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Accounting policies 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. 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 2023, the following relevant new and amended standards, which the Group adopted as of 1 January 2023, have been applied: IFRS 17 Insurance Contracts; 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 Assets and Liabilities arising from a Single Transaction; Amendments to IAS 12 Income Taxes \u2013 International Tax Reform \u2013 Pillar Two Model Rules. ii. New and amended accounting standards not yet effective As at 31 December 2023 there were no new or amended accounting standards not yet effective which are relevant to the Group. iii. Basis of preparation The going concern basis has been adopted in preparing these Financial Statements. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chief Executive\u2019s report and the Chief Financial Officer\u2019s report. The financial performance and financial position of the Group are described in the financial review. As shown in Section 3 of the financial review, the Group\u2019s capital position remains strong and well in excess of regulatory requirements. In addition, it has continued to operate within its external banking covenants. The S&P rating of St. James\u2019s Place UK plc remains at A- (BBB at SJP PLC). Similarly, the Fitch rating remains at A+ for St. James\u2019s Place UK plc (A at SJP PLC level). Further, the long-term nature of the business results in considerable positive cash flows arising from existing business.
The Board has considered the challenging macroeconomic
and geopolitical conditions which prevailed during 2023,
noting that the business continued to be successful in this
environment. Notwithstanding market challenges, the
Group attracted gross inflows of \u00a315.4 billion. Net flows
came under pressure as a result of competition from
cash-based investments subduing the total for 2023 to
\u00a35.1 billion. This, along with the performance of our key
outsource providers, monitored through our ongoing
oversight, supports its view that the business will continue
to remain operationally resilient.
The Board has also considered a profitability forecast
including base case scenario and severe but plausible
downside scenarios. In modelling these scenarios, the
Group has considered its liquidity, cash and IFRS results.
The downside scenarios are severe but plausible and
would still leave the Group with positive cash result and
IFRS profit.
The Board has also considered elevated client complaints
and potential options and mitigations available to the
Group should there be a need to take additional action
in relation to increased levels of client complaints.
As a result of its review, the Board believes that the Group
will continue to operate, with neither the intention nor
the necessity of liquidation, ceasing trading or seeking
protection from creditors pursuant to laws or regulations,
for a period of at least 12 months from the date of approval
of the Group Financial Statements.
The Financial Statements are presented in pounds Sterling
rounded to the nearest one hundred thousand pounds.
They are prepared on a historical cost basis, except for
assets classified as investment property and financial
assets and liabilities at fair value through profit and loss.
The preparation of the Financial Statements in conformity
with IFRSs requires management to make judgements,
estimates and assumptions that affect the application
of policies and reported amounts of assets and liabilities,
income and expenses. The estimates and associated
assumptions are based on historical experience and
various other factors that are believed to be reasonable
under the circumstances, the results of which form the
basis of making judgements about the carrying values
of assets and liabilities that are not readily apparent from
other sources. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed
on an ongoing basis. Revisions to accounting estimates are
recognised in the year in which the estimate is revised if the
revision affects only that year, or in the year of the revision
and future years, if the revision affects both current and
future years.
Judgements made by management in the application of
IFRSs that have material effect on the Financial Statements
and estimates with a significant risk of material adjustment
in the next year are discussed in Note 2.
The Financial Statements are prepared in accordance
with the Companies Act 2006 as applicable to companies
reporting under IFRS, and the accounting policies set out
below have been applied consistently to all years
presented in these Consolidated Financial Statements.
iv. Summary of significant accounting policies
(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 is
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.
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.
(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 products;
(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 deferred income (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 DFM
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.
(c) 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. Further information on depreciation of the right-of-use asset is set out in accounting policy (m). 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. (d) 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. (e) Insurance revenue Insurance revenue represents the expected income from the provision of insurance services. The income is recognised during the coverage period in which the services will be provided. (f) Insurance service expenses Insurance service expenses comprise insurance claims and other insurance service expenses. The expense is recognised during the relevant coverage period in which the services will be provided, excluding any investment components. (g) Other finance income Other finance income comprises interest received on cash and cash equivalents and business loans to Partners. Interest on assets classified as fair value through profit or loss is accounted for based on the actual coupon payments, whilst interest on financial assets measured at amortised cost is accounted for using the effective interest method. Other finance costs comprise an interest expense on the lease liability and external borrowings. Interest expense on the lease liability and external borrowings is calculated using the effective interest method. (h) 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 expected 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.
(i) 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.
(j) 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 (c) Expenses (i)).
(k) 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.
(l) Deferred acquisition costs
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 period over which costs are expected to
be recoverable for investment contracts is 14 years.
(m) 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.
(n) 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 (aa)), 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.
(o) Reinsurance assets
Reinsurance assets represent amounts recoverable from
reinsurers in respect of non-unit-linked insurance contract
liabilities, net of any future reinsurance premiums. See (u)
Insurance contract liabilities for further information.
The contract boundary for a reinsurance contract is
dependent on the terms and conditions of the reinsurance
contract. Such terms have been assessed and considered
to be the same as for the underlying contracts.
(p) 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
fair value through profit and loss (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 (ae) for
information relating to the treatment of impaired amounts.
Other receivables include prepayments, which are
recognised where services are paid for in advance of the
benefit 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.
(q) 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 (d).
(r) 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.
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.
(s) 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.
(t) 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 at
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.
(u) Insurance contract liabilities
Insurance contract liabilities are determined by applying
the default General Measurement Model (GMM) to non-
unit-linked insurance business and reassurance ceded,
and the Variable Fee Approach (VFA) to unit-linked
insurance business measured under IFRS 17.
The contract boundary is assessed at transition and then
reassessed only when there are changes in features or
circumstances that alter the commercial substance of the
contract or change the products within a portfolio.
Under the General Measurement Model (applicable to
non-unit-linked insurance business and reassurance ceded),
groups of contracts are recognised and measured as:
the Fulfilment Cash Flows, comprising 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
(RA); and
the Contractual Service Margin (CSM), comprising the
unearned profit within a group of contracts that will be
recognised as the Group provides insurance services
in the future.
The estimate of future cash flows represents the best
estimate of the cost to fulfil cash flows within the contract
boundary, incorporating current non-financial
assumptions.
The RA represents the compensation that an entity requires
for bearing the uncertainty about the amount and timing
of cash flows that arise from non-financial risk as the entity
fulfils insurance contracts. It is calculated using a cost
of capital approach, leveraging the Solvency II view of
non-financial risk.
The CSM is determined at contract outset or IFRS 17
transition and subsequently remeasured for non-financial
changes in the Fulfilment Cash Flows and the accretion of
interest using a discount rate locked in at transition. It is
amortised over the period of the contract in line with
coverage units based upon the sum assured, which reflect
the quantity of insurance services provided. If a group of
contracts is expected to be onerous (i.e. loss-making)
over the remaining coverage period, a loss is recognised
immediately.
Under the VFA (applicable to unit-linked insurance
business), the GMM is supplemented by an adaptation for
contracts with direct participation features. The Fulfilment
Cash Flows for unit-linked insurance business reflect an
obligation to pay policyholders an amount equal to the fair
value of underlying assets, less the variable fee for future
service. The RA reflects the compensation for non-financial
risk in relation to this variable fee only. The CSM is
subsequently remeasured for changes in the variable fee
only, arising from both financial and non-financial risks.
(v) 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.
(w) 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
6 and 14 years.
(x) 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.
(y) 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 the Statement of Comprehensive Income 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.
(z) 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.
(aa) 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.
(ab) 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.
(ac) 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.
(ad) 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.
(ae) 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 (k) 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.
Twelve 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 15.
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.
(af) 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.
(ag) 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 Group Executive Committee.
(ah) 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. (ai) 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 section, which explains why it is used and, where applicable, explains how the measure can be reconciled to the IFRS Financial Statements. 1a. Restatement of prior periods Adjustment 1 \u2013 Adoption of IFRS 17 Insurance Contracts On 1 January 2023 the Group adopted IFRS 17 Insurance Contracts and, as required by the standard, applied the requirements retrospectively with comparatives restated from 1 January 2022. The adoption of IFRS 17 resulted in an increase of \u00a31.8 million for the year ended 31 December 2022 to the IFRS profit after tax. The movement occurred due to the revised pattern of profit recognition under IFRS 17, which replaces margins in the measurement of insurance contract liabilities under IFRS 4 with an explicit allowance for risk and a Contractual Service Margin (CSM) which defers the recognition of profit over the coverage period. There is no impact on the Group\u2019s 2022 APMs except for \u2018Underlying profit\u2019, which is affected to the same extent that IFRS 17 impacts IFRS profit after tax. IFRS 17 incorporates revised principles for the recognition, measurement, presentation and disclosure of insurance contracts. The presentation of insurance revenue and insurance service expenses in the Statement of Comprehensive Income is based upon the concept of insurance services provided during the period.
IFRS 17 transition approach
The fair value approach (FVA) has been applied to all
insurance and reinsurance contracts on transition to IFRS 17,
as the Group considers that application of a fully
retrospective approach is impractical (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).
Under the FVA, the CSM recognised at transition is
determined as the difference between the fair value of
contracts at the transition date and the Fulfilment Cash
Flows at the transition date. The fair value on transition
has been derived in accordance with IFRS 13 Fair Value
Measurement and represents the price a market
participant would require to assume the liabilities in an
orderly transaction. Under the fair value approach, the
simplification permitting contracts in different annual
cohorts to be placed into a single group of contracts has
been adopted. The Group closed to new insurance
business, as defined under IFRS 17, in 2011.
On transition to IFRS 17 a deferred tax liability has been
established representing the tax in relation to the movement
in equity on transition to IFRS 17. The deferred tax liability will
fully unwind over ten years from the transition date.
Adjustment 2 \u2013 Consolidated Statement
of Comprehensive Income, Revenue
IFRS 17 provides greater clarity on the split of profit
between insurance and investment contracts; during the
implementation, a review of revenue identified that some
items within the Consolidated Statement of Comprehensive
Income were misclassified and required restatement. The
restatement totalled \u00a324.6 million for the year ended
31 December 2022, decreasing fee and commission income
and increasing movement in investment contract benefits,
by the same amount, resulting in a net nil impact on the
profit for the year.
Adjustment 3 \u2013 Consolidated Statement of
Comprehensive Income, Other finance income
During the year it was identified that other finance costs
had been misclassified and required restatement. For the
year ended 31 December 2022 the restatement comprised
an increase of \u00a327.6 million in investment return, decrease
of \u00a312.5 million in expenses, and a corresponding net
\u00a315.1 million other finance income recognised. The
restatement resulted in a net nil impact on the profit for
the year.
Adjustment 4 \u2013 Consolidated Statement of
Cashflows, Proceeds from sale of financial assets
held at amortised cost
During the year, following a review by the Financial
Reporting Council, it was determined that it was more
appropriate to classify the sale in 2022 of a portfolio of
Partner loans as an operating cash flow rather than an
investing cash flow. Accordingly the Consolidated
Statement of Cashflows for the year ended 31 December
2022 has been restated to reflect this. The restatement,
totalling \u00a3262.5 million, decreases proceeds from sale of
financial assets held at amortised cost, included within
investing activities, and increases the movement in other
receivables, included within operating activities, by the
same amount.
Restatement for the year ended 31 December 2022
Impact on Consolidated Statement of Comprehensive Income
Restated
Year ended (Decrease)/increase year ended
31 December 31 December
2022
Adj 1
Adj 2
Adj 3
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Insurance premium income
33.7
(33.7)
\u2013
\u2013
\u2013
Less premiums ceded to reinsurers
(23.3)
23.3
\u2013
\u2013
\u2013
Net insurance premium income
10.4
(10.4)
\u2013
\u2013
\u2013
Fee and commission income
1,954.2
\u2013
(24.6)
\u2013
1,929.6
Investment return
(13,771.9)
41.6
\u2013
(27.6)
(13,757.9)
Net expense
(11,807.3)
31.2
(24.6)
(27.6)
(11,828.3)
Policy claims and benefits
\u2013 Gross amount
(48.0)
48.0
\u2013
\u2013
\u2013
\u2013 Reinsurers\u2019 share
14.6
(14.6)
\u2013
\u2013
\u2013
Net policyholder claims and benefits incurred
(33.4)
33.4
\u2013
\u2013
\u2013
Change in insurance contract liabilities
\u2013 Gross amount
88.8
(88.8)
\u2013
\u2013
\u2013
\u2013 Reinsurers\u2019 share
(16.0)
16.0
\u2013
\u2013
\u2013
Net change in insurance contract liabilities
72.8
(72.8)
\u2013
\u2013
\u2013
Movement in investment contract benefits
13,734.8
\u2013
24.6
\u2013
13,759.4
Expenses
(1,966.2)
4.5
\u2013
12.5
(1,949.2)
Insurance revenue
\u2013
26.5
\u2013
\u2013
26.5
Insurance service expenses
\u2013
(13.5)
\u2013
\u2013
(13.5)
Net reinsurance expense
\u2013
(9.6)
\u2013
\u2013
(9.6)
Net insurance finance income
\u2013
2.4
\u2013
\u2013
2.4
Other finance income
\u2013
\u2013
\u2013
15.1
15.1
Profit before tax
0.7
2.1
\u2013
\u2013
2.8
Tax attributable to policyholders\u2019 returns
501.1
\u2013
\u2013
\u2013
501.1
Profit before tax attributable to shareholders\u2019 returns
501.8
2.1
\u2013
\u2013
503.9
Total tax credit
404.7
(0.3)
\u2013
\u2013
404.4
Less: tax attributable to policyholders\u2019 returns
(501.1)
\u2013
\u2013
\u2013
(501.1)
Tax attributable to shareholders\u2019 returns
(96.4)
(0.3)
\u2013
\u2013
(96.7)
Profit and total comprehensive income for the year
405.4
1.8
\u2013
\u2013
407.2
Profit attributable to non-controlling interests
0.4
\u2013
\u2013
\u2013
0.4
Profit attributable to equity shareholders
405.0
1.8
\u2013
\u2013
406.8
Profit and total comprehensive income for the year
405.4
1.8
\u2013
\u2013
407.2
Pence
Pence
Basic earnings per share
74.6
75.0
Diluted earnings per share
73.9
74.3
Impact on Consolidated Statement of Changes in Equity
Equity attributable to owners
of the Parent Company
Retained
earnings
Total
Total equity
Increase
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2022
9.6
9.6
9.6
Profit and total comprehensive income for the year
1.8
1.8
1.8
At 31 December 2022
11.4
11.4
11.4
Impact on Consolidated Statement of Financial Position
(Decrease)/ Restated Restated
31 December increase 31 December 1 January
2022
Adj 1
2022
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Assets
Deferred acquisition costs
337.3
(0.7)
336.6
378.9
Deferred tax assets
13.9
(1.4)
12.5
19.5
Reinsurance assets
66.4
(11.8)
54.6
74.8
Other receivables
2,982.8
(5.6)
2,977.2
2,913.1
Total assets
151,705.0
(19.5)
151,685.5
155,710.6
Liabilities
Insurance contract liabilities
483.5
(13.0)
470.5
568.6
Other payables
2,198.6
(17.9)
2,180.7
2,579.3
Total liabilities
150,444.6
(30.9)
150,413.7
154,581.8
Net assets
1,260.4
11.4
1,271.8 1,128.8
Impact on Consolidated Statement of Cash Flows
Increase/ Restated
31 December (decrease) 31 December
2022
Adj 4
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cash flows from operating activities
Cash (used in)/generated from operations
(975.1)
262.5
(712.6)
Net cash outflow from operating activities
(1,053.1)
262.5
(790.6)
Cash flows from investing activities
Proceeds from sale of financial assets held at amortised cost
262.5
(262.5)
\u2013
Net cash inflow/(outflow) from investing activities
232.5
(262.5)
(30.0)
Restatement of 1 January 2022
Impact on Consolidated Statement of Financial Position
Restated
1 January
2022
\u00a3\u2019Million
Assets
Goodwill
29.6
Deferred acquisition costs
378.9
Intangible assets
\u2013 Acquired value of in-force business
14.4
\u2013 Computer software
27.0
Property and equipment
154.5
Deferred tax assets
19.5
Investment in associates
1.4
Reinsurance assets
74.8
Other receivables
2,913.1
Investments
\u2013 Investment property
1,568.5
\u2013 Equities
106,782.3
\u2013 Fixed income securities
29,305.9
\u2013 Investments in Collective Investment Schemes
5,513.2
\u2013 Derivative financial instruments
1,094.6
Cash and cash equivalents
7,832.9
Total assets
155,710.6
Liabilities
Borrowings
433.0
Deferred tax liabilities
649.8
Insurance contract liabilities
568.6
Deferred income
562.6
Other provisions
44.1
Other payables
2,579.3
Investment contract benefits
110,349.8
Derivative financial instruments
1,019.5
Net asset value attributable to unit holders
38,369.0
Income tax liabilities
6.1
Total liabilities
154,581.8
Net assets
1,128.8
Shareholders' equity
Share capital
81.1
Share premium
213.8
Treasury shares reserve
(8.5)
Miscellaneous reserves
2.5
Retained earnings
839.9
Shareholders' equity
1,128.8
Non-controlling interests
\u2013
Total equity
1,128.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-336": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-2": { "value": "St. James\u2019s Place plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "St. James\u2019s Place plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-3": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-4": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-337": { "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 2023, the following relevant new and
amended standards, which the Group adopted as of
1 January 2023, have been applied:
IFRS 17 Insurance Contracts;
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 Assets and Liabilities arising from a Single
Transaction;
Amendments to IAS 12 Income Taxes \u2013 International Tax
Reform \u2013 Pillar Two Model Rules.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "
ii. New and amended accounting standards not
yet effective
As at 31 December 2023 there were no new or amended
accounting standards not yet effective which are relevant
to the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "ii. New and amended accounting standards not yet effective As at 31 December 2023 there were no new or amended accounting standards not yet effective which are relevant to the Group. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "
iii. Basis of preparation
The going concern basis has been adopted in preparing
these Financial Statements.
The Group\u2019s business activities, together with the factors
likely to affect its future development, performance and
position, are set out in the Chief Executive\u2019s report and the
Chief Financial Officer\u2019s report. The financial performance
and financial position of the Group are described in the
financial review.
As shown in Section 3 of the financial review, the Group\u2019s
capital position remains strong and well in excess of
regulatory requirements. In addition, it has continued to
operate within its external banking covenants. The S&P
rating of St. James\u2019s Place UK plc remains at A- (BBB at
SJP PLC). Similarly, the Fitch rating remains at A+ for
St. James\u2019s Place UK plc (A at SJP PLC level). Further, the
long-term nature of the business results in considerable
positive cash flows arising from existing business.
The Board has considered the challenging macroeconomic and geopolitical conditions which prevailed during 2023, noting that the business continued to be successful in this environment. Notwithstanding market challenges, the Group attracted gross inflows of \u00a315.4 billion. Net flows came under pressure as a result of competition from cash-based investments subduing the total for 2023 to \u00a35.1 billion. This, along with the performance of our key outsource providers, monitored through our ongoing oversight, supports its view that the business will continue to remain operationally resilient. The Board has also considered a profitability forecast including base case scenario and severe but plausible downside scenarios. In modelling these scenarios, the Group has considered its liquidity, cash and IFRS results. The downside scenarios are severe but plausible and would still leave the Group with positive cash result and IFRS profit. The Board has also considered elevated client complaints and potential options and mitigations available to the Group should there be a need to take additional action in relation to increased levels of client complaints. As a result of its review, the Board believes that the Group will continue to operate, with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations, for a period of at least 12 months from the date of approval of the Group Financial Statements. The Financial Statements are presented in pounds Sterling rounded to the nearest one hundred thousand pounds. They are prepared on a historical cost basis, except for assets classified as investment property and financial assets and liabilities at fair value through profit and loss. The preparation of the Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years. Judgements made by management in the application of IFRSs that have material effect on the Financial Statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 2. The Financial Statements are prepared in accordance with the Companies Act 2006 as applicable to companies reporting under IFRS, and the accounting policies set out below have been applied consistently to all years presented in these Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "iii. Basis of preparation The going concern basis has been adopted in preparing these Financial Statements. The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Chief Executive\u2019s report and the Chief Financial Officer\u2019s report. The financial performance and financial position of the Group are described in the financial review. As shown in Section 3 of the financial review, the Group\u2019s capital position remains strong and well in excess of regulatory requirements. In addition, it has continued to operate within its external banking covenants. The S&P rating of St. James\u2019s Place UK plc remains at A- (BBB at SJP PLC). Similarly, the Fitch rating remains at A+ for St. James\u2019s Place UK plc (A at SJP PLC level). Further, the long-term nature of the business results in considerable positive cash flows arising from existing business. The Board has considered the challenging macroeconomic and geopolitical conditions which prevailed during 2023, noting that the business continued to be successful in this environment. Notwithstanding market challenges, the Group attracted gross inflows of \u00a315.4 billion. Net flows came under pressure as a result of competition from cash-based investments subduing the total for 2023 to \u00a35.1 billion. This, along with the performance of our key outsource providers, monitored through our ongoing oversight, supports its view that the business will continue to remain operationally resilient. The Board has also considered a profitability forecast including base case scenario and severe but plausible downside scenarios. In modelling these scenarios, the Group has considered its liquidity, cash and IFRS results. The downside scenarios are severe but plausible and would still leave the Group with positive cash result and IFRS profit. The Board has also considered elevated client complaints and potential options and mitigations available to the Group should there be a need to take additional action in relation to increased levels of client complaints. As a result of its review, the Board believes that the Group will continue to operate, with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws or regulations, for a period of at least 12 months from the date of approval of the Group Financial Statements. The Financial Statements are presented in pounds Sterling rounded to the nearest one hundred thousand pounds. They are prepared on a historical cost basis, except for assets classified as investment property and financial assets and liabilities at fair value through profit and loss. The preparation of the Financial Statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year, or in the year of the revision and future years, if the revision affects both current and future years. Judgements made by management in the application of IFRSs that have material effect on the Financial Statements and estimates with a significant risk of material adjustment in the next year are discussed in Note 2. The Financial Statements are prepared in accordance with the Companies Act 2006 as applicable to companies reporting under IFRS, and the accounting policies set out below have been applied consistently to all years presented in these Consolidated Financial Statements. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "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 is 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "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 products; (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 deferred income (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 DFM 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "
(c) 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. Further information on depreciation
of the right-of-use asset is set out in accounting policy (m).
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.
(f) Insurance service expenses
Insurance service expenses comprise insurance claims
and other insurance service expenses. The expense is
recognised during the relevant coverage period in which
the services will be provided, excluding any investment
components.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "value": "
(d) 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": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "
(e) Insurance revenue
Insurance revenue represents the expected income
from the provision of insurance services. The income
is recognised during the coverage period in which the
services will be provided.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "
(g) Other finance income
Other finance income comprises interest received on
cash and cash equivalents and business loans to Partners.
Interest on assets classified as fair value through profit
or loss is accounted for based on the actual coupon
payments, whilst interest on financial assets measured
at amortised cost is accounted for using the effective
interest method.
Other finance costs comprise an interest expense on the
lease liability and external borrowings. Interest expense
on the lease liability and external borrowings is calculated
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "(g) Other finance income Other finance income comprises interest received on cash and cash equivalents and business loans to Partners. Interest on assets classified as fair value through profit or loss is accounted for based on the actual coupon payments, whilst interest on financial assets measured at amortised cost is accounted for using the effective interest method. Other finance costs comprise an interest expense on the lease liability and external borrowings. Interest expense on the lease liability and external borrowings is calculated using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "(g) Other finance income Other finance income comprises interest received on cash and cash equivalents and business loans to Partners. Interest on assets classified as fair value through profit or loss is accounted for based on the actual coupon payments, whilst interest on financial assets measured at amortised cost is accounted for using the effective interest method. Other finance costs comprise an interest expense on the lease liability and external borrowings. Interest expense on the lease liability and external borrowings is calculated using the effective interest method.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "value": "
(h) 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
expected 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "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 expected 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "value": "(i) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "(j) 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 (c) Expenses (i)). ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForInvestmentContractDepositsAndWthdrawals", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "value": "(k) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "value": "(l) Deferred acquisition costs 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 period over which costs are expected to be recoverable for investment contracts is 14 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredAcquisitionCostsArisingFromInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "value": "(m) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "(n) 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 (aa)), 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "value": "(o) Reinsurance assets Reinsurance assets represent amounts recoverable from reinsurers in respect of non-unit-linked insurance contract liabilities, net of any future reinsurance premiums. See (u) Insurance contract liabilities for further information. The contract boundary for a reinsurance contract is dependent on the terms and conditions of the reinsurance contract. Such terms have been assessed and considered to be the same as for the underlying contracts. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "(p) 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 fair value through profit and loss (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 (ae) for information relating to the treatment of impaired amounts. Other receivables include prepayments, which are recognised where services are paid for in advance of the benefit 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "value": "(q) 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 (d). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "value": "(r) 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "(s) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "(s) 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:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "(t) 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 at 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "value": "(u) Insurance contract liabilities Insurance contract liabilities are determined by applying the default General Measurement Model (GMM) to non- unit-linked insurance business and reassurance ceded, and the Variable Fee Approach (VFA) to unit-linked insurance business measured under IFRS 17. The contract boundary is assessed at transition and then reassessed only when there are changes in features or circumstances that alter the commercial substance of the contract or change the products within a portfolio. Under the General Measurement Model (applicable to non-unit-linked insurance business and reassurance ceded), groups of contracts are recognised and measured as: the Fulfilment Cash Flows, comprising 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 (RA); and the Contractual Service Margin (CSM), comprising the unearned profit within a group of contracts that will be recognised as the Group provides insurance services in the future. The estimate of future cash flows represents the best estimate of the cost to fulfil cash flows within the contract boundary, incorporating current non-financial assumptions. The RA represents the compensation that an entity requires for bearing the uncertainty about the amount and timing of cash flows that arise from non-financial risk as the entity fulfils insurance contracts. It is calculated using a cost of capital approach, leveraging the Solvency II view of non-financial risk. The CSM is determined at contract outset or IFRS 17 transition and subsequently remeasured for non-financial changes in the Fulfilment Cash Flows and the accretion of interest using a discount rate locked in at transition. It is amortised over the period of the contract in line with coverage units based upon the sum assured, which reflect the quantity of insurance services provided. If a group of contracts is expected to be onerous (i.e. loss-making) over the remaining coverage period, a loss is recognised immediately. Under the VFA (applicable to unit-linked insurance business), the GMM is supplemented by an adaptation for contracts with direct participation features. The Fulfilment Cash Flows for unit-linked insurance business reflect an obligation to pay policyholders an amount equal to the fair value of underlying assets, less the variable fee for future service. The RA reflects the compensation for non-financial risk in relation to this variable fee only. The CSM is subsequently remeasured for changes in the variable fee only, arising from both financial and non-financial risks. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "value": "(v) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "value": "(w) 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 6 and 14 years. ", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForDeferredIncome", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "value": "(x) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "value": "(y) 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 the Statement of Comprehensive Income 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "(z) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "(aa) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "(ab) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "value": "(ac) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "(ad) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "(ae) 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 (k) 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. Twelve 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 15. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "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 (k) for the Group\u2019s impairment policy for goodwill. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "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. Twelve 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 15. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "(af) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "(af) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "value": "(ag) 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 Group Executive Committee. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "
(ah) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "
(ai) 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 section, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
1a. Restatement of prior periods
Adjustment 1 \u2013 Adoption of IFRS 17 Insurance Contracts
On 1 January 2023 the Group adopted IFRS 17 Insurance
Contracts and, as required by the standard, applied the
requirements retrospectively with comparatives restated
from 1 January 2022.
