,628.4 38,369.0 Unit-linked insurance contract liabilities 414.9 487.8 Net unit-linked liabilities 144,008.0 149,206.6 Net assets held to cover linked liabilities, and third-party holdings in unit trusts, are considered to have a maturity of up to one year since the corresponding unit liabilities are repayable and transferable on demand. See accounting policy (ag) for further information on current and non-current disclosure. Investment property 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 1,568.5 1,526.7 Capitalised expenditure on existing properties 23.6 19.2 Disposals (53.1) (158.8) Changes in fair value (244.5) 181.4 Balance at 31 December 1,294.5 1,568.5 The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. 11. Investments, investment property and cash and cash equivalents continued The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include:    actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments;    engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis;    actively reviewing and monitoring lessee financial covenant positions;    maintaining appropriate and prudent insurance for the properties; and    senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2022 is \u00a31,475.7 million (2021: \u00a31,577.0 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the Consolidated Statement of Comprehensive Income in respect of investment properties are set out below. All expenses relate to property generating rental income. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Rental income 70.1 74.7 Direct operating expenses 5.2 10.0 At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a33.0 million (2021: \u00a34.3 million). The most significant contractual obligations at 31 December 2022 were for refurbishments of warehouse units in Leeds and Poyle totalling \u00a32.4 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2021: \u00a31.4 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Undiscounted contractual rental income to be received in: Year 1 70.1 66.9 Year 2 67.6 64.2 Year 3 59.1 59.8 Year 4 52.3 51.7 Year 5 46.5 42.8 Year 6 onwards 268.6 265.2 Total undiscounted contractual rental income to be received 564.2 550.6 Cash and cash equivalents 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Cash and cash equivalents not held to cover unit liabilities  253.3 245.7 Balances held to cover unit liabilities 6,179.5 7,587.2 Total cash and cash equivalents 6,432.8 7,832.9 All cash and cash equivalents are considered current. 14. Insurance contract liabilities and reinsurance assets Risk Insurance risk arises from inherent uncertainties as to the occurrence, amount and timing of insurance liabilities. The Group assumes insurance risk by issuing insurance contracts under which the Group agrees to compensate the client (or other beneficiary) if a specified future event (the insured event) occurs. The Group insures mortality and morbidity risks but has no longevity risk as we have never written any annuity business. The Group has a low appetite for insurance risk, only actively pursuing it where financially beneficial, or in support of strategic objectives. Risk Description Management Underwriting Failure to price appropriately for a risk, or the impact of anti-selection. The Group ceased writing new protection business in April 2011 and has fully reinsured the remaining UK insurance risk. Experience is monitored regularly and for most business the premium or deduction rates can be reviewed. Epidemic/disaster An unusually large number of claims arising from a single incident or event. Protection is provided through reinsurance. The Group has fully reinsured the UK insurance risk. Expense Administration costs exceed expense allowance. Administration is outsourced and a tariff of costs is agreed. The contract is monitored regularly to rationalise costs incurred. Internal overhead expenses are monitored and closely managed. Retention Unexpected movement in future profit due to more (or fewer) clients than anticipated withdrawing their funds. Retention of insurance contracts is closely monitored and unexpected experience is investigated. Retention experience has continued in line with assumptions. Insurance contract liabilities 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 572.3 562.6 Movement in unit-linked liabilities (72.9) 21.7 Movement in non-unit-linked liabilities: \u2013 Existing business (0.7) (1.3) \u2013 Assumption changes (18.0) (6.0) \u2013 Experience variance 2.8 (4.7) Total movement in liabilities (15.9) (12.0) Balance at 31 December 483.5 572.3 Unit-linked 414.9 487.8 Non-unit-linked 68.6 84.5 483.5 572.3 Current 106.7 124.0 Non-current 376.8 448.3 483.5 572.3 See accounting policy (ag) for further information on the current and non-current disclosure. 14. Insurance contract liabilities and reinsurance assets continued Reinsurance assets 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Reconciliation of the movement in the net reinsurance balance Balance at 1 January 82.4 92.3 Reinsurance component of change in insurance liabilities  (16.0) (9.9) Balance at 31 December 66.4 82.4 Current 14.7 15.9 Non-current 51.7 66.5 66.4 82.4 The overall impact of reinsurance on the profit for the year was a net expense of \u00a324.7 million (2021: \u00a316.2 million). Assumptions used in the calculation of insurance liabilities and reinsurance assets The principal assumptions used in the calculation of the liabilities are: Assumption Description Interest rate The valuation interest rate is calculated by reference to the long-term gilt yield at 31 December 2022. The specific rates used are between 2.8% and 3.6% depending on the tax regime (0.5% and 0.8% at 31 December 2021). Mortality Mortality is based on Group experience and is set at 72% of the TM/F92 tables with an additional loading for smokers. There has been no change since 2006. Morbidity \u2013 Critical Illness Morbidity is based on Group experience. There was no change during 2022. Sample annual rates per \u00a3 for a male non-smoker are: Age Rate \u2013 2021 and 2022 25 0.076% 35 0.133% 45 0.319% Morbidity \u2013 Permanent Health Insurance Morbidity is based on Group experience. There was no change during 2022. Sample annual rates per \u00a3 income benefit for a male non-smoker are: Age Rate \u2013 2021 and 2022 25 0.274% 35 0.723% 45 1.569% Expenses Contract liabilities are calculated allowing for the actual costs of administration of the business.  The assumption has been amended to allow for changes to the underlying administration costs. Product Annual cost 2022 2021 Protection business \u00a337.10 \u00a334.40 Persistency Allowance is made for a prudent level of lapses within the calculation of the liabilities. There was no change during 2022. Sample annual lapse rates are: 2021 and 2022 Lapses Year 1 Year 5 Year 10 Protection business 7% 9% 8% Sensitivity analysis The table below sets out the sensitivity of the profit on insurance business and net assets to changes in key assumptions. The levels of sensitivity tested are consistent with those proposed in the EEV principles and reflect reasonably possible levels of change in the assumptions. The analysis reflects the change in the variable/assumption shown while all other variables/ assumptions are left unchanged. In practice variables/assumptions may change at the same time, as some may be correlated (for example, an increase in interest rates may also result in an increase in expenses if the increase reflects higher inflation). It should also be noted that in some instances sensitivities are non-linear. The sensitivity percentage has been applied in proportion to the assumption: for example, application of a 10% sensitivity to a withdrawal assumption of 8% will increase it to 8.8%. Sensitivity analysis Change in assumption Change in profit/(loss) before tax 2022 Change in profit/(loss) before tax  2021 Change in net assets 2022 Change in net assets 2021 Percentage \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Withdrawal rates 10% 0.7 0.9 0.6 0.9 Expense assumptions 10% (0.1) (0.2) (0.1) (0.2) Mortality/morbidity 5% 0.0 0.0 0.0 0.0 A change in interest rates will have no material impact on insurance profit or net assets. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-412": {
   "value": "Investment property 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 1,568.5 1,526.7 Capitalised expenditure on existing properties 23.6 19.2 Disposals (53.1) (158.8) Changes in fair value (244.5) 181.4 Balance at 31 December 1,294.5 1,568.5 The Group is the lessor for a portfolio of properties which meet the definition of investment property. The portfolio is held within unit-linked funds, leased out under operating leases, and is considered current. However, since investment properties are not traded in an organised public market they are relatively illiquid compared with many other asset classes. There are no restrictions on the realisability of the Group\u2019s individual properties, or on the remittance of income or disposal proceeds. 11. Investments, investment property and cash and cash equivalents continued The Group follows various strategies to minimise the risks associated with any rights the Group retains in the investment properties. These strategies include:    actively reviewing and monitoring the condition of the properties and undertaking appropriate repairs, capital works projects and investments;    engaging professional legal advisers in drafting prudent lease terms governing the use of the properties and engaging specialist asset managers to oversee adherence to these terms on an ongoing basis;    actively reviewing and monitoring lessee financial covenant positions;    maintaining appropriate and prudent insurance for the properties; and    senior management regularly reviewing the investment property portfolio to oversee diversification and performance, and to maximise value and occupancy rates. Investment property is valued at least monthly by external chartered surveyors in accordance with the guidance issued by the Royal Institution of Chartered Surveyors. The investment property valuation has been prepared using the \u2018market approach\u2019 valuation technique: that is, using prices and other relevant information generated by market transactions involving identical or comparable (i.e. similar) assets. The historical cost of investment properties held at 31 December 2022 is \u00a31,475.7 million (2021: \u00a31,577.0 million). This represents the price paid for investment properties, prior to any subsequent revaluation. The rental income and direct operating expenses recognised in the Consolidated Statement of Comprehensive Income in respect of investment properties are set out below. All expenses relate to property generating rental income. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Rental income 70.1 74.7 Direct operating expenses 5.2 10.0 At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a33.0 million (2021: \u00a34.3 million). The most significant contractual obligations at 31 December 2022 were for refurbishments of warehouse units in Leeds and Poyle totalling \u00a32.4 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2021: \u00a31.4 million). A maturity analysis of undiscounted contractual rental income to be received on an annual basis for the next five years, and the total to be received thereafter, is set out below. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Undiscounted contractual rental income to be received in: Year 1 70.1 66.9 Year 2 67.6 64.2 Year 3 59.1 59.8 Year 4 52.3 51.7 Year 5 46.5 42.8 Year 6 onwards 268.6 265.2 Total undiscounted contractual rental income to be received 564.2 550.6 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-413": {
   "value": "Cash and cash equivalents 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Cash and cash equivalents not held to cover unit liabilities  253.3 245.7 Balances held to cover unit liabilities 6,179.5 7,587.2 Total cash and cash equivalents 6,432.8 7,832.9 All cash and cash equivalents are considered current. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-391": {
   "value": "12. Other receivables 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Receivables in relation to unit liabilities excluding policyholder interests 397.0 433.6 Other receivables in relation to insurance and unit trust business 81.4 71.7 Operational readiness prepayment 278.3 296.3 Advanced payments to Partners 83.8 71.0 Other prepayments and accrued income 84.3 84.3 Business loans to Partners 315.6 521.6 Renewal income assets 115.5 102.5 Miscellaneous 18.9 6.6 Total other receivables on the Solvency II Net Assets Balance Sheet 1,374.8 1,587.6 Policyholder interests in other receivables (see Note 11) 1,604.8 1,332.4 Other 3.2 3.0 Total other receivables  2,982.8 2,923.0 Current  2,363.0 2,106.1 Non-current 619.8 816.9 2,982.8 2,923.0 All items within other receivables meet the definition of financial assets with the exception of prepayments and advanced payments to Partners. The fair value of those financial assets held at amortised cost is not materially different from amortised cost. Receivables in relation to unit liabilities relate to outstanding market trade settlements (sales) in the life unit-linked funds and the consolidated unit trusts. Other receivables in relation to insurance and unit trust business primarily relate to outstanding policy-related settlement timings. Both of these categories of receivables are short-term. The operational readiness prepayment relates to the Bluedoor administration platform which has been developed by our key outsourced back-office administration provider. Management has assessed the recoverability of this prepayment against the expected cost saving benefit of lower future tariff costs arising from the platform. It is believed that no reasonably possible change in the assumptions applied within this assessment, notably levels of future business, the anticipated future service tariffs and the discount rate, would have an impact on the carrying value of the asset. Renewal income assets represent the present value of future cash flows associated with business combinations or books of business acquired by the Group. 12. Other receivables continued Business loans to Partners 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Business loans to Partners directly funded by the Group 315.6 307.6 Securitised business loans to Partners \u2013 214.0 Total business loans to Partners 315.6 521.6 Business loans to Partners are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with the terms of the loan contract and secured against the future income streams of the respective Partner. During the year, \u00a3262.5 million of business loans to Partners previously recognised in the Consolidated Statement of Financial Position were sold to a third-party. The sale occurred at book value and met the derecognition criteria of IFRS 9 as substantially all risks and rewards of ownership were transferred. The risks and rewards of ownership were assessed as transferred primarily due to the following:    the loans were sold to a third-party Special Purpose Vehicle (SPV) which the Group does not manage or control;    the third-party SPV has the ability to remove the Group as the servicing party;    there is no exposure from the loans sold to the third-party SPV through clawback, or any residual credit risk; and    the transaction was structured by identifying a portfolio of loans (totalling \u00a3276.3 million), selling 95% of the full individual loans within that portfolio (realising proceeds of \u00a3262.5 million) without recourse and retaining 5% of the full individual loans within the portfolio as required under the Securitisation regulation. The loans were assessed for derecognition on an individual basis and the retained 5% do not meet the derecognition criteria of IFRS 9. As a result, these business loans to Partners are no longer recognised on the Consolidated Statement of Financial Position. The Group has a continued involvement with the derecognised assets through the servicing of the transferred loan portfolio. A servicing fee is received in respect of this servicing which is immaterial to the Group. The servicing fee is included within fee and commission income on the face of the Consolidated Statement of Comprehensive Income. The sale included \u00a3222.8 million of securitised business loans to Partners, reducing the securitised loan balance to \u00a3nil (2021: \u00a3214.0 million). The senior tranche of securitisation loan notes that were secured upon those securitised business loans to Partners were repaid as part of the transaction. See Note 16 for further information. Prior to the sale, legal ownership of the securitised business loans to Partners had been transferred to a structured entity, SJP Partner Loans No.1 Limited, which issued loan notes secured upon them. Note 16 provides information on these loan notes. The securitised business loans to Partners were ring-fenced from the other assets of the Group, which means that the cash flows associated with these business loans to Partners could only have been used to purchase new loans which go into the structure, or to repay the note holders, plus associated issuance fees and costs. Holders of the loan notes had no recourse to the Group\u2019s other assets. The securitised business loans to Partners were recognised on the Group Statement of Financial Position as the Group controls SJP Partner Loans No.1 Limited; refer to the Consolidation section within Note 2 for further information. Reconciliation of the business loans to Partners opening and closing gross loan balances Stage 1 performing Stage 2 under- performing Stage 3 non- performing Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Gross balance at 1 January 2022 500.5 21.0 4.1 525.6 Business loans to Partners classification changes: \u2013 Transfer to underperforming (4.8) 4.8 \u2013 \u2013 \u2013 Transfer to non-performing (0.5) (0.9) 1.4 \u2013 \u2013 Transfer to performing 5.2 (5.2) \u2013 \u2013 Sale to a third party during the year (262.5) \u2013 \u2013 (262.5) New lending activity during the year 216.6 2.1 0.4 219.1 Interest charged during the year 20.6 0.9 0.2 21.7 Repayment activity during the year (178.0) (5.0) (1.5) (184.5) Gross balance at 31 December 2022 297.1 17.7 4.6 319.4 Stage 1 performing Stage 2 under- performing Stage 3 non- performing Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Gross balance at 1 January 2021 450.8  22.3  7.6  480.7 Business loans to Partners classification changes: \u2013 Transfer to underperforming (10.7) 10.8  (0.1) \u2013 \u2013 Transfer to non-performing (0.4) (0.2) 0.6  \u2013 \u2013 Transfer to performing 6.7  (6.7) \u2013 \u2013 New lending activity during the year 265.8  6.6  0.4  272.8 Interest charged during the year 16.3  1.5  0.2  18.0 Repayment activity during the year (228.0) (13.3) (4.6) (245.9) Gross balance at 31 December 2021 500.5  21.0  4.1  525.6 Business loans to Partners: provision The expected loss impairment model for business loans to Partners is based on the levels of loss experienced in the portfolio, with due consideration given to forward-looking information. For those business loans to Partners sold to a third party, full credit risk has been transferred. The provision held against business loans to Partners as at 31 December 2022 was \u00a33.8 million (2021: \u00a34.0 million). During the year, \u00a30.3 million of the provision was released (2021: \u00a3nil), \u00a30.2 million was utilised (2021: \u00a30.5 million) and new provisions and adjustments to existing provisions increased the total by \u00a30.3 million (2021: \u00a30.5 million). There is no provision held against any other receivables held at amortised cost. Business loans to Partners as recognised on the Statement of Financial Position 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Gross business loans to Partners 319.4 525.6 Provision  (3.8) (4.0) Net business loans to Partners 315.6 521.6 Renewal income assets Movement in renewal income assets 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 102.5 87.4 Additions 36.1 34.6 Disposals (7.8) (10.5) Revaluation (15.3) (9.0) Balance at 31 December 115.5 102.5 The key assumptions used for the assessment of the fair value of the renewal income are as follows: 31 December 2022 31 December 2021 Lapse rate \u2013 SJP Partner renewal income 1 5.0% to 15.0% 5.0% to 15.0% Lapse rate \u2013 non-SJP renewal income 1 15.0% to 25.0% 15.0% to 25.0% Discount rate 12.0% to 13.7% 3.4% to 10.1% 1  Future income streams are projected making use of retention assumptions derived from the Group\u2019s experience of the business or, where insufficient data exists, from external industry experience. These assumptions are reviewed on an annual basis. These assumptions have been used for the analysis of each business combination classified within renewal income. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-367": {
   "value": "12. Other receivables 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Receivables in relation to unit liabilities excluding policyholder interests 397.0 433.6 Other receivables in relation to insurance and unit trust business 81.4 71.7 Operational readiness prepayment 278.3 296.3 Advanced payments to Partners 83.8 71.0 Other prepayments and accrued income 84.3 84.3 Business loans to Partners 315.6 521.6 Renewal income assets 115.5 102.5 Miscellaneous 18.9 6.6 Total other receivables on the Solvency II Net Assets Balance Sheet 1,374.8 1,587.6 Policyholder interests in other receivables (see Note 11) 1,604.8 1,332.4 Other 3.2 3.0 Total other receivables  2,982.8 2,923.0 Current  2,363.0 2,106.1 Non-current 619.8 816.9 2,982.8 2,923.0 All items within other receivables meet the definition of financial assets with the exception of prepayments and advanced payments to Partners. The fair value of those financial assets held at amortised cost is not materially different from amortised cost. Receivables in relation to unit liabilities relate to outstanding market trade settlements (sales) in the life unit-linked funds and the consolidated unit trusts. Other receivables in relation to insurance and unit trust business primarily relate to outstanding policy-related settlement timings. Both of these categories of receivables are short-term. The operational readiness prepayment relates to the Bluedoor administration platform which has been developed by our key outsourced back-office administration provider. Management has assessed the recoverability of this prepayment against the expected cost saving benefit of lower future tariff costs arising from the platform. It is believed that no reasonably possible change in the assumptions applied within this assessment, notably levels of future business, the anticipated future service tariffs and the discount rate, would have an impact on the carrying value of the asset. Renewal income assets represent the present value of future cash flows associated with business combinations or books of business acquired by the Group. 12. Other receivables continued Business loans to Partners 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Business loans to Partners directly funded by the Group 315.6 307.6 Securitised business loans to Partners \u2013 214.0 Total business loans to Partners 315.6 521.6 Business loans to Partners are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with the terms of the loan contract and secured against the future income streams of the respective Partner. During the year, \u00a3262.5 million of business loans to Partners previously recognised in the Consolidated Statement of Financial Position were sold to a third-party. The sale occurred at book value and met the derecognition criteria of IFRS 9 as substantially all risks and rewards of ownership were transferred. The risks and rewards of ownership were assessed as transferred primarily due to the following:    the loans were sold to a third-party Special Purpose Vehicle (SPV) which the Group does not manage or control;    the third-party SPV has the ability to remove the Group as the servicing party;    there is no exposure from the loans sold to the third-party SPV through clawback, or any residual credit risk; and    the transaction was structured by identifying a portfolio of loans (totalling \u00a3276.3 million), selling 95% of the full individual loans within that portfolio (realising proceeds of \u00a3262.5 million) without recourse and retaining 5% of the full individual loans within the portfolio as required under the Securitisation regulation. The loans were assessed for derecognition on an individual basis and the retained 5% do not meet the derecognition criteria of IFRS 9. As a result, these business loans to Partners are no longer recognised on the Consolidated Statement of Financial Position. The Group has a continued involvement with the derecognised assets through the servicing of the transferred loan portfolio. A servicing fee is received in respect of this servicing which is immaterial to the Group. The servicing fee is included within fee and commission income on the face of the Consolidated Statement of Comprehensive Income. The sale included \u00a3222.8 million of securitised business loans to Partners, reducing the securitised loan balance to \u00a3nil (2021: \u00a3214.0 million). The senior tranche of securitisation loan notes that were secured upon those securitised business loans to Partners were repaid as part of the transaction. See Note 16 for further information. Prior to the sale, legal ownership of the securitised business loans to Partners had been transferred to a structured entity, SJP Partner Loans No.1 Limited, which issued loan notes secured upon them. Note 16 provides information on these loan notes. The securitised business loans to Partners were ring-fenced from the other assets of the Group, which means that the cash flows associated with these business loans to Partners could only have been used to purchase new loans which go into the structure, or to repay the note holders, plus associated issuance fees and costs. Holders of the loan notes had no recourse to the Group\u2019s other assets. The securitised business loans to Partners were recognised on the Group Statement of Financial Position as the Group controls SJP Partner Loans No.1 Limited; refer to the Consolidation section within Note 2 for further information. Reconciliation of the business loans to Partners opening and closing gross loan balances Stage 1 performing Stage 2 under- performing Stage 3 non- performing Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Gross balance at 1 January 2022 500.5 21.0 4.1 525.6 Business loans to Partners classification changes: \u2013 Transfer to underperforming (4.8) 4.8 \u2013 \u2013 \u2013 Transfer to non-performing (0.5) (0.9) 1.4 \u2013 \u2013 Transfer to performing 5.2 (5.2) \u2013 \u2013 Sale to a third party during the year (262.5) \u2013 \u2013 (262.5) New lending activity during the year 216.6 2.1 0.4 219.1 Interest charged during the year 20.6 0.9 0.2 21.7 Repayment activity during the year (178.0) (5.0) (1.5) (184.5) Gross balance at 31 December 2022 297.1 17.7 4.6 319.4 Stage 1 performing Stage 2 under- performing Stage 3 non- performing Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Gross balance at 1 January 2021 450.8  22.3  7.6  480.7 Business loans to Partners classification changes: \u2013 Transfer to underperforming (10.7) 10.8  (0.1) \u2013 \u2013 Transfer to non-performing (0.4) (0.2) 0.6  \u2013 \u2013 Transfer to performing 6.7  (6.7) \u2013 \u2013 New lending activity during the year 265.8  6.6  0.4  272.8 Interest charged during the year 16.3  1.5  0.2  18.0 Repayment activity during the year (228.0) (13.3) (4.6) (245.9) Gross balance at 31 December 2021 500.5  21.0  4.1  525.6 Business loans to Partners: provision The expected loss impairment model for business loans to Partners is based on the levels of loss experienced in the portfolio, with due consideration given to forward-looking information. For those business loans to Partners sold to a third party, full credit risk has been transferred. The provision held against business loans to Partners as at 31 December 2022 was \u00a33.8 million (2021: \u00a34.0 million). During the year, \u00a30.3 million of the provision was released (2021: \u00a3nil), \u00a30.2 million was utilised (2021: \u00a30.5 million) and new provisions and adjustments to existing provisions increased the total by \u00a30.3 million (2021: \u00a30.5 million). There is no provision held against any other receivables held at amortised cost. Business loans to Partners as recognised on the Statement of Financial Position 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Gross business loans to Partners 319.4 525.6 Provision  (3.8) (4.0) Net business loans to Partners 315.6 521.6 Renewal income assets Movement in renewal income assets 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 102.5 87.4 Additions 36.1 34.6 Disposals (7.8) (10.5) Revaluation (15.3) (9.0) Balance at 31 December 115.5 102.5 The key assumptions used for the assessment of the fair value of the renewal income are as follows: 31 December 2022 31 December 2021 Lapse rate \u2013 SJP Partner renewal income 1 5.0% to 15.0% 5.0% to 15.0% Lapse rate \u2013 non-SJP renewal income 1 15.0% to 25.0% 15.0% to 25.0% Discount rate 12.0% to 13.7% 3.4% to 10.1% 1  Future income streams are projected making use of retention assumptions derived from the Group\u2019s experience of the business or, where insufficient data exists, from external industry experience. These assumptions are reviewed on an annual basis. These assumptions have been used for the analysis of each business combination classified within renewal income. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-414": {
   "value": "Business loans to Partners: provision The expected loss impairment model for business loans to Partners is based on the levels of loss experienced in the portfolio, with due consideration given to forward-looking information. For those business loans to Partners sold to a third party, full credit risk has been transferred. The provision held against business loans to Partners as at 31 December 2022 was \u00a33.8 million (2021: \u00a34.0 million). During the year, \u00a30.3 million of the provision was released (2021: \u00a3nil), \u00a30.2 million was utilised (2021: \u00a30.5 million) and new provisions and adjustments to existing provisions increased the total by \u00a30.3 million (2021: \u00a30.5 million). There is no provision held against any other receivables held at amortised cost. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-406": {