The adoption of IFRS 17 resulted in an increase of \u00a31.8 million
for the year ended 31 December 2022 to the IFRS profit after
tax. The movement occurred due to the revised pattern of
profit recognition under IFRS 17, which replaces margins in
the measurement of insurance contract liabilities under
IFRS 4 with an explicit allowance for risk and a Contractual
Service Margin (CSM) which defers the recognition of profit
over the coverage period.
There is no impact on the Group\u2019s 2022 APMs except for
\u2018Underlying profit\u2019, which is affected to the same extent
that IFRS 17 impacts IFRS profit after tax.
IFRS 17 incorporates revised principles for the recognition,
measurement, presentation and disclosure of insurance
contracts. The presentation of insurance revenue
and insurance service expenses in the Statement of
Comprehensive Income is based upon the concept
of insurance services provided during the period.
IFRS 17 transition approach The fair value approach (FVA) has been applied to all insurance and reinsurance contracts on transition to IFRS 17, as the Group considers that application of a fully retrospective approach is impractical (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). Under the FVA, the CSM recognised at transition is determined as the difference between the fair value of contracts at the transition date and the Fulfilment Cash Flows at the transition date. The fair value on transition has been derived in accordance with IFRS 13 Fair Value Measurement and represents the price a market participant would require to assume the liabilities in an orderly transaction. Under the fair value approach, the simplification permitting contracts in different annual cohorts to be placed into a single group of contracts has been adopted. The Group closed to new insurance business, as defined under IFRS 17, in 2011. On transition to IFRS 17 a deferred tax liability has been established representing the tax in relation to the movement in equity on transition to IFRS 17. The deferred tax liability will fully unwind over ten years from the transition date. Adjustment 2 \u2013 Consolidated Statement of Comprehensive Income, Revenue IFRS 17 provides greater clarity on the split of profit between insurance and investment contracts; during the implementation, a review of revenue identified that some items within the Consolidated Statement of Comprehensive Income were misclassified and required restatement. The restatement totalled \u00a324.6 million for the year ended 31 December 2022, decreasing fee and commission income and increasing movement in investment contract benefits, by the same amount, resulting in a net nil impact on the profit for the year. Adjustment 3 \u2013 Consolidated Statement of Comprehensive Income, Other finance income During the year it was identified that other finance costs had been misclassified and required restatement. For the year ended 31 December 2022 the restatement comprised an increase of \u00a327.6 million in investment return, decrease of \u00a312.5 million in expenses, and a corresponding net \u00a315.1 million other finance income recognised. The restatement resulted in a net nil impact on the profit for the year. Adjustment 4 \u2013 Consolidated Statement of Cashflows, Proceeds from sale of financial assets held at amortised cost During the year, following a review by the Financial Reporting Council, it was determined that it was more appropriate to classify the sale in 2022 of a portfolio of Partner loans as an operating cash flow rather than an investing cash flow. Accordingly the Consolidated Statement of Cashflows for the year ended 31 December 2022 has been restated to reflect this. The restatement, totalling \u00a3262.5 million, decreases proceeds from sale of financial assets held at amortised cost, included within investing activities, and increases the movement in other receivables, included within operating activities, by the same amount. Restatement for the year ended 31 December 2022 Impact on Consolidated Statement of Comprehensive Income
Restated
Year ended (Decrease)/increase year ended
31 December 31 December
2022
Adj 1
Adj 2
Adj 3
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Insurance premium income
33.7
(33.7)
\u2013
\u2013
\u2013
Less premiums ceded to reinsurers
(23.3)
23.3
\u2013
\u2013
\u2013
Net insurance premium income
10.4
(10.4)
\u2013
\u2013
\u2013
Fee and commission income
1,954.2
\u2013
(24.6)
\u2013
1,929.6
Investment return
(13,771.9)
41.6
\u2013
(27.6)
(13,757.9)
Net expense
(11,807.3)
31.2
(24.6)
(27.6)
(11,828.3)
Policy claims and benefits
\u2013 Gross amount
(48.0)
48.0
\u2013
\u2013
\u2013
\u2013 Reinsurers\u2019 share
14.6
(14.6)
\u2013
\u2013
\u2013
Net policyholder claims and benefits incurred
(33.4)
33.4
\u2013
\u2013
\u2013
Change in insurance contract liabilities
\u2013 Gross amount
88.8
(88.8)
\u2013
\u2013
\u2013
\u2013 Reinsurers\u2019 share
(16.0)
16.0
\u2013
\u2013
\u2013
Net change in insurance contract liabilities
72.8
(72.8)
\u2013
\u2013
\u2013
Movement in investment contract benefits
13,734.8
\u2013
24.6
\u2013
13,759.4
Expenses
(1,966.2)
4.5
\u2013
12.5
(1,949.2)
Insurance revenue
\u2013
26.5
\u2013
\u2013
26.5
Insurance service expenses
\u2013
(13.5)
\u2013
\u2013
(13.5)
Net reinsurance expense
\u2013
(9.6)
\u2013
\u2013
(9.6)
Net insurance finance income
\u2013
2.4
\u2013
\u2013
2.4
Other finance income
\u2013
\u2013
\u2013
15.1
15.1
Profit before tax
0.7
2.1
\u2013
\u2013
2.8
Tax attributable to policyholders\u2019 returns
501.1
\u2013
\u2013
\u2013
501.1
Profit before tax attributable to shareholders\u2019 returns
501.8
2.1
\u2013
\u2013
503.9
Total tax credit
404.7
(0.3)
\u2013
\u2013
404.4
Less: tax attributable to policyholders\u2019 returns
(501.1)
\u2013
\u2013
\u2013
(501.1)
Tax attributable to shareholders\u2019 returns
(96.4)
(0.3)
\u2013
\u2013
(96.7)
Profit and total comprehensive income for the year
405.4
1.8
\u2013
\u2013
407.2
Profit attributable to non-controlling interests
0.4
\u2013
\u2013
\u2013
0.4
Profit attributable to equity shareholders
405.0
1.8
\u2013
\u2013
406.8
Profit and total comprehensive income for the year
405.4
1.8
\u2013
\u2013
407.2
Pence
Pence
Basic earnings per share
74.6
75.0
Diluted earnings per share
73.9
74.3
Impact on Consolidated Statement of Changes in Equity
Equity attributable to owners
of the Parent Company
Retained
earnings
Total
Total equity
Increase
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2022
9.6
9.6
9.6
Profit and total comprehensive income for the year
1.8
1.8
1.8
At 31 December 2022
11.4
11.4
11.4
Impact on Consolidated Statement of Financial Position
(Decrease)/ Restated Restated
31 December increase 31 December 1 January
2022
Adj 1
2022
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Assets
Deferred acquisition costs
337.3
(0.7)
336.6
378.9
Deferred tax assets
13.9
(1.4)
12.5
19.5
Reinsurance assets
66.4
(11.8)
54.6
74.8
Other receivables
2,982.8
(5.6)
2,977.2
2,913.1
Total assets
151,705.0
(19.5)
151,685.5
155,710.6
Liabilities
Insurance contract liabilities
483.5
(13.0)
470.5
568.6
Other payables
2,198.6
(17.9)
2,180.7
2,579.3
Total liabilities
150,444.6
(30.9)
150,413.7
154,581.8
Net assets
1,260.4
11.4
1,271.8 1,128.8
Impact on Consolidated Statement of Cash Flows
Increase/ Restated
31 December (decrease) 31 December
2022
Adj 4
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cash flows from operating activities
Cash (used in)/generated from operations
(975.1)
262.5
(712.6)
Net cash outflow from operating activities
(1,053.1)
262.5
(790.6)
Cash flows from investing activities
Proceeds from sale of financial assets held at amortised cost
262.5
(262.5)
\u2013
Net cash inflow/(outflow) from investing activities
232.5
(262.5)
(30.0)
Restatement of 1 January 2022 Impact on Consolidated Statement of Financial Position
Restated
1 January
2022
\u00a3\u2019Million
Assets
Goodwill
29.6
Deferred acquisition costs
378.9
Intangible assets
\u2013 Acquired value of in-force business
14.4
\u2013 Computer software
27.0
Property and equipment
154.5
Deferred tax assets
19.5
Investment in associates
1.4
Reinsurance assets
74.8
Other receivables
2,913.1
Investments
\u2013 Investment property
1,568.5
\u2013 Equities
106,782.3
\u2013 Fixed income securities
29,305.9
\u2013 Investments in Collective Investment Schemes
5,513.2
\u2013 Derivative financial instruments
1,094.6
Cash and cash equivalents
7,832.9
Total assets
155,710.6
Liabilities
Borrowings
433.0
Deferred tax liabilities
649.8
Insurance contract liabilities
568.6
Deferred income
562.6
Other provisions
44.1
Other payables
2,579.3
Investment contract benefits
110,349.8
Derivative financial instruments
1,019.5
Net asset value attributable to unit holders
38,369.0
Income tax liabilities
6.1
Total liabilities
154,581.8
Net assets
1,128.8
Shareholders' equity
Share capital
81.1
Share premium
213.8
Treasury shares reserve
(8.5)
Miscellaneous reserves
2.5
Retained earnings
839.9
Shareholders' equity
1,128.8
Non-controlling interests
\u2013
Total equity
1,128.8
", "dimensions": { "concept": "stjamessplaceplc:DescriptionOfAccountingPolicyForRestatementOfPriorPeriods", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "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
relate to:
determining the value of insurance contract liabilities
and reinsurance assets;
determining the fair value of investment property;
determining the fair value of Level 3 fixed income
securities and equities; and
determining the value of an Ongoing Service Evidence
provision.
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
and reinsurance assets
In accordance with IFRS 17, the Group has used the following
assumptions in the calculation of insurance contract
liabilities and reinsurance assets:
the assumed rate of investment return, which is based
on current risk-free swap rates;
the mortality and morbidity rates, which are based on
the results of an investigation of experience during the
year;
the level of expenses, which for the year under review
is based on actual expenses in 2023 and expected rates
in 2024 and over the long term;
the lapse assumption, which is set based on an
investigation of experience during the year; and
the risk adjustment, which is determined using a cost
of capital approach with a 3% charge (2022: 3%). There
has been no change during the period.
Further details of the valuation of insurance contract
liabilities and reinsurance assets, including sensitivity
analysis, are set out in Note 17.
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
o 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
design, configuration, accessibility, legislation, management
and fiscal considerations \u2013 and, additionally, current and
historical 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 20.
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.
A number of investments are held 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 20.
Determining the value of an Ongoing Service Evidence
provision
The Group has committed to review the sub-population of
clients that has been charged for ongoing advice services
since the start of 2018 but where the evidence of delivery
falls below the acceptable standard. Where the standard
of evidence is deemed by the Group to be marginal the
Group will invite clients to join the review (the \u201cOpt-In
population\u201d), but where the standard of evidence is
deemed to be poor the Group will include clients in the
review unless instructed otherwise (the \u201cOpt-Out
population\u201d).
In accordance with IAS 37, and reflecting an initial
assessment of a statistically credible representative cohort
of clients undertaken by a skilled person, the Group has
quantified the Ongoing Service Evidence provision as the
best estimate of the amount necessary to settle the
present obligation, taking into account the associated
risks and uncertainties.
The period for the review has been determined by the
Group to commence from 2018 following an assessment
of the regulatory regime in force during this period and the
requirement to retain evidence of delivery for this period
of time.
Key estimates and assumptions in assessing the estimated
value are:
extrapolation from a representative cohort \u2013 that the
initial assessment, of a statistically credible representative
cohort of client records, can be extrapolated to the
wider review population;
Opt-In response rate \u2013 the response rate by clients to an
invitation, taking into account industry experience; and
administration costs \u2013 that in-house historic experience
and wider market experience of similar exercises can be
used to estimate the cost to fulfil the exercise.
Further details of the provision, including sensitivity
analysis, are set out in Note 18.
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 15 for further information on the derecognition
of business loans to Partners.
Determining the value of insurance contract liabilities
and reinsurance assets on transition to IFRS 17
The fair value on transition has been derived in accordance
with IFRS 13 Fair Value Measurement and represents the price
a market participant would require to assume the liabilities
in an orderly transaction. Fair value has been determined
based on the Solvency II best estimate liability, together
with an additional margin for risk calculated using a cost
of capital approach. The Solvency II best estimate liability
utilises economic assumptions based on relevant market
information, together with non-economic assumptions
including lapse rates, expenses and mortality rates.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "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 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 discretionary fund management (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, both of which are alternative performance measures.
Further details can be found within the Glossary of Alternative Performance Measures section.
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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Underlying cash result after tax
392.4
410.1
Equity-settled share-based payments
(5.4)
(20.5)
Deferred tax impacts
(24.9)
(30.5)
Ongoing Service Evidence provision
(323.7)
\u2013
Impact in the year of DAC/DIR/PVIF
3.1
(9.3)
Impact of policyholder tax asymmetry (see Note 4)
1
(44.4)
50.6
Other
(7.0)
6.8
IFRS (loss)/profit after tax
(9.9)
407.2
Shareholder tax
5.4
96.7
(Loss)/profit before tax attributable to shareholders\u2019 returns
(4.5)
503.9
Tax attributable to policyholder returns
444.1
(501.1)
IFRS profit before tax
439.6
2.8
1
2
2
1 Further information on policyholder tax asymmetry can also be found in Section 2.1 of the financial review.
2 Restated to reflect the adoption of IFRS 17. See Note 1a.
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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
EEV operating (loss)/profit before tax after exceptional items
(1,891.6)
1,589.7
Investment return variance
501.7
(1,314.0)
Economic assumption changes
2.5
235.1
EEV (loss)/profit before tax
(1,387.4)
510.8
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)
1
2,769.6
105.6
Movement of balance sheet unit trust and DFM value of in-force business (net of tax)
226.0
(94.9)
Movement of balance sheet other value of in-force business (net of tax)
(1,918.9)
\u2013
Tax on movement in value of in-force business
309.4
(14.4)
(Loss)/profit before tax attributable to shareholders\u2019 returns
(4.5)
503.9
Tax attributable to policyholder returns
444.1
(501.1)
IFRS profit before tax
439.6
2.8
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
The movement in life, unit trust and DFM, and other 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Investment
35,990.0
33,290.0
Pension
87,320.0
73,860.0
Unit trust/ISA and DFM
44,890.0
41,220.0
Total FUM
168,200.0
148,370.0
Exclude client and third-party holdings in non-consolidated unit trusts and DFM
(4,360.4)
(4,407.3)
Other
3,968.2
4,153.6
Gross assets held to cover unit liabilities
167,807.8
148,116.3
IFRS intangible assets
399.6
476.9
Shareholder gross assets
4,085.7
3,092.3
Total assets
172,293.1
151,685.5
1
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "
4. Fee and commission income
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Advice charges (post RDR)
954.3
987.6
Third-party fee and commission income
132.4
131.9
Wealth management fees
1,065.0
1,014.4
Investment management fees
68.4
60.8
Fund tax deductions/(refunds)
444.1
(501.1)
Policyholder tax asymmetry
(44.4)
50.6
Discretionary fund management fees
23.6
23.4
Fee and commission income before DIR amortisation
2,643.4
1,767.6
Amortisation of DIR
145.5
162.0
Total fee and commission income
2,788.9
1,929.6
1
1
1 Restated to reclassify balances between wealth management fees and movement in investment contract benefits. See Note 1a.
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 deductions/(refunds) represent amounts credited to, or deducted from, the life insurance business to match
policyholder tax credits or charges. Market conditions will impact the level of fund tax deductions/(refunds). This may lead
to significant year on year movements when markets are volatile.
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/
(refunds)\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 and other macroeconomic factors will impact the level of asymmetry experienced in a year and may be
significant where there is volatility. These drivers in 2023 resulted in a significant negative movement reversing the positive
impact seen in 2022.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "
5. Expenses
The following items are included within the expenses disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Payments to Partners
1,013.2
1,011.8
Fees payable to the Company\u2019s auditors and its associates:
For the audit of the Company and Consolidated Financial Statements
0.4
0.4
For other services:
\u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts)
0.9
0.6
\u2013 Audit of the Company\u2019s unit trusts
0.8
0.7
\u2013 Audit-related assurance services
0.7
0.5
\u2013 Other assurance services
0.2
0.1
Total fees payable to the Company\u2019s auditors and its associates
3.0
2.3
Employee costs:
Wages and salaries
208.2
194.9
Social security costs
21.8
22.3
Other pension costs
18.2
15.9
Cost of employee share awards and options
5.2
21.1
Total employee costs
253.4
254.2
Average monthly number of persons employed by the Group during the year
2,942
2,669
Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is
\u00a30.2 million (2022: \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 2023, 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
(2022: two), with the total cost being \u00a30.2 million (2022: \u00a30.2 million). Retirement benefits are accruing in defined
contribution pension schemes for one (2022: one) Director at the year-end.
The number of Directors who exercised options over shares in the Company during the year is nil (2022: nil). The number
of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is two
(2022: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a31.8 million
(2022: \u00a32.5 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 \u00a35.4 million (2022: \u00a31.7 million).
Included within expenses is \u00a3472.1 million (2022: \u00a312.8 million) in relation to complaint costs. See Note 18 for further
information.
8. Insurance service expenses
Year ended Year ended
31 December 31 December
2023 2022
Amounts relating to changes in liabilities for remaining coverage
\u00a3\u2019Million
\u00a3\u2019Million
\u2013 Incurred claims and other insurance service expenses
(24.5)
(13.5)
Total insurance services expenses
(24.5)
(13.5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "5. Expenses The following items are included within the expenses disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Payments to Partners
1,013.2
1,011.8
Fees payable to the Company\u2019s auditors and its associates:
For the audit of the Company and Consolidated Financial Statements
0.4
0.4
For other services:
\u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts)
0.9
0.6
\u2013 Audit of the Company\u2019s unit trusts
0.8
0.7
\u2013 Audit-related assurance services
0.7
0.5
\u2013 Other assurance services
0.2
0.1
Total fees payable to the Company\u2019s auditors and its associates
3.0
2.3
Employee costs:
Wages and salaries
208.2
194.9
Social security costs
21.8
22.3
Other pension costs
18.2
15.9
Cost of employee share awards and options
5.2
21.1
Total employee costs
253.4
254.2
Average monthly number of persons employed by the Group during the year
2,942
2,669
Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is \u00a30.2 million (2022: \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 2023, 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 (2022: two), with the total cost being \u00a30.2 million (2022: \u00a30.2 million). Retirement benefits are accruing in defined contribution pension schemes for one (2022: one) Director at the year-end. The number of Directors who exercised options over shares in the Company during the year is nil (2022: nil). The number of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is two (2022: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a31.8 million (2022: \u00a32.5 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 \u00a35.4 million (2022: \u00a31.7 million). Included within expenses is \u00a3472.1 million (2022: \u00a312.8 million) in relation to complaint costs. See Note 18 for further information. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "5. Expenses The following items are included within the expenses disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Payments to Partners
1,013.2
1,011.8
Fees payable to the Company\u2019s auditors and its associates:
For the audit of the Company and Consolidated Financial Statements
0.4
0.4
For other services:
\u2013 Audit of the Company\u2019s subsidiaries (excluding unit trusts)
0.9
0.6
\u2013 Audit of the Company\u2019s unit trusts
0.8
0.7
\u2013 Audit-related assurance services
0.7
0.5
\u2013 Other assurance services
0.2
0.1
Total fees payable to the Company\u2019s auditors and its associates
3.0
2.3
Employee costs:
Wages and salaries
208.2
194.9
Social security costs
21.8
22.3
Other pension costs
18.2
15.9
Cost of employee share awards and options
5.2
21.1
Total employee costs
253.4
254.2
Average monthly number of persons employed by the Group during the year
2,942
2,669
Included within fees payable to the Company\u2019s auditors and its associates for audit-related assurance services is \u00a30.2 million (2022: \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 2023, 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 (2022: two), with the total cost being \u00a30.2 million (2022: \u00a30.2 million). Retirement benefits are accruing in defined contribution pension schemes for one (2022: one) Director at the year-end. The number of Directors who exercised options over shares in the Company during the year is nil (2022: nil). The number of Directors in respect of whose qualifying services shares were receivable under long-term incentive schemes is two (2022: three), and the total amount receivable by the Directors under long-term incentive schemes is \u00a31.8 million (2022: \u00a32.5 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 \u00a35.4 million (2022: \u00a31.7 million). Included within expenses is \u00a3472.1 million (2022: \u00a312.8 million) in relation to complaint costs. See Note 18 for further information. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "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 Year ended
31 December 31 December
2023 2022
Attributable to unit-linked investment contract benefits:
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Loss on revaluation of investment properties
(44.9)
(244.5)
Net investment return on financial instruments classified as fair value through profit and loss
1
13,013.4
(9,416.3)
13,038.4
(9,590.7)
Income/(expense) attributable to third-party holdings in unit trusts
3,092.5
(4,168.7)
Investment return on net assets held to cover unit liabilities
16,130.9
(13,759.4)
Net investment return on financial instruments classified as fair value through profit and loss
2
60.2
(8.2)
Net investment return on financial instruments held at amortised cost
6.5
9.7
Investment return on shareholder assets
66.7
1.5
Total investment return
16,197.6
(13,757.9)
1,2
2
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
2 Restated to reclassify interest received on business loans to Partners and shareholder cash and cash equivalents to other finance income.
See Note 9.
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 \u00a31,499.1 million (2022: \u00a31,216.0 million).
Movement in investment contract benefits
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
106,964.7
110,349.8
Deposits
11,842.3
12,194.6
Withdrawals
(7,459.6)
(5,645.1)
Movement in unit-linked investment contract benefits
13,038.4
(9,590.7)
Fees and other adjustments
(1,236.0)
(343.9)
Balance at 31 December
123,149.8
106,964.7
Current
6,584.5
5,546.3
Non-current
116,565.3
101,418.4
Movement in unit liabilities
123,149.8
106,964.7
Unit-linked investment contract benefits
13,038.4
(9,590.7)
Third-party unit trust holdings
3,092.5
(4,168.7)
Movement in investment contract benefits in the
Consolidated Statement of Comprehensive Income
16,130.9
(13,759.4)
See accounting policy (ah) for further information on the current and non-current disclosure.
", "dimensions": { "concept": "stjamessplaceplc:DisclosureOfInvestmentReturnAndMovementInInvestmentContractBenefits", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "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 Year ended
31 December 31 December
2023 2022
Attributable to unit-linked investment contract benefits:
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Loss on revaluation of investment properties
(44.9)
(244.5)
Net investment return on financial instruments classified as fair value through profit and loss
1
13,013.4
(9,416.3)
13,038.4
(9,590.7)
Income/(expense) attributable to third-party holdings in unit trusts
3,092.5
(4,168.7)
Investment return on net assets held to cover unit liabilities
16,130.9
(13,759.4)
Net investment return on financial instruments classified as fair value through profit and loss
2
60.2
(8.2)
Net investment return on financial instruments held at amortised cost
6.5
9.7
Investment return on shareholder assets
66.7
1.5
Total investment return
16,197.6
(13,757.9)
1,2 2 1 Restated to reflect the adoption of IFRS 17. See Note 1a. 2 Restated to reclassify interest received on business loans to Partners and shareholder cash and cash equivalents to other finance income. See Note 9. 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 \u00a31,499.1 million (2022: \u00a31,216.0 million). Movement in investment contract benefits
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
106,964.7
110,349.8
Deposits
11,842.3
12,194.6
Withdrawals
(7,459.6)
(5,645.1)
Movement in unit-linked investment contract benefits
13,038.4
(9,590.7)
Fees and other adjustments
(1,236.0)
(343.9)
Balance at 31 December
123,149.8
106,964.7
Current
6,584.5
5,546.3
Non-current
116,565.3
101,418.4
Movement in unit liabilities
123,149.8
106,964.7
Unit-linked investment contract benefits
13,038.4
(9,590.7)
Third-party unit trust holdings
3,092.5
(4,168.7)
Movement in investment contract benefits in the
Consolidated Statement of Comprehensive Income
16,130.9
(13,759.4)
See accounting policy (ah) for further information on the current and non-current disclosure. 14. 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Assets
Investment property
1,110.3
1,294.5
Equities
116,761.5
103,536.0
Fixed income securities
27,236.5
27,544.8
Investment in Collective Investment Schemes
12,513.1
4,463.7
Cash and cash equivalents
5,918.9
6,179.5
Other receivables
846.9
1,604.8
Derivative financial instruments
3,420.6
3,493.0
Total assets
167,807.8
148,116.3
Liabilities
Other payables
613.3
842.0
Derivative financial instruments
3,073.0
3,266.3
Total liabilities
3,686.3
4,108.3
Net assets held to cover linked liabilities
164,121.5
144,008.0
Investment contract benefits
123,149.8
106,964.7
Net asset value attributable to unit holders
40,536.5
36,628.4
Unit-linked insurance contract liabilities
435.2
414.9
Net unit-linked liabilities
164,121.5
144,008.0
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 (ah) for further information on current and non-current disclosure. Investment property
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
1,294.5
1,568.5
Capitalised expenditure on existing properties
10.1
23.6
Disposals
(149.4)
(53.1)
Changes in fair value
(44.9)
(244.5)
Balance at 31 December
1,110.3
1,294.5
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. 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 2023 is \u00a31,297.4 million (2022: \u00a31,475.7 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Direct operating expenses
5.0
5.2
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a313.4 million (2022: \u00a33.0 million). The most significant contractual obligation at 31 December 2023 was for refurbishment of a building in Manchester totalling \u00a39.5 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2022: \u00a3nil). 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 31 December
2023 2022
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
64.6
70.1
Year 2
58.2
67.6
Year 3
52.3
59.1
Year 4
47.2
52.3
Year 5
41.8
46.5
Year 6 onwards
235.6
268.6
Total undiscounted contractual rental income to be received
499.7
564.2
Cash and cash equivalents
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
285.4
253.3
Balances held to cover unit liabilities
5,918.9
6,179.5
Total cash and cash equivalents
6,204.3
6,432.8
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentContractsLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "value": "
7. Insurance revenue
Year ended Year ended
31 December 31 December
2023 2022
Amounts relating to changes in liabilities for remaining coverage
\u00a3\u2019Million
\u00a3\u2019Million
\u2013 Expected incurred claims and other insurance service expenses
23.3
24.5
\u2013 Change in risk adjustment for non-financial risk for risk expired
0.7
0.7
\u2013 CSM recognised for services provided
1.3
1.3
Total insurance revenue
25.3
26.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsurancePremiumRevenueExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "
9. Other finance income
The following items are included within other finance income disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
17.8
5.2
Interest received on business loans to Partners
31.0
22.3
Finance income
48.8
27.5
Interest paid on external borrowings
(13.9)
(9.4)
Interest paid on lease liabilities
(3.4)
(3.0)
Finance costs
(17.3)
(12.4)
Other finance income
31.5
15.1
1
1 Restated to reclassify Other finance income. See Note 1a.
Finance income represents the interest received on shareholder cash and cash equivalents and business loans to
Partners. See Note 15 for further information on business loans to Partners.
Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the
Group\u2019s lease liabilities.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "9. Other finance income The following items are included within other finance income disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
17.8
5.2
Interest received on business loans to Partners
31.0
22.3
Finance income
48.8
27.5
Interest paid on external borrowings
(13.9)
(9.4)
Interest paid on lease liabilities
(3.4)
(3.0)
Finance costs
(17.3)
(12.4)
Other finance income
31.5
15.1
1 1 Restated to reclassify Other finance income. See Note 1a. Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "9. Other finance income The following items are included within other finance income disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
17.8
5.2
Interest received on business loans to Partners
31.0
22.3
Finance income
48.8
27.5
Interest paid on external borrowings
(13.9)
(9.4)
Interest paid on lease liabilities
(3.4)
(3.0)
Finance costs
(17.3)
(12.4)
Other finance income
31.5
15.1
1 1 Restated to reclassify Other finance income. See Note 1a. Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "9. Other finance income The following items are included within other finance income disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
17.8
5.2
Interest received on business loans to Partners
31.0
22.3
Finance income
48.8
27.5
Interest paid on external borrowings
(13.9)
(9.4)
Interest paid on lease liabilities
(3.4)
(3.0)
Finance costs
(17.3)
(12.4)
Other finance income
31.5
15.1
1 1 Restated to reclassify Other finance income. See Note 1a. Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "9. Other finance income The following items are included within other finance income disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
17.8
5.2
Interest received on business loans to Partners
31.0
22.3
Finance income
48.8
27.5
Interest paid on external borrowings
(13.9)
(9.4)
Interest paid on lease liabilities
(3.4)
(3.0)
Finance costs
(17.3)
(12.4)
Other finance income
31.5
15.1
1 1 Restated to reclassify Other finance income. See Note 1a. Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "9. Other finance income The following items are included within other finance income disclosed in the Statement of Comprehensive Income:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Interest received on cash and cash equivalents
17.8
5.2
Interest received on business loans to Partners
31.0
22.3
Finance income
48.8
27.5
Interest paid on external borrowings
(13.9)
(9.4)
Interest paid on lease liabilities
(3.4)
(3.0)
Finance costs
(17.3)
(12.4)
Other finance income
31.5
15.1
1 1 Restated to reclassify Other finance income. See Note 1a. Finance income represents the interest received on shareholder cash and cash equivalents and business loans to Partners. See Note 15 for further information on business loans to Partners. Finance costs represent the cost of interest charges on the Group\u2019s external borrowings and the interest charge on the Group\u2019s lease liabilities.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "value": "
10. Income and deferred taxes
Tax for the year
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Current tax
UK corporation tax
\u2013 Current year charge
222.8
66.0
\u2013 Adjustment in respect of prior year
(0.5)
3.5
Overseas taxes
\u2013 Current year charge
2.9
10.2
\u2013 Adjustment in respect of prior year
0.1
\u2013
Deferred tax
225.3
79.7
Unrealised capital gains/(losses) in unit-linked funds
243.4
(504.0)
Unrelieved expenses
\u2013 Additional expenses recognised in the year
\u2013
(9.9)
\u2013 Utilisation in the year
11.3
11.4
Capital losses
\u2013 Revaluation in the year
\u2013
4.0
\u2013 Utilisation in the year
2.2
25.2
\u2013 Adjustment in respect of prior year
(0.1)
(4.5)
DAC, DIR and PVIF
(7.8)
(8.5)
Share-based payments
8.1
3.3
Renewal income assets
(1.4)
(3.0)
Fixed asset timing differences
2.6
1.0
UK trading losses
(36.1)
\u2013
Other items
1.8
(1.2)
Overseas losses
0.3
0.1
Adjustment in respect of prior year
(0.1)
2.0
224.2
(484.1)
Total tax charge/(credit) for the year
449.5
(404.4)
Attributable to:
\u2013 policyholders
444.1
(501.1)
\u2013 shareholders
5.4
96.7
449.5
(404.4)
1
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
The prior year adjustment of \u00a30.4 million credit in current tax above represents a \u00a31.4 million credit in respect of
policyholder tax (2022: \u00a37.3 million charge) and a charge of \u00a31.0 million in respect of shareholder tax (2022: \u00a33.8 million
credit). The prior year adjustment of \u00a30.2 million credit in deferred tax above represents \u00a3nil in respect of policyholder tax
(2022: \u00a3nil) and a credit of \u00a30.2 million in respect of shareholder tax (2022: \u00a32.5 million credit).
In arriving at the profit before tax attributable to shareholders\u2019 returns, it is necessary to estimate the distribution of the
total tax charge/(credit) 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/(credit) 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Profit before tax
439.6
2.8
Tax attributable to policyholders\u2019 returns
(444.1)
501.1
(Loss)/profit before tax attributable to shareholders\u2019 returns
(4.5)
503.9
Shareholder tax (credit)/charge at corporate tax rate of 23.5% (2022: 19%)
(1.1)
23.5%
95.7
19.0%
Adjustments:
Lower rates of corporation tax in overseas subsidiaries
(1.8)
39.4%
(1.3)
(0.3%)
Expected shareholder tax
(2.9)
62.9%
94.4
18.7%
Effects of:
Non-taxable income
(2.5)
(1.5)
Revaluation of historic capital losses in the Group
\u2013
4.0
Adjustment in respect of prior year
\u2013 Current tax
1.0
(3.8)
\u2013 Deferred tax
(0.2)
(2.5)
Differences in accounting and tax bases in relation to employee
share schemes
0.3
2.5
Impact of difference in tax rates between current and deferred tax
(2.3)
(3.0)
Disallowable expenses
4.3
5.6
Provision for future liabilities
5.1
0.5
Tax losses not recognised
1.9
2.2
Other
0.7
(1.7)
8.3
(182.9%)
2.3
0.5%
Shareholder tax charge
5.4
(120.0%)
96.7
19.2%
Policyholder tax charge/(credit)
444.1
(501.1)
Total tax charge/(credit) for the year
449.5
(404.4)
1 1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. Tax calculated on profit before tax at 23.5% (2022: 19%) would amount to a charge of \u00a3103.3 million (2022: charge of \u00a30.5 million). The difference of \u00a3346.2 million (2022: \u00a3404.9 million) between this number and the total tax charge of \u00a3449.5 million (2022: \u00a3404.4 million credit) is made up of the reconciling items above which total a charge of \u00a36.5 million (2022: \u00a31.0 million charge) and the effect of the apportionment methodology on tax applicable to policyholder returns of \u00a3339.7 million (2022: \u00a3405.9 million). Tax paid in the year
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Current tax charge for the year
225.3
79.7
Refunds due to be received in future years in respect of current year
1.7
39.5
(Refunds received)/payments made in current year in respect of prior years
(39.7)
1.6
Other
(7.9)
0.3
Tax paid
179.4
121.1
Tax paid can be analysed as:
\u2013 Taxes paid in UK
156.4
110.1
\u2013 Taxes paid in overseas jurisdictions
6.2
3.9
\u2013 Withholding taxes suffered on investment income received
16.8
7.1
Total
179.4
121.1
Deferred tax balances Deferred tax assets 1
Credit/(charge) to
the Statement of Expected
Comprehensive Income utilisation period
As at Utilised and Reanalysis to As at As at
1 January created in Total credit/ Impact of deferred tax 31 December 31 December
2023 year (charge) acquisitions liabilities 2023 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
(20.4)
1.8
1.8
\u2013
\u2013
(18.6)
14 years
Deferred income (DIR)
37.7
(2.6)
(2.6)
\u2013
\u2013
35.1
14 years
Fixed asset temporary differences
3.9
(2.6)
(2.6)
\u2013
\u2013
1.3
6 years
Renewal income assets
(20.7)
1.5
1.5
(0.7)
\u2013
(19.9)
20 years
Share-based payments
12.9
(8.1)
(8.1)
\u2013
\u2013
4.8
3 years
UK trading losses
\u2013
36.1
36.1
\u2013
\u2013
36.1
1 years
Other temporary differences
(0.9)
(2.3)
(2.3)
0.9
\u2013
(2.3)
\u2013
Total
12.5
23.8
23.8
0.2
\u2013
36.5
1
(Charge)/credit to
the Statement of Expected
Comprehensive Income utilisation period
As at Utilised and Total Reanalysis to As at As at
1 January created in (charge)/ Impact of deferred tax 31 December 31 December
2022 year credit acquisitions liabilities 2022 2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
(21.6)
1.2
1.2
\u2013
\u2013
(20.4)
14 years
Deferred Income (DIR)
37.8
(0.1)
(0.1)
\u2013
\u2013
37.7
14 years
Fixed asset temporary differences
7.8
(3.9)
(3.9)
\u2013
\u2013
3.9
6 years
Renewal income assets
(19.4)
3.1
3.1
(4.4)
\u2013
(20.7)
20 years
Share-based payments
16.2
(3.3)
(3.3)
\u2013
\u2013
12.9
3 years
Other temporary differences
(1.3)
0.9
0.9
\u2013
(0.5)
(0.9)
\u2013
Total
19.5
(2.1)
(2.1)
(4.4)
(0.5)
12.5
1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. Deferred tax liabilities
Charge/(credit) to the statement Expected
of Comprehensive Income Reanalysis utilisation period
As at Utilised and Total Impact of from As at As at
1 January created in charge/ tax rate Impact of deferred tax 31 December 31 December
2023 year (credit) change acquisitions assets 2023 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Capital losses
(available for future relief)
(2.1)
2.1
2.1
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred acquisition costs (DAC)
20.2
(7.9)
(7.9)
\u2013
\u2013
\u2013
12.3
14 years
Purchased value of in-force
business (PVIF)
2.8
(0.8)
(0.8)
\u2013
\u2013
\u2013
2.0
2 years
Unrealised capital gains on
life insurance (BLAGAB) assets
backing unit liabilities
180.1
243.3
243.3
\u2013
\u2013
\u2013
423.4
6 years
Unrelieved expenses on life
insurance business
(37.5)
11.3
11.3
\u2013
\u2013
\u2013
(26.2)
5 years
Other temporary differences
(0.6)
0.1
0.1
\u2013
0.7
\u2013
0.2
\u2013
Total
162.9
248.1
248.1
\u2013
0.7
\u2013
411.7
Charge/(credit) to the statement Expected
of Comprehensive Income Reanalysis utilisation period
As at Utilised and Total Impact of from As at As at
1 January created in charge/ tax rate Impact of deferred tax 31 December 31 December
2022 year (credit) change acquisitions assets 2022 2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Capital losses
(available for future relief)
(26.8)
20.7
24.7
4.0
\u2013
\u2013
(2.1)
1 year
Deferred acquisition costs (DAC)
28.0
(7.8)
(7.8)
\u2013
\u2013
\u2013
20.2
14 years
Purchased value of in-force
business (PVIF)
3.4
(0.6)
(0.6)
\u2013
\u2013
\u2013
2.8
3 years
Unrealised capital gains on
life insurance (BLAGAB) assets
backing unit liabilities
684.1
(504.0)
(504.0)
\u2013
\u2013
\u2013
180.1
6 years
Unrelieved expenses on life
insurance business
(39.1)
1.6
1.6
\u2013
\u2013
\u2013
(37.5)
6 years
Other temporary differences
0.2
(0.3)
(0.3)
\u2013
\u2013
(0.5)
(0.6)
\u2013
Total
649.8
(490.4)
(486.4)
4.0
\u2013
(0.5)
162.9
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. During the year the Group have fully utilised the shareholder capital losses. The Group do not expect further material capital losses to arise in the future. At the reporting date there were unrecognised deferred tax assets of \u00a317.3 million (2022: \u00a315.0 million) in respect of \u00a3101.9 million (2022: \u00a392.1 million) of losses in companies where appropriate profits are not considered probable in the forecast period. These losses primarily relate to the Group\u2019s Asia-based businesses and can be carried forward indefinitely. Future tax changes The main rate of corporation tax has increased from 19% to 25% with effect from 1 April 2023. The Group has applied a blended rate of 23.5% for the year ended 31 December 2023. IFRS 17 The transitional adjustment arising from the restatement of the 31 December 2022 balance sheet on adoption of IFRS 17 is to be spread evenly for tax purposes over 10 years in the UK, and 5 years in Ireland. As a result, a total opening deferred tax liability of \u00a31.8 million has been recognised in respect of St. James\u2019s Place UK plc (\u00a30.4 million) and St. James\u2019s Place International plc (\u00a31.4 million) at the relevant expected future tax rate applicable to the jurisdiction of 25% (UK) and 12.5% (Ireland). Whilst this is a deferred tax liability, it was adjusted for within other temporary differences in deferred tax assets due to the offsetting principle. Following the unwind during the year of \u00a30.3m, the remaining balance as at 31 December 2023 is \u00a31.5 million (being \u00a31.1 million in respect of St. James\u2019s Place International plc and \u00a30.4 million in respect of St. James\u2019s Place UK plc). Pillar Two \u2013 Global minimum tax Effective from 1 January 2024, the Group will be subject to the Global minimum tax rules introduced by the Organisation for Economic Co-operation and Development (OECD) and adopted into local legislation of various territories in which the Group operates; including the UK and Ireland. The Group expects to be subject to top-up tax in relation to its operations in Ireland, where the statutory corporate tax rate is 12.5%. As a result of the Introduction of this minimum tax rule, Ireland have introduced a Qualifying Domestic Minimum Top-up Tax which will Increase the effect tax rate of in scope businesses to 15% \u2013 the Group expects the Irish profits to be in scope for this. If the top-up tax had been applied during the year ended 31 December 2023, then the amount to be assessed on profits relating to the Group\u2019s operations in Ireland would have been immaterial. The Group has applied the exemption afforded by the International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12), and as such does not recognise deferred tax impacts of any future top-up tax.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "10. Income and deferred taxes Tax for the year
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Current tax
UK corporation tax
\u2013 Current year charge
222.8
66.0
\u2013 Adjustment in respect of prior year
(0.5)
3.5
Overseas taxes
\u2013 Current year charge
2.9
10.2
\u2013 Adjustment in respect of prior year
0.1
\u2013
Deferred tax
225.3
79.7
Unrealised capital gains/(losses) in unit-linked funds
243.4
(504.0)
Unrelieved expenses
\u2013 Additional expenses recognised in the year
\u2013
(9.9)
\u2013 Utilisation in the year
11.3
11.4
Capital losses
\u2013 Revaluation in the year
\u2013
4.0
\u2013 Utilisation in the year
2.2
25.2
\u2013 Adjustment in respect of prior year
(0.1)
(4.5)
DAC, DIR and PVIF
(7.8)
(8.5)
Share-based payments
8.1
3.3
Renewal income assets
(1.4)
(3.0)
Fixed asset timing differences
2.6
1.0
UK trading losses
(36.1)
\u2013
Other items
1.8
(1.2)
Overseas losses
0.3
0.1
Adjustment in respect of prior year
(0.1)
2.0
224.2
(484.1)
Total tax charge/(credit) for the year
449.5
(404.4)
Attributable to:
\u2013 policyholders
444.1
(501.1)
\u2013 shareholders
5.4
96.7
449.5
(404.4)
1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. The prior year adjustment of \u00a30.4 million credit in current tax above represents a \u00a31.4 million credit in respect of policyholder tax (2022: \u00a37.3 million charge) and a charge of \u00a31.0 million in respect of shareholder tax (2022: \u00a33.8 million credit). The prior year adjustment of \u00a30.2 million credit in deferred tax above represents \u00a3nil in respect of policyholder tax (2022: \u00a3nil) and a credit of \u00a30.2 million in respect of shareholder tax (2022: \u00a32.5 million credit). In arriving at the profit before tax attributable to shareholders\u2019 returns, it is necessary to estimate the distribution of the total tax charge/(credit) 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/(credit) 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Profit before tax
439.6
2.8
Tax attributable to policyholders\u2019 returns
(444.1)
501.1
(Loss)/profit before tax attributable to shareholders\u2019 returns
(4.5)
503.9
Shareholder tax (credit)/charge at corporate tax rate of 23.5% (2022: 19%)
(1.1)
23.5%
95.7
19.0%
Adjustments:
Lower rates of corporation tax in overseas subsidiaries
(1.8)
39.4%
(1.3)
(0.3%)
Expected shareholder tax
(2.9)
62.9%
94.4
18.7%
Effects of:
Non-taxable income
(2.5)
(1.5)
Revaluation of historic capital losses in the Group
\u2013
4.0
Adjustment in respect of prior year
\u2013 Current tax
1.0
(3.8)
\u2013 Deferred tax
(0.2)
(2.5)
Differences in accounting and tax bases in relation to employee
share schemes
0.3
2.5
Impact of difference in tax rates between current and deferred tax
(2.3)
(3.0)
Disallowable expenses
4.3
5.6
Provision for future liabilities
5.1
0.5
Tax losses not recognised
1.9
2.2
Other
0.7
(1.7)
8.3
(182.9%)
2.3
0.5%
Shareholder tax charge
5.4
(120.0%)
96.7
19.2%
Policyholder tax charge/(credit)
444.1
(501.1)
Total tax charge/(credit) for the year
449.5
(404.4)
1
1
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
Tax calculated on profit before tax at 23.5% (2022: 19%) would amount to a charge of \u00a3103.3 million (2022: charge of
\u00a30.5 million). The difference of \u00a3346.2 million (2022: \u00a3404.9 million) between this number and the total tax charge of
\u00a3449.5 million (2022: \u00a3404.4 million credit) is made up of the reconciling items above which total a charge of \u00a36.5 million
(2022: \u00a31.0 million charge) and the effect of the apportionment methodology on tax applicable to policyholder returns
of \u00a3339.7 million (2022: \u00a3405.9 million).
Tax paid in the year
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Current tax charge for the year
225.3
79.7
Refunds due to be received in future years in respect of current year
1.7
39.5
(Refunds received)/payments made in current year in respect of prior years
(39.7)
1.6
Other
(7.9)
0.3
Tax paid
179.4
121.1
Tax paid can be analysed as:
\u2013 Taxes paid in UK
156.4
110.1
\u2013 Taxes paid in overseas jurisdictions
6.2
3.9
\u2013 Withholding taxes suffered on investment income received
16.8
7.1
Total
179.4
121.1
Deferred tax balances
Deferred tax assets
1
Credit/(charge) to
the Statement of Expected
Comprehensive Income utilisation period
As at Utilised and Reanalysis to As at As at
1 January created in Total credit/ Impact of deferred tax 31 December 31 December
2023 year (charge) acquisitions liabilities 2023 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
(20.4)
1.8
1.8
\u2013
\u2013
(18.6)
14 years
Deferred income (DIR)
37.7
(2.6)
(2.6)
\u2013
\u2013
35.1
14 years
Fixed asset temporary differences
3.9
(2.6)
(2.6)
\u2013
\u2013
1.3
6 years
Renewal income assets
(20.7)
1.5
1.5
(0.7)
\u2013
(19.9)
20 years
Share-based payments
12.9
(8.1)
(8.1)
\u2013
\u2013
4.8
3 years
UK trading losses
\u2013
36.1
36.1
\u2013
\u2013
36.1
1 years
Other temporary differences
(0.9)
(2.3)
(2.3)
0.9
\u2013
(2.3)
\u2013
Total
12.5
23.8
23.8
0.2
\u2013
36.5
1
(Charge)/credit to
the Statement of Expected
Comprehensive Income utilisation period
As at Utilised and Total Reanalysis to As at As at
1 January created in (charge)/ Impact of deferred tax 31 December 31 December
2022 year credit acquisitions liabilities 2022 2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Deferred acquisition costs (DAC)
(21.6)
1.2
1.2
\u2013
\u2013
(20.4)
14 years
Deferred Income (DIR)
37.8
(0.1)
(0.1)
\u2013
\u2013
37.7
14 years
Fixed asset temporary differences
7.8
(3.9)
(3.9)
\u2013
\u2013
3.9
6 years
Renewal income assets
(19.4)
3.1
3.1
(4.4)
\u2013
(20.7)
20 years
Share-based payments
16.2
(3.3)
(3.3)
\u2013
\u2013
12.9
3 years
Other temporary differences
(1.3)
0.9
0.9
\u2013
(0.5)
(0.9)
\u2013
Total
19.5
(2.1)
(2.1)
(4.4)
(0.5)
12.5
1
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
Deferred tax liabilities
Charge/(credit) to the statement Expected
of Comprehensive Income Reanalysis utilisation period
As at Utilised and Total Impact of from As at As at
1 January created in charge/ tax rate Impact of deferred tax 31 December 31 December
2023 year (credit) change acquisitions assets 2023 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Capital losses
(available for future relief)
(2.1)
2.1
2.1
\u2013
\u2013
\u2013
\u2013
\u2013
Deferred acquisition costs (DAC)
20.2
(7.9)
(7.9)
\u2013
\u2013
\u2013
12.3
14 years
Purchased value of in-force
business (PVIF)
2.8
(0.8)
(0.8)
\u2013
\u2013
\u2013
2.0
2 years
Unrealised capital gains on
life insurance (BLAGAB) assets
backing unit liabilities
180.1
243.3
243.3
\u2013
\u2013
\u2013
423.4
6 years
Unrelieved expenses on life
insurance business
(37.5)
11.3
11.3
\u2013
\u2013
\u2013
(26.2)
5 years
Other temporary differences
(0.6)
0.1
0.1
\u2013
0.7
\u2013
0.2
\u2013
Total
162.9
248.1
248.1
\u2013
0.7
\u2013
411.7
Charge/(credit) to the statement Expected
of Comprehensive Income Reanalysis utilisation period
As at Utilised and Total Impact of from As at As at
1 January created in charge/ tax rate Impact of deferred tax 31 December 31 December
2022 year (credit) change acquisitions assets 2022 2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Capital losses
(available for future relief)
(26.8)
20.7
24.7
4.0
\u2013
\u2013
(2.1)
1 year
Deferred acquisition costs (DAC)
28.0
(7.8)
(7.8)
\u2013
\u2013
\u2013
20.2
14 years
Purchased value of in-force
business (PVIF)
3.4
(0.6)
(0.6)
\u2013
\u2013
\u2013
2.8
3 years
Unrealised capital gains on
life insurance (BLAGAB) assets
backing unit liabilities
684.1
(504.0)
(504.0)
\u2013
\u2013
\u2013
180.1
6 years
Unrelieved expenses on life
insurance business
(39.1)
1.6
1.6
\u2013
\u2013
\u2013
(37.5)
6 years
Other temporary differences
0.2
(0.3)
(0.3)
\u2013
\u2013
(0.5)
(0.6)
\u2013
Total
649.8
(490.4)
(486.4)
4.0
\u2013
(0.5)
162.9
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.
During the year the Group have fully utilised the shareholder capital losses. The Group do not expect further material
capital losses to arise in the future.
At the reporting date there were unrecognised deferred tax assets of \u00a317.3 million (2022: \u00a315.0 million) in respect of
\u00a3101.9 million (2022: \u00a392.1 million) of losses in companies where appropriate profits are not considered probable in the
forecast period. These losses primarily relate to the Group\u2019s Asia-based businesses and can be carried forward indefinitely.
Future tax changes
The main rate of corporation tax has increased from 19% to 25% with effect from 1 April 2023. The Group has applied
a blended rate of 23.5% for the year ended 31 December 2023.
IFRS 17
The transitional adjustment arising from the restatement of the 31 December 2022 balance sheet on adoption of IFRS 17
is to be spread evenly for tax purposes over 10 years in the UK, and 5 years in Ireland. As a result, a total opening deferred
tax liability of \u00a31.8 million has been recognised in respect of St. James\u2019s Place UK plc (\u00a30.4 million) and St. James\u2019s Place
International plc (\u00a31.4 million) at the relevant expected future tax rate applicable to the jurisdiction of 25% (UK) and 12.5%
(Ireland). Whilst this is a deferred tax liability, it was adjusted for within other temporary differences in deferred tax assets
due to the offsetting principle. Following the unwind during the year of \u00a30.3m, the remaining balance as at 31 December
2023 is \u00a31.5 million (being \u00a31.1 million in respect of St. James\u2019s Place International plc and \u00a30.4 million in respect of
St. James\u2019s Place UK plc).
Pillar Two \u2013 Global minimum tax
Effective from 1 January 2024, the Group will be subject to the Global minimum tax rules introduced by the Organisation
for Economic Co-operation and Development (OECD) and adopted into local legislation of various territories in which the
Group operates; including the UK and Ireland. The Group expects to be subject to top-up tax in relation to its operations
in Ireland, where the statutory corporate tax rate is 12.5%. As a result of the Introduction of this minimum tax rule, Ireland
have introduced a Qualifying Domestic Minimum Top-up Tax which will Increase the effect tax rate of in scope businesses
to 15% \u2013 the Group expects the Irish profits to be in scope for this.
If the top-up tax had been applied during the year ended 31 December 2023, then the amount to be assessed on profits
relating to the Group\u2019s operations in Ireland would have been immaterial.
The Group has applied the exemption afforded by the International Tax Reform \u2013 Pillar Two Model Rules (Amendments
to IAS 12), and as such does not recognise deferred tax impacts of any future top-up tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "value": "
11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income
(DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2022
31.1
73.4
55.3
1,143.5
(1,599.1)
Additions
5.5
\u2013
16.1
37.2
(129.8)
Disposals
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
36.6
73.4
70.9
1,050.6
(1,635.0)
Additions
\u2013
\u2013
10.9
39.9
(106.6)
Disposals
\u2013
\u2013
(16.2)
(144.7)
105.3
At 31 December 2023
36.6
73.4
65.6
945.8
(1,636.3)
Accumulated amortisation and impairment
At 1 January 2022
1.5
59.0
28.3
764.6
(1,036.5)
Charge for the year
1.5
3.2
9.8
79.5
(162.0)
Eliminated on disposal
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
3.0
62.2
37.6
714.0
(1,104.6)
Charge for the year
\u2013
3.2
15.4
72.1
(145.5)
Eliminated on disposal
\u2013
\u2013
(15.4)
(144.7)
105.3
At 31 December 2023
3.0
65.4
37.6
641.4
(1,144.8)
Carrying value
At 1 January 2022
29.6
14.4
27.0
378.9
(562.6)
At 31 December 2022
33.6
11.2
33.3
336.6
(530.4)
At 31 December 2023
33.6
8.0
28.0
304.4
(491.5)
Current
\u2013
3.2
5.3
63.3
(137.0)
Non-current
33.6
4.8
22.7
241.1
(354.5)
Outstanding amortisation period
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2022
N/A
3 years
5 years
14 years
6 to 14 years
At 31 December 2023
N/A
2 years
5 years
14 years
6 to 14 years
1
1
1
1
1
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
Goodwill
The carrying value of goodwill split by acquisition is as follows:
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Edwards Wealth Ltd (formerly JEWM Ltd)
4.8
4.8
Lewington Wealth Management Limited
0.5
0.5
Policy Services companies
7.7
7.7
Rowan Dartington companies
1.8
1.8
SJP Asia companies
10.1
10.1
Technical Connection Limited
3.7
3.7
Thompson Private Clients Limited
0.7
0.7
Willson Grange businesses
4.3
4.3
Total goodwill
33.6
33.6
Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty
over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of
the assumptions made in these calculations are provided below:
Key assumptions based on experience: Value of new business and expenses
Projection period: Five years extrapolated into perpetuity/ten years
Pre-tax discount rate based on a risk-free rate plus a risk margin: 6.8% to 9.8% (2022: 7.0% to 12.0%)
Terminal growth rate: 1.8% (2022: nil)
It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment
of the goodwill.
Purchased value of in-force business/DAC/computer software
Amortisation is charged to expenses in the Statement of Comprehensive Income. Amortisation profiles are reassessed
annually.
DIR
Amortisation is credited within fee and commission income in the Statement of Comprehensive Income. Amortisation
profiles are reassessed annually.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2022
31.1
73.4
55.3
1,143.5
(1,599.1)
Additions
5.5
\u2013
16.1
37.2
(129.8)
Disposals
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
36.6
73.4
70.9
1,050.6
(1,635.0)
Additions
\u2013
\u2013
10.9
39.9
(106.6)
Disposals
\u2013
\u2013
(16.2)
(144.7)
105.3
At 31 December 2023
36.6
73.4
65.6
945.8
(1,636.3)
Accumulated amortisation and impairment
At 1 January 2022
1.5
59.0
28.3
764.6
(1,036.5)
Charge for the year
1.5
3.2
9.8
79.5
(162.0)
Eliminated on disposal
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
3.0
62.2
37.6
714.0
(1,104.6)
Charge for the year
\u2013
3.2
15.4
72.1
(145.5)
Eliminated on disposal
\u2013
\u2013
(15.4)
(144.7)
105.3
At 31 December 2023
3.0
65.4
37.6
641.4
(1,144.8)
Carrying value
At 1 January 2022
29.6
14.4
27.0
378.9
(562.6)
At 31 December 2022
33.6
11.2
33.3
336.6
(530.4)
At 31 December 2023
33.6
8.0
28.0
304.4
(491.5)
Current
\u2013
3.2
5.3
63.3
(137.0)
Non-current
33.6
4.8
22.7
241.1
(354.5)
Outstanding amortisation period
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2022
N/A
3 years
5 years
14 years
6 to 14 years
At 31 December 2023
N/A
2 years
5 years
14 years
6 to 14 years
1 1 1 1 1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. Goodwill The carrying value of goodwill split by acquisition is as follows:
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Edwards Wealth Ltd (formerly JEWM Ltd)
4.8
4.8
Lewington Wealth Management Limited
0.5
0.5
Policy Services companies
7.7
7.7
Rowan Dartington companies
1.8
1.8
SJP Asia companies
10.1
10.1
Technical Connection Limited
3.7
3.7
Thompson Private Clients Limited
0.7
0.7
Willson Grange businesses
4.3
4.3
Total goodwill
33.6
33.6
Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 6.8% to 9.8% (2022: 7.0% to 12.0%) Terminal growth rate: 1.8% (2022: nil) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in-force business/DAC/computer software Amortisation is charged to expenses in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2022
31.1
73.4
55.3
1,143.5
(1,599.1)
Additions
5.5
\u2013
16.1
37.2
(129.8)
Disposals
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
36.6
73.4
70.9
1,050.6
(1,635.0)
Additions
\u2013
\u2013
10.9
39.9
(106.6)
Disposals
\u2013
\u2013
(16.2)
(144.7)
105.3
At 31 December 2023
36.6
73.4
65.6
945.8
(1,636.3)
Accumulated amortisation and impairment
At 1 January 2022
1.5
59.0
28.3
764.6
(1,036.5)
Charge for the year
1.5
3.2
9.8
79.5
(162.0)
Eliminated on disposal
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
3.0
62.2
37.6
714.0
(1,104.6)
Charge for the year
\u2013
3.2
15.4
72.1
(145.5)
Eliminated on disposal
\u2013
\u2013
(15.4)
(144.7)
105.3
At 31 December 2023
3.0
65.4
37.6
641.4
(1,144.8)
Carrying value
At 1 January 2022
29.6
14.4
27.0
378.9
(562.6)
At 31 December 2022
33.6
11.2
33.3
336.6
(530.4)
At 31 December 2023
33.6
8.0
28.0
304.4
(491.5)
Current
\u2013
3.2
5.3
63.3
(137.0)
Non-current
33.6
4.8
22.7
241.1
(354.5)
Outstanding amortisation period
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2022
N/A
3 years
5 years
14 years
6 to 14 years
At 31 December 2023
N/A
2 years
5 years
14 years
6 to 14 years
1 1 1 1 1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. Goodwill The carrying value of goodwill split by acquisition is as follows:
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Edwards Wealth Ltd (formerly JEWM Ltd)
4.8
4.8
Lewington Wealth Management Limited
0.5
0.5
Policy Services companies
7.7
7.7
Rowan Dartington companies
1.8
1.8
SJP Asia companies
10.1
10.1
Technical Connection Limited
3.7
3.7
Thompson Private Clients Limited
0.7
0.7
Willson Grange businesses
4.3
4.3
Total goodwill
33.6
33.6
Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 6.8% to 9.8% (2022: 7.0% to 12.0%) Terminal growth rate: 1.8% (2022: nil) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in-force business/DAC/computer software Amortisation is charged to expenses in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. 12. Property and equipment, including leased assets
Fixtures, fittings
and office Computer Leased assets:
equipment equipment
properties
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2022
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
Additions
9.7
1.5
24.4
35.6
Revaluations
\u2013
\u2013
(2.3)
(2.3)
Acquisition of subsidiary
0.3
0.1
0.3
0.7
Disposals
(2.3)
(0.2)
(9.5)
(12.0)
At 31 December 2023
63.9
10.0
180.9
254.8
Accumulated depreciation
At 1 January 2022
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
Charge for the year
5.9
1.7
16.4
24.0
Acquisition of subsidiary
0.3
\u2013
\u2013
0.3
Eliminated on disposal
(2.0)
(0.1)
(7.6)
(9.7)
At 31 December 2023
31.8
7.5
62.4
101.7
Net book value
At 1 January 2022
32.2
2.0
120.3
154.5
At 31 December 2022
28.6
2.7
114.4
145.7
At 31 December 2023
32.1
2.5
118.5
153.1
Depreciation period (estimated useful life)
At 31 December 2022
5 to 15 years
3 years
1 to 19 years
At 31 December 2023
5 to 15 years
3 years
1 to 19 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2022
31.1
73.4
55.3
1,143.5
(1,599.1)
Additions
5.5
\u2013
16.1
37.2
(129.8)
Disposals
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
36.6
73.4
70.9
1,050.6
(1,635.0)
Additions
\u2013
\u2013
10.9
39.9
(106.6)
Disposals
\u2013
\u2013
(16.2)
(144.7)
105.3
At 31 December 2023
36.6
73.4
65.6
945.8
(1,636.3)
Accumulated amortisation and impairment
At 1 January 2022
1.5
59.0
28.3
764.6
(1,036.5)
Charge for the year
1.5
3.2
9.8
79.5
(162.0)
Eliminated on disposal
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
3.0
62.2
37.6
714.0
(1,104.6)
Charge for the year
\u2013
3.2
15.4
72.1
(145.5)
Eliminated on disposal
\u2013
\u2013
(15.4)
(144.7)
105.3
At 31 December 2023
3.0
65.4
37.6
641.4
(1,144.8)
Carrying value
At 1 January 2022
29.6
14.4
27.0
378.9
(562.6)
At 31 December 2022
33.6
11.2
33.3
336.6
(530.4)
At 31 December 2023
33.6
8.0
28.0
304.4
(491.5)
Current
\u2013
3.2
5.3
63.3
(137.0)
Non-current
33.6
4.8
22.7
241.1
(354.5)
Outstanding amortisation period
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2022
N/A
3 years
5 years
14 years
6 to 14 years
At 31 December 2023
N/A
2 years
5 years
14 years
6 to 14 years
1 1 1 1 1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. Goodwill The carrying value of goodwill split by acquisition is as follows:
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Edwards Wealth Ltd (formerly JEWM Ltd)
4.8
4.8
Lewington Wealth Management Limited
0.5
0.5
Policy Services companies
7.7
7.7
Rowan Dartington companies
1.8
1.8
SJP Asia companies
10.1
10.1
Technical Connection Limited
3.7
3.7
Thompson Private Clients Limited
0.7
0.7
Willson Grange businesses
4.3
4.3
Total goodwill
33.6
33.6
Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 6.8% to 9.8% (2022: 7.0% to 12.0%) Terminal growth rate: 1.8% (2022: nil) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in-force business/DAC/computer software Amortisation is charged to expenses in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "11. Goodwill, intangible assets, deferred acquisition costs (DAC) and deferred income (DIR)
Computer
Purchased software and
value of other specific
in-force software
Goodwill business
developments
DAC
DIR
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2022
31.1
73.4
55.3
1,143.5
(1,599.1)
Additions
5.5
\u2013
16.1
37.2
(129.8)
Disposals
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
36.6
73.4
70.9
1,050.6
(1,635.0)
Additions
\u2013
\u2013
10.9
39.9
(106.6)
Disposals
\u2013
\u2013
(16.2)
(144.7)
105.3
At 31 December 2023
36.6
73.4
65.6
945.8
(1,636.3)
Accumulated amortisation and impairment
At 1 January 2022
1.5
59.0
28.3
764.6
(1,036.5)
Charge for the year
1.5
3.2
9.8
79.5
(162.0)
Eliminated on disposal
\u2013
\u2013
(0.5)
(130.1)
93.9
At 31 December 2022
3.0
62.2
37.6
714.0
(1,104.6)
Charge for the year
\u2013
3.2
15.4
72.1
(145.5)
Eliminated on disposal
\u2013
\u2013
(15.4)
(144.7)
105.3
At 31 December 2023
3.0
65.4
37.6
641.4
(1,144.8)
Carrying value
At 1 January 2022
29.6
14.4
27.0
378.9
(562.6)
At 31 December 2022
33.6
11.2
33.3
336.6
(530.4)
At 31 December 2023
33.6
8.0
28.0
304.4
(491.5)
Current
\u2013
3.2
5.3
63.3
(137.0)
Non-current
33.6
4.8
22.7
241.1
(354.5)
Outstanding amortisation period
33.6
8.0
28.0
304.4
(491.5)
At 31 December 2022
N/A
3 years
5 years
14 years
6 to 14 years
At 31 December 2023
N/A
2 years
5 years
14 years
6 to 14 years
1 1 1 1 1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. Goodwill The carrying value of goodwill split by acquisition is as follows:
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Edwards Wealth Ltd (formerly JEWM Ltd)
4.8
4.8
Lewington Wealth Management Limited
0.5
0.5
Policy Services companies
7.7
7.7
Rowan Dartington companies
1.8
1.8
SJP Asia companies
10.1
10.1
Technical Connection Limited
3.7
3.7
Thompson Private Clients Limited
0.7
0.7
Willson Grange businesses
4.3
4.3
Total goodwill
33.6
33.6
Goodwill is reviewed at least annually for impairment, or when circumstances or events indicate there may be uncertainty over its value. The recoverable amount has been based on value-in-use calculations using pre-tax cash flows. Details of the assumptions made in these calculations are provided below: Key assumptions based on experience: Value of new business and expenses Projection period: Five years extrapolated into perpetuity/ten years Pre-tax discount rate based on a risk-free rate plus a risk margin: 6.8% to 9.8% (2022: 7.0% to 12.0%) Terminal growth rate: 1.8% (2022: nil) It is considered that no reasonably possible levels of change in the key assumptions would result in a material impairment of the goodwill. Purchased value of in-force business/DAC/computer software Amortisation is charged to expenses in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. DIR Amortisation is credited within fee and commission income in the Statement of Comprehensive Income. Amortisation profiles are reassessed annually. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "value": "
12. Property and equipment, including leased assets
Fixtures, fittings
and office Computer Leased assets:
equipment equipment
properties
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Cost
At 1 January 2022
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
Additions
9.7
1.5
24.4
35.6
Revaluations
\u2013
\u2013
(2.3)
(2.3)
Acquisition of subsidiary
0.3
0.1
0.3
0.7
Disposals
(2.3)
(0.2)
(9.5)
(12.0)
At 31 December 2023
63.9
10.0
180.9
254.8
Accumulated depreciation
At 1 January 2022
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
Charge for the year
5.9
1.7
16.4
24.0
Acquisition of subsidiary
0.3
\u2013
\u2013
0.3
Eliminated on disposal
(2.0)
(0.1)
(7.6)
(9.7)
At 31 December 2023
31.8
7.5
62.4
101.7
Net book value
At 1 January 2022
32.2
2.0
120.3
154.5
At 31 December 2022
28.6
2.7
114.4
145.7
At 31 December 2023
32.1
2.5
118.5
153.1
Depreciation period (estimated useful life)
At 31 December 2022
5 to 15 years
3 years
1 to 19 years
At 31 December 2023
5 to 15 years
3 years
1 to 19 years
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "value": "
13. 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 14.
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.
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 to 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 to
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 (c)(ii) Lease expenses,
(n) Property and equipment and (aa) 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 31 December
2023 2022
Within the property and equipment balance \u2013 refer to Note 12
\u00a3\u2019Million
\u00a3\u2019Million
Leased assets: properties
118.5
114.4
Within the other payables balance \u2013 refer to Note 16
Lease liabilities: properties
120.5
116.6
A movement schedule for leased assets, setting out additions during the year and depreciation charged, is presented
in Note 12. 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Depreciation charge for leased assets: properties
16.4
15.2
Interest expense on lease liabilities: properties
3.4
3.0
Lease expense relating to short-term leases
0.4
0.2
Lease expense relating to low-value assets
2.1
1.4
Total lease expense for the year
22.3
19.8
Total cash outflow for leases during the year
17.6
16.8
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.
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
116.6
124.1
Additions
19.1
6.3
Disposals
(1.0)
\u2013
Interest charged
3.4
3.0
Lease payments made
(17.6)
(16.8)
Balance at 31 December
120.5
116.6
The principal lease payments disclosed in the table below link to the principal lease payments set out in the Consolidated
Statement of Cash Flows as follows:
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Interest payments
3.4
3.0
Principal lease payments
14.2
13.8
Lease payments made
17.6
16.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "
14. 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Assets
Investment property
1,110.3
1,294.5
Equities
116,761.5
103,536.0
Fixed income securities
27,236.5
27,544.8
Investment in Collective Investment Schemes
12,513.1
4,463.7
Cash and cash equivalents
5,918.9
6,179.5
Other receivables
846.9
1,604.8
Derivative financial instruments
3,420.6
3,493.0
Total assets
167,807.8
148,116.3
Liabilities
Other payables
613.3
842.0
Derivative financial instruments
3,073.0
3,266.3
Total liabilities
3,686.3
4,108.3
Net assets held to cover linked liabilities
164,121.5
144,008.0
Investment contract benefits
123,149.8
106,964.7
Net asset value attributable to unit holders
40,536.5
36,628.4
Unit-linked insurance contract liabilities
435.2
414.9
Net unit-linked liabilities
164,121.5
144,008.0
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 (ah)
for further information on current and non-current disclosure.
Investment property
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
1,294.5
1,568.5
Capitalised expenditure on existing properties
10.1
23.6
Disposals
(149.4)
(53.1)
Changes in fair value
(44.9)
(244.5)
Balance at 31 December
1,110.3
1,294.5
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.
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 2023 is \u00a31,297.4 million (2022: \u00a31,475.7 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Direct operating expenses
5.0
5.2
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a313.4 million
(2022: \u00a33.0 million). The most significant contractual obligation at 31 December 2023 was for refurbishment of a building
in Manchester totalling \u00a39.5 million.
Contractual obligations to dispose of investment property amounted to \u00a3nil (2022: \u00a3nil).
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 31 December
2023 2022
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
64.6
70.1
Year 2
58.2
67.6
Year 3
52.3
59.1
Year 4
47.2
52.3
Year 5
41.8
46.5
Year 6 onwards
235.6
268.6
Total undiscounted contractual rental income to be received
499.7
564.2
Cash and cash equivalents
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
285.4
253.3
Balances held to cover unit liabilities
5,918.9
6,179.5
Total cash and cash equivalents
6,204.3
6,432.8
All cash and cash equivalents are considered current.
17. 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 The Group ceased writing new protection business in April 2011 and the
for a risk, or the impact of remaining UK insurance risk is substantially covered by quota share
anti-selection. reinsurance with a low level of retention. Experience is monitored regularly
and for most business the premium or deduction rates can be reviewed.
Epidemic/ An unusually large number of Protection is provided through reinsurance. The Group has quota share
disaster claims arising from a single reinsurance on the UK insurance risk, with a low level of retention.
incident or event.
Expense Administration costs exceed Administration is outsourced and a tariff of costs is agreed. The contract
expense allowance. is monitored regularly to rationalise costs incurred. Internal overhead
expenses are monitored and closely managed.
Retention Unexpected movement in Retention of insurance contracts is closely monitored and unexpected
future profit due to more (or experience is investigated. Retention experience has continued in line
fewer) clients than anticipated with assumptions.
withdrawing their funds.
Insurance contract liabilities
Reconciliation of the liability for remaining coverage and the liability for incurred claims
Liability for remaining coverage Liability for
Excluding loss Loss claims
component component
incurred
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
452.6
\u2013
17.9
470.5
Insurance revenue
(25.3)
\u2013
\u2013
(25.3)
Insurance service expenses
24.5
\u2013
\u2013
24.5
Finance expense from insurance contracts recognised in profit or loss
2.8
\u2013
\u2013
2.8
Total changes in the Statement of Comprehensive Income
2.0
\u2013
\u2013
2.0
Investment components excluded from insurance revenue
and insurance service expenses
(3.6)
\u2013
\u2013
(3.6)
Premiums received
(31.3)
\u2013
\u2013
(31.3)
Claims and other insurance service expenses paid
58.1
\u2013
0.3
58.4
Total cash flows
26.8
\u2013
0.3
27.1
Balance at 31 December 2023
477.8
\u2013
18.2
496.0
Current
84.0
Non-current
412.0
496.0
Liability for remaining coverage Liability
Excluding loss Loss for claims
component component
incurred
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
543.4
\u2013
25.2
568.6
Insurance revenue
(26.5)
\u2013
\u2013
(26.5)
Insurance service expenses
13.5
\u2013
\u2013
13.5
Finance income from insurance contracts recognised in profit or loss
(17.3)
\u2013
\u2013
(17.3)
Total changes in the Statement of Comprehensive Income
(30.3)
\u2013
\u2013
(30.3)
Investment components excluded from insurance revenue and
insurance service expenses
(76.2)
\u2013
\u2013
(76.2)
Premiums received
(34.0)
\u2013
\u2013
(34.0)
Claims and other insurance service expenses paid
49.7
\u2013
(7.3)
42.4
Total cash flows
15.7
\u2013
(7.3)
8.4
Balance at 31 December 2022
452.6
\u2013
17.9
470.5
Current
81.8
Non-current
388.7
470.5
Reconciliation of the measurement components
Estimates of Risk
present value adjustment for
of future cash non-financial
flows
risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
439.0
5.8
7.8
452.6
Insurance service result
(1.9)
0.1
1.0
(0.8)
Finance expense from insurance contracts recognised in profit or loss
2.7
0.1
\u2013
2.8
Total changes in the Statement of Comprehensive Income
0.8
0.2
1.0
2.0
Investment components excluded from insurance revenue and
insurance service expenses
(3.6)
\u2013
\u2013
(3.6)
Premiums received
(31.3)
\u2013
\u2013
(31.3)
Claims and other insurance service expenses paid
58.1
\u2013
\u2013
58.1
Total cash flows
26.8
\u2013
\u2013
26.8
Balance at 31 December 2023
463.0
6.0
8.8
477.8
Estimates of Risk
present value adjustment for
of future cash non-financial Contractual
flows risk
service margin
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
520.8
9.3
13.3
543.4
Insurance service result
(6.6)
(0.9)
(5.5)
(13.0)
Finance income from insurance contracts recognised in profit or loss
(14.7)
(2.6)
\u2013
(17.3)
Total changes in the Statement of Comprehensive Income
(21.3)
(3.5)
(5.5)
(30.3)
Investment components excluded from insurance revenue and
insurance service expenses
(76.2)
\u2013
\u2013
(76.2)
Premiums received
(34.0)
\u2013
\u2013
(34.0)
Claims and other insurance service expenses paid
49.7
\u2013
\u2013
49.7
Total cash flows
15.7
\u2013
\u2013
15.7
Balance at 31 December 2022
439.0
5.8
7.8
452.6
Insurance contract liabilities \u2013 contractual service margin
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Less than 1 year
0.7
0.8
In 2 to 5 years
1.7
1.7
>5 years
6.4
5.3
Total CSM for insurance contracts
8.8
7.8
The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year.
Reinsurance assets
Reconciliation of the remaining coverage and incurred claims components
Remaining Recoverable
coverage for claims
component
reinsured
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
49.0
5.6
54.6
Net reinsurance expense
(5.0)
\u2013
(5.0)
Finance expenses from reinsurance contracts
recognised in profit or loss
(7.2)
\u2013
(7.2)
Total changes in the Statement of Comprehensive Income
(12.2)
\u2013
(12.2)
Premiums paid
21.7
\u2013
21.7
Reinsurance recapture
(41.5)
\u2013
(41.5)
Amounts received from reinsurers relating to incurred claims
(10.7)
1.1
(9.6)
Total cash flows
(30.5)
1.1
(29.4)
Balance at 31 December 2023
6.3
6.7
13.0
Current
6.7
Non-current
6.3
13.0
Remaining Recoverable
coverage for claims
component
reinsured
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
64.9
9.9
74.8
Net reinsurance expense
(9.6)
\u2013
(9.6)
Finance expenses from reinsurance contracts
recognised in profit or loss
(14.9)
\u2013
(14.9)
Total changes in the Statement of Comprehensive Income
(24.5)
\u2013
(24.5)
Premiums paid
24.0
\u2013
24.0
Reinsurance recapture
\u2013
\u2013
Amounts received from reinsurers relating to incurred claims
(15.4)
(4.3)
(19.7)
Total cash flows
8.6
(4.3)
4.3
Balance at 31 December 2022
49.0
5.6
54.6
Current
11.7
Non-current
42.9
54.6
Reconciliation of the measurement components
Estimates of Risk
present value adjustment for
of future cash non-financial Contractual
flows risk
service margin
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
35.7
5.1
8.2
49.0
Net reinsurance expense
(4.7)
(0.5)
0.2
(5.0)
Finance expenses from insurance contracts
recognised in profit or loss
(0.5)
(3.5)
(3.2)
(7.2)
Total changes in the Statement of Comprehensive Income
(5.2)
(4.0)
(3.0)
(12.2)
Premiums paid
21.7
\u2013
\u2013
21.7
Reinsurance recapture
(41.5)
(41.5)
Amounts received from reinsurers relating to incurred claims
(10.7)
\u2013
\u2013
(10.7)
Total cash flows
(30.5)
\u2013
\u2013
(30.5)
Balance at 31 December 2023
\u2013
1.1
5.2
6.3
Estimates of Risk
present value adjustment for
of future cash non-financial
flows
risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
47.9
8.5
8.5
64.9
Net reinsurance expense
(8.6)
(0.7)
(0.3)
(9.6)
Finance expenses from insurance contracts recognised in profit or loss
(12.2)
(2.7)
\u2013
(14.9)
Total changes in the Statement of Comprehensive Income
(20.8)
(3.4)
(0.3)
(24.5)
Premiums paid
24.0
\u2013
\u2013
24.0
Reinsurance recapture
\u2013
\u2013
\u2013
\u2013
Amounts received from reinsurers relating to incurred claims
(15.4)
\u2013
\u2013
(15.4)
Total cash flows
8.6
\u2013
\u2013
8.6
Balance at 31 December 2022
35.7
5.1
8.2
49.0
All reinsurance contracts are measured using the fair value approach.
Reinsurance assets \u2013 Contractual service margin (CSM)
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Less than 1 year
0.1
0.7
In 2 to 5 years
0.6
1.6
>5 years
4.5
5.9
Total CSM for insurance contracts
5.2
8.2
The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year.
Assumptions used in the calculation of insurance contract liabilities and reinsurance assets
The principal assumptions used in the calculation of insurance contract liabilities and reinsurance assets are:
Assumption Description
Interest rate
The valuation interest rate is calculated by reference to the long-term risk-free swap rate at the
balance sheet date. The specific rates used are between 2.9% and 4.7% depending on the tax
regime (2022: 1.9% and 4.5%).
Mortality
Mortality is based on Group experience and is set at 65% of the TM/F92 tables with an additional
loading for smokers.
Morbidity \u2013
critical illness
Morbidity is based on Group experience. There has been no change during 2023. Sample annual
rates per \u00a3 for a male non-smoker are:
Age Rate
25 0.063%
35 0.111%
45 0.266%
Morbidity \u2013
permanent health
insurance
Morbidity is based on Group experience. There has been no change during 2023. Sample annual
rates per \u00a3 income benefit for a male non-smoker are:
Age Rate
25 0.228%
35 0.603%
45 1.308%
Expenses
Contract liabilities are calculated allowing for the actual costs of administration of the business.
Annual cost
Product
31 December
2023
31 December
2022
Onshore protection business \u00a335.11 \u00a333.73
Offshore protection business \u00a369.72 \u00a366.36
Persistency
Allowance is made for a best-estimate level of lapses within the calculation of the liabilities.
There has been no change in rates during 2023. Sample annual lapse rates are:
Lapse
Product All durations
Onshore protection business 9%
Offshore whole of life 8%
Offshore critical illness 13%
Risk adjustment
The risk adjustment is determined using a cost of capital approach with a 3% charge. There has
been no change during 2023.
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 european embedded value 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%.