   "value": "Business loans to Partners: provision The expected loss impairment model for business loans to Partners is based on the levels of loss experienced in the portfolio, with due consideration given to forward-looking information. For those business loans to Partners sold to a third party, full credit risk has been transferred. The provision held against business loans to Partners as at 31 December 2022 was \u00a33.8 million (2021: \u00a34.0 million). During the year, \u00a30.3 million of the provision was released (2021: \u00a3nil), \u00a30.2 million was utilised (2021: \u00a30.5 million) and new provisions and adjustments to existing provisions increased the total by \u00a30.3 million (2021: \u00a30.5 million). There is no provision held against any other receivables held at amortised cost. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-392": {
   "value": "13. Other payables 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Payables in relation to unit liabilities excluding policyholder interests 326.2 178.9 Other payables in relation to insurance and unit trust business 417.8 448.9 Accrual for ongoing advice fees 133.2 141.2 Other accruals 105.8 103.6 Contract payment 95.8 107.1 Lease liabilities: properties (see Note 10) 116.6 124.1 Other payables in relation to Partner payments 74.8 86.7 Miscellaneous 67.3 63.9 Total other payables on the Solvency II Net Assets Balance Sheet 1,337.5 1,254.4 Policyholder interests in other payables (see Note 11) 842.0 1,344.9 Other (see adjustment 2 on page 80) 19.1 5.2 Total other payables 2,198.6 2,604.5 Current 2,018.5 2,405.2 Non-current 180.1 199.3 2,198.6 2,604.5 Payables in relation to unit liabilities relate to outstanding market trade settlements (purchases) in the life unit-linked funds and the consolidated unit trusts. Other payables in relation to insurance and unit trust business primarily relate to outstanding policy-related settlement timings. Both of these categories of payables are short-term. The contract payment of \u00a395.8 million (2021: \u00a3107.1 million) represents payments made by a third-party service provider to the Group as part of a service agreement, which are non-interest-bearing and repayable over the life of the service agreement. The contract payment received prior to 2020 is repayable on a straight-line basis over the original 12-year term, with repayments commencing on 1 January 2017. The contract payment received in 2020 is repayable on a straight-line basis over 13 years and 4 months, with repayments commencing on 1 September 2020. The Lease liabilities: properties line item represents the present value of future cash flows associated with the Group\u2019s portfolio of property leases. The fair value of financial instruments held at amortised cost within other payables is not materially different from amortised cost. Policyholder interests in other payables are short-term in nature and can vary significantly from period to period due to prevailing market conditions and underlying trading activity. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-368": {
   "value": "13. Other payables 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Payables in relation to unit liabilities excluding policyholder interests 326.2 178.9 Other payables in relation to insurance and unit trust business 417.8 448.9 Accrual for ongoing advice fees 133.2 141.2 Other accruals 105.8 103.6 Contract payment 95.8 107.1 Lease liabilities: properties (see Note 10) 116.6 124.1 Other payables in relation to Partner payments 74.8 86.7 Miscellaneous 67.3 63.9 Total other payables on the Solvency II Net Assets Balance Sheet 1,337.5 1,254.4 Policyholder interests in other payables (see Note 11) 842.0 1,344.9 Other (see adjustment 2 on page 80) 19.1 5.2 Total other payables 2,198.6 2,604.5 Current 2,018.5 2,405.2 Non-current 180.1 199.3 2,198.6 2,604.5 Payables in relation to unit liabilities relate to outstanding market trade settlements (purchases) in the life unit-linked funds and the consolidated unit trusts. Other payables in relation to insurance and unit trust business primarily relate to outstanding policy-related settlement timings. Both of these categories of payables are short-term. The contract payment of \u00a395.8 million (2021: \u00a3107.1 million) represents payments made by a third-party service provider to the Group as part of a service agreement, which are non-interest-bearing and repayable over the life of the service agreement. The contract payment received prior to 2020 is repayable on a straight-line basis over the original 12-year term, with repayments commencing on 1 January 2017. The contract payment received in 2020 is repayable on a straight-line basis over 13 years and 4 months, with repayments commencing on 1 September 2020. The Lease liabilities: properties line item represents the present value of future cash flows associated with the Group\u2019s portfolio of property leases. The fair value of financial instruments held at amortised cost within other payables is not materially different from amortised cost. Policyholder interests in other payables are short-term in nature and can vary significantly from period to period due to prevailing market conditions and underlying trading activity. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-393": {
   "value": "14. Insurance contract liabilities and reinsurance assets Risk Insurance risk arises from inherent uncertainties as to the occurrence, amount and timing of insurance liabilities. The Group assumes insurance risk by issuing insurance contracts under which the Group agrees to compensate the client (or other beneficiary) if a specified future event (the insured event) occurs. The Group insures mortality and morbidity risks but has no longevity risk as we have never written any annuity business. The Group has a low appetite for insurance risk, only actively pursuing it where financially beneficial, or in support of strategic objectives. Risk Description Management Underwriting Failure to price appropriately for a risk, or the impact of anti-selection. The Group ceased writing new protection business in April 2011 and has fully reinsured the remaining UK insurance risk. Experience is monitored regularly and for most business the premium or deduction rates can be reviewed. Epidemic/disaster An unusually large number of claims arising from a single incident or event. Protection is provided through reinsurance. The Group has fully reinsured the UK insurance risk. Expense Administration costs exceed expense allowance. Administration is outsourced and a tariff of costs is agreed. The contract is monitored regularly to rationalise costs incurred. Internal overhead expenses are monitored and closely managed. Retention Unexpected movement in future profit due to more (or fewer) clients than anticipated withdrawing their funds. Retention of insurance contracts is closely monitored and unexpected experience is investigated. Retention experience has continued in line with assumptions. Insurance contract liabilities 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 572.3 562.6 Movement in unit-linked liabilities (72.9) 21.7 Movement in non-unit-linked liabilities: \u2013 Existing business (0.7) (1.3) \u2013 Assumption changes (18.0) (6.0) \u2013 Experience variance 2.8 (4.7) Total movement in liabilities (15.9) (12.0) Balance at 31 December 483.5 572.3 Unit-linked 414.9 487.8 Non-unit-linked 68.6 84.5 483.5 572.3 Current 106.7 124.0 Non-current 376.8 448.3 483.5 572.3 See accounting policy (ag) for further information on the current and non-current disclosure. 14. Insurance contract liabilities and reinsurance assets continued Reinsurance assets 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Reconciliation of the movement in the net reinsurance balance Balance at 1 January 82.4 92.3 Reinsurance component of change in insurance liabilities  (16.0) (9.9) Balance at 31 December 66.4 82.4 Current 14.7 15.9 Non-current 51.7 66.5 66.4 82.4 The overall impact of reinsurance on the profit for the year was a net expense of \u00a324.7 million (2021: \u00a316.2 million). Assumptions used in the calculation of insurance liabilities and reinsurance assets The principal assumptions used in the calculation of the liabilities are: Assumption Description Interest rate The valuation interest rate is calculated by reference to the long-term gilt yield at 31 December 2022. The specific rates used are between 2.8% and 3.6% depending on the tax regime (0.5% and 0.8% at 31 December 2021). Mortality Mortality is based on Group experience and is set at 72% of the TM/F92 tables with an additional loading for smokers. There has been no change since 2006. Morbidity \u2013 Critical Illness Morbidity is based on Group experience. There was no change during 2022. Sample annual rates per \u00a3 for a male non-smoker are: Age Rate \u2013 2021 and 2022 25 0.076% 35 0.133% 45 0.319% Morbidity \u2013 Permanent Health Insurance Morbidity is based on Group experience. There was no change during 2022. Sample annual rates per \u00a3 income benefit for a male non-smoker are: Age Rate \u2013 2021 and 2022 25 0.274% 35 0.723% 45 1.569% Expenses Contract liabilities are calculated allowing for the actual costs of administration of the business.  The assumption has been amended to allow for changes to the underlying administration costs. Product Annual cost 2022 2021 Protection business \u00a337.10 \u00a334.40 Persistency Allowance is made for a prudent level of lapses within the calculation of the liabilities. There was no change during 2022. Sample annual lapse rates are: 2021 and 2022 Lapses Year 1 Year 5 Year 10 Protection business 7% 9% 8% Sensitivity analysis The table below sets out the sensitivity of the profit on insurance business and net assets to changes in key assumptions. The levels of sensitivity tested are consistent with those proposed in the EEV principles and reflect reasonably possible levels of change in the assumptions. The analysis reflects the change in the variable/assumption shown while all other variables/ assumptions are left unchanged. In practice variables/assumptions may change at the same time, as some may be correlated (for example, an increase in interest rates may also result in an increase in expenses if the increase reflects higher inflation). It should also be noted that in some instances sensitivities are non-linear. The sensitivity percentage has been applied in proportion to the assumption: for example, application of a 10% sensitivity to a withdrawal assumption of 8% will increase it to 8.8%. Sensitivity analysis Change in assumption Change in profit/(loss) before tax 2022 Change in profit/(loss) before tax  2021 Change in net assets 2022 Change in net assets 2021 Percentage \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Withdrawal rates 10% 0.7 0.9 0.6 0.9 Expense assumptions 10% (0.1) (0.2) (0.1) (0.2) Mortality/morbidity 5% 0.0 0.0 0.0 0.0 A change in interest rates will have no material impact on insurance profit or net assets. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-407": {
   "value": "15. Other provisions and contingent liabilities Complaints provision Lease provision Clawback provision Total provisions \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million At 1 January 2021 20.4 10.4 3.5 34.3 Additional provisions 34.1 \u2013 \u2013 34.1 Utilised during the year (15.6) (0.1) (0.3) (16.0) Release of provision (8.0) (0.3) \u2013 (8.3) At 31 December 2021 30.9 10.0 3.2 44.1 Additional provisions 28.5 3.5 \u2013 32.0 Utilised during the year (14.0) (0.1) (0.2) (14.3) Release of provision (15.7) (0.1) \u2013 (15.8) At 31 December 2022 29.7 13.3 3.0 46.0 Current 22.4 1.6 1.0 25.0 Non-current 7.3 11.7 2.0 21.0 29.7 13.3 3.0 46.0 The provision for the cost of redress of complaints is based on estimates of the total number of complaints expected to be upheld, the estimated cost of redress and the expected timing of settlement. The lease provision is based on the square footage of leased properties and typical costs per square foot for restoring similar buildings to their original state. The clawback provision is based on estimates of the indemnity commission that may be repaid. It is considered that any reasonably possible level of changes in estimates would not have a material impact on the value of the best estimate of the provision. In the course of its business, the Group could be subject to legal proceedings and/or regulatory activity. Should such an event arise, the Board would consider its best estimate of the amount required to settle the obligation and, where appropriate and material, establish a provision. While there can be no assurances that circumstances will not change, based upon information currently available to them the Directors do not believe there is any possible activity or event that could have a material adverse effect on the Group\u2019s financial position. For further information, see the list of principal risks and uncertainties in the risk and risk management section of the Strategic report. During the normal course of business, the Group may from time to time provide guarantees to Partners, clients or other third parties. However, based upon the information currently available to them the Directors do not believe there are any guarantees which would have a material adverse effect on the Group\u2019s financial position, and so the fair value of any guarantees has been assessed as \u00a3nil (2021: \u00a3nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-394": {
   "value": "15. Other provisions and contingent liabilities Complaints provision Lease provision Clawback provision Total provisions \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million At 1 January 2021 20.4 10.4 3.5 34.3 Additional provisions 34.1 \u2013 \u2013 34.1 Utilised during the year (15.6) (0.1) (0.3) (16.0) Release of provision (8.0) (0.3) \u2013 (8.3) At 31 December 2021 30.9 10.0 3.2 44.1 Additional provisions 28.5 3.5 \u2013 32.0 Utilised during the year (14.0) (0.1) (0.2) (14.3) Release of provision (15.7) (0.1) \u2013 (15.8) At 31 December 2022 29.7 13.3 3.0 46.0 Current 22.4 1.6 1.0 25.0 Non-current 7.3 11.7 2.0 21.0 29.7 13.3 3.0 46.0 The provision for the cost of redress of complaints is based on estimates of the total number of complaints expected to be upheld, the estimated cost of redress and the expected timing of settlement. The lease provision is based on the square footage of leased properties and typical costs per square foot for restoring similar buildings to their original state. The clawback provision is based on estimates of the indemnity commission that may be repaid. It is considered that any reasonably possible level of changes in estimates would not have a material impact on the value of the best estimate of the provision. In the course of its business, the Group could be subject to legal proceedings and/or regulatory activity. Should such an event arise, the Board would consider its best estimate of the amount required to settle the obligation and, where appropriate and material, establish a provision. While there can be no assurances that circumstances will not change, based upon information currently available to them the Directors do not believe there is any possible activity or event that could have a material adverse effect on the Group\u2019s financial position. For further information, see the list of principal risks and uncertainties in the risk and risk management section of the Strategic report. During the normal course of business, the Group may from time to time provide guarantees to Partners, clients or other third parties. However, based upon the information currently available to them the Directors do not believe there are any guarantees which would have a material adverse effect on the Group\u2019s financial position, and so the fair value of any guarantees has been assessed as \u00a3nil (2021: \u00a3nil). 16. Borrowings and financial commitments Borrowings Borrowings are a liability arising from financing activities. The Group has two different types of borrowings:    senior unsecured corporate borrowings which are used to manage working capital, bridge intra-group cash flows and fund investment in the business; and    securitisation loan notes which are secured only on a legally segregated pool of the Group\u2019s business loans to Partners, and hence are non-recourse to the Group\u2019s other assets. Further information about business loans to Partners is provided in Note 12. Senior unsecured corporate borrowings 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Corporate borrowings: bank loans \u2013 106.8 Corporate borrowings: loan notes 163.8 163.8 Senior unsecured corporate borrowings 163.8 270.6 The primary senior unsecured corporate borrowings are:    a revolving credit facility, which was renewed during the year. The facility increased from \u00a3340 million to \u00a3345 million which is repayable at maturity in 2027 with a variable interest rate. At 31 December 2022 the undrawn credit available under this facility was \u00a3345 million (2021: \u00a3233 million);    a Note Purchase Agreement for \u00a364 million. The notes are repayable in instalments over ten years, ending in 2027, with variable interest rates; and    a Note Purchase Agreement for \u00a3100 million. The notes are repayable in one amount in 2031, with variable interest rates. The Group has a number of covenants within the terms of its senior unsecured corporate borrowing facilities. These covenants are monitored on a regular basis and reported to lenders on a six-monthly basis. During the course of the year all covenants were complied with. As at 31 December 2022 and 31 December 2021 the Group had sufficient headroom available under its covenants to fully draw the remaining commitment under its senior unsecured corporate borrowing facilities. Total borrowings 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Senior unsecured corporate borrowings 163.8 270.6 Senior tranche of non-recourse securitisation loan notes \u2013 162.4 Total borrowings 163.8 433.0 Current 12.8 \u2013 Non-current 151.0 433.0 163.8 433.0 During the year the senior tranche of securitisation loan notes were repaid as a result of the sale of a portfolio of Partner business loans, including all of the securitised business loans, to a third party. Prior to the sale, the senior tranche of securitisation loan notes were AAA-rated and repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. They were held by third-party investors and secured on a legally segregated portfolio of business loans to Partners, and on the other net assets of the securitisation entity SJP Partner Loans No.1 Limited. Holders of the securitisation loan notes had no recourse to the assets held by any other entity within the Group. For further information on business loans to Partners, including the sale of securitised business loans to Partners during the year, refer to Note 12. In addition to the senior tranche of securitisation loan notes, a junior tranche has been issued to another entity within the Group. The junior notes were eliminated on consolidation in the preparation of the Group Financial Statements and so do not form part of Group borrowings. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Junior tranche of non-recourse securitisation loan notes 2.1 61.2 Senior tranche of non-recourse securitisation loan notes \u2013 162.4 Total non-recourse securitisation loan notes 2.1 223.6 Backed by Securitised business loans to Partners (see Note 12) \u2013 214.0 Other net assets of SJP Partner Loans No.1 Limited 2.1 9.6 Total net assets held by SJP Partner Loans No.1 Limited 2.1 223.6 Movement in borrowings Borrowings are liabilities arising from financing activities. The cash and non-cash movements in borrowings over the year are set out below, with the cash movements also set out in the Consolidated Statement of Cash Flows. Senior unsecured corporate borrowings Senior tranche of securitisation loan notes Total borrowings Senior unsecured corporate borrowings Senior tranche of securitisation loan notes Total borrowings 2022 2022 2022 2021 2021 2021 \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 270.6 162.4 433.0 226.5  115.3  341.8 Additional borrowing during the year 145.0 59.0 204.0 487.0  89.4  576.4 Repayment of borrowings during the year (252.0) (223.3) (475.3) (443.4) (42.7) (486.1) Costs on additional borrowings during the year (1.6) \u2013 (1.6) (0.1) (0.1) (0.2) Unwind of borrowing costs  (non-cash movement) 0.6 0.5 1.1 0.6 0.5 1.1 Reclassification of prepaid loan facility expense to prepayments 1.2 1.4 2.6 \u2013  \u2013  \u2013 Balance at 31 December 163.8 \u2013 163.8 270.6  162.4  433.0 The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings is recognised within expenses in the Consolidated Statement of Comprehensive Income. Financial commitments Guarantees The Group guarantees loans provided by third parties to Partners. In the event of default on any individual Partner loan, the Group guarantees to repay the full amount of the loan, with the exception of Metro Bank. For this third party the Group guarantees to cover losses up to 50% of the value to the total loans drawn. These loans are secured against the future income streams of the Partner. The value of the loans guaranteed is as follows: Loans drawn Facility 31 December 2022 31 December 2021 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Bank of Scotland 28.7 51.9 70.0 70.0 Investec  28.8 33.1 50.0 50.0 Metro Bank 27.3 37.0 40.0 61.0 NatWest 37.9 28.8 75.0 50.0 Santander  167.7 119.9 179.0 169.9 Total loans 290.4 270.7 414.0 400.9 The fair value of these guarantees has been assessed as \u00a3nil (2021: \u00a3nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-369": {
   "value": "15. Other provisions and contingent liabilities Complaints provision Lease provision Clawback provision Total provisions \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million At 1 January 2021 20.4 10.4 3.5 34.3 Additional provisions 34.1 \u2013 \u2013 34.1 Utilised during the year (15.6) (0.1) (0.3) (16.0) Release of provision (8.0) (0.3) \u2013 (8.3) At 31 December 2021 30.9 10.0 3.2 44.1 Additional provisions 28.5 3.5 \u2013 32.0 Utilised during the year (14.0) (0.1) (0.2) (14.3) Release of provision (15.7) (0.1) \u2013 (15.8) At 31 December 2022 29.7 13.3 3.0 46.0 Current 22.4 1.6 1.0 25.0 Non-current 7.3 11.7 2.0 21.0 29.7 13.3 3.0 46.0 The provision for the cost of redress of complaints is based on estimates of the total number of complaints expected to be upheld, the estimated cost of redress and the expected timing of settlement. The lease provision is based on the square footage of leased properties and typical costs per square foot for restoring similar buildings to their original state. The clawback provision is based on estimates of the indemnity commission that may be repaid. It is considered that any reasonably possible level of changes in estimates would not have a material impact on the value of the best estimate of the provision. In the course of its business, the Group could be subject to legal proceedings and/or regulatory activity. Should such an event arise, the Board would consider its best estimate of the amount required to settle the obligation and, where appropriate and material, establish a provision. While there can be no assurances that circumstances will not change, based upon information currently available to them the Directors do not believe there is any possible activity or event that could have a material adverse effect on the Group\u2019s financial position. For further information, see the list of principal risks and uncertainties in the risk and risk management section of the Strategic report. During the normal course of business, the Group may from time to time provide guarantees to Partners, clients or other third parties. However, based upon the information currently available to them the Directors do not believe there are any guarantees which would have a material adverse effect on the Group\u2019s financial position, and so the fair value of any guarantees has been assessed as \u00a3nil (2021: \u00a3nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-408": {
   "value": "16. Borrowings and financial commitments Borrowings Borrowings are a liability arising from financing activities. The Group has two different types of borrowings:    senior unsecured corporate borrowings which are used to manage working capital, bridge intra-group cash flows and fund investment in the business; and    securitisation loan notes which are secured only on a legally segregated pool of the Group\u2019s business loans to Partners, and hence are non-recourse to the Group\u2019s other assets. Further information about business loans to Partners is provided in Note 12. Senior unsecured corporate borrowings 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Corporate borrowings: bank loans \u2013 106.8 Corporate borrowings: loan notes 163.8 163.8 Senior unsecured corporate borrowings 163.8 270.6 The primary senior unsecured corporate borrowings are:    a revolving credit facility, which was renewed during the year. The facility increased from \u00a3340 million to \u00a3345 million which is repayable at maturity in 2027 with a variable interest rate. At 31 December 2022 the undrawn credit available under this facility was \u00a3345 million (2021: \u00a3233 million);    a Note Purchase Agreement for \u00a364 million. The notes are repayable in instalments over ten years, ending in 2027, with variable interest rates; and    a Note Purchase Agreement for \u00a3100 million. The notes are repayable in one amount in 2031, with variable interest rates. The Group has a number of covenants within the terms of its senior unsecured corporate borrowing facilities. These covenants are monitored on a regular basis and reported to lenders on a six-monthly basis. During the course of the year all covenants were complied with. As at 31 December 2022 and 31 December 2021 the Group had sufficient headroom available under its covenants to fully draw the remaining commitment under its senior unsecured corporate borrowing facilities. Total borrowings 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Senior unsecured corporate borrowings 163.8 270.6 Senior tranche of non-recourse securitisation loan notes \u2013 162.4 Total borrowings 163.8 433.0 Current 12.8 \u2013 Non-current 151.0 433.0 163.8 433.0 During the year the senior tranche of securitisation loan notes were repaid as a result of the sale of a portfolio of Partner business loans, including all of the securitised business loans, to a third party. Prior to the sale, the senior tranche of securitisation loan notes were AAA-rated and repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. They were held by third-party investors and secured on a legally segregated portfolio of business loans to Partners, and on the other net assets of the securitisation entity SJP Partner Loans No.1 Limited. Holders of the securitisation loan notes had no recourse to the assets held by any other entity within the Group. For further information on business loans to Partners, including the sale of securitised business loans to Partners during the year, refer to Note 12. In addition to the senior tranche of securitisation loan notes, a junior tranche has been issued to another entity within the Group. The junior notes were eliminated on consolidation in the preparation of the Group Financial Statements and so do not form part of Group borrowings. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Junior tranche of non-recourse securitisation loan notes 2.1 61.2 Senior tranche of non-recourse securitisation loan notes \u2013 162.4 Total non-recourse securitisation loan notes 2.1 223.6 Backed by Securitised business loans to Partners (see Note 12) \u2013 214.0 Other net assets of SJP Partner Loans No.1 Limited 2.1 9.6 Total net assets held by SJP Partner Loans No.1 Limited 2.1 223.6 Movement in borrowings Borrowings are liabilities arising from financing activities. The cash and non-cash movements in borrowings over the year are set out below, with the cash movements also set out in the Consolidated Statement of Cash Flows. Senior unsecured corporate borrowings Senior tranche of securitisation loan notes Total borrowings Senior unsecured corporate borrowings Senior tranche of securitisation loan notes Total borrowings 2022 2022 2022 2021 2021 2021 \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 270.6 162.4 433.0 226.5  115.3  341.8 Additional borrowing during the year 145.0 59.0 204.0 487.0  89.4  576.4 Repayment of borrowings during the year (252.0) (223.3) (475.3) (443.4) (42.7) (486.1) Costs on additional borrowings during the year (1.6) \u2013 (1.6) (0.1) (0.1) (0.2) Unwind of borrowing costs  (non-cash movement) 0.6 0.5 1.1 0.6 0.5 1.1 Reclassification of prepaid loan facility expense to prepayments 1.2 1.4 2.6 \u2013  \u2013  \u2013 Balance at 31 December 163.8 \u2013 163.8 270.6  162.4  433.0 The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings is recognised within expenses in the Consolidated Statement of Comprehensive Income. Financial commitments Guarantees The Group guarantees loans provided by third parties to Partners. In the event of default on any individual Partner loan, the Group guarantees to repay the full amount of the loan, with the exception of Metro Bank. For this third party the Group guarantees to cover losses up to 50% of the value to the total loans drawn. These loans are secured against the future income streams of the Partner. The value of the loans guaranteed is as follows: Loans drawn Facility 31 December 2022 31 December 2021 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Bank of Scotland 28.7 51.9 70.0 70.0 Investec  28.8 33.1 50.0 50.0 Metro Bank 27.3 37.0 40.0 61.0 NatWest 37.9 28.8 75.0 50.0 Santander  167.7 119.9 179.0 169.9 Total loans 290.4 270.7 414.0 400.9 The fair value of these guarantees has been assessed as \u00a3nil (2021: \u00a3nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-370": {