Change in Change in
profit profit Change in Change in
Change in before tax before tax net assets net assets
assumption 2023 2022 2023 2022
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Interest rates
(1%)
(6.5)
(0.8)
(5.0)
(0.6)
Mortality/morbidity
10%
(1.5)
(0.1)
(1.1)
(0.1)
A change in withdrawal rates and expense assumptions will have no material impact on insurance profit or net assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "14. 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Assets
Investment property
1,110.3
1,294.5
Equities
116,761.5
103,536.0
Fixed income securities
27,236.5
27,544.8
Investment in Collective Investment Schemes
12,513.1
4,463.7
Cash and cash equivalents
5,918.9
6,179.5
Other receivables
846.9
1,604.8
Derivative financial instruments
3,420.6
3,493.0
Total assets
167,807.8
148,116.3
Liabilities
Other payables
613.3
842.0
Derivative financial instruments
3,073.0
3,266.3
Total liabilities
3,686.3
4,108.3
Net assets held to cover linked liabilities
164,121.5
144,008.0
Investment contract benefits
123,149.8
106,964.7
Net asset value attributable to unit holders
40,536.5
36,628.4
Unit-linked insurance contract liabilities
435.2
414.9
Net unit-linked liabilities
164,121.5
144,008.0
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 (ah) for further information on current and non-current disclosure. Investment property
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
1,294.5
1,568.5
Capitalised expenditure on existing properties
10.1
23.6
Disposals
(149.4)
(53.1)
Changes in fair value
(44.9)
(244.5)
Balance at 31 December
1,110.3
1,294.5
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. 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 2023 is \u00a31,297.4 million (2022: \u00a31,475.7 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Direct operating expenses
5.0
5.2
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a313.4 million (2022: \u00a33.0 million). The most significant contractual obligation at 31 December 2023 was for refurbishment of a building in Manchester totalling \u00a39.5 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2022: \u00a3nil). 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 31 December
2023 2022
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
64.6
70.1
Year 2
58.2
67.6
Year 3
52.3
59.1
Year 4
47.2
52.3
Year 5
41.8
46.5
Year 6 onwards
235.6
268.6
Total undiscounted contractual rental income to be received
499.7
564.2
Cash and cash equivalents
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
285.4
253.3
Balances held to cover unit liabilities
5,918.9
6,179.5
Total cash and cash equivalents
6,204.3
6,432.8
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "14. 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Assets
Investment property
1,110.3
1,294.5
Equities
116,761.5
103,536.0
Fixed income securities
27,236.5
27,544.8
Investment in Collective Investment Schemes
12,513.1
4,463.7
Cash and cash equivalents
5,918.9
6,179.5
Other receivables
846.9
1,604.8
Derivative financial instruments
3,420.6
3,493.0
Total assets
167,807.8
148,116.3
Liabilities
Other payables
613.3
842.0
Derivative financial instruments
3,073.0
3,266.3
Total liabilities
3,686.3
4,108.3
Net assets held to cover linked liabilities
164,121.5
144,008.0
Investment contract benefits
123,149.8
106,964.7
Net asset value attributable to unit holders
40,536.5
36,628.4
Unit-linked insurance contract liabilities
435.2
414.9
Net unit-linked liabilities
164,121.5
144,008.0
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 (ah) for further information on current and non-current disclosure. Investment property
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
1,294.5
1,568.5
Capitalised expenditure on existing properties
10.1
23.6
Disposals
(149.4)
(53.1)
Changes in fair value
(44.9)
(244.5)
Balance at 31 December
1,110.3
1,294.5
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. 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 2023 is \u00a31,297.4 million (2022: \u00a31,475.7 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Direct operating expenses
5.0
5.2
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a313.4 million (2022: \u00a33.0 million). The most significant contractual obligation at 31 December 2023 was for refurbishment of a building in Manchester totalling \u00a39.5 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2022: \u00a3nil). 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 31 December
2023 2022
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
64.6
70.1
Year 2
58.2
67.6
Year 3
52.3
59.1
Year 4
47.2
52.3
Year 5
41.8
46.5
Year 6 onwards
235.6
268.6
Total undiscounted contractual rental income to be received
499.7
564.2
Cash and cash equivalents
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
285.4
253.3
Balances held to cover unit liabilities
5,918.9
6,179.5
Total cash and cash equivalents
6,204.3
6,432.8
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "14. 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Assets
Investment property
1,110.3
1,294.5
Equities
116,761.5
103,536.0
Fixed income securities
27,236.5
27,544.8
Investment in Collective Investment Schemes
12,513.1
4,463.7
Cash and cash equivalents
5,918.9
6,179.5
Other receivables
846.9
1,604.8
Derivative financial instruments
3,420.6
3,493.0
Total assets
167,807.8
148,116.3
Liabilities
Other payables
613.3
842.0
Derivative financial instruments
3,073.0
3,266.3
Total liabilities
3,686.3
4,108.3
Net assets held to cover linked liabilities
164,121.5
144,008.0
Investment contract benefits
123,149.8
106,964.7
Net asset value attributable to unit holders
40,536.5
36,628.4
Unit-linked insurance contract liabilities
435.2
414.9
Net unit-linked liabilities
164,121.5
144,008.0
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 (ah) for further information on current and non-current disclosure. 14. Investments, investment property and cash and cash equivalents continued Investment property
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
1,294.5
1,568.5
Capitalised expenditure on existing properties
10.1
23.6
Disposals
(149.4)
(53.1)
Changes in fair value
(44.9)
(244.5)
Balance at 31 December
1,110.3
1,294.5
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. 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 2023 is \u00a31,297.4 million (2022: \u00a31,475.7 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Direct operating expenses
5.0
5.2
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a313.4 million (2022: \u00a33.0 million). The most significant contractual obligation at 31 December 2023 was for refurbishment of a building in Manchester totalling \u00a39.5 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2022: \u00a3nil). 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 31 December
2023 2022
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
64.6
70.1
Year 2
58.2
67.6
Year 3
52.3
59.1
Year 4
47.2
52.3
Year 5
41.8
46.5
Year 6 onwards
235.6
268.6
Total undiscounted contractual rental income to be received
499.7
564.2
Cash and cash equivalents
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
285.4
253.3
Balances held to cover unit liabilities
5,918.9
6,179.5
Total cash and cash equivalents
6,204.3
6,432.8
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "Investment property
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
1,294.5
1,568.5
Capitalised expenditure on existing properties
10.1
23.6
Disposals
(149.4)
(53.1)
Changes in fair value
(44.9)
(244.5)
Balance at 31 December
1,110.3
1,294.5
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. 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 2023 is \u00a31,297.4 million (2022: \u00a31,475.7 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Rental income
69.9
70.1
Direct operating expenses
5.0
5.2
At the year-end contractual obligations to purchase, construct or develop investment property amounted to \u00a313.4 million (2022: \u00a33.0 million). The most significant contractual obligation at 31 December 2023 was for refurbishment of a building in Manchester totalling \u00a39.5 million. Contractual obligations to dispose of investment property amounted to \u00a3nil (2022: \u00a3nil). 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 31 December
2023 2022
Undiscounted contractual rental income to be received in:
\u00a3\u2019Million
\u00a3\u2019Million
Year 1
64.6
70.1
Year 2
58.2
67.6
Year 3
52.3
59.1
Year 4
47.2
52.3
Year 5
41.8
46.5
Year 6 onwards
235.6
268.6
Total undiscounted contractual rental income to be received
499.7
564.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "Cash and cash equivalents
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Cash and cash equivalents not held to cover unit liabilities
285.4
253.3
Balances held to cover unit liabilities
5,918.9
6,179.5
Total cash and cash equivalents
6,204.3
6,432.8
All cash and cash equivalents are considered current. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "
15. Other receivables
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Receivables in relation to unit liabilities excluding policyholder interests
1
956.0
440.5
Other receivables in relation to insurance and unit trust business
2
151.9
75.8
Operational readiness prepayment
283.5
278.3
Advanced payments to Partners
127.4
83.8
Other prepayments and accrued income
1
37.9
40.8
Business loans to Partners
408.0
315.6
Renewal income assets
138.3
115.5
Miscellaneous
44.3
18.9
Total other receivables on the Solvency II Net Assets Balance Sheet
2,147.3
1,369.2
Policyholder interests in other receivables (see Note 14)
846.9
1,604.8
Other
3.2
3.2
Total other receivables
2,997.4
2,977.2
Current
2,243.8
2,357.4
Non-current
753.6
619.8
2,997.4
2,977.2
1 Receivables in relation to unit liabilities excluding policyholder interests and other prepayments and accrued income have been re-presented
to better reflect the nature of the balances included. Receivables in relation to unit liabilities excluding policyholder interests has increased
\u00a343.5 million and other prepayments and accrued income decreased \u00a343.5 million.
2 Restated to reflect the adoption of IFRS 17. See Note 1a.
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 consists of directly invoiced operational readiness costs advanced and 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. Business loans to Partners
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Business loans to Partners directly funded by the Group
340.8
315.6
Securitised business loans to Partners
67.2
\u2013
Total business loans to Partners
408.0
315.6
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 Partners. During 2022, \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 expenses 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. 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 19 for further information. Reconciliation of the business loans to Partners\u2019 opening and closing gross loan balances
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
performing
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Gross balance at 1 January 2023
297.1
17.7
4.6
319.4
Business loans to Partners classification changes:
\u2013 Transfer to underperforming
(11.9)
11.9
\u2013
\u2013
\u2013 Transfer to non-performing
(3.2)
(0.2)
3.4
\u2013
\u2013 Transfer to performing
4.2
(3.5)
(0.7)
\u2013
New lending activity during the year
195.0
16.9
0.7
212.6
Interest charged during the year
26.2
3.1
0.8
30.1
Repayment activity during the year
(147.7)
(1.3)
(0.3)
(149.3)
Gross balance at 31 December 2023
359.7
44.6
8.5
412.8
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
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
During the year the Group experienced an increase in stage 2 \u2013 underperforming as a result of higher interest rates
and the challenging operating environment having an impact on Partners\u2019 ability to meet loan repayments in full.
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 in the prior year, full credit risk was transferred.
The provision held against business loans to Partners as at 31 December 2023 was \u00a34.8 million (2022: \u00a33.8 million). During
the year, \u00a30.2 million of the provision was released (2022: \u00a30.3 million), \u00a33.4 million was utilised (2022: \u00a30.2 million) and new
provisions and adjustments to existing provisions increased the total by \u00a34.6 million (2022: \u00a30.3 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Gross business loans to Partners
412.8
319.4
Provision
(4.8)
(3.8)
Net business loans to Partners
408.0
315.6
Renewal income assets
Movement in renewal income assets
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
115.5
102.5
Additions
32.0
36.1
Disposals
(2.1)
(7.8)
Revaluation
(7.1)
(15.3)
Balance at 31 December
138.3
115.5
The key assumptions used for the assessment of the fair value of the renewal income are as follows:
31 December 31 December
2023 2022
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
6.5% to 25.0%
15.0% to 25.0%
Discount rate
11.8%
12.0% to 13.7%
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "15. Other receivables
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Receivables in relation to unit liabilities excluding policyholder interests
1
956.0
440.5
Other receivables in relation to insurance and unit trust business
2
151.9
75.8
Operational readiness prepayment
283.5
278.3
Advanced payments to Partners
127.4
83.8
Other prepayments and accrued income
1
37.9
40.8
Business loans to Partners
408.0
315.6
Renewal income assets
138.3
115.5
Miscellaneous
44.3
18.9
Total other receivables on the Solvency II Net Assets Balance Sheet
2,147.3
1,369.2
Policyholder interests in other receivables (see Note 14)
846.9
1,604.8
Other
3.2
3.2
Total other receivables
2,997.4
2,977.2
Current
2,243.8
2,357.4
Non-current
753.6
619.8
2,997.4
2,977.2
1 Receivables in relation to unit liabilities excluding policyholder interests and other prepayments and accrued income have been re-presented to better reflect the nature of the balances included. Receivables in relation to unit liabilities excluding policyholder interests has increased \u00a343.5 million and other prepayments and accrued income decreased \u00a343.5 million. 2 Restated to reflect the adoption of IFRS 17. See Note 1a. 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 consists of directly invoiced operational readiness costs advanced and 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.
Business loans to Partners
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Business loans to Partners directly funded by the Group
340.8
315.6
Securitised business loans to Partners
67.2
\u2013
Total business loans to Partners
408.0
315.6
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 Partners.
During 2022, \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
expenses 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. 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 19 for further information.
Reconciliation of the business loans to Partners\u2019 opening and closing gross loan balances
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
performing
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Gross balance at 1 January 2023
297.1
17.7
4.6
319.4
Business loans to Partners classification changes:
\u2013 Transfer to underperforming
(11.9)
11.9
\u2013
\u2013
\u2013 Transfer to non-performing
(3.2)
(0.2)
3.4
\u2013
\u2013 Transfer to performing
4.2
(3.5)
(0.7)
\u2013
New lending activity during the year
195.0
16.9
0.7
212.6
Interest charged during the year
26.2
3.1
0.8
30.1
Repayment activity during the year
(147.7)
(1.3)
(0.3)
(149.3)
Gross balance at 31 December 2023
359.7
44.6
8.5
412.8
Stage 2: Stage 3:
Stage 1: under- non-
performing performing
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
During the year the Group experienced an increase in stage 2 \u2013 underperforming as a result of higher interest rates and the challenging operating environment having an impact on Partners\u2019 ability to meet loan repayments in full. 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 in the prior year, full credit risk was transferred. The provision held against business loans to Partners as at 31 December 2023 was \u00a34.8 million (2022: \u00a33.8 million). During the year, \u00a30.2 million of the provision was released (2022: \u00a30.3 million), \u00a33.4 million was utilised (2022: \u00a30.2 million) and new provisions and adjustments to existing provisions increased the total by \u00a34.6 million (2022: \u00a30.3 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Gross business loans to Partners
412.8
319.4
Provision
(4.8)
(3.8)
Net business loans to Partners
408.0
315.6
Renewal income assets Movement in renewal income assets
2023
2022
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
115.5
102.5
Additions
32.0
36.1
Disposals
(2.1)
(7.8)
Revaluation
(7.1)
(15.3)
Balance at 31 December
138.3
115.5
The key assumptions used for the assessment of the fair value of the renewal income are as follows:
31 December 31 December
2023 2022
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
6.5% to 25.0%
15.0% to 25.0%
Discount rate
11.8%
12.0% to 13.7%
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "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 in the prior year, full credit risk was transferred. The provision held against business loans to Partners as at 31 December 2023 was \u00a34.8 million (2022: \u00a33.8 million). During the year, \u00a30.2 million of the provision was released (2022: \u00a30.3 million), \u00a33.4 million was utilised (2022: \u00a30.2 million) and new provisions and adjustments to existing provisions increased the total by \u00a34.6 million (2022: \u00a30.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "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 in the prior year, full credit risk was transferred. The provision held against business loans to Partners as at 31 December 2023 was \u00a34.8 million (2022: \u00a33.8 million). During the year, \u00a30.2 million of the provision was released (2022: \u00a30.3 million), \u00a33.4 million was utilised (2022: \u00a30.2 million) and new provisions and adjustments to existing provisions increased the total by \u00a34.6 million (2022: \u00a30.3 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "
16. Other payables
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Payables in relation to unit liabilities excluding policyholder interests
437.1
326.2
Other payables in relation to insurance and unit trust business
738.6
399.9
Accrual for ongoing advice fees
150.0
133.2
Other accruals
101.1
105.8
Contract payment
84.2
95.8
Lease liabilities: properties (see Note 13)
120.5
116.6
Other payables in relation to Partner payments
75.1
74.8
Miscellaneous
50.4
67.3
Total other payables on the Solvency II Net Assets Balance Sheet
1,757.0
1,319.6
Policyholder interests in other payables (see Note 14)
613.3
842.0
Other (see adjustment 2 on page 64)
17.8
19.1
Total other payables
2,388.1
2,180.7
Current
2,212.9
2,000.6
Non-current
175.2
180.1
2,388.1
2,180.7
1
1
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
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 \u00a384.2 million (2022: \u00a395.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "16. Other payables
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Payables in relation to unit liabilities excluding policyholder interests
437.1
326.2
Other payables in relation to insurance and unit trust business
738.6
399.9
Accrual for ongoing advice fees
150.0
133.2
Other accruals
101.1
105.8
Contract payment
84.2
95.8
Lease liabilities: properties (see Note 13)
120.5
116.6
Other payables in relation to Partner payments
75.1
74.8
Miscellaneous
50.4
67.3
Total other payables on the Solvency II Net Assets Balance Sheet
1,757.0
1,319.6
Policyholder interests in other payables (see Note 14)
613.3
842.0
Other (see adjustment 2 on page 64)
17.8
19.1
Total other payables
2,388.1
2,180.7
Current
2,212.9
2,000.6
Non-current
175.2
180.1
2,388.1
2,180.7
1 1 1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. 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 \u00a384.2 million (2022: \u00a395.8 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "17. 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 The Group ceased writing new protection business in April 2011 and the
for a risk, or the impact of remaining UK insurance risk is substantially covered by quota share
anti-selection. reinsurance with a low level of retention. Experience is monitored regularly
and for most business the premium or deduction rates can be reviewed.
Epidemic/ An unusually large number of Protection is provided through reinsurance. The Group has quota share
disaster claims arising from a single reinsurance on the UK insurance risk, with a low level of retention.
incident or event.
Expense Administration costs exceed Administration is outsourced and a tariff of costs is agreed. The contract
expense allowance. is monitored regularly to rationalise costs incurred. Internal overhead
expenses are monitored and closely managed.
Retention Unexpected movement in Retention of insurance contracts is closely monitored and unexpected
future profit due to more (or experience is investigated. Retention experience has continued in line
fewer) clients than anticipated with assumptions.
withdrawing their funds.
Insurance contract liabilities Reconciliation of the liability for remaining coverage and the liability for incurred claims
Liability for remaining coverage Liability for
Excluding loss Loss claims
component component
incurred
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
452.6
\u2013
17.9
470.5
Insurance revenue
(25.3)
\u2013
\u2013
(25.3)
Insurance service expenses
24.5
\u2013
\u2013
24.5
Finance expense from insurance contracts recognised in profit or loss
2.8
\u2013
\u2013
2.8
Total changes in the Statement of Comprehensive Income
2.0
\u2013
\u2013
2.0
Investment components excluded from insurance revenue
and insurance service expenses
(3.6)
\u2013
\u2013
(3.6)
Premiums received
(31.3)
\u2013
\u2013
(31.3)
Claims and other insurance service expenses paid
58.1
\u2013
0.3
58.4
Total cash flows
26.8
\u2013
0.3
27.1
Balance at 31 December 2023
477.8
\u2013
18.2
496.0
Current
84.0
Non-current
412.0
496.0
Liability for remaining coverage Liability
Excluding loss Loss for claims
component component
incurred
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
543.4
\u2013
25.2
568.6
Insurance revenue
(26.5)
\u2013
\u2013
(26.5)
Insurance service expenses
13.5
\u2013
\u2013
13.5
Finance income from insurance contracts recognised in profit or loss
(17.3)
\u2013
\u2013
(17.3)
Total changes in the Statement of Comprehensive Income
(30.3)
\u2013
\u2013
(30.3)
Investment components excluded from insurance revenue and
insurance service expenses
(76.2)
\u2013
\u2013
(76.2)
Premiums received
(34.0)
\u2013
\u2013
(34.0)
Claims and other insurance service expenses paid
49.7
\u2013
(7.3)
42.4
Total cash flows
15.7
\u2013
(7.3)
8.4
Balance at 31 December 2022
452.6
\u2013
17.9
470.5
Current
81.8
Non-current
388.7
470.5
Reconciliation of the measurement components
Estimates of Risk
present value adjustment for
of future cash non-financial
flows
risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
439.0
5.8
7.8
452.6
Insurance service result
(1.9)
0.1
1.0
(0.8)
Finance expense from insurance contracts recognised in profit or loss
2.7
0.1
\u2013
2.8
Total changes in the Statement of Comprehensive Income
0.8
0.2
1.0
2.0
Investment components excluded from insurance revenue and
insurance service expenses
(3.6)
\u2013
\u2013
(3.6)
Premiums received
(31.3)
\u2013
\u2013
(31.3)
Claims and other insurance service expenses paid
58.1
\u2013
\u2013
58.1
Total cash flows
26.8
\u2013
\u2013
26.8
Balance at 31 December 2023
463.0
6.0
8.8
477.8
Estimates of Risk
present value adjustment for
of future cash non-financial Contractual
flows risk
service margin
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
520.8
9.3
13.3
543.4
Insurance service result
(6.6)
(0.9)
(5.5)
(13.0)
Finance income from insurance contracts recognised in profit or loss
(14.7)
(2.6)
\u2013
(17.3)
Total changes in the Statement of Comprehensive Income
(21.3)
(3.5)
(5.5)
(30.3)
Investment components excluded from insurance revenue and
insurance service expenses
(76.2)
\u2013
\u2013
(76.2)
Premiums received
(34.0)
\u2013
\u2013
(34.0)
Claims and other insurance service expenses paid
49.7
\u2013
\u2013
49.7
Total cash flows
15.7
\u2013
\u2013
15.7
Balance at 31 December 2022
439.0
5.8
7.8
452.6
Insurance contract liabilities \u2013 contractual service margin
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Less than 1 year
0.7
0.8
In 2 to 5 years
1.7
1.7
>5 years
6.4
5.3
Total CSM for insurance contracts
8.8
7.8
The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year. Reinsurance assets Reconciliation of the remaining coverage and incurred claims components
Remaining Recoverable
coverage for claims
component
reinsured
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
49.0
5.6
54.6
Net reinsurance expense
(5.0)
\u2013
(5.0)
Finance expenses from reinsurance contracts
recognised in profit or loss
(7.2)
\u2013
(7.2)
Total changes in the Statement of Comprehensive Income
(12.2)
\u2013
(12.2)
Premiums paid
21.7
\u2013
21.7
Reinsurance recapture
(41.5)
\u2013
(41.5)
Amounts received from reinsurers relating to incurred claims
(10.7)
1.1
(9.6)
Total cash flows
(30.5)
1.1
(29.4)
Balance at 31 December 2023
6.3
6.7
13.0
Current
6.7
Non-current
6.3
13.0
Remaining Recoverable
coverage for claims
component
reinsured
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
64.9
9.9
74.8
Net reinsurance expense
(9.6)
\u2013
(9.6)
Finance expenses from reinsurance contracts
recognised in profit or loss
(14.9)
\u2013
(14.9)
Total changes in the Statement of Comprehensive Income
(24.5)
\u2013
(24.5)
Premiums paid
24.0
\u2013
24.0
Reinsurance recapture
\u2013
\u2013
Amounts received from reinsurers relating to incurred claims
(15.4)
(4.3)
(19.7)
Total cash flows
8.6
(4.3)
4.3
Balance at 31 December 2022
49.0
5.6
54.6
Current
11.7
Non-current
42.9
54.6
Reconciliation of the measurement components
Estimates of Risk
present value adjustment for
of future cash non-financial Contractual
flows risk
service margin
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
35.7
5.1
8.2
49.0
Net reinsurance expense
(4.7)
(0.5)
0.2
(5.0)
Finance expenses from insurance contracts
recognised in profit or loss
(0.5)
(3.5)
(3.2)
(7.2)
Total changes in the Statement of Comprehensive Income
(5.2)
(4.0)
(3.0)
(12.2)
Premiums paid
21.7
\u2013
\u2013
21.7
Reinsurance recapture
(41.5)
(41.5)
Amounts received from reinsurers relating to incurred claims
(10.7)
\u2013
\u2013
(10.7)
Total cash flows
(30.5)
\u2013
\u2013
(30.5)
Balance at 31 December 2023
\u2013
1.1
5.2
6.3
Estimates of Risk
present value adjustment for
of future cash non-financial
flows
risk
CSM
Total
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2022
47.9
8.5
8.5
64.9
Net reinsurance expense
(8.6)
(0.7)
(0.3)
(9.6)
Finance expenses from insurance contracts recognised in profit or loss
(12.2)
(2.7)
\u2013
(14.9)
Total changes in the Statement of Comprehensive Income
(20.8)
(3.4)
(0.3)
(24.5)
Premiums paid
24.0
\u2013
\u2013
24.0
Reinsurance recapture
\u2013
\u2013
\u2013
\u2013
Amounts received from reinsurers relating to incurred claims
(15.4)
\u2013
\u2013
(15.4)
Total cash flows
8.6
\u2013
\u2013
8.6
Balance at 31 December 2022
35.7
5.1
8.2
49.0
All reinsurance contracts are measured using the fair value approach. Reinsurance assets \u2013 Contractual service margin (CSM)
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Less than 1 year
0.1
0.7
In 2 to 5 years
0.6
1.6
>5 years
4.5
5.9
Total CSM for insurance contracts
5.2
8.2
The analysis above shows the expected recognition of the CSM remaining at the end of the reporting year. Assumptions used in the calculation of insurance contract liabilities and reinsurance assets The principal assumptions used in the calculation of insurance contract liabilities and reinsurance assets are: Assumption Description Interest rate The valuation interest rate is calculated by reference to the long-term risk-free swap rate at the balance sheet date. The specific rates used are between 2.9% and 4.7% depending on the tax regime (2022: 1.9% and 4.5%). Mortality Mortality is based on Group experience and is set at 65% of the TM/F92 tables with an additional loading for smokers. Morbidity \u2013 critical illness Morbidity is based on Group experience. There has been no change during 2023. Sample annual rates per \u00a3 for a male non-smoker are: Age Rate 25 0.063% 35 0.111% 45 0.266% Morbidity \u2013 permanent health insurance Morbidity is based on Group experience. There has been no change during 2023. Sample annual rates per \u00a3 income benefit for a male non-smoker are: Age Rate 25 0.228% 35 0.603% 45 1.308% Expenses Contract liabilities are calculated allowing for the actual costs of administration of the business. Annual cost Product 31 December 2023 31 December 2022 Onshore protection business \u00a335.11 \u00a333.73 Offshore protection business \u00a369.72 \u00a366.36 Persistency Allowance is made for a best-estimate level of lapses within the calculation of the liabilities. There has been no change in rates during 2023. Sample annual lapse rates are: Lapse Product All durations Onshore protection business 9% Offshore whole of life 8% Offshore critical illness 13% Risk adjustment The risk adjustment is determined using a cost of capital approach with a 3% charge. There has been no change during 2023. 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 european embedded value 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%.
Change in Change in
profit profit Change in Change in
Change in before tax before tax net assets net assets
assumption 2023 2022 2023 2022
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Interest rates
(1%)
(6.5)
(0.8)
(5.0)
(0.6)
Mortality/morbidity
10%
(1.5)
(0.1)
(1.1)
(0.1)
A change in withdrawal rates and expense assumptions will have no material impact on insurance profit or net assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "
18. Other provisions and contingent liabilities
Ongoing
Service
Complaints Evidence Lease Clawback Total
provision provision provision provision provisions
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2022
30.9
\u2013
10.0
3.2
44.1
Additional provisions
28.5
\u2013
3.5
\u2013
32.0
Utilised during the year
(14.0)
\u2013
(0.1)
(0.2)
(14.3)
Release of provision
(15.7)
\u2013
(0.1)
\u2013
(15.8)
At 31 December 2022
29.7
\u2013
13.3
3.0
46.0
Additional provisions
61.8
426.0
2.6
0.1
490.5
Utilised during the year
(21.0)
\u2013
(0.8)
\u2013
(21.8)
Release of provision
(14.4)
\u2013
(0.2)
\u2013
(14.6)
At 31 December 2023
56.1
426.0
14.9
3.1
500.1
Other provisions
Complaints provision
The complaints provision is based on complaints identified, an assessment of the proportion upheld, estimated cost
of redress and the expected timing of settlement. The Group expects significantly all of the provision to be utilised within
one year. See contingent liabilities below for further information on the movement in the year.
Ongoing Service Evidence provision
During the year the Group has experienced elevated levels of complaints in connection with the delivery of historic
ongoing advice services.
Given the claims experience, a skilled person was engaged to undertake an initial assessment of a statistically credible
representative cohort of clients to explore whether issues raised by the complaints were replicated across the wider client
base. Following the assessment, the Group has committed to review the sub-population of clients that has been charged
for ongoing servicing since the start of 2018 but where the evidence of delivery falls below the acceptable standard. Where
the standard of evidence is deemed by the Group to be marginal the Group will invite clients to join the review (the \u201cOpt-In
population\u201d), but where the standard of evidence is deemed to be poor the Group will include clients in the review unless
instructed otherwise (the \u201cOpt-Out population\u201d).
The provision that has been recognised includes an estimated refund of charges, together with interest at FOS rates, plus
the administration costs associated with completing this work. Allowance is also made for discounting over the expected
duration of the exercise.
A provision of \u00a3426.0 million has been recognised at 31 December 2023 with the best estimate assessment based on
extrapolation of the experience of the statistically credible representative cohort of clients.
IAS 37 and IAS 1 requires the Group to set out sensitivities. In compliance with these requirements, the following table sets
out the potential change to the provision balance at 31 December 2023 if the key assumptions were to vary as described:
Change in profit/(loss) before tax
Change in Favourable Unfavourable
assumption changes changes
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
Extrapolation from a representative cohort
\u2013 Variation in proportion of client population subject to the review
2%
22.0
(22.0)
Extrapolation from a representative cohort
\u2013 Variation in the level of charges, based on average client FUM, subject to refund
10%
31.0
(31.0)
Opt-In response rate
\u2013 Variation in response rate
10%
17.0
(17.0)
Administration costs
\u2013 Change in estimation of the cost to fulfil the exercise (cost per claim)
10%
12.0
(12.0)
It is estimated that significantly all the provision will be utilised over a two-to-three-year period from the reporting date.
Lease provision
The lease provision represents the value of expected future costs of reinstating leased property to its original condition at
the end of the lease term. The estimate is based on the square footage of leased properties and typical costs per square
foot of restoring similar buildings to their original state. The Group expects \u00a31.5 million (2022: \u00a31.6 million) of the provision
to be utilised within one year. The majority of the provision relates to leased property with a maturity date of greater than
five years.
Clawback provision
The clawback provision represents amounts due to third-parties less amounts recovered from Partners. The provision
is based on estimates of the indemnity commission that may be repaid. The Group expects to utilise the provision on
a straight-line basis over four years.
With the exception of the Ongoing Service Evidence provision, it is considered that no reasonably possible level of changes
in estimates would have a material impact on the value of the best estimate of the provisions.
Contingent liabilities
Complaints and disputes
The Group is committed to achieving good client outcomes but does, in the normal course of business receive complaints
and claims. Also, and as described in the Strategic Report, the FCA continues to reinforce the need for Firms to embed the
Consumer Duty regulation and there remains a risk that we fail to provide quality suitable advice to clients, or that we fail
to evidence the provision of good quality service and advice, which could result in regulatory sanction and/or a need to
refund or compensate clients.
The costs, including legal costs, of these issues as they arise can be significant and where appropriate, provisions have
been established in accordance with IAS 37.
Guarantees
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 (2022: \u00a3nil).
For further information, see the list of principal risks and uncertainties in the Risk and risk management section of the
Strategic report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "18. Other provisions and contingent liabilities
Ongoing
Service
Complaints Evidence Lease Clawback Total
provision provision provision provision provisions
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2022
30.9
\u2013
10.0
3.2
44.1
Additional provisions
28.5
\u2013
3.5
\u2013
32.0
Utilised during the year
(14.0)
\u2013
(0.1)
(0.2)
(14.3)
Release of provision
(15.7)
\u2013
(0.1)
\u2013
(15.8)
At 31 December 2022
29.7
\u2013
13.3
3.0
46.0
Additional provisions
61.8
426.0
2.6
0.1
490.5
Utilised during the year
(21.0)
\u2013
(0.8)
\u2013
(21.8)
Release of provision
(14.4)
\u2013
(0.2)
\u2013
(14.6)
At 31 December 2023
56.1
426.0
14.9
3.1
500.1
Other provisions Complaints provision The complaints provision is based on complaints identified, an assessment of the proportion upheld, estimated cost of redress and the expected timing of settlement. The Group expects significantly all of the provision to be utilised within one year. See contingent liabilities below for further information on the movement in the year. Ongoing Service Evidence provision During the year the Group has experienced elevated levels of complaints in connection with the delivery of historic ongoing advice services. Given the claims experience, a skilled person was engaged to undertake an initial assessment of a statistically credible representative cohort of clients to explore whether issues raised by the complaints were replicated across the wider client base. Following the assessment, the Group has committed to review the sub-population of clients that has been charged for ongoing servicing since the start of 2018 but where the evidence of delivery falls below the acceptable standard. Where the standard of evidence is deemed by the Group to be marginal the Group will invite clients to join the review (the \u201cOpt-In population\u201d), but where the standard of evidence is deemed to be poor the Group will include clients in the review unless instructed otherwise (the \u201cOpt-Out population\u201d). The provision that has been recognised includes an estimated refund of charges, together with interest at FOS rates, plus the administration costs associated with completing this work. Allowance is also made for discounting over the expected duration of the exercise. A provision of \u00a3426.0 million has been recognised at 31 December 2023 with the best estimate assessment based on extrapolation of the experience of the statistically credible representative cohort of clients. IAS 37 and IAS 1 requires the Group to set out sensitivities. In compliance with these requirements, the following table sets out the potential change to the provision balance at 31 December 2023 if the key assumptions were to vary as described:
Change in profit/(loss) before tax
Change in Favourable Unfavourable
assumption changes changes
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
Extrapolation from a representative cohort
\u2013 Variation in proportion of client population subject to the review
2%
22.0
(22.0)
Extrapolation from a representative cohort
\u2013 Variation in the level of charges, based on average client FUM, subject to refund
10%
31.0
(31.0)
Opt-In response rate
\u2013 Variation in response rate
10%
17.0
(17.0)
Administration costs
\u2013 Change in estimation of the cost to fulfil the exercise (cost per claim)
10%
12.0
(12.0)
It is estimated that significantly all the provision will be utilised over a two-to-three-year period from the reporting date. Lease provision The lease provision represents the value of expected future costs of reinstating leased property to its original condition at the end of the lease term. The estimate is based on the square footage of leased properties and typical costs per square foot of restoring similar buildings to their original state. The Group expects \u00a31.5 million (2022: \u00a31.6 million) of the provision to be utilised within one year. The majority of the provision relates to leased property with a maturity date of greater than five years. Clawback provision The clawback provision represents amounts due to third-parties less amounts recovered from Partners. The provision is based on estimates of the indemnity commission that may be repaid. The Group expects to utilise the provision on a straight-line basis over four years. With the exception of the Ongoing Service Evidence provision, it is considered that no reasonably possible level of changes in estimates would have a material impact on the value of the best estimate of the provisions. Contingent liabilities Complaints and disputes The Group is committed to achieving good client outcomes but does, in the normal course of business receive complaints and claims. Also, and as described in the Strategic Report, the FCA continues to reinforce the need for Firms to embed the Consumer Duty regulation and there remains a risk that we fail to provide quality suitable advice to clients, or that we fail to evidence the provision of good quality service and advice, which could result in regulatory sanction and/or a need to refund or compensate clients. The costs, including legal costs, of these issues as they arise can be significant and where appropriate, provisions have been established in accordance with IAS 37. Guarantees 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 (2022: \u00a3nil). For further information, see the list of principal risks and uncertainties in the Risk and risk management section of the Strategic report. 19. 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 15. Senior unsecured corporate borrowings
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Corporate borrowings: bank loans
50.0
\u2013
Corporate borrowings: loan notes
151.1
163.8
Senior unsecured corporate borrowings
201.1
163.8
The primary senior unsecured corporate borrowings are: a revolving credit facility of \u00a3345 million which is repayable at maturity in 2028 with a variable interest rate. At 31 December 2023 the undrawn credit available under this facility was \u00a3295 million (2022: \u00a3345 million); a Note Purchase Agreement for \u00a351.1 million, which had the first annual instalment of \u00a312.8 million repaid in 2023. The notes are repayable in four further annual instalments 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 financial covenants were complied with. The Group is currently in discussion with a number of lenders regarding some routine disclosure matters and expects these matters to be satisfactorily concluded shortly. As at 31 December 2023 and 31 December 2022 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Senior unsecured corporate borrowings
201.1
163.8
Senior tranche of non-recourse securitisation loan notes
50.3
\u2013
Total borrowings
251.4
163.8
Current
62.0
12.8
Non-current
189.4
151.0
251.4
163.8
Following the full loan sale to a third party conducted in late 2022, the facility was renegotiated and extended effective February 2023. The facility has been utilised to purchase more eligible loans throughout 2023, and the associated senior notes are repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. They are held by a third-party investor 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 15. 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Junior tranche of non-recourse securitisation loan notes
20.9
2.1
Senior tranche of non-recourse securitisation loan notes
50.3
\u2013
Total non-recourse securitisation loan notes
71.2
2.1
Backed by
Securitised business loans to Partners (see Note 15)
67.2
\u2013
Other net assets of SJP Partner Loans No.1 Limited
4.0
2.1
Total net assets held by SJP Partner Loans No.1 Limited
71.2
2.1
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 Senior Senior Senior
unsecured tranche of unsecured tranche of
corporate securitisation Total corporate securitisation Total
borrowings loan notes borrowings borrowings loan notes borrowings
2023
2023
2023
2022
2022
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
163.8
\u2013
163.8
270.6
162.4
433.0
Additional borrowing during the year
175.0
58.1
233.1
145.0
59.0
204.0
Repayment of borrowings during the year
(137.7)
(7.1)
(144.8)
(252.0)
(223.3)
(475.3)
Costs on additional borrowings during the year
\u2013
\u2013
\u2013
(1.6)
\u2013
(1.6)
Unwind of borrowing costs (non-cash
movement)
\u2013
\u2013
\u2013
0.6
0.5
1.1
Reclassification of prepaid loan facility
expense to prepayments
\u2013
(0.7)
(0.7)
1.2
1.4
2.6
Balance at 31 December
201.1
50.3
251.4
163.8
\u2013
163.8
The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings is recognised within Other finance income 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 31 December 31 December 31 December
2023 2022 2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Bank of Scotland
19.6
28.7
35.0
70.0
Investec
33.3
28.8
50.0
50.0
Metro Bank
17.6
27.3
50.0
40.0
NatWest
32.2
37.9
75.0
75.0
Santander
186.5
167.7
189.1
179.0
Total loans
289.2
290.4
399.1
414.0
The fair value of these guarantees has been assessed as \u00a3nil (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "18. Other provisions and contingent liabilities
Ongoing
Service
Complaints Evidence Lease Clawback Total
provision provision provision provision provisions
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
At 1 January 2022
30.9
\u2013
10.0
3.2
44.1
Additional provisions
28.5
\u2013
3.5
\u2013
32.0
Utilised during the year
(14.0)
\u2013
(0.1)
(0.2)
(14.3)
Release of provision
(15.7)
\u2013
(0.1)
\u2013
(15.8)
At 31 December 2022
29.7
\u2013
13.3
3.0
46.0
Additional provisions
61.8
426.0
2.6
0.1
490.5
Utilised during the year
(21.0)
\u2013
(0.8)
\u2013
(21.8)
Release of provision
(14.4)
\u2013
(0.2)
\u2013
(14.6)
At 31 December 2023
56.1
426.0
14.9
3.1
500.1
Other provisions Complaints provision The complaints provision is based on complaints identified, an assessment of the proportion upheld, estimated cost of redress and the expected timing of settlement. The Group expects significantly all of the provision to be utilised within one year. See contingent liabilities below for further information on the movement in the year. Ongoing Service Evidence provision During the year the Group has experienced elevated levels of complaints in connection with the delivery of historic ongoing advice services. Given the claims experience, a skilled person was engaged to undertake an initial assessment of a statistically credible representative cohort of clients to explore whether issues raised by the complaints were replicated across the wider client base. Following the assessment, the Group has committed to review the sub-population of clients that has been charged for ongoing servicing since the start of 2018 but where the evidence of delivery falls below the acceptable standard. Where the standard of evidence is deemed by the Group to be marginal the Group will invite clients to join the review (the \u201cOpt-In population\u201d), but where the standard of evidence is deemed to be poor the Group will include clients in the review unless instructed otherwise (the \u201cOpt-Out population\u201d). The provision that has been recognised includes an estimated refund of charges, together with interest at FOS rates, plus the administration costs associated with completing this work. Allowance is also made for discounting over the expected duration of the exercise. A provision of \u00a3426.0 million has been recognised at 31 December 2023 with the best estimate assessment based on extrapolation of the experience of the statistically credible representative cohort of clients. IAS 37 and IAS 1 requires the Group to set out sensitivities. In compliance with these requirements, the following table sets out the potential change to the provision balance at 31 December 2023 if the key assumptions were to vary as described:
Change in profit/(loss) before tax
Change in Favourable Unfavourable
assumption changes changes
Sensitivity analysis
Percentage
\u00a3\u2019Million
\u00a3\u2019Million
Extrapolation from a representative cohort
\u2013 Variation in proportion of client population subject to the review
2%
22.0
(22.0)
Extrapolation from a representative cohort
\u2013 Variation in the level of charges, based on average client FUM, subject to refund
10%
31.0
(31.0)
Opt-In response rate
\u2013 Variation in response rate
10%
17.0
(17.0)
Administration costs
\u2013 Change in estimation of the cost to fulfil the exercise (cost per claim)
10%
12.0
(12.0)
It is estimated that significantly all the provision will be utilised over a two-to-three-year period from the reporting date. Lease provision The lease provision represents the value of expected future costs of reinstating leased property to its original condition at the end of the lease term. The estimate is based on the square footage of leased properties and typical costs per square foot of restoring similar buildings to their original state. The Group expects \u00a31.5 million (2022: \u00a31.6 million) of the provision to be utilised within one year. The majority of the provision relates to leased property with a maturity date of greater than five years. Clawback provision The clawback provision represents amounts due to third-parties less amounts recovered from Partners. The provision is based on estimates of the indemnity commission that may be repaid. The Group expects to utilise the provision on a straight-line basis over four years. With the exception of the Ongoing Service Evidence provision, it is considered that no reasonably possible level of changes in estimates would have a material impact on the value of the best estimate of the provisions. Contingent liabilities Complaints and disputes The Group is committed to achieving good client outcomes but does, in the normal course of business receive complaints and claims. Also, and as described in the Strategic Report, the FCA continues to reinforce the need for Firms to embed the Consumer Duty regulation and there remains a risk that we fail to provide quality suitable advice to clients, or that we fail to evidence the provision of good quality service and advice, which could result in regulatory sanction and/or a need to refund or compensate clients. The costs, including legal costs, of these issues as they arise can be significant and where appropriate, provisions have been established in accordance with IAS 37. Guarantees 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 (2022: \u00a3nil). For further information, see the list of principal risks and uncertainties in the Risk and risk management section of the Strategic report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "
19. 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 15.
Senior unsecured corporate borrowings
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Corporate borrowings: bank loans
50.0
\u2013
Corporate borrowings: loan notes
151.1
163.8
Senior unsecured corporate borrowings
201.1
163.8
The primary senior unsecured corporate borrowings are:
a revolving credit facility of \u00a3345 million which is repayable at maturity in 2028 with a variable interest rate. At 31 December
2023 the undrawn credit available under this facility was \u00a3295 million (2022: \u00a3345 million);
a Note Purchase Agreement for \u00a351.1 million, which had the first annual instalment of \u00a312.8 million repaid in 2023.
The notes are repayable in four further annual instalments 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 financial covenants were complied with. The Group is currently in discussion with a number of lenders regarding
some routine disclosure matters and expects these matters to be satisfactorily concluded shortly.
As at 31 December 2023 and 31 December 2022 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Senior unsecured corporate borrowings
201.1
163.8
Senior tranche of non-recourse securitisation loan notes
50.3
\u2013
Total borrowings
251.4
163.8
Current
62.0
12.8
Non-current
189.4
151.0
251.4
163.8
Following the full loan sale to a third party conducted in late 2022, the facility was renegotiated and extended effective
February 2023. The facility has been utilised to purchase more eligible loans throughout 2023, and the associated senior
notes are repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate.
They are held by a third-party investor 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 15.
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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Junior tranche of non-recourse securitisation loan notes
20.9
2.1
Senior tranche of non-recourse securitisation loan notes
50.3
\u2013
Total non-recourse securitisation loan notes
71.2
2.1
Backed by
Securitised business loans to Partners (see Note 15)
67.2
\u2013
Other net assets of SJP Partner Loans No.1 Limited
4.0
2.1
Total net assets held by SJP Partner Loans No.1 Limited
71.2
2.1
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 Senior Senior Senior
unsecured tranche of unsecured tranche of
corporate securitisation Total corporate securitisation Total
borrowings loan notes borrowings borrowings loan notes borrowings
2023
2023
2023
2022
2022
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
163.8
\u2013
163.8
270.6
162.4
433.0
Additional borrowing during the year
175.0
58.1
233.1
145.0
59.0
204.0
Repayment of borrowings during the year
(137.7)
(7.1)
(144.8)
(252.0)
(223.3)
(475.3)
Costs on additional borrowings during the year
\u2013
\u2013
\u2013
(1.6)
\u2013
(1.6)
Unwind of borrowing costs (non-cash
movement)
\u2013
\u2013
\u2013
0.6
0.5
1.1
Reclassification of prepaid loan facility
expense to prepayments
\u2013
(0.7)
(0.7)
1.2
1.4
2.6
Balance at 31 December
201.1
50.3
251.4
163.8
\u2013
163.8
The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings
is recognised within Other finance income 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 31 December 31 December 31 December
2023 2022 2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Bank of Scotland
19.6
28.7
35.0
70.0
Investec
33.3
28.8
50.0
50.0
Metro Bank
17.6
27.3
50.0
40.0
NatWest
32.2
37.9
75.0
75.0
Santander
186.5
167.7
189.1
179.0
Total loans
289.2
290.4
399.1
414.0
The fair value of these guarantees has been assessed as \u00a3nil (2022: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "19. 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 15. Senior unsecured corporate borrowings
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Corporate borrowings: bank loans
50.0
\u2013
Corporate borrowings: loan notes
151.1
163.8
Senior unsecured corporate borrowings
201.1
163.8
The primary senior unsecured corporate borrowings are: a revolving credit facility of \u00a3345 million which is repayable at maturity in 2028 with a variable interest rate. At 31 December 2023 the undrawn credit available under this facility was \u00a3295 million (2022: \u00a3345 million); a Note Purchase Agreement for \u00a351.1 million, which had the first annual instalment of \u00a312.8 million repaid in 2023. The notes are repayable in four further annual instalments 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 financial covenants were complied with. The Group is currently in discussion with a number of lenders regarding some routine disclosure matters and expects these matters to be satisfactorily concluded shortly. As at 31 December 2023 and 31 December 2022 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Senior unsecured corporate borrowings
201.1
163.8
Senior tranche of non-recourse securitisation loan notes
50.3
\u2013
Total borrowings
251.4
163.8
Current
62.0
12.8
Non-current
189.4
151.0
251.4
163.8
Following the full loan sale to a third party conducted in late 2022, the facility was renegotiated and extended effective February 2023. The facility has been utilised to purchase more eligible loans throughout 2023, and the associated senior notes are repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. They are held by a third-party investor 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 15. 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 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Junior tranche of non-recourse securitisation loan notes
20.9
2.1
Senior tranche of non-recourse securitisation loan notes
50.3
\u2013
Total non-recourse securitisation loan notes
71.2
2.1
Backed by
Securitised business loans to Partners (see Note 15)
67.2
\u2013
Other net assets of SJP Partner Loans No.1 Limited
4.0
2.1
Total net assets held by SJP Partner Loans No.1 Limited
71.2
2.1
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 Senior Senior Senior
unsecured tranche of unsecured tranche of
corporate securitisation Total corporate securitisation Total
borrowings loan notes borrowings borrowings loan notes borrowings
2023
2023
2023
2022
2022
2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
163.8
\u2013
163.8
270.6
162.4
433.0
Additional borrowing during the year
175.0
58.1
233.1
145.0
59.0
204.0
Repayment of borrowings during the year
(137.7)
(7.1)
(144.8)
(252.0)
(223.3)
(475.3)
Costs on additional borrowings during the year
\u2013
\u2013
\u2013
(1.6)
\u2013
(1.6)
Unwind of borrowing costs (non-cash
movement)
\u2013
\u2013
\u2013
0.6
0.5
1.1
Reclassification of prepaid loan facility
expense to prepayments
\u2013
(0.7)
(0.7)
1.2
1.4
2.6
Balance at 31 December
201.1
50.3
251.4
163.8
\u2013
163.8
The fair value of the outstanding borrowings is not materially different from amortised cost. Interest expense on borrowings is recognised within Other finance income 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 31 December 31 December 31 December
2023 2022 2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Bank of Scotland
19.6
28.7
35.0
70.0
Investec
33.3
28.8
50.0
50.0
Metro Bank
17.6
27.3
50.0
40.0
NatWest
32.2
37.9
75.0
75.0
Santander
186.5
167.7
189.1
179.0
Total loans
289.2
290.4
399.1
414.0
The fair value of these guarantees has been assessed as \u00a3nil (2022: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "
20. 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 14); 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 Shareholder funds are predominantly invested in AAA-rated unitised
reduction in value. 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, Credit ratings of potential reinsurers must meet or exceed AA-.
or counterparty unable Consideration is also given to size, risk concentrations/exposures
to meet liabilities. 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 Inability of Partners to Loans and advances are managed in line with the Group\u2019s secured
to Partners repay loans or advances lending policy. Loans are secured on the future renewal income stream
from the Group. 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 A significant cash or The majority of free assets are invested in cash or cash equivalents and the cash
expense expense position and forecast are monitored on a monthly basis. The Group also maintains
requirement requirement needs a margin of free assets in excess of the minimum required solvency capital within
to be met at short its regulated entities. Further, the Group has established committed borrowing
notice. facilities (see Note 19) 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 This risk is substantially mitigated by the Group\u2019s strategic focus on
in equity values, the unitised business, by not providing guarantees to clients on policy
Group may be unable values and by the matching of assets and liabilities.
to meet client liabilities.
Retention Loss of future profit on Retention of investment contracts is closely monitored and unexpected
investment contracts experience variances are investigated. Retention has remained
due to more clients than consistently strong throughout 2023 despite the volatile market
anticipated withdrawing conditions experienced.
their funds, particularly
as a result of poor
investment performance.
New business Poor performance in the The benefit to clients of longer-term equity investment as part of a
financial markets in diversified portfolio of assets is fundamental to our philosophy. Advice
absolute terms, and becomes even more important when market values fall, and greater
relative to inflation, leads attention is required to support and give confidence to existing and
to existing and future future clients in such circumstances. In addition, as controls against
clients rejecting poor performance the Group monitors asset allocations across
investment in longer- portfolios to ensure they are working as expected to meet long-term
term assets. 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 funds under management (FUM), changes in FUM as a result of currency movements will impact future profits.
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.
Financial assets at Financial liabilities Financial assets Financial liabilities
fair value through at fair value through measured at measured at
profit and loss profit and loss amortised cost
amortised cost
Total
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.2
\u2013
\u2013
\u2013
8.2
Investment in Collective Investment Schemes
1,454.4
\u2013
\u2013
\u2013
1,454.4
Other receivables
2
\u2013 Business loans to Partners
\u2013
\u2013
408.0
\u2013
408.0
\u2013 Renewal income assets
138.3
\u2013
\u2013
\u2013
138.3
\u2013 Other
\u2013
\u2013
1,155.4
\u2013
1,155.4
Total other receivables
138.3
\u2013
1,563.4
\u2013
1,701.7
Cash and cash equivalents
\u2013
\u2013
285.4
\u2013
285.4
Total financial assets
1,600.9
\u2013
1,848.8
\u2013
3,449.7
Financial liabilities
Borrowings
\u2013
\u2013
\u2013
251.4
251.4
Other payables
\u2013 Lease liabilities : properties
\u2013
\u2013
\u2013
120.5
120.5
\u2013 Contingent consideration
\u2013
3.2
\u2013
\u2013
3.2
\u2013 Other
\u2013
\u2013
\u2013
1,651.1
1,651.1
Total other payables
\u2013
3.2
\u2013
1,771.6
1,774.8
Total financial liabilities
\u2013
3.2
\u2013
2,023.0
2,026.2
1
Financial assets at Financial liabilities Financial assets Financial liabilities
fair value through at fair value through measured at measured at
profit and loss profit and loss amortised cost
amortised cost
Total
31 December 2022
\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
538.4
\u2013
538.4
Total other receivables
115.5
\u2013
854.0
\u2013
969.5
Cash and cash equivalents
\u2013
\u2013
253.3
\u2013
253.3
Total financial assets
1,395.1
\u2013
1,107.3
\u2013
2,502.4
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
3
\u2013
\u2013
\u2013
1,213.8
1,213.8
Total other payables
\u2013
8.3
\u2013
1,330.4
1,338.7
Total financial liabilities
\u2013
8.3
\u2013
1,494.2
1,502.5
3,4
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.
3 Restated to reflect the adoption of IFRS 17. See Note 1a.
4 Other has increased by \u00a343.5 million to better reflect the nature of the balances included.
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:
Financial assets at Financial assets Financial liabilities
fair value through measured at measured at
profit and loss amortised cost
amortised cost
Total
Year ended 31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
1.2
\u2013
\u2013
1.2
Investment in Collective Investment Schemes
60.6
\u2013
\u2013
60.6
Other receivables
\u2013 Business loans to Partners
\u2013
22.1
\u2013
22.1
\u2013 Renewal income assets
(7.1)
\u2013
\u2013
(7.1)
Total other receivables
(7.1)
22.1
\u2013
15.0
Cash and cash equivalents
\u2013
17.7
\u2013
17.7
Total financial assets
54.7
39.8
\u2013
94.5
Financial liabilities
Borrowings
\u2013
\u2013
(13.9)
(13.9)
Other payables
\u2013 Lease liabilities: properties
\u2013
\u2013
(3.4)
(3.4)
Total other payables
\u2013
\u2013
(3.4)
(3.4)
Total financial liabilities
\u2013
\u2013
(17.3)
(17.3)
Financial assets at Financial assets Financial liabilities
fair value through measured at measured at
profit and loss amortised cost
amortised cost
Total
Year ended 31 December 2022
\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)
Losses on renewal income assets have been recognised within the investment return line in the Statement of Comprehensive Income.
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.
Level 1
Level 2
Level 3
Total balance
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.2
\u2013
\u2013
8.2
Investment in Collective Investment Schemes
1,454.4
\u2013
\u2013
1,454.4
Renewal income assets
\u2013
\u2013
138.3
138.3
Total financial assets
1,462.6
\u2013
138.3
1,600.9
Financial liabilities
Contingent consideration
\u2013
\u2013
3.2
3.2
Total financial liabilities
\u2013
\u2013
3.2
3.2
1
Level 1
Level 2
Level 3
Total balance
31 December 2022
\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
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 15. 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 \u00a35.2 million
(2022: \u00a38.2 million) and a favourable change in valuation of \u00a35.5 million (2022: \u00a310.4 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 (2022: \u00a3nil) and favourable change of \u00a33.2 million
(2022: \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
2023
2022
Renewal income assets
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
115.5
102.5
Additions during the year
32.0
36.1
Disposals during the year
(2.1)
(7.8)
Unrealised losses recognised in the Statement of Comprehensive Income
(7.1)
(15.3)
Balance at 31 December
138.3
115.5
Unrealised losses on renewal income assets are recognised within investment return in the Consolidated Statement of
Comprehensive Income.