   "value": "16. Borrowings and financial commitments Borrowings Borrowings are a liability arising from financing activities. The Group has two different types of borrowings:    senior unsecured corporate borrowings which are used to manage working capital, bridge intra-group cash flows and fund investment in the business; and    securitisation loan notes which are secured only on a legally segregated pool of the Group\u2019s business loans to Partners, and hence are non-recourse to the Group\u2019s other assets. Further information about business loans to Partners is provided in Note 12. Senior unsecured corporate borrowings 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Corporate borrowings: bank loans \u2013 106.8 Corporate borrowings: loan notes 163.8 163.8 Senior unsecured corporate borrowings 163.8 270.6 The primary senior unsecured corporate borrowings are:    a revolving credit facility, which was renewed during the year. The facility increased from \u00a3340 million to \u00a3345 million which is repayable at maturity in 2027 with a variable interest rate. At 31 December 2022 the undrawn credit available under this facility was \u00a3345 million (2021: \u00a3233 million);    a Note Purchase Agreement for \u00a364 million. The notes are repayable in instalments over ten years, ending in 2027, with variable interest rates; and    a Note Purchase Agreement for \u00a3100 million. The notes are repayable in one amount in 2031, with variable interest rates. The Group has a number of covenants within the terms of its senior unsecured corporate borrowing facilities. These covenants are monitored on a regular basis and reported to lenders on a six-monthly basis. During the course of the year all covenants were complied with. As at 31 December 2022 and 31 December 2021 the Group had sufficient headroom available under its covenants to fully draw the remaining commitment under its senior unsecured corporate borrowing facilities. Total borrowings 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Senior unsecured corporate borrowings 163.8 270.6 Senior tranche of non-recourse securitisation loan notes \u2013 162.4 Total borrowings 163.8 433.0 Current 12.8 \u2013 Non-current 151.0 433.0 163.8 433.0 During the year the senior tranche of securitisation loan notes were repaid as a result of the sale of a portfolio of Partner business loans, including all of the securitised business loans, to a third party. Prior to the sale, the senior tranche of securitisation loan notes were AAA-rated and repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. They were held by third-party investors and secured on a legally segregated portfolio of business loans to Partners, and on the other net assets of the securitisation entity SJP Partner Loans No.1 Limited. Holders of the securitisation loan notes had no recourse to the assets held by any other entity within the Group. For further information on business loans to Partners, including the sale of securitised business loans to Partners during the year, refer to Note 12. In addition to the senior tranche of securitisation loan notes, a junior tranche has been issued to another entity within the Group. The junior notes were eliminated on consolidation in the preparation of the Group Financial Statements and so do not form part of Group borrowings. 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Junior tranche of non-recourse securitisation loan notes 2.1 61.2 Senior tranche of non-recourse securitisation loan notes \u2013 162.4 Total non-recourse securitisation loan notes 2.1 223.6 Backed by Securitised business loans to Partners (see Note 12) \u2013 214.0 Other net assets of SJP Partner Loans No.1 Limited 2.1 9.6 Total net assets held by SJP Partner Loans No.1 Limited 2.1 223.6 Movement in borrowings Borrowings are liabilities arising from financing activities. The cash and non-cash movements in borrowings over the year are set out below, with the cash movements also set out in the Consolidated Statement of Cash Flows. Senior unsecured corporate borrowings Senior tranche of securitisation loan notes Total borrowings Senior unsecured corporate borrowings Senior tranche of securitisation loan notes Total borrowings 2022 2022 2022 2021 2021 2021 \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 270.6 162.4 433.0 226.5  115.3  341.8 Additional borrowing during the year 145.0 59.0 204.0 487.0  89.4  576.4 Repayment of borrowings during the year (252.0) (223.3) (475.3) (443.4) (42.7) (486.1) Costs on additional borrowings during the year (1.6) \u2013 (1.6) (0.1) (0.1) (0.2) Unwind of borrowing costs  (non-cash movement) 0.6 0.5 1.1 0.6 0.5 1.1 Reclassification of prepaid loan facility expense to prepayments 1.2 1.4 2.6 \u2013  \u2013  \u2013 Balance at 31 December 163.8 \u2013 163.8 270.6  162.4  433.0 The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings is recognised within expenses in the Consolidated Statement of Comprehensive Income. Financial commitments Guarantees The Group guarantees loans provided by third parties to Partners. In the event of default on any individual Partner loan, the Group guarantees to repay the full amount of the loan, with the exception of Metro Bank. For this third party the Group guarantees to cover losses up to 50% of the value to the total loans drawn. These loans are secured against the future income streams of the Partner. The value of the loans guaranteed is as follows: Loans drawn Facility 31 December 2022 31 December 2021 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Bank of Scotland 28.7 51.9 70.0 70.0 Investec  28.8 33.1 50.0 50.0 Metro Bank 27.3 37.0 40.0 61.0 NatWest 37.9 28.8 75.0 50.0 Santander  167.7 119.9 179.0 169.9 Total loans 290.4 270.7 414.0 400.9 The fair value of these guarantees has been assessed as \u00a3nil (2021: \u00a3nil). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-371": {
   "value": "17. Financial risk Risk management objectives and risk policies The Group\u2019s financial risk can usefully be considered by looking at two categories of assets:    assets backing unit liabilities (see Note 11); and    shareholder assets. In general, the policyholder bears the financial risk arising on assets backing the unitised business, and risk arising on shareholder assets is minimised through investment in liquid assets with a strong credit rating. Exposure to the following risks for the two categories of assets is analysed separately in the following sections, in line with the requirements of IFRS 7:    credit risk;    liquidity risk;    market risk; and    currency risk. Credit risk is the risk of loss due to a debtor\u2019s non-payment of a loan or other line of credit. Credit risk also arises from holdings of cash and cash equivalents, deposits and formal loans with banks and financial institutions. The Group has adopted a risk-averse approach to such risk and has a stated policy of not actively pursuing or accepting credit risk except when necessary to support other objectives. Risk Description Management Shareholders\u2019 assets Loss of assets or reduction in value. Shareholder funds are predominantly invested in AAA-rated unitised money market funds, which are classified as investments in Collective Investment Schemes (CIS), and deposits with approved banks, but may be invested in sovereign fixed interest securities such as UK gilts where regulatory constraints on other assets apply. Maximum counterparty limits are set for each company within the Group and aggregate limits are also set at a Group level. Reinsurance Failure of counterparty, or counterparty unable to meet liabilities. Credit ratings of potential reinsurers must meet or exceed AA-. Consideration is also given to size, risk concentrations/exposures and ownership in the selection of reinsurers. The Group also seeks to diversify its reinsurance credit risk through the use of a spread of reinsurers. Business loans to Partners Inability of Partners to repay loans or advances from the Group. Loans and advances are managed in line with the Group\u2019s secured lending policy. Loans are secured on the future renewal income stream expected from a Partner\u2019s portfolio and loan advances vary in relation to the projected future income of the relevant Partner. Outstanding balances are regularly reviewed and assessed on a conservative basis. Support is provided to help Partners manage their businesses appropriately. Expected credit losses are recognised as provisions against the loans. Liquidity risk is the risk that the Group, although solvent, either does not have available sufficient financial resources to enable it to meet its obligations as they fall due, or can secure such resources only at excessive cost. The Group is averse to liquidity risk and seeks to minimise this risk by not actively pursuing it except where necessary to support other objectives. Risk Description Management Cash or expense requirement A significant cash or expense requirement needs to be met at short notice. The majority of free assets are invested in cash or cash equivalents and the cash position and forecast are monitored on a monthly basis. The Group also maintains a margin of free assets in excess of the minimum required solvency capital within its regulated entities. Further, the Group has established committed borrowing facilities (see Note 16) intended to further mitigate liquidity risk Market risk is the impact a fall in the value of equity or other asset markets may have on the business. The Group adopts a risk-averse approach to market risk, with a stated solvency policy of not actively pursuing or accepting market risk except where necessary to support other objectives. However, the Group accepts the risk that a fall in equity or other asset markets will reduce the level of annual management charge income derived from policyholder assets and the consequent risk of lower future profits. The table below summarises the main market risks that the business is exposed to and the methods by which the Group seeks to mitigate them. Risk Description Management Client liabilities As a result of a reduction in equity values, the Group may be unable to meet client liabilities. This risk is substantially mitigated by the Group\u2019s strategic focus on unitised business, by not providing guarantees to clients on policy values and by the matching of assets and liabilities. Retention Loss of future profit on investment contracts due to more clients than anticipated withdrawing their funds, particularly as a result of poor investment performance. Retention of investment contracts is closely monitored and unexpected experience variances are investigated. Retention has remained consistently strong throughout 2022 despite the volatile market conditions experienced. New business Poor performance in the financial markets in absolute terms, and relative to inflation, leads to existing and future clients rejecting investment in longer- term assets. The benefit to clients of longer-term equity investment as part of a diversified portfolio of assets is fundamental to our philosophy. Advice becomes even more important when market values fall, and greater attention is required to support and give confidence to existing and future clients in such circumstances. In addition, as controls against poor performance the Group monitors asset allocations across portfolios to ensure they are working as expected to meet long-term goals, and monitors funds against their objectives to ensure an appropriate level of investment risk. Where necessary, fund managers are changed. The Group is not subject to any significant direct currency risk, since all material shareholder financial assets and financial liabilities are denominated in Sterling. However, since future profits are dependent on charges based on FUM, changes in FUM as a result of currency movements will impact future profits. 17. Financial risk continued Shareholder assets Categories of financial assets and financial liabilities The categories and carrying values of the shareholder financial assets and financial liabilities held in the Group\u2019s Statement of Financial Position are summarised in the table below. The impact of climate change does not have a material impact on the fair values of the assets summarised below. 31 December 2022 Financial assets at fair value through profit and loss Financial liabilities at fair value through profit and loss Financial assets measured at amortised cost Financial liabilities measured at amortised cost Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.9 \u2013  \u2013  \u2013  7.9 Investment in Collective Investment Schemes 1 1,271.7 \u2013  \u2013  \u2013  1,271.7 Other receivables 2 \u2013 Business loans to Partners \u2013  \u2013  315.6 \u2013  315.6 \u2013 Renewal income assets 115.5 \u2013  \u2013 \u2013  115.5 \u2013 Other \u2013  \u2013 500.5 \u2013 500.5 Total other receivables 115.5 \u2013 816.1 \u2013 931.6 Cash and cash equivalents \u2013  \u2013 253.3 \u2013 253.3 Total financial assets  1,395.1 \u2013 1,069.4 \u2013 2,464.5 Financial liabilities Borrowings \u2013  \u2013  \u2013  163.8 163.8 Other payables \u2013 Lease liabilities : properties \u2013  \u2013  \u2013  116.6 116.6 \u2013 Contingent consideration \u2013  8.3 \u2013 \u2013 8.3 \u2013 Other  \u2013 \u2013 \u2013 1,231.7 1,231.7 Total other payables \u2013 8.3 \u2013 1,348.3 1,356.6 Total financial liabilities \u2013 8.3 \u2013 1,512.1 1,520.4 31 December 2021 Financial assets at fair value through profit and loss Financial liabilities at fair value through profit and loss Financial assets measured at amortised cost Financial liabilities measured at amortised cost Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.8  \u2013  \u2013  \u2013  7.8 Investment in Collective Investment Schemes 1 1,605.3  \u2013  \u2013  \u2013  1,605.3 Other receivables 2 \u2013 Business loans to Partners \u2013  \u2013  521.6  \u2013  521.6 \u2013 Renewal income assets 102.5  \u2013  \u2013  \u2013  102.5 \u2013 Other \u2013  \u2013  514.8  \u2013  514.8 Total other receivables 102.5  \u2013  1,036.4  \u2013  1,138.9 Cash and cash equivalents \u2013  \u2013  245.7  \u2013  245.7 Total financial assets  1,715.6  \u2013  1,282.1  \u2013  2,997.7 Financial liabilities Borrowings \u2013  \u2013  \u2013  433.0  433.0 Other payables \u2013 Lease liabilities : properties \u2013  \u2013  \u2013  124.1  124.1 \u2013 Contingent consideration \u2013  8.3  \u2013  \u2013  8.3 \u2013 Other  \u2013  \u2013  \u2013  1,127.2  1,127.2 Total other payables \u2013  8.3  \u2013  1,251.3  1,259.6 Total financial liabilities \u2013  8.3  \u2013  1,684.3  1,692.6 1  All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly liquid money market funds, containing assets which are cash and cash equivalents. 2  Other receivables exclude prepayments and advanced payments to Partners, which are not considered financial assets. Income, expense, gains and losses arising from financial assets and financial liabilities The income, expense, gains and losses arising from shareholder financial assets and financial liabilities are summarised in the table below: Year ended 31 December 2022 Financial assets at fair value through profit and loss Financial assets measured at amortised cost Financial liabilities measured at amortised cost Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities (0.7) \u2013 \u2013 (0.7) Investment in Collective Investment Schemes 14.9 \u2013 \u2013 14.9 Other receivables \u2013 Business loans to Partners \u2013 20.6 \u2013 20.6 \u2013 Renewal income assets (15.2) \u2013 \u2013 (15.2) Total other receivables (15.2) 20.6 \u2013 5.4 Cash and cash equivalents \u2013 2.6 \u2013 2.6 Total financial assets  (1.0) 23.2 \u2013 22.2 Financial liabilities Borrowings \u2013 \u2013 (9.4) (9.4) Other payables \u2013 Lease liabilities: properties \u2013 \u2013 (3.0) (3.0) Total other payables \u2013 \u2013 (3.0) (3.0) Total financial liabilities \u2013 \u2013 (12.4) (12.4) Year ended 31 December 2021 Financial assets at fair value through profit and loss Financial assets measured at amortised cost Financial liabilities measured at amortised cost Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 0.5  \u2013 \u2013 0.5 Investment in Collective Investment Schemes 0.2  \u2013 \u2013 0.2 Other receivables \u2013 Business loans to Partners \u2013  14.3 \u2013 14.3 \u2013 Renewal income assets (9.0) \u2013 \u2013 (9.0) Total other receivables (9.0) 14.3 \u2013 5.3 Cash and cash equivalents \u2013  \u2013 \u2013 \u2013 Total financial assets  (8.3) 14.3 \u2013  6.0 Financial liabilities Borrowings \u2013 \u2013 (7.0) (7.0) Other payables \u2013 Lease liabilities: properties \u2013 \u2013 (3.2) (3.2) Total other payables \u2013 \u2013 (3.2) (3.2) Total financial liabilities \u2013  \u2013  (10.2) (10.2) Losses on renewal income assets have been recognised within the investment return line in the Statement of Comprehensive Income. 17. Financial risk continued Fair value estimation Financial assets and liabilities which are held at fair value in the Financial Statements are required to have disclosed their fair value measurements by level of the following fair value measurement hierarchy:    quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);    inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and    inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s shareholder assets and liabilities measured at fair value. 31 December 2022 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.9 \u2013 \u2013 7.9 Investment in Collective Investment Schemes 1 1,271.7 \u2013 \u2013 1,271.7 Renewal income assets \u2013 \u2013 115.5 115.5 Total financial assets  1,279.6 \u2013 115.5 1,395.1 Financial liabilities Contingent consideration \u2013 \u2013 8.3 8.3 Total financial liabilities \u2013 \u2013 8.3 8.3 31 December 2021 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.8 \u2013 \u2013 7.8 Investment in Collective Investment Schemes 1 1,605.3 \u2013 \u2013 1,605.3 Renewal income assets \u2013 \u2013 102.5 102.5 Total financial assets  1,613.1 \u2013 102.5 1,715.6 Financial liabilities Contingent consideration \u2013 \u2013 8.3 8.3 Total financial liabilities \u2013 \u2013 8.3 8.3 1  All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly liquid unitised money market funds, containing assets which are cash and cash equivalents. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. Level 2 financial assets and liabilities are valued using observable prices for identical current arm\u2019s-length transactions. The renewal income assets are Level 3 and are valued using a discounted cash flow technique and the assumptions outlined in Note 12. The effect of applying reasonably possible alternative assumptions of a movement of 100bps on the discount rate and a 10% movement in the lapse rate would result in an unfavourable change in valuation of \u00a38.2 million (2021: \u00a38.9 million) and a favourable change in valuation of \u00a310.4 million (2021: \u00a39.9 million), respectively. The contingent consideration liability is classified as Level 3 and is valued based on the terms set out in the various sale and purchase agreements. Given the nature of the valuation basis the effect of applying reasonably possible alternative assumptions would result in an unfavourable change of \u00a3nil (2021: \u00a3nil) and favourable change of \u00a38.3 million (2021: \u00a38.3 million). There were no transfers between Level 1 and Level 2 during the year, nor into or out of Level 3. The following tables present the changes in Level 3 financial assets and liabilities at fair value through the profit and loss: Financial assets Renewal income assets 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 102.5 87.4 Additions during the year 36.1 34.6 Disposals during the year (7.8) (10.5) Unrealised losses recognised in the Statement of Comprehensive Income (15.3) (9.0) Balance at 31 December 115.5 102.5 Unrealised losses on renewal income assets are recognised within investment return in the Consolidated Statement of Comprehensive Income. Financial liabilities Contingent consideration 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 8.3 \u2013 Additions during the year 6.3 8.3 Payments made during the year (6.3) \u2013 Balance at 31 December 8.3 8.3 Credit risk The following table sets out the maximum credit risk exposure and ratings of shareholder financial and other assets which are susceptible to credit risk: 31 December 2022 AAA AA A BB Unrated Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Fixed income securities \u2013 7.9 \u2013 \u2013 \u2013 7.9 Investment in Collective Investment Schemes 1 1,271.7 \u2013 \u2013 \u2013 \u2013 1,271.7 Reinsurance assets \u2013 66.4 \u2013 \u2013 \u2013 66.4 Other receivables \u2013 5.6 \u2013 \u2013 926.0 931.6 Cash and cash equivalents \u2013 53.8 197.4 2.1 \u2013 253.3 Total 1,271.7 133.7 197.4 2.1 926.0 2,530.9 31 December 2021 AAA AA A BB Unrated Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Fixed income securities \u2013 7.8 \u2013 \u2013 \u2013 7.8 Investment in Collective Investment Schemes 1 1,605.3 \u2013 \u2013 \u2013 \u2013 1,605.3 Reinsurance assets \u2013 82.4 \u2013 \u2013 \u2013 82.4 Other receivables \u2013 9.9 \u2013 \u2013 1,129.0 1,138.9 Cash and cash equivalents \u2013 47.8 196.0  1.9 \u2013 245.7 Total 1,605.3 147.9 196.0 1.9 1,129.0 3,080.1 1  Investment of shareholder assets in Collective Investment Schemes refers to investment in unitised money market funds, containing assets which are cash and cash equivalents. Other receivables includes \u00a3315.6 million (2021: \u00a3521.6 million) of business loans to Partners, which are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with the terms of the loan contract and secured against the future renewal income streams of the respective Partner. Impairment of these loans is determined using the expected loss model set out in IFRS 9. Expected credit losses are based on the historic levels of loss experienced on business loans to Partners, with due consideration given to forward-looking information. A range of factors, including the nature or type of the loan and the security held, are taken into account in calculating the provision. 17. Financial risk continued The loan balance is presented net of a \u00a33.8 million provision (2021: \u00a34.0 million); see Note 12. The movement in the impairment provision will reflect utilisation of the existing provision during the year, but the overall cost of business loans to Partners (including new provisions) recognised within administration expenses in the Statement of Comprehensive Income during the year was a charge of \u00a31.7 million (2021: \u00a33.9 million). Contractual maturity and liquidity analysis The following table sets out the contractual maturity analysis of the Group\u2019s financial assets and financial liabilities. All financial liabilities are undiscounted: 31 December 2022 Up to 1 year 1 to 5 years Over 5 years Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.9 \u2013 \u2013 7.9 Investment in Collective Investment Schemes 1,271.7 \u2013 \u2013 1,271.7 Other receivables \u2013 Business loans to Partners 63.5 186.1 66.0 315.6 \u2013 Renewal income 14.0 28.3 73.2 115.5 \u2013 Other 500.5 \u2013 \u2013 500.5 Total other receivables 578.0 214.4 139.2 931.6 Cash and cash equivalents 253.3 \u2013 \u2013 253.3 Total financial assets 2,110.9 214.4 139.2 2,464.5 Financial liabilities Borrowings 12.8 51.0 100.0 163.8 Other payables \u2013 Lease liabilities: properties 17.7 56.8 59.2 133.7 \u2013 Contingent consideration 6.4 1.9 \u2013 8.3 \u2013 Other 1,158.5 58.0 37.0 1,253.5 Total other payables 1,182.6 116.7 96.2 1,395.5 Total financial liabilities 1,195.4 167.7 196.2 1,559.3 31 December 2021 Up to 1 year 1 to 5 years Over 5 years Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.8 \u2013 \u2013 7.8 Investment in Collective Investment Schemes 1,605.3 \u2013 \u2013 1,605.3 Other receivables \u2013 Business loans to Partners 117.4 301.6 102.6 521.6 \u2013 Renewal income 18.2 43.6 40.7 102.5 \u2013 Other 514.8 \u2013 \u2013 514.8 Total other receivables 650.4 345.2 143.3 1,138.9 Cash and cash equivalents 245.7 \u2013 \u2013 245.7 Total financial assets 2,509.2 345.2 143.3 2,997.7 Financial liabilities Borrowings \u2013 320.2 112.8 433.0 Other payables \u2013 Lease liabilities: properties 1 17.2 59.1 70.9 147.2 \u2013 Contingent consideration 6.4 1.9 \u2013 8.3 \u2013 Other 2 1,034.6 58.0 51.5 1,144.1 Total other payables 1,058.2 119.0 122.4 1,299.6 Total financial liabilities 1,058.2 439.2 235.2 1,732.6 1   Lease liabilities: properties has been restated to reflect the undiscounted cashflows. The restatement increased 1 to 5 years by \u00a34.9 million and Over 5 years by \u00a318.2 million. 2  Other has been restated to reflect the undiscounted cashflows. The restatement decreased 1 to 5 years by \u00a30.4 million and increased Over 5 years by \u00a317.3 million . 2 Sensitivity analysis to market risks Financial assets and liabilities held outside unitised funds primarily consist of fixed interest securities, units in money market funds, cash and cash equivalents, and other accounting assets and liabilities. The fixed interest securities are short-term and are held as an alternative to cash. Similarly, cash held in unitised money market funds and at bank is valued at par and is unaffected by movement in interest rates. Other assets and liabilities are similarly unaffected by market movements. As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. Future profits from annual management charges may be affected by movements in interest rates and equity values. Unit liabilities and associated assets Categories of financial assets and financial liabilities Assets held to cover unit liabilities are summarised in Note 11, and all are held at fair value through profit or loss. Equities, investments in unit trusts which sit within investment in Collective Investment Schemes, and derivative financial assets are required to be held at fair value through profit or loss by IFRS 9, as they are equity instruments or derivatives. All other assets held to cover unit liabilities are elected to be held at fair value through profit or loss to match the fair value through profit or loss classification which is required for unit liabilities. They are designated as such upon initial recognition. Income, expense, gains and losses arising from financial assets, investment properties and financial liabilities The income, expense, gains and losses arising from financial assets, investment properties and financial liabilities are summarised in the table below: 31 December 2022 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Financial assets and investment properties Investment properties (226.6) 246.1 Other assets backing unit liabilities (9,458.0) 11,400.2 Total financial assets and investment properties (9,684.6) 11,646.3 Financial liabilities 1 Unit liabilities 9,930.1 (10,384.0) Total financial liabilities 9,930.1 (10,384.0) 1  None of the change in the fair value of financial liabilities at fair value through profit or loss is attributable to changes in their credit risk. Losses have been recognised within the investment return line in the Statement of Comprehensive Income. 17. Financial risk continued Fair value estimation Financial assets and liabilities which are held at fair value in the Financial Statements are required to have disclosed their fair value measurements, split by level in the fair value measurement hierarchy. The following table presents the Group\u2019s unit liabilities and associated assets measured at fair value: 31 December 2022 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets and investment properties Investment property \u2013 \u2013 1,294.5 1,294.5 Equities 101,944.0 \u2013 1,592.0 103,536.0 Fixed income securities 7,322.0 19,856.4 366.4 27,544.8 Investment in Collective Investment Schemes 4,459.8 \u2013 3.9 4,463.7 Derivative financial instruments \u2013 3,493.0 \u2013 3,493.0 Cash and cash equivalents 6,179.5 \u2013 \u2013 6,179.5 Total financial assets and investment properties 119,905.3 23,349.4 3,256.8 146,511.5 Financial liabilities Investment contract benefits \u2013 106,964.7 \u2013 106,964.7 Derivative financial instruments \u2013 3,266.3 \u2013 3,266.3 Net asset value attributable to unit holders 36,628.4 \u2013 \u2013 36,628.4 Total financial liabilities  36,628.4 110,231.0 \u2013 146,859.4 31 December 2021 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets and investment properties Investment property \u2013 \u2013 1,568.5 1,568.5 Equities 105,735.2 \u2013 1,047.1 106,782.3 Fixed income securities 7,712.1 21,277.9 308.1 29,298.1 Investment in Collective Investment Schemes 3,904.0 \u2013 3.9 3,907.9 Derivative financial instruments \u2013 1,094.6 \u2013 1,094.6 Cash and cash equivalents 7,587.2 \u2013 \u2013 7,587.2 Total financial assets and investment properties 124,938.5 22,372.5 2,927.6 150,238.6 Financial liabilities Investment contract benefits \u2013 110,349.8 \u2013 110,349.8 Derivative financial instruments \u2013 1,019.5 \u2013 1,019.5 Net asset value attributable to unit holders 38,369.0 \u2013 \u2013 38,369.0 Total financial liabilities  38,369.0 111,369.3 \u2013 149,738.3 In respect of the derivative financial liabilities, \u00a3103.1 million of collateral had been posted as at 31 December 2022 (2021: \u00a3192.7 million), comprising cash and treasury bills, in accordance with the terms and conditions of the derivative contracts. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. The Group closely monitors the valuation of assets in markets that have become less liquid. Determining whether a market is active requires the exercise of judgement and is determined based upon the facts and circumstances of the market for the instrument being measured. Where it is determined that there is no active market, fair value is established using a valuation technique. The techniques applied incorporate relevant information available and reflect appropriate adjustments for credit and liquidity risks. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. The relative weightings given to differing sources of information and the determination of non-observable inputs to valuation models can require the exercise of significant judgement. If all significant inputs required to fair-value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Note that all of the resulting fair value estimates are included in Level 2, except for certain equities, fixed income securities, investments in Collective Investment Schemes and investment properties as detailed below. Specific valuation techniques used to value Level 2 financial assets and liabilities include the use of observable prices for identical current arm\u2019s-length transactions, specifically:    the fair value of fixed income securities are determined by inputs including interest rates and market observable yield curves of similar instruments in the market;    the fair value of unit-linked liabilities is assessed by reference to the value of the underlying net asset value of the Group\u2019s unitised investment funds, determined on a bid value basis, at the reporting date; and    the Group\u2019s derivative financial instruments are valued using valuation techniques commonly used by market participants. These consist of discounted cash flow and option pricing models, which typically incorporate observable market data, principally interest rates, basis spreads, foreign exchange rates, equity prices and counterparty credit. Specific valuation techniques used to value Level 3 financial assets and liabilities include:    the use of unobservable inputs, such as expected rental values and equivalent yields; and    other techniques, such as discounted cash flow and historic lapse rates, which are used to determine fair value for the remaining financial instruments. There were no transfers between Level 1 and Level 2 during the year. Transfers into and out of Level 3 portfolios The Group\u2019s policy is to recognise transfers into and out of levels as of the end of each reporting period except for material transfers which are recognised as of the date of the event or change in circumstances that caused the transfer. Transfers out of Level 3 portfolios arise when inputs that could have a significant impact on the instrument\u2019s valuation become market-observable; conversely, transfers into the portfolios arise when consistent sources of data cease to be available. Transfers in of certain investments in Collective Investment Schemes occur when asset valuations can no longer be obtained from an observable market price; e.g. where they have become illiquid, in liquidation, suspended etc. The converse is true if an observable market price becomes available. During the period, \u00a34.8 million of Russian equities (2021: \u00a3nil) transferred from Level 1 to Level 3 as the valuation has been calculated using a markdown on the quoted price, with the markdown being a significant unobservable input. 17. Financial risk continued The following table presents the changes in Level 3 financial assets and liabilities at fair value through the profit and loss: 2022 Investment property Fixed income securities  Equities Collective Investment Schemes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 2022 1,568.5 308.1 1,047.1 3.9 Transfer into Level 3 0.0 6.0 4.8 0.7 Additions during the year 23.6 57.8 425.8 \u2013 Disposed during the year (53.1) (29.7) (77.1) (0.8) (Losses)/gains recognised in the income statement (244.5) 24.2 191.4 0.1 Balance at 31 December 2022 1,294.5 366.4 1,592.0 3.9 Realised (losses)/gains (192.7) 9.1 11.9 \u2013 Unrealised (losses)/gains (51.8) 15.1 179.5 0.1 (Losses)/gains recognised in the income statement (244.5) 24.2 191.4 0.1 2021 Investment property Fixed income securities Equities Collective Investment Schemes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 2021 1,526.7  309.4  465.8  1.8 Transfer into Level 3 \u2013  \u2013  \u2013  2.3 Additions during the year 19.2  135.0  568.2  \u2013 Disposed during the year (158.8) (132.5) (142.8) (0.2) Gains/(losses) recognised in the income statement 181.4 (3.8) 155.9  \u2013 Balance at 31 December 2021 1,568.5  308.1  1,047.1  3.9 Realised gains 1 139.9 6.9  124.8  \u2013 Unrealised gains/(losses) 1 41.5  (10.7)  31.1  \u2013 Gains/(losses) recognised in the income statement 181.4 (3.8)  155.9 \u2013 1   Realised gains and unrealised gains/(losses) have been re-presented to correct the classification of the categories. Unrealised and realised gains/(losses) for all Level 3 assets are recognised within investment return in the Statement of Comprehensive Income. Level 3 valuations Investment property At 31 December 2022 the Group held \u00a31,294.5 million (2021: \u00a31,568.5 million) of investment property, all of which is classified as Level 3 in the fair value hierarchy. It is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The fair values derived are based on anticipated market values for the properties in accordance with guidance issued by the Royal Institution of Chartered Surveyors, being the estimated amount that would be received from a sale of the assets in an orderly transaction between market participants. The valuation of investment property is inherently subjective as it requires, among other factors, assumptions to be made regarding the ability of existing tenants to meet their rental obligations over the entire life of their leases, the estimation of the expected rental income into the future; the assessment of a property\u2019s potential to remain as an attractive technical configuration to existing and prospective tenants in a changing market and a judgement on the attractiveness of a building, its location and the surrounding environment. 31 December 2022 Investment property classification Office Industrial Retail and leisure All Gross ERV (per sq ft) 1 Range \u00a314.00 to \u00a3107.50 \u00a35.00 to \u00a322.50 \u00a32.50 to \u00a388.94 \u00a32.50 to \u00a3107.50 Weighted average \u00a346.18 \u00a312.71 \u00a313.54 \u00a317.20 True equivalent yield Range 4.3% to 9.7% 5.2% to 6.3% 6.0% to 10.5% 4.3% to 10.5% Weighted average 5.9% 5.5% 7.2% 6.2% 31 December 2021 Investment property classification Office Industrial Retail and leisure All Gross ERV (per sq ft) 1 Range \u00a315.00 to \u00a395.06 \u00a34.75 to \u00a319.00 \u00a32.50 to \u00a399.98 \u00a32.50 to \u00a399.98 Weighted average \u00a342.19 \u00a311.10 \u00a313.18 \u00a316.58 True equivalent yield Range 4.2% to 11.5% 3.1% to 5.2% 5.1% to 20.3% 3.1% to 20.3% Weighted average 5.4% 3.7% 6.7% 5.1% 1  Equivalent rental value (per square foot). Fixed income securities and equities At 31 December 2022 the Group held \u00a3366.4 million (2021: \u00a3308.1 million) in private credit investments, and \u00a31,587.3 million (2021: \u00a31,047.1 million) in private market investments through the St. James\u2019s Place Diversified Assets (FAIF) Unit Trust. These are recognised within fixed income securities and equities, respectively, in the Consolidated Statement of Financial Position. They are measured at fair value, with the best evidence of the fair value at initial recognition being the transaction price i.e. the fair value of the consideration given or received. Following initial recognition a monthly valuation process occurs which includes verification by suitably qualified professional external valuers, who are members of various industry bodies including the British Private Equity and Venture Capital Association. The fair values of the private credit investments are principally determined using two valuation methods: 1.  the shadow rating method, which assigns a shadow credit rating to the debt-issuing entity and determines an expected yield with reference to observable yields for comparable companies with a public credit rating in the loan market; and 2.   the weighted average cost of capital (WACC) method, which determines the debt-issuing entity\u2019s WACC with reference to observable market comparatives. The expected yield and WACC are used as the discount rates to calculate the present value of the expected future cash flows under the shadow rating and WACC methods respectively, which is taken to be the fair value. The fair values of the private market investments are principally determined using two valuation methods: 1.   a market approach with reference to suitable market comparatives; and 2.    an income approach using discounted cash flow analysis which assesses the fair value of each asset based on its expected future cash flows. The output of each method for both the private credit and private market investments is a range of values, from which the mid-point is selected to be the fair value in the majority of cases. The mid-point would not be selected if further information is known about an investment which cannot be factored into the valuation method used. A weighting is assigned to the values determined following each method to determine the final valuation. The valuations are inherently subjective as they require a number of assumptions to be made, such as determining which entities provide suitable market comparatives and their relevant performance metrics (for example earnings before interest, tax, depreciation and amortisation), determining appropriate discount rates and cash flow forecasts to use in models, the weighting to apply to each valuation methodology, and the point in the range of valuations to select as the fair value. 17. Financial risk continued Sensitivity of Level 3 valuations Investment in Collective Investment Schemes The valuation of certain investments in Collective Investment Schemes are based on the latest observable price available. Whilst such valuations are sensitive to estimates, it is believed that changing the price applied to a reasonably possible alternative would not change the fair value significantly. Investment property As set out on the previous page, investment property is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The following table sets out the effect of applying reasonably possible alternative assumptions, being a 10% movement in estimated rental value and a 50 bps movement in relative yield, to the valuation of the investment properties. Any change in the value of investment property is matched by an associated movement in the policyholder liability, and therefore would not impact on the shareholder net assets. Investment property significant unobservable inputs Carrying value Effect of reasonable possible alternative assumptions Favourable changes Unfavourable changes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million 31 December 2022 Expected rental value/relative yield 1,294.5 1.410.8 1,186.6 31 December 2021 Expected rental value/relative yield 1,568.5 1,921.0 1,292.3 Fixed income securities and equities As set out on the previous page and above, the fair values of the Level 3 fixed income securities and equities are selected from the valuation range determined through the monthly valuation process. The following table sets out the effect of valuing each of the assets at the high and low point of the range. As for investment property, any change in the value of these fixed income securities or equities is matched by an associated movement in the policyholder liability, and therefore would not impact on the shareholder net assets. Carrying value Effect of reasonable possible alternative assumptions Favourable changes Unfavourable changes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million 31 December 2022 Fixed income securities 366.4 374.2 358.3 Equities 1,587.3 1,783.5 1,380.3 31 December 2021 Fixed income securities 308.1 311.5 304.5 Equities 1,047.1 1,193.4 943.4 Credit risk Credit risk relating to unit liabilities is borne by the unit holders. Contractual maturity and liquidity analysis Unit liabilities (and the associated assets) are deemed to have a maturity of up to one year since they are repayable and transferable on demand. In practice the contractual maturities of the assets may be longer than one year, but the majority of assets held within the unit-linked and unit trust funds are highly liquid and the Group also actively monitors fund liquidity. Sensitivity analysis to market risks The majority of the Group\u2019s business is unitised and the direct associated market risk is therefore borne by unit holders. For completeness, we note that there is an indirect risk associated with market performance as future shareholder income is dependent upon markets; however, the direct risk has been mitigated through the Group\u2019s approach to matching assets and liabilities . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-395": {
   "value": "Fair value estimation Financial assets and liabilities which are held at fair value in the Financial Statements are required to have disclosed their fair value measurements by level of the following fair value measurement hierarchy:    quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);    inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (Level 2); and    inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (Level 3). The following table presents the Group\u2019s shareholder assets and liabilities measured at fair value. 31 December 2022 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.9 \u2013 \u2013 7.9 Investment in Collective Investment Schemes 1 1,271.7 \u2013 \u2013 1,271.7 Renewal income assets \u2013 \u2013 115.5 115.5 Total financial assets  1,279.6 \u2013 115.5 1,395.1 Financial liabilities Contingent consideration \u2013 \u2013 8.3 8.3 Total financial liabilities \u2013 \u2013 8.3 8.3 31 December 2021 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.8 \u2013 \u2013 7.8 Investment in Collective Investment Schemes 1 1,605.3 \u2013 \u2013 1,605.3 Renewal income assets \u2013 \u2013 102.5 102.5 Total financial assets  1,613.1 \u2013 102.5 1,715.6 Financial liabilities Contingent consideration \u2013 \u2013 8.3 8.3 Total financial liabilities \u2013 \u2013 8.3 8.3 1  All assets included as shareholder investment in Collective Investment Schemes are holdings of high-quality, highly liquid unitised money market funds, containing assets which are cash and cash equivalents. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. Level 2 financial assets and liabilities are valued using observable prices for identical current arm\u2019s-length transactions. The renewal income assets are Level 3 and are valued using a discounted cash flow technique and the assumptions outlined in Note 12. The effect of applying reasonably possible alternative assumptions of a movement of 100bps on the discount rate and a 10% movement in the lapse rate would result in an unfavourable change in valuation of \u00a38.2 million (2021: \u00a38.9 million) and a favourable change in valuation of \u00a310.4 million (2021: \u00a39.9 million), respectively. The contingent consideration liability is classified as Level 3 and is valued based on the terms set out in the various sale and purchase agreements. Given the nature of the valuation basis the effect of applying reasonably possible alternative assumptions would result in an unfavourable change of \u00a3nil (2021: \u00a3nil) and favourable change of \u00a38.3 million (2021: \u00a38.3 million). There were no transfers between Level 1 and Level 2 during the year, nor into or out of Level 3. The following tables present the changes in Level 3 financial assets and liabilities at fair value through the profit and loss: Financial assets Renewal income assets 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 102.5 87.4 Additions during the year 36.1 34.6 Disposals during the year (7.8) (10.5) Unrealised losses recognised in the Statement of Comprehensive Income (15.3) (9.0) Balance at 31 December 115.5 102.5 Unrealised losses on renewal income assets are recognised within investment return in the Consolidated Statement of Comprehensive Income. Financial liabilities Contingent consideration 2022 2021 \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 8.3 \u2013 Additions during the year 6.3 8.3 Payments made during the year (6.3) \u2013 Balance at 31 December 8.3 8.3 17. Financial risk continued Fair value estimation Financial assets and liabilities which are held at fair value in the Financial Statements are required to have disclosed their fair value measurements, split by level in the fair value measurement hierarchy. The following table presents the Group\u2019s unit liabilities and associated assets measured at fair value: 31 December 2022 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets and investment properties Investment property \u2013 \u2013 1,294.5 1,294.5 Equities 101,944.0 \u2013 1,592.0 103,536.0 Fixed income securities 7,322.0 19,856.4 366.4 27,544.8 Investment in Collective Investment Schemes 4,459.8 \u2013 3.9 4,463.7 Derivative financial instruments \u2013 3,493.0 \u2013 3,493.0 Cash and cash equivalents 6,179.5 \u2013 \u2013 6,179.5 Total financial assets and investment properties 119,905.3 23,349.4 3,256.8 146,511.5 Financial liabilities Investment contract benefits \u2013 106,964.7 \u2013 106,964.7 Derivative financial instruments \u2013 3,266.3 \u2013 3,266.3 Net asset value attributable to unit holders 36,628.4 \u2013 \u2013 36,628.4 Total financial liabilities  36,628.4 110,231.0 \u2013 146,859.4 31 December 2021 Level 1 Level 2 Level 3 Total balance \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets and investment properties Investment property \u2013 \u2013 1,568.5 1,568.5 Equities 105,735.2 \u2013 1,047.1 106,782.3 Fixed income securities 7,712.1 21,277.9 308.1 29,298.1 Investment in Collective Investment Schemes 3,904.0 \u2013 3.9 3,907.9 Derivative financial instruments \u2013 1,094.6 \u2013 1,094.6 Cash and cash equivalents 7,587.2 \u2013 \u2013 7,587.2 Total financial assets and investment properties 124,938.5 22,372.5 2,927.6 150,238.6 Financial liabilities Investment contract benefits \u2013 110,349.8 \u2013 110,349.8 Derivative financial instruments \u2013 1,019.5 \u2013 1,019.5 Net asset value attributable to unit holders 38,369.0 \u2013 \u2013 38,369.0 Total financial liabilities  38,369.0 111,369.3 \u2013 149,738.3 In respect of the derivative financial liabilities, \u00a3103.1 million of collateral had been posted as at 31 December 2022 (2021: \u00a3192.7 million), comprising cash and treasury bills, in accordance with the terms and conditions of the derivative contracts. The fair value of financial instruments traded in active markets is based on quoted bid prices at the reporting date. These instruments are included in Level 1. The Group closely monitors the valuation of assets in markets that have become less liquid. Determining whether a market is active requires the exercise of judgement and is determined based upon the facts and circumstances of the market for the instrument being measured. Where it is determined that there is no active market, fair value is established using a valuation technique. The techniques applied incorporate relevant information available and reflect appropriate adjustments for credit and liquidity risks. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity-specific estimates. The relative weightings given to differing sources of information and the determination of non-observable inputs to valuation models can require the exercise of significant judgement. If all significant inputs required to fair-value an instrument are observable, the instrument is included in Level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. Note that all of the resulting fair value estimates are included in Level 2, except for certain equities, fixed income securities, investments in Collective Investment Schemes and investment properties as detailed below. Specific valuation techniques used to value Level 2 financial assets and liabilities include the use of observable prices for identical current arm\u2019s-length transactions, specifically:    the fair value of fixed income securities are determined by inputs including interest rates and market observable yield curves of similar instruments in the market;    the fair value of unit-linked liabilities is assessed by reference to the value of the underlying net asset value of the Group\u2019s unitised investment funds, determined on a bid value basis, at the reporting date; and    the Group\u2019s derivative financial instruments are valued using valuation techniques commonly used by market participants. These consist of discounted cash flow and option pricing models, which typically incorporate observable market data, principally interest rates, basis spreads, foreign exchange rates, equity prices and counterparty credit. Specific valuation techniques used to value Level 3 financial assets and liabilities include:    the use of unobservable inputs, such as expected rental values and equivalent yields; and    other techniques, such as discounted cash flow and historic lapse rates, which are used to determine fair value for the remaining financial instruments. There were no transfers between Level 1 and Level 2 during the year. Transfers into and out of Level 3 portfolios The Group\u2019s policy is to recognise transfers into and out of levels as of the end of each reporting period except for material transfers which are recognised as of the date of the event or change in circumstances that caused the transfer. Transfers out of Level 3 portfolios arise when inputs that could have a significant impact on the instrument\u2019s valuation become market-observable; conversely, transfers into the portfolios arise when consistent sources of data cease to be available. Transfers in of certain investments in Collective Investment Schemes occur when asset valuations can no longer be obtained from an observable market price; e.g. where they have become illiquid, in liquidation, suspended etc. The converse is true if an observable market price becomes available. During the period, \u00a34.8 million of Russian equities (2021: \u00a3nil) transferred from Level 1 to Level 3 as the valuation has been calculated using a markdown on the quoted price, with the markdown being a significant unobservable input. 17. Financial risk continued The following table presents the changes in Level 3 financial assets and liabilities at fair value through the profit and loss: 2022 Investment property Fixed income securities  Equities Collective Investment Schemes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 2022 1,568.5 308.1 1,047.1 3.9 Transfer into Level 3 0.0 6.0 4.8 0.7 Additions during the year 23.6 57.8 425.8 \u2013 Disposed during the year (53.1) (29.7) (77.1) (0.8) (Losses)/gains recognised in the income statement (244.5) 24.2 191.4 0.1 Balance at 31 December 2022 1,294.5 366.4 1,592.0 3.9 Realised (losses)/gains (192.7) 9.1 11.9 \u2013 Unrealised (losses)/gains (51.8) 15.1 179.5 0.1 (Losses)/gains recognised in the income statement (244.5) 24.2 191.4 0.1 2021 Investment property Fixed income securities Equities Collective Investment Schemes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Balance at 1 January 2021 1,526.7  309.4  465.8  1.8 Transfer into Level 3 \u2013  \u2013  \u2013  2.3 Additions during the year 19.2  135.0  568.2  \u2013 Disposed during the year (158.8) (132.5) (142.8) (0.2) Gains/(losses) recognised in the income statement 181.4 (3.8) 155.9  \u2013 Balance at 31 December 2021 1,568.5  308.1  1,047.1  3.9 Realised gains 1 139.9 6.9  124.8  \u2013 Unrealised gains/(losses) 1 41.5  (10.7)  31.1  \u2013 Gains/(losses) recognised in the income statement 181.4 (3.8)  155.9 \u2013 1   Realised gains and unrealised gains/(losses) have been re-presented to correct the classification of the categories. Unrealised and realised gains/(losses) for all Level 3 assets are recognised within investment return in the Statement of Comprehensive Income. Level 3 valuations Investment property At 31 December 2022 the Group held \u00a31,294.5 million (2021: \u00a31,568.5 million) of investment property, all of which is classified as Level 3 in the fair value hierarchy. It is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The fair values derived are based on anticipated market values for the properties in accordance with guidance issued by the Royal Institution of Chartered Surveyors, being the estimated amount that would be received from a sale of the assets in an orderly transaction between market participants. The valuation of investment property is inherently subjective as it requires, among other factors, assumptions to be made regarding the ability of existing tenants to meet their rental obligations over the entire life of their leases, the estimation of the expected rental income into the future; the assessment of a property\u2019s potential to remain as an attractive technical configuration to existing and prospective tenants in a changing market and a judgement on the attractiveness of a building, its location and the surrounding environment. 31 December 2022 Investment property classification Office Industrial Retail and leisure All Gross ERV (per sq ft) 1 Range \u00a314.00 to \u00a3107.50 \u00a35.00 to \u00a322.50 \u00a32.50 to \u00a388.94 \u00a32.50 to \u00a3107.50 Weighted average \u00a346.18 \u00a312.71 \u00a313.54 \u00a317.20 True equivalent yield Range 4.3% to 9.7% 5.2% to 6.3% 6.0% to 10.5% 4.3% to 10.5% Weighted average 5.9% 5.5% 7.2% 6.2% 31 December 2021 Investment property classification Office Industrial Retail and leisure All Gross ERV (per sq ft) 1 Range \u00a315.00 to \u00a395.06 \u00a34.75 to \u00a319.00 \u00a32.50 to \u00a399.98 \u00a32.50 to \u00a399.98 Weighted average \u00a342.19 \u00a311.10 \u00a313.18 \u00a316.58 True equivalent yield Range 4.2% to 11.5% 3.1% to 5.2% 5.1% to 20.3% 3.1% to 20.3% Weighted average 5.4% 3.7% 6.7% 5.1% 1  Equivalent rental value (per square foot). Fixed income securities and equities At 31 December 2022 the Group held \u00a3366.4 million (2021: \u00a3308.1 million) in private credit investments, and \u00a31,587.3 million (2021: \u00a31,047.1 million) in private market investments through the St. James\u2019s Place Diversified Assets (FAIF) Unit Trust. These are recognised within fixed income securities and equities, respectively, in the Consolidated Statement of Financial Position. They are measured at fair value, with the best evidence of the fair value at initial recognition being the transaction price i.e. the fair value of the consideration given or received. Following initial recognition a monthly valuation process occurs which includes verification by suitably qualified professional external valuers, who are members of various industry bodies including the British Private Equity and Venture Capital Association. The fair values of the private credit investments are principally determined using two valuation methods: 1.  the shadow rating method, which assigns a shadow credit rating to the debt-issuing entity and determines an expected yield with reference to observable yields for comparable companies with a public credit rating in the loan market; and 2.   the weighted average cost of capital (WACC) method, which determines the debt-issuing entity\u2019s WACC with reference to observable market comparatives. The expected yield and WACC are used as the discount rates to calculate the present value of the expected future cash flows under the shadow rating and WACC methods respectively, which is taken to be the fair value. The fair values of the private market investments are principally determined using two valuation methods: 1.   a market approach with reference to suitable market comparatives; and 2.    an income approach using discounted cash flow analysis which assesses the fair value of each asset based on its expected future cash flows. The output of each method for both the private credit and private market investments is a range of values, from which the mid-point is selected to be the fair value in the majority of cases. The mid-point would not be selected if further information is known about an investment which cannot be factored into the valuation method used. A weighting is assigned to the values determined following each method to determine the final valuation. The valuations are inherently subjective as they require a number of assumptions to be made, such as determining which entities provide suitable market comparatives and their relevant performance metrics (for example earnings before interest, tax, depreciation and amortisation), determining appropriate discount rates and cash flow forecasts to use in models, the weighting to apply to each valuation methodology, and the point in the range of valuations to select as the fair value. 17. Financial risk continued Sensitivity of Level 3 valuations Investment in Collective Investment Schemes The valuation of certain investments in Collective Investment Schemes are based on the latest observable price available. Whilst such valuations are sensitive to estimates, it is believed that changing the price applied to a reasonably possible alternative would not change the fair value significantly. Investment property As set out on the previous page, investment property is initially measured at cost including related acquisition costs and subsequently valued at least monthly by professional external valuers at the properties\u2019 respective fair values at each reporting date. The following table sets out the effect of applying reasonably possible alternative assumptions, being a 10% movement in estimated rental value and a 50 bps movement in relative yield, to the valuation of the investment properties. Any change in the value of investment property is matched by an associated movement in the policyholder liability, and therefore would not impact on the shareholder net assets. Investment property significant unobservable inputs Carrying value Effect of reasonable possible alternative assumptions Favourable changes Unfavourable changes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million 31 December 2022 Expected rental value/relative yield 1,294.5 1.410.8 1,186.6 31 December 2021 Expected rental value/relative yield 1,568.5 1,921.0 1,292.3 Fixed income securities and equities As set out on the previous page and above, the fair values of the Level 3 fixed income securities and equities are selected from the valuation range determined through the monthly valuation process. The following table sets out the effect of valuing each of the assets at the high and low point of the range. As for investment property, any change in the value of these fixed income securities or equities is matched by an associated movement in the policyholder liability, and therefore would not impact on the shareholder net assets. Carrying value Effect of reasonable possible alternative assumptions Favourable changes Unfavourable changes \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million 31 December 2022 Fixed income securities 366.4 374.2 358.3 Equities 1,587.3 1,783.5 1,380.3 31 December 2021 Fixed income securities 308.1 311.5 304.5 Equities 1,047.1 1,193.4 943.4 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-396": {
   "value": "Credit risk The following table sets out the maximum credit risk exposure and ratings of shareholder financial and other assets which are susceptible to credit risk: 31 December 2022 AAA AA A BB Unrated Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Fixed income securities \u2013 7.9 \u2013 \u2013 \u2013 7.9 Investment in Collective Investment Schemes 1 1,271.7 \u2013 \u2013 \u2013 \u2013 1,271.7 Reinsurance assets \u2013 66.4 \u2013 \u2013 \u2013 66.4 Other receivables \u2013 5.6 \u2013 \u2013 926.0 931.6 Cash and cash equivalents \u2013 53.8 197.4 2.1 \u2013 253.3 Total 1,271.7 133.7 197.4 2.1 926.0 2,530.9 31 December 2021 AAA AA A BB Unrated Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Fixed income securities \u2013 7.8 \u2013 \u2013 \u2013 7.8 Investment in Collective Investment Schemes 1 1,605.3 \u2013 \u2013 \u2013 \u2013 1,605.3 Reinsurance assets \u2013 82.4 \u2013 \u2013 \u2013 82.4 Other receivables \u2013 9.9 \u2013 \u2013 1,129.0 1,138.9 Cash and cash equivalents \u2013 47.8 196.0  1.9 \u2013 245.7 Total 1,605.3 147.9 196.0 1.9 1,129.0 3,080.1 1  Investment of shareholder assets in Collective Investment Schemes refers to investment in unitised money market funds, containing assets which are cash and cash equivalents. Other receivables includes \u00a3315.6 million (2021: \u00a3521.6 million) of business loans to Partners, which are interest-bearing (linked to Bank of England base rate plus a margin), repayable in line with the terms of the loan contract and secured against the future renewal income streams of the respective Partner. Impairment of these loans is determined using the expected loss model set out in IFRS 9. Expected credit losses are based on the historic levels of loss experienced on business loans to Partners, with due consideration given to forward-looking information. A range of factors, including the nature or type of the loan and the security held, are taken into account in calculating the provision. 17. Financial risk continued The loan balance is presented net of a \u00a33.8 million provision (2021: \u00a34.0 million); see Note 12. The movement in the impairment provision will reflect utilisation of the existing provision during the year, but the overall cost of business loans to Partners (including new provisions) recognised within administration expenses in the Statement of Comprehensive Income during the year was a charge of \u00a31.7 million (2021: \u00a33.9 million). Credit risk Credit risk relating to unit liabilities is borne by the unit holders. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-397": {
   "value": "Contractual maturity and liquidity analysis The following table sets out the contractual maturity analysis of the Group\u2019s financial assets and financial liabilities. All financial liabilities are undiscounted: 31 December 2022 Up to 1 year 1 to 5 years Over 5 years Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.9 \u2013 \u2013 7.9 Investment in Collective Investment Schemes 1,271.7 \u2013 \u2013 1,271.7 Other receivables \u2013 Business loans to Partners 63.5 186.1 66.0 315.6 \u2013 Renewal income 14.0 28.3 73.2 115.5 \u2013 Other 500.5 \u2013 \u2013 500.5 Total other receivables 578.0 214.4 139.2 931.6 Cash and cash equivalents 253.3 \u2013 \u2013 253.3 Total financial assets 2,110.9 214.4 139.2 2,464.5 Financial liabilities Borrowings 12.8 51.0 100.0 163.8 Other payables \u2013 Lease liabilities: properties 17.7 56.8 59.2 133.7 \u2013 Contingent consideration 6.4 1.9 \u2013 8.3 \u2013 Other 1,158.5 58.0 37.0 1,253.5 Total other payables 1,182.6 116.7 96.2 1,395.5 Total financial liabilities 1,195.4 167.7 196.2 1,559.3 31 December 2021 Up to 1 year 1 to 5 years Over 5 years Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets Fixed income securities 7.8 \u2013 \u2013 7.8 Investment in Collective Investment Schemes 1,605.3 \u2013 \u2013 1,605.3 Other receivables \u2013 Business loans to Partners 117.4 301.6 102.6 521.6 \u2013 Renewal income 18.2 43.6 40.7 102.5 \u2013 Other 514.8 \u2013 \u2013 514.8 Total other receivables 650.4 345.2 143.3 1,138.9 Cash and cash equivalents 245.7 \u2013 \u2013 245.7 Total financial assets 2,509.2 345.2 143.3 2,997.7 Financial liabilities Borrowings \u2013 320.2 112.8 433.0 Other payables \u2013 Lease liabilities: properties 1 17.2 59.1 70.9 147.2 \u2013 Contingent consideration 6.4 1.9 \u2013 8.3 \u2013 Other 2 1,034.6 58.0 51.5 1,144.1 Total other payables 1,058.2 119.0 122.4 1,299.6 Total financial liabilities 1,058.2 439.2 235.2 1,732.6 1   Lease liabilities: properties has been restated to reflect the undiscounted cashflows. The restatement increased 1 to 5 years by \u00a34.9 million and Over 5 years by \u00a318.2 million. 2  Other has been restated to reflect the undiscounted cashflows. The restatement decreased 1 to 5 years by \u00a30.4 million and increased Over 5 years by \u00a317.3 million Contractual maturity and liquidity analysis Unit liabilities (and the associated assets) are deemed to have a maturity of up to one year since they are repayable and transferable on demand. In practice the contractual maturities of the assets may be longer than one year, but the majority of assets held within the unit-linked and unit trust funds are highly liquid and the Group also actively monitors fund liquidity. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-398": {
   "value": "Sensitivity analysis to market risks Financial assets and liabilities held outside unitised funds primarily consist of fixed interest securities, units in money market funds, cash and cash equivalents, and other accounting assets and liabilities. The fixed interest securities are short-term and are held as an alternative to cash. Similarly, cash held in unitised money market funds and at bank is valued at par and is unaffected by movement in interest rates. Other assets and liabilities are similarly unaffected by market movements. As a result of these combined factors, the Group\u2019s financial assets and liabilities held outside unitised funds are not materially subject to market risk, and movements at the reporting date in interest rates and equity values have an immaterial impact on the Group\u2019s profit after tax and equity. Future profits from annual management charges may be affected by movements in interest rates and equity values. Sensitivity analysis to market risks The majority of the Group\u2019s business is unitised and the direct associated market risk is therefore borne by unit holders. For completeness, we note that there is an indirect risk associated with market performance as future shareholder income is dependent upon markets; however, the direct risk has been mitigated through the Group\u2019s approach to matching assets and liabilities ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-372": {
   "value": "18. Cash generated from operations Note Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Cash flows from operating activities Profit before tax for the year 0.7 842.4 Adjustments for: Amortisation of purchased value of in-force business 8 3.2 3.2 Amortisation of computer software 8 9.3 10.6 Change in capitalisation policy 8 \u2013 5.1 Depreciation 9 21.7 22.1 Impairment of goodwill 8 1.5 1.5 Loss on disposal of computer software 8 0.5 \u2013 Loss on disposal of property and equipment, including leased assets 9 0.9 2.7 Share-based payment charge 21 20.5 22.9 Interest income (61.8) (19.2) Interest expense 12.4 10.2 Increase in provisions  15 1.9 9.8 Exchange rate (gains)/losses (0.7) 0.1 9.4 69.0 Changes in operating assets and liabilities Decrease in deferred acquisition costs  8 42.3 44.9 Decrease/(increase) in investment property 274.0 (41.8) Decrease/(increase) in other investments 2,378.9 (24,358.4) Increase in investment in associates \u2013 (1.4) Decrease in reinsurance assets 16.0 9.9 Increase in other receivables (298.8) (326.9) (Decrease)/increase in insurance contract liabilities (88.8) 9.7 (Decrease)/increase in financial liabilities (excluding borrowings) (1,138.3) 17,486.7 Decrease in deferred income 8 (32.2) (17.3) (Decrease)/increase in other payables (397.7) 574.3 (Decrease)/increase in net assets attributable to unit holders (1,740.6) 7,449.9 (985.2) 829.6 Cash (used in)/generated from operations (975.1) 1,741.0 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-373": {
   "value": "19. Capital management and allocation<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy, set by th<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>, is to m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>ntai<span class=\"_ _b\"/>n a st<span class=\"_ _b\"/>ron<span class=\"_ _b\"/>g ca<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>tal ba<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e in o<span class=\"_ _b\"/>rde<span class=\"_ _b\"/>r to:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">pro<span class=\"_ _b\"/>tect c<span class=\"_ _b\"/>li<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>\u2019 i<span class=\"_ _b\"/>ntere<span class=\"_ _b\"/>sts;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">meet regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y requir<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ments;<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">pro<span class=\"_ _b\"/>tect c<span class=\"_ _b\"/>red<span class=\"_ _b\"/>ito<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>\u2019 in<span class=\"_ _b\"/>tere<span class=\"_ _b\"/>sts; a<span class=\"_ _b\"/>nd<span class=\"_ _b\"/> </span><span class=\"_ _34e\"> </span><span class=\"_ _3f\"/><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">create<span class=\"_ _39\"/> shareholder value<span class=\"_ _39\"/> through support for<span class=\"_ _39\"/> business dev<span class=\"_ _5\"/>elopment.<span class=\"_ _34e\"> </span></span>The polic<span class=\"_ _39\"/>y requires<span class=\"_ _39\"/> that each su<span class=\"_ _5\"/>bsidiary manages its<span class=\"_ _39\"/> own capit<span class=\"_ _39\"/>al<span class=\"_ _b\"/>, in<span class=\"_ _39\"/> par<span class=\"_ _b\"/>ticular t<span class=\"_ _39\"/>o maintain<span class=\"_ _39\"/> regulatory solv<span class=\"_ _39\"/>ency<span class=\"_ _39\"/>, in the con<span class=\"_ _b\"/>tex<span class=\"_ _b\"/>t o<span class=\"_ _b\"/>f a Gro<span class=\"_ _b\"/>up c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>an<span class=\"_ _b\"/>. A<span class=\"_ _b\"/>ny cap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l in e<span class=\"_ _b\"/>xce<span class=\"_ _b\"/>ss o<span class=\"_ _b\"/>f pl<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent<span class=\"_ _b\"/>s is re<span class=\"_ _b\"/>tu<span class=\"_ _b\"/>rne<span class=\"_ _b\"/>d to th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>\u2019s Pare<span class=\"_ _b\"/>nt C<span class=\"_ _b\"/>om<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ny, St. James\u2019s P<span class=\"_ _39\"/>lace plc, normally b<span class=\"_ _5\"/>y way<span class=\"_ _39\"/> of dividends. The Gr<span class=\"_ _39\"/>oup capital<span class=\"_ _39\"/> p<span class=\"_ _b\"/>osition<span class=\"_ _5\"/> is monit<span class=\"_ _39\"/>ored by<span class=\"_ _39\"/> the Audit<span class=\"_ _39\"/> Committee on b<span class=\"_ _b\"/>eh<span class=\"_ _b\"/>al<span class=\"_ _b\"/>f of t<span class=\"_ _b\"/>he S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c B<span class=\"_ _b\"/>oa<span class=\"_ _b\"/>rd<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>19. Capital management and allocation <span class=\"ffa5 lsf5 ws104\">conti<span class=\"_ _b\"/>nu<span class=\"_ _b\"/>ed<span class=\"_ _34e\"> </span></span>Regulatory capital<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p\u2019s c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l ma<span class=\"_ _b\"/>na<span class=\"_ _b\"/>g<span class=\"_ _b\"/>em<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t po<span class=\"_ _b\"/>li<span class=\"_ _b\"/>cy i<span class=\"_ _b\"/>s<span class=\"_ _b\"/>, for e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h su<span class=\"_ _b\"/>bs<span class=\"_ _b\"/>id<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>y, to hol<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e hi<span class=\"_ _b\"/>g<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r of<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">th<span class=\"_ _b\"/>e ca<span class=\"_ _b\"/>pi<span class=\"_ _b\"/>tal re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d by any re<span class=\"_ _b\"/>leva<span class=\"_ _b\"/>nt s<span class=\"_ _b\"/>up<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>is<span class=\"_ _b\"/>or<span class=\"_ _b\"/>y b<span class=\"_ _b\"/>o<span class=\"_ _b\"/>dy, up<span class=\"_ _b\"/>li<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ted by a s<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d m<span class=\"_ _b\"/>arg<span class=\"_ _b\"/>in to ab<span class=\"_ _b\"/>so<span class=\"_ _b\"/>rb c<span class=\"_ _b\"/>ha<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>es; o<span class=\"_ _b\"/>r<span class=\"_ _34e\"> </span></span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 lsd ws35\">the capit<span class=\"_ _39\"/>al required<span class=\"_ _39\"/> based on the C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>any\u2019s in<span class=\"_ _39\"/>ternal assessment.<span class=\"_ _34e\"> </span></span>For<span class=\"_ _5\"/> our insur<span class=\"_ _39\"/>ance companies, we hold<span class=\"_ _39\"/> capital based on<span class=\"_ _39\"/> our own in<span class=\"_ _5\"/>ternal<span class=\"_ _39\"/> assessment<span class=\"_ _b\"/>, recognising<span class=\"_ _39\"/> the regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y requirement.<span class=\"_ _34e\"> </span>For<span class=\"_ _5\"/> other<span class=\"_ _5\"/> regulat<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d companies<span class=\"_ _5\"/> we gener<span class=\"_ _39\"/>ally hold capital<span class=\"_ _39\"/> based on the<span class=\"_ _39\"/> regulatory requiremen<span class=\"_ _5\"/>t uplifted b<span class=\"_ _39\"/>y a specified mar<span class=\"_ _39\"/>gin<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The fo<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>tie<span class=\"_ _b\"/>s are s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>je<span class=\"_ _b\"/>ct to re<span class=\"_ _b\"/>gu<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tor<span class=\"_ _6\"/>y su<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>r<span class=\"_ _b\"/>v<span class=\"_ _b\"/>is<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n an<span class=\"_ _b\"/>d h<span class=\"_ _b\"/>ave to ma<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ntai<span class=\"_ _b\"/>n a mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>mu<span class=\"_ _b\"/>m l<span class=\"_ _b\"/>evel o<span class=\"_ _b\"/>f reg<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>ato<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>Entit<span class=\"_ _b\"/>y<span class=\"_ _20e\"> </span><span class=\"lsb9 wsbf\">Regulatory body and jurisdiction<span class=\"_ _34e\"> </span></span>Capst<span class=\"_ _39\"/>one Financial (<span class=\"_ _4\"/>H<span class=\"_ _b\"/>K<span class=\"_ _39\"/>) Limited<span class=\"_ _302\"> </span>Securities<span class=\"_ _5\"/> and F<span class=\"_ _39\"/>utures Commission<span class=\"_ _39\"/> (<span class=\"_ _39\"/>Hon<span class=\"_ _b\"/>g K<span class=\"_ _39\"/>ong)<span class=\"_ _39\"/>: Member<span class=\"_ _34e\"> </span>of the<span class=\"_ _39\"/> Hong K<span class=\"_ _39\"/>ong Confederat<span class=\"_ _39\"/>ion of Insur<span class=\"_ _39\"/>ance Brokers<span class=\"_ _34e\"> </span>Perennial<span class=\"_ _39\"/> Financial Management Limited <span class=\"_ _271\"> </span><span class=\"lsb0 ws3d\">FCA: Personal In<span class=\"_ _39\"/>vestment Firm<span class=\"_ _34e\"> </span></span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices Limit<span class=\"_ _39\"/>ed <span class=\"_ _303\"> </span><span class=\"lsb0 ws3d\">FC<span class=\"_ _39\"/>A<span class=\"_ _b\"/>: Personal Inv<span class=\"_ _39\"/>estme<span class=\"_ _b\"/>nt Firm<span class=\"_ _34e\"> </span></span>Rowa<span class=\"_ _b\"/>n Da<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gton &amp; C<span class=\"_ _b\"/>o Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _304\"> </span>FCA: I<span class=\"_ _b\"/>nves<span class=\"_ _b\"/>tme<span class=\"_ _b\"/>nt F<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>m<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e (<span class=\"_ _5\"/>Ho<span class=\"_ _b\"/>ng Kon<span class=\"_ _b\"/>g) Lim<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _305\"> </span><span class=\"lsd ws35\">Securities<span class=\"_ _5\"/> and F<span class=\"_ _39\"/>utures Commission<span class=\"_ _39\"/> (<span class=\"_ _39\"/>Hon<span class=\"_ _b\"/>g K<span class=\"_ _39\"/>ong)<span class=\"_ _39\"/>: Member<span class=\"_ _34e\"> </span></span>of the<span class=\"_ _39\"/> Hong K<span class=\"_ _39\"/>ong Confederat<span class=\"_ _39\"/>ion of Insur<span class=\"_ _39\"/>ance Brokers<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace International<span class=\"_ _39\"/> (<span class=\"_ _39\"/>H<span class=\"_ _b\"/>ong K<span class=\"_ _39\"/>ong)<span class=\"_ _39\"/> Limited<span class=\"_ _19\"> </span>Insurance A<span class=\"_ _39\"/>uthority (<span class=\"_ _39\"/>Hong K<span class=\"_ _39\"/>ong)<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al p<span class=\"_ _b\"/>lc<span class=\"_ _1ed\"> </span><span class=\"lsd ws35\">Central Bank<span class=\"_ _39\"/> of Ireland: Lif<span class=\"_ _39\"/>e insurance<span class=\"_ _39\"/> business<span class=\"_ _34e\"> </span></span>St. James\u2019s P<span class=\"_ _39\"/>lace Invest<span class=\"_ _39\"/>ment Administr<span class=\"_ _39\"/>ation Limit<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d<span class=\"_ _52\"> </span><span class=\"ls4c ws3\">F<span class=\"_ _b\"/>CA: I<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt F<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>m<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip S<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _1c7\"> </span>FCA: Con<span class=\"_ _b\"/>su<span class=\"_ _b\"/>m<span class=\"_ _b\"/>er Cre<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it F<span class=\"_ _b\"/>ir<span class=\"_ _b\"/>m<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e (<span class=\"_ _39\"/>S<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ore<span class=\"_ _39\"/>) P<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>vate Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _b\"/> <span class=\"_ _d\"> </span><span class=\"lsd ws35\">Monetary Aut<span class=\"_ _39\"/>horit<span class=\"_ _b\"/>y of Singapor<span class=\"_ _39\"/>e: Member of t<span class=\"_ _5\"/>he Associat<span class=\"_ _39\"/>ion<span class=\"_ _34e\"> </span></span>of Financial<span class=\"_ _39\"/> Advisers<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K pl<span class=\"_ _b\"/>c<span class=\"_ _2b9\"> </span><span class=\"lsd ws35\">P<span class=\"_ _39\"/>R<span class=\"_ _b\"/>A and<span class=\"_ _39\"/> FCA: L<span class=\"_ _39\"/>ong-t<span class=\"_ _39\"/>erm insurance<span class=\"_ _39\"/> business<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>nit Trus<span class=\"_ _b\"/>t Gro<span class=\"_ _b\"/>up L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _261\"> </span><span class=\"lsd ws35\">FC<span class=\"_ _39\"/>A: UCITS Management C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>any<span class=\"_ _34e\"> </span></span>St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> Wealth<span class=\"_ _39\"/> M<span class=\"_ _b\"/>anagement<span class=\"_ _39\"/> plc<span class=\"_ _19d\"> </span><span class=\"lsb0 ws3d\">FCA: Personal Inv<span class=\"_ _39\"/>estment Firm<span class=\"_ _34e\"> </span></span>In a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>it<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>roup i<span class=\"_ _b\"/>s re<span class=\"_ _b\"/>gu<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>s an i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>ce g<span class=\"_ _b\"/>roup u<span class=\"_ _b\"/>n<span class=\"_ _b\"/>de<span class=\"_ _b\"/>r So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cy II<span class=\"_ _6\"/>, wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e PR<span class=\"_ _b\"/>A as t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ad<span class=\"_ _34e\"> </span>regulat<span class=\"_ _39\"/>or.<span class=\"_ _39\"/> More inf<span class=\"_ _39\"/>ormation about the<span class=\"_ _39\"/> capital posit<span class=\"_ _39\"/>ion of the<span class=\"_ _39\"/> Group under Solv<span class=\"_ _39\"/>ency II r<span class=\"_ _5\"/>egulations is<span class=\"_ _39\"/> set out in t<span class=\"_ _39\"/>he separate<span class=\"_ _39\"/> Solvency<span class=\"_ _39\"/> and Financial Condition<span class=\"_ _39\"/> Repor<span class=\"_ _b\"/>t document. T<span class=\"_ _5\"/>he o<span class=\"_ _39\"/>verall capit<span class=\"_ _39\"/>al position<span class=\"_ _39\"/> for the<span class=\"_ _39\"/> Group at 3<span class=\"_ _39\"/>1 December 2022, assessed<span class=\"_ _34e\"> </span>on the<span class=\"_ _39\"/> standard<span class=\"_ _39\"/> formula basis, is<span class=\"_ _5\"/> present<span class=\"_ _39\"/>ed in the<span class=\"_ _39\"/> following t<span class=\"_ _39\"/>able:<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span>2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>IFRS tot<span class=\"_ _39\"/>a<span class=\"_ _b\"/>l assets<span class=\"_ _1cf\"> </span><span class=\"ls3e ws3d\">151,705.0<span class=\"_ _64\"> </span></span><span class=\"ws3\">155<span class=\"_ _b\"/>,729.9<span class=\"_ _34e\"> </span></span>Less<span class=\"_ _39\"/> Solvency II v<span class=\"_ _39\"/>aluation adjustments<span class=\"_ _39\"/> and unit<span class=\"_ _39\"/>-link<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d liabilities<span class=\"_ _306\"> </span><span class=\"ls2f ws2f\">(<span class=\"_ _39\"/>150,325.1<span class=\"_ _4\"/>)<span class=\"_ _87\"> </span><span class=\"ls7d ws82\">(<span class=\"_ _39\"/>154,4<span class=\"_ _b\"/>84.6<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span></span></span>Sol<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy II n<span class=\"_ _b\"/>et as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts<span class=\"_ _10f\"> </span><span class=\"lsb2 wsb9\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>379.9<span class=\"_ _7c\"> </span><span class=\"ffa5 fc3 lsbf wsc6\">1<span class=\"_ _6\"/>,<span class=\"_ _b\"/>24<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.<span class=\"_ _b\"/>3<span class=\"_ _b\"/> </span></span>So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>ncy I<span class=\"_ _b\"/>I V<span class=\"_ _b\"/>IF<span class=\"_ _150\"> </span><span class=\"lse9 wsd7\">5,580.4<span class=\"_ _b4\"> </span><span class=\"ls2f ws2f\">5,640.1<span class=\"_ _34e\"> </span></span></span>Risk mar<span class=\"_ _39\"/>gin<span class=\"_ _307\"> </span><span class=\"lse9 wsd7\">(<span class=\"_ _39\"/>1,516.4<span class=\"_ _29\"/>)<span class=\"_ _5f\"> </span><span class=\"lsf0 wsfe\">(1<span class=\"_ _6\"/>,<span class=\"_ _6\"/>6<span class=\"_ _6\"/>2<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _6\"/>9)<span class=\"_ _34e\"> </span></span></span>Own funds (<span class=\"_ _4\"/>A)<span class=\"_ _f2\"> </span><span class=\"lsbc wsc1\">5,<span class=\"_ _b\"/>443<span class=\"_ _b\"/>.9<span class=\"_ _1c4\"> </span><span class=\"ffa5 fc3 ls5f ws65\">5<span class=\"_ _b\"/>,<span class=\"_ _b\"/>262<span class=\"_ _b\"/>.5<span class=\"_ _34e\"> </span></span></span>Sta<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ard f<span class=\"_ _b\"/>ormu<span class=\"_ _b\"/>la S<span class=\"_ _b\"/>CR (B<span class=\"_ _4\"/>)<span class=\"_ _308\"> </span><span class=\"lsa4 wsfb\">(3<span class=\"_ _6\"/>,<span class=\"_ _6\"/>5<span class=\"_ _6\"/>2<span class=\"_ _6\"/>2<span class=\"_ _30\"/>.<span class=\"_ _6\"/>5)<span class=\"_ _db\"> </span><span class=\"ffa5 fc3 ls73 ws75\">3<span class=\"_ _b\"/>,939.1<span class=\"_ _34e\"> </span></span></span>Sol<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy II f<span class=\"_ _b\"/>re<span class=\"_ _b\"/>e ass<span class=\"_ _b\"/>ets (A-B<span class=\"_ _39\"/>)<span class=\"_ _1d6\"> </span><span class=\"lsc0 wsc7\">1,921<span class=\"_ _b\"/>.4<span class=\"_ _60\"> </span></span><span class=\"ffa5 fc3 ls3\">1,<span class=\"_ _6\"/>323<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span>Sol<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy II r<span class=\"_ _b\"/>at<span class=\"_ _b\"/>io (A/<span class=\"_ _39\"/>B)<span class=\"_ _16a\"> </span><span class=\"lsf3 ws101\">155%<span class=\"_ _15\"> </span></span><span class=\"ffa5 fc3 ws4a\">13<span class=\"_ _b\"/>4%<span class=\"_ _34e\"> </span></span>31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember<span class=\"_ _34e\"> </span>2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember<span class=\"_ _34e\"> </span>2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>ncy I<span class=\"_ _b\"/>I n<span class=\"_ _b\"/>et a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>ets<span class=\"_ _173\"> </span><span class=\"lsb2 wsb9\">1,<span class=\"_ _b\"/>3<span class=\"_ _b\"/>79.<span class=\"_ _b\"/>9<span class=\"_ _7c\"> </span><span class=\"lsbf wsc6\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>24<span class=\"_ _b\"/>5<span class=\"_ _b\"/>.<span class=\"_ _6\"/>3<span class=\"_ _34e\"> </span></span></span>Less<span class=\"_ _5\"/>: management<span class=\"_ _39\"/> solvency<span class=\"_ _39\"/> buf<span class=\"_ _b\"/>fer<span class=\"_ _39\"/> (<span class=\"_ _5\"/>MSB<span class=\"_ _39\"/>)<span class=\"_ _cd\"> </span><span class=\"ls86 ws88\">(5<span class=\"_ _b\"/>3<span class=\"_ _6\"/>2<span class=\"_ _6\"/>.<span class=\"_ _b\"/>7<span class=\"_ _b\"/>)<span class=\"_ _60\"> </span><span class=\"lsef wsfd\">(5<span class=\"_ _6\"/>1<span class=\"_ _6\"/>8<span class=\"_ _30\"/>.<span class=\"_ _6\"/>0)<span class=\"_ _34e\"> </span></span></span>Excess of<span class=\"_ _5\"/> free assets o<span class=\"_ _39\"/>ver MSB<span class=\"_ _da\"> </span><span class=\"lse2 wsf1\">8<span class=\"_ _6\"/>4<span class=\"_ _b\"/>7.<span class=\"_ _30\"/>2<span class=\"_ _97\"> </span><span class=\"ffa5 fc3 ls3 ws3\">727<span class=\"_ _39\"/>.<span class=\"_ _b\"/>3<span class=\"_ _34e\"> </span></span></span>An overa<span class=\"_ _b\"/>ll i<span class=\"_ _b\"/>nte<span class=\"_ _b\"/>rn<span class=\"_ _b\"/>al c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ital a<span class=\"_ _b\"/>s<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt i<span class=\"_ _b\"/>s req<span class=\"_ _b\"/>u<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>d for i<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>ura<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e gro<span class=\"_ _b\"/>ups<span class=\"_ _b\"/>. T<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>s is k<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ow<span class=\"_ _b\"/>n as a<span class=\"_ _b\"/>n OR<span class=\"_ _b\"/>SA (<span class=\"_ _39\"/>O<span class=\"_ _b\"/>wn R<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k an<span class=\"_ _b\"/>d So<span class=\"_ _b\"/>lve<span class=\"_ _b\"/>n<span class=\"_ _b\"/>cy<span class=\"_ _34e\"> </span>Ass<span class=\"_ _b\"/>es<span class=\"_ _b\"/>sm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt) and i<span class=\"_ _b\"/>s de<span class=\"_ _b\"/>sc<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>be<span class=\"_ _b\"/>d in m<span class=\"_ _b\"/>o<span class=\"_ _b\"/>re deta<span class=\"_ _b\"/>il i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e OR<span class=\"_ _b\"/>SA se<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on w<span class=\"_ _b\"/>it<span class=\"_ _b\"/>hi<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e ri<span class=\"_ _b\"/>sk a<span class=\"_ _b\"/>nd r<span class=\"_ _b\"/>is<span class=\"_ _b\"/>k ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt rep<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>The r<span class=\"_ _39\"/>egulatory capital<span class=\"_ _39\"/> requirements o<span class=\"_ _5\"/>f companies<span class=\"_ _39\"/> within the Gr<span class=\"_ _39\"/>oup, and the<span class=\"_ _39\"/> associated solv<span class=\"_ _39\"/>e<span class=\"_ _b\"/>ncy o<span class=\"_ _39\"/>f the Gro<span class=\"_ _5\"/>up, ar<span class=\"_ _39\"/>e assessed and monit<span class=\"_ _39\"/>ored b<span class=\"_ _5\"/>y the<span class=\"_ _39\"/> Finance Oversight<span class=\"_ _39\"/> Group, a<span class=\"_ _39\"/> commit<span class=\"_ _b\"/>tee o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> E<span class=\"_ _b\"/>xecutiv<span class=\"_ _5\"/>e Board, wi<span class=\"_ _5\"/>th o<span class=\"_ _39\"/>versight b<span class=\"_ _39\"/>y the A<span class=\"_ _39\"/>udit Committee on behalf of<span class=\"_ _39\"/> the Group<span class=\"_ _39\"/> Board. Ultimate<span class=\"_ _39\"/> responsibility for individual<span class=\"_ _39\"/> companies<span class=\"_ _b\"/>\u2019 regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y capit<span class=\"_ _39\"/>al lies with<span class=\"_ _5\"/> the r<span class=\"_ _39\"/>elevant subsidiary boards.<span class=\"_ _34e\"> </span>For th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar e<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>, we rev<span class=\"_ _b\"/>iew<span class=\"_ _b\"/>ed t<span class=\"_ _b\"/>he l<span class=\"_ _b\"/>evel o<span class=\"_ _b\"/>f ou<span class=\"_ _b\"/>r M<span class=\"_ _b\"/>SB a<span class=\"_ _b\"/>nd m<span class=\"_ _b\"/>ai<span class=\"_ _b\"/>nta<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ed t<span class=\"_ _b\"/>he M<span class=\"_ _b\"/>S<span class=\"_ _b\"/>B for th<span class=\"_ _b\"/>e Li<span class=\"_ _b\"/>fe bu<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>s<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s at \u00a33<span class=\"_ _b\"/>55.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>i<span class=\"_ _b\"/>on (<span class=\"_ _39\"/>31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>m<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 2021<span class=\"_ _b\"/>: \u00a3355<span class=\"_ _b\"/>.<span class=\"_ _b\"/>0 mi<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n<span class=\"_ _39\"/>). Th<span class=\"_ _b\"/>ere h<span class=\"_ _b\"/>as b<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en n<span class=\"_ _b\"/>o oth<span class=\"_ _b\"/>er m<span class=\"_ _b\"/>a<span class=\"_ _b\"/>teri<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l ch<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ge i<span class=\"_ _b\"/>n th<span class=\"_ _b\"/>e leve<span class=\"_ _b\"/>l of c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l requir<span class=\"_ _5\"/>ements of<span class=\"_ _39\"/> individual companies during t<span class=\"_ _39\"/>he year<span class=\"_ _39\"/>, nor in<span class=\"_ _39\"/> the Group\u2019<span class=\"_ _39\"/>s management of capit<span class=\"_ _39\"/>al. All r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gulated en<span class=\"_ _39\"/>tities exce<span class=\"_ _b\"/>e<span class=\"_ _b\"/>de<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>e mi<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>m<span class=\"_ _b\"/>um so<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ven<span class=\"_ _b\"/>cy re<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>s at th<span class=\"_ _b\"/>e re<span class=\"_ _b\"/>po<span class=\"_ _b\"/>r<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te and d<span class=\"_ _b\"/>ur<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e ye<span class=\"_ _b\"/>ar. See S<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>a<span class=\"_ _b\"/>l re<span class=\"_ _39\"/>view for<span class=\"_ _39\"/> fur<span class=\"_ _b\"/>ther inf<span class=\"_ _39\"/>ormation<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>IFRS capital composition<span class=\"_ _34e\"> </span>The principal<span class=\"_ _39\"/> forms of<span class=\"_ _39\"/> capital ar<span class=\"_ _39\"/>e included in t<span class=\"_ _39\"/>he following balances<span class=\"_ _39\"/> on the Cons<span class=\"_ _5\"/>olidated St<span class=\"_ _39\"/>atement o<span class=\"_ _5\"/>f Financial<span class=\"_ _39\"/> Position: 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Share<span class=\"_ _39\"/> capital<span class=\"_ _309\"> </span><span class=\"lsbc wsc1\">81<span class=\"_ _b\"/>.6<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">81<span class=\"_ _b\"/>.<span class=\"_ _b\"/>1 </span></span>Sh<span class=\"_ _b\"/>are p<span class=\"_ _b\"/>re<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>u<span class=\"_ _b\"/>m<span class=\"_ _21e\"> </span><span class=\"ls4d ws4b\">2<span class=\"_ _6\"/>2<span class=\"_ _6\"/>7.<span class=\"_ _6\"/>8<span class=\"_ _6d\"> </span><span class=\"ls3 ws3\">21<span class=\"_ _b\"/>3<span class=\"_ _b\"/>.<span class=\"_ _b\"/>8 </span></span>Sh<span class=\"_ _b\"/>are<span class=\"_ _b\"/>s in tr<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t res<span class=\"_ _b\"/>er<span class=\"_ _6\"/>ve<span class=\"_ _f3\"> </span><span class=\"lsee wsfc\">(4<span class=\"_ _6\"/>.<span class=\"_ _6\"/>1)<span class=\"_ _69\"> </span><span class=\"lsa4 wsfb\">(8<span class=\"_ _30\"/>.<span class=\"_ _30\"/>5)<span class=\"_ _34e\"> </span></span></span>Miscellaneous reserves<span class=\"_ _124\"> </span><span class=\"ls37 ws36\">2.5<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">2.<span class=\"_ _b\"/>5 </span></span>Ret<span class=\"_ _39\"/>ained earnings<span class=\"_ _21f\"> </span><span class=\"lse6 wsf5\">952<span class=\"_ _6\"/>.<span class=\"_ _b\"/>4<span class=\"_ _9b\"> </span><span class=\"ls3 ws3\">83<span class=\"_ _b\"/>0.<span class=\"_ _b\"/>3 </span></span>Shareholders\u2019 equity<span class=\"_ _30a\"> </span><span class=\"lsbc wsc1\">1,<span class=\"_ _b\"/>2<span class=\"_ _b\"/>60.<span class=\"_ _b\"/>2<span class=\"_ _82\"> </span><span class=\"ffa5 fc3 ls3 ws3\">1,<span class=\"_ _b\"/>119.<span class=\"_ _6\"/>2 </span></span>Non-controll<span class=\"_ _b\"/>ing interests<span class=\"_ _123\"> </span><span class=\"ls3e ws3d\">0.2<span class=\"_ _19\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _4\"/>otal equity<span class=\"_ _111\"> </span><span class=\"lsbc wsc1\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>260.<span class=\"_ _b\"/>4<span class=\"_ _c1\"> </span><span class=\"ffa5 fc3 ls3 ws3\">1<span class=\"_ _b\"/>,<span class=\"_ _b\"/>119<span class=\"_ _b\"/>.<span class=\"_ _b\"/>2 </span></span>The abo<span class=\"_ _39\"/>ve assets<span class=\"_ _39\"/> do not all<span class=\"_ _39\"/> qu<span class=\"_ _b\"/>alify as regulat<span class=\"_ _39\"/>or<span class=\"_ _b\"/>y capit<span class=\"_ _5\"/>al. The r<span class=\"_ _39\"/>equired minimum r<span class=\"_ _39\"/>egulatory capital, and<span class=\"_ _39\"/> analysis of the as<span class=\"_ _b\"/>set<span class=\"_ _b\"/>s th<span class=\"_ _b\"/>at q<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>li<span class=\"_ _b\"/>f<span class=\"_ _b\"/>y a<span class=\"_ _b\"/>s reg<span class=\"_ _b\"/>u<span class=\"_ _b\"/>la<span class=\"_ _b\"/>tor<span class=\"_ _b\"/>y c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l<span class=\"_ _b\"/>, is o<span class=\"_ _b\"/>utl<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d in s<span class=\"_ _b\"/>e<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>on 3 of t<span class=\"_ _b\"/>he f<span class=\"_ _b\"/>in<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>l revi<span class=\"_ _b\"/>ew, wh<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>h d<span class=\"_ _b\"/>em<span class=\"_ _b\"/>on<span class=\"_ _b\"/>stra<span class=\"_ _b\"/>tes th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p has met<span class=\"_ _39\"/> its int<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rnal capit<span class=\"_ _39\"/>al objectiv<span class=\"_ _5\"/>es. The Gr<span class=\"_ _39\"/>oup and its<span class=\"_ _39\"/> individu<span class=\"_ _b\"/>ally r<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gulated oper<span class=\"_ _39\"/>ations have<span class=\"_ _39\"/> complied with all e<span class=\"_ _39\"/>x<span class=\"_ _b\"/>ternally and int<span class=\"_ _39\"/>ernally imposed capit<span class=\"_ _39\"/>al requirement<span class=\"_ _39\"/>s throughout<span class=\"_ _5\"/> the y<span class=\"_ _39\"/>ear.<span class=\"_ _34e\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-374": {
   "value": "20. Share capital, earnings per share and dividends Share capital Number of ordinary shares Called-up share capital \u00a3\u2019Million At 1 January 2021 537,343,466 80.6 \u2013 Issue of shares 850,985 0.1 \u2013 Exercise of options 2,336,078 0.4 At 31 December 2021 540,530,529 81.1 \u2013 Issue of shares 459,028 0.1 \u2013 Exercise of options 3,246,200 0.4 At 31 December 2022 544,235,757 81.6 Ordinary shares have a par value of 15 pence per share (2021: 15 pence per share) and are fully paid. Included in the issued share capital are 2,207,186 (2021: 1,685,250) shares held in the Shares in trust reserve with a nominal value of \u00a30.3 million (2021: \u00a30.3 million). The shares are held by the SJP Employee Share Trust and the St. James\u2019s Place 2010 SIP Trust to satisfy certain share-based payment schemes. The Trustees of the SJP Employee Share Trust retain the right to dividends on the shares held by the Trust but have chosen to waive their entitlement to the dividends on 815,737 shares at 31 December 2022 and 285,033 shares at 31 December 2021. No dividends were waived on shares held in the St. James\u2019s Place 2010 SIP Trust in 2022 or 2021. Share capital increases are included within the \u2018exercise of options\u2019 line of the table above where they relate to the Group\u2019s share-based payment schemes. Other share capital increases are included within the \u2018issue of shares\u2019 line. The number of shares reserved for issue under options and contracts for sale of shares, including terms and conditions, is included within Note 21. 20. Share capital, earnings per share and dividends continued Earnings per share Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Earnings Profit after tax attributable to equity shareholders (for both basic and diluted EPS) 405.0 286.7 Million Million Weighted average number of shares Weighted average number of ordinary shares in issue (for basic EPS) 542.7 537.7 Adjustments for outstanding share options 5.1 8.5 Weighted average number of ordinary shares (for diluted EPS) 547.8 546.2 Pence Pence Earnings per share (EPS) Basic earnings per share 74.6 53.3 Diluted earnings per share 73.9 52.5 Dividends The following dividends have been paid by the Group: Year ended 31 December 2022 Year ended 31 December 2021 Year ended 31 December 2022 Year ended 31 December 2021 Pence per share Pence per share \u00a3\u2019Million \u00a3\u2019Million Withheld 2019 dividend  \u2013 11.22 \u2013 60.3 Final dividend in respect of 2020  \u2013 38.49 \u2013 207.2 Interim dividend in respect of 2021 \u2013 11.55 \u2013 62.4 Final dividend in respect of 2021 40.41 \u2013 218.9 \u2013 Interim dividend in respect of 2022 15.59 \u2013 84.7 \u2013 Total dividends 56.00 61.26 303.6 329.9 In respect of 2022 the Directors have recommended a 2022 final dividend of 37.19 pence per share. This amounts to \u00a3202.4 million and will, subject to shareholder approval at the Annual General Meeting, be paid on 31 May 2023 to those shareholders on the register as at 5 May 2022 . ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-399": {
   "value": "Share capital Number of ordinary shares Called-up share capital \u00a3\u2019Million At 1 January 2021 537,343,466 80.6 \u2013 Issue of shares 850,985 0.1 \u2013 Exercise of options 2,336,078 0.4 At 31 December 2021 540,530,529 81.1 \u2013 Issue of shares 459,028 0.1 \u2013 Exercise of options 3,246,200 0.4 At 31 December 2022 544,235,757 81.6 Ordinary shares have a par value of 15 pence per share (2021: 15 pence per share) and are fully paid. Included in the issued share capital are 2,207,186 (2021: 1,685,250) shares held in the Shares in trust reserve with a nominal value of \u00a30.3 million (2021: \u00a30.3 million). The shares are held by the SJP Employee Share Trust and the St. James\u2019s Place 2010 SIP Trust to satisfy certain share-based payment schemes. The Trustees of the SJP Employee Share Trust retain the right to dividends on the shares held by the Trust but have chosen to waive their entitlement to the dividends on 815,737 shares at 31 December 2022 and 285,033 shares at 31 December 2021. No dividends were waived on shares held in the St. James\u2019s Place 2010 SIP Trust in 2022 or 2021. Share capital increases are included within the \u2018exercise of options\u2019 line of the table above where they relate to the Group\u2019s share-based payment schemes. Other share capital increases are included within the \u2018issue of shares\u2019 line. The number of shares reserved for issue under options and contracts for sale of shares, including terms and conditions, is included within Note 21. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-400": {
   "value": "Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Earnings Profit after tax attributable to equity shareholders (for both basic and diluted EPS) 405.0 286.7 Million Million Weighted average number of shares Weighted average number of ordinary shares in issue (for basic EPS) 542.7 537.7 Adjustments for outstanding share options 5.1 8.5 Weighted average number of ordinary shares (for diluted EPS) 547.8 546.2 Pence Pence Earnings per share (EPS) Basic earnings per share 74.6 53.3 Diluted earnings per share 73.9 52.5 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-401": {
   "value": "Dividends The following dividends have been paid by the Group: Year ended 31 December 2022 Year ended 31 December 2021 Year ended 31 December 2022 Year ended 31 December 2021 Pence per share Pence per share \u00a3\u2019Million \u00a3\u2019Million Withheld 2019 dividend  \u2013 11.22 \u2013 60.3 Final dividend in respect of 2020  \u2013 38.49 \u2013 207.2 Interim dividend in respect of 2021 \u2013 11.55 \u2013 62.4 Final dividend in respect of 2021 40.41 \u2013 218.9 \u2013 Interim dividend in respect of 2022 15.59 \u2013 84.7 \u2013 Total dividends 56.00 61.26 303.6 329.9 In respect of 2022 the Directors have recommended a 2022 final dividend of 37.19 pence per share. This amounts to \u00a3202.4 million and will, subject to shareholder approval at the Annual General Meeting, be paid on 31 May 2023 to those shareholders on the register as at 5 May 2022 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-375": {
   "value": "21. Share-based payments During the year ended 31 December 2022, the Group operated a number of different equity-settled and cash-settled share-based payment arrangements, which are aggregated as follows: Share option schemes    Save As You Earn (SAYE) Plan \u2013 this is an equity-settled scheme that is available to all employees where individuals may contribute up to \u00a3300 per month over the three-year vesting period to purchase shares at a price not less than 80% of the market price at the date of the invitation to participate. A total of 420,798 (2021: 413,468) SAYE options were granted on 25 March 2022 (2021: 25 March 2021 and 24 September 2021). There are no other vesting conditions.    Partner Performance Share Plan \u2013 this is an equity-settled plan under which Partners are entitled to purchase shares in the future at nominal value (15 pence). The number of shares the Partners are entitled to purchase will depend on their personal business volumes in a specified 12-month period and validation over the following three years. The first award under the scheme was made on 29 July 2016, when 3,456,281 shares were granted. No further awards were granted in either 2021 or 2022 in relation to the original grants made in 2016.    Partner and Adviser Chartered Plan \u2013 this is an equity-settled scheme that was launched during 2015 as part of the Partner Performance Share Plan, whereby Partners and advisers are entitled to purchase shares in the future at nominal value (15 pence). The number of shares the Partners are entitled to purchase will depend upon achieving specific professional qualifications and a threshold new business level in a specified 12-month period and validation over the following three years. The first award under the scheme was made on 29 July 2016, when 2,019,000 shares were granted. No grants were made in 2022 (2021: nil).    Associate Partner Plan \u2013 this is an equity-settled scheme that was launched during 2017 whereby Partners and advisers are entitled to purchase a set number of shares in the future at the market price at the date of the invitation if they meet the required business volumes over the following three years. No grants were made in 2022 (2021: nil). Share awards    Share Incentive Plan (SIP) \u2013 this is an equity-settled scheme, available to all employees, where individuals may invest up to an annual limit of \u00a31,800 of pre-tax salary in St. James\u2019s Place plc shares, to which the Group will add a further 10%. The vesting period is three years; however, 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. A total of 6,653 (2021: 4,472) shares were granted under the SIP on 25 March 2022 (2021: 25 March 2021).    Executive Deferred Bonus Schemes \u2013 under these plans the deferred element of the annual bonus is used to purchase shares at market value in the Company. The shares are held in trust over the three-year vesting period and may be subject to further non-market-based performance conditions. The plans are predominantly equity-settled. A total of 532,147 (2021: nil) shares were granted under the Deferred Bonus Schemes on 25 March 2022 (2021: 25 March 2021).    Executive Performance Share Plan \u2013 the Remuneration Committee of the Group Board may make awards of performance shares to the Executive Directors and other senior managers. Two thirds of shares awarded to Directors are subject to an earnings growth condition of the Group and one third of shares awarded to Directors are subject to a comparative total shareholder return condition, both measured over a three-year vesting period. Further information regarding the vesting conditions of the earnings-growth-dependent and total-shareholder-return-dependent portions of the award is given in the Directors\u2019 Remuneration Report. Awards made to senior managers are typically only subject to the earnings growth condition of the Group. This is predominantly an equity-settled scheme. A total of 1,120,077 (2021: 1,277,152) shares were granted under the Executive Performance Share Plan across one grant made on 25 March 2022 (2021: three grants made on 25 March 2021, 29 April 2021 and 24 September 2021).    Restricted Share Plan \u2013 under this plan employees are awarded performance-related shares with the vesting condition being linked to Group funds under management. The plan is predominantly equity-settled. A total of 162,643 (2021: 45,853) awards were granted under the Restricted Share Plan on 25 March 2022 (2021: 24 September 2021). Share options and awards outstanding under the various share-based payment schemes set out above at 31 December 2022 amount to 12.6 million shares (2021: 13.8 million). Of these, 2.9 million (2021: 3.9 million) are under option to Partners and advisers of the St. James\u2019s Place Partnership, 8.5 million (2021: 8.5 million) are under option to Executive Directors and senior management (including 0.9 million (2021: 1.1 million) under option to Directors as disclosed in the Directors\u2019 Remuneration Report) and 1.2 million (2021: 1.4 million) are under option through the SAYE and SIP schemes. These are exercisable on a range of future dates. 21. Share-based payments continued Financial assumptions underlying the calculation of fair value The fair value expense has been based on the fair value of the instruments granted, as calculated using appropriate derivative pricing models. The table below shows the weighted average assumptions and models used to calculate the grant-date fair value of each award: Valuation model SAYE Plan 3 Share Incentive Plan Executive Deferred Bonus Executive Performance Share Plan 3,4,5 Restricted Share Plan Black-Scholes Black-Scholes Black-Scholes Monte Carlo  Monte-Carlo Awards in 2022 Fair value (pence) 404.8 1,447.0 1,447.0 911.6/1,447.0 1,300.9 Share price (pence) 1,447.0 1,447.0 1,447.0 1,447.0 1,447.0 Exercise price (pence) 1,111.0 \u2013 \u2013 \u2013 \u2013 Expected volatility (% pa) 1 33 N/A N/A 33 33 Expected dividends (% pa) 2 3.6 \u2013 \u2013 3.6 3.6 Risk-free interest rate (% pa) 1.43 N/A N/A N/A N/A Expected life (years) 3.5 3 3 3 3 Volatility of competitors (% pa) N/A N/A N/A 23-80 N/A Correlation with competitors (%) N/A N/A N/A 20 N/A Awards in 2021 Fair value (pence) 372.8 879.3/1,272.5 396.1 1,272.5 N/A 1,221.3/1,578.0 3,5 1,439.1 Share price (pence) 1,272.5 1,272.5 1,578.0 1,272.5 N/A 1,578.0 1,578.0 Exercise price (pence) 940.0 1,281.0 \u2013 \u2013 \u2013 \u2013 Expected volatility (% pa) 1 31 31 32 N/A N/A 32 32 Expected dividends (% pa) 2 2.4 2.4 3.1 \u2013 \u2013 3.1 3.1 Risk-free interest rate (% pa) 0.11 N/A N/A N/A N/A Expected life (years) 3.5 3  N/A 3 3 Volatility of competitors (% pa) N/A N/A N/A 22-67 N/A 22-68 Correlation with competitors (%) N/A N/A N/A 20 N/A 1  Expected volatility is based on an analysis of the Company\u2019s historic share price volatility over a period which is commensurate with the expected term of the options or the awards. 2  For schemes where dividends are payable on the shares during the vesting period, the dividend yield assumption in the Black-Scholes option pricing model is set at zero. 3  Two SAYE awards were made during 2021, on 25 March and 24 September, and three Executive Performance Share Plan awards were made during 2021, on 25 March, 29 April and 24 September, the assumptions for which are shown in the table above as the first and second figures (with the same assumptions for 25 March and 29 April Executive Performance Share Plan awards), respectively. There was a single award in 2022. 4  The awards made under the Executive Performance Share Plan are dependent upon earnings growth in the Company (two thirds of the award) and a total shareholder return of a comparator group of companies (one-third of the award). This results in having two fair values for each of the awards made in the table above: the first being in relation to the comparator total shareholder return, which is a market-based performance condition and so valued using a Monte Carlo simulation; and the second relating to the Company\u2019s earnings growth, which is a non-market-based performance condition and so valued using the Black-Scholes model. 5  The awards made under the Executive Performance Share Plan for members of the Executive Board Committee are subject to a two-year holding period once the award has vested. This results in discounted fair values for the Executive Board Committee population of 820.4/1,447.0 (2021: 794.0/1,272.5) pence per share, to reflect the reduced marketability of the awards. Share option schemes Year ended 31 December 2022 Year ended 31 December 2022 Year ended 31 December 2021 Year ended 31 December 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price SAYE Plan Outstanding at start of year 1,405,475 \u00a38.18 1,400,927  \u00a37.38 Granted 420,798 \u00a311.11 413,468  \u00a310.89 Forfeited (157,596) \u00a39.90 (156,205)  \u00a38.19 Exercised (528,946) \u00a37.46 (252,715)  \u00a38.85 Outstanding at end of year 1,139,731 \u00a39.76 1,405,475  \u00a38.18 Exercisable at end of year 2,233 \u00a38.06 19,158  \u00a39.06 Partner Performance Share Plan Outstanding at start of year 440,702 \u00a30.15 896,052  \u00a30.15 Granted \u2013 \u2013 \u2013  \u2013 Forfeited \u2013 \u2013 (7,948)  \u00a30.15 Exercised (440,702) \u00a30.15 (447,402)  \u00a30.15 Outstanding at end of year \u2013 \u00a30.15 440,702  \u00a30.15 Exercisable at end of year \u2013 \u00a30.15 440,702  \u00a30.15 Partner and Adviser Chartered Plan Outstanding at start of year 176,378 \u00a30.15 314,944  \u00a30.15 Granted \u2013 \u2013 \u2013 \u2013 Forfeited (2,000) \u00a30.15 (500) \u00a30.15 Exercised (174,378) \u00a30.15 (138,066)  \u00a30.15 Outstanding at end of year \u2013 \u00a30.15 176,378  \u00a30.15 Exercisable at end of year \u2013 \u00a30.15 176,378  \u00a30.15 Associate Partner Plan Outstanding at start of year 3,274,033 \u00a310.91 5,206,250  \u00a310.95 Granted \u2013 \u2013 \u2013  \u2013 Forfeited (33,750) \u00a310.91 (539,525)  \u00a311.34 Exercised (331,100) \u00a310.85 (1,392,692)  \u00a310.93 Outstanding at end of year 2,909,183 \u00a310.91 3,274,033  \u00a310.91 Exercisable at end of year 2,909,183 \u00a310.91 3,274,033  \u00a310.91 The average share price during the year was 1,248.7 pence (2021: 1,437.5 pence). The SAYE Plan options outstanding at 31 December 2022 had exercise prices of 771 pence (7,627 options), 813 pence (422,714 options), 940 pence (239,439 options), 1,281 pence (90,999 options) and 1,111 pence (378,952 options) and a weighted average remaining contractual life of 1.3 years. The options outstanding under the Partner Performance Share Plan and the Partner and Adviser Chartered Plan at 31 December 2022 were all exercisable with an exercise price of 15 pence, hence their weighted average remaining contractual life was nil. The options outstanding under the Associate Partner Plan at 31 December 2022 had an exercise price of 1,083 pence (2,460,958 options) and 1,135 pence (448,225 options) and a weighted average remaining contractual life of nil years. 21. Share-based payments continued Share awards All share awards under the below schemes have exercise prices of nil. Year ended 31 December 2022 Year ended 31 December 2021 Number of shares Number of shares Share Incentive Plan Outstanding at start of year 38,039 46,963 Granted 6,653 4,472 Forfeited \u2013 \u2013 Exercised (5,443) (13,396) Outstanding at end of year 39,249 38,039 Exercisable at end of year 11,937 11,061 Executive Deferred Bonus Scheme Outstanding at start of year 1,026,985 1,801,549 Granted 532,147 \u2013 Forfeited (12,724) (10,869) Exercised (561,137) (763,695) Outstanding at end of year 985,271 1,026,985 Exercisable at end of year 646 \u2013 Executive Performance Share Plan Outstanding at start of year 7,424,110 7,964,846 Granted 1,120,077 1,277,152 Forfeited (441,929) (1,402,339) Exercised (729,088) (415,549) Outstanding at end of year 7,373,170 7,424,110 Exercisable at end of year 1,840,660 227,687 Restricted Share Plan Outstanding at start of year 45,853 \u2013 Granted 162,643 45,853 Forfeited (11,205) \u2013 Exercised \u2013 \u2013 Outstanding at end of year 197,291 45,853 Exercisable at end of year \u2013 \u2013 Early exercise assumptions An allowance has been made for the impact of early exercise once options have vested in the SAYE Plan, where all option holders are assumed to exercise half-way through the six-month exercise window. Allowance for performance conditions The Executive Performance Share Plan includes a market-based performance condition based on the Company\u2019s total shareholder return relative to an index of comparator companies. The impact of this performance condition has been modelled using Monte Carlo simulation techniques, which involve running many thousands of simulations of future share price movements for both the Company and the comparator index. For the purpose of these simulations it is assumed that the share price of the Company and the comparator index are 20% (2021: 20%) correlated and that the comparator index has volatilities ranging between 23% p.a. and 80% p.a. (2021: 22% p.a. and 68% p.a.). The performance condition is based on the Company\u2019s performance relative to the comparator index over a three-year period commencing on 1 January each year. The fair-value calculations for the awards that were made in 2022 therefore include an allowance for the actual performance of the Company\u2019s share price relative to the index over the period between 1 January 2022 and the various award dates. Charge to the Consolidated Statement of Comprehensive Income The table below sets out the charge to the Consolidated Statement of Comprehensive Income in respect of the share-based payment awards: Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Equity-settled share-based payment expense 20.5 20.4 Cash-settled share-based payment expense 0.5 2.5 Total share-based payment expense 21.0 22.9 Liabilities recognised in the Statement of Financial Position The liabilities recognised in the Statement of Financial Position in respect of the cash-settled share-based payment awards, and National Insurance obligations arising from share-based payment awards, are as follows. These liabilities are included within other payables on the face of the Statement of Financial Position. None of the liability in respect of cash-settled share-based payment awards at 31 December 2022 or 31 December 2021 is in respect of vested cash-settled share-based payments. Year ended 31 December 2022 Year ended 31 December 2021 \u00a3\u2019Million \u00a3\u2019Million Liability for cash-settled share-based payments 2.5 2.9 Liability for employer National Insurance contributions  on cash-settled and equity-settled share-based payments 7.8 9.2 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-376": {
   "value": "22. Interests in unconsolidated entities Unconsolidated structured entities The Group operates investment vehicles, such as unit trusts. Clients are able to invest in these directly, but also indirectly through products offered by SJPUK and SJPI. As a result, the Group\u2019s insurance companies can be significant investors in the unit trusts. Note 2 sets out the judgements inherent in determining when the Group controls, and therefore consolidates, the relevant investment vehicles. The majority of the risk from a change in the value of the Group\u2019s investment in unconsolidated unit trusts is matched by a change in unit holder liabilities. The maximum exposure to loss, prior to considering unit holder liabilities, is equal to the carrying value of the investment. This is recognised within investments in Collective Investment Schemes. The following unit trust is not consolidated within the Group Financial Statements; however, the Group does act as the fund manager of this unit trust. Percentage of  ownership interest Nature of relationship Measurement method Net asset value as at 31 December 2022 2021 2022 2021 % % \u00a3\u2019Million \u00a3\u2019Million St. James\u2019s Place Property Unit Trust 0.98 0.36 Manager of unit trust Fair value through profit or loss 1,021.4 1,174.9 As at 31 December 2022 the value of the Group\u2019s interests in St. James\u2019s Place Property Unit Trust was \u00a310.0 million (2021: \u00a34.2 million). The 31 December 2021 ownership interest has been restated from 0.00% to 0.36% to reflect an interest held which had been omitted from the disclosure. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-377": {
   "value": "23. Interests in other entities<span class=\"_ _34e\"> </span>Principal subsidiaries<span class=\"_ _34e\"> </span>Inv<span class=\"_ _39\"/>estment Holding C<span class=\"_ _39\"/>omp<span class=\"_ _b\"/>anies<span class=\"_ _302\"> </span><span class=\"ls4c ws3\">S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pla<span class=\"_ _b\"/>ce We<span class=\"_ _b\"/>al<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ited </span>1<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e D<span class=\"_ _b\"/>FM H<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>di<span class=\"_ _b\"/>n<span class=\"_ _b\"/>gs L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d 1<span class=\"_ _34e\"> </span>Life<span class=\"_ _39\"/> Assurance<span class=\"_ _321\"> </span><span class=\"ls4c ws3\">St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K pl<span class=\"_ _b\"/>c<span class=\"_ _34e\"> </span></span>St. James\u2019s P<span class=\"_ _39\"/>lace International<span class=\"_ _39\"/> plc (<span class=\"_ _39\"/>incorporat<span class=\"_ _39\"/>ed in Ireland<span class=\"_ _4\"/>) 2<span class=\"_ _34e\"> </span>Unit T<span class=\"_ _4\"/>rust Management<span class=\"_ _2cd\"> </span><span class=\"ls4c ws3\">S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Trust G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _34e\"> </span></span>Unit T<span class=\"_ _4\"/>rust Administ<span class=\"_ _39\"/>ration and<span class=\"_ _39\"/> I<span class=\"_ _b\"/>SA<span class=\"_ _5\"/> Management<span class=\"_ _10\"> </span>St. James\u2019<span class=\"_ _39\"/>s Place In<span class=\"_ _5\"/>vestmen<span class=\"_ _39\"/>t Administr<span class=\"_ _39\"/>ation Limited<span class=\"_ _34e\"> </span>Distribution<span class=\"_ _322\"> </span><span class=\"ls45 ws42\">St. James\u2019<span class=\"_ _39\"/>s Place<span class=\"_ _39\"/> Wealth<span class=\"_ _39\"/> M<span class=\"_ _b\"/>anagement<span class=\"_ _39\"/> plc<span class=\"_ _34e\"> </span></span>Management<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices<span class=\"_ _323\"> </span><span class=\"ls4c ws3\">St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt S<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted </span>3<span class=\"_ _34e\"> </span>T<span class=\"_ _39\"/>reasury Company<span class=\"_ _324\"> </span><span class=\"ls4c ws3\">St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>ip S<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>s Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ited<span class=\"_ _b\"/> </span>Adviser<span class=\"_ _39\"/> Acquisitions<span class=\"_ _188\"> </span>St. James\u2019s<span class=\"_ _39\"/> Place Acquisit<span class=\"_ _39\"/>ion Ser<span class=\"_ _b\"/>vices Limi<span class=\"_ _5\"/>ted<span class=\"_ _34e\"> </span>Asia Dist<span class=\"_ _39\"/>ribution<span class=\"_ _c3\"> </span>St. James\u2019s Place<span class=\"_ _39\"/> International<span class=\"_ _39\"/> D<span class=\"_ _b\"/>istribution<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>Discret<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>ary Fund<span class=\"_ _39\"/> M<span class=\"_ _b\"/>anagement<span class=\"_ _325\"> </span><span class=\"ls4c ws3\">Rowa<span class=\"_ _b\"/>n Da<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gton &amp; C<span class=\"_ _b\"/>o. L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>1 <span class=\"_ _bc\"> </span>D<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>c<span class=\"_ _b\"/>tl<span class=\"_ _b\"/>y he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d by S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>c.<span class=\"_ _34e\"> </span>2  Th<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ny al<span class=\"_ _b\"/>s<span class=\"_ _b\"/>o op<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>s a b<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>c<span class=\"_ _b\"/>h in S<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>o<span class=\"_ _b\"/>re<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>3  T<span class=\"_ _39\"/>he Company<span class=\"_ _39\"/> also operates<span class=\"_ _39\"/> a branch<span class=\"_ _39\"/> in the R<span class=\"_ _39\"/>epublic of Ireland.<span class=\"_ _34e\"> </span>Ongoing solv<span class=\"_ _39\"/>ency requir<span class=\"_ _39\"/>ements within<span class=\"_ _39\"/> the life<span class=\"_ _39\"/> assurance, uni<span class=\"_ _5\"/>t trus<span class=\"_ _39\"/>t and financial<span class=\"_ _39\"/> ser<span class=\"_ _b\"/>vices companies o<span class=\"_ _5\"/>f the<span class=\"_ _39\"/> Group r<span class=\"_ _39\"/>estrict their ability t<span class=\"_ _39\"/>o distribut<span class=\"_ _39\"/>e all their<span class=\"_ _5\"/> distribut<span class=\"_ _39\"/>abl<span class=\"_ _b\"/>e r<span class=\"_ _39\"/>eser<span class=\"_ _b\"/>ves.<span class=\"_ _34e\"> </span>In<span class=\"_ _b\"/>cl<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d be<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ow is a f<span class=\"_ _b\"/>ul<span class=\"_ _b\"/>l l<span class=\"_ _b\"/>is<span class=\"_ _b\"/>t of th<span class=\"_ _b\"/>e en<span class=\"_ _b\"/>tit<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s wi<span class=\"_ _b\"/>th<span class=\"_ _b\"/>in th<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Jam<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ce p<span class=\"_ _b\"/>lc G<span class=\"_ _b\"/>ro<span class=\"_ _b\"/>up a<span class=\"_ _b\"/>t 31 De<span class=\"_ _b\"/>c<span class=\"_ _b\"/>em<span class=\"_ _b\"/>be<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span>Entit<span class=\"_ _b\"/>y<span class=\"_ _326\"> </span><span class=\"lsb9 wsbf\">Company number<span class=\"_ _1a7\"> </span><span class=\"ls66 ws6b\">Registered office<span class=\"_ _95\"> </span><span class=\"ls7a ws7e\">Country of i<span class=\"_ _5\"/>ncorporation<span class=\"_ _34e\"> </span></span></span></span>Principal activit<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Aud<span class=\"_ _b\"/>it exemptio<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span>Baxter Holding Compan<span class=\"_ _39\"/>y Limited 0980<span class=\"_ _b\"/>5128<span class=\"_ _d3\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Baxter &amp; Lindle<span class=\"_ _39\"/>y Financial Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>023<span class=\"_ _b\"/>07<span class=\"_ _b\"/>70<span class=\"_ _b\"/>6<span class=\"_ _7b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Cabot P<span class=\"_ _39\"/>or<span class=\"_ _b\"/>tfolio Nominees Limited<span class=\"_ _34e\"> </span>03636010<span class=\"_ _95\"> </span><span class=\"ls12 ws7f\">Temple<span class=\"_ _39\"/> Point, Redcliffe<span class=\"_ _39\"/> </span>Way, Br<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tol B<span class=\"_ _b\"/>S1 6<span class=\"_ _b\"/>N<span class=\"_ _b\"/>L<span class=\"_ _34e\"> </span>England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span>Nominee Compan<span class=\"_ _39\"/>y<span class=\"_ _189\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>Capst<span class=\"_ _39\"/>one Financial (<span class=\"_ _39\"/>HK)<span class=\"_ _39\"/> Limited<span class=\"_ _85\"> </span><span class=\"ls1d ws1c\">12564<span class=\"_ _b\"/>31<span class=\"_ _273\"> </span><span class=\"ls8e ws3\">8<span class=\"_ _b\"/>F Kail<span class=\"_ _b\"/>ey Tower, 16<span class=\"_ _b\"/> </span></span>Stanley Street<span class=\"_ _b\"/>, Central, Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>CG<span class=\"_ _39\"/>A Financial &amp;<span class=\"_ _39\"/> I<span class=\"_ _b\"/>nv<span class=\"_ _39\"/>estment Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>02666<span class=\"_ _5\"/>180<span class=\"_ _d3\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial A<span class=\"_ _5\"/>dvice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Dartington P<span class=\"_ _39\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>folio<span class=\"_ _39\"/> N<span class=\"_ _b\"/>ominees Limited<span class=\"_ _34e\"> </span>014<span class=\"_ _b\"/>89<span class=\"_ _b\"/>5<span class=\"_ _b\"/>42<span class=\"_ _d3\"> </span><span class=\"ls12 ws7f\">T<span class=\"_ _5\"/>emple Poin<span class=\"_ _39\"/>t<span class=\"_ _b\"/>, Redcliffe<span class=\"_ _39\"/> </span>Way, Br<span class=\"_ _b\"/>is<span class=\"_ _b\"/>tol<span class=\"_ _b\"/>23<span class=\"_ _b\"/>. B<span class=\"_ _b\"/>S1 6N<span class=\"_ _b\"/>L<span class=\"_ _34e\"> </span>England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span>Nominee Compan<span class=\"_ _39\"/>y<span class=\"_ _189\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>Futur<span class=\"_ _39\"/>e Proo<span class=\"_ _5\"/>f Limit<span class=\"_ _39\"/>ed<span class=\"_ _327\"> </span><span class=\"ls93 ws94\">076<span class=\"_ _b\"/>08<span class=\"_ _b\"/>3<span class=\"_ _b\"/>19<span class=\"_ _6e\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>JEWM Lt<span class=\"_ _39\"/>d (<span class=\"_ _4\"/>formerly Janine Edwar<span class=\"_ _39\"/>ds Wealth<span class=\"_ _39\"/> Mana<span class=\"_ _b\"/>gement Limited<span class=\"_ _4\"/>)<span class=\"_ _34e\"> </span>09229<span class=\"_ _b\"/>694<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Lewingt<span class=\"_ _39\"/>on Wealth<span class=\"_ _39\"/> Manageme<span class=\"_ _b\"/>nt Limited<span class=\"_ _34e\"> </span>04290504<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Linden House<span class=\"_ _5\"/> Financial Services Limited<span class=\"_ _34e\"> </span>0299029<span class=\"_ _b\"/>5<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Fin<span class=\"_ _b\"/>ancial A<span class=\"_ _39\"/>dvice<span class=\"_ _69\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>M.<span class=\"_ _b\"/>H.<span class=\"_ _b\"/>S. (<span class=\"_ _39\"/>Holdings<span class=\"_ _39\"/>) Limited<span class=\"_ _84\"> </span><span class=\"ls11 ws10\">00559995<span class=\"_ _93\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England<span class=\"_ _39\"/> and Wales<span class=\"_ _22\"> </span><span class=\"wsa\">Non-<span class=\"_ _39\"/>trading<span class=\"_ _30b\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span>Perennial<span class=\"_ _39\"/> Financial Management Limit<span class=\"_ _39\"/>e<span class=\"_ _b\"/>d 04609753<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _17\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>Entit<span class=\"_ _b\"/>y<span class=\"_ _326\"> </span><span class=\"lsb9 wsbf\">Company number<span class=\"_ _1a7\"> </span><span class=\"ls66 ws6b\">Registered office<span class=\"_ _95\"> </span><span class=\"ls7a ws7e\">Country of i<span class=\"_ _5\"/>ncorporation<span class=\"_ _34e\"> </span></span></span></span>Principal activit<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Aud<span class=\"_ _b\"/>it exemptio<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span>Policy<span class=\"_ _39\"/> Ser<span class=\"_ _b\"/>vices Limit<span class=\"_ _39\"/>ed<span class=\"_ _13b\"> </span><span class=\"ls8e ws8f\">SC2<span class=\"_ _b\"/>301<span class=\"_ _b\"/>67<span class=\"_ _a4\"> </span><span class=\"lsb ws14\">Oracle C<span class=\"_ _5\"/>ampus, </span></span>Blackness Road, Linlithgow<span class=\"_ _39\"/>, West<span class=\"_ _39\"/> Lothian<span class=\"_ _39\"/> EH4<span class=\"_ _b\"/>9 7B<span class=\"_ _b\"/>F<span class=\"_ _39\"/>, U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d Kingdom<span class=\"_ _34e\"> </span>Scotland<span class=\"_ _24\"> </span><span class=\"ws14\">Financial Advice<span class=\"_ _15\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>Reflect<span class=\"_ _39\"/> Financial Limited <span class=\"_ _6d\"> </span><span class=\"ls130 ws17b\">04<span class=\"_ _b\"/>37394<span class=\"_ _b\"/>6<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Financial A<span class=\"_ _39\"/>d<span class=\"_ _b\"/>vice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span>Richard<span class=\"_ _39\"/> Barnes Wealth<span class=\"_ _39\"/> Management<span class=\"_ _39\"/> Ltd<span class=\"_ _34e\"> </span>0632011<span class=\"_ _b\"/>2<span class=\"_ _5d\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _2cb\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> &amp; Co. Limit<span class=\"_ _39\"/>ed<span class=\"_ _12e\"> </span><span class=\"ls62 ws67\">0<span class=\"_ _b\"/>27<span class=\"_ _b\"/>523<span class=\"_ _b\"/>0<span class=\"_ _b\"/>4<span class=\"_ _7b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span></span></span>England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span>Stockbr<span class=\"_ _39\"/>oker and Inv<span class=\"_ _39\"/>estment Manager<span class=\"_ _34e\"> </span>No<span class=\"_ _34e\"> </span>Rowan<span class=\"_ _39\"/> Dar<span class=\"_ _b\"/>tington<span class=\"_ _39\"/> H<span class=\"_ _b\"/>oldings Limited<span class=\"_ _34e\"> </span>07<span class=\"_ _39\"/>470<span class=\"_ _b\"/>2<span class=\"_ _b\"/>26<span class=\"_ _a4\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England<span class=\"_ _39\"/> and Wales<span class=\"_ _22\"> </span>Holding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>SJ<span class=\"_ _b\"/>P Le<span class=\"_ _b\"/>ga<span class=\"_ _b\"/>cy H<span class=\"_ _b\"/>o<span class=\"_ _b\"/>ld<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>s Ltd <span class=\"_ _84\"> </span><span class=\"ls1d ws1c\">SC4929<span class=\"_ _b\"/>06<span class=\"_ _68\"> </span><span class=\"lsb ws14\">Oracle Campus, </span></span>Blackness Road, Linlithgow<span class=\"_ _39\"/>, West<span class=\"_ _39\"/> Lothian<span class=\"_ _39\"/> EH4<span class=\"_ _b\"/>9 7B<span class=\"_ _b\"/>F<span class=\"_ _39\"/>, U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d Kingdom<span class=\"_ _34e\"> </span>Scotland<span class=\"_ _24\"> </span><span class=\"ws14\">Ho<span class=\"_ _b\"/>lding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span>SJP Partner L<span class=\"_ _39\"/>oans No. 1<span class=\"_ _39\"/> Limited<span class=\"_ _25\"> </span><span class=\"ls3e ws3d\">1139090<span class=\"_ _39\"/>1<span class=\"_ _c4\"> </span><span class=\"ls8e ws3\">10<span class=\"_ _b\"/>th F<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>o<span class=\"_ _b\"/>r, 5 Chur<span class=\"_ _b\"/>ch<span class=\"_ _b\"/>il<span class=\"_ _b\"/>l </span></span>Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e, Lo<span class=\"_ _b\"/>n<span class=\"_ _b\"/>do<span class=\"_ _b\"/>n E<span class=\"_ _b\"/>14 5H<span class=\"_ _b\"/>U<span class=\"_ _b\"/>, United<span class=\"_ _39\"/> K<span class=\"_ _b\"/>ingdom England<span class=\"_ _5\"/> and W<span class=\"_ _39\"/>ales<span class=\"_ _13a\"> </span><span class=\"ls7 ws6\">Securitisation<span class=\"_ _c4\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e (Hon<span class=\"_ _b\"/>g Kong) Limited<span class=\"_ _34e\"> </span>275275<span class=\"_ _1ac\"> </span><span class=\"ls12 ws7f\">1st Floor<span class=\"_ _4\"/>, Henley Building, </span>5 Qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en<span class=\"_ _b\"/>\u2019s Ro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d Ce<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>l<span class=\"_ _b\"/>, Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Overseas Distribution<span class=\"_ _5c\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e (PCP<span class=\"_ _39\"/>) L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _1c\"> </span><span class=\"ls162 ws17d\">0270<span class=\"_ _b\"/>66<span class=\"_ _b\"/>8<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span></span><span class=\"ls3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"ws17f\">T<span class=\"_ _39\"/>ransaction<span class=\"_ _39\"/> and Ser<span class=\"_ _b\"/>vicing </span></span></span>of SJP<span class=\"_ _39\"/> Income Streams<span class=\"_ _34e\"> </span>Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span>St. James\u2019s<span class=\"_ _39\"/> Place (<span class=\"_ _39\"/>Shanghai<span class=\"_ _39\"/>) Limited<span class=\"_ _34e\"> </span>3100004<span class=\"_ _5\"/>0064005<span class=\"_ _39\"/>1<span class=\"_ _34e\"> </span>(H<span class=\"_ _6\"/>U<span class=\"_ _b\"/>A<span class=\"_ _b\"/>N<span class=\"_ _6\"/>G<span class=\"_ _6\"/>P<span class=\"_ _b\"/>U)<span class=\"_ _34e\"> </span>Unit 10<span class=\"_ _39\"/>1-10<span class=\"_ _5\"/>2, Building 9,<span class=\"_ _39\"/> Yue<span class=\"_ _5\"/>jie Shank<span class=\"_ _39\"/>angli<span class=\"_ _b\"/>, No. 358, K<span class=\"_ _39\"/>angding Road, Jing\u2019an<span class=\"_ _39\"/> District, Shanghai, China<span class=\"_ _34e\"> </span>China<span class=\"_ _1c7\"> </span><span class=\"lsb ws14\">Overseas<span class=\"_ _39\"/> Distribution<span class=\"_ _1b1\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place (<span class=\"_ _39\"/>Singapore<span class=\"_ _4\"/>) Pri<span class=\"_ _b\"/>va<span class=\"_ _b\"/>te L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ted<span class=\"_ _34e\"> </span>20040<span class=\"_ _5\"/>6398R<span class=\"_ _1a\"> </span><span class=\"ls8e ws3\">1 Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e, #1<span class=\"_ _b\"/>5-61<span class=\"_ _b\"/> </span>On<span class=\"_ _b\"/>e Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, Singapore 0<span class=\"_ _39\"/>4<span class=\"_ _b\"/>8616 Singapore<span class=\"_ _16\"> </span><span class=\"ws14\">Financial<span class=\"_ _39\"/> Advice<span class=\"_ _15\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St. James\u2019s Place A<span class=\"_ _39\"/>cqu<span class=\"_ _b\"/>isition Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>07730835<span class=\"_ _6a\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"ls12 ws7f\">Adviser A<span class=\"_ _39\"/>cquisitions<span class=\"_ _186\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Corporat<span class=\"_ _39\"/>e Secret<span class=\"_ _39\"/>ar<span class=\"_ _b\"/>y Limited<span class=\"_ _34e\"> </span>09131866<span class=\"_ _4e\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Corporat<span class=\"_ _39\"/>e Secret<span class=\"_ _5\"/>ary<span class=\"_ _89\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e DF<span class=\"_ _b\"/>M H<span class=\"_ _b\"/>ol<span class=\"_ _b\"/>d<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gs<span class=\"_ _b\"/> Limited<span class=\"_ _34e\"> </span>096<span class=\"_ _b\"/>87687<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Hol<span class=\"_ _b\"/>ding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Internati<span class=\"_ _5\"/>onal (<span class=\"_ _39\"/>Hong K<span class=\"_ _39\"/>ong) Limit<span class=\"_ _39\"/>ed<span class=\"_ _34e\"> </span>22<span class=\"_ _b\"/>076<span class=\"_ _b\"/>9<span class=\"_ _b\"/>4<span class=\"_ _5d\"> </span><span class=\"ls12 ws7f\">1st Floor<span class=\"_ _39\"/>, Henley Building, </span>5 Qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en<span class=\"_ _b\"/>\u2019s Ro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d Ce<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>l<span class=\"_ _b\"/>, Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Life Assur<span class=\"_ _39\"/>ance<span class=\"_ _9f\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>St. James\u2019s<span class=\"_ _39\"/> Place Internati<span class=\"_ _5\"/>onal Distribution<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>08798683<span class=\"_ _1f\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _2cb\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Hol<span class=\"_ _b\"/>ding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Internati<span class=\"_ _5\"/>onal plc<span class=\"_ _34e\"> </span>185345<span class=\"_ _1ac\"> </span><span class=\"lsb ws14\">Fleming Court, Flemings </span>Place, Dublin<span class=\"_ _39\"/> 4<span class=\"_ _b\"/>, Ireland<span class=\"_ _34e\"> </span>Ireland<span class=\"_ _195\"> </span><span class=\"ws14\">Life A<span class=\"_ _39\"/>ssurance<span class=\"_ _9f\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Inv<span class=\"_ _b\"/>es<span class=\"_ _b\"/>tm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t Administr<span class=\"_ _39\"/>ation Limited<span class=\"_ _34e\"> </span>08<span class=\"_ _b\"/>76<span class=\"_ _b\"/>423<span class=\"_ _b\"/>1<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span><span class=\"ls7 ws8\">U<span class=\"_ _b\"/>nit T<span class=\"_ _4\"/>rust Administr<span class=\"_ _5\"/>ation </span></span></span>and ISA<span class=\"_ _39\"/> Manager<span class=\"_ _34e\"> </span>No<span class=\"_ _34e\"> </span>St. James\u2019s<span class=\"_ _39\"/> Place Management Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>02661<span class=\"_ _b\"/>04<span class=\"_ _b\"/>4<span class=\"_ _a4\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _2cb\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span><span class=\"ls13 ws80\">Management Services<span class=\"_ _5e\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Nominees Limited<span class=\"_ _34e\"> </span>08<span class=\"_ _b\"/>76<span class=\"_ _b\"/>421<span class=\"_ _b\"/>4<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Nominee Company<span class=\"_ _11\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>St. James\u2019s<span class=\"_ _39\"/> Place Partnership Ser<span class=\"_ _b\"/>vices Limited<span class=\"_ _34e\"> </span>08201211<span class=\"_ _ca\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>T<span class=\"_ _39\"/>reasury Company<span class=\"_ _102\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>Entit<span class=\"_ _b\"/>y<span class=\"_ _326\"> </span><span class=\"lsb9 wsbf\">Company number<span class=\"_ _1a7\"> </span><span class=\"ls66 ws6b\">Registered office<span class=\"_ _95\"> </span><span class=\"ls7a ws7e\">Country of i<span class=\"_ _5\"/>ncorporation<span class=\"_ _34e\"> </span></span></span></span>Principal<span class=\"_ _34e\"> </span>activit<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span>Aud<span class=\"_ _b\"/>it<span class=\"_ _34e\"> </span>exemptio<span class=\"_ _b\"/>n<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e UK p<span class=\"_ _b\"/>l<span class=\"_ _b\"/>c<span class=\"_ _1f\"> </span><span class=\"ls14 ws13\">02628<span class=\"_ _b\"/>062<span class=\"_ _6a\"> </span></span><span class=\"ls3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Life A<span class=\"_ _39\"/>ssurance<span class=\"_ _9f\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Tru<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>Group<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>0<span class=\"_ _b\"/>09<span class=\"_ _b\"/>476<span class=\"_ _b\"/>4<span class=\"_ _b\"/>4<span class=\"_ _70\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Unit T<span class=\"_ _4\"/>rust Management<span class=\"_ _12e\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span>Management (<span class=\"_ _4\"/>Shanghai)<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>1511517<span class=\"_ _26\"> </span><span class=\"ls12 ws7f\">1st Floor<span class=\"_ _39\"/>, Henley Building,<span class=\"_ _34e\"> </span></span>5 Qu<span class=\"_ _b\"/>e<span class=\"_ _b\"/>en<span class=\"_ _b\"/>\u2019s Ro<span class=\"_ _b\"/>a<span class=\"_ _b\"/>d Ce<span class=\"_ _b\"/>ntra<span class=\"_ _b\"/>l<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _34e\"> </span>Hong K<span class=\"_ _39\"/>ong<span class=\"_ _51\"> </span>Overseas Distribution<span class=\"_ _5c\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span>Management Group<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>0262751<span class=\"_ _b\"/>8<span class=\"_ _65\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span>Holding Company<span class=\"_ _e9\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span>Management Int<span class=\"_ _39\"/>e<span class=\"_ _b\"/>rnational Pt<span class=\"_ _39\"/>e.<span class=\"_ _34e\"> </span>Ltd<span class=\"_ _34e\"> </span>20132345<span class=\"_ _b\"/>3N<span class=\"_ _c1\"> </span><span class=\"ls8e ws3\">1 Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>f<span class=\"_ _b\"/>le<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e<span class=\"_ _b\"/>, #15<span class=\"_ _b\"/>-61<span class=\"_ _34e\"> </span></span>On<span class=\"_ _b\"/>e Ra<span class=\"_ _b\"/>f<span class=\"_ _b\"/>fl<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span>Singapore 0<span class=\"_ _39\"/>4<span class=\"_ _b\"/>8616<span class=\"_ _34e\"> </span>Singapore<span class=\"_ _16\"> </span><span class=\"ws14\">Holding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>c<span class=\"_ _b\"/>e Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span>Management<span class=\"_ _39\"/> plc<span class=\"_ _34e\"> </span>04113<span class=\"_ _b\"/>955<span class=\"_ _13b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>UK Distribution<span class=\"_ _cc\"> </span><span class=\"lsc wsb\">No<span class=\"_ _34e\"> </span></span></span></span>Staffor<span class=\"_ _39\"/>d House Inv<span class=\"_ _39\"/>estments<span class=\"_ _34e\"> </span>Limited<span class=\"_ _34e\"> </span>0386693<span class=\"_ _b\"/>5<span class=\"_ _93\"> </span>*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span>T<span class=\"_ _39\"/>echnical Connection<span class=\"_ _39\"/> Limited<span class=\"_ _6b\"> </span><span class=\"ls11 ws10\">0317847<span class=\"_ _4\"/>4<span class=\"_ _4e\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span><span class=\"ls12 ws7f\">Tax<span class=\"_ _39\"/> and Advisory Services<span class=\"_ _6\"/><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span></span></span></span>Thompson<span class=\"_ _39\"/> Private<span class=\"_ _39\"/> Clients<span class=\"_ _34e\"> </span>Limited<span class=\"_ _34e\"> </span>1125820<span class=\"_ _b\"/>0<span class=\"_ _19b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and W<span class=\"_ _39\"/>ales<span class=\"_ _22\"> </span>Financial Advice<span class=\"_ _15\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span>Tivoli<span class=\"_ _39\"/> Private<span class=\"_ _39\"/> Clients Limit<span class=\"_ _39\"/>ed<span class=\"_ _17f\"> </span><span class=\"lsbe wsc4\">14<span class=\"_ _b\"/>3206<span class=\"_ _b\"/>41<span class=\"_ _19b\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"wsa\">Non-<span class=\"_ _5\"/>trading<span class=\"_ _13\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span></span></span>T<span class=\"_ _39\"/>ring Financial Management<span class=\"_ _39\"/> Limited<span class=\"_ _34e\"> </span>05487108<span class=\"_ _d3\"> </span><span class=\"ls3 ws3\">*<span class=\"_ _1ee\"> </span><span class=\"lsb ws14\">England and<span class=\"_ _39\"/> Wales<span class=\"_ _22\"> </span><span class=\"ls7 ws8\">Policy A<span class=\"_ _39\"/>dministration<span class=\"_ _114\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _b\"/>s<span class=\"_ _34e\"> </span></span></span></span></span>Virtue Money Limi<span class=\"_ _5\"/>ted<span class=\"_ _98\"> </span><span class=\"lsd8 wse2\">SC346827<span class=\"_ _93\"> </span></span>Oracle<span class=\"_ _39\"/> Campus<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span>Blackness Road,<span class=\"_ _34e\"> </span>Linlithgow<span class=\"_ _39\"/>, West<span class=\"_ _39\"/> Lothian<span class=\"_ _39\"/> EH4<span class=\"_ _b\"/>9 7B<span class=\"_ _b\"/>F<span class=\"_ _39\"/>, U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Kingdom<span class=\"_ _34e\"> </span>Scotland<span class=\"_ _24\"> </span><span class=\"ws14\">Ho<span class=\"_ _b\"/>lding Compan<span class=\"_ _39\"/>y<span class=\"_ _be\"> </span><span class=\"ls161 ws17c\">Ye<span class=\"_ _6\"/>s<span class=\"_ _34e\"> </span></span></span>*  <span class=\"_ _6\"/>I<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ca<span class=\"_ _b\"/>tes t<span class=\"_ _b\"/>h<span class=\"_ _b\"/>at t<span class=\"_ _b\"/>he re<span class=\"_ _b\"/>g<span class=\"_ _b\"/>is<span class=\"_ _b\"/>te<span class=\"_ _b\"/>re<span class=\"_ _b\"/>d of<span class=\"_ _b\"/>f<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>e i<span class=\"_ _b\"/>s St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>e<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e H<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>s<span class=\"_ _b\"/>e, 1 Tetb<span class=\"_ _b\"/>ur<span class=\"_ _6\"/>y Ro<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>, C<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>r, Gl<span class=\"_ _b\"/>o<span class=\"_ _b\"/>uc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>te<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>h<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>, G<span class=\"_ _b\"/>L7 1F<span class=\"_ _b\"/>P<span class=\"_ _39\"/>.<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>cq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>red J<span class=\"_ _b\"/>E<span class=\"_ _b\"/>WM Ltd (<span class=\"_ _39\"/>0<span class=\"_ _b\"/>9229<span class=\"_ _b\"/>694), f<span class=\"_ _39\"/>o<span class=\"_ _b\"/>rm<span class=\"_ _b\"/>e<span class=\"_ _b\"/>rl<span class=\"_ _b\"/>y Ja<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ne Ed<span class=\"_ _b\"/>wa<span class=\"_ _b\"/>rds Wea<span class=\"_ _b\"/>lt<span class=\"_ _b\"/>h Ma<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>em<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nt Li<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ited<span class=\"_ _b\"/>, o<span class=\"_ _b\"/>n 1<span class=\"_ _b\"/>8 Ma<span class=\"_ _b\"/>y 202<span class=\"_ _b\"/>2 an<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span>Tho<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pso<span class=\"_ _b\"/>n Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>e<span class=\"_ _b\"/>nts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>1<span class=\"_ _b\"/>125820<span class=\"_ _b\"/>0<span class=\"_ _39\"/>) o<span class=\"_ _b\"/>n 17 J<span class=\"_ _b\"/>un<span class=\"_ _b\"/>e 202<span class=\"_ _b\"/>2.<span class=\"_ _b\"/> The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p i<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>orp<span class=\"_ _b\"/>o<span class=\"_ _b\"/>rate<span class=\"_ _b\"/>d Ti<span class=\"_ _b\"/>vol<span class=\"_ _b\"/>i Pr<span class=\"_ _b\"/>iva<span class=\"_ _b\"/>te Cli<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ts L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>1<span class=\"_ _b\"/>43<span class=\"_ _b\"/>206<span class=\"_ _b\"/>41<span class=\"_ _39\"/>) o<span class=\"_ _b\"/>n 26 Aug<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t 202<span class=\"_ _b\"/>2.<span class=\"_ _34e\"> </span>Whe<span class=\"_ _b\"/>re i<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he tab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e, s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>si<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s of S<span class=\"_ _b\"/>t<span class=\"_ _b\"/>. Ja<span class=\"_ _b\"/>me<span class=\"_ _b\"/>s<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c ha<span class=\"_ _b\"/>ve take<span class=\"_ _b\"/>n ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>tag<span class=\"_ _b\"/>e, o<span class=\"_ _b\"/>r are ex<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>ted to take ad<span class=\"_ _b\"/>van<span class=\"_ _b\"/>tag<span class=\"_ _b\"/>e,<span class=\"_ _b\"/> of th<span class=\"_ _b\"/>e exe<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n fro<span class=\"_ _b\"/>m stat<span class=\"_ _b\"/>uto<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y au<span class=\"_ _b\"/>d<span class=\"_ _b\"/>it g<span class=\"_ _b\"/>rante<span class=\"_ _b\"/>d by se<span class=\"_ _b\"/>cti<span class=\"_ _b\"/>o<span class=\"_ _b\"/>n 479A of the Co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>an<span class=\"_ _b\"/>i<span class=\"_ _b\"/>es Act 20<span class=\"_ _b\"/>0<span class=\"_ _b\"/>6. I<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>rda<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ce w<span class=\"_ _b\"/>ith s<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>tio<span class=\"_ _b\"/>n 479C<span class=\"_ _b\"/>,<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e pl<span class=\"_ _b\"/>c h<span class=\"_ _b\"/>as g<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ran<span class=\"_ _b\"/>tee<span class=\"_ _b\"/>d al<span class=\"_ _b\"/>l th<span class=\"_ _b\"/>e ou<span class=\"_ _b\"/>ts<span class=\"_ _b\"/>tand<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng l<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es a<span class=\"_ _b\"/>s at 31 D<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>mb<span class=\"_ _b\"/>e<span class=\"_ _b\"/>r 202<span class=\"_ _b\"/>2 of th<span class=\"_ _b\"/>es<span class=\"_ _b\"/>e co<span class=\"_ _b\"/>mp<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>All G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p co<span class=\"_ _b\"/>m<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>es h<span class=\"_ _b\"/>ave a<span class=\"_ _b\"/>n ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>ng refe<span class=\"_ _b\"/>ren<span class=\"_ _b\"/>ce d<span class=\"_ _b\"/>a<span class=\"_ _b\"/>te of 31 D<span class=\"_ _b\"/>ec<span class=\"_ _b\"/>em<span class=\"_ _b\"/>b<span class=\"_ _b\"/>er. Unl<span class=\"_ _b\"/>es<span class=\"_ _b\"/>s ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r<span class=\"_ _b\"/>w<span class=\"_ _b\"/>is<span class=\"_ _b\"/>e sta<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>, th<span class=\"_ _b\"/>e tax re<span class=\"_ _b\"/>si<span class=\"_ _b\"/>de<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>y of e<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>h<span class=\"_ _34e\"> </span>subsidiary is the<span class=\"_ _39\"/> same as the c<span class=\"_ _39\"/>ountr<span class=\"_ _b\"/>y of<span class=\"_ _5\"/> incorporat<span class=\"_ _5\"/>ion.<span class=\"_ _34e\"> </span>10<span class=\"_ _b\"/>0% of t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y sh<span class=\"_ _b\"/>are c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l is h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d for t<span class=\"_ _b\"/>he s<span class=\"_ _b\"/>ub<span class=\"_ _b\"/>si<span class=\"_ _b\"/>di<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>s li<span class=\"_ _b\"/>ste<span class=\"_ _b\"/>d in t<span class=\"_ _b\"/>he ta<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e ab<span class=\"_ _b\"/>ove<span class=\"_ _b\"/>, wi<span class=\"_ _b\"/>th th<span class=\"_ _b\"/>e exc<span class=\"_ _b\"/>ept<span class=\"_ _b\"/>io<span class=\"_ _b\"/>n of<span class=\"_ _b\"/>:<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">SJ<span class=\"_ _b\"/>P Pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>tn<span class=\"_ _b\"/>er Lo<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ns N<span class=\"_ _b\"/>o. 1 L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d (113909<span class=\"_ _b\"/>01), where 1<span class=\"_ _b\"/>00<span class=\"_ _b\"/>% of th<span class=\"_ _b\"/>e e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y s<span class=\"_ _b\"/>h<span class=\"_ _b\"/>are ca<span class=\"_ _b\"/>p<span class=\"_ _b\"/>ital i<span class=\"_ _b\"/>s he<span class=\"_ _b\"/>l<span class=\"_ _b\"/>d by a thi<span class=\"_ _b\"/>rd-p<span class=\"_ _b\"/>ar<span class=\"_ _b\"/>t<span class=\"_ _6\"/>y en<span class=\"_ _b\"/>tit<span class=\"_ _b\"/>y o<span class=\"_ _b\"/>u<span class=\"_ _b\"/>tsi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e of<span class=\"_ _34e\"> </span></span>the G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p. N<span class=\"_ _b\"/>ote th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t al<span class=\"_ _b\"/>l as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts an<span class=\"_ _b\"/>d li<span class=\"_ _b\"/>a<span class=\"_ _b\"/>bi<span class=\"_ _b\"/>li<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>es of S<span class=\"_ _b\"/>J<span class=\"_ _b\"/>P Par<span class=\"_ _6\"/>tne<span class=\"_ _b\"/>r Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s No<span class=\"_ _b\"/>.1 L<span class=\"_ _b\"/>im<span class=\"_ _b\"/>ite<span class=\"_ _b\"/>d are re<span class=\"_ _b\"/>str<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>nd r<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g-fenc<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d from t<span class=\"_ _b\"/>he ot<span class=\"_ _b\"/>he<span class=\"_ _b\"/>r<span class=\"_ _34e\"> </span>assets and<span class=\"_ _39\"/> liabilities of t<span class=\"_ _39\"/>he Group;<span class=\"_ _39\"/> and<span class=\"_ _34e\"> </span><span class=\"_ _34e\"> </span><span class=\"_ _45\"> </span><span class=\"ffa5 fs9 ls4c\">Lew<span class=\"_ _b\"/>in<span class=\"_ _b\"/>gto<span class=\"_ _b\"/>n Weal<span class=\"_ _b\"/>th M<span class=\"_ _b\"/>a<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ent L<span class=\"_ _b\"/>i<span class=\"_ _b\"/>mite<span class=\"_ _b\"/>d (<span class=\"_ _39\"/>0<span class=\"_ _b\"/>4290<span class=\"_ _b\"/>504) where 25% of t<span class=\"_ _b\"/>he e<span class=\"_ _b\"/>qu<span class=\"_ _b\"/>i<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y sh<span class=\"_ _b\"/>are c<span class=\"_ _b\"/>ap<span class=\"_ _b\"/>ita<span class=\"_ _b\"/>l is h<span class=\"_ _b\"/>el<span class=\"_ _b\"/>d by a th<span class=\"_ _b\"/>ird<span class=\"_ _b\"/>-pa<span class=\"_ _b\"/>r<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y e<span class=\"_ _b\"/>nti<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y<span class=\"_ _34e\"> </span></span>ou<span class=\"_ _b\"/>tsi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>e of th<span class=\"_ _b\"/>e Gro<span class=\"_ _b\"/>up<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>23. Interests in other entities <span class=\"ffa5 lsf5 ws104\">contin<span class=\"_ _b\"/>ue<span class=\"_ _b\"/>d<span class=\"_ _34e\"> </span></span>Fol<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>wi<span class=\"_ _b\"/>ng a<span class=\"_ _b\"/>n as<span class=\"_ _b\"/>se<span class=\"_ _b\"/>s<span class=\"_ _b\"/>sm<span class=\"_ _b\"/>en<span class=\"_ _b\"/>t of co<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>rol in a<span class=\"_ _b\"/>c<span class=\"_ _b\"/>cord<span class=\"_ _b\"/>a<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>e wi<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>FRS 1<span class=\"_ _b\"/>0 it w<span class=\"_ _b\"/>as d<span class=\"_ _b\"/>eter<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ne<span class=\"_ _b\"/>d th<span class=\"_ _b\"/>a<span class=\"_ _b\"/>t SJ<span class=\"_ _b\"/>P Par<span class=\"_ _6\"/>tn<span class=\"_ _b\"/>er Lo<span class=\"_ _b\"/>an<span class=\"_ _b\"/>s No<span class=\"_ _b\"/>. 1 Li<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted a<span class=\"_ _b\"/>n<span class=\"_ _b\"/>d Lewingt<span class=\"_ _39\"/>on W<span class=\"_ _5\"/>ealth Management ar<span class=\"_ _39\"/>e contr<span class=\"_ _39\"/>olle<span class=\"_ _b\"/>d b<span class=\"_ _39\"/>y the Group<span class=\"_ _39\"/> and thus c<span class=\"_ _5\"/>onsolidated.<span class=\"_ _34e\"> </span>In addition, the<span class=\"_ _39\"/> Group Financial<span class=\"_ _39\"/> S<span class=\"_ _b\"/>tat<span class=\"_ _39\"/>ements consolidat<span class=\"_ _39\"/>e the f<span class=\"_ _39\"/>oll<span class=\"_ _b\"/>owing unit<span class=\"_ _39\"/> trusts, all of<span class=\"_ _39\"/> which are r<span class=\"_ _39\"/>egistered<span class=\"_ _5\"/> in E<span class=\"_ _39\"/>n<span class=\"_ _b\"/>gland and Wale<span class=\"_ _b\"/>s<span class=\"_ _b\"/>. Th<span class=\"_ _b\"/>e reg<span class=\"_ _b\"/>i<span class=\"_ _b\"/>stere<span class=\"_ _b\"/>d a<span class=\"_ _b\"/>dd<span class=\"_ _b\"/>res<span class=\"_ _b\"/>s of th<span class=\"_ _b\"/>e un<span class=\"_ _b\"/>it t<span class=\"_ _b\"/>ru<span class=\"_ _b\"/>st m<span class=\"_ _b\"/>an<span class=\"_ _b\"/>a<span class=\"_ _b\"/>ge<span class=\"_ _b\"/>r, St. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s P<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ce U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t G<span class=\"_ _b\"/>roup L<span class=\"_ _b\"/>i<span class=\"_ _b\"/>mi<span class=\"_ _b\"/>ted<span class=\"_ _b\"/>, i<span class=\"_ _b\"/>s St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e H<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>se<span class=\"_ _b\"/>, 1 T<span class=\"_ _39\"/>et<span class=\"_ _b\"/>bu<span class=\"_ _b\"/>r<span class=\"_ _b\"/>y Ro<span class=\"_ _b\"/>ad<span class=\"_ _b\"/>, C<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>es<span class=\"_ _b\"/>ter, Gl<span class=\"_ _b\"/>ou<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>ster<span class=\"_ _b\"/>sh<span class=\"_ _b\"/>i<span class=\"_ _b\"/>re GL7 1F<span class=\"_ _b\"/>P<span class=\"_ _4\"/>, U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>ted K<span class=\"_ _b\"/>i<span class=\"_ _b\"/>ng<span class=\"_ _b\"/>do<span class=\"_ _b\"/>m<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Adve<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>urou<span class=\"_ _b\"/>s G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Adve<span class=\"_ _b\"/>nt<span class=\"_ _b\"/>urou<span class=\"_ _b\"/>s I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al G<span class=\"_ _b\"/>row<span class=\"_ _6\"/>th Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e As<span class=\"_ _b\"/>ia Pa<span class=\"_ _b\"/>ci<span class=\"_ _b\"/>fi<span class=\"_ _b\"/>c U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Balance InRetir<span class=\"_ _39\"/>ement Unit T<span class=\"_ _4\"/>rust St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e B<span class=\"_ _b\"/>al<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ce<span class=\"_ _b\"/>d G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Balanced Internat<span class=\"_ _39\"/>ion<span class=\"_ _b\"/>al Gr<span class=\"_ _39\"/>ow<span class=\"_ _b\"/>th Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Balanced Managed Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vati<span class=\"_ _b\"/>ve G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>er<span class=\"_ _6\"/>vati<span class=\"_ _b\"/>ve I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al G<span class=\"_ _b\"/>row<span class=\"_ _6\"/>th Unit T<span class=\"_ _4\"/>rust St. James\u2019s P<span class=\"_ _39\"/>lace Continent<span class=\"_ _39\"/>al Eur<span class=\"_ _39\"/>opean Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Corporat<span class=\"_ _39\"/>e Bond Unit T<span class=\"_ _4\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Di<span class=\"_ _b\"/>ve<span class=\"_ _b\"/>rs<span class=\"_ _b\"/>if<span class=\"_ _b\"/>ie<span class=\"_ _b\"/>d As<span class=\"_ _b\"/>se<span class=\"_ _b\"/>ts (F<span class=\"_ _4\"/>A<span class=\"_ _b\"/>IF) Uni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Diversified Bond Unit<span class=\"_ _39\"/> T<span class=\"_ _39\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Eme<span class=\"_ _b\"/>rgi<span class=\"_ _b\"/>n<span class=\"_ _b\"/>g Ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s Equ<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Gi<span class=\"_ _b\"/>l<span class=\"_ _b\"/>ts Un<span class=\"_ _b\"/>it Trus<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Ab<span class=\"_ _b\"/>so<span class=\"_ _b\"/>lu<span class=\"_ _b\"/>te Retu<span class=\"_ _b\"/>rn U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it T<span class=\"_ _5\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Eme<span class=\"_ _b\"/>rg<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g Ma<span class=\"_ _b\"/>rket<span class=\"_ _b\"/>s Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Equ<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it T<span class=\"_ _5\"/>ru<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l H<span class=\"_ _b\"/>ig<span class=\"_ _b\"/>h Yi<span class=\"_ _b\"/>e<span class=\"_ _b\"/>ld B<span class=\"_ _b\"/>on<span class=\"_ _b\"/>d U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Q<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>li<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St. James\u2019s P<span class=\"_ _39\"/>lace Global Smaller Companies Unit<span class=\"_ _39\"/> T<span class=\"_ _39\"/>rust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>lo<span class=\"_ _b\"/>ba<span class=\"_ _b\"/>l Valu<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Trust<span class=\"_ _b\"/> St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>rea<span class=\"_ _b\"/>ter Euro<span class=\"_ _b\"/>pe<span class=\"_ _b\"/>a<span class=\"_ _b\"/>n Prog<span class=\"_ _b\"/>res<span class=\"_ _b\"/>si<span class=\"_ _b\"/>ve U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e G<span class=\"_ _b\"/>row<span class=\"_ _b\"/>th I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>Reti<span class=\"_ _b\"/>re<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nd<span class=\"_ _b\"/>ex Li<span class=\"_ _b\"/>n<span class=\"_ _b\"/>ked G<span class=\"_ _b\"/>il<span class=\"_ _b\"/>ts U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nter<span class=\"_ _b\"/>na<span class=\"_ _b\"/>ti<span class=\"_ _b\"/>on<span class=\"_ _b\"/>al Eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e I<span class=\"_ _b\"/>nvest<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt G<span class=\"_ _b\"/>rad<span class=\"_ _b\"/>e Co<span class=\"_ _b\"/>rp<span class=\"_ _b\"/>ora<span class=\"_ _b\"/>te Bo<span class=\"_ _b\"/>nd U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>u<span class=\"_ _b\"/>st<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Ja<span class=\"_ _b\"/>pa<span class=\"_ _b\"/>n U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d Grow<span class=\"_ _6\"/>th U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e M<span class=\"_ _b\"/>on<span class=\"_ _b\"/>ey Ma<span class=\"_ _b\"/>rket U<span class=\"_ _b\"/>n<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e N<span class=\"_ _b\"/>or<span class=\"_ _b\"/>t<span class=\"_ _b\"/>h Am<span class=\"_ _b\"/>er<span class=\"_ _b\"/>ic<span class=\"_ _b\"/>an U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 1 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 2 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 3 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Po<span class=\"_ _b\"/>la<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>s 4 Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Pr<span class=\"_ _b\"/>ud<span class=\"_ _b\"/>en<span class=\"_ _b\"/>ce I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>Ret<span class=\"_ _b\"/>ire<span class=\"_ _b\"/>me<span class=\"_ _b\"/>nt U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>trate<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>c I<span class=\"_ _b\"/>nc<span class=\"_ _b\"/>om<span class=\"_ _b\"/>e Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e S<span class=\"_ _b\"/>trate<span class=\"_ _b\"/>gi<span class=\"_ _b\"/>c M<span class=\"_ _b\"/>an<span class=\"_ _b\"/>ag<span class=\"_ _b\"/>e<span class=\"_ _b\"/>d Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e Su<span class=\"_ _b\"/>sta<span class=\"_ _b\"/>in<span class=\"_ _b\"/>ab<span class=\"_ _b\"/>l<span class=\"_ _b\"/>e &amp; Res<span class=\"_ _b\"/>po<span class=\"_ _b\"/>ns<span class=\"_ _b\"/>i<span class=\"_ _b\"/>bl<span class=\"_ _b\"/>e Equ<span class=\"_ _b\"/>it<span class=\"_ _6\"/>y Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K Equ<span class=\"_ _b\"/>it<span class=\"_ _b\"/>y I<span class=\"_ _b\"/>n<span class=\"_ _b\"/>co<span class=\"_ _b\"/>me U<span class=\"_ _b\"/>ni<span class=\"_ _b\"/>t T<span class=\"_ _39\"/>r<span class=\"_ _b\"/>us<span class=\"_ _b\"/>t<span class=\"_ _34e\"> </span>St<span class=\"_ _b\"/>. J<span class=\"_ _b\"/>am<span class=\"_ _b\"/>es<span class=\"_ _b\"/>\u2019s Pl<span class=\"_ _b\"/>ac<span class=\"_ _b\"/>e U<span class=\"_ _b\"/>K Un<span class=\"_ _b\"/>it Trust<span class=\"_ _34e\"> </span>St. James\u2019s P<span class=\"_ _39\"/>lace Worldwide Income<span class=\"_ _39\"/> Unit T<span class=\"_ _39\"/>rust<span class=\"_ _34e\"> </span>Individually immaterial a<span class=\"_ _5\"/>ssociates<span class=\"_ _34e\"> </span>The G<span class=\"_ _b\"/>rou<span class=\"_ _b\"/>p a<span class=\"_ _b\"/>ls<span class=\"_ _b\"/>o ha<span class=\"_ _b\"/>s in<span class=\"_ _b\"/>teres<span class=\"_ _b\"/>ts i<span class=\"_ _b\"/>n in<span class=\"_ _b\"/>di<span class=\"_ _b\"/>vi<span class=\"_ _b\"/>d<span class=\"_ _b\"/>ua<span class=\"_ _b\"/>ll<span class=\"_ _b\"/>y im<span class=\"_ _b\"/>m<span class=\"_ _b\"/>ate<span class=\"_ _b\"/>ri<span class=\"_ _b\"/>al a<span class=\"_ _b\"/>ss<span class=\"_ _b\"/>oc<span class=\"_ _b\"/>ia<span class=\"_ _b\"/>tes th<span class=\"_ _b\"/>at a<span class=\"_ _b\"/>re ac<span class=\"_ _b\"/>co<span class=\"_ _b\"/>un<span class=\"_ _b\"/>ted fo<span class=\"_ _b\"/>r us<span class=\"_ _b\"/>in<span class=\"_ _b\"/>g th<span class=\"_ _b\"/>e eq<span class=\"_ _b\"/>ui<span class=\"_ _b\"/>t<span class=\"_ _b\"/>y m<span class=\"_ _b\"/>eth<span class=\"_ _b\"/>od<span class=\"_ _b\"/>.<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> D<span class=\"_ _b\"/>ecember 2022<span class=\"_ _34e\"> </span>Y<span class=\"_ _39\"/>ear ended 31<span class=\"_ _39\"/> De<span class=\"_ _b\"/>cember 2021<span class=\"_ _34e\"> </span>\u00a3\u2019Million<span class=\"_ _1a\"> </span><span class=\"ffa5 lsba wsc0\">\u00a3\u2019Million<span class=\"_ _34e\"> </span></span>Aggr<span class=\"_ _39\"/>egate carrying v<span class=\"_ _39\"/>alue of individually immat<span class=\"_ _39\"/>erial associat<span class=\"_ _39\"/>es<span class=\"_ _1f2\"> </span><span class=\"lse9 wsd7\">1.4<span class=\"_ _19b\"> </span>1<span class=\"_ _b\"/>.4<span class=\"_ _34e\"> </span></span>Aggr<span class=\"_ _39\"/>e<span class=\"_ _b\"/>gate<span class=\"_ _39\"/> amounts of t<span class=\"_ _39\"/>he Group\u2019s<span class=\"_ _39\"/> share of<span class=\"_ _39\"/> tot<span class=\"_ _39\"/>al comprehensive<span class=\"_ _39\"/> income<span class=\"_ _328\"> </span><span class=\"ls3 ws3\">\u2013<span class=\"_ _19\"> </span>\u2013<span class=\"_ _34e\"> </span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-378": {
   "value": "24. Business combinations During the year the Group acquired the following subsidiaries in line with the Group\u2019s strategic objective of growing and supporting the Partnership: Business acquired Principal activity % shareholding Date of acquisition JEWM Ltd (formerly Janine Edwards Wealth Management Limited) Provision of financial services 60% 18 May 2022 Thompson Private Clients Limited Provision of financial services 100% 17 June 2022 Thompson Private Clients Limited owns 40% of the share capital of JEWM Ltd. From 17 June 2022, following its acquisition, the Group now holds 100% of the share capital of JEWM Ltd. Acquisition-related costs of \u00a30.1 million have been charged to administration expenses in the Consolidated Statement of Comprehensive Income for the year ended 31 December 2022. JEWM Ltd The acquisition contributed \u00a3nil to fee and commission income and a \u00a33.4 million profit before income tax for the period between the acquisition date and 31 December 2022. Had the acquisition been consolidated from 1 January 2022, the acquisition would have contributed \u00a3nil to fee and commission income and \u00a35.5 million profit before income tax. The net assets, fair value adjustments and consideration for this acquisition are summarised below (all values shown as at their acquisition date): Book value Fair value adjustment Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets 4.3  14.0  18.3 Cash and cash equivalents 2.0  \u2013  2.0 Financial liabilities (1.0) (3.8) (4.8) Total net assets acquired 5.3  10.2  15.5 Consideration Cash consideration on completion 11.4 Shares issued on completion 1 5.7 Deferred contingent consideration 3.2 Total consideration 20.3 Goodwill 4.8 1   Shares issued refer to St. James\u2019s Place plc ordinary shares. Goodwill comprises the future value generated from new business opportunities. It is expected that the deferred contingent consideration will be paid in full on 1 December 2023 with no changes to the amount initially recognised. Thompson Private Clients Limited The acquisition contributed \u00a3nil to fee and commission income and a \u00a3nil profit before income tax for the period between the acquisition date and 31 December 2022. Had the acquisition been consolidated from 1 January 2022, the acquisition would have contributed \u00a3nil to fee and commission income and \u00a30.3 million profit before income tax. The net assets, fair value adjustments and consideration for this acquisition are summarised below (all values shown as at their acquisition date): Book value Fair value adjustment Total \u00a3\u2019Million \u00a3\u2019Million \u00a3\u2019Million Financial assets 3.4  0.6  4.0 Cash and cash equivalents \u2013  \u2013  \u2013 Financial liabilities (2.6) (0.9) (3.5) Total net assets acquired 0.8 (0.3)  0.5 Consideration Cash consideration on completion 0.5 Deferred contingent consideration 0.7 Total consideration 1.2 Goodwill 0.7 It is expected that the deferred contingent consideration will be paid in full on 16 December 2023 with no changes to the amount initially recognised. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-379": {
   "value": "25. Related-party transactions Transactions with St. James\u2019s Place unit trusts In respect of the non-consolidated St. James\u2019s Place managed unit trusts that are held as investments in the St. James\u2019s Place life and pension funds, there were losses recognised of \u00a30.7 million (2021: \u00a311.0 million) and the total value of transactions with those non-consolidated unit trusts was \u00a36.5 million (2021: \u00a314.1 million). Net management fees receivable from these unit trusts amounted to \u00a3nil (2021: \u00a31.8 million). The value of the investment into the non-consolidated unit trusts at 31 December 2022 was \u00a310.0 million (2021: \u00a34.2 million). Transactions with associates and non-wholly owned subsidiaries Outstanding at the year-end was a business loan of \u00a31.2 million (2021: \u00a30.9 million) to an associate of the Group. During the year \u00a30.3 million (2021: \u00a3nil) was advanced and \u00a3nil (2021: \u00a3nil) was repaid. Business loans to associates are interest-bearing (linked to the Bank of England base rate plus a margin) and repayable in line with the terms of the loan contract. Interest of \u00a3nil was received during 2022 (2021: \u00a3nil). In addition, commission, advice fees and other payments of \u00a34.3 million were paid, under normal commercial terms, to non-wholly owned Group companies. The outstanding amount receivable at 31 December 2022 was \u00a30.1 million. As at 31 December 2021 there were no entities for which disclosure was required. 25. Related-party transactions continued Transactions with key management personnel Key management personnel have been defined as the Board of Directors and members of the Executive Board.  The remuneration paid to the Board of Directors of St. James\u2019s Place plc is set out in the Directors\u2019 Remuneration Report,  in addition to the disclosure below. The Directors\u2019 Remuneration Report also sets out transactions with the Directors under the Group\u2019s share-based payment  schemes, together with details of the Directors\u2019 interests in the share capital of the Company. Compensation of key management personnel is as follows: Year ended  31 December  2022 Year ended  31 December  2021 \u00a3\u2019Million \u00a3\u2019Million Short-term employee benefits 6.3 6.1 Post-employment benefits 0.5 0.5 Share-based payment 6.5 5.7 Total 13.3 12.3 The total value of Group FUM held by related parties of the Group as at 31 December 2022 was \u00a341.1 million (2021: \u00a335.3 million).  The total value of St. James\u2019s Place plc dividends paid to related parties of the Group during the year was \u00a30.8 million  (2021: \u00a30.9 million). Total consideration of \u00a320.3 million (2021: \u00a3nil) was agreed under normal commercial terms to key management personnel  and their connected parties for the acquisition of JEWM Ltd (formerly Janine Edwards Wealth Management Limited). As at  31 December 2022 there was deferred contingent consideration outstanding of \u00a33.2 million (2021: \u00a3nil). Commission, advice fees and other payments of \u00a33.2 million (2021: \u00a36.2 million) were paid, under normal commercial terms,  to St. James\u2019s Place advisers who were related parties by virtue of being connected persons with key management personnel. The outstanding amount payable at 31 December 2022 was \u00a30.1 million (2021: \u00a30.8 million). Outstanding at the year-end were Partner loans of \u00a3nil (2021: \u00a33.3 million) due from St. James\u2019s Place advisers who were  related parties by virtue of being connected persons with key management personnel. The Group either advanced,  or guaranteed, these loans. During the year \u00a30.5 million (2021: \u00a3nil) was advanced and \u00a33.0 million (2021: \u00a30.8 million) was repaid by advisers who were related parties. The remaining balance was derecognised as a related party due to changes  in key management personnel during the year. Business loans to Partners are interest-bearing (linked to the Bank of England base rate plus a margin), repayable in line with  the terms of the loan contract and secured against the future renewal income streams of the respective Partner. Interest of \u00a30.1 million was received during 2022 (2021: \u00a30.1 million).  At the start of the year, related parties of key management personnel held nil (2021: 28,517) shares and options under various St. James\u2019s Place plc share option schemes. During the year nil (2021: nil) shares and options were granted, nil (2021: nil) options lapsed and nil (2021: 28,517) options were exercised. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-402": {
   "value": "Transactions with key management personnel Key management personnel have been defined as the Board of Directors and members of the Executive Board.  The remuneration paid to the Board of Directors of St. James\u2019s Place plc is set out in the Directors\u2019 Remuneration Report,  in addition to the disclosure below. The Directors\u2019 Remuneration Report also sets out transactions with the Directors under the Group\u2019s share-based payment  schemes, together with details of the Directors\u2019 interests in the share capital of the Company. Compensation of key management personnel is as follows: Year ended  31 December  2022 Year ended  31 December  2021 \u00a3\u2019Million \u00a3\u2019Million Short-term employee benefits 6.3 6.1 Post-employment benefits 0.5 0.5 Share-based payment 6.5 5.7 Total 13.3 12.3 The total value of Group FUM held by related parties of the Group as at 31 December 2022 was \u00a341.1 million (2021: \u00a335.3 million).  The total value of St. James\u2019s Place plc dividends paid to related parties of the Group during the year was \u00a30.8 million  (2021: \u00a30.9 million). Total consideration of \u00a320.3 million (2021: \u00a3nil) was agreed under normal commercial terms to key management personnel  and their connected parties for the acquisition of JEWM Ltd (formerly Janine Edwards Wealth Management Limited). As at  31 December 2022 there was deferred contingent consideration outstanding of \u00a33.2 million (2021: \u00a3nil). Commission, advice fees and other payments of \u00a33.2 million (2021: \u00a36.2 million) were paid, under normal commercial terms,  to St. James\u2019s Place advisers who were related parties by virtue of being connected persons with key management personnel. The outstanding amount payable at 31 December 2022 was \u00a30.1 million (2021: \u00a30.8 million). Outstanding at the year-end were Partner loans of \u00a3nil (2021: \u00a33.3 million) due from St. James\u2019s Place advisers who were  related parties by virtue of being connected persons with key management personnel. The Group either advanced,  or guaranteed, these loans. During the year \u00a30.5 million (2021: \u00a3nil) was advanced and \u00a33.0 million (2021: \u00a30.8 million) was repaid by advisers who were related parties. The remaining balance was derecognised as a related party due to changes  in key management personnel during the year. Business loans to Partners are interest-bearing (linked to the Bank of England base rate plus a margin), repayable in line with  the terms of the loan contract and secured against the future renewal income streams of the respective Partner. Interest of \u00a30.1 million was received during 2022 (2021: \u00a30.1 million).  At the start of the year, related parties of key management personnel held nil (2021: 28,517) shares and options under various St. James\u2019s Place plc share option schemes. During the year nil (2021: nil) shares and options were granted, nil (2021: nil) options lapsed and nil (2021: 28,517) options were exercised.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-6": {
   "value": "St. James\u2019s Place House 1 Tetbury Road Cirencester Gloucestershire GL7 1FP",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:213800M993ICXOMBCP87",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}