Financial liabilities
2023
2022
Contingent consideration
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
8.3
8.3
Additions during the year
3.2
6.3
Payments made during the year
(6.7)
(6.3)
Released during the year
(1.6)
\u2013
Balance at 31 December
3.2
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:
AAA
AA
A
BB
Unrated
Total
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
\u2013
8.2
\u2013
\u2013
\u2013
8.2
Investment in Collective Investment Schemes
1
1,454.4
\u2013
\u2013
\u2013
\u2013
1,454.4
Reinsurance assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
\u2013
6.7
\u2013
\u2013
1,695.0
1,701.7
Cash and cash equivalents
\u2013
74.2
211.2
\u2013
\u2013
285.4
Total
1,454.4
89.1
211.2
\u2013
1,695.0
3,449.7
AAA
AA
A
BB
Unrated
Total
31 December 2022
\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
1,271.7
\u2013
\u2013
\u2013
\u2013
1,271.7
Reinsurance assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
2,3
\u2013
\u2013
\u2013
\u2013
969.5
969.5
Cash and cash equivalents
\u2013
53.8
197.4
2.1
\u2013
253.3
Total
1,271.7
61.7
197.4
2.1
969.5
2,502.4
1
2
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.
2 Restated to reflect the adoption of IFRS 17. See Note 17.
3 Other receivables has increased by \u00a343.5 million to better reflect the nature of the balances included.
Other receivables includes \u00a3408.0 million (2022: \u00a3315.6 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 Partners.
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. The loan balance is presented net of a \u00a34.8 million provision (2022: \u00a33.8 million); see Note 15. 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 \u00a38.9 million (2022: \u00a31.7 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:
Up to 1 year
1 to 5 years
Over 5 years
Total
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.2
\u2013
\u2013
8.2
Investment in Collective Investment Schemes
1,454.4
\u2013
\u2013
1,454.4
Other receivables
\u2013 Business loans to Partners
120.9
253.7
33.4
408.0
\u2013 Renewal income
22.1
51.7
64.5
138.3
\u2013 Other
1,155.4
\u2013
\u2013
1,155.4
Total other receivables
1,298.4
305.4
97.9
1,701.7
Cash and cash equivalents
285.4
\u2013
\u2013
285.4
Total financial assets
3,046.4
305.4
97.9
3,449.7
Financial liabilities
Borrowings
75.8
127.3
119.2
322.3
Other payables
\u2013 Lease liabilities: properties
16.6
48.1
55.8
120.5
\u2013 Contingent consideration
1.3
1.9
\u2013
3.2
\u2013 Other
1,581.6
58.0
22.5
1,662.1
Total other payables
1,599.5
108.0
78.3
1,785.8
Total financial liabilities
1,675.3
235.3
197.5
2,108.1
Up to 1 year
1 to 5 years
Over 5 years
Total
31 December 2022
\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
1,2
538.4
\u2013
\u2013
538.4
Total other receivables
615.9
214.4
139.2
969.5
Cash and cash equivalents
253.3
\u2013
\u2013
253.3
Total financial assets
2,148.8
214.4
139.2
2,502.4
Financial liabilities
Borrowings
3
22.4
87.4
126.3
236.1
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
1,140.7
58.0
37.0
1,235.7
Total other payables
1,164.8
116.7
96.2
1,377.7
Total financial liabilities
1,187.4
204.1
222.4
1,613.8
1 Restated to reflect the adoption of IFRS 17. See Note 1a. 2 Other has increased by \u00a343.5 million to better reflect the nature of the balances included. 3 Restated to include future interest charges. 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. However, 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 14, 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 31 December
2023
2022
1
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment properties
20.0
(179.5)
Other assets backing unit liabilities
13,013.4
(9,416.5)
Total financial assets and investment properties
13,033.4
(9,596.0)
Financial liabilities
Unit liabilities
(13,038.4)
9,590.7
Total financial liabilities
(13,038.4)
9,590.7
1 2 3 4 1 Investment properties has been restated to reflect the correct investment property direct operating expenses. The restatement decreased the loss by \u00a347.1 million. 2 Restated to reflect the adoption of IFRS 17. See Note 1a. 3 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. 4 Unit liabilities have been restated from \u00a39,930.1 million to \u00a39,950.7 million to reflect the correct movement. The restatement decreased the liability by \u00a3339.4 million. The investment properties figure of \u00a320.0 million at 31 December 2023 (2022: \u00a3179.5 million) includes direct operating expenses of \u00a35.0 million (2022: \u00a35.2 million). Gains/(losses) have been recognised within the investment return line in the Statement of Comprehensive Income. 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:
Level 1
Level 2
Level 3
Total balance
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
1,110.3
1,110.3
Equities
115,134.5
\u2013
1,627.0
116,761.5
Fixed income securities
6,883.7
20,006.3
346.5
27,236.5
Investment in Collective Investment Schemes
12,505.7
\u2013
7.4
12,513.1
Derivative financial instruments
\u2013
3,420.6
\u2013
3,420.6
Cash and cash equivalents
5,918.9
\u2013
\u2013
5,918.9
Total financial assets and investment properties
140,442.8
23,426.9
3,091.2
166,960.9
Financial liabilities
Investment contract benefits
\u2013
123,149.8
\u2013
123,149.8
Derivative financial instruments
\u2013
3,073.0
\u2013
3,073.0
Net asset value attributable to unit holders
40,536.5
\u2013
\u2013
40,536.5
Total financial liabilities
40,536.5
126,222.8
\u2013
166,759.3
Level 1
Level 2
Level 3
Total balance
31 December 2022
\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
In respect of the derivative financial liabilities, \u00a3181.3 million of collateral had been posted as at 31 December 2023 (2022: \u00a3103.1 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 is 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 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 year, \u00a3nil of Russian equities (2022: \u00a34.8 million) 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.
The following table presents the changes in Level 3 financial assets and liabilities at fair value through the profit and loss:
Collective
Investment Fixed income Investment
property
securities
Equities
Schemes
2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
1,294.5
366.4
1,592.0
3.9
Transfer into Level 3
\u2013
26.7
\u2013
4.0
Additions during the year
10.1
25.9
227.1
\u2013
Disposed during the year
(149.4)
(58.2)
(225.0)
(0.4)
(Losses)/gains recognised in the income statement
(44.9)
(14.3)
32.9
(0.1)
Balance at 31 December 2023
1,110.3
346.5
1,627.0
7.4
Realised (losses)/gains
(39.0)
7.4
(4.4)
\u2013
Unrealised (losses)/gains
(5.9)
(21.7)
37.3
(0.1)
(Losses)/gains recognised in the income statement
(44.9)
(14.3)
32.9
(0.1)
Collective
Investment Fixed income Investment
property
securities
Equities
Schemes
2022
\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
\u2013
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
Unrealised and realised (losses)/gains for all Level 3 assets are recognised within investment return in the Statement of
Comprehensive Income.
Level 3 valuations
Investment property
At 31 December 2023 the Group held \u00a31,110.3 million (2022: \u00a31,294.5 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.
Investment property classification
31 December 2023
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a329.50 to \u00a3110.00
\u00a35.25 to \u00a324.00
\u00a32.50 to \u00a397.54
\u00a32.50 to \u00a3110.00
Weighted average
\u00a349.58
\u00a313.74
\u00a313.53
\u00a316.89
True equivalent yield
Range
4.7% to 10.3%
5.0% to 6.8%
6.2% to 13.9%
4.7% to 13.9%
Weighted average
7.0%
5.6%
7.8%
6.7%
Investment property classification
31 December 2022
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
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%
1
1 Equivalent rental value (per square foot).
Fixed income securities and equities
At 31 December 2023 the Group held \u00a3346.5 million (2022: \u00a3366.4 million) in private credit investments, and \u00a31,628.3 million
(2022: \u00a31,587.3 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 will 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.
Sensitivity of Level 3 valuations
Investment in Collective Investment Schemes
The valuations 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 50bps 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 the shareholder net assets.
Effect of reasonably possible
alternative assumptions
Favourable Unfavourable
Carrying value changes changes
Investment property significant unobservable inputs
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2023
Expected rental value/relative yield
1,110.3
1,207.5
1,021.0
31 December 2022
Expected rental value/relative yield
1,294.5
1.410.8
1,186.6
Fixed income securities and equities
As set out 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 with 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.
Effect of reasonably possible
alternative assumptions
Favourable Unfavourable
Carrying value changes changes
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2023
Fixed income securities
346.5
351.9
340.7
Equities
1,627.0
1,813.0
1,449.2
31 December 2022
Fixed income securities
366.4
374.2
358.3
Equities
1,587.3
1,783.5
1,380.3
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "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.
Level 1
Level 2
Level 3
Total balance
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.2
\u2013
\u2013
8.2
Investment in Collective Investment Schemes
1,454.4
\u2013
\u2013
1,454.4
Renewal income assets
\u2013
\u2013
138.3
138.3
Total financial assets
1,462.6
\u2013
138.3
1,600.9
Financial liabilities
Contingent consideration
\u2013
\u2013
3.2
3.2
Total financial liabilities
\u2013
\u2013
3.2
3.2
1
Level 1
Level 2
Level 3
Total balance
31 December 2022
\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
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 15. 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 \u00a35.2 million (2022: \u00a38.2 million) and a favourable change in valuation of \u00a35.5 million (2022: \u00a310.4 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 (2022: \u00a3nil) and favourable change of \u00a33.2 million (2022: \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
2023
2022
Renewal income assets
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
115.5
102.5
Additions during the year
32.0
36.1
Disposals during the year
(2.1)
(7.8)
Unrealised losses recognised in the Statement of Comprehensive Income
(7.1)
(15.3)
Balance at 31 December
138.3
115.5
Unrealised losses on renewal income assets are recognised within investment return in the Consolidated Statement of Comprehensive Income. Financial liabilities
2023
2022
Contingent consideration
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January
8.3
8.3
Additions during the year
3.2
6.3
Payments made during the year
(6.7)
(6.3)
Released during the year
(1.6)
\u2013
Balance at 31 December
3.2
8.3
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:
Level 1
Level 2
Level 3
Total balance
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets and investment properties
Investment property
\u2013
\u2013
1,110.3
1,110.3
Equities
115,134.5
\u2013
1,627.0
116,761.5
Fixed income securities
6,883.7
20,006.3
346.5
27,236.5
Investment in Collective Investment Schemes
12,505.7
\u2013
7.4
12,513.1
Derivative financial instruments
\u2013
3,420.6
\u2013
3,420.6
Cash and cash equivalents
5,918.9
\u2013
\u2013
5,918.9
Total financial assets and investment properties
140,442.8
23,426.9
3,091.2
166,960.9
Financial liabilities
Investment contract benefits
\u2013
123,149.8
\u2013
123,149.8
Derivative financial instruments
\u2013
3,073.0
\u2013
3,073.0
Net asset value attributable to unit holders
40,536.5
\u2013
\u2013
40,536.5
Total financial liabilities
40,536.5
126,222.8
\u2013
166,759.3
Level 1
Level 2
Level 3
Total balance
31 December 2022
\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
In respect of the derivative financial liabilities, \u00a3181.3 million of collateral had been posted as at 31 December 2023 (2022:
\u00a3103.1 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 is 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 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 year, \u00a3nil of Russian equities (2022: \u00a34.8 million) 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. The following table presents the changes in Level 3 financial assets and liabilities at fair value through the profit and loss:
Collective
Investment Fixed income Investment
property
securities
Equities
Schemes
2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Balance at 1 January 2023
1,294.5
366.4
1,592.0
3.9
Transfer into Level 3
\u2013
26.7
\u2013
4.0
Additions during the year
10.1
25.9
227.1
\u2013
Disposed during the year
(149.4)
(58.2)
(225.0)
(0.4)
(Losses)/gains recognised in the income statement
(44.9)
(14.3)
32.9
(0.1)
Balance at 31 December 2023
1,110.3
346.5
1,627.0
7.4
Realised (losses)/gains
(39.0)
7.4
(4.4)
\u2013
Unrealised (losses)/gains
(5.9)
(21.7)
37.3
(0.1)
(Losses)/gains recognised in the income statement
(44.9)
(14.3)
32.9
(0.1)
Collective
Investment Fixed income Investment
property
securities
Equities
Schemes
2022
\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
\u2013
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
Unrealised and realised (losses)/gains for all Level 3 assets are recognised within investment return in the Statement of Comprehensive Income. Level 3 valuations Investment property At 31 December 2023 the Group held \u00a31,110.3 million (2022: \u00a31,294.5 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.
Investment property classification
31 December 2023
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
1
Range
\u00a329.50 to \u00a3110.00
\u00a35.25 to \u00a324.00
\u00a32.50 to \u00a397.54
\u00a32.50 to \u00a3110.00
Weighted average
\u00a349.58
\u00a313.74
\u00a313.53
\u00a316.89
True equivalent yield
Range
4.7% to 10.3%
5.0% to 6.8%
6.2% to 13.9%
4.7% to 13.9%
Weighted average
7.0%
5.6%
7.8%
6.7%
Investment property classification
31 December 2022
Office
Industrial
Retail and leisure
All
Gross ERV (per sq ft)
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%
1 1 Equivalent rental value (per square foot). Fixed income securities and equities At 31 December 2023 the Group held \u00a3346.5 million (2022: \u00a3366.4 million) in private credit investments, and \u00a31,628.3 million (2022: \u00a31,587.3 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 will 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. Sensitivity of Level 3 valuations Investment in Collective Investment Schemes The valuations 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 50bps 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 the shareholder net assets.
Effect of reasonably possible
alternative assumptions
Favourable Unfavourable
Carrying value changes changes
Investment property significant unobservable inputs
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2023
Expected rental value/relative yield
1,110.3
1,207.5
1,021.0
31 December 2022
Expected rental value/relative yield
1,294.5
1.410.8
1,186.6
Fixed income securities and equities As set out 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 with 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.
Effect of reasonably possible
alternative assumptions
Favourable Unfavourable
Carrying value changes changes
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
31 December 2023
Fixed income securities
346.5
351.9
340.7
Equities
1,627.0
1,813.0
1,449.2
31 December 2022
Fixed income securities
366.4
374.2
358.3
Equities
1,587.3
1,783.5
1,380.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "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:
AAA
AA
A
BB
Unrated
Total
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Fixed income securities
\u2013
8.2
\u2013
\u2013
\u2013
8.2
Investment in Collective Investment Schemes
1
1,454.4
\u2013
\u2013
\u2013
\u2013
1,454.4
Reinsurance assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
\u2013
6.7
\u2013
\u2013
1,695.0
1,701.7
Cash and cash equivalents
\u2013
74.2
211.2
\u2013
\u2013
285.4
Total
1,454.4
89.1
211.2
\u2013
1,695.0
3,449.7
AAA
AA
A
BB
Unrated
Total
31 December 2022
\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
1,271.7
\u2013
\u2013
\u2013
\u2013
1,271.7
Reinsurance assets
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other receivables
2,3
\u2013
\u2013
\u2013
\u2013
969.5
969.5
Cash and cash equivalents
\u2013
53.8
197.4
2.1
\u2013
253.3
Total
1,271.7
61.7
197.4
2.1
969.5
2,502.4
1 2 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. 2 Restated to reflect the adoption of IFRS 17. See Note 17. 3 Other receivables has increased by \u00a343.5 million to better reflect the nature of the balances included. Other receivables includes \u00a3408.0 million (2022: \u00a3315.6 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 Partners.
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.
The loan balance is presented net of a \u00a34.8 million provision (2022: \u00a33.8 million); see Note 15. 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 \u00a38.9 million (2022: \u00a31.7 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "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:
Up to 1 year
1 to 5 years
Over 5 years
Total
31 December 2023
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
\u00a3\u2019Million
Financial assets
Fixed income securities
8.2
\u2013
\u2013
8.2
Investment in Collective Investment Schemes
1,454.4
\u2013
\u2013
1,454.4
Other receivables
\u2013 Business loans to Partners
120.9
253.7
33.4
408.0
\u2013 Renewal income
22.1
51.7
64.5
138.3
\u2013 Other
1,155.4
\u2013
\u2013
1,155.4
Total other receivables
1,298.4
305.4
97.9
1,701.7
Cash and cash equivalents
285.4
\u2013
\u2013
285.4
Total financial assets
3,046.4
305.4
97.9
3,449.7
Financial liabilities
Borrowings
75.8
127.3
119.2
322.3
Other payables
\u2013 Lease liabilities: properties
16.6
48.1
55.8
120.5
\u2013 Contingent consideration
1.3
1.9
\u2013
3.2
\u2013 Other
1,581.6
58.0
22.5
1,662.1
Total other payables
1,599.5
108.0
78.3
1,785.8
Total financial liabilities
1,675.3
235.3
197.5
2,108.1
Up to 1 year
1 to 5 years
Over 5 years
Total
31 December 2022
\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
1,2
538.4
\u2013
\u2013
538.4
Total other receivables
615.9
214.4
139.2
969.5
Cash and cash equivalents
253.3
\u2013
\u2013
253.3
Total financial assets
2,148.8
214.4
139.2
2,502.4
Financial liabilities
Borrowings
3
22.4
87.4
126.3
236.1
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
1,140.7
58.0
37.0
1,235.7
Total other payables
1,164.8
116.7
96.2
1,377.7
Total financial liabilities
1,187.4
204.1
222.4
1,613.8
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
2 Other has increased by \u00a343.5 million to better reflect the nature of the balances included.
3 Restated to include future interest charges.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "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. However, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "
21. Cash generated from operations
Year ended Year ended
31 December 31 December
2023
2022
1
Note
\u00a3\u2019Million
\u00a3\u2019Million
Cash flows from operating activities
Profit before tax for the year
439.6
2.8
Adjustments for:
Amortisation of purchased value of in-force business
11
3.2
3.2
Amortisation of computer software
11
15.4
9.3
Depreciation
12
24.0
21.7
Impairment of goodwill
11
\u2013
1.5
Loss on disposal of computer software
11
0.8
0.5
Loss on disposal of property and equipment, including leased assets
12
2.3
0.9
Gain on disposal of subsidiary
(1.2)
\u2013
Share-based payment charge
24
4.9
20.5
Interest income
(108.0)
(61.8)
Interest expense
17.3
12.4
Increase in provisions
18
454.1
1.9
Exchange rate losses/(gains)
2.3
(0.7)
Changes in operating assets and liabilities
415.1
9.4
Decrease in deferred acquisition costs
11
32.2
42.3
Decrease in investment property
184.2
274.0
(Increase)/decrease in other investments
(21,077.2)
2,378.9
Decrease in reinsurance assets
41.6
20.2
Increase in other receivables
(14.2)
(40.6)
Increase/(decrease) in insurance contract liabilities
25.5
(98.1)
Increase/(decrease) in financial liabilities (excluding borrowings)
15,991.8
(1,138.3)
Decrease in deferred income
11
(38.9)
(32.2)
Increase/(decrease) in other payables
206.2
(390.4)
Increase/(decrease) in net assets attributable to unit holders
3,908.1
(1,740.6)
(740.7)
(724.8)
Cash generated from/(used in) operations
114.0
(712.6)
1
1
1,2
1
1
2
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
2 Restated to reclassify Proceeds from sale of financial assets held at amortised cost from net cash flows from investing activities to net cash flows
from operating activities. See Note 1a.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "
22. Capital management and allocation
The Group\u2019s capital management policy, set by the Board, is to maintain a strong capital base in order to:
protect clients\u2019 interests;
meet regulatory requirements;
protect creditors\u2019 interests; and
create shareholder value through support for business development.
The policy requires that each subsidiary manages its own capital, in particular to maintain regulatory solvency, in the
context of a Group capital plan. Any capital in excess of planned requirements is returned to the Group\u2019s Parent Company,
St. James\u2019s Place plc, normally by way of dividends. The Group capital position is monitored by the Audit Committee on
behalf of the St. James\u2019s Place plc Board.
Regulatory capital The Group\u2019s capital management policy is, for each subsidiary, to hold the higher of: the capital required by any relevant supervisory body, uplifted by a specified margin to absorb changes; or the capital required based on the Company\u2019s internal assessment. For our insurance companies, we hold capital based on our own internal assessment, recognising the regulatory requirement. For other regulated companies we generally hold capital based on the regulatory requirement uplifted by a specified margin. The following entities are subject to regulatory supervision and have to maintain a minimum level of regulatory capital:
Entity
Regulatory body and jurisdiction
Capstone Financial (HK) Limited
Securities and Futures Commission (Hong Kong):
Insurance Authority (Hong Kong)
Perennial Financial Management Limited
FCA: Personal Investment Firm
Policy Services Limited
FCA: Personal Investment Firm
Rowan Dartington & Co Limited
FCA: Investment Firm
St. James\u2019s Place (Hong Kong) Limited
Securities and Futures Commission (Hong Kong):
Insurance Authority (Hong Kong)
St. James\u2019s Place (Middle East) Limited
Dubai Financial Services Authority
St. James\u2019s Place International (Hong Kong) Limited
Insurance Authority (Hong Kong)
St. James\u2019s Place International plc
Central Bank of Ireland: Life Insurance Business
St. James\u2019s Place Investment Administration Limited
FCA: Investment Firm
St. James\u2019s Place Partnership Services Limited
FCA: Consumer Credit Firm
St. James\u2019s Place (Singapore) Private Limited
Monetary Authority of Singapore: Member of the Association
of Financial Advisers
St. James\u2019s Place UK plc
PRA and FCA: Long-term insurance business
St. James\u2019s Place Unit Trust Group Limited
FCA: UCITS Management Company
St. James\u2019s Place Wealth Management plc
FCA: Personal Investment Firm
In addition, the St. James\u2019s Place Group is regulated as an insurance group under Solvency II, with the PRA as the lead regulator. More information about the capital position of the Group under Solvency II regulations is set out in the separate Solvency and Financial Condition Report document. The overall capital position for the Group at 31 December 2023, assessed on the standard formula basis, is presented in the following table:
31 December 31 December
2023
2022
1
\u00a3\u2019Million
\u00a3\u2019Million
IFRS total assets
1
172,293.1
151,685.5
Less Solvency II valuation adjustments and unit-linked liabilities
1
(171,160.1)
(150,305.6)
Solvency II net assets
1,133.0
1,379.9
Solvency II VIF
2,485.2
5,580.4
Risk margin
(318.4)
(1,516.4)
Own funds (A)
3,299.8
5,443.9
Standard formula SCR (B)
(1,727.7)
(3,522.5)
Solvency II free assets
1,572.1
1,921.4
Solvency II ratio (A/B)
191%
155%
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Solvency II net assets
1,133.0
1,379.9
Less: management solvency buffer (MSB)
(529.5)
(532.7)
Excess of free assets over MSB
603.5
847.2
1 Restated to reflect the adoption of IFRS 17. See Note 1a. An overall internal capital assessment is required for insurance groups. This is known as an ORSA (Own Risk and Solvency Assessment) and is described in more detail in the ORSA section within the risk and risk management report. The regulatory capital requirements of companies within the Group, and the associated solvency of the Group, are assessed and monitored by the Finance Oversight Group, a committee of the Group Executive Committee, with oversight by the Audit Committee on behalf of the Group Board. Ultimate responsibility for individual companies\u2019 regulatory capital lies with the relevant subsidiary boards. For the year ended 31 December 2023, we reviewed the level of our MSB and maintained the MSB for the Life businesses at \u00a3355.0 million (2022: \u00a3355.0 million). There has been no other material change in the level of capital requirements of individual companies during the year, nor in the Group\u2019s management of capital. All regulated entities exceeded the minimum solvency requirements at the reporting date and during the year. See Section 3 of the financial review for further information. IFRS capital composition The principal forms of capital are included in the following balances on the Consolidated Statement of Financial Position:
31 December 31 December
2023
2022
1
\u00a3\u2019Million
\u00a3\u2019Million
Share capital
82.3
81.6
Share premium
233.9
227.8
Shares in trust reserve
(0.7)
(4.1)
Miscellaneous reserves
2.5
2.5
Retained earnings
665.4
963.8
Shareholders\u2019 equity
983.4
1,271.6
Non-controlling interests
0.1
0.2
Total equity
983.5
1,271.8
1 Restated to reflect the adoption of IFRS 17. See Note 1a. The above assets do not all qualify as regulatory capital. The required minimum regulatory capital, and analysis of the assets that qualify as regulatory capital, is outlined in section 3 of the financial review, which demonstrates that the Group has met its internal capital objectives. The Group and its individually regulated operations have complied with all externally and internally imposed capital requirements throughout the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "
23. Share capital, earnings per share and dividends
Share capital
Number of Called-up
ordinary shares share capital
\u00a3\u2019Million
At 1 January 2022
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
\u2013 Issue of shares
\u2013
\u2013
\u2013 Exercise of options
4,369,037
0.7
At 31 December 2023
548,604,794
82.3
Ordinary shares have a par value of 15 pence per share (2022: 15 pence per share) and are fully paid.
Included in the issued share capital are 3,411,743 (2022: 2,207,186) shares held in the Shares in trust reserve with a nominal
value of \u00a30.5 million (2022: \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 1,896,985 shares
at 31 December 2023 and 815,737 shares at 31 December 2022. The trustees of St. James\u2019s Place 2010 SIP Trust have chosen
to waive their entitlement to the dividend on 556 shares at 31 December 2023 (2022: nil).
Share capital increases are included within the exercise of options line in the table above where they relate to the Group\u2019s
share-based payment schemes. Other share capital increases are included within the issue of shares line.
The number of shares reserved for issue under options and contracts for sale of shares, including terms and conditions,
is included within Note 24.
Earnings per share
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Earnings
Profit after tax attributable to equity shareholders (for both basic and diluted EPS)
1
(10.1)
406.8
Million
Million
Weighted average number of shares
Weighted average number of ordinary shares in issue (for basic EPS)
547.6
542.7
Adjustments for outstanding share options
8.8
5.1
Weighted average number of ordinary shares (for diluted EPS)
556.4
547.8
Earnings per share (EPS)
Pence
Pence
Basic earnings per share
1
(1.8)
75.0
Diluted earnings per share
1
(1.8)
74.3
1
1 Restated to reflect the adoption of IFRS 17. See Note 1a.
Dividends
The following dividends have been paid by the Group:
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2023 2022 2023 2022
Pence per Pence per
share
share
\u00a3\u2019Million
\u00a3\u2019Million
Final dividend in respect of 2021
\u2013
40.41
\u2013
218.9
Interim dividend in respect of 2022
\u2013
15.59
\u2013
84.7
Final dividend in respect of 2022
37.19
\u2013
203.1
\u2013
Interim dividend in respect of 2023
15.83
\u2013
86.5
\u2013
Total dividends
53.02
56.00
289.6
303.6
In respect of 2023 the Directors have recommended a 2023 final dividend of 8.00 pence per share. This amounts to
\u00a343.9 million and will, subject to shareholder approval at the Annual General Meeting, be paid on 24 May 2024 to those
shareholders on the register as at 26 April 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "Share capital
Number of Called-up
ordinary shares share capital
\u00a3\u2019Million
At 1 January 2022
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
\u2013 Issue of shares
\u2013
\u2013
\u2013 Exercise of options
4,369,037
0.7
At 31 December 2023
548,604,794
82.3
Ordinary shares have a par value of 15 pence per share (2022: 15 pence per share) and are fully paid. Included in the issued share capital are 3,411,743 (2022: 2,207,186) shares held in the Shares in trust reserve with a nominal value of \u00a30.5 million (2022: \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 1,896,985 shares at 31 December 2023 and 815,737 shares at 31 December 2022. The trustees of St. James\u2019s Place 2010 SIP Trust have chosen to waive their entitlement to the dividend on 556 shares at 31 December 2023 (2022: nil). Share capital increases are included within the exercise of options line in the table above where they relate to the Group\u2019s share-based payment schemes. Other share capital increases are included within the issue of shares line. The number of shares reserved for issue under options and contracts for sale of shares, including terms and conditions, is included within Note 24. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "Earnings per share
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Earnings
Profit after tax attributable to equity shareholders (for both basic and diluted EPS)
1
(10.1)
406.8
Million
Million
Weighted average number of shares
Weighted average number of ordinary shares in issue (for basic EPS)
547.6
542.7
Adjustments for outstanding share options
8.8
5.1
Weighted average number of ordinary shares (for diluted EPS)
556.4
547.8
Earnings per share (EPS)
Pence
Pence
Basic earnings per share
1
(1.8)
75.0
Diluted earnings per share
1
(1.8)
74.3
1 1 Restated to reflect the adoption of IFRS 17. See Note 1a. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "Dividends The following dividends have been paid by the Group:
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2023 2022 2023 2022
Pence per Pence per
share
share
\u00a3\u2019Million
\u00a3\u2019Million
Final dividend in respect of 2021
\u2013
40.41
\u2013
218.9
Interim dividend in respect of 2022
\u2013
15.59
\u2013
84.7
Final dividend in respect of 2022
37.19
\u2013
203.1
\u2013
Interim dividend in respect of 2023
15.83
\u2013
86.5
\u2013
Total dividends
53.02
56.00
289.6
303.6
In respect of 2023 the Directors have recommended a 2023 final dividend of 8.00 pence per share. This amounts to \u00a343.9 million and will, subject to shareholder approval at the Annual General Meeting, be paid on 24 May 2024 to those shareholders on the register as at 26 April 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "24. Share-based payments During the year ended 31 December 2023, 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 587,793 (2022: 420,798) SAYE options were granted on 23 March 2023 (2022: 25 March 2022). 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 grants were made in 2023 (2022: nil). 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 2023 (2022: 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 2023 (2022: 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 7,695 (2022: 6,653) shares were granted under the SIP on 24 March 2023 (2022: 25 March 2022). 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 575,481 (2022: 532,147) shares were granted under the Deferred Bonus Schemes on 24 March 2023 (2022: 25 March 2022). 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 1,863,029 (2022: 1,120,077) shares were granted under the Executive Performance Share Plan across three grants made on 3 May 2023, 24 October 2023 and 27 November 2023 (2022: one grant made on 25 March 2022). 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 231,859 (2022: 162,643) awards were granted under the Restricted Share Plan on 24 March 2023 (2022: 25 March 2022). Share options and awards outstanding under the various share-based payment schemes set out above at 31 December 2023 amount to 11.9 million shares (2022: 12.6 million). Of these, 2.8 million (2022: 2.9 million) are under option to Partners and advisers of the St. James\u2019s Place Partnership, 8.2 million (2022: 8.5 million) are under option to Executive Directors and senior management (including 0.8 million (2022: 0.9 million) under option to Directors as disclosed in the Directors\u2019 Remuneration Report) and 0.9 million (2022: 1.2 million) are under option through the SAYE and SIP schemes. These are exercisable on a range of future dates.
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:
3
Executive
Share Executive Performance Restricted
SAYE Plan Incentive Plan Deferred Bonus Share Plan Share Plan
Valuation model
Black-Scholes
Black-Scholes
Black-Scholes
Monte Carlo
Monte Carlo
Awards in 2023
Fair value (pence)
314.4
1,191.0
1,173.5
655.0/1,184.5
1,028.0
Share price (pence)
1,191.0
1,191.0
1,173.5
1,184.5
1,173.5
Exercise price (pence)
988.0
\u2013
\u2013
\u2013
\u2013
Expected volatility (% per annum)
1
34
N/A
N/A
31
N/A
Expected dividends (% per annum)
2
4.4
\u2013
\u2013
4.5
4.5
Risk-free interest rate (% per annum)
3.4
N/A
N/A
N/A
N/A
Expected life (years)
3.5
3
3
3
3
Volatility of competitors (% per annum)
N/A
N/A
N/A
21-66
N/A
Correlation with competitors (%)
N/A
N/A
N/A
20
N/A
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 (% per annum)
33
N/A
N/A
33
33
Expected dividends (% per annum)
3.6
\u2013
\u2013
3.6
3.6
Risk-free interest rate (% per annum)
1.43
N/A
N/A
N/A
N/A
Expected life (years)
3.5
3
3
3
3
Volatility of competitors (% per annum)
N/A
N/A
N/A
23-80
N/A
Correlation with competitors (%)
N/A
N/A
N/A
20
N/A
3,4
1
2
1 Expected volatility is based on an analysis of the Company\u2019s historical 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 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.
4 The awards made under the Executive Performance Share Plan for members of the Group Executive Committee are subject to a two-year holding
period once the award has vested. This results in discounted fair values for the Group Executive Committee population of 594.6/1,073.9 (2022:
820.4/1,447.0) pence per share, to reflect the reduced marketability of the awards.
Share option schemes
Year ended Year ended Year ended Year ended
31 December 31 December 31 December 31 December
2023 2023 2022 2022
Weighted Weighted
Number average Number average
of options exercise price of options exercise price
SAYE Plan
Outstanding at start of year
1,139,731
\u00a39.76
1,405,475
\u00a38.18
Granted
587,793
\u00a39.88
420,798
\u00a311.11
Forfeited
(498,775)
\u00a310.23
(157,596)
\u00a39.90
Exercised
(365,793)
\u00a38.14
(528,946)
\u00a37.46
Outstanding at end of year
862,956
\u00a310.26
1,139,731
\u00a39.76
Exercisable at end of year
\u2013
\u2013
2,233
\u00a38.06
Partner Performance Share Plan
Outstanding at start of year
\u2013
\u2013
440,702
\u00a30.15
Granted
\u2013
\u2013
\u2013
\u2013
Forfeited
\u2013
\u2013
\u2013
\u2013
Exercised
\u2013
\u2013
(440,702)
\u00a30.15
Outstanding at end of year
\u2013
\u2013
\u2013
\u2013
Exercisable at end of year
\u2013
\u2013
\u2013
\u2013
Partner and Adviser Chartered Plan
Outstanding at start of year
\u2013
\u2013
176,378
\u00a30.15
Granted
\u2013
\u2013
\u2013
\u2013
Forfeited
\u2013
\u2013
(2,000)
\u00a30.15
Exercised
\u2013
\u2013
(174,378)
\u00a30.15
Outstanding at end of year
\u2013
\u2013
\u2013
\u2013
Exercisable at end of year
\u2013
\u2013
\u2013
\u2013
Associate Partner Plan
Outstanding at start of year
2,909,183
\u00a310.91
3,274,033
\u00a310.91
Granted
\u2013
\u2013
\u2013
\u2013
Forfeited
(28,500)
\u00a310.88
(33,750)
\u00a310.91
Exercised
(38,500)
\u00a310.83
(331,100)
\u00a310.85
Outstanding at end of year
2,842,183
\u00a310.91
2,909,183
\u00a310.91
Exercisable at end of year
2,842,183
\u00a310.91
2,909,183
\u00a310.91
The average share price during the year was 997.5 pence (2022: 1,248.7 pence).
The SAYE Plan options outstanding at 31 December 2023 had exercise prices of 940 pence (173,533 options), 1,281 pence
(59,688 options), 1,111 pence (192,396 options) and 988 pence (437,339 options), and a weighted average remaining
contractual life of 1.7 years.
The options outstanding under the Partner Performance Share Plan and the Partner and Adviser Chartered Plan at
31 December 2023 were all exercisable at a 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 2023 had an exercise price of 1,083 pence
(2,396,458 options) and 1,135 pence (445,725 options), and a weighted average remaining contractual life of nil years.
Share awards
All share awards under the below schemes have exercise prices of nil.
Year ended Year ended
31 December 31 December
2023 2022
Number Number
of shares of shares
Share Incentive Plan
Outstanding at start of year
39,249
38,039
Granted
7,695
6,653
Forfeited
\u2013
\u2013
Exercised
(8,237)
(5,443)
Outstanding at end of year
38,707
39,249
Exercisable at end of year
10,558
11,937
Executive Deferred Bonus Scheme
Outstanding at start of year
985,271
1,026,985
Granted
575,481
532,147
Forfeited
(469,128)
(12,724)
Exercised
\u2013
(561,137)
Outstanding at end of year
1,091,624
985,271
Exercisable at end of year
\u2013
646
Executive Performance Share Plan
Outstanding at start of year
7,373,170
7,424,110
Granted
1,863,029
1,120,077
Forfeited
(562,733)
(441,929)
Exercised
(2,013,252)
(729,088)
Outstanding at end of year
6,660,214
7,373,170
Exercisable at end of year
2,616,406
1,840,660
Restricted Share Plan
Outstanding at start of year
197,291
45,853
Granted
231,859
162,643
Forfeited
(11,177)
(11,205)
Exercised
\u2013
\u2013
Outstanding at end of year
417,973
197,291
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% (2022: 20%) correlated and that the comparator
index has volatilities ranging between 21% per annum and 66% per annum (2022: 23% per annum and 80% per annum).
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 2023 therefore
include an allowance for the actual performance of the Company\u2019s share price relative to the index over the period
between 1 January 2023 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Equity-settled share-based payment expense
5.4
20.5
Cash-settled share-based payment expense
(0.3)
0.5
Total share-based payment expense
5.1
21.0
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 2023 or 31 December 2022 is in respect of vested cash-settled
share-based payments.
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Liability for cash-settled share-based payments
1.2
2.5
Liability for employer National Insurance contributions
on cash-settled and equity-settled share-based payments
3.5
7.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "
25. 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 St. James\u2019s Place UK plc and St. James\u2019s Place International plc. 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 Net asset value
ownership interest as at 31 December
2023
2022
Principal place Nature of
2023
2022
%
%
of business
relationship
Measurement method
\u00a3\u2019Million
\u00a3\u2019Million
St. James\u2019s Place Property
1.21
0.98
United Kingdom
Manager of
Fair value through
786.7
1,021.4
Unit Trust unit trust profit or loss
As at 31 December 2023 the value of the Group\u2019s interests in St. James\u2019s Place Property Unit Trust was \u00a39.6 million
(2022: \u00a310.0 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "
26. Interests in other entities
Principal subsidiaries
Investment Holding Companies
St. James\u2019s Place Wealth Management Group Limited
St. James\u2019s Place DFM Holdings Limited
Life Assurance
St. James\u2019s Place UK plc
St. James\u2019s Place International plc (incorporated in Ireland)
2
Unit Trust Management
St. James\u2019s Place Unit Trust Group Limited
Unit Trust Administration and ISA Management
St. James\u2019s Place Investment Administration Limited
Distribution
St. James\u2019s Place Wealth Management plc
Management Services
St. James\u2019s Place Management Services Limited
3
Treasury Company
St. James\u2019s Place Partnership Services Limited
Adviser Acquisitions
St. James\u2019s Place Acquisition Services Limited
Asia Distribution
St. James\u2019s Place International Distribution Limited
Discretionary Fund Management
Rowan Dartington & Co. Limited
1
1
1 Directly held by St. James\u2019s Place plc.
2 The Company also operates a branch in Singapore.
3 The Company also operates a branch in the Republic of Ireland.
Ongoing solvency requirements within the life assurance, unit trust and financial services companies of the Group restrict
their ability to distribute all their distributable reserves.
Included below is a full list of the entities within the St. James\u2019s Place plc Group at 31 December 2023:
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
Cabot Portfolio Nominees Limited
03636010
Temple Point, Redcliffe
England and Wales
Nominee company
Yes
Way, Bristol, BS1 6NL,
United Kingdom
Capstone Financial (HK) Limited
1256431
8F Kailey Tower, 16 Stanley
Hong Kong
Financial advice
No
Street Central, Hong
CGA Financial & Investment Services
02666180 *
Kong
England and Wales
Financial advice
Yes
Limited
Dartington Portfolio Nominees Limited
01489542
Temple Point, Redcliffe
England and Wales
Nominee company
Yes
Way, Bristol, BS1 6NL,
Edwards Wealth Ltd (formerly JEWM Ltd)
09229694 *
United Kingdom
England and Wales
Financial advice
Yes
Future Proof Limited
07608319 *
England and Wales
Financial advice
Yes
Ian Cockbain Wealth Management
04639701 *
England and Wales
Financial advice
Yes
Limited
Lewington Wealth Management Limited 04290504 *
England and Wales
Financial advice
Yes
Linden House Financial Services Limited 02990295 *
England and Wales
Financial advice
Yes
M.H.S. (Holdings) Limited
00559995 *
England and Wales
Non-trading
Yes
Perennial Financial Management
04609753 *
England and Wales
Financial advice
Yes
Limited
Policy Services Limited
SC230167
Oracle Campus,
Scotland
Financial advice
No
Blackness Road,
Linlithgow, West Lothian
Reflect Financial Limited
04373946 *
EH49 7BF, United Kingdom
England and Wales
Financial advice
Yes
Rowan Dartington & Co. Limited
02752304 *
England and Wales
Stockbroker and
No
investment manager
Rowan Dartington Holdings Limited
07470226 *
England and Wales
Holding company
Yes
SJP Legacy Holdings Ltd
SC492906
Oracle Campus,
Scotland
Holding company
Yes
Blackness Road,
Linlithgow, West Lothian
EH49 7BF, United Kingdom
SJP Partner Loans No. 1 Limited
11390901
10th Floor, 5 Churchill
England and Wales
Securitisation
No
Place, London E14 5HU,
United Kingdom
St. James\u2019s Place (Hong Kong) Limited
275275
1st Floor, Henley Building,
Hong Kong
Overseas distribution
No
5 Queen\u2019s Road Central,
Hong Kong
St. James\u2019s Place (Middle East) Limited
6826
Gate District Precinct
United Arab
Overseas distribution
No
Building 03, Unit \u201cPrecinct Emirates
3-7th Floor-Units 706,707
& 708\u201d Level 7, Dubai
International Financial
Center, United Arab
St. James\u2019s Place (PCP) Limited
02706684 *
Emirates, PO Box 507256
England and Wales
Transaction and servicing
Yes
of SJP income streams
St. James\u2019s Place (Singapore)
20040
6398R
1 Raffles Place, #15-61
Singapore
Financial advice
No
Private Limited One Raffles Place, 048616,
St. James\u2019s Place Acquisition Services
07730835 *
Singapore
England and Wales
Adviser acquisitions
Yes
Limited
St. James\u2019s Place Corporate Secretary
09131866 *
England and Wales
Corporate secretary
Yes
Limited
St. James\u2019s Place DFM Holdings Limited
09687687 *
England and Wales
Holding company
Yes
St. James\u2019s Place International (Hong
2207694
1st Floor, Henley Building,
Hong Kong
Life assurance
No
Kong) Limited 5 Queen\u2019s Road Central,
St. James\u2019s Place International
08798683 *
Hong Kong
England and Wales
Holding company
Yes
Distribution Limited
St. James\u2019s Place International plc
185345
Fleming Court, Flemings
Ireland
Life assurance
No
St. James\u2019s Place Investment
08764231 *
Place, Dublin 4, Ireland
England and Wales
Unit trust administration
No
Administration Limited and ISA manager
Company Country of Audit
Entity
number
Registered office
incorporation
Principal activity
exemption
St. James\u2019s Place Management
02661044
England and Wales
Management services
No
*
Services Limited
St. James\u2019s Place Nominees Limited
08764214
England and Wales
Nominee company
Yes
*
St. James\u2019s Place Partnership Services
08201211
England and Wales
Treasury company
No
*
Limited
St. James\u2019s Place UK plc
02628062
England and Wales
Life assurance
No
*
St. James\u2019s Place Unit Trust Group
00947644
England and Wales
Unit trust management
No
*
Limited
St. James\u2019s Place Wealth Management
1511517
1st Floor, Henley Building,
Hong Kong
Overseas distribution
No
(Shanghai) Limited 5 Queen\u2019s Road Central,
St. James\u2019s Place Wealth Management
02627518
Hong Kong
England and Wales
Holding company
No
*
Group Limited
St. James\u2019s Place Wealth Management
20132345
3N
1 Raffles Place, #15-61
Singapore
Holding company
No
International Pte. Ltd One Raffles Place, 048616,
St. James\u2019s Place Wealth Management
04113955
Singapore
England and Wales
UK distribution
No
*
plc
Technical Connection Limited
03178474
England and Wales
Tax and advisory services
Yes
*
Tivoli Private Clients Limited
14320641
England and Wales
Non-trading
No
*
Tring Financial Management Limited
05487108
England and Wales
Policy administration
Yes
*
Virtue Money Limited
SC346827
Oracle Campus,
Scotland
Holding company
Yes
Blackness Road,
Linlithgow, West Lothian
EH49 7BF, United Kingdom
* Indicates that the registered office is St. James\u2019s Place House, 1 Tetbury Road, Cirencester, Gloucestershire, GL7 1FP.
The Group acquired Ian Cockbain Wealth Management Limited (04639701) on 30 November 2023 and incorporated
St. James\u2019s Place (Middle East) Limited (6826) on 24 April 2023. The Group sold Stafford House Investments Limited
(03866935) on 30 November 2023.
The following subsidiaries were dissolved during the year:
Baxter Holding Company Limited (on 12 December 2023)
Baxter & Lindley Financial Services Limited (on 29 August 2023)
Richard Barnes Wealth Management Ltd (on 15 August 2023)
St. James\u2019s Place (Shanghai) Limited (on 11 September 2023)
Thompson Private Clients Limited (on 26 December 2023).
Where indicated in the table, subsidiaries of St. James\u2019s Place plc have taken advantage, or are expected to take advantage,
of the exemption from statutory audit granted by section 479A of the Companies Act 2006, except for Tivoli Private Clients
Limited where St. James\u2019s Place plc have taken advantage, or are expected to take advantage, of the exemption from
statutory audit granted by section 394A and section 448A of the Companies Act 2006. In accordance with section 479C,
St. James\u2019s Place plc has guaranteed all the outstanding liabilities as at 31 December 2023 of these companies.
All Group companies have an accounting reference date of 31 December. The tax residency of each subsidiary is the same
as the country of incorporation.
100% of the equity share capital is held for the subsidiaries listed in the table above, with the exception of:
SJP Partner Loans No. 1 Limited (11390901), where 100% of the equity share capital is held by a third-party entity outside
the Group. Note that all assets and liabilities of SJP Partner Loans No.1 Limited are restricted and ring-fenced from the
other assets and liabilities of the Group;
Lewington Wealth Management Limited (04290504) where 25% of the equity share capital is held by a third-party entity
outside the Group; and
Following an assessment of control in accordance with IFRS 10 it was determined that SJP Partner Loans No. 1 Limited and
Lewington Wealth Management Limited are controlled by the Group and thus consolidated.
In addition, the Group Financial Statements consolidate the following unit trusts, all of which are registered in England and
Wales. The registered address of the unit trust manager, St. James\u2019s Place Unit Trust Group Limited, is St. James\u2019s Place
House, 1 Tetbury Road, Cirencester, Gloucestershire GL7 1FP, United Kingdom.
St. James\u2019s Place Adventurous Growth Unit Trust St. James\u2019s Place Global Smaller Companies Unit Trust
St. James\u2019s Place Adventurous
International Growth Unit Trust St. James\u2019s Place Global Unit Trust
St. James\u2019s Place Asia Pacific Unit Trust St. James\u2019s Place Global Value Unit Trust
St. James\u2019s Place Balance InRetirement Unit Trust St. James\u2019s Place Greater European Progressive Unit Trust
St. James\u2019s Place Balanced Growth Unit Trust St. James\u2019s Place Growth InRetirement Unit Trust
St. James\u2019s Place Balanced International Growth Unit Trust St. James\u2019s Place International Equity Unit Trust
St. James\u2019s Place Balanced Managed Unit Trust St. James\u2019s Place Investment Grade Corporate Bond Unit Trust
St. James\u2019s Place Conservative Growth Unit Trust St. James\u2019s Place Japan Unit Trust
St. James\u2019s Place Conservative
International Growth Unit Trust St. James\u2019s Place Managed Growth Unit Trust
St. James\u2019s Place Continental European Unit Trust St. James\u2019s Place Money Market Unit Trust
St. James\u2019s Place Corporate Bond Unit Trust St. James\u2019s Place North American Unit Trust
St. James\u2019s Place Diversified Assets (FAIF) Unit Trust St. James\u2019s Place Polaris 1 Unit Trust
St. James\u2019s Place Diversified Bond Unit Trust St. James\u2019s Place Polaris 2 Unit Trust
St. James\u2019s Place Emerging Markets Equity Unit Trust St. James\u2019s Place Polaris 3 Unit Trust
St. James\u2019s Place Global Absolute Return Unit Trust St. James\u2019s Place Polaris 4 Unit Trust
St. James\u2019s Place Global Emerging Markets Unit Trust St. James\u2019s Place Prudence InRetirement Unit Trust
St. James\u2019s Place Global Equity Unit Trust St. James\u2019s Place Strategic Income Unit Trust
St. James\u2019s Place Global Government Bond Unit Trust
1
St. James\u2019s Place Strategic Managed Unit Trust
St. James\u2019s Place Global Government
Inflation Linked Bond Unit Trust
2
St. James\u2019s Place Sustainable & Responsible Equity Unit Trust
St. James\u2019s Place Global Growth Unit Trust St. James\u2019s Place UK Equity Income Unit Trust
St. James\u2019s Place Global High Yield Bond Unit Trust St. James\u2019s Place UK Unit Trust
St. James\u2019s Place Global Quality Unit Trust St. James\u2019s Place Worldwide Income Unit Trust
1 St. James\u2019s Place Global Government Bond Unit Trust, formerly St. James\u2019s Place Gilts Unit Trust.
2 St. James\u2019s Place Global Government Inflation Linked Bond Unit Trust, formerly St. James\u2019s Place Index Linked Gilts Unit Trust.
Individually immaterial associates
The Group also has interests in individually immaterial associates that are accounted for using the equity method.
Year ended Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Aggregate carrying value of individually immaterial associates
10.2
1.4
Aggregate amounts of the Group\u2019s share of total comprehensive income
0.1
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "
27. Related-party transactions
Transactions with associates and non-wholly-owned subsidiaries
Associates
Outstanding at the year-end were business loans of \u00a32.9 million (2022: \u00a31.2 million) to associates of the Group. During the
year \u00a31.6 million (2022: \u00a30.3 million) was advanced and \u00a31.8 million (2022: \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 2023 (2022: \u00a3nil).
In addition, commission, advice fees and other payments of \u00a32.3 million were paid (2022: \u00a30.4 million paid), under normal
commercial terms, to associates of the Group. The outstanding amount at 31 December 2023 was \u00a30.5 million payable
(2022: \u00a3nil).
Non-wholly owned subsidiaries
Commission, advice fees and other payments of \u00a33.8 million were paid (2022: \u00a34.3 million paid), under normal commercial
terms, to non-wholly-owned Group companies. The outstanding amount at 31 December 2023 was \u00a30.6 million payable
(2022: \u00a30.1 million receivable).
Transactions with key management personnel
Key management personnel have been defined as the Board of Directors and members of the Group Executive
Committee. 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Short-term employee benefits
5.0
6.3
Post-employment benefits
0.5
0.5
Share-based payments
0.2
6.5
Total
5.7
13.3
The total value of Group FUM held by related parties of the Group as at 31 December 2023 was \u00a317.9 million
(2022: \u00a341.1 million). The total value of St. James\u2019s Place plc dividends paid to related parties of the Group during the year
was \u00a31.0 million (2022: \u00a30.8 million).
During 2022 total consideration of \u00a320.3 million was agreed under normal commercial terms to key management
personnel and their connected parties for the acquisition of Edwards Wealth Ltd (formerly JEWM Ltd). As at 31 December 2023
there was deferred contingent consideration outstanding of \u00a3nil (2022: \u00a33.2 million), with \u00a33.2 million deferred contingent
consideration paid during the year (2022: \u00a3nil).
Commission, advice fees and other payments of \u00a31.3 million (2022: \u00a33.2 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 2023 was \u00a3nil (2022: \u00a30.1 million).
Outstanding at the year-end were Partner loans of \u00a3nil (2022: \u00a3nil) 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 \u00a3nil (2022: \u00a30.5 million) was advanced and \u00a30.1 million (2022: \u00a33.0 million) was
repaid by advisers who were related parties.
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 Partners.
Interest of \u00a3nil was received during 2023 (2022: \u00a30.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "value": "Transactions with key management personnel Key management personnel have been defined as the Board of Directors and members of the Group Executive Committee. 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 Year ended
31 December 31 December
2023 2022
\u00a3\u2019Million
\u00a3\u2019Million
Short-term employee benefits
5.0
6.3
Post-employment benefits
0.5
0.5
Share-based payments
0.2
6.5
Total
5.7
13.3
The total value of Group FUM held by related parties of the Group as at 31 December 2023 was \u00a317.9 million (2022: \u00a341.1 million). The total value of St. James\u2019s Place plc dividends paid to related parties of the Group during the year was \u00a31.0 million (2022: \u00a30.8 million). During 2022 total consideration of \u00a320.3 million was agreed under normal commercial terms to key management personnel and their connected parties for the acquisition of Edwards Wealth Ltd (formerly JEWM Ltd). As at 31 December 2023 there was deferred contingent consideration outstanding of \u00a3nil (2022: \u00a33.2 million), with \u00a33.2 million deferred contingent consideration paid during the year (2022: \u00a3nil). Commission, advice fees and other payments of \u00a31.3 million (2022: \u00a33.2 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 2023 was \u00a3nil (2022: \u00a30.1 million). Outstanding at the year-end were Partner loans of \u00a3nil (2022: \u00a3nil) 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 \u00a3nil (2022: \u00a30.5 million) was advanced and \u00a30.1 million (2022: \u00a33.0 million) was repaid by advisers who were related parties. 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 Partners. Interest of \u00a3nil was received during 2023 (2022: \u00a30.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "
28. Events after the end of the reporting period
On the 27 February 2024, the Company signed an external debt facility for \u00a3250.0 million. Debt drawn is repayable over
2 years at a margin over a variable interest rate.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800M993ICXOMBCP87", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }