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"value": "1 / PRINCIPAL ACCOUNTING POLICIES Rathbones Group Plc (\u2018the company\u2019) is a public company limited by shares incorporated and domiciled in England and Wales under the Companies Act 2006. 1.1 BASIS OF PREPARATION The consolidated and company financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The company financial statements are presented on pages 217 to 234. The financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value (notes 1.9, 1.12, 1.16 and 1.18). The principal accounting policies adopted are set out in this note and, unless otherwise stated, have been applied consistently to all periods presented in the consolidated financial statements. The following changes have been made to the presentation of the group\u2019s primary statements and notes: \u2013 Provisions have been removed from the line item \u2018provisions, accruals and other liabilities\u2019 on the face of the balance sheet and presented separately \u2013 \u2018Value of employee services\u2019 has been disaggregated on the face of the statement of changes in equity to include separate line items for \u2018cost of share-based payment arrangements\u2019 and \u2018cost of vested employee remuneration and share plans\u2019 \u2013 See note 38 for detail on the prior year reclassification to the group statement of cash flows \u2013 Lease liabilities have been removed from the line item \u2018other financial liabilities\u2019 under liquidity risk in note 33 and presented separately There has been no change in the basis of accounting for any of the underlying transactions. Comparatives have been presented on a consistent basis for all of the above. 1.2 BASIS OF CONSOLIDATION The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries), together \u2018the group\u2019, made up to 31 December each year. The group controls an entity when it 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. Subsidiaries are fully consolidated from the date on which control is obtained, and no longer consolidated from the date that control ceases; their results are included in the consolidated financial statements up to the date that control ceases. Inter-company transactions and balances between group companies are eliminated on consolidation. 1.3 DEVELOPMENTS IN REPORTING STANDARDS AND INTERPRETATIONS Standards and interpretations affecting the reported results or the financial position The following amendments to standards have been adopted in the current period, but have not had a significant impact on the amounts reported in these financial statements: \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2013 Annual Improvements to IFRS Standards 2018-2020 \u2013 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) \u2013 Reference to the Conceptual Framework (Amendments to IFRS 3) 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Future new standards and interpretations The following standards are effective for annual periods beginning on or after 1 January 2023 and earlier application is permitted; however, the group has not early-adopted the amended standards in preparing these consolidated financial statements. None of these standards are expected to have a material impact on the group\u2019s financial statements. Standards available for early adoption Effective date IFRS 17 Insurance Contracts 01 January 2023 Amendments to IFRS 17 01 January 2023 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 01 January 2023 Definition of Accounting Estimates (Amendments to IAS 8) 01 January 2023 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2013 Amendments to IAS 12 01 January 2023 Initial Application of IFRS 7 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17) 01 January 2023 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) Optional Classification of liabilities as current or non-current (Amendments to IAS 1) 01 January 2024 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 01 January 2024 1.4 BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities assumed and equity instruments issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with relevant asset / liability recognition and measurement guidance in IFRS. Changes in the fair value of contingent consideration classified as equity are not recognised. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.5 GOING CONCERN The directors have, at the time of approving the financial statements, a reasonable expectation that the company and the group have adequate resources to continue in operational existence. In forming this view, the directors have considered the company\u2019s and the group\u2019s prospects for a period of at least 12 months from the date of approval of the annual report. The group\u2019s profit and capital forecasts were considered, as well as the impact of capital and liquidity stress tests. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.6 FOREIGN CURRENCIES The functional and presentational currency of the company and its subsidiaries is sterling. Transactions in currencies other than the relevant group entity\u2019s functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in profit or loss for the year. 1.7 INCOME Net interest income Interest income or expense is recognised within net interest income using the effective interest method. The effective interest method is the method of calculating the amortised cost of a financial asset or liability (or group of assets and liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts the expected future cash payments or receipts through the expected life of the financial instrument, or when appropriate, a shorter period, to: \u2013 the gross carrying amount of the financial asset; or \u2013 the amortised cost of the financial liability. The application of the method has the effect of recognising income (or expense) receivable (or payable) on the instrument evenly in proportion to the amount outstanding over the period to maturity or repayment. In calculating effective interest, the group estimates cash flows considering all contractual terms of the financial instrument but excluding the impact of future credit losses. The interest charged on the group\u2019s lease liabilities and subordinated loan notes is included within cash used in financing activities in the group statement of cash flows. Interest charged on client funds is included within cash generated from operations. Net fee and commission income Portfolio or investment management fees, commissions receivable or payable and fees from advisory services are recognised on a continuous basis over the period that the related service is provided. Commission charges for executing transactions on behalf of clients are recognised when the transaction is dealt at the trade date. Initial charges receivable from the sale of unit holdings in the group\u2019s collective investment schemes and related rebates are recognised at the point of sale. The group has made an assessment as to whether the work performed to earn such fees constitutes the transfer of services and, therefore, fulfils any performance obligation(s). If so, then these fees are recognised when the relevant performance obligation has been satisfied; if not, then the fees are only recognised in the period in which the services are provided. A breakdown of the timing of revenue recognition can be found in note 3. Dividend income Dividend income from final dividends on equity securities is accounted for on the date the security becomes ex-dividend. Interim dividends are recognised when received. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.8 LEASES At inception of a contract, the group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group uses the definition of a lease in IFRS 16. The group recognises a right-of-use asset and a lease liability at the inception date of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use assets are subsequently depreciated on a straight-line basis over the shorter of the expected life of the asset and the lease term, adjusted for any remeasurements of the lease liability. At the end of each reporting period, the right-of-use assets are assessed for indicators of impairment in accordance with IAS 36. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group\u2019s incremental borrowing rate. The group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: \u2013 fixed payments, including in-substance fixed payments \u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2013 amounts expected to be payable under a residual value guarantee \u2013 the exercise price under a purchase option that the group is reasonably certain to exercise, lease payments in an optional renewal period if the group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the group is reasonably certain not to terminate early. The group\u2019s incremental borrowing rate of 5.642% is derived with reference to the group\u2019s subordinated loan notes (note 28), which is the only external financing on the consolidated balance sheet. Prior to the loan notes being refinanced in October 2021, the indicative rate used was 5.856%. The lease liability is subsequently measured by adjusting the carrying amount to reflect the interest charge, the lease payments made and any reassessment or lease modifications. The lease liability is remeasured if the group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Where the group is an intermediate lessor in a sub-lease, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Leases that qualify for the low-value asset exemption or short-term lease exemption do not fall within the scope of IFRS 16 and continue to be treated as off balance sheet. 1.9 SHARE-BASED PAYMENTS The group engages in equity-settled and cash-settled share-based payment transactions in respect of services received from its employees. Equity-settled awards For equity-settled share-based payments, the fair value of the award is measured by reference to the fair value of the shares or share options granted on the grant date. The cost of the employee services received in respect of the shares or share options granted is recognised in profit or loss over the vesting period, with a corresponding credit to equity. The fair value of the awards or options granted is determined using a binomial pricing model, which takes into account the current share price, the risk-free interest rate, the expected volatility of the company\u2019s share price over the life of the option or award, any applicable exercise price and other relevant factors. Only those vesting conditions that include terms related to market conditions are taken into account in estimating fair value. Non-market vesting conditions are taken into account by adjusting the number of shares or share options included in the measurement of the cost of employee services so that, ultimately, the amount recognised in profit or loss reflects the number of vested shares or share options, with a corresponding adjustment to equity. Where vesting conditions are related to market conditions, the charges for the services received are recognised regardless of whether or not the market-related vesting condition is met, provided that any non-market vesting conditions are also met. Shares purchased and issued are charged directly to equity. Cash-settled awards For cash-settled share-based payments, a liability is recognised for the services received, and the related employer\u2019s taxes, at the balance sheet date, measured at the fair value of the liability. At each subsequent balance sheet date and at the date on which the liability is settled, the fair value of the liability is remeasured with any changes in fair value recognised in profit or loss. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.10 TAXATION Current tax Current tax is the expected tax payable or receivable on net taxable income for the year. Current tax is calculated using tax rates enacted or substantively enacted by the balance sheet date, together with any adjustment to tax payable or receivable in respect of previous years. Deferred tax Deferred tax is accounted for under the balance sheet liability method in respect of temporary differences using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the liability is settled or when the asset is realised. Deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences may be utilised, except where the temporary difference arises: \u2013 from the initial recognition of goodwill; \u2013 from the initial recognition of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit, other than in a business combination; or \u2013 in relation to investments in subsidiaries and associates, where the group is able to control the reversal of the temporary difference and it is the group\u2019s intention not to reverse the temporary difference in the foreseeable future. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised: \u2013 in other comprehensive income if they relate to items recognised in other comprehensive income \u2013 directly in retained earnings if they relate to items recognised directly in retained earnings. 1.11 CASH AND CASH EQUIVALENTS Cash comprises cash in hand and demand deposits. Demand deposits include balances with central banks which are realisable on demand. Cash equivalents includes loans and advances to banks with a maturity of less than three months from the date of acquisition. For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts, which are included in the group\u2019s cash management. 1.12 FINANCIAL ASSETS Initial recognition and measurement Financial assets, excluding trade debtors, are initially recognised when the group becomes party to the contractual provisions of the asset. Trade debtors are recognised when cash is advanced to the borrowers. Financial assets are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition (except those assets classified at fair value through profit or loss). Trade debtors without a significant financing component are initially measured at the transaction price. Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Classification and subsequent measurement Financial assets are classified and measured in the following categories: \u2013 amortised cost Financial assets are measured at amortised cost if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is to hold assets to collect contractual cash flows. Assets are measured at amortised cost using the effective interest rate method (note 1.7), less any impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. \u2013 at fair value through other comprehensive income (FVOCI) Debt instruments are measured at FVOCI if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is both to hold assets to collect contractual cash flows and to sell the assets. For debt instruments, interest income is calculated using the effective interest method. For equity instruments, dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. All other gains and losses on assets at FVOCI are recognised in OCI. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED \u2013 at fair value through profit or loss (FVTPL) All equity instruments are measured at FVTPL unless the instrument is not held for trading, the group irrevocably elects to measure the instrument at FVOCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or FVOCI at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Business model assessment The group assesses the objective of the business model in which a financial asset is held at a portfolio level. The information considered includes: \u2013 the objectives for the portfolio and how those tie in to the current and future strategy of the group \u2013 how the performance of the portfolio is evaluated and reported to the group\u2019s management \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed \u2013 how group employees are compensated, e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Payments of principal and interest criterion In assessing whether the contractual cash flows are solely payments of principal and interest, the group considers: \u2013 the contractual terms of the instrument, checking consistency with basic lending criteria \u2013 the impact of the time value of money \u2013 features that would change the amount or timing of contractual cash flows \u2013 other factors, such as prepayment or extension features. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows have expired or the group has transferred substantially all the risks and rewards of ownership. Impairment of financial assets The group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost and FVOCI and loan commitments held off balance sheet. A financial asset will attract a loss allowance equal to either: \u2013 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2013 lifetime ECLs (losses resulting from possible defaults over the remaining life of the financial asset). The latter applies if there has been a significant deterioration in the credit quality of the asset; albeit lifetime ECLs will always be recognised for trade receivables, contract assets or lease receivables without a significant financing component. The maximum period considered when estimating ECLs is the maximum contractual period over which the group is exposed to credit risk. The group measures loss allowances at an amount equal to lifetime ECLs, except for treasury book and investment management loan book exposures (see note 33) for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. Loss allowances for trust and financial planning debtors are always measured at an amount equal to lifetime ECLs. When assessing whether the credit risk of a financial asset has increased significantly between the reporting date and initial recognition, quantitative and qualitative indicators are used. More detail can be found at note 33. Measurement of ECLs Treasury book and investment management loan book The group has developed a model for calculating ECLs on its treasury book and investment management loan book (which includes loan commitments held off balance sheet). The group has developed three different economic scenarios: a base case, an upside and a downside. The base case is assigned a 60% probability of occurring with the upside and downside each assigned a 20% probability of occurring. The economic scenarios are based on the projections of GDP, inflation, unemployment rates, house price indices, financial markets and interest rates as set out in the banking system stress testing scenario published annually by the PRA. Management adjust the projections for the economic variables in arriving at the upside and downside scenarios. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Under each resultant scenario, an ECL is forecast for each exposure in the treasury book and investment management loan book. The ECL is calculated based on management\u2019s estimate of the probability of default, the loss given default and the exposure at default of each exposure taking into account industry credit loss data, the group\u2019s own credit loss experience, the expected repayment profiles of the exposures and the level of collateral held. Industry credit loss information is drawn from data on credit defaults for different categories of exposure published by the Council of Mortgage Lenders and Standard & Poor\u2019s. The model adopts a staging allocation methodology, primarily based on changes in the internal and/or external credit rating of exposures to identify significant increases in credit risk since inception of the exposure. The group has not rebutted the presumption that if an exposure is more than 30 days past due, the associated credit risk has significantly increased. More detail on the group\u2019s staging criteria is provided in note 33. ECLs are discounted back to the balance sheet date at the effective interest rate of the asset. Trust and financial planning debtors The group\u2019s trust and financial planning debtors are generally short term and do not contain significant financing components. Therefore, the group has applied a practical expedient by using a provision matrix to calculate lifetime ECLs based on actual credit loss experience over the past four years. Credit-impaired financial assets At each reporting date, the group assesses whether financial assets carried at amortised cost and FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The group\u2019s definition of default is given in note 33. Presentation of impairment The carrying amount of financial assets measured at amortised cost is reduced by a loss allowance. The carrying value of assets measured at FVOCI, is not adjusted by loss allowance but instead the loss allowance is recorded in equity. Impairment losses related to the group\u2019s treasury book and investment management loan book are presented in \u2018interest expense and similar charges\u2019 and those related to all other financial assets (including trust and financial planning debtors) are presented under \u2018other operating expenses\u2019. No losses are presented separately on the statement of the comprehensive income and there have been no reclassifications of amounts previously recognised under IAS 39. 1.13 PROPERTY, PLANT AND EQUIPMENT All property, plant and equipment is stated at historical cost, which includes directly attributable acquisition costs, less accumulated depreciation and impairment losses. Depreciation is charged so as to write off the cost of assets to their estimated residual value over their estimated useful lives, using the straight-line method, on the following bases: \u2013 leasehold improvements: over the lease term \u2013 plant, equipment and computer hardware: over three to 10 years. The assets\u2019 residual lives are reviewed, and adjusted if appropriate, at each balance sheet date. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and these are included in profit or loss. 1.14 INTANGIBLE ASSETS Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units, which represent the lowest level at which goodwill is monitored for internal management purposes. Cash-generating units are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the group\u2019s operating segments, as set out in note 3. On disposal of a subsidiary the attributed amount of goodwill that has not been subject to impairment is included in the determination of the profit or loss on disposal. Client relationships Client relationships acquired as part of a business combination are initially recognised at fair value (note 1.4). Determining whether a transaction that involves the purchase of client relationships is treated as a business combination or a separate purchase of intangible assets requires judgement. The factors that the group takes into consideration in making this judgement are set out in note 2.1. Individually purchased client relationships are initially recognised at cost. Where a transaction to acquire client relationship intangibles includes an element of variable deferred consideration, an estimate is made of the value of consideration that will ultimately be paid. The client relationship intangible recognised on the balance sheet is adjusted for any subsequent change in the value of deferred consideration. Note 2.1 sets out the approach taken by the group where judgement is required to determine whether payments made for the introduction of client relationships should be capitalised as intangible assets or charged to profit or loss. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Client relationships are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives (normally 10 to 15 years, but not more than 15 years). Computer software and software development costs Costs incurred to acquire and bring to use computer software licences are capitalised and amortised through profit or loss over their expected useful lives (three to four years). Costs that are directly associated with the production of identifiable and unique software products controlled by the group are recognised as intangible assets when the group is expected to benefit from future use of the software and the costs are reliably measurable. Other costs of producing software are charged to profit or loss as incurred. Computer software development costs recognised as assets are amortised using the straight-line method over their useful lives (not exceeding four years). Where services provided by a software-as-a-service arrangement do not result in the recognition of an intangible asset, non-distinct configuration and customisation costs are expensed when access to the software is provided. The cost is spread over the contractual term. 1.15 IMPAIRMENT OF GOODWILL AND INTANGIBLE ASSETS At each balance sheet date, the group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. Goodwill is tested for impairment at least annually. For the purposes of impairment testing, goodwill is allocated to groups of cash-generating units. The carrying amount of each group of cash-generating units is compared to its value in use, calculated using a discounted cash flow method. If the recoverable amount of the group of cash-generating units is less than the carrying amount of the group of units, the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to that group of units and then to the other assets of the group of units pro rata on the basis of the carrying amount of each asset in the group of units. Client relationship intangibles are tested for impairment by comparing the fair value of funds under management and administration for each individually acquired client relationship (or, for client relationships acquired with a business combination, each acquired portfolio of clients) with their associated amortised value. An example of evidence of impairment would be lost client relationships. In determining whether a client relationship is lost, the group considers factors such as the level of funds withdrawn and the existence of other retained family relationships. When client relationships are lost, the full amount of unamortised cost is recognised immediately in profit or loss and the intangible asset is derecognised. If the recoverable amount of any asset other than goodwill or client relationships is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Any impairment loss is recognised immediately in profit or loss. 1.16 FINANCIAL LIABILITIES Initial recognition and measurement Financial liabilities are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue. Classification and subsequent measurement Financial liabilities are classified as measured at amortised cost or at fair value through profit or loss. The group has not designated any liabilities as fair value through profit or loss and holds no liabilities as held for trading. Financial liabilities are measured at amortised cost using the effective interest method (note 1.7). Amortised cost is calculated by taking into account any issue costs and any discounts or premiums on settlement. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Derecognition The group derecognises financial liabilities when its contractual obligations are discharged, cancelled or expired, or when the financial liability is substantially modified. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.17 PROVISIONS AND CONTINGENT LIABILITIES Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of economic benefits, that can be reliably estimated, will occur. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Contingent liabilities are possible obligations that depend on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless the likelihood of crystallisation is judged to be remote. 1.18 RETIREMENT BENEFIT OBLIGATIONS ON RETIREMENT BENEFIT SCHEMES The group\u2019s net liability/asset in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior years; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. The cost of providing benefits under defined benefit plans is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date. Net remeasurements of the defined benefit liability/asset are recognised in full in the period in which they occur in other comprehensive income. Past service costs or gains are recognised in profit or loss immediately in the period of a plan amendment. Interest income on defined benefit assets and interest expense on the defined benefit obligations are also recognised in profit or loss in the period. The amount recognised in the balance sheet for death-in-service benefits represents the present value of the estimated obligation, reduced by the extent to which any future liabilities will be met by insurance policies. The company determines the net interest on the net defined benefit liability/asset for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined benefit liability/asset. Contributions to defined contribution retirement benefit schemes are charged to profit or loss as an expense as they fall due. 1.19 SEGMENTAL REPORTING The group determines and presents operating segments based on the information that is provided internally to the group executive committee, which is the group\u2019s chief operating decision-maker. Operating segments are organised around the services provided to clients. No operating segments have been aggregated in the group\u2019s financial statements. Transactions between operating segments are reported within the income or expenses for those segments; intra-segment income and expenditure is eliminated at group level. Indirect costs are allocated between segments in proportion to the principal cost driver for each category of indirect costs that is generated by each segment. 1.20 FIDUCIARY ACTIVITIES The group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. Such assets and income arising thereon are excluded from these financial statements, as they are not assets of the group. Largely as a result of cash and settlement processing, the group holds money on behalf of some clients in accordance with the Client Money Rules of the Financial Conduct Authority, the Jersey Financial Services Commission and the Solicitors\u2019 Accounts Rules issued by the Solicitors Regulation Authority, as applicable. Such monies and the corresponding amounts due to clients are not shown on the balance sheet as the group is not beneficially entitled to them. 1.21 MERGER RESERVE The merger reserve is used where more than 90% of the share capital in a subsidiary is acquired, and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under Section 612 of the Companies Act 2006. 1.22 FAIR VALUE MEASUREMENT The fair values of quoted financial instruments in active markets are based on current bid prices. Such instruments would be included in level 1 of the fair value hierarchy. If an active market for a financial asset does not exist, the group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s-length transactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants. These instruments would be classified under level 3 in the fair value hierarchy. The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
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"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-338": {
"value": "1 / PRINCIPAL ACCOUNTING POLICIES Rathbones Group Plc (\u2018the company\u2019) is a public company limited by shares incorporated and domiciled in England and Wales under the Companies Act 2006. 1.1 BASIS OF PREPARATION The consolidated and company financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The company financial statements are presented on pages 217 to 234. The financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value (notes 1.9, 1.12, 1.16 and 1.18). The principal accounting policies adopted are set out in this note and, unless otherwise stated, have been applied consistently to all periods presented in the consolidated financial statements. The following changes have been made to the presentation of the group\u2019s primary statements and notes: \u2013 Provisions have been removed from the line item \u2018provisions, accruals and other liabilities\u2019 on the face of the balance sheet and presented separately \u2013 \u2018Value of employee services\u2019 has been disaggregated on the face of the statement of changes in equity to include separate line items for \u2018cost of share-based payment arrangements\u2019 and \u2018cost of vested employee remuneration and share plans\u2019 \u2013 See note 38 for detail on the prior year reclassification to the group statement of cash flows \u2013 Lease liabilities have been removed from the line item \u2018other financial liabilities\u2019 under liquidity risk in note 33 and presented separately There has been no change in the basis of accounting for any of the underlying transactions. Comparatives have been presented on a consistent basis for all of the above. 1.2 BASIS OF CONSOLIDATION The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries), together \u2018the group\u2019, made up to 31 December each year. The group controls an entity when it 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. Subsidiaries are fully consolidated from the date on which control is obtained, and no longer consolidated from the date that control ceases; their results are included in the consolidated financial statements up to the date that control ceases. Inter-company transactions and balances between group companies are eliminated on consolidation. 1.3 DEVELOPMENTS IN REPORTING STANDARDS AND INTERPRETATIONS Standards and interpretations affecting the reported results or the financial position The following amendments to standards have been adopted in the current period, but have not had a significant impact on the amounts reported in these financial statements: \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2013 Annual Improvements to IFRS Standards 2018-2020 \u2013 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) \u2013 Reference to the Conceptual Framework (Amendments to IFRS 3) 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Future new standards and interpretations The following standards are effective for annual periods beginning on or after 1 January 2023 and earlier application is permitted; however, the group has not early-adopted the amended standards in preparing these consolidated financial statements. None of these standards are expected to have a material impact on the group\u2019s financial statements. Standards available for early adoption Effective date IFRS 17 Insurance Contracts 01 January 2023 Amendments to IFRS 17 01 January 2023 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 01 January 2023 Definition of Accounting Estimates (Amendments to IAS 8) 01 January 2023 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2013 Amendments to IAS 12 01 January 2023 Initial Application of IFRS 7 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17) 01 January 2023 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) Optional Classification of liabilities as current or non-current (Amendments to IAS 1) 01 January 2024 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 01 January 2024 1.4 BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities assumed and equity instruments issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with relevant asset / liability recognition and measurement guidance in IFRS. Changes in the fair value of contingent consideration classified as equity are not recognised. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.5 GOING CONCERN The directors have, at the time of approving the financial statements, a reasonable expectation that the company and the group have adequate resources to continue in operational existence. In forming this view, the directors have considered the company\u2019s and the group\u2019s prospects for a period of at least 12 months from the date of approval of the annual report. The group\u2019s profit and capital forecasts were considered, as well as the impact of capital and liquidity stress tests. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. 1.6 FOREIGN CURRENCIES The functional and presentational currency of the company and its subsidiaries is sterling. Transactions in currencies other than the relevant group entity\u2019s functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in profit or loss for the year. 1.7 INCOME Net interest income Interest income or expense is recognised within net interest income using the effective interest method. The effective interest method is the method of calculating the amortised cost of a financial asset or liability (or group of assets and liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts the expected future cash payments or receipts through the expected life of the financial instrument, or when appropriate, a shorter period, to: \u2013 the gross carrying amount of the financial asset; or \u2013 the amortised cost of the financial liability. The application of the method has the effect of recognising income (or expense) receivable (or payable) on the instrument evenly in proportion to the amount outstanding over the period to maturity or repayment. In calculating effective interest, the group estimates cash flows considering all contractual terms of the financial instrument but excluding the impact of future credit losses. The interest charged on the group\u2019s lease liabilities and subordinated loan notes is included within cash used in financing activities in the group statement of cash flows. Interest charged on client funds is included within cash generated from operations. Net fee and commission income Portfolio or investment management fees, commissions receivable or payable and fees from advisory services are recognised on a continuous basis over the period that the related service is provided. Commission charges for executing transactions on behalf of clients are recognised when the transaction is dealt at the trade date. Initial charges receivable from the sale of unit holdings in the group\u2019s collective investment schemes and related rebates are recognised at the point of sale. The group has made an assessment as to whether the work performed to earn such fees constitutes the transfer of services and, therefore, fulfils any performance obligation(s). If so, then these fees are recognised when the relevant performance obligation has been satisfied; if not, then the fees are only recognised in the period in which the services are provided. A breakdown of the timing of revenue recognition can be found in note 3. Dividend income Dividend income from final dividends on equity securities is accounted for on the date the security becomes ex-dividend. Interim dividends are recognised when received. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.8 LEASES At inception of a contract, the group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group uses the definition of a lease in IFRS 16. The group recognises a right-of-use asset and a lease liability at the inception date of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use assets are subsequently depreciated on a straight-line basis over the shorter of the expected life of the asset and the lease term, adjusted for any remeasurements of the lease liability. At the end of each reporting period, the right-of-use assets are assessed for indicators of impairment in accordance with IAS 36. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group\u2019s incremental borrowing rate. The group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: \u2013 fixed payments, including in-substance fixed payments \u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2013 amounts expected to be payable under a residual value guarantee \u2013 the exercise price under a purchase option that the group is reasonably certain to exercise, lease payments in an optional renewal period if the group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the group is reasonably certain not to terminate early. The group\u2019s incremental borrowing rate of 5.642% is derived with reference to the group\u2019s subordinated loan notes (note 28), which is the only external financing on the consolidated balance sheet. Prior to the loan notes being refinanced in October 2021, the indicative rate used was 5.856%. The lease liability is subsequently measured by adjusting the carrying amount to reflect the interest charge, the lease payments made and any reassessment or lease modifications. The lease liability is remeasured if the group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Where the group is an intermediate lessor in a sub-lease, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Leases that qualify for the low-value asset exemption or short-term lease exemption do not fall within the scope of IFRS 16 and continue to be treated as off balance sheet. 1.9 SHARE-BASED PAYMENTS The group engages in equity-settled and cash-settled share-based payment transactions in respect of services received from its employees. Equity-settled awards For equity-settled share-based payments, the fair value of the award is measured by reference to the fair value of the shares or share options granted on the grant date. The cost of the employee services received in respect of the shares or share options granted is recognised in profit or loss over the vesting period, with a corresponding credit to equity. The fair value of the awards or options granted is determined using a binomial pricing model, which takes into account the current share price, the risk-free interest rate, the expected volatility of the company\u2019s share price over the life of the option or award, any applicable exercise price and other relevant factors. Only those vesting conditions that include terms related to market conditions are taken into account in estimating fair value. Non-market vesting conditions are taken into account by adjusting the number of shares or share options included in the measurement of the cost of employee services so that, ultimately, the amount recognised in profit or loss reflects the number of vested shares or share options, with a corresponding adjustment to equity. Where vesting conditions are related to market conditions, the charges for the services received are recognised regardless of whether or not the market-related vesting condition is met, provided that any non-market vesting conditions are also met. Shares purchased and issued are charged directly to equity. Cash-settled awards For cash-settled share-based payments, a liability is recognised for the services received, and the related employer\u2019s taxes, at the balance sheet date, measured at the fair value of the liability. At each subsequent balance sheet date and at the date on which the liability is settled, the fair value of the liability is remeasured with any changes in fair value recognised in profit or loss. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.10 TAXATION Current tax Current tax is the expected tax payable or receivable on net taxable income for the year. Current tax is calculated using tax rates enacted or substantively enacted by the balance sheet date, together with any adjustment to tax payable or receivable in respect of previous years. Deferred tax Deferred tax is accounted for under the balance sheet liability method in respect of temporary differences using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the liability is settled or when the asset is realised. Deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences may be utilised, except where the temporary difference arises: \u2013 from the initial recognition of goodwill; \u2013 from the initial recognition of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit, other than in a business combination; or \u2013 in relation to investments in subsidiaries and associates, where the group is able to control the reversal of the temporary difference and it is the group\u2019s intention not to reverse the temporary difference in the foreseeable future. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised: \u2013 in other comprehensive income if they relate to items recognised in other comprehensive income \u2013 directly in retained earnings if they relate to items recognised directly in retained earnings. 1.11 CASH AND CASH EQUIVALENTS Cash comprises cash in hand and demand deposits. Demand deposits include balances with central banks which are realisable on demand. Cash equivalents includes loans and advances to banks with a maturity of less than three months from the date of acquisition. For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts, which are included in the group\u2019s cash management. 1.12 FINANCIAL ASSETS Initial recognition and measurement Financial assets, excluding trade debtors, are initially recognised when the group becomes party to the contractual provisions of the asset. Trade debtors are recognised when cash is advanced to the borrowers. Financial assets are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition (except those assets classified at fair value through profit or loss). Trade debtors without a significant financing component are initially measured at the transaction price. Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Classification and subsequent measurement Financial assets are classified and measured in the following categories: \u2013 amortised cost Financial assets are measured at amortised cost if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is to hold assets to collect contractual cash flows. Assets are measured at amortised cost using the effective interest rate method (note 1.7), less any impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. \u2013 at fair value through other comprehensive income (FVOCI) Debt instruments are measured at FVOCI if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is both to hold assets to collect contractual cash flows and to sell the assets. For debt instruments, interest income is calculated using the effective interest method. For equity instruments, dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. All other gains and losses on assets at FVOCI are recognised in OCI. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED \u2013 at fair value through profit or loss (FVTPL) All equity instruments are measured at FVTPL unless the instrument is not held for trading, the group irrevocably elects to measure the instrument at FVOCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or FVOCI at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Business model assessment The group assesses the objective of the business model in which a financial asset is held at a portfolio level. The information considered includes: \u2013 the objectives for the portfolio and how those tie in to the current and future strategy of the group \u2013 how the performance of the portfolio is evaluated and reported to the group\u2019s management \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed \u2013 how group employees are compensated, e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Payments of principal and interest criterion In assessing whether the contractual cash flows are solely payments of principal and interest, the group considers: \u2013 the contractual terms of the instrument, checking consistency with basic lending criteria \u2013 the impact of the time value of money \u2013 features that would change the amount or timing of contractual cash flows \u2013 other factors, such as prepayment or extension features. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows have expired or the group has transferred substantially all the risks and rewards of ownership. Impairment of financial assets The group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost and FVOCI and loan commitments held off balance sheet. A financial asset will attract a loss allowance equal to either: \u2013 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2013 lifetime ECLs (losses resulting from possible defaults over the remaining life of the financial asset). The latter applies if there has been a significant deterioration in the credit quality of the asset; albeit lifetime ECLs will always be recognised for trade receivables, contract assets or lease receivables without a significant financing component. The maximum period considered when estimating ECLs is the maximum contractual period over which the group is exposed to credit risk. The group measures loss allowances at an amount equal to lifetime ECLs, except for treasury book and investment management loan book exposures (see note 33) for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. Loss allowances for trust and financial planning debtors are always measured at an amount equal to lifetime ECLs. When assessing whether the credit risk of a financial asset has increased significantly between the reporting date and initial recognition, quantitative and qualitative indicators are used. More detail can be found at note 33. Measurement of ECLs Treasury book and investment management loan book The group has developed a model for calculating ECLs on its treasury book and investment management loan book (which includes loan commitments held off balance sheet). The group has developed three different economic scenarios: a base case, an upside and a downside. The base case is assigned a 60% probability of occurring with the upside and downside each assigned a 20% probability of occurring. The economic scenarios are based on the projections of GDP, inflation, unemployment rates, house price indices, financial markets and interest rates as set out in the banking system stress testing scenario published annually by the PRA. Management adjust the projections for the economic variables in arriving at the upside and downside scenarios. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Under each resultant scenario, an ECL is forecast for each exposure in the treasury book and investment management loan book. The ECL is calculated based on management\u2019s estimate of the probability of default, the loss given default and the exposure at default of each exposure taking into account industry credit loss data, the group\u2019s own credit loss experience, the expected repayment profiles of the exposures and the level of collateral held. Industry credit loss information is drawn from data on credit defaults for different categories of exposure published by the Council of Mortgage Lenders and Standard & Poor\u2019s. The model adopts a staging allocation methodology, primarily based on changes in the internal and/or external credit rating of exposures to identify significant increases in credit risk since inception of the exposure. The group has not rebutted the presumption that if an exposure is more than 30 days past due, the associated credit risk has significantly increased. More detail on the group\u2019s staging criteria is provided in note 33. ECLs are discounted back to the balance sheet date at the effective interest rate of the asset. Trust and financial planning debtors The group\u2019s trust and financial planning debtors are generally short term and do not contain significant financing components. Therefore, the group has applied a practical expedient by using a provision matrix to calculate lifetime ECLs based on actual credit loss experience over the past four years. Credit-impaired financial assets At each reporting date, the group assesses whether financial assets carried at amortised cost and FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The group\u2019s definition of default is given in note 33. Presentation of impairment The carrying amount of financial assets measured at amortised cost is reduced by a loss allowance. The carrying value of assets measured at FVOCI, is not adjusted by loss allowance but instead the loss allowance is recorded in equity. Impairment losses related to the group\u2019s treasury book and investment management loan book are presented in \u2018interest expense and similar charges\u2019 and those related to all other financial assets (including trust and financial planning debtors) are presented under \u2018other operating expenses\u2019. No losses are presented separately on the statement of the comprehensive income and there have been no reclassifications of amounts previously recognised under IAS 39. 1.13 PROPERTY, PLANT AND EQUIPMENT All property, plant and equipment is stated at historical cost, which includes directly attributable acquisition costs, less accumulated depreciation and impairment losses. Depreciation is charged so as to write off the cost of assets to their estimated residual value over their estimated useful lives, using the straight-line method, on the following bases: \u2013 leasehold improvements: over the lease term \u2013 plant, equipment and computer hardware: over three to 10 years. The assets\u2019 residual lives are reviewed, and adjusted if appropriate, at each balance sheet date. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and these are included in profit or loss. 1.14 INTANGIBLE ASSETS Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units, which represent the lowest level at which goodwill is monitored for internal management purposes. Cash-generating units are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the group\u2019s operating segments, as set out in note 3. On disposal of a subsidiary the attributed amount of goodwill that has not been subject to impairment is included in the determination of the profit or loss on disposal. Client relationships Client relationships acquired as part of a business combination are initially recognised at fair value (note 1.4). Determining whether a transaction that involves the purchase of client relationships is treated as a business combination or a separate purchase of intangible assets requires judgement. The factors that the group takes into consideration in making this judgement are set out in note 2.1. Individually purchased client relationships are initially recognised at cost. Where a transaction to acquire client relationship intangibles includes an element of variable deferred consideration, an estimate is made of the value of consideration that will ultimately be paid. The client relationship intangible recognised on the balance sheet is adjusted for any subsequent change in the value of deferred consideration. Note 2.1 sets out the approach taken by the group where judgement is required to determine whether payments made for the introduction of client relationships should be capitalised as intangible assets or charged to profit or loss. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Client relationships are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives (normally 10 to 15 years, but not more than 15 years). Computer software and software development costs Costs incurred to acquire and bring to use computer software licences are capitalised and amortised through profit or loss over their expected useful lives (three to four years). Costs that are directly associated with the production of identifiable and unique software products controlled by the group are recognised as intangible assets when the group is expected to benefit from future use of the software and the costs are reliably measurable. Other costs of producing software are charged to profit or loss as incurred. Computer software development costs recognised as assets are amortised using the straight-line method over their useful lives (not exceeding four years). Where services provided by a software-as-a-service arrangement do not result in the recognition of an intangible asset, non-distinct configuration and customisation costs are expensed when access to the software is provided. The cost is spread over the contractual term. 1.15 IMPAIRMENT OF GOODWILL AND INTANGIBLE ASSETS At each balance sheet date, the group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. Goodwill is tested for impairment at least annually. For the purposes of impairment testing, goodwill is allocated to groups of cash-generating units. The carrying amount of each group of cash-generating units is compared to its value in use, calculated using a discounted cash flow method. If the recoverable amount of the group of cash-generating units is less than the carrying amount of the group of units, the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to that group of units and then to the other assets of the group of units pro rata on the basis of the carrying amount of each asset in the group of units. Client relationship intangibles are tested for impairment by comparing the fair value of funds under management and administration for each individually acquired client relationship (or, for client relationships acquired with a business combination, each acquired portfolio of clients) with their associated amortised value. An example of evidence of impairment would be lost client relationships. In determining whether a client relationship is lost, the group considers factors such as the level of funds withdrawn and the existence of other retained family relationships. When client relationships are lost, the full amount of unamortised cost is recognised immediately in profit or loss and the intangible asset is derecognised. If the recoverable amount of any asset other than goodwill or client relationships is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Any impairment loss is recognised immediately in profit or loss. 1.16 FINANCIAL LIABILITIES Initial recognition and measurement Financial liabilities are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue. Classification and subsequent measurement Financial liabilities are classified as measured at amortised cost or at fair value through profit or loss. The group has not designated any liabilities as fair value through profit or loss and holds no liabilities as held for trading. Financial liabilities are measured at amortised cost using the effective interest method (note 1.7). Amortised cost is calculated by taking into account any issue costs and any discounts or premiums on settlement. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Derecognition The group derecognises financial liabilities when its contractual obligations are discharged, cancelled or expired, or when the financial liability is substantially modified. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED 1.17 PROVISIONS AND CONTINGENT LIABILITIES Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of economic benefits, that can be reliably estimated, will occur. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Contingent liabilities are possible obligations that depend on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless the likelihood of crystallisation is judged to be remote. 1.18 RETIREMENT BENEFIT OBLIGATIONS ON RETIREMENT BENEFIT SCHEMES The group\u2019s net liability/asset in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior years; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. The cost of providing benefits under defined benefit plans is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date. Net remeasurements of the defined benefit liability/asset are recognised in full in the period in which they occur in other comprehensive income. Past service costs or gains are recognised in profit or loss immediately in the period of a plan amendment. Interest income on defined benefit assets and interest expense on the defined benefit obligations are also recognised in profit or loss in the period. The amount recognised in the balance sheet for death-in-service benefits represents the present value of the estimated obligation, reduced by the extent to which any future liabilities will be met by insurance policies. The company determines the net interest on the net defined benefit liability/asset for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined benefit liability/asset. Contributions to defined contribution retirement benefit schemes are charged to profit or loss as an expense as they fall due. 1.19 SEGMENTAL REPORTING The group determines and presents operating segments based on the information that is provided internally to the group executive committee, which is the group\u2019s chief operating decision-maker. Operating segments are organised around the services provided to clients. No operating segments have been aggregated in the group\u2019s financial statements. Transactions between operating segments are reported within the income or expenses for those segments; intra-segment income and expenditure is eliminated at group level. Indirect costs are allocated between segments in proportion to the principal cost driver for each category of indirect costs that is generated by each segment. 1.20 FIDUCIARY ACTIVITIES The group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. Such assets and income arising thereon are excluded from these financial statements, as they are not assets of the group. Largely as a result of cash and settlement processing, the group holds money on behalf of some clients in accordance with the Client Money Rules of the Financial Conduct Authority, the Jersey Financial Services Commission and the Solicitors\u2019 Accounts Rules issued by the Solicitors Regulation Authority, as applicable. Such monies and the corresponding amounts due to clients are not shown on the balance sheet as the group is not beneficially entitled to them. 1.21 MERGER RESERVE The merger reserve is used where more than 90% of the share capital in a subsidiary is acquired, and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under Section 612 of the Companies Act 2006. 1.22 FAIR VALUE MEASUREMENT The fair values of quoted financial instruments in active markets are based on current bid prices. Such instruments would be included in level 1 of the fair value hierarchy. If an active market for a financial asset does not exist, the group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s-length transactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants. These instruments would be classified under level 3 in the fair value hierarchy. The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. 2 / CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The group makes judgements and estimates that affect the application of the group\u2019s accounting policies and reported amounts of assets, liabilities, income and expenses within the next financial year. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following key accounting policies involve critical judgements made in applying the accounting policy and involve material estimation uncertainty. 2.1 CLIENT RELATIONSHIP INTANGIBLES (NOTE 22) Critical judgements Client relationship intangibles purchased through corporate transactions When the group purchases client relationships through transactions with other corporate entities, a judgement is made as to whether the transaction should be accounted for as a business combination or as a separate purchase of intangible assets. In making this judgement, the group assesses the assets, liabilities, operations and processes that were the subject of the transaction against the definition of a business combination in IFRS 3. In particular, consideration is given to whether ownership of a corporate entity has been acquired, among other factors. Payments to newly recruited investment managers The group assesses whether payments made to newly recruited investment managers under contractual agreements represent payments for the acquisition of client relationship intangibles or remuneration for ongoing services provided to the group. If these payments are incremental costs of acquiring investment management contracts and are deemed to be recoverable (i.e. through future revenues earned from the funds that transfer), they are capitalised as client relationship intangibles (note 22). Otherwise, they are judged to be in relation to the provision of ongoing services and are expensed in the period in which they are incurred. Upfront payments made to investment managers upon joining are expensed as they are not judged to be incremental costs for acquiring the client relationships. Estimation uncertainty Amortisation of client relationship intangibles The group makes estimates as to the expected duration of client relationships to determine the period over which related intangible assets are amortised. The amortisation period is estimated with reference to historical data on account closure rates and expectations that these will continue in the future. During the year, client relationship intangible assets were amortised over a 10-to-15-year period. Amortisation of \u00a319.5 million (2021: \u00a315.6 million was charged during the year). At 31 December 2022, the carrying value of client relationship intangibles was \u00a3175.0 million (2021: \u00a3193.6 million). A reduction of three years in the amortisation period of the group\u2019s client relationship intangible assets would increase the annual amortisation charge by \u00a37.7 million. 2.2 RETIREMENT BENEFIT OBLIGATIONS (NOTE 29) Estimation uncertainty The principal assumptions underlying the reported surplus of \u00a39,401,000 (2021: \u00a312,287,000 surplus) are set out in note 29. In setting these assumptions, the group makes estimates about a range of long-term trends and market conditions to determine the value of the surplus or deficit on its retirement benefit schemes, based on the group\u2019s expectations of the future and advice taken from qualified actuaries. Long-term forecasts and estimates are necessarily highly subjective and subject to risk that actual events may be significantly different to those forecast. If actual events deviate from the assumptions made by the group then the reported surplus or deficit in respect of retirement benefit obligations may be materially different. The sensitivities of the retirement benefit obligations to changes in all of the underlying estimates are set out in note 29. Of these, the most sensitive assumption is the discount rate used to measure the defined benefit obligation. Increasing the discount rate by 0.5% would decrease the schemes\u2019 liabilities by \u00a37,095,000 (2021: \u00a314,966,000). Increasing the future rate of inflation by 0.5% would increase the schemes\u2019 liabilities by \u00a34,990,000 (2021: \u00a312,639,000). A lower or higher movement in these assumptions would result in multiples of these figures. A 0.5% decrease would have the opposite effect of a similar magnitude. 2.3 BUSINESS COMBINATIONS (NOTE 8) Estimation uncertainty During the prior year, the group acquired the entire share capital of Saunderson House Limited. The group accounted for the transaction as a business combination, as set out in note 8. The purchase price payable in respect of the acquisition was split into a number of different components. The equity-settled deferred payments that are contingent on the recipients remaining employees of the group for a specific period are accounted for as remuneration for ongoing services in employment. The group\u2019s estimate of the amounts ultimately payable will be expensed over the deferral period. Fair value of consideration transferred The Saunderson House management incentive scheme is subject to the achievement of certain operational and performance targets at 31 December 2024. A profit or loss charge has been recognised in equity for the expected consideration payable. Under the terms of the agreements, the award ranges from a payment of \u00a3nil to a maximum possible payment in shares of \u00a37.2 million, and is dependent on the value of qualifying funds under management at the test date, which must achieve a minimum threshold of \u00a35.0 billion, as well as other qualitative factors. Management\u2019s best estimate of this award at the year end was \u00a34.7 million, and is based on expected qualifying funds under management at 31 December 2024 of \u00a35.0 billion. The maximum award of \u00a37.2 million would result in an additional charge to profit or loss in 2022 of \u00a30.7 million. A payment of \u00a3nil would result in a reversal of the accumulated profit or loss charge since commencement of the award of \u00a31.7 million in 2022. 3 / SEGMENTAL INFORMATION For management purposes, the group is organised into two operating divisions: Investment Management and Funds. Centrally incurred indirect expenses are allocated to these operating segments on the basis of the cost drivers that generate the expenditure; principally, these are the headcount of staff directly involved in providing those services from which the segment earns revenues, the value of funds under management and administration and the segment\u2019s total revenue. The allocation of these costs is shown in a separate column in the table below, alongside the information presented for internal reporting to the group executive committee, which is the group\u2019s chief operating decision-maker. 31 December 2022 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Indirect expenses \u00a3\u2019000 Total \u00a3\u2019000 Net investment management fee income 274,881 62,158 \u2013 337,039 Net commission income 48,871 \u2013 \u2013 48,871 Net interest income 17,779 524 \u2013 18,303 Fees from advisory services and other income 51,393 269 \u2013 51,662 Operating income 392,924 62,951 \u2013 455,875 Staff costs \u2212 fixed (109,507) (6,938) (42,035) (158,480) Staff costs \u2212 variable (66,915) (11,240) (8,917) (87,072) Total staff costs (176,422) (18,178) (50,952) (245,552) Other direct expenses (41,494) (9,570) (62,199) (113,263) Allocation of indirect expenses (104,363) (8,788) 113,151 \u2013 Underlying operating expenses (322,279) (36,536) \u2013 (358,815) Underlying profit before tax 70,645 26,415 \u2013 97,060 Charges in relation to client relationships and goodwill (note 22) (19,544) \u2013 \u2013 (19,544) Acquisition-related costs (note 9) (10,027) \u2013 ( 3,436) (13,462) Segment profit before tax 41,074 26,415 (3,436) 64,054 Profit before tax attributable to equity holders of the company 64,054 Taxation (note 11) (15,070) Profit for the year attributable to equity holders of the company 48,984 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Total \u00a3\u2019000 Segment total assets 3,323,428 114,371 3,437,799 Unallocated assets 9,401 Total assets 3,447,2003 / SEGMENTAL INFORMATION CONTINUED
31 December 2021
Investment
Management
\u00a3\u2019000
Funds
\u00a3\u2019000
Indirect expenses
\u00a3\u2019000
Total
\u00a3\u2019000
Net investment management fee income 288,089 61,289 \u2013 349,378
Net commission income 53,596 \u2013 \u2013 53,596
Net interest income 3,874 2 \u2013 3,876
Fees from advisory services and other income 27,265 1,812 \u2013 29,077
Operating income 372,824 63,103 \u2013 435,927
Staff costs \u2212 fixed (89,343) (5,210) (35,260) (129,813)
Staff costs \u2212 variable (61,872) (16,833) (11,426) (90,131)
Total staff costs (151,215) (22,043) (46,686) (219,944)
Other direct expenses
(37,488) (10,084) (47,692) (95,264)
Allocation of indirect expenses (85,767) (8,611) 94,378 \u2013
Underlying operating expenses (274,470) (40,738) \u2013 (315,208)
Underlying profit before tax 98,354 22,365 \u2013 120,719
Charges in relation to client relationships and goodwill (note 22) (15,595) \u2013 \u2013 (15,595)
Acquisition-related costs (note 9) (9,635) \u2013 (454) (10,089)
Segment profit before tax 73,124 22,365 (454) 95,035
Profit before tax attributable to equity holders of the company 95,035
Taxation (note 11) (19,806)
Profit for the year attributable to equity holders of the company
75,229
Investment
Management
\u00a3\u2019000
Funds
\u00a3\u2019000
Total
\u00a3\u2019000
Segment total assets 3,132,898 126,568 3,259,466
Unallocated assets 12,287
Total assets 3,271,753
The following table reconciles underlying operating expenses to operating expenses:
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Underlying operating expenses 358,815 315,208
Charges in relation to client relationships and goodwill (note 22) 19,544 15,595
Acquisition-related costs (note 9) 13,462 10,089
Operating expenses 391,821 340,892
3 / SEGMENTAL INFORMATION CONTINUED GEOGRAPHIC ANALYSIS The following table presents operating income analysed by the geographical location of the group entity providing the service: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 441,977 421,386 Jersey 13,842 14,541 Rest of the World 56 \u2013 Operating income 455,875 435,927 The following is an analysis of the carrying amount of non-current assets analysed by the geographical location of the assets: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 404,604 429,345 Jersey 3,363 3,796 Non-current assets 407,967 433,141 TIMING OF REVENUE RECOGNITION The following table presents operating income analysed by the timing of revenue recognition of the operating segment providing the service: 2022 2021 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Products and services transferred at a point in time 41,192 \u2013 44,190 \u2013 Products and services transferred over time 351,732 62,951 327,486 64,251 Operating income 392,924 62,951 371,676 64,251 MAJOR CLIENTS The group is not reliant on any one client or group of connected clients for generation of revenues. 4 / NET INTEREST INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income Cash and balances with central banks 23,715 1,694 Fair value through profit or loss investment securities (2) (7) Amortised cost investment securities 12,769 1,732 Loans and advances to banks 3,492 284 Loans and advances to customers 6,361 4,007 46,335 7,710 Interest expense Due to customers (22,755) (186) Lease liabilities (3,061) (3,134) Subordinated loan notes (note 28) (2,255) (1,241) Credit impairment reversals 39 727 (28,032) (3,834) Net interest income 18,303 3,876 With the exception of credit impairment reversals, which are calculated as described in note 33, all net interest income is calculated using the effective interest method (note 1.7). The significant increase in net interest income in the year is due to an increase in market interest rates and a reallocation of treasury assets. 5 / NET FEE AND COMMISSION INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fee and commission income Investment Management 394,463 389,252 Funds 68,226 68,444 462,689 457,696 Fee and commission expense Investment Management (23,325) (24,171) Funds (4,152) (4,891) (27,477) (29,062) Net fee and commission income 435,212 428,634 6 / OTHER OPERATING INCOME OTHER OPERATING INCOME Other operating income of \u00a32,360,000 (2021: \u00a33,417,000) comprised gains and losses from fair value through profit or loss equity securities of \u00a3460,000 (2021: \u00a3829,000), rental income of \u00a3629,000 from sub-leases on certain properties leased by group companies (2021: \u00a3646,000) and sundry income. 7 / OPERATING EXPENSES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs (note 10) 245,553 219,944 Depreciation of property, plant and equipment (note 19) 4,749 4,263 Depreciation of right-of-use assets (note 20) 5,602 4,985 Amortisation of internally generated intangible assets (note 22) 1,488 1,383 Amortisation and impairment of purchased software (note 22) 3,559 5,053 Auditor's remuneration (see below) 1,133 1,241 Impairment (recoveries)/charges on loans and advances to customers (note 33) (45) 14 Rental charge 2,090 1,944 Other 94,686 76,381 Other operating expenses 358,815 315,208 Charges in relation to client relationships and goodwill (note 22) 19,544 15,595 Acquisition-related costs (note 9) 13,462 10,089 Total operating expenses 391,821 340,892 Other expenses largely comprise costs relating to software and IT support, property, recruitment and other staff costs, subscriptions and licenses, insurance and regulatory fees, and legal and professional fees. A more detailed analysis of auditor\u2019s remuneration is provided below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable to the company\u2019s auditor for the audit of the company\u2019s annual financial statements 121 152 Fees payable to the company\u2019s auditor and their associates for other services to the group: \u2013 audit of the company\u2019s subsidiaries pursuant to legislation 580 669 \u2013 audit-related assurance services 432 420 \u2013 other services \u2013 \u2013 1,133 1,241 Of the above, audit-related services for the year incurred by the prevailing statutory auditor totalled \u00a31,133,000 (2021: \u00a31,241,000). Audit-related assurance services includes costs relating to audits of the group\u2019s client money and independent reporting to third parties on internal controls under ISAE 3402. 8 / BUSINESS COMBINATIONS SPEIRS & JEFFREY On 31 August 2018, the group acquired 100% of the ordinary share capital of Speirs & Jeffrey Limited (\u2018Speirs & Jeffrey\u2019). Other deferred payments The group has now provided for the total cost of deferred and contingent payments to be made to vendors for the sale of the shares of Speirs & Jeffrey. These payments required the vendors to remain in employment with the group for the duration of the respective deferral periods. Hence, they have been treated as remuneration for post-combination services and the grant date fair value has been charged to profit or loss over the respective vesting periods. The group continues to provide for related incentivisation awards for other staff. The payments are to be made in shares and have been accounted for as equity-settled share- based payments under IFRS 2: \u2013 initial share consideration was payable on completion. However, although the shares were issued on the date of acquisition, they vested during the prior year at the third anniversary of the acquisition date. \u2013 earn-out consideration and related incentivisation awards were subject to the delivery of certain operational and financial performance targets. The earn-out awards for the vendors were payable in two parts in the third and fourth years following the acquisition date. The second earn-out vested during the prior year. The incentivisation awards for staff will vest in tranches by 31 March 2025. The charge recognised in profit or loss for the year ended 31 December 2022 for the above elements is as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Initial share consideration \u2013 4,533 Earn-out consideration and incentivisation awards 3,497 1,430 3,497 5,963 These costs are being reported as staff costs within acquisition-related costs (see note 9). 8 / BUSINESS COMBINATIONS CONTINUED SAUNDERSON HOUSE On 20 October 2021, the group acquired 100% of the ordinary share capital of the Saunderson House group. CONSIDERATION TRANSFERRED The following table summarises the acquisition date fair value of each class of consideration transferred: Fair value \u00a3'000 Initial cash consideration 87,981 Deferred cash consideration 10,873 Total consideration 98,854 Total consideration comprised an initial cash payment of \u00a387,981,000, which was paid on 20 October 2021. The net assets acquired from the Saunderson House group included third- party debt of \u00a345,208,000. This debt was repaid by Rathbones Group Plc immediately following completion. The repayment of the debt did not represent consideration paid to acquire the business. The deferred cash consideration was paid during the year on the first anniversary of the acquisition date to vendors not required to remain in employment with the group. This has been classified within net cash used in investing activities in the consolidated statement of cash flows, as it was a payment in respect of acquiring the shares in Saunderson House. OTHER DEFERRED PAYMENTS The sale and purchase agreement details other deferred and contingent payments to be made to the vendors for the sale of the shares of Saunderson House. However, these payments require the recipients to remain in employment with the group for the duration of the respective deferral periods. Hence, they are being treated as remuneration for post- combination services, and the cost charged to profit or loss over the respective vesting periods. Details of each of these elements is as follows: Gross amount \u00a3'000 Grant date Grant date fair value \u00a3'000 Vesting date Initial share consideration 5,223 20 October 2021 5,454 20 October 2024 Deferred share consideration 4,052 20 October 2021 4,051 20 October 2022 Management incentive scheme 4,700 20 December 2021 4,100 31 December 2024 All of these payments are to be made 100% in shares and are being accounted for as equity- settled share-based payments under IFRS 2. \u2013 Initial share consideration of \u00a35,223,000 was issued on the date of acquisition, however does not vest until the third anniversary of the acquisition date, subject to the vendors remaining employed until this date. As the share issuance is in pursuance of the arrangement to acquire the shares of the Saunderson House group, the premium of \u00a35,209,000 on the issuance of these shares has been recognised within the merger reserve. \u2013 Deferred share consideration of \u00a34,052,000 was paid during the year on the first anniversary of the acquisition date, and was subject to the vendors remaining in employment with the group. \u2013 An incentive plan is in place for the Saunderson House senior management team, which is subject to certain operational and financial performance targets. The consideration vests in the fourth year following the acquisition date. The gross amount represents management\u2019s best estimate as to the extent to which these targets will be achieved. The award ranges from a minimum payment of \u00a3nil to a cap of \u00a37.2 million (see note 2.3). These costs are being reported as staff costs within acquisition-related costs (see note 9). 9 / ACQUISITION-RELATED COSTS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Acquisition of Speirs & Jeffrey 3,497 6,418 Acquisition of Saunderson House 9,965 3,671 Acquisition-related costs 1 3,462 10,089 COSTS RELATING TO THE ACQUISITION OF SPEIRS & JEFFREY The group has incurred the following costs in relation to the 2018 acquisition of Speirs & Jeffrey, summarised by the following classification within the income statement: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Acquisition costs: \u2013 Staff costs (note 10) 3,497 5,964 \u2013 Legal and advisory fees \u2013 5 Integration costs \u2013 449 3,497 6,418 Non-staff acquisition costs of \u00a3nil (2021: \u00a35,000) and integration costs of \u00a3nil (2021: \u00a3449,000) have not been allocated to a specific operating segment (note 3). 9 / ACQUISITION-RELATED COSTS CONTINUED COSTS RELATING TO THE ACQUISITION OF SAUNDERSON HOUSE The group has incurred the following costs in relation to the acquisition of Saunderson House, summarised by the following classification within the income statement: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Acquisition costs: \u2013 Staff costs (note 10) 6,529 1,406 \u2013 Legal and advisory fees \u2013 2,265 Integration costs 3,436 \u2013 9,965 3,671 Integration costs of \u00a33,436,000 (2021: \u00a3nil ) have not been allocated to a specific operating segment (note 3). 10 / STAFF COSTS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 189,453 172,921 Social security costs 25,207 23,231 Acquisition-related equity-settled share-based payments (note 9) 10,026 7,370 Other equity-settled share-based payments 15,860 11,599 Pension costs (note 29): \u2013 Defined benefit schemes (258) 105 \u2013 Defined contribution schemes 15,291 12,088 15,033 12,193 Total staff costs 255,579 227,314 Acquisition-related staff costs (10,026) (7,370) Underlying staff costs (note 3) 245,553 219,944 The average number of employees, on a full-time-equivalent basis, during the year was as follows: 2022 2021 Investment Management: \u2013 investment management services 1,305 1,096 \u2013 advisory services 155 137 Funds 50 43 Shared services 543 463 2,053 1,739 11 / INCOME TAX EXPENSE 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current tax: \u2013 charge for the year 16,482 23,796 \u2013 adjustments in respect of prior years 275 86 Deferred tax (note 21): \u2013 credit for the year (1,261) (3,793) \u2013 adjustments in respect of prior years (426) (283) 15,070 19,806 The tax charge is calculated based on our best estimate of the amount payable as at the balance sheet date. Any subsequent differences between these estimates and the actual amounts paid are recorded as adjustments in respect of prior years. The tax charge on profit for the year is higher (2021: higher) than the standard rate of corporation tax in the UK of 19.0% (2021: 19.0%). The differences are explained below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Tax on profit from ordinary activities at the standard rate of 19.0% (2021: 19.0%) 12,170 18,057 Effects of: \u2013 disallowable expenses 904 984 \u2013 share-based payments (13) 87 \u2013 tax on overseas earnings (170) (56) \u2013 adjustments in respect of prior year (151) (197) \u2013 deferred payments to previous owners of acquired companies (note 9) 1,247 935 \u2013 change in corporation tax rate on deferred tax 1,083 (4) 15,070 19,806 \u00a3102,000 of current tax on share-based payments was charged to equity during the year (2021: credit of \u00a362,000). 12 / DIVIDENDS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Amounts recognised as distributions to equity holders in the year: \u2013 final dividend for the year ended 31 December 2021 of 54.0p (2020: 47.0p) per share 32,054 25,938 \u2013 interim dividend for the year ended 31 December 2022 of 28.0p (2021: 27.0p) per share 16,553 18,022 Dividends paid in the year of 82.0p (2021: 74.0p) per share 48,607 43,960 Proposed final dividend for the year ended 31 December 2022 of 56.0p (2021: 54.0p) per share 32,764 31,479 An interim dividend of 28.0p per share was paid on 4 October 2022 to shareholders on the register at the close of business on 2 September 2022 (2021: 27.0p). A final dividend declared of 56.0p per share (2021: 54.0p) is payable on 9 May 2023 to shareholders on the register at the close of business on 21 April 2023. The final dividend is subject to approval by shareholders at the Annual General Meeting on 4 May 2023 and has not been included as a liability in these financial statements. 13 / EARNINGS PER SHARE Earnings used to calculate earnings per share on the bases reported in these financial statements were: 2022 2021 Pre-tax \u00a3\u2019000 Taxation \u00a3\u2019000 Post-tax \u00a3\u2019000 Pre-tax \u00a3\u2019000 Taxation \u00a3\u2019000 Post-tax \u00a3\u2019000 Underlying profit attributable to shareholders 97,060 (20,384) 76,676 120,719 (23,732) 96,987 Charges in relation to client relationships and goodwill (note 22) (19,544) 3,713 (15,831) (15,595) 2,963 (12,632) Acquisition-related costs (note 9) (13,462) 1,601 (11,861) (10,089) 963 (9,126) Profit attributable to shareholders 64,054 (15,070) 48,984 95,035 (19,806) 75,229 Basic earnings per share has been calculated by dividing profit attributable to shareholders by the weighted average number of shares in issue throughout the year, excluding own shares, of 58,618,521 (2021: 56,334,784). Diluted earnings per share is the basic earnings per share, adjusted for the effect of contingently issuable shares under the Saunderson House initial share consideration and Executive Incentive Plan, employee share options remaining capable of exercise, and any dilutive shares to be issued under the Share Incentive Plan, all weighted for the relevant period. 2022 2021 Weighted average number of ordinary shares in issue during the year \u2013 basic 58,618,521 56,334,784 Effect of ordinary share options/Save As You Earn 595,055 521,955 Effect of dilutive shares issuable under the Share Incentive Plan 671 237,776 Effect of contingently issuable shares under the Executive Incentive Plan 563,816 811,508 Effect of contingently issuable shares under Saunderson House initial share consideration (note 8) 272,952 272,952 Diluted ordinary shares 60,051,015 58,178,975 2022 2021 Earnings per share for the year attributable to equity holders of the company: \u2013 basic 83.6p 133.5p \u2013 diluted 81.6p 129.3p Underlying earnings per share for the year attributable to equity holders of the company: \u2013 basic 130.8p 172.2p \u2013 diluted 127.7p 166.7p Underlying earnings per share is calculated in the same way as earnings per share, but by reference to underlying profit attributable to shareholders. 14 / CASH AND BALANCES WITH CENTRAL BANKS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Balances with central banks 1,412,951 1,463,377 Less impairment loss allowance (36) (83) 1,412,915 1,463,294 The fair value of balances with central banks is not materially different from their carrying amount. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: \u2013 on demand 1,408,000 1,460,000 \u2013 within 1 year but over 3 months 4,951 3,377 Less impairment loss allowance (36) (83) 1,412,915 1,463,294 Amounts include balances: \u2013 with variable interest rates 1,408,000 1,460,000 \u2013 which are non-interest-bearing 4,951 3,377 Less impairment loss allowance (36) (83) 1,412,915 1,463,294 The group\u2019s exposure to credit risk arising from cash and balances with central banks is described in note 33. 15 / LOANS AND ADVANCES TO BANKS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current accounts 164,723 173,589 Fixed term deposits/notice accounts 30,000 30,000 Less impairment loss allowance \u2013 \u2013 194,723 203,589 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: on demand 164,723 173,589 within 3 months or less excluding on demand \u2013 \u2013 within 1 year but over 3 months 30,000 30,000 Less impairment loss allowance \u2013 \u2013 194,723 203,589 Amounts include loans and advances: with variable interest rates 194,463 203,417 with fixed interest rates \u2013 \u2013 which are non-interest-bearing 260 172 Less impairment loss allowance \u2013 \u2013 194,723 203,589 The fair value of loans and advances is not materially different to their carrying amount. Fair value has been calculated as the discounted amount of estimated future cash flows expected to be received using current market rates. Loans and advances to banks included in cash and cash equivalents at 31 December 2022 were \u00a3164,723,000 (note 38) (2021: \u00a3173,589,000). The group\u2019s exposure to credit risk arising from loans and advances to banks is described in note 33. 16 / LOANS AND ADVANCES TO CUSTOMERS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Overdrafts 6,540 7,022 Investment management loan book 159,694 167,981 Trust and financial planning debtors 3,154 4,208 Other debtors 511 864 Less impairment loss allowance (133) (235) 169,766 179,840 16 / LOANS AND ADVANCES TO CUSTOMERS CONTINUED The fair value of loans and advances to customers is not materially different to their carrying amount. Fair value has been calculated as the discounted amount of estimated future cash flows expected to be received using current market rates. Debtors arising from the trust and financial planning businesses are non-interest-bearing. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: \u2013 on demand 8,208 8,199 \u2013 within 3 months or less excluding on demand 3,148 4,565 \u2013 within 1 year but over 3 months 2,281 2,621 \u2013 within 5 years but over 1 year 156,262 164,690 Less impairment loss allowance (133) (235) 169,766 179,840 Amounts include loans and advances: \u2013 with variable interest rates 165,988 174,401 \u2013 which are non-interest-bearing 3,911 5,674 Less impairment loss allowance (133) (235) 169,766 179,840 The group\u2019s exposure to credit risk arising from loans and advances to customers is described in note 33. 17 / INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Equity securities: \u2013 listed 8,068 7,376 \u2013 unlisted 3,146 2,558 Money market funds: \u2013 unlisted \u2013 20,000 11,214 29,934 AMORTISED COST 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Debt securities: \u2013 unlisted 1,045,257 761,682 Less impairment loss allowance (23) (28) 1,045,234 761,654 Debt securities comprise certificates of deposit that are all due to mature within one year (2021: all), and treasury bills that are due to mature within one year (2021: none). Fair value through profit or loss securities include money market funds and direct holdings in equity securities. Equity securities comprises units in Rathbone Unit Trust Management managed funds and Euroclear shares. Equity securities do not bear interest. Money market funds, which declare daily dividends that are in the nature of interest at a variable rate and which are realisable on demand, have been included within cash equivalents (note 38). The fair value of debt securities is disclosed in note 33. The change in the group\u2019s holdings of investment securities in the year is summarised below. Fair value through profit or loss \u00a3\u2019000 Amortised cost \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 107,559 651,427 758,986 Additions 56,658 930,728 987,386 Disposals (sales and redemptions) (134,924) (821,100) (956,024) Foreign exchange movements (188) 519 331 Gain from changes in fair value 829 \u2013 829 Increase in impairment loss allowance \u2013 80 80 At 1 January 2022 29,934 761,654 791,588 Additions 2,497 1,259,979 1,262,476 Disposals (sales and redemptions) (20,913) (983,481) (1,004,394) Foreign exchange movements 159 7,077 7,236 Loss from changes in fair value (463) \u2013 (463) Increase in impairment loss allowance \u2013 5 5 At 31 December 2022 11,214 1,045,234 1,056,448 Included within fair value through profit or loss are additions of \u00a32,497,000 (2021: \u00a31,658,000) and \u00a3913,000 (2021: \u00a3690,000) of disposals of financial instruments that are not classified as cash and cash equivalents. 18 / PREPAYMENTS, ACCRUED INCOME AND OTHER ASSETS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Work in progress 9,549 9,943 Prepayments and other assets 24,496 19,507 Accrued income 92,642 86,542 126,687 115,992 Other assets include temporary client receivables, which are subject to daily movements as a result of outstanding client transactions. Work in progress reflects time and materials charged at year end but not invoiced to clients. 19 / PROPERTY, PLANT AND EQUIPMENT Short term leasehold improvements \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 22,609 23,689 46,298 Additions 261 1,738 1,999 Acquisitions through business combinations (note 8) 578 3,765 4,343 Disposals \u2013 (1,987) (1,987) At 1 January 2022 23,448 27,205 50,653 Additions 1,341 3,030 4,371 Disposals (440) (1,149) (1,589) At 31 December 2022 24,349 29,086 53,435 Depreciation At 1 January 2021 11,781 19,671 31,452 Charge for the year 2,004 2,259 4,263 Acquisitions through business combinations (note 8) 507 3,318 3,825 Disposals \u2013 (1,946) (1,946) At 1 January 2022 14,292 23,302 37,594 Charge for the year 1,970 2,779 4,749 Disposals (439) (1,156) (1,595) At 31 December 2022 15,823 24,925 40,748 Carrying amount at 31 December 2022 8,526 4,161 12,687 Carrying amount at 31 December 2021 9,156 3,903 13,059 Carrying amount at 1 January 2021 10,828 4,018 14,846 20 / RIGHT-OF-USE ASSETS Property \u00a3'000 Motor vehicles and equipment \u00a3'000 Total \u00a3'000 Cost At 1 January 2021 54,468 41 54,509 Additions 3,505 354 3,859 Acquisitions through business combinations (note 8) 451 \u2013 451 Disposals (81) (24) (105) Other movements (284) \u2013 (284) At 1 January 2022 58,059 371 58,430 Additions 3,695 \u2013 3,695 Disposals (764) (17) (781) Other movements (2,894) \u2013 (2,894) At 31 December 2022 58,096 354 58,450 Depreciation and impairment 1 January 2021 9,625 28 9,653 Charge for the year 4,953 34 4,987 Disposals (81) (24) (105) Other movements \u2013 \u2013 \u2013 At 1 January 2022 14,497 38 14,535 Charge for the year 5,484 118 5,602 Disposals (757) (17) (774) Other movements \u2013 \u2013 \u2013 At 31 December 2022 19,224 139 19,363 Carrying amount at 31 December 2022 38,872 215 39,087 Carrying amount at 31 December 2021 43,562 333 43,895 Carrying amount at 1 January 2021 44,843 13 44,856 The group recognised a charge of \u00a34,400 in profit or loss during the year in respect of short- term leases and low-value assets (2021: \u00a310,200). 21 / NET DEFERRED TAX ASSET/ (LIABILITY) The UK Government legislated in the Finance Act 2021 to increase the UK corporation tax rate to 25.0% in 2023. The Finance Act 2021 was enacted on 10 June 2021. This has been reflected in the deferred tax calculations. Deferred income taxes are calculated on all temporary differences under the liability method using the rate expected to apply when the relevant timing differences are forecast to unwind. The movement on the deferred tax account is as follows: Deferred capital allowances \u00a3\u2019000 Pensions \u00a3\u2019000 Share-based payments \u00a3\u2019000 Staff- related costs \u00a3\u2019000 Fair value through profit or loss \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 As at 1 January 2022 3,791 (2,336) 9,684 7,261 (798) (31,413) (13,811) Recognised in profit or loss in respect of: current year 43 (797) 915 236 73 1,873 2,343 prior year 205 \u2013 94 127 \u2013 \u2013 426 change in rate 13 (2,579) 159 1,553 (229) \u2013 (1,083) Total 261 (3,376) 1,168 1,916 (156) 1,873 1,686 Recognised in other comprehensive income in respect of: current year \u2013 1,346 \u2013 \u2013 \u2013 \u2013 1,346 prior year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 change in rate \u2013 2,015 \u2013 \u2013 \u2013 \u2013 2,015 Total \u2013 3,361 \u2013 \u2013 \u2013 \u2013 3,361 Recognised in equity in respect of: current year \u2013 \u2013 1,229 \u2013 \u2013 \u2013 1,229 prior year \u2013 \u2013 (12) \u2013 \u2013 \u2013 (12) change in rate \u2013 \u2013 21 \u2013 \u2013 \u2013 21 Total \u2013 \u2013 1,238 \u2013 \u2013 \u2013 1,238 Business combinations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 As at 31 December 2022 4,052 (2,351) 12,090 9,177 (954) (29,540) (7,526) Deferred capital allowances \u00a3\u2019000 Pensions \u00a3\u2019000 Share-based payments \u00a3\u2019000 Staff- related costs \u00a3\u2019000 Fair value through profit or loss \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 Deferred tax assets 4,052 \u2013 12,090 9,177 \u2013 \u2013 25,319 Deferred tax liabilities \u2013 (2,351) \u2013 \u2013 (954) (29,540) (32,845) As at 31 December 2022 4,052 (2,351) 12,090 9,177 (954) (29,540) (7,526) 21 / NET DEFERRED TAX ASSET/ (LIABILITY) CONTINUED
Deferred
capital
allowances
\u00a3\u2019000
Pensions
\u00a3\u2019000
Share-based
payments
\u00a3\u2019000
Staff-
related
costs
\u00a3\u2019000
Fair value
through
profit or loss
\u00a3\u2019000
Intangible
assets
\u00a3\u2019000
Total
\u00a3\u2019000
As at 1 January 2021 2,634 1,857 4,364 5,624 (701) (10,436) 3,342
Recognised in profit or loss in respect of: \u2013
current year 110 (946) 2,170 1,476 (97) 1,083 3,796
prior year 119 \u2013 3 161 \u2013 \u2013 283
change in rate 934 \u2013 1,736 \u2013 \u2013 (2,666) 4
Total 1,163 (946) 3,909 1,637 (97) (1,583) 4,083
Recognised in other comprehensive income in respect of:
current year \u2013 (3,247) \u2013 \u2013 \u2013 \u2013 (3,247)
prior year \u2013 \u2013 \u2013 \u2013 \u2013\u2013 \u2013
Total \u2013 (3,247) \u2013 \u2013 \u2013 \u2013 (3,247)
Recognised in equity in respect of:
current year \u2013 \u2013 1,211 \u2013 \u2013 \u2013 1,211
prior year \u2013 \u2013 (8) \u2013 \u2013 \u2013 (8)
change in rate
\u2013 \u2013208 \u2013 \u2013 \u2013208
Total \u2013 \u2013 1,411 \u2013 \u2013 \u2013 1,411
Business combinations \u2013 \u2013 \u2013 \u2013 \u2013 (19,394) (19,394)
Total
(6) \u2013 \u2013 \u2013 \u2013 (19,394) (19,400)
As at 31 December 2021 3,791 (2,336) 9,684 7,261 (798) (31,413) (13,811)
Deferred
capital
allowances
\u00a3\u2019000
Pensions
\u00a3\u2019000
Share-based
payments
\u00a3\u2019000
Staff-
related
costs
\u00a3\u2019000
Fair value
through
profit or loss
\u00a3\u2019000
Intangible
assets
\u00a3\u2019000
Total
\u00a3\u2019000
Deferred tax assets 3,791 \u2013 9,684 7,261 \u2013 \u2013 20,736
Deferred tax liabilities \u2013 (2,336) \u2013 \u2013 (798) (31,413) (34,547)
As at 31 December 2021 3,791 (2,336) 9,684 7,261 (798) (31,413) (13,811)
22 / INTANGIBLE ASSETS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Goodwill 167,677 167,677 Other intangible assets 188,516 208,510 356,193 376,187 GOODWILL Goodwill acquired in a business combination is allocated, at acquisition, to the groups of cash- generating units (CGUs) that are expected to benefit from that business combination. The carrying amount of goodwill has been allocated as follows: Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 96,872 1,954 98,826 Acquired through business combinations (note 8) 70,805 \u2013 70,805 At 1 January 2022 167,677 1,954 169,631 At 31 December 2022 167,677 1,954 169,631 Impairment \u2013 \u2013 \u2013 At 1 January 2021 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 At 1 January 2022 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 A t 31 December 2022 \u2013 1,954 1,954 Carrying amount at 31 December 2022 167,677 \u2013 167,677 Carrying amount at 31 December 2021 167,677 \u2013 167,677 Carrying amount at 1 January 2021 96,872 \u2013 96,872 Goodwill of \u00a370,805,000 acquired through business combinations in the prior year relates to the acquisition of Saunderson House (see note 8). This was allocated to the Investment Management group of CGUs. IMPAIRMENT The recoverable amounts of the groups of CGUs to which goodwill is allocated are assessed using value-in-use calculations. The group prepares cash flow forecasts derived from the most recent financial budgets approved by the board, which cover the three year period from the end of the current financial year. This is extrapolated for five years based on recent historic annual revenue and cost growth for each group of CGUs (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the group\u2019s expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the group\u2019s Internal Capital Adequacy Assessment Process (\u2018ICAAP\u2019) modelling. A terminal growth rate is applied to year five cash flows, which takes into account the net growth forecasts over the extrapolation period and the long-term average growth rate for the industry. The group estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the group of CGUs. The pre-tax rate used to discount the forecast cash flows for each group of CGU is shown in the table below; these are based on a risk-adjusted weighted average cost of capital. The group judges that these discount rates appropriately reflect the markets in which each group of CGUs operate. There was no impairment to the goodwill allocated to the Investment Management group of CGUs during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Investment Management group of CGUs to its cash flow projections and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of the goodwill allocated to this CGU. Investment management At 31 December 2022 2021 Discount rate 14.1% 12.0% Average annual revenue growth rate 4.3% 4.9% Terminal growth rate 1.0% 1.0% 22 / INTANGIBLE ASSETS CONTINUED OTHER INTANGIBLE ASSETS Client relationships \u00a3\u2019000 Software development costs \u00a3\u2019000 Purchased software \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 216,253 9,793 46,189 272,235 Internally developed in the year \u2013 1,847 \u2013 1,847 Acquired through business combinations (note 8) 79,415 \u2013 5,662 85,077 Purchased in the year 8,620 \u2013 4,988 13,608 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 302,572 11,640 53,140 367,352 Internally developed in the year \u2013 1,827 \u2013 1,827 Purchased in the year 998 \u2013 1,790 2,788 Disposals (2,643) \u2013 (33) (2,676 ) At 31 December 2022 300,927 13,467 54,897 369,291 Amortisation and impairment At 1 January 2021 95,124 7,234 35,606 137,964 Acquired through business combinations (note 8) \u2013 \u2013 4,237 4,237 Amortisation charge 15,595 1,302 5,160 22,057 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 109,003 8,536 41,304 158,843 Amortisation charge 19,544 1,488 3,559 24,591 Disposals (2,643) \u2013 (16) (2,659) At 31 December 2022 125,904 10,0 24 44,847 180,775 Carrying amount at 31 December 2022 175,023 3,443 10,050 188,516 Carrying amount at 31 December 2021 193,569 3,104 11,836 208,509 Carrying amount at 1 January 2021 121,129 2,559 10,583 134,271 Client relationships of \u00a379,415,000 acquired through business combinations in the prior year relate to the acquisition of Saunderson House (see note 8). Purchases of client relationships of \u00a3998,000 (2021: \u00a38,620,000) in the year relate to payments made to investment managers and third parties for the introduction of client relationships. The total amount charged to profit or loss in the year in relation to goodwill and client relationships was \u00a319,544,000 (2021: \u00a315,595,000). Purchased software with a cost of \u00a335,191,000 (2021: \u00a332,363,000) has been fully amortised but is still in use. 23 / DEPOSITS BY BANKS On 31 December 2022, deposits by banks included overnight cash book overdraft balances of \u00a31,035,000 (2021: \u00a32,212,000). The fair value of deposits by banks was not materially different to their carrying value. Fair value has been calculated as the discounted amount of estimated future cash flows expected to be paid using current market rates. 24 / DUE TO CUSTOMERS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: \u2013 on demand 2,328,014 2,205,984 \u2013 within 3 months or less excluding on demand 183,192 122,784 \u2013 within 1 year or less but over 3 months 4,910 4,243 2,516,116 2,333,011 Amounts include balances: \u2013 with variable interest rates 2,324,409 2,205,984 \u2013 with fixed interest rates 127,190 66,367 \u2013 which are non-interest-bearing 64,517 60,660 2,516,116 2,333,011 The fair value of amounts due to customers was not materially different from their carrying value. The estimated fair value of deposits with no stated maturity, which include non-interest- bearing deposits, is the amount at which deposits could be transferred to a third party at the measurement date. The estimated fair value of fixed-interest-bearing deposits is based on discounted cash flows using interest rates for new debts with similar remaining maturity. 25 / ACCRUALS AND OTHER LIABILITIES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade creditors 3,208 59 Other creditors 10,204 23,667 Accruals 100,876 105,448 114,288 129,174 26 / PROVISIONS Deferred, variable costs to acquire client relationship intangibles \u00a3\u2019000 Deferred consideration in business combinations \u00a3\u2019000 Legal and compensation \u00a3\u2019000 Property- related \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 3,785 588 594 3,748 8,715 Charged to profit or loss \u2013 \u2013 2,278 995 3,273 Unused amount credited to profit or loss \u2013 \u2013 (155) \u2013 (155) Net charge to profit or loss \u2013 \u2013 2,123 995 3,118 Other movements 7,992 \u2013 \u2013 \u2013 7,992 Utilised/paid during the year (3,239) (588) (574) (100) (4,501) At 1 January 2022 8,538 \u2013 2,143 4,643 15,324 Charged to profit or loss \u2013 \u2013 843 1,182 2,025 Unused amount credited to profit or loss \u2013 \u2013 (21) \u2013 (21) Net charge to profit or loss \u2013 \u2013 822 1,182 2,004 Other movements 997 \u2013 \u2013 \u2013 997 Utilised/paid during the year (5,156) \u2013 (229) (33) (5,418) At 31 December 2022 4,379 \u2013 2,736 5,792 12,907 Payable within 1 year 1,032 \u2013 2,736 330 4,098 Payable after 1 year 3,347 \u2013 \u2013 5,462 8,809 4,379 \u2013 2,736 5,792 12,907 DEFERRED, VARIABLE COSTS TO ACQUIRE CLIENT RELATIONSHIP INTANGIBLES Other movements in provisions relate to deferred payments to investment managers and third parties for the introduction of client relationships, which have been previously capitalised. DEFERRED AND CONTINGENT CONSIDERATION IN BUSINESS COMBINATIONS During the prior year, the group settled an incentivisation award for Speirs & Jeffrey support staff in the value of \u00a3588,000. LEGAL AND COMPENSATION During the ordinary course of business the group may, from time to time, be subject to complaints, as well as threatened and actual legal proceedings (which may include lawsuits brought on behalf of clients or other third parties) both in the UK and overseas. Any such material matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the group incurring a liability. In those instances where it is concluded that it is more likely than not that a payment will be made, a provision is established to the group\u2019s best estimate of the amount required to settle the obligation at the relevant balance sheet date. The group\u2019s best estimate is based on legal advice and management\u2019s expectation of the most likely settlement outcome, which in some cases is calculated by external professional advisers. The timing of settlement of provisions for client compensation or litigation is dependent, in part, on the duration of negotiations with third parties. PROPERTY-RELATED Property-related provisions of \u00a35,792,000 relate to dilapidation provisions expected to arise on leasehold premises held by the group (2021: \u00a34,643,000). Dilapidation provisions are calculated using a discounted cash flow model. During the year, the group utilised \u00a333,000 for the property held in Edinburgh (2021: \u00a3100,000). The impact of discounting led to an additional charge of \u00a31,182,000 (2021: additional charge of \u00a3995,000) being recognised during the year. Amounts payable after one year Property-related provisions of \u00a35,462,000 are expected to be settled within 11 years of the balance sheet date, which corresponds to the longest lease for which a dilapidations provision is being held. Remaining provisions payable after one year are expected to be settled within 2 years of the balance sheet date. 27 / LEASE LIABILITIES Maturity analysis 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Less than one year 5,005 4,853 One to five years 19,621 19,819 More than five years 25,858 30,299 Lease liabilities at 31 December 50,484 54,971 Current 5,005 4,853 Non-current 45,479 50,118 50,484 54,971 28 / SUBORDINATED LOAN NOTES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Subordinated loan notes \u2013 face value 40,000 40,000 \u2013 carrying value 39,891 39,893 During the prior year, Rathbones Investment Management Limited repaid its \u00a320.0 million 10-year callable subordinated loan notes, and Rathbones Group Plc issued \u00a340.0 million of 10- year tier 2 notes with a call option in October 2026 and annually thereafter. Interest is payable at a fixed rate of 5.642% per annum until the first call option date and at a fixed rate of 4.893% over Compounded Daily SONIA thereafter. Legal fees of \u00a3107,000 were incurred in issuing the notes, which have been accounted for in the carrying value of amortised cost. An interest expense of \u00a32,255,000 (2021: \u00a31,241,000) was recognised in the year. 29 / LONG-TERM EMPLOYEE BENEFITS DEFINED CONTRIBUTION PENSION SCHEME The group operates a defined contribution group personal pension scheme and contributes to various other personal pension arrangements for certain directors and employees. The total contributions made to these schemes during the year were \u00a315,211,000 (2021: \u00a312,006,000). The group also operates a defined contribution scheme for overseas employees, for which the total contributions were \u00a380,000 (2021: \u00a382,000). DEFINED BENEFIT PENSION SCHEMES The group operates two defined benefit pension schemes that operate within the UK legal and regulatory framework: the Rathbone 1987 Scheme and the Laurence Keen Retirement Benefit Scheme. The schemes are currently both clients of Rathbones Investment Management, with investments managed on a discretionary basis, in accordance with the statements of investment principles agreed by the trustees. Scheme assets are held separately from those of the group. The trustees of the schemes are required to act in the best interest of the schemes\u2019 beneficiaries. The appointment of trustees is determined by the schemes\u2019 trust documentation and legislation. The group has a policy that one third of all trustees should be nominated by members of the schemes. The Laurence Keen Scheme was closed to new entrants and future accrual with effect from 30 September 1999. Past service benefits continue to be calculated by reference to final pensionable salaries. From 1 October 1999, all the active members of the Laurence Keen Scheme were included under the Rathbone 1987 Scheme for accrual of retirement benefits for further service. The Rathbone 1987 Scheme was closed to new entrants with effect from 31 March 2002 and to future accrual from 30 June 2017. The schemes are valued by independent actuaries at least every three years using the projected unit credit method, which looks at the value of benefits accruing over the years following the valuation date based on projected salary to the date of termination of services, discounted to a present value using a rate that reflects the characteristics of the liability. The valuations are updated at each balance sheet date in between full valuations. The latest full actuarial valuations were carried out as at 31 December 2019. Valuations as at 31 December 2022 are currently being undertaken for both schemes. The assumptions used by the actuaries, to estimate the schemes\u2019 liabilities, are the best estimates chosen from a range of possible actuarial assumptions. Due to the timescale covered by the liability, these assumptions may not necessarily be borne out in practice. The principal actuarial assumptions used, which reflect the different membership profiles of the schemes, were: Laurence Keen Scheme Rathbone 1987 Scheme 2022 % (unless stated) 2021 % (unless stated) 2022 % (unless stated) 2021 % (unless stated) Rate of increase of salaries n/a n/a n/a n/a Rate of increase of pensions in payment 3.60 3.70 3.20 3.30 Rate of increase of deferred pensions 3.20 3.40 3.20 3.40 Discount rate 4.70 1.90 4.70 1.90 Inflation* 3.20 3.40 3.20 3.40 Percentage of members transferring out of the schemes per annum 2.00 2.00 2.00 2.00 Average age of members at date of transferring out (years) 52.5 52.5 52.5 52.5 * Inflation assumptions are based on the Retail Prices Index Over the year, the financial assumptions have been amended to reflect changes in market conditions. Specifically: 1. the discount rate has been increased by 2.8% to reflect an increase in the yields available on AA-rated corporate bonds 2. the assumed rate of future inflation has decreased by 0.2% and reflects expectations of long-term inflation as implied by changes in the Bank of England inflation yield curve 3. the assumed rates of future increases to pensions in payment, where linked to inflation, has decreased by 0.1% for both schemes, allowing for the change to the assumed rate of future inflation Over the year the mortality assumptions have been updated. The CMI model used to project future improvements in mortality has been updated from the 2020 version to the 2021 version. 2% of members not yet in receipt of their pension are assumed to transfer out of the scheme each year (2021: 2%). The proportion of members assumed to be married at retirement age is 80% (2021: 80%) The assumed duration of the liabilities for the Laurence Keen Scheme is 13 years (2021: 15 years) and the assumed duration for the Rathbone 1987 Scheme is 16 years (2021: 20 years). 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED The normal retirement age for members of the Laurence Keen Scheme is 65 (60 for certain former directors). The normal retirement age for members of the Rathbone 1987 Scheme is 60 for service prior to 1 July 2009 and 65 thereafter, following the introduction of pension benefits based on Career-Average Revalued Earnings (CARE) from that date. The assumed life expectancy for the membership of both schemes is based on the S3PA \u2018Light\u2019 actuarial tables with improvements in line with the CMI 2021 tables with a long-term rate of improvement of 1.5% p.a. The assumed life expectancies on retirement were: 2022 2021 Males Females Males Females Retiring today: aged 60 28.2 29.9 28.2 29.9 aged 65 23.3 24.9 23.3 24.9 Retiring in 20 years: aged 60 29.9 31.6 29.9 31.6 aged 65 24.9 26.6 24.8 26.6 The amount included in the balance sheet arising from the group\u2019s assets in respect of the schemes is as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Present value of defined benefit obligations (7,167) (87,564) (94,731) (11,149) (144,428) (155,577) Fair value of scheme assets 8,113 96,019 104,132 12,981 154,883 167,864 Net defined benefit asset/(liability) 946 8,455 9,401 1,832 10,455 12,287 The amounts recognised in profit or loss, within operating expenses, are as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Interest income (36) (222) (258) (5) 110 105 (36) (222) (258) (5) 110 105 Remeasurements of the net defined benefit asset have been reported in other comprehensive income. The actual return on scheme assets was a fall in value of \u00a34,385,000 (2021: \u00a3481,000 rise) for the Laurence Keen Scheme and a fall in value of \u00a358,806,000 (2021: \u00a311,501,000 rise) for the Rathbone 1987 Scheme. Movements in the present value of defined benefit obligations were as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 11,149 144,428 155,577 12,374 153,030 165,404 Service cost (employer\u2019s) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest cost 206 2,708 2,914 158 1,961 2,119 Contributions from members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Actuarial experience gains 99 3,561 3,660 20 5,793 5,813 Actuarial gains/(losses) arising from: \u2013 \u2013 demographic assumptions 4 188 192 (159) (1,200) (1,359) \u2013 financial assumptions (3,640) (59,492) (63,132) (816) (10,761) (11,577) Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefits paid (651) (3,829) (4,480) (428) (4,395) (4,823) At 31 December 7,167 87,564 94,731 11,149 144,428 155,577 Movements in the fair value of scheme assets were as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 12,981 154,883 167,864 12,592 143,027 155,619 Remeasurement of net defined benefit asset/(liability) \u2013 interest income 242 2,930 3,172 163 1,851 2,014 \u2013 return on scheme assets (excluding amounts included in interest income) (4,627) (61,736) (66,363) 318 9,650 9,968 Contributions from the sponsoring companies 168 3,771 3,939 336 4,750 5,086 Contributions from scheme members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefits paid (651) (3,829) (4,480) (428) (4,395) (4,823) At 31 December 8,113 96,019 104,132 12,981 154,883 167,864 The statements of investment principles set by the trustees of both schemes were revised in 2022. They require that the assets of the schemes are invested in a diversified portfolio of assets, split between return-seeking assets (primarily equities) and safer assets (corporate bonds and liability-driven investments). 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED The balance between the Schemes' assets moves in line with market conditions, and will be periodically reviewed by the Trustees. In addition, the Trustees will review the asset allocation on a regular basis and look to reduce the allocation to equities as and when appropriate. The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows: Laurence Keen Scheme 2022 Fair value \u00a3\u2019000 2021 Fair value \u00a3\u2019000 2022 Current allocation % 2021 Current allocation % Equity instruments: \u2013 United Kingdom 146 348 \u2013 \u2013 \u2013 Eurozone 187 696 \u2013 \u2013 \u2013 North America 724 2,547 \u2013 \u2013 \u2013 Other 520 2,244 \u2013 \u2013 1,577 5,835 19 46 Debt instruments: \u2013 United Kingdom corporate bonds 4,357 4,854 \u2013 \u2013 4,357 4,854 54 37 Liability-driven investments 2,018 1,986 25 15 Cash 102 181 1 1 Other 59 125 1 1 At 31 December 8,113 12,981 100 100 Rathbone 1987 Scheme 2022 Fair value \u00a3\u2019000 2021 Fair value \u00a3\u2019000 2022 Current allocation % 2021 Current allocation % Equity instruments: \u2013 United Kingdom 4,241 18,035 \u2013 \u2013 \u2013 Eurozone 2,511 9,107 \u2013 \u2013 \u2013 North America 13,465 27,980 \u2013 \u2013 \u2013 Other 6,073 16,823 \u2013 \u2013 26,290 71,945 28 47 Debt instruments: \u2013 United Kingdom corporate bonds 37,678 54,370 \u2013 \u2013 37,678 54,370 39 35 Liability-driven investments 30,836 26,308 32 17 Cash 1,215 2,260 1 1 Other \u2013 \u2013 \u2013 \u2013 At 31 December 96,019 154,883 100 100 All equity instruments held have quoted prices in active markets. \u2018Other\u2019 scheme assets comprise only commodities (2021: commodities). Buy and maintain credit funds held with Legal and General Investment Management have been classified as UK corporate bonds. The liability-driven investments held are a selection of pooled funds managed by Legal & General Investment Management. They are comprised of four funds which invest in a range of index-linked and fixed-interest investments, with weightings determined with reference to the profile of the Schemes\u2019 liabilities, such that they provide a suitable hedge against interest rate and inflation rate changes. The funds are liquid and are valued at their realisable value as at the relevant date. The key assumptions affecting the results of the valuation are the discount rate, future inflation, mortality, the rate of members transferring out and the average age at the time of transferring out. In order to demonstrate the sensitivity of the results to these assumptions, the actuary has recalculated the defined benefit obligations for each scheme by varying each of these assumptions in isolation whilst leaving the other assumptions unchanged. For example, in order to demonstrate the sensitivity of the results to the discount rate, the actuary has recalculated the defined benefit obligations for each scheme using a discount rate that is 0.5% higher than that used for calculating the disclosed figures. A lower or higher movement in these assumptions would result in multiples of these figures. A similar approach has been taken to demonstrate the sensitivity of the results to the other key assumptions. A summary of the sensitivities in respect of the total of the two schemes\u2019 defined benefit obligations is set out below. 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED Combined impact on schemes' liabilities (Decrease)/ increase \u00a3'000 (Decrease)/ increase % 0.5% increase in: \u2013 discount rate (7,095) (7.5)% 0.5% increase in: \u2013 rate of inflation 4,990 5.3% Reduce allowance for future transfers to nil 367 0.4% 1-year increase to: \u2013 longevity at 60 3,447 3.6% The total contributions made by the group to the 1987 Scheme during the year were \u00a33,771,000 (2021: \u00a34,750,000). The group has a commitment to pay deficit-reducing contributions of \u00a32,750,000 by 31 August 2023 and each subsequent 31 August up to and including 31 August 2026, unless the funding position is assessed to be over 100% funded on a self-sufficient basis at the end of the prior year. The total contributions made by the group to the Laurence Keen Scheme during the year were \u00a3168,000 (2021: \u00a3336,000). The group has a commitment to pay deficit-reducing contributions of \u00a3168,000 by 28 February each year from 2023 to 2026 (inclusive). Per IAS 19, companies are required to limit the value of any defined benefit asset to the lower of the surplus in the plan and the defined benefit asset ceiling, where the asset ceiling is the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The company expects to access any surplus assets remaining in the plan once all members have left after gradual settlement of the liabilities. Therefore, the net asset is deemed to be recoverable and the effect of the asset ceiling is \u00a3nil. 30 / SHARE CAPITAL AND SHARE PREMIUM The following movements in share capital occurred during the year: Number of shares Exercise/ issue price Pence Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Merger reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 57,486,413 2,874 215,092 71,756 289,722 Shares issued: \u2013 to Share Incentive Plan 294,958 1,540.0 - 2,055.0 15 5,253 \u2013 5,268 \u2013 to Save As You Earn scheme 9,371 1,648.0 - 1,977.0 \u2013 157 \u2013 157 \u2013 to Employee Benefit Trust 217,000 5.0 11 \u2013 \u2013 11 \u2013 to Business Combinations 1,154,689 1,913.4 - 2,484.0 58 21,858 5,209 27,125 \u2013 on Placing 2,840,910 1,760.0 142 48,666 \u2013 48,808 At 1 January 2022 62,003,341 3,100 291,026 76,965 371,091 Shares issued: \u2013 to Share Incentive Plan 467,559 1,600.0 - 2,090.0 24 9,196 \u2013 9,220 \u2013 to Save As You Earn scheme 1,181 1,085.0 - 1,813.0 \u2013 18 \u2013 18 \u2013 to Employee Benefit Trust 481,500 5.0 24 \u2013 \u2013 24 \u2013 to Business Combinations 441,256 1,913.4 - 2,484.0 22 9,730 \u2013 9,752 At 31 December 2022 63,394,837 3,170 309,970 76,965 390,105 The total number of issued and fully paid up ordinary shares at 31 December 2022 was 63,394,837 (2021: 62,003,341) with a par value of 5p per share. The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the company. The ordinary shareholders are entitled to any residual assets on the winding up of the company. On 5 March 2021, the company issued 881,737 shares in respect of the Speirs & Jeffrey first earn-out consideration relating to the 2020 incentivisation award. On 22 June 2021, the company issued 2,840,910 shares by way of a placing for cash consideration at \u00a317.60 per share, which raised \u00a348,808,000, net of \u00a31,192,000 placing costs, offset against share premium arising on the issue. 30 / SHARE CAPITAL AND SHARE PREMIUM CONTINUED On 22 October 2021, the company issued 272,952 shares in respect of the initial share consideration from the acquisition of Saunderson House (see note 8). These shares are being held in own shares (see note 31) until they vest on the third anniversary of issue. As the share issuance was in pursuance of the arrangement to acquire the shares in Saunderson House, the premium on the issuance of these shares has been recognised within the merger reserve. On 30 March 2022, the company issued 229,489 shares in respect of the Speirs & Jeffrey second earn-out consideration relating to the 2021 incentivisation award. On 26 October 2022, the company issued 211,767 shares in respect of the Saunderson House deferred consideration award. 31 / OWN SHARES The following movements in own shares occurred during the year: Number of shares \u00a3\u2019000 At 1 January 2021 3,757,370 46,744 Additions in the year 998,408 15,130 Released on vesting (1,131,064) (25,248) At 1 January 2022 3,624,714 36,626 Additions in the year 1,440,695 18,567 Released on vesting (178,115) (2,678) At 31 December 2022 4,887,294 52,515 Own shares represent the cost of the company\u2019s own shares, either purchased in the market or issued by the company, that are held by the company or in an Employee Benefit Trust (\u2018EBT\u2019) to satisfy future awards under the group\u2019s share-based payment schemes (note 32). A total of 3,786,182 shares were held in the EBT at 31 December 2022 (2021: 2,808,994), and 828,160 shares were held by the trustees of the Share Incentive Plan but were not unconditionally gifted to employees (2021: 542,767). A further 272,952 (2021: 272,952) of shares were held in nominee in respect of the initial share consideration for the acquisition of Saunderson House (see note 30). During the prior year, 1,006,522 of shares previously held in nominee for the acquisition of Speirs & Jeffrey vested and were released from own shares. 32 / SHARE-BASED PAYMENTS SHARE INCENTIVE PLAN The group operates a Share Incentive Plan (SIP), which is available to all employees. Employees can contribute up to \u00a3150 per month to acquire partnership shares in Rathbones Group Plc, which are purchased or allotted in monthly accumulation periods. The group currently matches employee contributions on a one-for-one basis to acquire matching shares. The group also provides performance-related free shares, with eligible employees receiving shares valued at the rate of \u00a3100 per 1% real increase in earnings per share up to a maximum of \u00a33,600 per annum. For UK employees, SIP dividends are reinvested and used to purchase dividend shares, whilst for Jersey employees dividends are paid in cash. As at 31 December 2022, the trustees of the SIP held 1,634,429 (2021: 1,363,198) ordinary shares of 5p each in Rathbones Group Plc with a total market value of \u00a333,261,000 (2021: \u00a327,046,000). Of the total number of shares held by the trustees, 1,101,112 (2021: 812,843) have been conditionally gifted to employees and 2,055 (2021: 2,877) remain unallocated. Dividends on the unallocated shares have been waived by the trustees. The group recognised a charge of \u00a32,411,000 in relation to this scheme in 2022 (2021: \u00a32,333,000). SAVINGS-RELATED SHARE OPTION OR SAVE AS YOU EARN (SAYE) PLAN Under the SAYE plan, employees can contribute up to \u00a3500 per month to acquire shares at the end of a three- or five-year savings period. Options with an aggregate estimated fair value of \u00a32,284,000, determined using a binomial valuation model including expected dividends, were granted on 20 April 2022 to directors and staff under the SAYE plan. The inputs into the binomial model for options granted during 2022, as at the date of issue, were as follows: 2022 2021 Share price (pence) 2,125 1,812 Exercise price (pence) 1,394 1,365 Expected volatility 26% 26% Risk-free rate 1.7% 0.2% Expected dividend yield 3.5% 3.9% 32 / SHARE-BASED PAYMENTS CONTINUED The number of share options outstanding for the SAYE plan at the end of the year, the period in which they were granted and the dates on which they may be exercised are given below. Year of grant Exercise price Pence Exercise period 2022 Number of share options 2021 Number of share options 2017 1,899.0 2020 and 2022 \u2013 4,822 2018 1,977.0 2021 and 2023 5,634 7,697 2019 1,813.0 2022 and 2024 4,418 31,255 2020 1,085.0 2023 and 2025 1,061,217 1,115,270 2021 1,365.0 2024 and 2026 180,570 204,808 2022 1,394.0 2025 and 2027 345,645 \u2013 At 31 December 1,597,484 1,363,852 Movements in the number of share options outstanding for the SAYE plan were as follows: 2022 2021 Number of share options Weighted average exercise price Pence Number of share options Weighted average exercise price Pence At 1 January 1,363,852 1,152.0 1,248,962 1,141.0 Granted in the year 364,650 1,365.0 214,027 1,365.0 Forfeited or cancelled in the year (88,406) 1,272.0 (82,035) 1,464.0 Exercised in the year (42,612) 1,588.0 (17,102) 1,557.0 At 31 December 1,597,484 1,272.0 1,363,852 1,152.0 The weighted average share price at the dates of exercise for share options exercised during the year was \u00a315.88 (2021: \u00a315.17). The options outstanding at 31 December 2022 had a weighted average contractual life of 2.4 years (2021: 3.0 years) and a weighted average exercise price of \u00a311.89 (2021: \u00a311.52). The group recognised a charge of \u00a31,598,000 in relation to this scheme in 2022 (2021: \u00a31,205,514). EXECUTIVE INCENTIVE PLAN Under the remuneration policy, 40% of the total award will be given in cash with the remaining 60% of the award granted in shares. The group treats the cash element of the award as an employee benefit under IAS 19 and the share element of the award as an equity- settled share-based payment under IFRS 2. During the prior year, this award was replaced with the Executive Share Performance Plan. The group recognised a charge of \u00a3973,000 in relation to the equity-settled share-based payment element of this scheme in 2022 (2021: \u00a31,473,000). EXECUTIVE SHARE PERFORMANCE PLAN This scheme was launched in the prior year to replace the Executive Incentive Plan. Details of the general terms of this plan are set out in the remuneration committee report on page 129. Under the remuneration policy, 50% of the annual bonus award is paid in cash and 50% is deferred in shares, although this split can be altered subject to Remuneration Committee. An annual restricted stock plan award is also granted under the scheme, and payment is deferred in shares. The group treats the cash element of the award as an employee benefit under IAS 19 and the share element of the awards as equity-settled share-based payments under IFRS 2. The group recognised a charge of \u00a31,983,000 in relation to the equity-settled share-based payment element of this scheme in 2022 (2021: \u00a31,423,000). STAFF EQUITY PLAN The Key Staff Equity Plan (\u2018KSEP\u2019) is for individuals within Rathbones Investment Management and Rathbones Investment Management International. As the KSEP is due to vest in 2023, during the year the Key Employee Equity Plan (\u2018KEEP\u2019) was launched for individuals within Rathbones Investment Management and Rathbones Investment Management International, as well as employees within the group\u2019s support functions. The aim of the schemes is to promote increased equity interest in Rathbones Group Plc amongst employees. Under both schemes, participants are granted awards under the plan in the form of an option with an exercise price of \u00a3nil. The option awards are subject to certain service and performance conditions. Following the satisfaction of these performance conditions, the KSEP awards will vest (or lapse) and become exercisable on the fifth anniversary of the grant date. The awards will be exercisable from the vesting date until the tenth anniversary of the grant date. The KEEP awards will vest (or lapse) and become exercisable on the fifth anniversary of the grant date for the front office employees, and on the third anniversary of the grant date for employees in support functions. The group recognised a charge of \u00a34,233,000 for the KSEP award in the year (2021: \u00a34,327,000), and a charge of \u00a3860,000 for the KEEP award (2021: \u00a3nil). 32 / SHARE-BASED PAYMENTS CONTINUED OTHER SCHEMES The group operates a number of other plans for rewarding employees. Participants are granted awards under these plans in the form of options, which vest automatically on an anniversary of the grant date (generally between one and five years). As the intention is to settle the options in such plans in shares, the awards are treated as equity-settled share-based payments under IFRS 2. The group recognised total charges of \u00a325,886,000 in relation to share-based payment transactions in 2022 (2021: \u00a318,969,000) (see note 10). This includes acquisition-related share-based payments (see note below), and excludes social security costs of \u00a31,094,000 (2021: \u00a31,163,000). The impact on retained earnings of employee remuneration and share plans vesting in the year, where shares were not released from the group employee benefit trust, was a debit of \u00a312,776,000 (2021: debit of \u00a322,216,000). This includes a debit of \u00a39,752,000 for share schemes where no cash consideration was received (2021: debit of \u00a321,902,000). See note 38. ACQUISITION-RELATED SHARE-BASED PAYMENTS Details of the general terms of share-based payments associated with the acquisition of Speirs & Jeffrey and Saunderson House are set out in note 8. 33 / FINANCIAL RISK MANAGEMENT The group has identified the financial, business and operational risks arising from its activities and has established policies and procedures to manage these items in accordance with its risk appetite, as described in the group risk committee report on pages 110 to 113. The group categorises its financial risks into the following primary areas: (i) credit risk (which includes counterparty default risk); (ii) liquidity risk; (iii) market risk (which includes fair value interest rate risk, cash flow interest rate risk, foreign exchange risk and price risk); and (iv) pension risk. The group\u2019s exposures to pension risk are set out in note 29. The group\u2019s financial risk management policies are designed to identify and analyse the financial risks that the group faces, to set appropriate risk tolerances, limits and controls, and to monitor the financial risks and adherence to limits by means of reliable and up-to-date information systems. The group regularly reviews its financial risk management policies and systems to reflect changes in the business, counterparties, markets and the range of financial instruments that it utilises. The treasury department, reporting through the banking committee, has principal responsibility for monitoring exposure to credit risk, liquidity risk and market risk. Procedures and delegated authorities are documented in a group treasury manual and policy documents prescribe the management and monitoring of each type of risk. The primary objective of the group\u2019s treasury policy is to manage short term liquidity requirements whilst maintaining an appropriate level of exposure to other financial risks in accordance with the group\u2019s risk appetite. (I) CREDIT RISK The group takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due, through its banking, treasury, trust and financial planning activities. The principal source of credit risk arises from placing funds in the money market and holding interest-bearing securities. The group also has exposure to credit risk through its client loan book. It is the group\u2019s policy to place funds generated internally and from deposits by clients with a range of high-quality, investment grade financial institutions and the Bank of England. Investments with financial institutions are spread to avoid excessive exposure to any individual counterparty. Loans made to clients are secured against clients\u2019 assets that are held and managed by group companies. Exposure to credit risk is managed through setting appropriate ratings requirements and lending limits. Limits are reviewed regularly, taking into account the ability of borrowers and potential borrowers to meet repayment obligations. The group categorises its exposures based on the long-term ratings awarded to counterparties by Fitch, Moody\u2019s or S&P. Each exposure is assessed individually, both at inception and in ongoing monitoring. In addition to formal external ratings, the banking committee also utilises market intelligence information to assist with its ongoing monitoring. The group\u2019s financial assets are categorised as follows: Balances with central banks (note 14) The group has exposure to central banks through its deposits held with the Bank of England. Loans and advances to banks (note 15) and debt and other securities (note 17) The group has exposures to a wide range of financial institutions through its treasury portfolio, which includes bank deposits, certificates of deposit, money market funds and UK Government treasury bills. These exposures principally arise from the placement of clients\u2019 cash, where it is held under a banking relationship, and the group\u2019s own reserves. Balances with central banks, loans and advances to banks and debt and other securities (excluding equity securities) are collectively referred to as the group\u2019s treasury book. Treasury book 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Balances with central banks 1,412,951 1,463,377 Loans and advances to banks \u2212 fixed deposits/notice accounts 30,000 30,000 Unlisted debt securities 1,045,234 761,654 Money market funds \u2013 20,000 Gross amount 2,488,185 2,275,031 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED The group\u2019s policy requires that all such exposures are only taken with counterparties that have been awarded a minimum long-term rating of single A by Fitch or equivalent rating by Moody\u2019s or S&P. Counterparty limits are also in place to limit exposure to an individual counterparty or connected group of counterparties. Counterparty exposures are monitored on a daily basis by the treasury department and reviewed by the banking committee on a monthly basis, or more frequently when necessary. The banking committee may suspend dealing in a particular counterparty, or liquidate specific holdings, in the light of adverse market information. Loans and advances to customers (note 16) The group provides loans to clients through its investment management operations (\u2018the investment management loan book\u2019). The group is also exposed to credit risk on overdrafts on clients\u2019 investment management accounts, work in progress arising from the trust, tax and financial planning businesses (\u2018trust and financial planning debtors\u2019) and other debtors. (a) Overdrafts Overdrafts on clients\u2019 investment management accounts arise from time to time due to short-term timing differences between the purchase and sale of assets on a client\u2019s behalf. Overdrafts are actively monitored and reported to the banking committee on a monthly basis. (b) Investment management loan book Loans are provided as a service to investment management clients, who are generally asset-rich but have short- to medium-term cash requirements. Such loans are normally made on a fully secured basis against portfolios held in Rathbones\u2019 nominee name, and some loans may be partially secured by property. Extensions to the initial loan period may be granted subject to credit criteria. All lending exposures undergo an initial assessment of creditworthiness according to Rathbones\u2019 internal affordability model. On an ongoing basis, the assessment is repeated at least annually, or sooner in the event of a trigger, such as a decline in portfolio value due to withdrawal or market conditions, as this would highlight a potential deterioration in creditworthiness. At 31 December 2022, the total lending exposure limit for the investment management loan book was \u00a3250,000,000 (2021: \u00a3250,000,000), of which \u00a3158,130,000 had been advanced (2021: \u00a3167,259,000) and a further \u00a322,453,000 had been committed (2021: \u00a340,275,000). (c) Trust and financial planning debtors Trust and financial planning debtors relate to fees which have been invoiced but not yet settled by clients. The collection and ageing of trust and financial planning debtors are reviewed on a monthly basis by the management committees of the group\u2019s trust and financial planning businesses. (d) Other debtors Other loans and advances to customers relate to management fees receivable. Settlement balances Settlement risk arises in any situation where a payment in cash or transfer of a security is made in the expectation of a corresponding delivery of a security or receipt of cash. The majority of transactions are carried out on a delivery versus payment basis, which results in securities and cash being exchanged within a very close timeframe. Settlement balances outside standard terms are monitored on a daily basis. The Investment Management and Funds segments have exposure to market counterparties in the settlement of trades. Settlement balances arising in the Investment Management segment are primarily in relation to client trades and risk of non-settlement is borne by clients. Maximum exposure to credit risk 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Credit risk relating to on-balance-sheet exposures: Cash and balances with central banks 1,412,951 1,463,377 Settlement balances 65,819 69,750 Loans and advances to banks 194,723 203,589 Loans and advances to customers: \u2013 overdrafts 6,540 7,021 \u2013 investment management loan book 159,694 167,980 \u2013 trust and financial planning debtors 3,033 4,194 \u2013 other debtors 511 864 Investment securities: \u2013 unlisted debt securities and money market funds 1,045,234 781,682 Other financial assets 104,716 102,150 Credit risk relating to off-balance-sheet exposures: Loan commitments 22,453 40,275 3,015,674 2,840,882 The above table represents the group\u2019s gross credit risk exposure at 31 December 2022 and 2021, without taking account of any associated collateral held or other credit enhancements. For on-balance-sheet assets, the exposures set out above are based on gross carrying amounts. Of the total maximum exposure, 12.1% is derived from loans and advances to banks and customers (2021: 13.5%) and 34.7% represents investment securities (2021: 27.5%). 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Impairment of financial instruments The group\u2019s accounting policy governing impairment of financial assets is given in note 1.12. Impairment losses on financial assets recognised in profit or loss were as shown in the table below. The main class of asset these impairment losses have arisen against is cash and balances held with central banks. 2022 \u00a3'000 2021 \u00a3'000 Impairment losses/(reversals) arising from: \u2013 treasury book (51) (726) \u2013 investment management loan book 12 \u2013 \u2013 trust and financial planning debtors (57) 14 (96) (712) Expected credit loss (\u2018ECL\u2019) assessment At each reporting date, for both the treasury book and investment management loan book, the group assesses whether there has been a significant increase in credit risk of exposures since initial recognition, by comparing the change in the risk of a default occurring over the expected life of the instrument between the reporting date and the date of initial recognition. The following criteria are used to identify significant increases in credit risk and are monitored and reviewed periodically for appropriateness by the treasury team. The group\u2019s ECL model was calibrated during a time of benign inflation, and thus inflation was historically negatively correlated with PDs. Given current inflation is supply-driven, a post-model adjustment was made to flatten the inflation forecast to remove the dampening effect on the PD. Qualitative indicators The group periodically monitors its exposures and uses a set of defined criteria to flag any counterparties that may be experiencing financial difficulties. Such exposures are monitored by the treasury team, and those that are considered to have experienced a significant increase in credit risk are classified as \u2018stage 2\u2019, on which a lifetime ECL is recognised. Quantitative indicators The lifetime probability of default at the reporting date is compared to the original lifetime probability of default at initial recognition and if the difference exceeds a predefined threshold (for the current analysis this threshold is set at 50% of the value at initial recognition) the exposure is moved to stage 2. Probability of defaults used for identifying significant increases in credit risk for staging purposes are calculated using the same methodology and data used for estimating probability of defaults for the purpose of measuring expected credit losses. The \u201830 days past due\u2019 backstop indicator has not been rebutted by the group, albeit it is not a significant driver of stage movements as the opportunity for a counterparty to miss a payment is low due to the fact that over the life of exposure, any interest and/or principal is directly debited from the counterparty\u2019s investment balance and investment income, which is in turn held as collateral under the group\u2019s custody. Materially all exposures in both the treasury book and investment management loan book follow a bullet repayment structure; therefore, the exposure at any point in time reflects the outstanding balance of the instrument at that point in time. Definition of default The group considers an investment management loan book exposure to be in default when a client fails to respond to three sets of default notices (every 30 days for a period of 90 days). A treasury book exposure is deemed to be in default when a payment is past due by more than one working day (grace period). Probability of default (PD) The group uses a lifetime PD for each exposure, which is the probability-weighted result of considering three economic scenarios: a base case, an upside scenario and a downside scenario. These scenarios include the forecast of the macroeconomic factors that have been identified as relevant to the group\u2019s exposures, which are incorporated into the estimation of lifetime PDs. The methodology for estimating lifetime PDs and adjustments for macroeconomic scenarios used for identifying significant increases in credit risk are as follows: Treasury book assessment The 12-month PD for each exposure is initially estimated as the historical 12-month PD sourced from Standard & Poor\u2019s, by credit rating and country of exposure. In order to estimate the PDs occurring over the lifetime of an underlying exposure, the group applies its expectations of future progression in point in time (\u2018PiT\u2019) default probabilities, which inherently revolve around expectations of future development of macroeconomic factors relevant to treasury assets, namely UK GDP, UK unemployment rates, UK inflation and UK interest rates. Loss given default (LGD) for treasury book assets is dependent on the nature of the counterparty and the region in which the instrument was issued. For sovereign exposures, the group applies a flat LGD rate, which is externally sourced from Moody\u2019s most recent sovereign default and recovery rates research statistics, by country of issuer. For unsecured corporate exposures, a time series of historical corporate recovery rates is sourced from Moody\u2019s annual publication on corporate defaults and recovery rates. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED The following table presents an analysis of the credit quality of treasury book exposures at amortised cost and FVTPL. It indicates whether assets measured at amortised cost were subject to a 12-month ECL or lifetime ECL allowance and, in the latter case, whether they were credit-impaired: 2022 2021 At amortised cost Fair value through profit or loss \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 Fair value through profit or loss \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 AAA \u2013 \u2013 \u2013 \u2013 20,000 \u2013 \u2013 \u2013 AA+ to AA- \u2013 1,953,208 \u2013 \u2013 \u2013 1,893,631 \u2013 \u2013 A+ to A- \u2013 535,000 \u2013 \u2013 \u2013 330,978 \u2013 \u2013 Gross carrying amounts \u2013 2,488,208 \u2013 \u2013 20,000 2,224,609 \u2013 \u2013 Loss allowance (59) \u2013 \u2013 (110) \u2013 \u2013 Carrying amount \u2013 2,488,149 \u2013 \u2013 20,000 2,224,499 \u2013 \u2013 Cash and balances with central banks \u2013 1,412,915 \u2013 \u2013 \u2013 1,463,294 \u2013 \u2013 Loans and advances to banks \u2013 30,000 \u2013 \u2013 \u2013 30,000 \u2013 \u2013 Unlisted debt securities \u2013 1,045,234 \u2013 \u2013 \u2013 761,654 \u2013 \u2013 Money market funds \u2013 \u2013 \u2013 \u2013 20,000 \u2013 \u2013 \u2013 Carrying amount \u2013 2,488,149 \u2013 \u2013 20,000 2,254,948 \u2013 \u2013 The movement in allowance for impairment for the treasury book during the year was as follows. 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 Total ECL \u00a3'000 Balance at 1 January 2022 110 \u2013 \u2013 110 Net remeasurement of loss allowance (51) (51) Balance at 31 December 2022 59 \u2013 \u2013 59 Cash and balances with central banks 36 \u2013 \u2013 36 Loans and advances to banks \u2013 \u2013 \u2013 \u2013 Unlisted debt securities 23 \u2013 \u2013 23 ECL provision 59 \u2013 \u2013 59 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Investment management loan book assessment Due to the lack of historical defaults within the investment management loan book, the model uses publicly available default data for UK secured lending as a starting point in order to obtain an initial estimate for PD. The 12-month PD is estimated as the historical long-term default rate on lending in the UK as sourced from the Council of Mortgage Lenders (CML). In order to estimate the PDs occurring over the lifetime of an underlying exposure, the group develops its expectations of future progression in PiT default probabilities, which inherently revolves around expectations of future development of macroeconomic factors relevant to the bank\u2019s lending portfolio, namely UK GDP (\u2018GDP\u2019) and UK unemployment rates (UR). In order to develop and apply such forward-looking expectations, a historical relationship between PD, GDP and UR is estimated statistically through a multi-factor regression analysis of past movements between these variables. The relationship resulting from this analysis reflects the relative quantitative behaviour of the regressed macroeconomic factors against PD. Using the calculated 12-month PiT PD as a starting point, conditional PDs for each future period within the period of exposure are estimated by applying the GDP and UR coefficients to the group\u2019s forecasts of UK GDP and UK UR respectively, as sourced from International Monetary Fund (IMF) forecast data. This analysis forms the base case scenario for estimating lifetime PDs. The same methodology is applied for separate upside and downside scenarios as required by the standard. The following table presents an analysis of the credit quality of investment management loan book exposures at amortised cost. It indicates whether assets measured at amortised cost were subject to a 12-month ECL or lifetime ECL allowance and, in the latter case, whether they were credit-impaired. The categories below reflect the group\u2019s internal affordability tests, which consider a range of factors for the client, including their portfolio value, Experian score, and the length of their relationship with the group. \u2018High\u2019 is an indication the client poses a high risk in terms of being able to afford repayment of the loan facility. \u2018Medium\u2019 is an indication of a possibility the client may pose a risk in terms of being able to afford repayment of the loan facility. \u2018Low\u2019 is where the risk of a client not being able to repay the loan facility is considered reasonably low. \u2018Very low\u2019 is where the risk of a client not being able to repay the loan facility is considered extremely low. 2022 2021 At amortised cost 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 Very low 31,053 \u2013 \u2013 30,250 \u2013 \u2013 Low 112,054 \u2013 \u2013 116,646 \u2013 \u2013 Medium 14,504 \u2013 \u2013 18,174 \u2013 \u2013 High 2,083 \u2013 2,911 \u2013 Gross carrying amounts 159,694 \u2013 \u2013 167,981 \u2013 \u2013 Loss allowance (12) \u2013 \u2013 \u2013 \u2013 \u2013 Carrying amount 159,682 \u2013 \u2013 167,981 \u2013 \u2013 The movement in allowance for impairment of the investment management loan book during the year was as follows. 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 Total ECL \u00a3'000 Balance at 1 January 2022 \u2013 \u2013 \u2013 \u2013 Net remeasurement of loss allowance 12 \u2013 \u2013 12 Balance at 31 December 2022 12 \u2013 \u2013 12 Trust and financial planning debtors assessment The group uses a provision matrix to measure the ECLs of trust and financial planning debtors, which comprise a large number of small balances. For such debts, a normal settlement period of up to 30 days is expected. The weighted average loss rates are calculated with reference to the historic credit losses as a proportion of the overall debtor balance within each aging category at the time of default. The current period of assessment for the provision is five years. The following table provides information about the exposure to credit risk and ECLs for trust and financial planning debtors as at 31 December 2022: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Rathbones Trust Company 1,013 1,451 Rathbones Trust & Legal Services 225 315 Rathbone Financial Planning 521 311 Saunderson House 1,395 2,131 Gross carrying amounts 3,154 4,208 Loss allowance (121) (235) Carrying amount 3,033 3,973 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Loss allowance Rathbones Trust Company Weighted average loss rate Gross carrying amount \u00a3'000 Not credit impaired \u00a3'000 Credit impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.3% 597 (2) \u2013 (2) 90-180 days overdue 1.5% 172 (3) \u2013 (3) 180-270 days overdue 2.7% 99 (3) \u2013 (3) 270-365 days overdue 4.5% 82 (4) \u2013 (4) >365 days overdue 23.9% 64 (13) (8) (20) 1,013 (24) (8) (31) At the prior year end, \u00a3100,000 was recognised as an expected credit loss provision for Rathbones Trust Company. Loss allowance Rathbones Trust & Legal Services Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.8% 132 (1) \u2013 (1) 90-180 days overdue 3.9% 55 (2) \u2013 (2) 180-270 days overdue 7.0% 13 (1) \u2013 (1) 270-365 days overdue 12.7% 17 (2) \u2013 (2) >365 days overdue 11.9% 9 (1) (3) (4) 225 (7) (3) (10) At the prior year end, \u00a314,000 was recognised as an expected credit loss provision for Rathbones Trust & Legal Services. Loss allowance Rathbone Financial Planning Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.0% 255 \u2013 \u2013 \u2013 90-180 days overdue 0.0% 128 \u2013 \u2013 \u2013 180-270 days overdue 0.0% 70 \u2013 \u2013 \u2013 270-365 days overdue 0.0% 19 \u2013 \u2013 \u2013 >365 days overdue 0.0% 49 \u2013 \u2013 \u2013 521 \u2013 \u2013 \u2013 At the prior year end, \u00a3nil was recognised as an expected credit loss provision for Rathbone Financial Planning. Loss allowance Saunderson House Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.0% 1,230 \u2013 \u2013 \u2013 90-180 days overdue 15.0% 42 (6) \u2013 (6) 180-270 days overdue 50.0% 43 (21) \u2013 (21) 270-365 days overdue 50.0% 18 (9) \u2013 (9) >365 days overdue 70.9% 62 (44) \u2013 (44) 1,395 (80) \u2013 (80) At the prior year end, \u00a3121,000 was recognised as an expected credit loss provision for Saunderson House. The movement in allowance for impairment in respect of trust and financial planning debtors during the year is set out below. Movement in impairment provision during the year Trust and financial planning debtors \u00a3\u2019000 At 1 January 235 Amounts written off (56) Change in credit risk (57) At 31 December 2022 121 Concentration of credit risk The group has counterparty credit risk within its financial assets in that exposure is to a number of similar credit institutions. The banking committee actively monitors counterparties and may reduce risk by either suspending dealing or liquidating investments in light of adverse market information, for example in anticipation of or in response to any formal Fitch or Moody\u2019s rating downgrade. This may happen in relation to specific banks or banks within a particular country or sector. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED (a) Geographical sectors The following table analyses the group\u2019s credit exposures, at their carrying amounts, by geographical region as at the balance sheet date. In this analysis, exposures are categorised based on the country of domicile of the counterparty. At 31 December 2022 United Kingdom \u00a3\u2019000 Eurozone \u00a3\u2019000 Rest of the World \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,412,915 \u2013 \u2013 1,412,915 Settlement balances 65,332 139 348 65,819 Loans and advances to banks 192,875 8 1,840 194,723 Loans and advances to customers: \u2013 overdrafts 5,823 58 659 6,540 \u2013 investment management loan book 132,457 843 26,382 159,682 \u2013 trust and financial planning debtors 3,033 \u2013 \u2013 3,033 \u2013 other debtors 511 \u2013 \u2013 511 Investment securities: \u2013 unlisted debt securities 159,592 249,991 635,651 1,045,234 Other financial assets 89,381 3,285 12,049 104,715 2,061,919 254,324 676,929 2,993,172 At 31 December 2021 United Kingdom \u00a3\u2019000 Eurozone \u00a3\u2019000 Rest of the World \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,463,294 \u2013 \u2013 1,463,294 Settlement balances 66,605 1,158 1,987 69,750 Loans and advances to banks 201,775 \u2013 1,814 203,589 Loans and advances to customers: \u2013 \u2013 overdrafts 6,245 95 682 7,022 \u2013 investment management loan book 145,501 259 22,221 167,981 \u2013 trust and financial planning debtors 3,973 \u2013 \u2013 3,973 \u2013 other debtors 864 \u2013 \u2013 864 Investment securities: \u2013 \u2013 unlisted debt securities and money market funds 161,069 224,988 395,597 781,654 \u2013 Other financial assets 96,558 567 697 97,822 2,145,884 227,067 422,998 2,795,949 At 31 December 2022, materially all eurozone exposures were to counterparties based in the Netherlands, France and Finland (2021: Netherlands, France, Finland, Ireland and Luxembourg) and materially all rest of the world exposures were to counterparties based in Switzerland, Sweden, Norway, Canada and Australia (2021: Switzerland, Sweden, Norway, Canada and Australia). At 31 December 2022, the group had exposure to the UK government through the holding of treasury bills (2021: none). (b) Industry sectors The group\u2019s credit exposures at the balance sheet date, analysed by the primary industry sectors in which our counterparties operate, were: At 31 December 2022 Public sector \u00a3\u2019000 Financial institutions \u00a3\u2019000 Clients and other corporates \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,412,915 \u2013 \u2013 1,412,915 Settlement balances \u2013 65,819 \u2013 65,819 Loans and advances to banks \u2013 194,723 \u2013 194,723 Loans and advances to customers: \u2013 overdrafts \u2013 \u2013 6,540 6,540 \u2013 investment management loan book \u2013 \u2013 159,682 159,682 \u2013 trust and financial planning debtors \u2013 \u2013 3,033 3,033 \u2013 other debtors \u2013 \u2013 511 511 Investment securities: \u2013 unlisted debt securities and money market funds 24,595 1,020,639 \u2013 1,045,234 Other financial assets 2,549 11,778 90,388 104,715 1,440,059 1,292,959 260,154 2,993,172 At 31 December 2021 Public sector \u00a3\u2019000 Financial institutions \u00a3\u2019000 Clients and other corporates \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,463,294 \u2013 \u2013 1,463,294 Settlement balances \u2013 69,750 \u2013 69,750 Loans and advances to banks \u2013 203,589 \u2013 203,589 Loans and advances to customers: \u2013 overdrafts \u2013 \u2013 7,022 7,022 \u2013 investment management loan book \u2013 \u2013 167,981 167,981 \u2013 trust and financial planning debtors \u2013 \u2013 3,973 3,973 \u2013 other debtors \u2013 \u2013 864 864 Investment securities: \u2013 unlisted debt securities and money market funds \u2013 781,654 \u2013 781,654 Other financial assets 165 2,309 95,348 97,822 1,463,459 1,057,302 275,188 2,795,949 33 / FINANCIAL RISK MANAGEMENT CONTINUED (II) LIQUIDITY RISK Liquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The primary objective of the group\u2019s treasury policy is to manage short- to medium-term liquidity requirements. In addition to setting the treasury policy, Rathbones Investment Management (\u2018the Bank\u2019) performs an annual assessment of liquidity adequacy in accordance with the regulatory requirements of the Prudential Regulation Authority (PRA) (our Internal Liquidity Adequacy Assessment Process). The Bank faces two principal risks, namely that a significant proportion of client funds are withdrawn over a short period of time (retail funding risk) and the risk that marketable assets may not be capable of being realised in the time and at the value required (marketable assets risk). Funding risks are monitored by daily cash mismatch analyses and CRR ratios using expected cash and asset maturity profiles and regular forecasting work. This is supported by stress tests which cover firm-specific idiosyncratic scenarios and/or the effects of unforeseen market- wide stresses. Marketable assets risk is primarily managed by holding cash and marketable instruments which are realisable at short notice. The group operates strict criteria to ensure that investments are liquid and placed with high-quality, investment grade counterparties. A minimum liquid assets buffer (to be held in eligible liquid assets) is set by the board at least annually in conjunction with an amount prescribed by the PRA. Non-derivative cash flows The table below presents the undiscounted cash flows receivable and payable by the group under non-derivative financial assets and liabilities analysed by the remaining contractual maturities at the balance sheet date. At 31 December 2022 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 No fixed maturity date \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,408,000 2,357 4,951 \u2013 \u2013 \u2013 1,415,308 Settlement balances \u2013 65,819 \u2013 \u2013 \u2013 \u2013 65,819 Loans and advances to banks 164,727 \u2013 30,095 \u2013 \u2013 \u2013 194,822 Loans and advances to customers 8,208 3,396 2,302 167,602 \u2013 \u2013 181,508 Debt securities and money market funds \u2013 361,874 710,548 \u2013 \u2013 \u2013 1,072,422 Equity securities 3,146 \u2013 \u2013 \u2013 \u2013 \u2013 3,146 Other financial assets 4,509 85,839 1,626 198 \u2013 \u2013 92,172 Cash flows arising from financial assets 1,588,590 519,285 749,522 167,800 \u2013 \u2013 3,025,197 Deposits by banks 1,035 \u2013 \u2013 \u2013 \u2013 \u2013 1,035 Settlement balances \u2013 69,872 \u2013 \u2013 \u2013 \u2013 69,872 Due to customers 2,328,022 183,626 5,037 \u2013 \u2013 \u2013 2,516,685 Subordinated loan notes \u2013 \u2013 2,257 46,770 \u2013 \u2013 49,027 Lease liabilities\u00b9 \u2013 1,938 5,916 22,190 37,823 \u2013 67,867 Other financial liabilities* 172 19,870 171 5,432 4,478 \u2013 30,123 Cash flows arising from financial liabilities 2,329,229 275,306 13,381 74,392 42,301 \u2013 2,734,609 Net liquidity gap (740,639) 243,979 736,141 93,408 (42,301) \u2013 290,588 Cumulative net liquidity gap (740,639) (496,660) 239,481 332,889 290,588 290,588 \u2013 1. See note 1 regarding changes to presentation. * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (II) LIQUIDITY RISK CONTINUED At 31 December 2021 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 No fixed maturity date \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,460,000 165 3,376 \u2013 \u2013 \u2013 1,463,541 Settlement balances \u2013 69,750 \u2013 \u2013 \u2013 \u2013 69,750 Loans and advances to banks 173,593 \u2013 30,011 \u2013 \u2013 \u2013 203,604 Loans and advances to customers 8,199 4,426 2,660 180,648 \u2013 \u2013 195,933 Debt securities and money market funds 20,000 218,436 530,172 15,119 \u2013 \u2013 783,727 Equity securities 2,558 \u2013 \u2013 \u2013 \u2013 \u2013 2,558 Other financial assets 33 95,877 803 3,531 804 \u2013 101,048 Cash flows arising from financial assets 1,664,383 388,654 567,022 199,298 804 \u2013 2,820,161 Deposits by banks 2,212 \u2013 \u2013 \u2013 \u2013 \u2013 2,212 Settlement balances \u2013 60,075 \u2013 \u2013 \u2013 \u2013 60,075 Due to customers 2,205,978 122,787 4,246 \u2013 \u2013 \u2013 2,333,011 Subordinated loan notes \u2013 \u2013 2,257 49,027 \u2013 \u2013 51,284 Lease liabilities \u2013 1,916 5,661 20,972 39,345 \u2013 67,894 Other financial liabilities 889 22,225 11,472 7,992 3,744 \u2013 46,322 Cash flows arising from financial liabilities 2,209,079 207,003 23,636 77,991 43,089 \u2013 2,560,798 Net liquidity gap (544,696) 181,651 543,386 121,307 (42,285) \u2013 259,363 Cumulative net liquidity gap (544,696) (363,045) 180,341 301,648 259,363 259,363 Liabilities which do not have a contractual maturity date are categorised as \u2018on demand\u2019. Included within the amounts due to customers on demand are balances which historical experience shows are unlikely to be called in the short term. A prudent level of highly liquid assets is retained to cover reasonably foreseeable short-term changes in client deposits. All debt securities are readily marketable and can be realised through disposals. The group holds \u00a38,068,000 of equity investments (2021: \u00a37,376,000) which are subject to liquidity risk but are not included in the table above. These assets are held as fair value through profit or loss securities and have no fixed maturity date; cash flows arise from receipt of dividends or through sale of the assets. OFF-BALANCE-SHEET ITEMS Cash flows arising from the group\u2019s off-balance-sheet financial liabilities (note 35) are summarised in the table below. The contractual value of the group\u2019s commitments to extend credit to clients are analysed by the duration of the commitment. Capital commitments are summarised by the earliest expected date of payment. 33 / FINANCIAL RISK MANAGEMENT CONTINUED
(II) LIQUIDITY RISK CONTINUED
At 31 December 2022
Not more
than
3 months
\u00a3\u2019000
After 3
months
but not
more than
1 year
\u00a3\u2019000
After 1
year but
not more
than
5 years
\u00a3\u2019000
After
5 years
\u00a3\u2019000
Total
\u00a3\u2019000
Loan commitments 22,453 \u2013 \u2013 \u2013 22,453
Capital commitments 536 \u2013 \u2013 \u2013 536
Total off-balance-sheet items 22,989 \u2013 \u2013 \u2013 22,989
At 31 December 2021
Not more
than
3 months
\u00a3\u2019000
After 3
months
but not
more than
1 year
\u00a3\u2019000
After 1
year but
not more
than
5 years
\u00a3\u2019000
After
5 years
\u00a3\u2019000
Total
\u00a3\u2019000
Loan commitments 40,275 \u2013 \u2013 \u2013 40,275
Capital commitments 988 \u2013 \u2013 \u2013 988
Total off-balance-sheet items 41,263 \u2013 \u2013 \u2013 41,263
TOTAL LIQUIDITY REQUIREMENT
At 31 December 2022
On
demand
\u00a3\u2019000
Not more
than
3 months
\u00a3\u2019000
After 3
months
but not
more than
1 year
\u00a3\u2019000
After 1
year but
not more
than
5 years
\u00a3\u2019000
After
5 years
\u00a3\u2019000
Total
\u00a3\u2019000
Cash flows arising from
financial liabilities 2,329,229 275,306 13,381 74,392 42,301
2,734,609
Total off-balance-sheet
items \u2013 22,989 \u2013 \u2013 \u2013
22,989
Total liquidity
requirement
2,329,229
298,295 13,381 74,392 42,301
2,757,598
At 31 December 2021
On
demand
\u00a3\u2019000
Not more
than
3 months
\u00a3\u2019000
After 3
months
but not
more than
1 year
\u00a3\u2019000
After 1
year but
not more
than
5 years
\u00a3\u2019000
After
5 years
\u00a3\u2019000
Total
\u00a3\u2019000
Cash flows arising from
financial liabilities
2,209,079 207,003 23,636 77,991 43,089 2,560,798
Total off-balance-sheet
items
\u201341,263 \u2013 \u2013 \u201341,263
Total liquidity
requirement 2,209,079 248,266 23,636 77,991 43,089 2,602,061
(III) MARKET RISK
Interest rate risk
Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will
fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that
the value of a financial instrument will fluctuate because of changes in market interest rates.
The group\u2019s principal exposure to cash flow interest rate risk arises from the mismatch
between the repricing of its financial assets and liabilities. In particular, customer accounts
and loan balances are repriced very shortly after changes in base rates, whereas the yield on
the group\u2019s interest-bearing assets is correlated to the future expectation of base rates and
varies depending on the maturity profile of the group\u2019s treasury portfolio. The average
maturity mismatch is controlled by the banking committee, which generally lengthens the
mismatch when the yield curve is rising and shortens it when the yield curve is falling.
The table below shows the consolidated repricing profile of the group\u2019s financial assets and
liabilities, stated at their carrying amounts, categorised by the earlier of contractual repricing
or maturity dates.
33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 6 months \u00a3\u2019000 After 6 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Non- interest- bearing \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,407,964 \u2013 \u2013 \u2013 \u2013 4,951 1,412,915 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 65,819 65,819 Loans and advances to banks 164,463 30,000 \u2013 \u2013 \u2013 260 194,723 Loans and advances to customers 165,975 \u2013 \u2013 \u2013 \u2013 3,790 169,765 Investment securities: \u2013 equity securities 3,146 \u2013 \u2013 \u2013 \u2013 8,068 11,214 \u2013 unlisted debt securities and money market funds 357,188 313,062 374,984 \u2013 \u2013 \u2013 1,045,234 Other financial assets 581 \u2013 \u2013 \u2013 \u2013 104,134 104,715 Total financial assets 2,099,317 343,062 374,984 \u2013 \u2013 187,022 3,004,385 Liabilities Deposits by banks 1,035 \u2013 \u2013 \u2013 \u2013 \u2013 1,035 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 69,872 69,872 Due to customers 2,446,689 4,910 \u2013 \u2013 \u2013 64,517 2,516,116 Subordinated loan notes \u2013 \u2013 \u2013 39,891 \u2013 \u2013 39,891 Other financial liabilities* 1,199 1,183 2,612 19,621 25,858 28,577 79,050 Total financial liabilities 2,448,923 6,093 2,612 59,512 25,858 162,966 2,705,964 Interest rate repricing gap (349,606) 336,969 372,372 (59,512) (25,858) 24,056 298,421 * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2021 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 6 months \u00a3\u2019000 After 6 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Non- interest- bearing \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,459,919 \u2013 \u2013 \u2013 \u2013 3,375 1,463,294 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 69,750 69,750 Loans and advances to banks 173,417 30,000 \u2013 \u2013 \u2013 172 203,589 Loans and advances to customers 174,401 \u2013 \u2013 \u2013 \u2013 5,439 179,840 Investment securities: \u2013 equity securities 2,558 \u2013 \u2013 \u2013 \u2013 7,376 9,934 \u2013 unlisted debt securities and money market funds 238,225 223,453 304,981 14,995 \u2013 \u2013 781,654 Other financial assets 579 \u2013 \u2013 \u2013 \u2013 97,243 97,822 Total financial assets 2,049,099 253,453 304,981 14,995 \u2013 183,355 2,805,883 Liabilities Deposits by banks 2,212 \u2013 \u2013 \u2013 \u2013 \u2013 2,212 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 60,075 60,075 Due to customers 2,268,108 4,243 \u2013 \u2013 \u2013 60,660 2,333,011 Subordinated loan notes \u2013 \u2013 \u2013 39,893 \u2013 \u2013 39,893 Other financial liabilities 1,151 1,167 2,249 19,176 30,156 43,812 97,711 Total financial liabilities 2,271,471 5,410 2,249 59,069 30,156 164,547 2,532,902 Interest rate repricing gap (222,372) 248,043 302,732 (44,074) (30,156) 18,808 272,981 The banking committee has set an overall pre-tax interest rate exposure limit of \u00a38,000,000 (2021: \u00a38,000,000) for the total potential loss resulting from an unexpected immediate and sustained 2% movement in sterling interest rates for the Bank, the principal operating subsidiary. The potential total loss is calculated on the basis of the average number of days to repricing of the interest-bearing liabilities compared with the period to repricing on a corresponding amount of interest-bearing assets. At 31 December 2022, the Bank had a net present value sensitivity of \u00a36,443,000 (2021: \u00a35,442,000) for an upward 2% shift in rates. The group held no forward rate agreements at 31 December 2022 (2021: none). Foreign exchange risk The group is exposed to translational foreign exchange risk as it undertakes transactions in foreign currencies and is therefore exposed to foreign exchange rate fluctuations. The group monitors its currency exposures that arise in the ordinary course of business on a daily basis and significant exposures are managed through the use of spot contracts, from time to time, so as to reduce any currency exposure to a minimal amount. The group has no structural foreign currency exposure. The group does not have any material exposure to transactional foreign exchange risk. The table below summarises the group\u2019s exposure to foreign currency translation risk at 31 December 2022. Included in the table are the group\u2019s financial assets and liabilities, at carrying amounts, categorised by currency. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Sterling \u00a3\u2019000 US dollar \u00a3\u2019000 Euro \u00a3\u2019000 Other \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,412,915 \u2013 \u2013 \u2013 1,412,915 Settlement balances 63,610 526 126 1,557 65,819 Loans and advances to banks 137,524 27,084 20,018 10,097 194,723 Loans and advances to customers 161,345 5,600 2,817 3 169,765 Investment securities: \u2013 equity securities 8,068 \u2013 3,146 \u2013 11,214 \u2013 unlisted debt securities and money market funds 974,572 70,662 \u2013 \u2013 1,045,234 Other financial assets 103,169 764 782 \u2013 104,715 Total financial assets 2,861,203 104,636 26,889 11,657 3,004,385 Liabilities Deposits by banks 1,035 \u2013 \u2013 \u2013 1,035 Settlement balances 67,406 1,889 274 303 69,872 Due to customers 2,389,414 91,439 25,135 10,128 2,516,116 Subordinated loan notes 39,891 \u2013 \u2013 \u2013 39,891 Other financial liabilities* 78,789 206 54 1 79,050 Total financial liabilities 2,576,535 93,534 25,463 10,432 2,705,964 Net on-balance-sheet position 284,668 11,102 1,426 1,225 298,421 Loan commitments 22,453 \u2013 \u2013 \u2013 22,453 * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2021 Sterling \u00a3\u2019000 US dollar \u00a3\u2019000 Euro \u00a3\u2019000 Other \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,463,294 \u2013 \u2013 \u2013 1,463,294 Settlement balances 67,110 1,948 479 213 69,750 Loans and advances to banks 143,377 36,586 15,894 7,732 203,589 Loans and advances to customers 171,258 5,275 3,295 12 179,840 Investment securities: \u2013 equity securities 7,376 \u2013 2,558 \u2013 9,934 \u2013 unlisted debt securities and money market funds 729,973 51,681 \u2013 \u2013 781,654 Other financial assets 97,518 136 49 119 97,822 Total financial assets 2,679,906 95,626 22,275 8,076 2,805,883 Liabilities Deposits by banks 2,212 \u2013 \u2013 \u2013 2,212 Settlement balances 57,419 1,611 441 604 60,075 Due to customers 2,214,268 91,905 19,686 7,152 2,333,011 Subordinated loan notes 39,893 \u2013 \u2013 \u2013 39,893 Other financial liabilities 97,451 228 32 \u2013 97,711 Total financial liabilities 2,411,243 93,744 20,159 7,756 2,532,902 Net on-balance-sheet position 268,663 1,882 2,116 320 272,981 Loan commitments 40,275 \u2013 \u2013 \u2013 40,275 A 10% weakening of the US dollar against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3899,000 (2021: reduced by \u00a3152,000). A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3116,000 (2021: reduced by \u00a3171,000). A 10% strengthening of the US dollar or euro would have had an equal and opposite effect. This analysis assumes that all other variables, in particular other exchange rates, remain constant. Price risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or foreign exchange risk). The group is exposed to price risk through its holdings of equity investment securities, which are reported at their fair value (note 17). At 31 December 2022, the fair value of listed equity securities recognised on the balance sheet was \u00a38,068,000 (2021: \u00a37,376,000). A 10% fall in global equity markets would, in isolation, have resulted in a pre-tax decrease to net assets of \u00a3506,000 (2021: \u00a3434,000); there would have been no impact on profit after tax. A 10% rise in global markets would have had an equal and opposite effect. FAIR VALUES The table below analyses financial instruments measured at fair value into a fair value hierarchy based on the valuation technique used to determine the fair value: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2013 Level 3: inputs for the asset or liability that are not based on observable market data. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 8,068 \u2013 3,146 11,214 \u2013 money market funds \u2013 \u2013 \u2013 \u2013 8,068 \u2013 3,146 11,214 At 31 December 2021 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 7,376 \u2013 2,558 9,934 \u2013 money market funds \u2013 20,000 \u2013 20,000 7,376 20,000 2,558 29,934 The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There have been no transfers between levels during the year (2021: none). The fair value of listed equity securities is their quoted price. The fair values of the group\u2019s other financial assets and liabilities are not materially different from their carrying values, with the exception of the following: \u2013 Investment debt securities measured at amortised cost (note 17) comprise bank and building society certificates of deposit, which have fixed coupons, and treasury bills. The fair value of the debt securities at 31 December 2022 was \u00a31,053,460,000 (2021: \u00a3761,763,000) and the carrying value was \u00a31,045,257,000 (2021: \u00a3761,682,000). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2013 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2022 was \u00a341,211,000 (2021: \u00a342,824,000) and the carrying value was \u00a339,891,000 (2021: \u00a339,893,000). Fair value of the loan notes is based on discounted future cash flows using current market rates for debts with similar remaining maturity, and hence would be categorised as level 2 in the fair value hierarchy. Level 3 financial instruments Fair value through profit or loss The group holds 1,809 shares in Euroclear Holdings SA, which are classed as level 3 in the fair value hierarchy since readily available observable market data is not available. The valuation of \u20ac1,985 per share at 31 December 2022 has been calculated by reference to the indicative price derived from the most recent transactions of the shares in the market. The valuation at the balance sheet date has been adjusted for movements in exchange rates since the acquisition date. A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3255,000 (2021: \u00a3207,000). A 10% strengthening of the euro against sterling would have had an equal and opposite effect. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows: 2022 2021 At 1 January 2,558 2,569 Total unrealised gains/(losses) recognised in profit or loss 588 (11) At 31 December 3,146 2,558 The gains or losses relating to the fair value through profit or loss equity securities is included within \u2018other operating income\u2019 in the consolidated statement of comprehensive income. There were no other gains or losses arising from changes in the fair value of financial instruments categorised as level 3 within the fair value hierarchy. (IV) PENSION RISK The main risks to the group arising from both schemes are in respect of: \u2013 Volatility of assets: In accordance with the requirements of IAS19, the discount rate used for valuing the Schemes' defined benefit obligations has been derived from the yield available on suitably dated 'high quality' (AA-rated) corporate bonds at the effective date. The schemes' assets are invested in instruments other than such bonds, and so relative under- performance will lead to a fall in the balance sheet position. \u2013 Changes in Bond yields: A change in the yields of corporate bonds used to set the discount rate will affect the value placed on the Schemes' defined benefit obligations. This is expected to be partially mitigated by the holding of corporate bonds by the schemes. \u2013 Inflation: The value placed on the schemes' defined benefit obligations are linked to inflation. If actual levels of inflation are higher or lower than the assumed rate of inflation, or the assumed rate of inflation changes, this will affect the value of the schemes' defined benefit obligations. Both schemes holds investments linked to future inflation rates (including Liability Driven Investments), which act to provide protection to the balance sheet position from inflation changes. \u2013 Life Expectancy (mortality): Members and their spouses receive benefits payable over their lifetime, so an increase in future life expectancies will result in pensions being assumed to be paid for longer, and an increase in the defined benefit obligation. 34 / CAPITAL MANAGEMENT Rathbones Group Plc\u2019s capital is defined for accounting purposes as total equity. As at 31 December 2022 this totalled \u00a3634,834,000 (2021: \u00a3623,282,000). During the prior year, Rathbones Investment Management Limited repaid its \u00a320.0 million 10-year callable subordinated loan notes, and Rathbones Group Plc issued \u00a340.0 million of 10-year tier 2 notes with a call option in October 2026 and annually thereafter (note 28). As at 31 December 2022, the carrying value of the notes was \u00a339,891,000 (2021: \u00a339,893,000). From time to time, the group also runs small overnight overdraft balances as part of working capital. The group\u2019s objectives when managing capital are to: \u2013 safeguard the group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders \u2013 maintain a strong capital base in a cost-efficient manner to be able to support the development of the business when required \u2013 optimise the distribution of capital across group companies, reflecting the requirements of each business \u2013 strive to make capital freely transferable across the group where possible \u2013 comply with regulatory requirements at all times. Rathbones is classified for capital purposes as a banking group and performs an ICAAP, which is prepared on an annual basis and presented to the PRA on request. Regulatory capital resources for ICAAP purposes are calculated in accordance with published rules. These require certain adjustments to and certain deductions from accounting capital, the latter largely in respect of intangible assets. The ICAAP compares regulatory capital resources against regulatory capital requirements derived using the PRA\u2019s Pillar 1 and Pillar 2 methodology. The group has adopted the standardised approach to calculating its Pillar 1 credit risk component and the basic indicator approach to calculating its operational risk component. Capital management policy and practices are applied at both group and entity level. At 31 December 2022 the group\u2019s regulatory capital resources, including retained earnings for 2022, were \u00a3338,766,000 (2021: \u00a3304,711,000). The increase in reserves during 2022 is due to an increase in the group\u2019s retained earnings, on account of profits generated in the year, and newly issued shares in the year for employee remuneration awards. In addition to a variety of stress tests performed as part of the ICAAP process, and daily reporting in respect of treasury activity, capital levels are monitored and forecast on a monthly basis to ensure that dividends and investment requirements are appropriately managed and appropriate buffers are kept against adverse business conditions. No breaches were reported to the PRA during the financial years ended 31 December 2021 and 2022. The group has not applied transitional relief in recognising expected credit losses (ECLs) in regulatory capital resources. As such, there is no difference between accounting ECLs and regulatory capital ECLs. 35 / CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2022 but not provided in the financial statements amounted to \u00a3536,000 relating to expenditure on fixtures and fittings and software (2021: \u00a3988,000) The prior year related to expenditure on fixtures and fittings. (b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Undrawn commitments to lend of 1 year or less 17,838 31,005 Undrawn commitments to lend of more than 1 year 4,615 9,270 22,453 40,275 (c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss in in the event of failure of financial institutions has resulted in significant levies on the industry in recent years. The financial impact of unexpected FSCS levies is largely out of the group\u2019s control as they result from other industry failures. There is uncertainty over the level of future FSCS levies as they depend on the ultimate cost to the FSCS of industry failures. The group contributes to the deposit class, investment fund management class and investment intermediation levy classes and accrues levy costs for future levy years when the obligation arises. 36 / RELATED PARTY TRANSACTIONS TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL The remuneration of the key management personnel of the group, who are defined as the company\u2019s directors and other members of senior management who are responsible for planning, directing and controlling the activities of the group, is set out below. Gains on options exercised by directors during the year totalled \u00a3nil (2021: \u00a3nil). Further information about the remuneration of individual directors is provided in the audited part of the directors\u2019 remuneration report on page 132. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Short-term employee benefits 10,221 12,159 Post-employment benefits 272 290 Other long-term benefits 359 1,305 Share-based payments 379 1,997 11,231 15,751 Dividends totalling \u00a3216,000 were paid in the year (2021: \u00a3229,000) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2022, key management personnel and their close family members had gross outstanding deposits of \u00a31,743,000 (2021: \u00a3634,000) and gross outstanding banking loans of \u00a3nil (2021: nil). A number of the group\u2019s key management personnel and their close family members make use of the services provided by companies within the group. Charges for such services are made at various staff rates. All transactions were made on normal business terms. OTHER RELATED PARTY TRANSACTIONS The group\u2019s transactions with the pension funds are described in note 29. At 31 December 2022, no amounts were outstanding with either the Laurence Keen Scheme or the Rathbone 1987 Scheme (2021: none). One group subsidiary, Rathbone Unit Trust Management, has authority to manage the investments within a number of unit trusts. Another group company, Rathbones Investment Management International, acted as investment manager for a protected cell company offering unitised private client portfolio services. During 2022, the group managed 32 unit trusts, Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs) and open-ended investment companies (OEICs) (together, \u2018collectives\u2019) (2021: 33 unit trusts and OEICs). The group charges each fund an annual management fee for these services, but does not earn any performance fees on the unit trusts. The management charges are calculated on the bases published in the individual fund prospectuses, which also state the terms and conditions of the management contract with the group. The following transactions and balances relate to the group\u2019s interest in the unit trusts: Year ended 31 December 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Total management fees 68,226 68,444 As at 31 December 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Management fees owed to the group 5,587 6,240 Holdings in unit trusts (note 17) 8,068 7,376 13,655 13,616 Total management fees are included within \u2018fee and commission income\u2019 in the consolidated statement of comprehensive income. Management fees owed to the group are included within \u2018accrued income\u2019 and holdings in unit trusts are classified as \u2018fair value through profit or loss equity securities\u2019 in the consolidated balance sheet. The maximum exposure to loss is limited to the carrying amount on the balance sheet as disclosed above. All amounts outstanding with related parties are unsecured and will be settled in cash. No guarantees have been given or received. No expected credit loss provisions have been made in respect of the amounts owed by related parties. 37 / INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES As described in note 36, at 31 December 2022, the group owned units in collectives managed by Rathbone Unit Trust Management with a value of \u00a38,068,000 (2021: \u00a37,376,000), representing 0.08% (2021: 0.06%) of the total value of the collectives managed by the group. These assets are held to hedge the group\u2019s exposure to deferred remuneration schemes for employees of Unit Trusts. The group\u2019s primary risk associated with its interest in the unit trusts is from changes in the fair value of its holdings in the funds. The group is not judged to control, and therefore does not consolidate, the collectives. Although the fund trustees have limited rights to remove Rathbone Unit Trust Management as manager, the group is exposed to very low variability of returns from its management and share of ownership of the funds and is therefore judged to act as an agent rather than having control under IFRS 10. 38 / CONSOLIDATED STATEMENT OF CASH FLOWS For the purposes of the consolidated statement of cash flows, cash and cash equivalents comprise the following balances with less than three months until maturity from the date of acquisition: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and balances at central banks (note 14) 1,408,000 1,460,001 Loans and advances to banks (note 15) 164,723 173,589 Fair value through profit or loss investment securities (note 17) \u2013 20,000 At 31 December 1,572,723 1,653,590 Fair value through profit or loss investment securities are amounts invested in money market funds, which are realisable on demand. Following the Financial Reporting Council\u2019s (\u2018FRC\u2019) Corporate Reporting Review of the group\u2019s 2021 annual report and accounts, a prior year debt repayment by the group has been reclassified from cash flows from operations to cash flows from financing activities. In the prior year, included within the net assets acquired from the Saunderson House group was third-party debt of \u00a345,208,000, which was repaid to the third-party shortly after acquisition by Rathbones Group Plc. This amount was previously included within \u2018net (decrease)/increase in accruals, provisions and other liabilities\u2019 in the consolidated statement of cash flows. As the group assumed this debt upon acquisition, the nature of the repayment indicates it was a financing outflow. The group has therefore restated comparative information as at 31 December 2021 to report this amount within net cash used in financing activities. As a consequence, total cash outflows from operations for the group was restated from \u00a3187,013,000 to \u00a3141,805,000, and total cash inflows from financing activities of \u00a314,150,000 was restated to total cash outflows of \u00a331,058,000. For Rathbones Group Plc (the \u2018Company\u2019), total cash outflows from operations was restated from \u00a31,994,000 to inflows of \u00a343,214,000, and total cash inflows from financing activities of \u00a335,539,000 was restated to total cash outflows of \u00a39,669,000. This restatement does not impact the group or company\u2019s closing cash and cash equivalents position. The review conducted by the FRC was based solely on the Group\u2019s published report and accounts and does not provide any assurance that the report and accounts are correct in all material respects. Cash flows arising from the issue/(repurchase) of ordinary shares comprise: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Share capital issued (note 30) 70 226 Share premium on shares issued (note 30) 18,944 75,934 Merger reserve on shares issued (note 30) \u2013 5,209 Shares issued in relation to share-based schemes for which no cash consideration was received (9,752) (21,902) Proceeds from issue of share capital 9,262 59,467 Shares repurchased and placed into the employee benefit trust (note 31) (18,567) (15,132) Net issue/(repurchase) of ordinary shares (9,305) 44,335 During the prior year, \u00a321,902,000 of shares were issued for the vesting of the Speirs & Jeffrey first earn-out consideration. \u00a35,223,000 of shares were also issued for the Saunderson House initial share consideration in 2021, and subsequently placed into the group EBT. There was no cash consideration received for these transactions. In addition to this, \u00a39,909,000 of shares were repurchased and placed into the group EBT in 2021. During the year, \u00a35,700,507 of shares were issued for the vesting of the Speirs & Jeffrey second earn-out consideration. \u00a34,051,950 of shares were also issued for the Saunderson House deferred share consideration. There was no cash consideration received for these transactions. \u00a318,567,000 of shares were repurchased and placed into the group EBT in the year. 38 / CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED
A reconciliation of the movements of financing liabilities and equity to cash flows arising from financing activities is as follows:
Subordinated loan
notes
\u00a3\u2019000
Lease liabilities
\u00a3\u2019000
Liabilities from
financing activities
\u00a3\u2019000
Share capital/
premium
\u00a3\u2019000
Reserves
\u00a3\u2019000
Retained
earnings
\u00a3\u2019000
Total equity
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 January 2022 39,893 54,971 94,864 294,126 40,339 288,817 623,282 718,146
Changes from financing cash flows
Proceeds from issue of share capital \u2013 \u2013 \u2013 9,262 \u2013 \u2013 9,262 9,262
Payments for share repurchases \u2013 \u2013 \u2013 \u2013 (18,567) (18,567) (18,567)
Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 (48,607) (48,607) (48,607)
Interest charge (2,257) (3,063) (5,320) \u2013 \u2013 \u2013 \u2013 (5,320)
Payment for lease liabilities \u2013 (8,481) (8,481) \u2013 \u2013 \u2013 \u2013 (8,481)
Total financing cash flows (2,257) (11,544) (13,801) 9,262 (18,567) (48,607) (57,912) (71,713)
Total non-cash movements 2,255 7,057 9,312 9,752 2,678 57,034 69,464 78,776
At 31 December 2022 39,891 50,484 90,375 313,140 24,450 297,244 634,834 725,209
Subordinated loan
notes
\u00a3\u2019000
Third-party debt
\u00a3\u2019000
Lease liabilities
\u00a3\u2019000
Liabilities from
financing activities
\u00a3\u2019000
Share capital/
premium
\u00a3\u2019000
Reserves
\u00a3\u2019000
Retained
earnings
\u00a3\u2019000
Total equity
\u00a3\u2019000
Total
\u00a3\u2019000
At 1 January 2021 19,768 \u2013 56,124 75,892 217,966 25,012 270,849 513,827 589,719
Changes from financing cash flows
Proceeds from issue of share capital \u2013 \u2013 \u2013 \u2013 59,467 \u2013 \u2013 59,467 59,467
Payments for share repurchases \u2013 \u2013 \u2013 \u2013 \u2013 (15,132) \u2013 (15,132) (15,132)
Issue of loan notes 39,893 \u2013 \u2013 39,893 \u2013 \u2013 \u2013 \u2013 39,893
Repayment of loan notes (20,114) \u2013 \u2013 (20,114) \u2013 \u2013 \u2013 \u2013 (20,114)
Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (43,960) (43,960) (43,960)
Interest charge (895) \u2013 - (895) \u2013 \u2013 \u2013 \u2013 (895)
Payment for lease liabilities \u2013 \u2013 (5,109) (5,109) \u2013 \u2013 \u2013 \u2013 (5,109)
Repayment of debt \u2013 (45,208) \u2013 (45,208) \u2013 \u2013 \u2013 \u2013 (45,208)
Total financing cash flows 18,884 (45,208) (5,109) (31,433) 59,467 (15,132) (43,960) 375 (31,058)
Total non-cash movements 1,241 \u2013 3,956 5,197 16,693 30,459 61,928 109,080 114,277
At 31 December 2021 39,893 \u2013 54,971 94,864 294,126 40,339 288,817 623,282 718,146
39 / EVENTS AFTER THE BALANCE SHEET DATE
There have been no material events occurring between the balance sheet date and the date of signing this report.
40 / COUNTRY-BY-COUNTRY REPORTING HM Treasury has transposed the requirements set out under the Capital Requirements Directive IV (CRD IV) and issued the Capital Requirements Country-by-Country Reporting Regulations 2013, effective 1 January 2014. The legislation requires Rathbones Group Plc (together with its subsidiaries, \u2018the group\u2019) to publish certain additional information, on a consolidated basis, for the year ended 31 December 2022. BASIS OF PREPARATION: Country In most cases, we have determined the country by reference to the country of tax residence. Where an entity is not subject to tax (e.g. a partnership) we have considered the location of management or the jurisdiction in which the revenues are generated. In these cases it is possible that tax is paid in a different country to the one in which profits are reported. Nature of activities The nature of activities within the United Kingdom are described within our services on page 2. Discretionary investment management is the sole activity which occurs in Jersey. Turnover Turnover is defined as operating income. As the consolidated results are split by country, there is an element of double counting when inter-jurisdictional transactions (for example, the payment of dividends) occur. The entries to eliminate this double counting are included at the bottom of the table to enable the disclosed figures to agree to the published consolidated accounts of the group. Profit/(loss) before taxation These are accounting profits. As with turnover some double counting may arise and again this has been eliminated at the bottom of the table. The majority of the total relates to the elimination of inter-jurisdictional dividends, which are reflected as profits in the United Kingdom. Tax paid This column reflects corporation tax actually paid in the year. Note that it is rare that tax paid in any given year relates directly to the profits earned in the same period. Public subsidies received The group received no public subsidies in the year. Number of employees The number of employees reported is the average number of full-time employees who were permanently employed by the group, or one of its subsidiaries, during the year. Contractors are excluded. Subsidiaries A list of the subsidiaries of the group, including their main activity and country of incorporation, is shown within note 45. Country Turnover \u00a3'000 Profit/(loss) before taxation \u00a3'000 Tax paid \u00a3'000 Number of employees United Kingdom 452,858 81,047 17,230 2,025 Jersey 8,219 (3,531) 342 28 Sub-total 461,077 77,516 17,572 2,053 Inter-group eliminations and other entries arising on consolidation (5,202) (13,462) \u2013 \u2013 Total 455,875 64,054 17,572 2,053 ",
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"value": "domiciled in England and Wales under the Companies Act 2006. ",
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"value": "1.1 BASIS OF PREPARATION The consolidated and company financial statements have been prepared in accordance with UK-adopted International Accounting Standards. The company financial statements are presented on pages 217 to 234. The financial statements have been prepared on the historical cost basis, except for certain financial instruments that are measured at fair value (notes 1.9, 1.12, 1.16 and 1.18). The principal accounting policies adopted are set out in this note and, unless otherwise stated, have been applied consistently to all periods presented in the consolidated financial statements. The following changes have been made to the presentation of the group\u2019s primary statements and notes: \u2013 Provisions have been removed from the line item \u2018provisions, accruals and other liabilities\u2019 on the face of the balance sheet and presented separately \u2013 \u2018Value of employee services\u2019 has been disaggregated on the face of the statement of changes in equity to include separate line items for \u2018cost of share-based payment arrangements\u2019 and \u2018cost of vested employee remuneration and share plans\u2019 \u2013 See note 38 for detail on the prior year reclassification to the group statement of cash flows \u2013 Lease liabilities have been removed from the line item \u2018other financial liabilities\u2019 under liquidity risk in note 33 and presented separately There has been no change in the basis of accounting for any of the underlying transactions. Comparatives have been presented on a consistent basis for all of the above. ",
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"value": "1.2 BASIS OF CONSOLIDATION The consolidated financial statements incorporate the financial statements of the company and entities controlled by the company (its subsidiaries), together \u2018the group\u2019, made up to 31 December each year. The group controls an entity when it 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. Subsidiaries are fully consolidated from the date on which control is obtained, and no longer consolidated from the date that control ceases; their results are included in the consolidated financial statements up to the date that control ceases. Inter-company transactions and balances between group companies are eliminated on consolidation. ",
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"value": "1.3 DEVELOPMENTS IN REPORTING STANDARDS AND INTERPRETATIONS Standards and interpretations affecting the reported results or the financial position The following amendments to standards have been adopted in the current period, but have not had a significant impact on the amounts reported in these financial statements: \u2013 Onerous Contracts \u2013 Cost of Fulfilling a Contract (Amendments to IAS 37) \u2013 Annual Improvements to IFRS Standards 2018-2020 \u2013 Property, Plant and Equipment: Proceeds before Intended Use (Amendments to IAS 16) \u2013 Reference to the Conceptual Framework (Amendments to IFRS 3) Future new standards and interpretations The following standards are effective for annual periods beginning on or after 1 January 2023 and earlier application is permitted; however, the group has not early-adopted the amended standards in preparing these consolidated financial statements. None of these standards are expected to have a material impact on the group\u2019s financial statements. Standards available for early adoption Effective date IFRS 17 Insurance Contracts 01 January 2023 Amendments to IFRS 17 01 January 2023 Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 01 January 2023 Definition of Accounting Estimates (Amendments to IAS 8) 01 January 2023 Deferred Tax Related to Assets and Liabilities Arising from a Single Transaction \u2013 Amendments to IAS 12 01 January 2023 Initial Application of IFRS 7 and IFRS 9 \u2013 Comparative Information (Amendments to IFRS 17) 01 January 2023 Sale or Contribution of Assets between an Investor and its Associate or Joint Venture (Amendments to IFRS 10 and IAS 28) Optional Classification of liabilities as current or non-current (Amendments to IAS 1) 01 January 2024 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 01 January 2024 ",
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"value": "1.4 BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities assumed and equity instruments issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with relevant asset / liability recognition and measurement guidance in IFRS. Changes in the fair value of contingent consideration classified as equity are not recognised. ",
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"value": "1.4 BUSINESS COMBINATIONS Business combinations are accounted for using the acquisition method. The consideration for each acquisition is measured at the aggregate of the fair values (at the date of exchange) of assets transferred, liabilities assumed and equity instruments issued by the group in exchange for control of the acquiree. Acquisition-related costs are recognised in profit or loss as incurred. Where applicable, the consideration for the acquisition includes any asset or liability resulting from a contingent consideration arrangement, measured at its acquisition-date fair value. Subsequent changes in such fair values are adjusted against the cost of acquisition where they qualify as measurement period adjustments. All other subsequent changes in the fair value of contingent consideration classified as an asset or liability are accounted for in accordance with relevant asset / liability recognition and measurement guidance in IFRS. Changes in the fair value of contingent consideration classified as equity are not recognised. ",
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"value": "1.5 GOING CONCERN The directors have, at the time of approving the financial statements, a reasonable expectation that the company and the group have adequate resources to continue in operational existence. In forming this view, the directors have considered the company\u2019s and the group\u2019s prospects for a period of at least 12 months from the date of approval of the annual report. The group\u2019s profit and capital forecasts were considered, as well as the impact of capital and liquidity stress tests. As a result, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. ",
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"value": "1.6 FOREIGN CURRENCIES The functional and presentational currency of the company and its subsidiaries is sterling. Transactions in currencies other than the relevant group entity\u2019s functional currency are recorded at the rates of exchange prevailing on the dates of the transactions. At each balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the balance sheet date. Gains and losses arising on retranslation are included in profit or loss for the year. ",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-347": {
"value": "1.7 INCOME Net interest income Interest income or expense is recognised within net interest income using the effective interest method. The effective interest method is the method of calculating the amortised cost of a financial asset or liability (or group of assets and liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts the expected future cash payments or receipts through the expected life of the financial instrument, or when appropriate, a shorter period, to: \u2013 the gross carrying amount of the financial asset; or \u2013 the amortised cost of the financial liability. The application of the method has the effect of recognising income (or expense) receivable (or payable) on the instrument evenly in proportion to the amount outstanding over the period to maturity or repayment. In calculating effective interest, the group estimates cash flows considering all contractual terms of the financial instrument but excluding the impact of future credit losses. The interest charged on the group\u2019s lease liabilities and subordinated loan notes is included within cash used in financing activities in the group statement of cash flows. Interest charged on client funds is included within cash generated from operations. Net fee and commission income Portfolio or investment management fees, commissions receivable or payable and fees from advisory services are recognised on a continuous basis over the period that the related service is provided. Commission charges for executing transactions on behalf of clients are recognised when the transaction is dealt at the trade date. Initial charges receivable from the sale of unit holdings in the group\u2019s collective investment schemes and related rebates are recognised at the point of sale. The group has made an assessment as to whether the work performed to earn such fees constitutes the transfer of services and, therefore, fulfils any performance obligation(s). If so, then these fees are recognised when the relevant performance obligation has been satisfied; if not, then the fees are only recognised in the period in which the services are provided. A breakdown of the timing of revenue recognition can be found in note 3. Dividend income Dividend income from final dividends on equity securities is accounted for on the date the security becomes ex-dividend. Interim dividends are recognised when received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-427": {
"value": "Net interest income Interest income or expense is recognised within net interest income using the effective interest method. The effective interest method is the method of calculating the amortised cost of a financial asset or liability (or group of assets and liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts the expected future cash payments or receipts through the expected life of the financial instrument, or when appropriate, a shorter period, to: \u2013 the gross carrying amount of the financial asset; or \u2013 the amortised cost of the financial liability. The application of the method has the effect of recognising income (or expense) receivable (or payable) on the instrument evenly in proportion to the amount outstanding over the period to maturity or repayment. In calculating effective interest, the group estimates cash flows considering all contractual terms of the financial instrument but excluding the impact of future credit losses. The interest charged on the group\u2019s lease liabilities and subordinated loan notes is included within cash used in financing activities in the group statement of cash flows. Interest charged on client funds is included within cash generated from operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "Net interest income Interest income or expense is recognised within net interest income using the effective interest method. The effective interest method is the method of calculating the amortised cost of a financial asset or liability (or group of assets and liabilities) and of allocating the interest income or interest expense over the relevant period. The effective interest rate is the rate that exactly discounts the expected future cash payments or receipts through the expected life of the financial instrument, or when appropriate, a shorter period, to: \u2013 the gross carrying amount of the financial asset; or \u2013 the amortised cost of the financial liability. The application of the method has the effect of recognising income (or expense) receivable (or payable) on the instrument evenly in proportion to the amount outstanding over the period to maturity or repayment. In calculating effective interest, the group estimates cash flows considering all contractual terms of the financial instrument but excluding the impact of future credit losses. The interest charged on the group\u2019s lease liabilities and subordinated loan notes is included within cash used in financing activities in the group statement of cash flows. Interest charged on client funds is included within cash generated from operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-401": {
"value": "Net fee and commission income Portfolio or investment management fees, commissions receivable or payable and fees from advisory services are recognised on a continuous basis over the period that the related service is provided. Commission charges for executing transactions on behalf of clients are recognised when the transaction is dealt at the trade date. Initial charges receivable from the sale of unit holdings in the group\u2019s collective investment schemes and related rebates are recognised at the point of sale. The group has made an assessment as to whether the work performed to earn such fees constitutes the transfer of services and, therefore, fulfils any performance obligation(s). If so, then these fees are recognised when the relevant performance obligation has been satisfied; if not, then the fees are only recognised in the period in which the services are provided. A breakdown of the timing of revenue recognition can be found in note 3. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Dividend income Dividend income from final dividends on equity securities is accounted for on the date the security becomes ex-dividend. Interim dividends are recognised when received. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-348": {
"value": "1.8 LEASES At inception of a contract, the group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the group uses the definition of a lease in IFRS 16. The group recognises a right-of-use asset and a lease liability at the inception date of the lease. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use assets are subsequently depreciated on a straight-line basis over the shorter of the expected life of the asset and the lease term, adjusted for any remeasurements of the lease liability. At the end of each reporting period, the right-of-use assets are assessed for indicators of impairment in accordance with IAS 36. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group\u2019s incremental borrowing rate. The group uses its incremental borrowing rate as the discount rate. Lease payments included in the measurement of the lease liability comprise the following: \u2013 fixed payments, including in-substance fixed payments \u2013 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2013 amounts expected to be payable under a residual value guarantee \u2013 the exercise price under a purchase option that the group is reasonably certain to exercise, lease payments in an optional renewal period if the group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the group is reasonably certain not to terminate early. The group\u2019s incremental borrowing rate of 5.642% is derived with reference to the group\u2019s subordinated loan notes (note 28), which is the only external financing on the consolidated balance sheet. Prior to the loan notes being refinanced in October 2021, the indicative rate used was 5.856%. The lease liability is subsequently measured by adjusting the carrying amount to reflect the interest charge, the lease payments made and any reassessment or lease modifications. The lease liability is remeasured if the group changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. Where the group is an intermediate lessor in a sub-lease, it accounts for its interests in the head lease and the sub-lease separately. It assesses the lease classification of a sub-lease with reference to the right-of-use asset arising from the head lease, not with reference to the underlying asset. Leases that qualify for the low-value asset exemption or short-term lease exemption do not fall within the scope of IFRS 16 and continue to be treated as off balance sheet. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-349": {
"value": "1.9 SHARE-BASED PAYMENTS The group engages in equity-settled and cash-settled share-based payment transactions in respect of services received from its employees. Equity-settled awards For equity-settled share-based payments, the fair value of the award is measured by reference to the fair value of the shares or share options granted on the grant date. The cost of the employee services received in respect of the shares or share options granted is recognised in profit or loss over the vesting period, with a corresponding credit to equity. The fair value of the awards or options granted is determined using a binomial pricing model, which takes into account the current share price, the risk-free interest rate, the expected volatility of the company\u2019s share price over the life of the option or award, any applicable exercise price and other relevant factors. Only those vesting conditions that include terms related to market conditions are taken into account in estimating fair value. Non-market vesting conditions are taken into account by adjusting the number of shares or share options included in the measurement of the cost of employee services so that, ultimately, the amount recognised in profit or loss reflects the number of vested shares or share options, with a corresponding adjustment to equity. Where vesting conditions are related to market conditions, the charges for the services received are recognised regardless of whether or not the market-related vesting condition is met, provided that any non-market vesting conditions are also met. Shares purchased and issued are charged directly to equity. Cash-settled awards For cash-settled share-based payments, a liability is recognised for the services received, and the related employer\u2019s taxes, at the balance sheet date, measured at the fair value of the liability. At each subsequent balance sheet date and at the date on which the liability is settled, the fair value of the liability is remeasured with any changes in fair value recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-350": {
"value": "1.10 TAXATION Current tax Current tax is the expected tax payable or receivable on net taxable income for the year. Current tax is calculated using tax rates enacted or substantively enacted by the balance sheet date, together with any adjustment to tax payable or receivable in respect of previous years. Deferred tax Deferred tax is accounted for under the balance sheet liability method in respect of temporary differences using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the liability is settled or when the asset is realised. Deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences may be utilised, except where the temporary difference arises: \u2013 from the initial recognition of goodwill; \u2013 from the initial recognition of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit, other than in a business combination; or \u2013 in relation to investments in subsidiaries and associates, where the group is able to control the reversal of the temporary difference and it is the group\u2019s intention not to reverse the temporary difference in the foreseeable future. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised: \u2013 in other comprehensive income if they relate to items recognised in other comprehensive income \u2013 directly in retained earnings if they relate to items recognised directly in retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-403": {
"value": "1.10 TAXATION Current tax Current tax is the expected tax payable or receivable on net taxable income for the year. Current tax is calculated using tax rates enacted or substantively enacted by the balance sheet date, together with any adjustment to tax payable or receivable in respect of previous years. Deferred tax Deferred tax is accounted for under the balance sheet liability method in respect of temporary differences using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the liability is settled or when the asset is realised. Deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences may be utilised, except where the temporary difference arises: \u2013 from the initial recognition of goodwill; \u2013 from the initial recognition of other assets and liabilities in a transaction, which affects neither the tax profit nor the accounting profit, other than in a business combination; or \u2013 in relation to investments in subsidiaries and associates, where the group is able to control the reversal of the temporary difference and it is the group\u2019s intention not to reverse the temporary difference in the foreseeable future. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the group intends to settle its current tax assets and liabilities on a net basis. Current and deferred tax are recognised: \u2013 in other comprehensive income if they relate to items recognised in other comprehensive income \u2013 directly in retained earnings if they relate to items recognised directly in retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-352": {
"value": "1.11 CASH AND CASH EQUIVALENTS Cash comprises cash in hand and demand deposits. Demand deposits include balances with central banks which are realisable on demand. Cash equivalents includes loans and advances to banks with a maturity of less than three months from the date of acquisition. For the purposes of the consolidated statement of cash flows, cash and cash equivalents consist of cash and cash equivalents as defined above, net of outstanding bank overdrafts, which are included in the group\u2019s cash management. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-351": {
"value": "1.12 FINANCIAL ASSETS Initial recognition and measurement Financial assets, excluding trade debtors, are initially recognised when the group becomes party to the contractual provisions of the asset. Trade debtors are recognised when cash is advanced to the borrowers. Financial assets are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition (except those assets classified at fair value through profit or loss). Trade debtors without a significant financing component are initially measured at the transaction price. Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Classification and subsequent measurement Financial assets are classified and measured in the following categories: \u2013 amortised cost Financial assets are measured at amortised cost if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is to hold assets to collect contractual cash flows. Assets are measured at amortised cost using the effective interest rate method (note 1.7), less any impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. \u2013 at fair value through other comprehensive income (FVOCI) Debt instruments are measured at FVOCI if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is both to hold assets to collect contractual cash flows and to sell the assets. For debt instruments, interest income is calculated using the effective interest method. For equity instruments, dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. All other gains and losses on assets at FVOCI are recognised in OCI. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED \u2013 at fair value through profit or loss (FVTPL) All equity instruments are measured at FVTPL unless the instrument is not held for trading, the group irrevocably elects to measure the instrument at FVOCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or FVOCI at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Business model assessment The group assesses the objective of the business model in which a financial asset is held at a portfolio level. The information considered includes: \u2013 the objectives for the portfolio and how those tie in to the current and future strategy of the group \u2013 how the performance of the portfolio is evaluated and reported to the group\u2019s management \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed \u2013 how group employees are compensated, e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Payments of principal and interest criterion In assessing whether the contractual cash flows are solely payments of principal and interest, the group considers: \u2013 the contractual terms of the instrument, checking consistency with basic lending criteria \u2013 the impact of the time value of money \u2013 features that would change the amount or timing of contractual cash flows \u2013 other factors, such as prepayment or extension features. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows have expired or the group has transferred substantially all the risks and rewards of ownership. Impairment of financial assets The group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost and FVOCI and loan commitments held off balance sheet. A financial asset will attract a loss allowance equal to either: \u2013 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2013 lifetime ECLs (losses resulting from possible defaults over the remaining life of the financial asset). The latter applies if there has been a significant deterioration in the credit quality of the asset; albeit lifetime ECLs will always be recognised for trade receivables, contract assets or lease receivables without a significant financing component. The maximum period considered when estimating ECLs is the maximum contractual period over which the group is exposed to credit risk. The group measures loss allowances at an amount equal to lifetime ECLs, except for treasury book and investment management loan book exposures (see note 33) for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. Loss allowances for trust and financial planning debtors are always measured at an amount equal to lifetime ECLs. When assessing whether the credit risk of a financial asset has increased significantly between the reporting date and initial recognition, quantitative and qualitative indicators are used. More detail can be found at note 33. Measurement of ECLs Treasury book and investment management loan book The group has developed a model for calculating ECLs on its treasury book and investment management loan book (which includes loan commitments held off balance sheet). The group has developed three different economic scenarios: a base case, an upside and a downside. The base case is assigned a 60% probability of occurring with the upside and downside each assigned a 20% probability of occurring. The economic scenarios are based on the projections of GDP, inflation, unemployment rates, house price indices, financial markets and interest rates as set out in the banking system stress testing scenario published annually by the PRA. Management adjust the projections for the economic variables in arriving at the upside and downside scenarios. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED
Under each resultant scenario, an ECL is forecast for each exposure in the treasury book and
investment management loan book. The ECL is calculated based on management\u2019s estimate
of the probability of default, the loss given default and the exposure at default of each
exposure taking into account industry credit loss data, the group\u2019s own credit loss experience,
the expected repayment profiles of the exposures and the level of collateral held. Industry
credit loss information is drawn from data on credit defaults for different categories of
exposure published by the Council of Mortgage Lenders and Standard & Poor\u2019s.
The model adopts a staging allocation methodology, primarily based on changes in the
internal and/or external credit rating of exposures to identify significant increases in credit
risk since inception of the exposure.
The group has not rebutted the presumption that if an exposure is more than 30 days past
due, the associated credit risk has significantly increased.
More detail on the group\u2019s staging criteria is provided in note 33.
ECLs are discounted back to the balance sheet date at the effective interest rate of the asset.
Trust and financial planning debtors
The group\u2019s trust and financial planning debtors are generally short term and do not contain
significant financing components. Therefore, the group has applied a practical expedient by
using a provision matrix to calculate lifetime ECLs based on actual credit loss experience over
the past four years.
Credit-impaired financial assets
At each reporting date, the group assesses whether financial assets carried at amortised cost
and FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events
that have a detrimental impact on the estimated future cash flows of the financial asset have
occurred. The group\u2019s definition of default is given in note 33.
Presentation of impairment
The carrying amount of financial assets measured at amortised cost is reduced by a loss
allowance. The carrying value of assets measured at FVOCI, is not adjusted by loss allowance
but instead the loss allowance is recorded in equity.
Impairment losses related to the group\u2019s treasury book and investment management loan
book are presented in \u2018interest expense and similar charges\u2019 and those related to all other
financial assets (including trust and financial planning debtors) are presented under \u2018other
operating expenses\u2019. No losses are presented separately on the statement of the
comprehensive income and there have been no reclassifications of amounts previously
recognised under IAS 39.
1.16 FINANCIAL LIABILITIES Initial recognition and measurement Financial liabilities are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue. Classification and subsequent measurement Financial liabilities are classified as measured at amortised cost or at fair value through profit or loss. The group has not designated any liabilities as fair value through profit or loss and holds no liabilities as held for trading. Financial liabilities are measured at amortised cost using the effective interest method (note 1.7). Amortised cost is calculated by taking into account any issue costs and any discounts or premiums on settlement. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Derecognition The group derecognises financial liabilities when its contractual obligations are discharged, cancelled or expired, or when the financial liability is substantially modified. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-404": {
"value": "1.12 FINANCIAL ASSETS Initial recognition and measurement Financial assets, excluding trade debtors, are initially recognised when the group becomes party to the contractual provisions of the asset. Trade debtors are recognised when cash is advanced to the borrowers. Financial assets are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition (except those assets classified at fair value through profit or loss). Trade debtors without a significant financing component are initially measured at the transaction price. Financial assets are not reclassified subsequent to their initial recognition unless the group changes its business model for managing financial assets, in which case all affected financial assets are reclassified on the first day of the first reporting period following the change in the business model. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Classification and subsequent measurement Financial assets are classified and measured in the following categories: \u2013 amortised cost Financial assets are measured at amortised cost if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is to hold assets to collect contractual cash flows. Assets are measured at amortised cost using the effective interest rate method (note 1.7), less any impairment losses. Interest income, foreign exchange gains and losses and impairment are recognised in profit or loss. Any gain or loss on derecognition is recognised in profit or loss. \u2013 at fair value through other comprehensive income (FVOCI) Debt instruments are measured at FVOCI if their contractual terms give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding and they are held within a business model whose objective is both to hold assets to collect contractual cash flows and to sell the assets. For debt instruments, interest income is calculated using the effective interest method. For equity instruments, dividends are recognised as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment. All other gains and losses on assets at FVOCI are recognised in OCI. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED \u2013 at fair value through profit or loss (FVTPL) All equity instruments are measured at FVTPL unless the instrument is not held for trading, the group irrevocably elects to measure the instrument at FVOCI. This election is made on an investment-by-investment basis. All financial assets not classified as measured at amortised cost or FVOCI as described above are measured at FVTPL. On initial recognition, the group may irrevocably designate a financial asset that otherwise meets the requirements to be measured at amortised cost or FVOCI at FVTPL if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise. Net gains and losses, including any interest or dividend income, are recognised in profit or loss. Business model assessment The group assesses the objective of the business model in which a financial asset is held at a portfolio level. The information considered includes: \u2013 the objectives for the portfolio and how those tie in to the current and future strategy of the group \u2013 how the performance of the portfolio is evaluated and reported to the group\u2019s management \u2013 the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed \u2013 how group employees are compensated, e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected \u2013 the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity. Payments of principal and interest criterion In assessing whether the contractual cash flows are solely payments of principal and interest, the group considers: \u2013 the contractual terms of the instrument, checking consistency with basic lending criteria \u2013 the impact of the time value of money \u2013 features that would change the amount or timing of contractual cash flows \u2013 other factors, such as prepayment or extension features. Derecognition Financial assets are derecognised when the contractual rights to receive cash flows have expired or the group has transferred substantially all the risks and rewards of ownership. Impairment of financial assets The group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost and FVOCI and loan commitments held off balance sheet. A financial asset will attract a loss allowance equal to either: \u2013 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2013 lifetime ECLs (losses resulting from possible defaults over the remaining life of the financial asset). The latter applies if there has been a significant deterioration in the credit quality of the asset; albeit lifetime ECLs will always be recognised for trade receivables, contract assets or lease receivables without a significant financing component. The maximum period considered when estimating ECLs is the maximum contractual period over which the group is exposed to credit risk. The group measures loss allowances at an amount equal to lifetime ECLs, except for treasury book and investment management loan book exposures (see note 33) for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. Loss allowances for trust and financial planning debtors are always measured at an amount equal to lifetime ECLs. When assessing whether the credit risk of a financial asset has increased significantly between the reporting date and initial recognition, quantitative and qualitative indicators are used. More detail can be found at note 33. Measurement of ECLs Treasury book and investment management loan book The group has developed a model for calculating ECLs on its treasury book and investment management loan book (which includes loan commitments held off balance sheet). The group has developed three different economic scenarios: a base case, an upside and a downside. The base case is assigned a 60% probability of occurring with the upside and downside each assigned a 20% probability of occurring. The economic scenarios are based on the projections of GDP, inflation, unemployment rates, house price indices, financial markets and interest rates as set out in the banking system stress testing scenario published annually by the PRA. Management adjust the projections for the economic variables in arriving at the upside and downside scenarios. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Under each resultant scenario, an ECL is forecast for each exposure in the treasury book and investment management loan book. The ECL is calculated based on management\u2019s estimate of the probability of default, the loss given default and the exposure at default of each exposure taking into account industry credit loss data, the group\u2019s own credit loss experience, the expected repayment profiles of the exposures and the level of collateral held. Industry credit loss information is drawn from data on credit defaults for different categories of exposure published by the Council of Mortgage Lenders and Standard & Poor\u2019s. The model adopts a staging allocation methodology, primarily based on changes in the internal and/or external credit rating of exposures to identify significant increases in credit risk since inception of the exposure. The group has not rebutted the presumption that if an exposure is more than 30 days past due, the associated credit risk has significantly increased. More detail on the group\u2019s staging criteria is provided in note 33. ECLs are discounted back to the balance sheet date at the effective interest rate of the asset. Trust and financial planning debtors The group\u2019s trust and financial planning debtors are generally short term and do not contain significant financing components. Therefore, the group has applied a practical expedient by using a provision matrix to calculate lifetime ECLs based on actual credit loss experience over the past four years. Credit-impaired financial assets At each reporting date, the group assesses whether financial assets carried at amortised cost and FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The group\u2019s definition of default is given in note 33. Presentation of impairment The carrying amount of financial assets measured at amortised cost is reduced by a loss allowance. The carrying value of assets measured at FVOCI, is not adjusted by loss allowance but instead the loss allowance is recorded in equity. Impairment losses related to the group\u2019s treasury book and investment management loan book are presented in \u2018interest expense and similar charges\u2019 and those related to all other financial assets (including trust and financial planning debtors) are presented under \u2018other operating expenses\u2019. No losses are presented separately on the statement of the comprehensive income and there have been no reclassifications of amounts previously recognised under IAS 39. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-428": {
"value": "Derecognition Financial assets are derecognised when the contractual rights to receive cash flows have expired or the group has transferred substantially all the risks and rewards of ownership. Derecognition The group derecognises financial liabilities when its contractual obligations are discharged, cancelled or expired, or when the financial liability is substantially modified. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-429": {
"value": "Impairment of financial assets The group recognises loss allowances for expected credit losses (ECLs) on financial assets measured at amortised cost and FVOCI and loan commitments held off balance sheet. A financial asset will attract a loss allowance equal to either: \u2013 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2013 lifetime ECLs (losses resulting from possible defaults over the remaining life of the financial asset). The latter applies if there has been a significant deterioration in the credit quality of the asset; albeit lifetime ECLs will always be recognised for trade receivables, contract assets or lease receivables without a significant financing component. The maximum period considered when estimating ECLs is the maximum contractual period over which the group is exposed to credit risk. The group measures loss allowances at an amount equal to lifetime ECLs, except for treasury book and investment management loan book exposures (see note 33) for which credit risk has not increased significantly since initial recognition, which are measured at 12-month ECLs. Loss allowances for trust and financial planning debtors are always measured at an amount equal to lifetime ECLs. When assessing whether the credit risk of a financial asset has increased significantly between the reporting date and initial recognition, quantitative and qualitative indicators are used. More detail can be found at note 33. Measurement of ECLs Treasury book and investment management loan book The group has developed a model for calculating ECLs on its treasury book and investment management loan book (which includes loan commitments held off balance sheet). The group has developed three different economic scenarios: a base case, an upside and a downside. The base case is assigned a 60% probability of occurring with the upside and downside each assigned a 20% probability of occurring. The economic scenarios are based on the projections of GDP, inflation, unemployment rates, house price indices, financial markets and interest rates as set out in the banking system stress testing scenario published annually by the PRA. Management adjust the projections for the economic variables in arriving at the upside and downside scenarios. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Under each resultant scenario, an ECL is forecast for each exposure in the treasury book and investment management loan book. The ECL is calculated based on management\u2019s estimate of the probability of default, the loss given default and the exposure at default of each exposure taking into account industry credit loss data, the group\u2019s own credit loss experience, the expected repayment profiles of the exposures and the level of collateral held. Industry credit loss information is drawn from data on credit defaults for different categories of exposure published by the Council of Mortgage Lenders and Standard & Poor\u2019s. The model adopts a staging allocation methodology, primarily based on changes in the internal and/or external credit rating of exposures to identify significant increases in credit risk since inception of the exposure. The group has not rebutted the presumption that if an exposure is more than 30 days past due, the associated credit risk has significantly increased. More detail on the group\u2019s staging criteria is provided in note 33. ECLs are discounted back to the balance sheet date at the effective interest rate of the asset. Trust and financial planning debtors The group\u2019s trust and financial planning debtors are generally short term and do not contain significant financing components. Therefore, the group has applied a practical expedient by using a provision matrix to calculate lifetime ECLs based on actual credit loss experience over the past four years. Credit-impaired financial assets At each reporting date, the group assesses whether financial assets carried at amortised cost and FVOCI are credit-impaired. A financial asset is \u2018credit-impaired\u2019 when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The group\u2019s definition of default is given in note 33. Presentation of impairment The carrying amount of financial assets measured at amortised cost is reduced by a loss allowance. The carrying value of assets measured at FVOCI, is not adjusted by loss allowance but instead the loss allowance is recorded in equity. Impairment losses related to the group\u2019s treasury book and investment management loan book are presented in \u2018interest expense and similar charges\u2019 and those related to all other financial assets (including trust and financial planning debtors) are presented under \u2018other operating expenses\u2019. No losses are presented separately on the statement of the comprehensive income and there have been no reclassifications of amounts previously recognised under IAS 39. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-353": {
"value": "1.13 PROPERTY, PLANT AND EQUIPMENT All property, plant and equipment is stated at historical cost, which includes directly attributable acquisition costs, less accumulated depreciation and impairment losses. Depreciation is charged so as to write off the cost of assets to their estimated residual value over their estimated useful lives, using the straight-line method, on the following bases: \u2013 leasehold improvements: over the lease term \u2013 plant, equipment and computer hardware: over three to 10 years. The assets\u2019 residual lives are reviewed, and adjusted if appropriate, at each balance sheet date. Gains and losses on disposals are determined by comparing proceeds with the carrying amount and these are included in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-430": {
"value": "1.14 INTANGIBLE ASSETS Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units, which represent the lowest level at which goodwill is monitored for internal management purposes. Cash-generating units are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the group\u2019s operating segments, as set out in note 3. On disposal of a subsidiary the attributed amount of goodwill that has not been subject to impairment is included in the determination of the profit or loss on disposal. Client relationships Client relationships acquired as part of a business combination are initially recognised at fair value (note 1.4). Determining whether a transaction that involves the purchase of client relationships is treated as a business combination or a separate purchase of intangible assets requires judgement. The factors that the group takes into consideration in making this judgement are set out in note 2.1. Individually purchased client relationships are initially recognised at cost. Where a transaction to acquire client relationship intangibles includes an element of variable deferred consideration, an estimate is made of the value of consideration that will ultimately be paid. The client relationship intangible recognised on the balance sheet is adjusted for any subsequent change in the value of deferred consideration. Note 2.1 sets out the approach taken by the group where judgement is required to determine whether payments made for the introduction of client relationships should be capitalised as intangible assets or charged to profit or loss. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Client relationships are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives (normally 10 to 15 years, but not more than 15 years). Computer software and software development costs Costs incurred to acquire and bring to use computer software licences are capitalised and amortised through profit or loss over their expected useful lives (three to four years). Costs that are directly associated with the production of identifiable and unique software products controlled by the group are recognised as intangible assets when the group is expected to benefit from future use of the software and the costs are reliably measurable. Other costs of producing software are charged to profit or loss as incurred. Computer software development costs recognised as assets are amortised using the straight-line method over their useful lives (not exceeding four years). Where services provided by a software-as-a-service arrangement do not result in the recognition of an intangible asset, non-distinct configuration and customisation costs are expensed when access to the software is provided. The cost is spread over the contractual term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-405": {
"value": "1.14 INTANGIBLE ASSETS Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units, which represent the lowest level at which goodwill is monitored for internal management purposes. Cash-generating units are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the group\u2019s operating segments, as set out in note 3. On disposal of a subsidiary the attributed amount of goodwill that has not been subject to impairment is included in the determination of the profit or loss on disposal. Client relationships Client relationships acquired as part of a business combination are initially recognised at fair value (note 1.4). Determining whether a transaction that involves the purchase of client relationships is treated as a business combination or a separate purchase of intangible assets requires judgement. The factors that the group takes into consideration in making this judgement are set out in note 2.1. Individually purchased client relationships are initially recognised at cost. Where a transaction to acquire client relationship intangibles includes an element of variable deferred consideration, an estimate is made of the value of consideration that will ultimately be paid. The client relationship intangible recognised on the balance sheet is adjusted for any subsequent change in the value of deferred consideration. Note 2.1 sets out the approach taken by the group where judgement is required to determine whether payments made for the introduction of client relationships should be capitalised as intangible assets or charged to profit or loss. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Client relationships are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives (normally 10 to 15 years, but not more than 15 years). Computer software and software development costs Costs incurred to acquire and bring to use computer software licences are capitalised and amortised through profit or loss over their expected useful lives (three to four years). Costs that are directly associated with the production of identifiable and unique software products controlled by the group are recognised as intangible assets when the group is expected to benefit from future use of the software and the costs are reliably measurable. Other costs of producing software are charged to profit or loss as incurred. Computer software development costs recognised as assets are amortised using the straight-line method over their useful lives (not exceeding four years). Where services provided by a software-as-a-service arrangement do not result in the recognition of an intangible asset, non-distinct configuration and customisation costs are expensed when access to the software is provided. The cost is spread over the contractual term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "1.14 INTANGIBLE ASSETS Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the group\u2019s interest in the fair value of the identifiable assets, liabilities and contingent liabilities of a business at the date of acquisition. Goodwill is recognised as an asset and measured at cost less accumulated impairment losses. It is allocated to groups of cash-generating units, which represent the lowest level at which goodwill is monitored for internal management purposes. Cash-generating units are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, and are no larger than the group\u2019s operating segments, as set out in note 3. On disposal of a subsidiary the attributed amount of goodwill that has not been subject to impairment is included in the determination of the profit or loss on disposal. Client relationships Client relationships acquired as part of a business combination are initially recognised at fair value (note 1.4). Determining whether a transaction that involves the purchase of client relationships is treated as a business combination or a separate purchase of intangible assets requires judgement. The factors that the group takes into consideration in making this judgement are set out in note 2.1. Individually purchased client relationships are initially recognised at cost. Where a transaction to acquire client relationship intangibles includes an element of variable deferred consideration, an estimate is made of the value of consideration that will ultimately be paid. The client relationship intangible recognised on the balance sheet is adjusted for any subsequent change in the value of deferred consideration. Note 2.1 sets out the approach taken by the group where judgement is required to determine whether payments made for the introduction of client relationships should be capitalised as intangible assets or charged to profit or loss. 1 / PRINCIPAL ACCOUNTING POLICIES CONTINUED Client relationships are subsequently carried at the amount initially recognised less accumulated amortisation, which is calculated using the straight-line method over their estimated useful lives (normally 10 to 15 years, but not more than 15 years). Computer software and software development costs Costs incurred to acquire and bring to use computer software licences are capitalised and amortised through profit or loss over their expected useful lives (three to four years). Costs that are directly associated with the production of identifiable and unique software products controlled by the group are recognised as intangible assets when the group is expected to benefit from future use of the software and the costs are reliably measurable. Other costs of producing software are charged to profit or loss as incurred. Computer software development costs recognised as assets are amortised using the straight-line method over their useful lives (not exceeding four years). Where services provided by a software-as-a-service arrangement do not result in the recognition of an intangible asset, non-distinct configuration and customisation costs are expensed when access to the software is provided. The cost is spread over the contractual term. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "1.15 IMPAIRMENT OF GOODWILL AND INTANGIBLE ASSETS At each balance sheet date, the group reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the group estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money. Goodwill is tested for impairment at least annually. For the purposes of impairment testing, goodwill is allocated to groups of cash-generating units. The carrying amount of each group of cash-generating units is compared to its value in use, calculated using a discounted cash flow method. If the recoverable amount of the group of cash-generating units is less than the carrying amount of the group of units, the impairment loss is allocated first to reduce the carrying amount of the goodwill allocated to that group of units and then to the other assets of the group of units pro rata on the basis of the carrying amount of each asset in the group of units. Client relationship intangibles are tested for impairment by comparing the fair value of funds under management and administration for each individually acquired client relationship (or, for client relationships acquired with a business combination, each acquired portfolio of clients) with their associated amortised value. An example of evidence of impairment would be lost client relationships. In determining whether a client relationship is lost, the group considers factors such as the level of funds withdrawn and the existence of other retained family relationships. When client relationships are lost, the full amount of unamortised cost is recognised immediately in profit or loss and the intangible asset is derecognised. If the recoverable amount of any asset other than goodwill or client relationships is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Any impairment loss is recognised immediately in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "1.16 FINANCIAL LIABILITIES Initial recognition and measurement Financial liabilities are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue. Classification and subsequent measurement Financial liabilities are classified as measured at amortised cost or at fair value through profit or loss. The group has not designated any liabilities as fair value through profit or loss and holds no liabilities as held for trading. Financial liabilities are measured at amortised cost using the effective interest method (note 1.7). Amortised cost is calculated by taking into account any issue costs and any discounts or premiums on settlement. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss. For settlement balances, trade date accounting is applied to all regular way purchases and sales of assets. Derecognition The group derecognises financial liabilities when its contractual obligations are discharged, cancelled or expired, or when the financial liability is substantially modified. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "1.17 PROVISIONS AND CONTINGENT LIABILITIES Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of economic benefits, that can be reliably estimated, will occur. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Contingent liabilities are possible obligations that depend on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless the likelihood of crystallisation is judged to be remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "1.17 PROVISIONS AND CONTINGENT LIABILITIES Provisions are recognised when the group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of economic benefits, that can be reliably estimated, will occur. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation, discounted using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. Contingent liabilities are possible obligations that depend on the outcome of uncertain future events or those present obligations where the outflows of resources are uncertain or cannot be measured reliably. Contingent liabilities are not recognised in the financial statements but are disclosed unless the likelihood of crystallisation is judged to be remote. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "1.18 RETIREMENT BENEFIT OBLIGATIONS ON RETIREMENT BENEFIT SCHEMES The group\u2019s net liability/asset in respect of defined benefit pension plans is calculated separately for each plan by estimating the amount of future benefit that employees have earned in return for their service in the current and prior years; that benefit is discounted to determine its present value, and the fair value of any plan assets (at bid price) is deducted. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. The cost of providing benefits under defined benefit plans is determined using the projected unit credit method, with actuarial valuations being carried out at each balance sheet date. Net remeasurements of the defined benefit liability/asset are recognised in full in the period in which they occur in other comprehensive income. Past service costs or gains are recognised in profit or loss immediately in the period of a plan amendment. Interest income on defined benefit assets and interest expense on the defined benefit obligations are also recognised in profit or loss in the period. The amount recognised in the balance sheet for death-in-service benefits represents the present value of the estimated obligation, reduced by the extent to which any future liabilities will be met by insurance policies. The company determines the net interest on the net defined benefit liability/asset for the year by applying the discount rate used to measure the defined benefit obligation at the beginning of the year to the net defined benefit liability/asset. Contributions to defined contribution retirement benefit schemes are charged to profit or loss as an expense as they fall due. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "1.19 SEGMENTAL REPORTING The group determines and presents operating segments based on the information that is provided internally to the group executive committee, which is the group\u2019s chief operating decision-maker. Operating segments are organised around the services provided to clients. No operating segments have been aggregated in the group\u2019s financial statements. Transactions between operating segments are reported within the income or expenses for those segments; intra-segment income and expenditure is eliminated at group level. Indirect costs are allocated between segments in proportion to the principal cost driver for each category of indirect costs that is generated by each segment. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "1.20 FIDUCIARY ACTIVITIES The group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of individuals, trusts, retirement benefit plans and other institutions. Such assets and income arising thereon are excluded from these financial statements, as they are not assets of the group. Largely as a result of cash and settlement processing, the group holds money on behalf of some clients in accordance with the Client Money Rules of the Financial Conduct Authority, the Jersey Financial Services Commission and the Solicitors\u2019 Accounts Rules issued by the Solicitors Regulation Authority, as applicable. Such monies and the corresponding amounts due to clients are not shown on the balance sheet as the group is not beneficially entitled to them. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "1.21 MERGER RESERVE The merger reserve is used where more than 90% of the share capital in a subsidiary is acquired, and the consideration includes the issue of new shares by the Company, thereby attracting merger relief under Section 612 of the Companies Act 2006. ",
"dimensions": {
"concept": "rathbonesgroupplc:DescriptionOfAccountingPolicyForMergerReserve",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "1.22 FAIR VALUE MEASUREMENT The fair values of quoted financial instruments in active markets are based on current bid prices. Such instruments would be included in level 1 of the fair value hierarchy. If an active market for a financial asset does not exist, the group establishes fair value by using valuation techniques. These include the use of recent arm\u2019s-length transactions, discounted cash flow analysis, option pricing models and other valuation techniques commonly used by market participants. These instruments would be classified under level 3 in the fair value hierarchy. The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "2 / CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The group makes judgements and estimates that affect the application of the group\u2019s accounting policies and reported amounts of assets, liabilities, income and expenses within the next financial year. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The following key accounting policies involve critical judgements made in applying the accounting policy and involve material estimation uncertainty. 2.1 CLIENT RELATIONSHIP INTANGIBLES (NOTE 22) Critical judgements Client relationship intangibles purchased through corporate transactions When the group purchases client relationships through transactions with other corporate entities, a judgement is made as to whether the transaction should be accounted for as a business combination or as a separate purchase of intangible assets. In making this judgement, the group assesses the assets, liabilities, operations and processes that were the subject of the transaction against the definition of a business combination in IFRS 3. In particular, consideration is given to whether ownership of a corporate entity has been acquired, among other factors. Payments to newly recruited investment managers The group assesses whether payments made to newly recruited investment managers under contractual agreements represent payments for the acquisition of client relationship intangibles or remuneration for ongoing services provided to the group. If these payments are incremental costs of acquiring investment management contracts and are deemed to be recoverable (i.e. through future revenues earned from the funds that transfer), they are capitalised as client relationship intangibles (note 22). Otherwise, they are judged to be in relation to the provision of ongoing services and are expensed in the period in which they are incurred. Upfront payments made to investment managers upon joining are expensed as they are not judged to be incremental costs for acquiring the client relationships. Estimation uncertainty Amortisation of client relationship intangibles The group makes estimates as to the expected duration of client relationships to determine the period over which related intangible assets are amortised. The amortisation period is estimated with reference to historical data on account closure rates and expectations that these will continue in the future. During the year, client relationship intangible assets were amortised over a 10-to-15-year period. Amortisation of \u00a319.5 million (2021: \u00a315.6 million was charged during the year). At 31 December 2022, the carrying value of client relationship intangibles was \u00a3175.0 million (2021: \u00a3193.6 million). A reduction of three years in the amortisation period of the group\u2019s client relationship intangible assets would increase the annual amortisation charge by \u00a37.7 million. 2.2 RETIREMENT BENEFIT OBLIGATIONS (NOTE 29) Estimation uncertainty The principal assumptions underlying the reported surplus of \u00a39,401,000 (2021: \u00a312,287,000 surplus) are set out in note 29. In setting these assumptions, the group makes estimates about a range of long-term trends and market conditions to determine the value of the surplus or deficit on its retirement benefit schemes, based on the group\u2019s expectations of the future and advice taken from qualified actuaries. Long-term forecasts and estimates are necessarily highly subjective and subject to risk that actual events may be significantly different to those forecast. If actual events deviate from the assumptions made by the group then the reported surplus or deficit in respect of retirement benefit obligations may be materially different. The sensitivities of the retirement benefit obligations to changes in all of the underlying estimates are set out in note 29. Of these, the most sensitive assumption is the discount rate used to measure the defined benefit obligation. Increasing the discount rate by 0.5% would decrease the schemes\u2019 liabilities by \u00a37,095,000 (2021: \u00a314,966,000). Increasing the future rate of inflation by 0.5% would increase the schemes\u2019 liabilities by \u00a34,990,000 (2021: \u00a312,639,000). A lower or higher movement in these assumptions would result in multiples of these figures. A 0.5% decrease would have the opposite effect of a similar magnitude. 2.3 BUSINESS COMBINATIONS (NOTE 8) Estimation uncertainty During the prior year, the group acquired the entire share capital of Saunderson House Limited. The group accounted for the transaction as a business combination, as set out in note 8. The purchase price payable in respect of the acquisition was split into a number of different components. The equity-settled deferred payments that are contingent on the recipients remaining employees of the group for a specific period are accounted for as remuneration for ongoing services in employment. The group\u2019s estimate of the amounts ultimately payable will be expensed over the deferral period. Fair value of consideration transferred The Saunderson House management incentive scheme is subject to the achievement of certain operational and performance targets at 31 December 2024. A profit or loss charge has been recognised in equity for the expected consideration payable. Under the terms of the agreements, the award ranges from a payment of \u00a3nil to a maximum possible payment in shares of \u00a37.2 million, and is dependent on the value of qualifying funds under management at the test date, which must achieve a minimum threshold of \u00a35.0 billion, as well as other qualitative factors. Management\u2019s best estimate of this award at the year end was \u00a34.7 million, and is based on expected qualifying funds under management at 31 December 2024 of \u00a35.0 billion. The maximum award of \u00a37.2 million would result in an additional charge to profit or loss in 2022 of \u00a30.7 million. A payment of \u00a3nil would result in a reversal of the accumulated profit or loss charge since commencement of the award of \u00a31.7 million in 2022. ",
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"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-363": {
"value": "3 / SEGMENTAL INFORMATION For management purposes, the group is organised into two operating divisions: Investment Management and Funds. Centrally incurred indirect expenses are allocated to these operating segments on the basis of the cost drivers that generate the expenditure; principally, these are the headcount of staff directly involved in providing those services from which the segment earns revenues, the value of funds under management and administration and the segment\u2019s total revenue. The allocation of these costs is shown in a separate column in the table below, alongside the information presented for internal reporting to the group executive committee, which is the group\u2019s chief operating decision-maker. 31 December 2022 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Indirect expenses \u00a3\u2019000 Total \u00a3\u2019000 Net investment management fee income 274,881 62,158 \u2013 337,039 Net commission income 48,871 \u2013 \u2013 48,871 Net interest income 17,779 524 \u2013 18,303 Fees from advisory services and other income 51,393 269 \u2013 51,662 Operating income 392,924 62,951 \u2013 455,875 Staff costs \u2212 fixed (109,507) (6,938) (42,035) (158,480) Staff costs \u2212 variable (66,915) (11,240) (8,917) (87,072) Total staff costs (176,422) (18,178) (50,952) (245,552) Other direct expenses (41,494) (9,570) (62,199) (113,263) Allocation of indirect expenses (104,363) (8,788) 113,151 \u2013 Underlying operating expenses (322,279) (36,536) \u2013 (358,815) Underlying profit before tax 70,645 26,415 \u2013 97,060 Charges in relation to client relationships and goodwill (note 22) (19,544) \u2013 \u2013 (19,544) Acquisition-related costs (note 9) (10,027) \u2013 ( 3,436) (13,462) Segment profit before tax 41,074 26,415 (3,436) 64,054 Profit before tax attributable to equity holders of the company 64,054 Taxation (note 11) (15,070) Profit for the year attributable to equity holders of the company 48,984 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Total \u00a3\u2019000 Segment total assets 3,323,428 114,371 3,437,799 Unallocated assets 9,401 Total assets 3,447,200 3 / SEGMENTAL INFORMATION CONTINUED 31 December 2021 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Indirect expenses \u00a3\u2019000 Total \u00a3\u2019000 Net investment management fee income 288,089 61,289 \u2013 349,378 Net commission income 53,596 \u2013 \u2013 53,596 Net interest income 3,874 2 \u2013 3,876 Fees from advisory services and other income 27,265 1,812 \u2013 29,077 Operating income 372,824 63,103 \u2013 435,927 Staff costs \u2212 fixed (89,343) (5,210) (35,260) (129,813) Staff costs \u2212 variable (61,872) (16,833) (11,426) (90,131) Total staff costs (151,215) (22,043) (46,686) (219,944) Other direct expenses (37,488) (10,084) (47,692) (95,264) Allocation of indirect expenses (85,767) (8,611) 94,378 \u2013 Underlying operating expenses (274,470) (40,738) \u2013 (315,208) Underlying profit before tax 98,354 22,365 \u2013 120,719 Charges in relation to client relationships and goodwill (note 22) (15,595) \u2013 \u2013 (15,595) Acquisition-related costs (note 9) (9,635) \u2013 (454) (10,089) Segment profit before tax 73,124 22,365 (454) 95,035 Profit before tax attributable to equity holders of the company 95,035 Taxation (note 11) (19,806) Profit for the year attributable to equity holders of the company 75,229 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Total \u00a3\u2019000 Segment total assets 3,132,898 126,568 3,259,466 Unallocated assets 12,287 Total assets 3,271,753 The following table reconciles underlying operating expenses to operating expenses: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Underlying operating expenses 358,815 315,208 Charges in relation to client relationships and goodwill (note 22) 19,544 15,595 Acquisition-related costs (note 9) 13,462 10,089 Operating expenses 391,821 340,892 3 / SEGMENTAL INFORMATION CONTINUED GEOGRAPHIC ANALYSIS The following table presents operating income analysed by the geographical location of the group entity providing the service: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 441,977 421,386 Jersey 13,842 14,541 Rest of the World 56 \u2013 Operating income 455,875 435,927 The following is an analysis of the carrying amount of non-current assets analysed by the geographical location of the assets: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 United Kingdom 404,604 429,345 Jersey 3,363 3,796 Non-current assets 407,967 433,141 TIMING OF REVENUE RECOGNITION The following table presents operating income analysed by the timing of revenue recognition of the operating segment providing the service: 2022 2021 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Products and services transferred at a point in time 41,192 \u2013 44,190 \u2013 Products and services transferred over time 351,732 62,951 327,486 64,251 Operating income 392,924 62,951 371,676 64,251 MAJOR CLIENTS The group is not reliant on any one client or group of connected clients for generation of revenues.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"value": "4 / NET INTEREST INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income Cash and balances with central banks 23,715 1,694 Fair value through profit or loss investment securities (2) (7) Amortised cost investment securities 12,769 1,732 Loans and advances to banks 3,492 284 Loans and advances to customers 6,361 4,007 46,335 7,710 Interest expense Due to customers (22,755) (186) Lease liabilities (3,061) (3,134) Subordinated loan notes (note 28) (2,255) (1,241) Credit impairment reversals 39 727 (28,032) (3,834) Net interest income 18,303 3,876 With the exception of credit impairment reversals, which are calculated as described in note 33, all net interest income is calculated using the effective interest method (note 1.7). The significant increase in net interest income in the year is due to an increase in market interest rates and a reallocation of treasury assets. ",
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"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-447": {
"value": "4 / NET INTEREST INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income Cash and balances with central banks 23,715 1,694 Fair value through profit or loss investment securities (2) (7) Amortised cost investment securities 12,769 1,732 Loans and advances to banks 3,492 284 Loans and advances to customers 6,361 4,007 46,335 7,710 Interest expense Due to customers (22,755) (186) Lease liabilities (3,061) (3,134) Subordinated loan notes (note 28) (2,255) (1,241) Credit impairment reversals 39 727 (28,032) (3,834) Net interest income 18,303 3,876 With the exception of credit impairment reversals, which are calculated as described in note 33, all net interest income is calculated using the effective interest method (note 1.7). The significant increase in net interest income in the year is due to an increase in market interest rates and a reallocation of treasury assets. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-444": {
"value": "4 / NET INTEREST INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income Cash and balances with central banks 23,715 1,694 Fair value through profit or loss investment securities (2) (7) Amortised cost investment securities 12,769 1,732 Loans and advances to banks 3,492 284 Loans and advances to customers 6,361 4,007 46,335 7,710 Interest expense Due to customers (22,755) (186) Lease liabilities (3,061) (3,134) Subordinated loan notes (note 28) (2,255) (1,241) Credit impairment reversals 39 727 (28,032) (3,834) Net interest income 18,303 3,876 With the exception of credit impairment reversals, which are calculated as described in note 33, all net interest income is calculated using the effective interest method (note 1.7). The significant increase in net interest income in the year is due to an increase in market interest rates and a reallocation of treasury assets. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-440": {
"value": "4 / NET INTEREST INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income Cash and balances with central banks 23,715 1,694 Fair value through profit or loss investment securities (2) (7) Amortised cost investment securities 12,769 1,732 Loans and advances to banks 3,492 284 Loans and advances to customers 6,361 4,007 46,335 7,710 Interest expense Due to customers (22,755) (186) Lease liabilities (3,061) (3,134) Subordinated loan notes (note 28) (2,255) (1,241) Credit impairment reversals 39 727 (28,032) (3,834) Net interest income 18,303 3,876 With the exception of credit impairment reversals, which are calculated as described in note 33, all net interest income is calculated using the effective interest method (note 1.7). The significant increase in net interest income in the year is due to an increase in market interest rates and a reallocation of treasury assets. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
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"fact-431": {
"value": "4 / NET INTEREST INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income Cash and balances with central banks 23,715 1,694 Fair value through profit or loss investment securities (2) (7) Amortised cost investment securities 12,769 1,732 Loans and advances to banks 3,492 284 Loans and advances to customers 6,361 4,007 46,335 7,710 Interest expense Due to customers (22,755) (186) Lease liabilities (3,061) (3,134) Subordinated loan notes (note 28) (2,255) (1,241) Credit impairment reversals 39 727 (28,032) (3,834) Net interest income 18,303 3,876 With the exception of credit impairment reversals, which are calculated as described in note 33, all net interest income is calculated using the effective interest method (note 1.7). The significant increase in net interest income in the year is due to an increase in market interest rates and a reallocation of treasury assets. ",
"dimensions": {
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"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "4 / NET INTEREST INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Interest income Cash and balances with central banks 23,715 1,694 Fair value through profit or loss investment securities (2) (7) Amortised cost investment securities 12,769 1,732 Loans and advances to banks 3,492 284 Loans and advances to customers 6,361 4,007 46,335 7,710 Interest expense Due to customers (22,755) (186) Lease liabilities (3,061) (3,134) Subordinated loan notes (note 28) (2,255) (1,241) Credit impairment reversals 39 727 (28,032) (3,834) Net interest income 18,303 3,876 With the exception of credit impairment reversals, which are calculated as described in note 33, all net interest income is calculated using the effective interest method (note 1.7). The significant increase in net interest income in the year is due to an increase in market interest rates and a reallocation of treasury assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "5 / NET FEE AND COMMISSION INCOME 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fee and commission income Investment Management 394,463 389,252 Funds 68,226 68,444 462,689 457,696 Fee and commission expense Investment Management (23,325) (24,171) Funds (4,152) (4,891) (27,477) (29,062) Net fee and commission income 435,212 428,634 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "6 / OTHER OPERATING INCOME OTHER OPERATING INCOME Other operating income of \u00a32,360,000 (2021: \u00a33,417,000) comprised gains and losses from fair value through profit or loss equity securities of \u00a3460,000 (2021: \u00a3829,000), rental income of \u00a3629,000 from sub-leases on certain properties leased by group companies (2021: \u00a3646,000) and sundry income. 7 / OPERATING EXPENSES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs (note 10) 245,553 219,944 Depreciation of property, plant and equipment (note 19) 4,749 4,263 Depreciation of right-of-use assets (note 20) 5,602 4,985 Amortisation of internally generated intangible assets (note 22) 1,488 1,383 Amortisation and impairment of purchased software (note 22) 3,559 5,053 Auditor's remuneration (see below) 1,133 1,241 Impairment (recoveries)/charges on loans and advances to customers (note 33) (45) 14 Rental charge 2,090 1,944 Other 94,686 76,381 Other operating expenses 358,815 315,208 Charges in relation to client relationships and goodwill (note 22) 19,544 15,595 Acquisition-related costs (note 9) 13,462 10,089 Total operating expenses 391,821 340,892 Other expenses largely comprise costs relating to software and IT support, property, recruitment and other staff costs, subscriptions and licenses, insurance and regulatory fees, and legal and professional fees. A more detailed analysis of auditor\u2019s remuneration is provided below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable to the company\u2019s auditor for the audit of the company\u2019s annual financial statements 121 152 Fees payable to the company\u2019s auditor and their associates for other services to the group: \u2013 audit of the company\u2019s subsidiaries pursuant to legislation 580 669 \u2013 audit-related assurance services 432 420 \u2013 other services \u2013 \u2013 1,133 1,241 Of the above, audit-related services for the year incurred by the prevailing statutory auditor totalled \u00a31,133,000 (2021: \u00a31,241,000). Audit-related assurance services includes costs relating to audits of the group\u2019s client money and independent reporting to third parties on internal controls under ISAE 3402. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "6 / OTHER OPERATING INCOME OTHER OPERATING INCOME Other operating income of \u00a32,360,000 (2021: \u00a33,417,000) comprised gains and losses from fair value through profit or loss equity securities of \u00a3460,000 (2021: \u00a3829,000), rental income of \u00a3629,000 from sub-leases on certain properties leased by group companies (2021: \u00a3646,000) and sundry income. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-410": {
"value": "7 / OPERATING EXPENSES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs (note 10) 245,553 219,944 Depreciation of property, plant and equipment (note 19) 4,749 4,263 Depreciation of right-of-use assets (note 20) 5,602 4,985 Amortisation of internally generated intangible assets (note 22) 1,488 1,383 Amortisation and impairment of purchased software (note 22) 3,559 5,053 Auditor's remuneration (see below) 1,133 1,241 Impairment (recoveries)/charges on loans and advances to customers (note 33) (45) 14 Rental charge 2,090 1,944 Other 94,686 76,381 Other operating expenses 358,815 315,208 Charges in relation to client relationships and goodwill (note 22) 19,544 15,595 Acquisition-related costs (note 9) 13,462 10,089 Total operating expenses 391,821 340,892 Other expenses largely comprise costs relating to software and IT support, property, recruitment and other staff costs, subscriptions and licenses, insurance and regulatory fees, and legal and professional fees. A more detailed analysis of auditor\u2019s remuneration is provided below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable to the company\u2019s auditor for the audit of the company\u2019s annual financial statements 121 152 Fees payable to the company\u2019s auditor and their associates for other services to the group: \u2013 audit of the company\u2019s subsidiaries pursuant to legislation 580 669 \u2013 audit-related assurance services 432 420 \u2013 other services \u2013 \u2013 1,133 1,241 Of the above, audit-related services for the year incurred by the prevailing statutory auditor totalled \u00a31,133,000 (2021: \u00a31,241,000). Audit-related assurance services includes costs relating to audits of the group\u2019s client money and independent reporting to third parties on internal controls under ISAE 3402. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-445": {
"value": "7 / OPERATING EXPENSES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs (note 10) 245,553 219,944 Depreciation of property, plant and equipment (note 19) 4,749 4,263 Depreciation of right-of-use assets (note 20) 5,602 4,985 Amortisation of internally generated intangible assets (note 22) 1,488 1,383 Amortisation and impairment of purchased software (note 22) 3,559 5,053 Auditor's remuneration (see below) 1,133 1,241 Impairment (recoveries)/charges on loans and advances to customers (note 33) (45) 14 Rental charge 2,090 1,944 Other 94,686 76,381 Other operating expenses 358,815 315,208 Charges in relation to client relationships and goodwill (note 22) 19,544 15,595 Acquisition-related costs (note 9) 13,462 10,089 Total operating expenses 391,821 340,892 Other expenses largely comprise costs relating to software and IT support, property, recruitment and other staff costs, subscriptions and licenses, insurance and regulatory fees, and legal and professional fees. A more detailed analysis of auditor\u2019s remuneration is provided below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable to the company\u2019s auditor for the audit of the company\u2019s annual financial statements 121 152 Fees payable to the company\u2019s auditor and their associates for other services to the group: \u2013 audit of the company\u2019s subsidiaries pursuant to legislation 580 669 \u2013 audit-related assurance services 432 420 \u2013 other services \u2013 \u2013 1,133 1,241 Of the above, audit-related services for the year incurred by the prevailing statutory auditor totalled \u00a31,133,000 (2021: \u00a31,241,000). Audit-related assurance services includes costs relating to audits of the group\u2019s client money and independent reporting to third parties on internal controls under ISAE 3402. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-441": {
"value": "7 / OPERATING EXPENSES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs (note 10) 245,553 219,944 Depreciation of property, plant and equipment (note 19) 4,749 4,263 Depreciation of right-of-use assets (note 20) 5,602 4,985 Amortisation of internally generated intangible assets (note 22) 1,488 1,383 Amortisation and impairment of purchased software (note 22) 3,559 5,053 Auditor's remuneration (see below) 1,133 1,241 Impairment (recoveries)/charges on loans and advances to customers (note 33) (45) 14 Rental charge 2,090 1,944 Other 94,686 76,381 Other operating expenses 358,815 315,208 Charges in relation to client relationships and goodwill (note 22) 19,544 15,595 Acquisition-related costs (note 9) 13,462 10,089 Total operating expenses 391,821 340,892 Other expenses largely comprise costs relating to software and IT support, property, recruitment and other staff costs, subscriptions and licenses, insurance and regulatory fees, and legal and professional fees. A more detailed analysis of auditor\u2019s remuneration is provided below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable to the company\u2019s auditor for the audit of the company\u2019s annual financial statements 121 152 Fees payable to the company\u2019s auditor and their associates for other services to the group: \u2013 audit of the company\u2019s subsidiaries pursuant to legislation 580 669 \u2013 audit-related assurance services 432 420 \u2013 other services \u2013 \u2013 1,133 1,241 Of the above, audit-related services for the year incurred by the prevailing statutory auditor totalled \u00a31,133,000 (2021: \u00a31,241,000). Audit-related assurance services includes costs relating to audits of the group\u2019s client money and independent reporting to third parties on internal controls under ISAE 3402. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-432": {
"value": "7 / OPERATING EXPENSES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Staff costs (note 10) 245,553 219,944 Depreciation of property, plant and equipment (note 19) 4,749 4,263 Depreciation of right-of-use assets (note 20) 5,602 4,985 Amortisation of internally generated intangible assets (note 22) 1,488 1,383 Amortisation and impairment of purchased software (note 22) 3,559 5,053 Auditor's remuneration (see below) 1,133 1,241 Impairment (recoveries)/charges on loans and advances to customers (note 33) (45) 14 Rental charge 2,090 1,944 Other 94,686 76,381 Other operating expenses 358,815 315,208 Charges in relation to client relationships and goodwill (note 22) 19,544 15,595 Acquisition-related costs (note 9) 13,462 10,089 Total operating expenses 391,821 340,892 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-433": {
"value": "Other expenses largely comprise costs relating to software and IT support, property, recruitment and other staff costs, subscriptions and licenses, insurance and regulatory fees, and legal and professional fees. A more detailed analysis of auditor\u2019s remuneration is provided below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Fees payable to the company\u2019s auditor for the audit of the company\u2019s annual financial statements 121 152 Fees payable to the company\u2019s auditor and their associates for other services to the group: \u2013 audit of the company\u2019s subsidiaries pursuant to legislation 580 669 \u2013 audit-related assurance services 432 420 \u2013 other services \u2013 \u2013 1,133 1,241 Of the above, audit-related services for the year incurred by the prevailing statutory auditor totalled \u00a31,133,000 (2021: \u00a31,241,000). Audit-related assurance services includes costs relating to audits of the group\u2019s client money and independent reporting to third parties on internal controls under ISAE 3402. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "8 / BUSINESS COMBINATIONS SPEIRS & JEFFREY On 31 August 2018, the group acquired 100% of the ordinary share capital of Speirs & Jeffrey Limited (\u2018Speirs & Jeffrey\u2019). Other deferred payments The group has now provided for the total cost of deferred and contingent payments to be made to vendors for the sale of the shares of Speirs & Jeffrey. These payments required the vendors to remain in employment with the group for the duration of the respective deferral periods. Hence, they have been treated as remuneration for post-combination services and the grant date fair value has been charged to profit or loss over the respective vesting periods. The group continues to provide for related incentivisation awards for other staff. The payments are to be made in shares and have been accounted for as equity-settled share- based payments under IFRS 2: \u2013 initial share consideration was payable on completion. However, although the shares were issued on the date of acquisition, they vested during the prior year at the third anniversary of the acquisition date. \u2013 earn-out consideration and related incentivisation awards were subject to the delivery of certain operational and financial performance targets. The earn-out awards for the vendors were payable in two parts in the third and fourth years following the acquisition date. The second earn-out vested during the prior year. The incentivisation awards for staff will vest in tranches by 31 March 2025. The charge recognised in profit or loss for the year ended 31 December 2022 for the above elements is as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Initial share consideration \u2013 4,533 Earn-out consideration and incentivisation awards 3,497 1,430 3,497 5,963 These costs are being reported as staff costs within acquisition-related costs (see note 9). 8 / BUSINESS COMBINATIONS CONTINUED SAUNDERSON HOUSE On 20 October 2021, the group acquired 100% of the ordinary share capital of the Saunderson House group. CONSIDERATION TRANSFERRED The following table summarises the acquisition date fair value of each class of consideration transferred: Fair value \u00a3'000 Initial cash consideration 87,981 Deferred cash consideration 10,873 Total consideration 98,854 Total consideration comprised an initial cash payment of \u00a387,981,000, which was paid on 20 October 2021. The net assets acquired from the Saunderson House group included third- party debt of \u00a345,208,000. This debt was repaid by Rathbones Group Plc immediately following completion. The repayment of the debt did not represent consideration paid to acquire the business. The deferred cash consideration was paid during the year on the first anniversary of the acquisition date to vendors not required to remain in employment with the group. This has been classified within net cash used in investing activities in the consolidated statement of cash flows, as it was a payment in respect of acquiring the shares in Saunderson House. OTHER DEFERRED PAYMENTS The sale and purchase agreement details other deferred and contingent payments to be made to the vendors for the sale of the shares of Saunderson House. However, these payments require the recipients to remain in employment with the group for the duration of the respective deferral periods. Hence, they are being treated as remuneration for post- combination services, and the cost charged to profit or loss over the respective vesting periods. Details of each of these elements is as follows: Gross amount \u00a3'000 Grant date Grant date fair value \u00a3'000 Vesting date Initial share consideration 5,223 20 October 2021 5,454 20 October 2024 Deferred share consideration 4,052 20 October 2021 4,051 20 October 2022 Management incentive scheme 4,700 20 December 2021 4,100 31 December 2024 All of these payments are to be made 100% in shares and are being accounted for as equity- settled share-based payments under IFRS 2. \u2013 Initial share consideration of \u00a35,223,000 was issued on the date of acquisition, however does not vest until the third anniversary of the acquisition date, subject to the vendors remaining employed until this date. As the share issuance is in pursuance of the arrangement to acquire the shares of the Saunderson House group, the premium of \u00a35,209,000 on the issuance of these shares has been recognised within the merger reserve. \u2013 Deferred share consideration of \u00a34,052,000 was paid during the year on the first anniversary of the acquisition date, and was subject to the vendors remaining in employment with the group. \u2013 An incentive plan is in place for the Saunderson House senior management team, which is subject to certain operational and financial performance targets. The consideration vests in the fourth year following the acquisition date. The gross amount represents management\u2019s best estimate as to the extent to which these targets will be achieved. The award ranges from a minimum payment of \u00a3nil to a cap of \u00a37.2 million (see note 2.3). These costs are being reported as staff costs within acquisition-related costs (see note 9). 9 / ACQUISITION-RELATED COSTS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Acquisition of Speirs & Jeffrey 3,497 6,418 Acquisition of Saunderson House 9,965 3,671 Acquisition-related costs 1 3,462 10,089 COSTS RELATING TO THE ACQUISITION OF SPEIRS & JEFFREY The group has incurred the following costs in relation to the 2018 acquisition of Speirs & Jeffrey, summarised by the following classification within the income statement: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Acquisition costs: \u2013 Staff costs (note 10) 3,497 5,964 \u2013 Legal and advisory fees \u2013 5 Integration costs \u2013 449 3,497 6,418 Non-staff acquisition costs of \u00a3nil (2021: \u00a35,000) and integration costs of \u00a3nil (2021: \u00a3449,000) have not been allocated to a specific operating segment (note 3). 9 / ACQUISITION-RELATED COSTS CONTINUED
COSTS RELATING TO THE ACQUISITION OF SAUNDERSON HOUSE
The group has incurred the following costs in relation to the acquisition of Saunderson
House, summarised by the following classification within the income statement:
2022
\u00a3\u2019000
2021
\u00a3\u2019000
Acquisition costs:
\u2013 Staff costs (note 10)
6,529 1,406
\u2013 Legal and advisory fees
\u2013 2,265
Integration costs 3,436 \u2013
9,965 3,671
Integration costs of \u00a33,436,000 (2021: \u00a3nil ) have not been allocated to a specific operating
segment (note 3).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "10 / STAFF COSTS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Wages and salaries 189,453 172,921 Social security costs 25,207 23,231 Acquisition-related equity-settled share-based payments (note 9) 10,026 7,370 Other equity-settled share-based payments 15,860 11,599 Pension costs (note 29): \u2013 Defined benefit schemes (258) 105 \u2013 Defined contribution schemes 15,291 12,088 15,033 12,193 Total staff costs 255,579 227,314 Acquisition-related staff costs (10,026) (7,370) Underlying staff costs (note 3) 245,553 219,944 The average number of employees, on a full-time-equivalent basis, during the year was as follows: 2022 2021 Investment Management: \u2013 investment management services 1,305 1,096 \u2013 advisory services 155 137 Funds 50 43 Shared services 543 463 2,053 1,739 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "11 / INCOME TAX EXPENSE 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current tax: \u2013 charge for the year 16,482 23,796 \u2013 adjustments in respect of prior years 275 86 Deferred tax (note 21): \u2013 credit for the year (1,261) (3,793) \u2013 adjustments in respect of prior years (426) (283) 15,070 19,806 The tax charge is calculated based on our best estimate of the amount payable as at the balance sheet date. Any subsequent differences between these estimates and the actual amounts paid are recorded as adjustments in respect of prior years. The tax charge on profit for the year is higher (2021: higher) than the standard rate of corporation tax in the UK of 19.0% (2021: 19.0%). The differences are explained below: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Tax on profit from ordinary activities at the standard rate of 19.0% (2021: 19.0%) 12,170 18,057 Effects of: \u2013 disallowable expenses 904 984 \u2013 share-based payments (13) 87 \u2013 tax on overseas earnings (170) (56) \u2013 adjustments in respect of prior year (151) (197) \u2013 deferred payments to previous owners of acquired companies (note 9) 1,247 935 \u2013 change in corporation tax rate on deferred tax 1,083 (4) 15,070 19,806 \u00a3102,000 of current tax on share-based payments was charged to equity during the year (2021: credit of \u00a362,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "12 / DIVIDENDS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Amounts recognised as distributions to equity holders in the year: \u2013 final dividend for the year ended 31 December 2021 of 54.0p (2020: 47.0p) per share 32,054 25,938 \u2013 interim dividend for the year ended 31 December 2022 of 28.0p (2021: 27.0p) per share 16,553 18,022 Dividends paid in the year of 82.0p (2021: 74.0p) per share 48,607 43,960 Proposed final dividend for the year ended 31 December 2022 of 56.0p (2021: 54.0p) per share 32,764 31,479 An interim dividend of 28.0p per share was paid on 4 October 2022 to shareholders on the register at the close of business on 2 September 2022 (2021: 27.0p). A final dividend declared of 56.0p per share (2021: 54.0p) is payable on 9 May 2023 to shareholders on the register at the close of business on 21 April 2023. The final dividend is subject to approval by shareholders at the Annual General Meeting on 4 May 2023 and has not been included as a liability in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-411": {
"value": "0.56",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-412": {
"value": "32764000",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-371": {
"value": "13 / EARNINGS PER SHARE Earnings used to calculate earnings per share on the bases reported in these financial statements were: 2022 2021 Pre-tax \u00a3\u2019000 Taxation \u00a3\u2019000 Post-tax \u00a3\u2019000 Pre-tax \u00a3\u2019000 Taxation \u00a3\u2019000 Post-tax \u00a3\u2019000 Underlying profit attributable to shareholders 97,060 (20,384) 76,676 120,719 (23,732) 96,987 Charges in relation to client relationships and goodwill (note 22) (19,544) 3,713 (15,831) (15,595) 2,963 (12,632) Acquisition-related costs (note 9) (13,462) 1,601 (11,861) (10,089) 963 (9,126) Profit attributable to shareholders 64,054 (15,070) 48,984 95,035 (19,806) 75,229 Basic earnings per share has been calculated by dividing profit attributable to shareholders by the weighted average number of shares in issue throughout the year, excluding own shares, of 58,618,521 (2021: 56,334,784). Diluted earnings per share is the basic earnings per share, adjusted for the effect of contingently issuable shares under the Saunderson House initial share consideration and Executive Incentive Plan, employee share options remaining capable of exercise, and any dilutive shares to be issued under the Share Incentive Plan, all weighted for the relevant period. 2022 2021 Weighted average number of ordinary shares in issue during the year \u2013 basic 58,618,521 56,334,784 Effect of ordinary share options/Save As You Earn 595,055 521,955 Effect of dilutive shares issuable under the Share Incentive Plan 671 237,776 Effect of contingently issuable shares under the Executive Incentive Plan 563,816 811,508 Effect of contingently issuable shares under Saunderson House initial share consideration (note 8) 272,952 272,952 Diluted ordinary shares 60,051,015 58,178,975 2022 2021 Earnings per share for the year attributable to equity holders of the company: \u2013 basic 83.6p 133.5p \u2013 diluted 81.6p 129.3p Underlying earnings per share for the year attributable to equity holders of the company: \u2013 basic 130.8p 172.2p \u2013 diluted 127.7p 166.7p Underlying earnings per share is calculated in the same way as earnings per share, but by reference to underlying profit attributable to shareholders. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "14 / CASH AND BALANCES WITH CENTRAL BANKS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Balances with central banks 1,412,951 1,463,377 Less impairment loss allowance (36) (83) 1,412,915 1,463,294 The fair value of balances with central banks is not materially different from their carrying amount. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: \u2013 on demand 1,408,000 1,460,000 \u2013 within 1 year but over 3 months 4,951 3,377 Less impairment loss allowance (36) (83) 1,412,915 1,463,294 Amounts include balances: \u2013 with variable interest rates 1,408,000 1,460,000 \u2013 which are non-interest-bearing 4,951 3,377 Less impairment loss allowance (36) (83) 1,412,915 1,463,294 The group\u2019s exposure to credit risk arising from cash and balances with central banks is described in note 33. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "15 / LOANS AND ADVANCES TO BANKS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Current accounts 164,723 173,589 Fixed term deposits/notice accounts 30,000 30,000 Less impairment loss allowance \u2013 \u2013 194,723 203,589 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: on demand 164,723 173,589 within 3 months or less excluding on demand \u2013 \u2013 within 1 year but over 3 months 30,000 30,000 Less impairment loss allowance \u2013 \u2013 194,723 203,589 Amounts include loans and advances: with variable interest rates 194,463 203,417 with fixed interest rates \u2013 \u2013 which are non-interest-bearing 260 172 Less impairment loss allowance \u2013 \u2013 194,723 203,589 The fair value of loans and advances is not materially different to their carrying amount. Fair value has been calculated as the discounted amount of estimated future cash flows expected to be received using current market rates. Loans and advances to banks included in cash and cash equivalents at 31 December 2022 were \u00a3164,723,000 (note 38) (2021: \u00a3173,589,000). The group\u2019s exposure to credit risk arising from loans and advances to banks is described in note 33.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "16 / LOANS AND ADVANCES TO CUSTOMERS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Overdrafts 6,540 7,022 Investment management loan book 159,694 167,981 Trust and financial planning debtors 3,154 4,208 Other debtors 511 864 Less impairment loss allowance (133) (235) 169,766 179,840 16 / LOANS AND ADVANCES TO CUSTOMERS CONTINUED The fair value of loans and advances to customers is not materially different to their carrying amount. Fair value has been calculated as the discounted amount of estimated future cash flows expected to be received using current market rates. Debtors arising from the trust and financial planning businesses are non-interest-bearing. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: \u2013 on demand 8,208 8,199 \u2013 within 3 months or less excluding on demand 3,148 4,565 \u2013 within 1 year but over 3 months 2,281 2,621 \u2013 within 5 years but over 1 year 156,262 164,690 Less impairment loss allowance (133) (235) 169,766 179,840 Amounts include loans and advances: \u2013 with variable interest rates 165,988 174,401 \u2013 which are non-interest-bearing 3,911 5,674 Less impairment loss allowance (133) (235) 169,766 179,840 The group\u2019s exposure to credit risk arising from loans and advances to customers is described in note 33. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-442": {
"value": "17 / INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Equity securities: \u2013 listed 8,068 7,376 \u2013 unlisted 3,146 2,558 Money market funds: \u2013 unlisted \u2013 20,000 11,214 29,934 AMORTISED COST 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Debt securities: \u2013 unlisted 1,045,257 761,682 Less impairment loss allowance (23) (28) 1,045,234 761,654 Debt securities comprise certificates of deposit that are all due to mature within one year (2021: all), and treasury bills that are due to mature within one year (2021: none). Fair value through profit or loss securities include money market funds and direct holdings in equity securities. Equity securities comprises units in Rathbone Unit Trust Management managed funds and Euroclear shares. Equity securities do not bear interest. Money market funds, which declare daily dividends that are in the nature of interest at a variable rate and which are realisable on demand, have been included within cash equivalents (note 38). The fair value of debt securities is disclosed in note 33. The change in the group\u2019s holdings of investment securities in the year is summarised below. Fair value through profit or loss \u00a3\u2019000 Amortised cost \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 107,559 651,427 758,986 Additions 56,658 930,728 987,386 Disposals (sales and redemptions) (134,924) (821,100) (956,024) Foreign exchange movements (188) 519 331 Gain from changes in fair value 829 \u2013 829 Increase in impairment loss allowance \u2013 80 80 At 1 January 2022 29,934 761,654 791,588 Additions 2,497 1,259,979 1,262,476 Disposals (sales and redemptions) (20,913) (983,481) (1,004,394) Foreign exchange movements 159 7,077 7,236 Loss from changes in fair value (463) \u2013 (463) Increase in impairment loss allowance \u2013 5 5 At 31 December 2022 11,214 1,045,234 1,056,448 Included within fair value through profit or loss are additions of \u00a32,497,000 (2021: \u00a31,658,000) and \u00a3913,000 (2021: \u00a3690,000) of disposals of financial instruments that are not classified as cash and cash equivalents. FAIR VALUES The table below analyses financial instruments measured at fair value into a fair value hierarchy based on the valuation technique used to determine the fair value: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2013 Level 3: inputs for the asset or liability that are not based on observable market data. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 8,068 \u2013 3,146 11,214 \u2013 money market funds \u2013 \u2013 \u2013 \u2013 8,068 \u2013 3,146 11,214 At 31 December 2021 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 7,376 \u2013 2,558 9,934 \u2013 money market funds \u2013 20,000 \u2013 20,000 7,376 20,000 2,558 29,934 The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There have been no transfers between levels during the year (2021: none). The fair value of listed equity securities is their quoted price. The fair values of the group\u2019s other financial assets and liabilities are not materially different from their carrying values, with the exception of the following: \u2013 Investment debt securities measured at amortised cost (note 17) comprise bank and building society certificates of deposit, which have fixed coupons, and treasury bills. The fair value of the debt securities at 31 December 2022 was \u00a31,053,460,000 (2021: \u00a3761,763,000) and the carrying value was \u00a31,045,257,000 (2021: \u00a3761,682,000). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2013 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2022 was \u00a341,211,000 (2021: \u00a342,824,000) and the carrying value was \u00a339,891,000 (2021: \u00a339,893,000). Fair value of the loan notes is based on discounted future cash flows using current market rates for debts with similar remaining maturity, and hence would be categorised as level 2 in the fair value hierarchy. Level 3 financial instruments Fair value through profit or loss The group holds 1,809 shares in Euroclear Holdings SA, which are classed as level 3 in the fair value hierarchy since readily available observable market data is not available. The valuation of \u20ac1,985 per share at 31 December 2022 has been calculated by reference to the indicative price derived from the most recent transactions of the shares in the market. The valuation at the balance sheet date has been adjusted for movements in exchange rates since the acquisition date. A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3255,000 (2021: \u00a3207,000). A 10% strengthening of the euro against sterling would have had an equal and opposite effect. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows: 2022 2021 At 1 January 2,558 2,569 Total unrealised gains/(losses) recognised in profit or loss 588 (11) At 31 December 3,146 2,558 The gains or losses relating to the fair value through profit or loss equity securities is included within \u2018other operating income\u2019 in the consolidated statement of comprehensive income. There were no other gains or losses arising from changes in the fair value of financial instruments categorised as level 3 within the fair value hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-434": {
"value": "17 / INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Equity securities: \u2013 listed 8,068 7,376 \u2013 unlisted 3,146 2,558 Money market funds: \u2013 unlisted \u2013 20,000 11,214 29,934 AMORTISED COST 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Debt securities: \u2013 unlisted 1,045,257 761,682 Less impairment loss allowance (23) (28) 1,045,234 761,654 Debt securities comprise certificates of deposit that are all due to mature within one year (2021: all), and treasury bills that are due to mature within one year (2021: none). Fair value through profit or loss securities include money market funds and direct holdings in equity securities. Equity securities comprises units in Rathbone Unit Trust Management managed funds and Euroclear shares. Equity securities do not bear interest. Money market funds, which declare daily dividends that are in the nature of interest at a variable rate and which are realisable on demand, have been included within cash equivalents (note 38). The fair value of debt securities is disclosed in note 33. The change in the group\u2019s holdings of investment securities in the year is summarised below. Fair value through profit or loss \u00a3\u2019000 Amortised cost \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 107,559 651,427 758,986 Additions 56,658 930,728 987,386 Disposals (sales and redemptions) (134,924) (821,100) (956,024) Foreign exchange movements (188) 519 331 Gain from changes in fair value 829 \u2013 829 Increase in impairment loss allowance \u2013 80 80 At 1 January 2022 29,934 761,654 791,588 Additions 2,497 1,259,979 1,262,476 Disposals (sales and redemptions) (20,913) (983,481) (1,004,394) Foreign exchange movements 159 7,077 7,236 Loss from changes in fair value (463) \u2013 (463) Increase in impairment loss allowance \u2013 5 5 At 31 December 2022 11,214 1,045,234 1,056,448 Included within fair value through profit or loss are additions of \u00a32,497,000 (2021: \u00a31,658,000) and \u00a3913,000 (2021: \u00a3690,000) of disposals of financial instruments that are not classified as cash and cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-375": {
"value": "17 / INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Equity securities: \u2013 listed 8,068 7,376 \u2013 unlisted 3,146 2,558 Money market funds: \u2013 unlisted \u2013 20,000 11,214 29,934 AMORTISED COST 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Debt securities: \u2013 unlisted 1,045,257 761,682 Less impairment loss allowance (23) (28) 1,045,234 761,654 Debt securities comprise certificates of deposit that are all due to mature within one year (2021: all), and treasury bills that are due to mature within one year (2021: none). Fair value through profit or loss securities include money market funds and direct holdings in equity securities. Equity securities comprises units in Rathbone Unit Trust Management managed funds and Euroclear shares. Equity securities do not bear interest. Money market funds, which declare daily dividends that are in the nature of interest at a variable rate and which are realisable on demand, have been included within cash equivalents (note 38). The fair value of debt securities is disclosed in note 33. The change in the group\u2019s holdings of investment securities in the year is summarised below. Fair value through profit or loss \u00a3\u2019000 Amortised cost \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 107,559 651,427 758,986 Additions 56,658 930,728 987,386 Disposals (sales and redemptions) (134,924) (821,100) (956,024) Foreign exchange movements (188) 519 331 Gain from changes in fair value 829 \u2013 829 Increase in impairment loss allowance \u2013 80 80 At 1 January 2022 29,934 761,654 791,588 Additions 2,497 1,259,979 1,262,476 Disposals (sales and redemptions) (20,913) (983,481) (1,004,394) Foreign exchange movements 159 7,077 7,236 Loss from changes in fair value (463) \u2013 (463) Increase in impairment loss allowance \u2013 5 5 At 31 December 2022 11,214 1,045,234 1,056,448 Included within fair value through profit or loss are additions of \u00a32,497,000 (2021: \u00a31,658,000) and \u00a3913,000 (2021: \u00a3690,000) of disposals of financial instruments that are not classified as cash and cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "AMORTISED COST 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Debt securities: \u2013 unlisted 1,045,257 761,682 Less impairment loss allowance (23) (28) 1,045,234 761,654 Debt securities comprise certificates of deposit that are all due to mature within one year (2021: all), and treasury bills that are due to mature within one year (2021: none). Fair value through profit or loss securities include money market funds and direct holdings in equity securities. Equity securities comprises units in Rathbone Unit Trust Management managed funds and Euroclear shares. Equity securities do not bear interest. Money market funds, which declare daily dividends that are in the nature of interest at a variable rate and which are realisable on demand, have been included within cash equivalents (note 38). The fair value of debt securities is disclosed in note 33. The change in the group\u2019s holdings of investment securities in the year is summarised below. Fair value through profit or loss \u00a3\u2019000 Amortised cost \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 107,559 651,427 758,986 Additions 56,658 930,728 987,386 Disposals (sales and redemptions) (134,924) (821,100) (956,024) Foreign exchange movements (188) 519 331 Gain from changes in fair value 829 \u2013 829 Increase in impairment loss allowance \u2013 80 80 At 1 January 2022 29,934 761,654 791,588 Additions 2,497 1,259,979 1,262,476 Disposals (sales and redemptions) (20,913) (983,481) (1,004,394) Foreign exchange movements 159 7,077 7,236 Loss from changes in fair value (463) \u2013 (463) Increase in impairment loss allowance \u2013 5 5 At 31 December 2022 11,214 1,045,234 1,056,448 Included within fair value through profit or loss are additions of \u00a32,497,000 (2021: \u00a31,658,000) and \u00a3913,000 (2021: \u00a3690,000) of disposals of financial instruments that are not classified as cash and cash equivalents. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "18 / PREPAYMENTS, ACCRUED INCOME AND OTHER ASSETS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Work in progress 9,549 9,943 Prepayments and other assets 24,496 19,507 Accrued income 92,642 86,542 126,687 115,992 Other assets include temporary client receivables, which are subject to daily movements as a result of outstanding client transactions. Work in progress reflects time and materials charged at year end but not invoiced to clients. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "19 / PROPERTY, PLANT AND EQUIPMENT Short term leasehold improvements \u00a3\u2019000 Plant and equipment \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 22,609 23,689 46,298 Additions 261 1,738 1,999 Acquisitions through business combinations (note 8) 578 3,765 4,343 Disposals \u2013 (1,987) (1,987) At 1 January 2022 23,448 27,205 50,653 Additions 1,341 3,030 4,371 Disposals (440) (1,149) (1,589) At 31 December 2022 24,349 29,086 53,435 Depreciation At 1 January 2021 11,781 19,671 31,452 Charge for the year 2,004 2,259 4,263 Acquisitions through business combinations (note 8) 507 3,318 3,825 Disposals \u2013 (1,946) (1,946) At 1 January 2022 14,292 23,302 37,594 Charge for the year 1,970 2,779 4,749 Disposals (439) (1,156) (1,595) At 31 December 2022 15,823 24,925 40,748 Carrying amount at 31 December 2022 8,526 4,161 12,687 Carrying amount at 31 December 2021 9,156 3,903 13,059 Carrying amount at 1 January 2021 10,828 4,018 14,846 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "20 / RIGHT-OF-USE ASSETS Property \u00a3'000 Motor vehicles and equipment \u00a3'000 Total \u00a3'000 Cost At 1 January 2021 54,468 41 54,509 Additions 3,505 354 3,859 Acquisitions through business combinations (note 8) 451 \u2013 451 Disposals (81) (24) (105) Other movements (284) \u2013 (284) At 1 January 2022 58,059 371 58,430 Additions 3,695 \u2013 3,695 Disposals (764) (17) (781) Other movements (2,894) \u2013 (2,894) At 31 December 2022 58,096 354 58,450 Depreciation and impairment 1 January 2021 9,625 28 9,653 Charge for the year 4,953 34 4,987 Disposals (81) (24) (105) Other movements \u2013 \u2013 \u2013 At 1 January 2022 14,497 38 14,535 Charge for the year 5,484 118 5,602 Disposals (757) (17) (774) Other movements \u2013 \u2013 \u2013 At 31 December 2022 19,224 139 19,363 Carrying amount at 31 December 2022 38,872 215 39,087 Carrying amount at 31 December 2021 43,562 333 43,895 Carrying amount at 1 January 2021 44,843 13 44,856 The group recognised a charge of \u00a34,400 in profit or loss during the year in respect of short- term leases and low-value assets (2021: \u00a310,200). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "21 / NET DEFERRED TAX ASSET/ (LIABILITY) The UK Government legislated in the Finance Act 2021 to increase the UK corporation tax rate to 25.0% in 2023. The Finance Act 2021 was enacted on 10 June 2021. This has been reflected in the deferred tax calculations. Deferred income taxes are calculated on all temporary differences under the liability method using the rate expected to apply when the relevant timing differences are forecast to unwind. The movement on the deferred tax account is as follows: Deferred capital allowances \u00a3\u2019000 Pensions \u00a3\u2019000 Share-based payments \u00a3\u2019000 Staff- related costs \u00a3\u2019000 Fair value through profit or loss \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 As at 1 January 2022 3,791 (2,336) 9,684 7,261 (798) (31,413) (13,811) Recognised in profit or loss in respect of: current year 43 (797) 915 236 73 1,873 2,343 prior year 205 \u2013 94 127 \u2013 \u2013 426 change in rate 13 (2,579) 159 1,553 (229) \u2013 (1,083) Total 261 (3,376) 1,168 1,916 (156) 1,873 1,686 Recognised in other comprehensive income in respect of: current year \u2013 1,346 \u2013 \u2013 \u2013 \u2013 1,346 prior year \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 change in rate \u2013 2,015 \u2013 \u2013 \u2013 \u2013 2,015 Total \u2013 3,361 \u2013 \u2013 \u2013 \u2013 3,361 Recognised in equity in respect of: current year \u2013 \u2013 1,229 \u2013 \u2013 \u2013 1,229 prior year \u2013 \u2013 (12) \u2013 \u2013 \u2013 (12) change in rate \u2013 \u2013 21 \u2013 \u2013 \u2013 21 Total \u2013 \u2013 1,238 \u2013 \u2013 \u2013 1,238 Business combinations \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Total \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 As at 31 December 2022 4,052 (2,351) 12,090 9,177 (954) (29,540) (7,526) Deferred capital allowances \u00a3\u2019000 Pensions \u00a3\u2019000 Share-based payments \u00a3\u2019000 Staff- related costs \u00a3\u2019000 Fair value through profit or loss \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 Deferred tax assets 4,052 \u2013 12,090 9,177 \u2013 \u2013 25,319 Deferred tax liabilities \u2013 (2,351) \u2013 \u2013 (954) (29,540) (32,845) As at 31 December 2022 4,052 (2,351) 12,090 9,177 (954) (29,540) (7,526) 21 / NET DEFERRED TAX ASSET/ (LIABILITY) CONTINUED Deferred capital allowances \u00a3\u2019000 Pensions \u00a3\u2019000 Share-based payments \u00a3\u2019000 Staff- related costs \u00a3\u2019000 Fair value through profit or loss \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 As at 1 January 2021 2,634 1,857 4,364 5,624 (701) (10,436) 3,342 Recognised in profit or loss in respect of: \u2013 current year 110 (946) 2,170 1,476 (97) 1,083 3,796 prior year 119 \u2013 3 161 \u2013 \u2013 283 change in rate 934 \u2013 1,736 \u2013 \u2013 (2,666) 4 Total 1,163 (946) 3,909 1,637 (97) (1,583) 4,083 Recognised in other comprehensive income in respect of: current year \u2013 (3,247) \u2013 \u2013 \u2013 \u2013 (3,247) prior year \u2013 \u2013 \u2013 \u2013 \u2013\u2013 \u2013 Total \u2013 (3,247) \u2013 \u2013 \u2013 \u2013 (3,247) Recognised in equity in respect of: current year \u2013 \u2013 1,211 \u2013 \u2013 \u2013 1,211 prior year \u2013 \u2013 (8) \u2013 \u2013 \u2013 (8) change in rate \u2013 \u2013208 \u2013 \u2013 \u2013208 Total \u2013 \u2013 1,411 \u2013 \u2013 \u2013 1,411 Business combinations \u2013 \u2013 \u2013 \u2013 \u2013 (19,394) (19,394) Total (6) \u2013 \u2013 \u2013 \u2013 (19,394) (19,400) As at 31 December 2021 3,791 (2,336) 9,684 7,261 (798) (31,413) (13,811) Deferred capital allowances \u00a3\u2019000 Pensions \u00a3\u2019000 Share-based payments \u00a3\u2019000 Staff- related costs \u00a3\u2019000 Fair value through profit or loss \u00a3\u2019000 Intangible assets \u00a3\u2019000 Total \u00a3\u2019000 Deferred tax assets 3,791 \u2013 9,684 7,261 \u2013 \u2013 20,736 Deferred tax liabilities \u2013 (2,336) \u2013 \u2013 (798) (31,413) (34,547) As at 31 December 2021 3,791 (2,336) 9,684 7,261 (798) (31,413) (13,811)",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-435": {
"value": "22 / INTANGIBLE ASSETS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Goodwill 167,677 167,677 Other intangible assets 188,516 208,510 356,193 376,187 GOODWILL Goodwill acquired in a business combination is allocated, at acquisition, to the groups of cash- generating units (CGUs) that are expected to benefit from that business combination. The carrying amount of goodwill has been allocated as follows: Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 96,872 1,954 98,826 Acquired through business combinations (note 8) 70,805 \u2013 70,805 At 1 January 2022 167,677 1,954 169,631 At 31 December 2022 167,677 1,954 169,631 Impairment \u2013 \u2013 \u2013 At 1 January 2021 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 At 1 January 2022 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 A t 31 December 2022 \u2013 1,954 1,954 Carrying amount at 31 December 2022 167,677 \u2013 167,677 Carrying amount at 31 December 2021 167,677 \u2013 167,677 Carrying amount at 1 January 2021 96,872 \u2013 96,872 Goodwill of \u00a370,805,000 acquired through business combinations in the prior year relates to the acquisition of Saunderson House (see note 8). This was allocated to the Investment Management group of CGUs. IMPAIRMENT The recoverable amounts of the groups of CGUs to which goodwill is allocated are assessed using value-in-use calculations. The group prepares cash flow forecasts derived from the most recent financial budgets approved by the board, which cover the three year period from the end of the current financial year. This is extrapolated for five years based on recent historic annual revenue and cost growth for each group of CGUs (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the group\u2019s expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the group\u2019s Internal Capital Adequacy Assessment Process (\u2018ICAAP\u2019) modelling. A terminal growth rate is applied to year five cash flows, which takes into account the net growth forecasts over the extrapolation period and the long-term average growth rate for the industry. The group estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the group of CGUs. The pre-tax rate used to discount the forecast cash flows for each group of CGU is shown in the table below; these are based on a risk-adjusted weighted average cost of capital. The group judges that these discount rates appropriately reflect the markets in which each group of CGUs operate. There was no impairment to the goodwill allocated to the Investment Management group of CGUs during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Investment Management group of CGUs to its cash flow projections and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of the goodwill allocated to this CGU. Investment management At 31 December 2022 2021 Discount rate 14.1% 12.0% Average annual revenue growth rate 4.3% 4.9% Terminal growth rate 1.0% 1.0% 22 / INTANGIBLE ASSETS CONTINUED OTHER INTANGIBLE ASSETS Client relationships \u00a3\u2019000 Software development costs \u00a3\u2019000 Purchased software \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 216,253 9,793 46,189 272,235 Internally developed in the year \u2013 1,847 \u2013 1,847 Acquired through business combinations (note 8) 79,415 \u2013 5,662 85,077 Purchased in the year 8,620 \u2013 4,988 13,608 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 302,572 11,640 53,140 367,352 Internally developed in the year \u2013 1,827 \u2013 1,827 Purchased in the year 998 \u2013 1,790 2,788 Disposals (2,643) \u2013 (33) (2,676 ) At 31 December 2022 300,927 13,467 54,897 369,291 Amortisation and impairment At 1 January 2021 95,124 7,234 35,606 137,964 Acquired through business combinations (note 8) \u2013 \u2013 4,237 4,237 Amortisation charge 15,595 1,302 5,160 22,057 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 109,003 8,536 41,304 158,843 Amortisation charge 19,544 1,488 3,559 24,591 Disposals (2,643) \u2013 (16) (2,659) At 31 December 2022 125,904 10,0 24 44,847 180,775 Carrying amount at 31 December 2022 175,023 3,443 10,050 188,516 Carrying amount at 31 December 2021 193,569 3,104 11,836 208,509 Carrying amount at 1 January 2021 121,129 2,559 10,583 134,271 Client relationships of \u00a379,415,000 acquired through business combinations in the prior year relate to the acquisition of Saunderson House (see note 8). Purchases of client relationships of \u00a3998,000 (2021: \u00a38,620,000) in the year relate to payments made to investment managers and third parties for the introduction of client relationships. The total amount charged to profit or loss in the year in relation to goodwill and client relationships was \u00a319,544,000 (2021: \u00a315,595,000). Purchased software with a cost of \u00a335,191,000 (2021: \u00a332,363,000) has been fully amortised but is still in use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "22 / INTANGIBLE ASSETS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Goodwill 167,677 167,677 Other intangible assets 188,516 208,510 356,193 376,187 GOODWILL Goodwill acquired in a business combination is allocated, at acquisition, to the groups of cash- generating units (CGUs) that are expected to benefit from that business combination. The carrying amount of goodwill has been allocated as follows: Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 96,872 1,954 98,826 Acquired through business combinations (note 8) 70,805 \u2013 70,805 At 1 January 2022 167,677 1,954 169,631 At 31 December 2022 167,677 1,954 169,631 Impairment \u2013 \u2013 \u2013 At 1 January 2021 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 At 1 January 2022 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 A t 31 December 2022 \u2013 1,954 1,954 Carrying amount at 31 December 2022 167,677 \u2013 167,677 Carrying amount at 31 December 2021 167,677 \u2013 167,677 Carrying amount at 1 January 2021 96,872 \u2013 96,872 Goodwill of \u00a370,805,000 acquired through business combinations in the prior year relates to the acquisition of Saunderson House (see note 8). This was allocated to the Investment Management group of CGUs. IMPAIRMENT The recoverable amounts of the groups of CGUs to which goodwill is allocated are assessed using value-in-use calculations. The group prepares cash flow forecasts derived from the most recent financial budgets approved by the board, which cover the three year period from the end of the current financial year. This is extrapolated for five years based on recent historic annual revenue and cost growth for each group of CGUs (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the group\u2019s expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the group\u2019s Internal Capital Adequacy Assessment Process (\u2018ICAAP\u2019) modelling. A terminal growth rate is applied to year five cash flows, which takes into account the net growth forecasts over the extrapolation period and the long-term average growth rate for the industry. The group estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the group of CGUs. The pre-tax rate used to discount the forecast cash flows for each group of CGU is shown in the table below; these are based on a risk-adjusted weighted average cost of capital. The group judges that these discount rates appropriately reflect the markets in which each group of CGUs operate. There was no impairment to the goodwill allocated to the Investment Management group of CGUs during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Investment Management group of CGUs to its cash flow projections and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of the goodwill allocated to this CGU. Investment management At 31 December 2022 2021 Discount rate 14.1% 12.0% Average annual revenue growth rate 4.3% 4.9% Terminal growth rate 1.0% 1.0% 22 / INTANGIBLE ASSETS CONTINUED OTHER INTANGIBLE ASSETS Client relationships \u00a3\u2019000 Software development costs \u00a3\u2019000 Purchased software \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 216,253 9,793 46,189 272,235 Internally developed in the year \u2013 1,847 \u2013 1,847 Acquired through business combinations (note 8) 79,415 \u2013 5,662 85,077 Purchased in the year 8,620 \u2013 4,988 13,608 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 302,572 11,640 53,140 367,352 Internally developed in the year \u2013 1,827 \u2013 1,827 Purchased in the year 998 \u2013 1,790 2,788 Disposals (2,643) \u2013 (33) (2,676 ) At 31 December 2022 300,927 13,467 54,897 369,291 Amortisation and impairment At 1 January 2021 95,124 7,234 35,606 137,964 Acquired through business combinations (note 8) \u2013 \u2013 4,237 4,237 Amortisation charge 15,595 1,302 5,160 22,057 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 109,003 8,536 41,304 158,843 Amortisation charge 19,544 1,488 3,559 24,591 Disposals (2,643) \u2013 (16) (2,659) At 31 December 2022 125,904 10,0 24 44,847 180,775 Carrying amount at 31 December 2022 175,023 3,443 10,050 188,516 Carrying amount at 31 December 2021 193,569 3,104 11,836 208,509 Carrying amount at 1 January 2021 121,129 2,559 10,583 134,271 Client relationships of \u00a379,415,000 acquired through business combinations in the prior year relate to the acquisition of Saunderson House (see note 8). Purchases of client relationships of \u00a3998,000 (2021: \u00a38,620,000) in the year relate to payments made to investment managers and third parties for the introduction of client relationships. The total amount charged to profit or loss in the year in relation to goodwill and client relationships was \u00a319,544,000 (2021: \u00a315,595,000). Purchased software with a cost of \u00a335,191,000 (2021: \u00a332,363,000) has been fully amortised but is still in use. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-380": {
"value": "22 / INTANGIBLE ASSETS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Goodwill 167,677 167,677 Other intangible assets 188,516 208,510 356,193 376,187 GOODWILL Goodwill acquired in a business combination is allocated, at acquisition, to the groups of cash- generating units (CGUs) that are expected to benefit from that business combination. The carrying amount of goodwill has been allocated as follows: Investment Management \u00a3\u2019000 Funds \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 96,872 1,954 98,826 Acquired through business combinations (note 8) 70,805 \u2013 70,805 At 1 January 2022 167,677 1,954 169,631 At 31 December 2022 167,677 1,954 169,631 Impairment \u2013 \u2013 \u2013 At 1 January 2021 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 At 1 January 2022 \u2013 1,954 1,954 Charge for the year \u2013 \u2013 \u2013 A t 31 December 2022 \u2013 1,954 1,954 Carrying amount at 31 December 2022 167,677 \u2013 167,677 Carrying amount at 31 December 2021 167,677 \u2013 167,677 Carrying amount at 1 January 2021 96,872 \u2013 96,872 Goodwill of \u00a370,805,000 acquired through business combinations in the prior year relates to the acquisition of Saunderson House (see note 8). This was allocated to the Investment Management group of CGUs. IMPAIRMENT The recoverable amounts of the groups of CGUs to which goodwill is allocated are assessed using value-in-use calculations. The group prepares cash flow forecasts derived from the most recent financial budgets approved by the board, which cover the three year period from the end of the current financial year. This is extrapolated for five years based on recent historic annual revenue and cost growth for each group of CGUs (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the group\u2019s expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the group\u2019s Internal Capital Adequacy Assessment Process (\u2018ICAAP\u2019) modelling. A terminal growth rate is applied to year five cash flows, which takes into account the net growth forecasts over the extrapolation period and the long-term average growth rate for the industry. The group estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the group of CGUs. The pre-tax rate used to discount the forecast cash flows for each group of CGU is shown in the table below; these are based on a risk-adjusted weighted average cost of capital. The group judges that these discount rates appropriately reflect the markets in which each group of CGUs operate. There was no impairment to the goodwill allocated to the Investment Management group of CGUs during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Investment Management group of CGUs to its cash flow projections and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of the goodwill allocated to this CGU. Investment management At 31 December 2022 2021 Discount rate 14.1% 12.0% Average annual revenue growth rate 4.3% 4.9% Terminal growth rate 1.0% 1.0% 22 / INTANGIBLE ASSETS CONTINUED OTHER INTANGIBLE ASSETS Client relationships \u00a3\u2019000 Software development costs \u00a3\u2019000 Purchased software \u00a3\u2019000 Total \u00a3\u2019000 Cost At 1 January 2021 216,253 9,793 46,189 272,235 Internally developed in the year \u2013 1,847 \u2013 1,847 Acquired through business combinations (note 8) 79,415 \u2013 5,662 85,077 Purchased in the year 8,620 \u2013 4,988 13,608 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 302,572 11,640 53,140 367,352 Internally developed in the year \u2013 1,827 \u2013 1,827 Purchased in the year 998 \u2013 1,790 2,788 Disposals (2,643) \u2013 (33) (2,676 At 31 December 2022 300,927 13,467 54,897 369,291 Amortisation and impairment At 1 January 2021 95,124 7,234 35,606 137,964 Acquired through business combinations (note 8) \u2013 \u2013 4,237 4,237 Amortisation charge 15,595 1,302 5,160 22,057 Disposals (1,716) \u2013 (3,699) (5,415) At 1 January 2022 109,003 8,536 41,304 158,843 Amortisation charge 19,544 1,488 3,559 24,591 Disposals (2,643) \u2013 (16) (2,659) At 31 December 2022 125,904 10,0 24 44,847 180,775 Carrying amount at 31 December 2022 175,023 3,443 10,050 188,516 Carrying amount at 31 December 2021 193,569 3,104 11,836 208,509 Carrying amount at 1 January 2021 121,129 2,559 10,583 134,271 Client relationships of \u00a379,415,000 acquired through business combinations in the prior year relate to the acquisition of Saunderson House (see note 8). Purchases of client relationships of \u00a3998,000 (2021: \u00a38,620,000) in the year relate to payments made to investment managers and third parties for the introduction of client relationships. The total amount charged to profit or loss in the year in relation to goodwill and client relationships was \u00a319,544,000 (2021: \u00a315,595,000). Purchased software with a cost of \u00a335,191,000 (2021: \u00a332,363,000) has been fully amortised but is still in use.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-443": {
"value": "IMPAIRMENT The recoverable amounts of the groups of CGUs to which goodwill is allocated are assessed using value-in-use calculations. The group prepares cash flow forecasts derived from the most recent financial budgets approved by the board, which cover the three year period from the end of the current financial year. This is extrapolated for five years based on recent historic annual revenue and cost growth for each group of CGUs (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the group\u2019s expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the group\u2019s Internal Capital Adequacy Assessment Process (\u2018ICAAP\u2019) modelling. A terminal growth rate is applied to year five cash flows, which takes into account the net growth forecasts over the extrapolation period and the long-term average growth rate for the industry. The group estimates discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the group of CGUs. The pre-tax rate used to discount the forecast cash flows for each group of CGU is shown in the table below; these are based on a risk-adjusted weighted average cost of capital. The group judges that these discount rates appropriately reflect the markets in which each group of CGUs operate. There was no impairment to the goodwill allocated to the Investment Management group of CGUs during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Investment Management group of CGUs to its cash flow projections and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of the goodwill allocated to this CGU. Investment management At 31 December 2022 2021 Discount rate 14.1% 12.0% Average annual revenue growth rate 4.3% 4.9% Terminal growth rate 1.0% 1.0% ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-381": {
"value": "23 / DEPOSITS BY BANKS On 31 December 2022, deposits by banks included overnight cash book overdraft balances of \u00a31,035,000 (2021: \u00a32,212,000). The fair value of deposits by banks was not materially different to their carrying value. Fair value has been calculated as the discounted amount of estimated future cash flows expected to be paid using current market rates. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "24 / DUE TO CUSTOMERS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: \u2013 on demand 2,328,014 2,205,984 \u2013 within 3 months or less excluding on demand 183,192 122,784 \u2013 within 1 year or less but over 3 months 4,910 4,243 2,516,116 2,333,011 Amounts include balances: \u2013 with variable interest rates 2,324,409 2,205,984 \u2013 with fixed interest rates 127,190 66,367 \u2013 which are non-interest-bearing 64,517 60,660 2,516,116 2,333,011 The fair value of amounts due to customers was not materially different from their carrying value. The estimated fair value of deposits with no stated maturity, which include non-interest- bearing deposits, is the amount at which deposits could be transferred to a third party at the measurement date. The estimated fair value of fixed-interest-bearing deposits is based on discounted cash flows using interest rates for new debts with similar remaining maturity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-382": {
"value": "24 / DUE TO CUSTOMERS 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Repayable: \u2013 on demand 2,328,014 2,205,984 \u2013 within 3 months or less excluding on demand 183,192 122,784 \u2013 within 1 year or less but over 3 months 4,910 4,243 2,516,116 2,333,011 Amounts include balances: \u2013 with variable interest rates 2,324,409 2,205,984 \u2013 with fixed interest rates 127,190 66,367 \u2013 which are non-interest-bearing 64,517 60,660 2,516,116 2,333,011 The fair value of amounts due to customers was not materially different from their carrying value. The estimated fair value of deposits with no stated maturity, which include non-interest- bearing deposits, is the amount at which deposits could be transferred to a third party at the measurement date. The estimated fair value of fixed-interest-bearing deposits is based on discounted cash flows using interest rates for new debts with similar remaining maturity. ",
"dimensions": {
"concept": "rathbonesgroupplc:DisclosureOfDueToCustomers",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "25 / ACCRUALS AND OTHER LIABILITIES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Trade creditors 3,208 59 Other creditors 10,204 23,667 Accruals 100,876 105,448 114,288 129,174 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "26 / PROVISIONS Deferred, variable costs to acquire client relationship intangibles \u00a3\u2019000 Deferred consideration in business combinations \u00a3\u2019000 Legal and compensation \u00a3\u2019000 Property- related \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 3,785 588 594 3,748 8,715 Charged to profit or loss \u2013 \u2013 2,278 995 3,273 Unused amount credited to profit or loss \u2013 \u2013 (155) \u2013 (155) Net charge to profit or loss \u2013 \u2013 2,123 995 3,118 Other movements 7,992 \u2013 \u2013 \u2013 7,992 Utilised/paid during the year (3,239) (588) (574) (100) (4,501) At 1 January 2022 8,538 \u2013 2,143 4,643 15,324 Charged to profit or loss \u2013 \u2013 843 1,182 2,025 Unused amount credited to profit or loss \u2013 \u2013 (21) \u2013 (21) Net charge to profit or loss \u2013 \u2013 822 1,182 2,004 Other movements 997 \u2013 \u2013 \u2013 997 Utilised/paid during the year (5,156) \u2013 (229) (33) (5,418) At 31 December 2022 4,379 \u2013 2,736 5,792 12,907 Payable within 1 year 1,032 \u2013 2,736 330 4,098 Payable after 1 year 3,347 \u2013 \u2013 5,462 8,809 4,379 \u2013 2,736 5,792 12,907 DEFERRED, VARIABLE COSTS TO ACQUIRE CLIENT RELATIONSHIP INTANGIBLES Other movements in provisions relate to deferred payments to investment managers and third parties for the introduction of client relationships, which have been previously capitalised. DEFERRED AND CONTINGENT CONSIDERATION IN BUSINESS COMBINATIONS During the prior year, the group settled an incentivisation award for Speirs & Jeffrey support staff in the value of \u00a3588,000. LEGAL AND COMPENSATION During the ordinary course of business the group may, from time to time, be subject to complaints, as well as threatened and actual legal proceedings (which may include lawsuits brought on behalf of clients or other third parties) both in the UK and overseas. Any such material matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the group incurring a liability. In those instances where it is concluded that it is more likely than not that a payment will be made, a provision is established to the group\u2019s best estimate of the amount required to settle the obligation at the relevant balance sheet date. The group\u2019s best estimate is based on legal advice and management\u2019s expectation of the most likely settlement outcome, which in some cases is calculated by external professional advisers. The timing of settlement of provisions for client compensation or litigation is dependent, in part, on the duration of negotiations with third parties. PROPERTY-RELATED Property-related provisions of \u00a35,792,000 relate to dilapidation provisions expected to arise on leasehold premises held by the group (2021: \u00a34,643,000). Dilapidation provisions are calculated using a discounted cash flow model. During the year, the group utilised \u00a333,000 for the property held in Edinburgh (2021: \u00a3100,000). The impact of discounting led to an additional charge of \u00a31,182,000 (2021: additional charge of \u00a3995,000) being recognised during the year. Amounts payable after one year Property-related provisions of \u00a35,462,000 are expected to be settled within 11 years of the balance sheet date, which corresponds to the longest lease for which a dilapidations provision is being held. Remaining provisions payable after one year are expected to be settled within 2 years of the balance sheet date. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "27 / LEASE LIABILITIES Maturity analysis 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Less than one year 5,005 4,853 One to five years 19,621 19,819 More than five years 25,858 30,299 Lease liabilities at 31 December 50,484 54,971 Current 5,005 4,853 Non-current 45,479 50,118 50,484 54,971 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "28 / SUBORDINATED LOAN NOTES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Subordinated loan notes \u2013 face value 40,000 40,000 \u2013 carrying value 39,891 39,893 During the prior year, Rathbones Investment Management Limited repaid its \u00a320.0 million 10-year callable subordinated loan notes, and Rathbones Group Plc issued \u00a340.0 million of 10- year tier 2 notes with a call option in October 2026 and annually thereafter. Interest is payable at a fixed rate of 5.642% per annum until the first call option date and at a fixed rate of 4.893% over Compounded Daily SONIA thereafter. Legal fees of \u00a3107,000 were incurred in issuing the notes, which have been accounted for in the carrying value of amortised cost. An interest expense of \u00a32,255,000 (2021: \u00a31,241,000) was recognised in the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-416": {
"value": "28 / SUBORDINATED LOAN NOTES 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Subordinated loan notes \u2013 face value 40,000 40,000 \u2013 carrying value 39,891 39,893 During the prior year, Rathbones Investment Management Limited repaid its \u00a320.0 million 10-year callable subordinated loan notes, and Rathbones Group Plc issued \u00a340.0 million of 10- year tier 2 notes with a call option in October 2026 and annually thereafter. Interest is payable at a fixed rate of 5.642% per annum until the first call option date and at a fixed rate of 4.893% over Compounded Daily SONIA thereafter. Legal fees of \u00a3107,000 were incurred in issuing the notes, which have been accounted for in the carrying value of amortised cost. An interest expense of \u00a32,255,000 (2021: \u00a31,241,000) was recognised in the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "29 / LONG-TERM EMPLOYEE BENEFITS DEFINED CONTRIBUTION PENSION SCHEME The group operates a defined contribution group personal pension scheme and contributes to various other personal pension arrangements for certain directors and employees. The total contributions made to these schemes during the year were \u00a315,211,000 (2021: \u00a312,006,000). The group also operates a defined contribution scheme for overseas employees, for which the total contributions were \u00a380,000 (2021: \u00a382,000). DEFINED BENEFIT PENSION SCHEMES The group operates two defined benefit pension schemes that operate within the UK legal and regulatory framework: the Rathbone 1987 Scheme and the Laurence Keen Retirement Benefit Scheme. The schemes are currently both clients of Rathbones Investment Management, with investments managed on a discretionary basis, in accordance with the statements of investment principles agreed by the trustees. Scheme assets are held separately from those of the group. The trustees of the schemes are required to act in the best interest of the schemes\u2019 beneficiaries. The appointment of trustees is determined by the schemes\u2019 trust documentation and legislation. The group has a policy that one third of all trustees should be nominated by members of the schemes. The Laurence Keen Scheme was closed to new entrants and future accrual with effect from 30 September 1999. Past service benefits continue to be calculated by reference to final pensionable salaries. From 1 October 1999, all the active members of the Laurence Keen Scheme were included under the Rathbone 1987 Scheme for accrual of retirement benefits for further service. The Rathbone 1987 Scheme was closed to new entrants with effect from 31 March 2002 and to future accrual from 30 June 2017. The schemes are valued by independent actuaries at least every three years using the projected unit credit method, which looks at the value of benefits accruing over the years following the valuation date based on projected salary to the date of termination of services, discounted to a present value using a rate that reflects the characteristics of the liability. The valuations are updated at each balance sheet date in between full valuations. The latest full actuarial valuations were carried out as at 31 December 2019. Valuations as at 31 December 2022 are currently being undertaken for both schemes. The assumptions used by the actuaries, to estimate the schemes\u2019 liabilities, are the best estimates chosen from a range of possible actuarial assumptions. Due to the timescale covered by the liability, these assumptions may not necessarily be borne out in practice. The principal actuarial assumptions used, which reflect the different membership profiles of the schemes, were: Laurence Keen Scheme Rathbone 1987 Scheme 2022 % (unless stated) 2021 % (unless stated) 2022 % (unless stated) 2021 % (unless stated) Rate of increase of salaries n/a n/a n/a n/a Rate of increase of pensions in payment 3.60 3.70 3.20 3.30 Rate of increase of deferred pensions 3.20 3.40 3.20 3.40 Discount rate 4.70 1.90 4.70 1.90 Inflation* 3.20 3.40 3.20 3.40 Percentage of members transferring out of the schemes per annum 2.00 2.00 2.00 2.00 Average age of members at date of transferring out (years) 52.5 52.5 52.5 52.5 * Inflation assumptions are based on the Retail Prices Index Over the year, the financial assumptions have been amended to reflect changes in market conditions. Specifically: 1. the discount rate has been increased by 2.8% to reflect an increase in the yields available on AA-rated corporate bonds 2. the assumed rate of future inflation has decreased by 0.2% and reflects expectations of long-term inflation as implied by changes in the Bank of England inflation yield curve 3. the assumed rates of future increases to pensions in payment, where linked to inflation, has decreased by 0.1% for both schemes, allowing for the change to the assumed rate of future inflation Over the year the mortality assumptions have been updated. The CMI model used to project future improvements in mortality has been updated from the 2020 version to the 2021 version. 2% of members not yet in receipt of their pension are assumed to transfer out of the scheme each year (2021: 2%). The proportion of members assumed to be married at retirement age is 80% (2021: 80%) The assumed duration of the liabilities for the Laurence Keen Scheme is 13 years (2021: 15 years) and the assumed duration for the Rathbone 1987 Scheme is 16 years (2021: 20 years). 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED The normal retirement age for members of the Laurence Keen Scheme is 65 (60 for certain former directors). The normal retirement age for members of the Rathbone 1987 Scheme is 60 for service prior to 1 July 2009 and 65 thereafter, following the introduction of pension benefits based on Career-Average Revalued Earnings (CARE) from that date. The assumed life expectancy for the membership of both schemes is based on the S3PA \u2018Light\u2019 actuarial tables with improvements in line with the CMI 2021 tables with a long-term rate of improvement of 1.5% p.a. The assumed life expectancies on retirement were: 2022 2021 Males Females Males Females Retiring today: aged 60 28.2 29.9 28.2 29.9 aged 65 23.3 24.9 23.3 24.9 Retiring in 20 years: aged 60 29.9 31.6 29.9 31.6 aged 65 24.9 26.6 24.8 26.6 The amount included in the balance sheet arising from the group\u2019s assets in respect of the schemes is as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Present value of defined benefit obligations (7,167) (87,564) (94,731) (11,149) (144,428) (155,577) Fair value of scheme assets 8,113 96,019 104,132 12,981 154,883 167,864 Net defined benefit asset/(liability) 946 8,455 9,401 1,832 10,455 12,287 The amounts recognised in profit or loss, within operating expenses, are as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Interest income (36) (222) (258) (5) 110 105 (36) (222) (258) (5) 110 105 Remeasurements of the net defined benefit asset have been reported in other comprehensive income. The actual return on scheme assets was a fall in value of \u00a34,385,000 (2021: \u00a3481,000 rise) for the Laurence Keen Scheme and a fall in value of \u00a358,806,000 (2021: \u00a311,501,000 rise) for the Rathbone 1987 Scheme. Movements in the present value of defined benefit obligations were as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 11,149 144,428 155,577 12,374 153,030 165,404 Service cost (employer\u2019s) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest cost 206 2,708 2,914 158 1,961 2,119 Contributions from members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Actuarial experience gains 99 3,561 3,660 20 5,793 5,813 Actuarial gains/(losses) arising from: \u2013 \u2013 demographic assumptions 4 188 192 (159) (1,200) (1,359) \u2013 financial assumptions (3,640) (59,492) (63,132) (816) (10,761) (11,577) Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefits paid (651) (3,829) (4,480) (428) (4,395) (4,823) At 31 December 7,167 87,564 94,731 11,149 144,428 155,577 Movements in the fair value of scheme assets were as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 12,981 154,883 167,864 12,592 143,027 155,619 Remeasurement of net defined benefit asset/(liability) \u2013 interest income 242 2,930 3,172 163 1,851 2,014 \u2013 return on scheme assets (excluding amounts included in interest income) (4,627) (61,736) (66,363) 318 9,650 9,968 Contributions from the sponsoring companies 168 3,771 3,939 336 4,750 5,086 Contributions from scheme members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefits paid (651) (3,829) (4,480) (428) (4,395) (4,823) At 31 December 8,113 96,019 104,132 12,981 154,883 167,864 The statements of investment principles set by the trustees of both schemes were revised in 2022. They require that the assets of the schemes are invested in a diversified portfolio of assets, split between return-seeking assets (primarily equities) and safer assets (corporate bonds and liability-driven investments). 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED The balance between the Schemes' assets moves in line with market conditions, and will be periodically reviewed by the Trustees. In addition, the Trustees will review the asset allocation on a regular basis and look to reduce the allocation to equities as and when appropriate. The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows: Laurence Keen Scheme 2022 Fair value \u00a3\u2019000 2021 Fair value \u00a3\u2019000 2022 Current allocation % 2021 Current allocation % Equity instruments: \u2013 United Kingdom 146 348 \u2013 \u2013 \u2013 Eurozone 187 696 \u2013 \u2013 \u2013 North America 724 2,547 \u2013 \u2013 \u2013 Other 520 2,244 \u2013 \u2013 1,577 5,835 19 46 Debt instruments: \u2013 United Kingdom corporate bonds 4,357 4,854 \u2013 \u2013 4,357 4,854 54 37 Liability-driven investments 2,018 1,986 25 15 Cash 102 181 1 1 Other 59 125 1 1 At 31 December 8,113 12,981 100 100 Rathbone 1987 Scheme 2022 Fair value \u00a3\u2019000 2021 Fair value \u00a3\u2019000 2022 Current allocation % 2021 Current allocation % Equity instruments: \u2013 United Kingdom 4,241 18,035 \u2013 \u2013 \u2013 Eurozone 2,511 9,107 \u2013 \u2013 \u2013 North America 13,465 27,980 \u2013 \u2013 \u2013 Other 6,073 16,823 \u2013 \u2013 26,290 71,945 28 47 Debt instruments: \u2013 United Kingdom corporate bonds 37,678 54,370 \u2013 \u2013 37,678 54,370 39 35 Liability-driven investments 30,836 26,308 32 17 Cash 1,215 2,260 1 1 Other \u2013 \u2013 \u2013 \u2013 At 31 December 96,019 154,883 100 100 All equity instruments held have quoted prices in active markets. \u2018Other\u2019 scheme assets comprise only commodities (2021: commodities). Buy and maintain credit funds held with Legal and General Investment Management have been classified as UK corporate bonds. The liability-driven investments held are a selection of pooled funds managed by Legal & General Investment Management. They are comprised of four funds which invest in a range of index-linked and fixed-interest investments, with weightings determined with reference to the profile of the Schemes\u2019 liabilities, such that they provide a suitable hedge against interest rate and inflation rate changes. The funds are liquid and are valued at their realisable value as at the relevant date. The key assumptions affecting the results of the valuation are the discount rate, future inflation, mortality, the rate of members transferring out and the average age at the time of transferring out. In order to demonstrate the sensitivity of the results to these assumptions, the actuary has recalculated the defined benefit obligations for each scheme by varying each of these assumptions in isolation whilst leaving the other assumptions unchanged. For example, in order to demonstrate the sensitivity of the results to the discount rate, the actuary has recalculated the defined benefit obligations for each scheme using a discount rate that is 0.5% higher than that used for calculating the disclosed figures. A lower or higher movement in these assumptions would result in multiples of these figures. A similar approach has been taken to demonstrate the sensitivity of the results to the other key assumptions. A summary of the sensitivities in respect of the total of the two schemes\u2019 defined benefit obligations is set out below. 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED Combined impact on schemes' liabilities (Decrease)/ increase \u00a3'000 (Decrease)/ increase % 0.5% increase in: \u2013 discount rate (7,095) (7.5)% 0.5% increase in: \u2013 rate of inflation 4,990 5.3% Reduce allowance for future transfers to nil 367 0.4% 1-year increase to: \u2013 longevity at 60 3,447 3.6% The total contributions made by the group to the 1987 Scheme during the year were \u00a33,771,000 (2021: \u00a34,750,000). The group has a commitment to pay deficit-reducing contributions of \u00a32,750,000 by 31 August 2023 and each subsequent 31 August up to and including 31 August 2026, unless the funding position is assessed to be over 100% funded on a self-sufficient basis at the end of the prior year. The total contributions made by the group to the Laurence Keen Scheme during the year were \u00a3168,000 (2021: \u00a3336,000). The group has a commitment to pay deficit-reducing contributions of \u00a3168,000 by 28 February each year from 2023 to 2026 (inclusive). Per IAS 19, companies are required to limit the value of any defined benefit asset to the lower of the surplus in the plan and the defined benefit asset ceiling, where the asset ceiling is the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The company expects to access any surplus assets remaining in the plan once all members have left after gradual settlement of the liabilities. Therefore, the net asset is deemed to be recoverable and the effect of the asset ceiling is \u00a3nil. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-417": {
"value": "DEFINED CONTRIBUTION PENSION SCHEME The group operates a defined contribution group personal pension scheme and contributes to various other personal pension arrangements for certain directors and employees. The total contributions made to these schemes during the year were \u00a315,211,000 (2021: \u00a312,006,000). The group also operates a defined contribution scheme for overseas employees, for which the total contributions were \u00a380,000 (2021: \u00a382,000). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-418": {
"value": "DEFINED BENEFIT PENSION SCHEMES The group operates two defined benefit pension schemes that operate within the UK legal and regulatory framework: the Rathbone 1987 Scheme and the Laurence Keen Retirement Benefit Scheme. The schemes are currently both clients of Rathbones Investment Management, with investments managed on a discretionary basis, in accordance with the statements of investment principles agreed by the trustees. Scheme assets are held separately from those of the group. The trustees of the schemes are required to act in the best interest of the schemes\u2019 beneficiaries. The appointment of trustees is determined by the schemes\u2019 trust documentation and legislation. The group has a policy that one third of all trustees should be nominated by members of the schemes. The Laurence Keen Scheme was closed to new entrants and future accrual with effect from 30 September 1999. Past service benefits continue to be calculated by reference to final pensionable salaries. From 1 October 1999, all the active members of the Laurence Keen Scheme were included under the Rathbone 1987 Scheme for accrual of retirement benefits for further service. The Rathbone 1987 Scheme was closed to new entrants with effect from 31 March 2002 and to future accrual from 30 June 2017. The schemes are valued by independent actuaries at least every three years using the projected unit credit method, which looks at the value of benefits accruing over the years following the valuation date based on projected salary to the date of termination of services, discounted to a present value using a rate that reflects the characteristics of the liability. The valuations are updated at each balance sheet date in between full valuations. The latest full actuarial valuations were carried out as at 31 December 2019. Valuations as at 31 December 2022 are currently being undertaken for both schemes. The assumptions used by the actuaries, to estimate the schemes\u2019 liabilities, are the best estimates chosen from a range of possible actuarial assumptions. Due to the timescale covered by the liability, these assumptions may not necessarily be borne out in practice. The principal actuarial assumptions used, which reflect the different membership profiles of the schemes, were: Laurence Keen Scheme Rathbone 1987 Scheme 2022 % (unless stated) 2021 % (unless stated) 2022 % (unless stated) 2021 % (unless stated) Rate of increase of salaries n/a n/a n/a n/a Rate of increase of pensions in payment 3.60 3.70 3.20 3.30 Rate of increase of deferred pensions 3.20 3.40 3.20 3.40 Discount rate 4.70 1.90 4.70 1.90 Inflation* 3.20 3.40 3.20 3.40 Percentage of members transferring out of the schemes per annum 2.00 2.00 2.00 2.00 Average age of members at date of transferring out (years) 52.5 52.5 52.5 52.5 * Inflation assumptions are based on the Retail Prices Index Over the year, the financial assumptions have been amended to reflect changes in market conditions. Specifically: 1. the discount rate has been increased by 2.8% to reflect an increase in the yields available on AA-rated corporate bonds 2. the assumed rate of future inflation has decreased by 0.2% and reflects expectations of long-term inflation as implied by changes in the Bank of England inflation yield curve 3. the assumed rates of future increases to pensions in payment, where linked to inflation, has decreased by 0.1% for both schemes, allowing for the change to the assumed rate of future inflation Over the year the mortality assumptions have been updated. The CMI model used to project future improvements in mortality has been updated from the 2020 version to the 2021 version. 2% of members not yet in receipt of their pension are assumed to transfer out of the scheme each year (2021: 2%). The proportion of members assumed to be married at retirement age is 80% (2021: 80%) The assumed duration of the liabilities for the Laurence Keen Scheme is 13 years (2021: 15 years) and the assumed duration for the Rathbone 1987 Scheme is 16 years (2021: 20 years). 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED The normal retirement age for members of the Laurence Keen Scheme is 65 (60 for certain former directors). The normal retirement age for members of the Rathbone 1987 Scheme is 60 for service prior to 1 July 2009 and 65 thereafter, following the introduction of pension benefits based on Career-Average Revalued Earnings (CARE) from that date. The assumed life expectancy for the membership of both schemes is based on the S3PA \u2018Light\u2019 actuarial tables with improvements in line with the CMI 2021 tables with a long-term rate of improvement of 1.5% p.a. The assumed life expectancies on retirement were: 2022 2021 Males Females Males Females Retiring today: aged 60 28.2 29.9 28.2 29.9 aged 65 23.3 24.9 23.3 24.9 Retiring in 20 years: aged 60 29.9 31.6 29.9 31.6 aged 65 24.9 26.6 24.8 26.6 The amount included in the balance sheet arising from the group\u2019s assets in respect of the schemes is as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Present value of defined benefit obligations (7,167) (87,564) (94,731) (11,149) (144,428) (155,577) Fair value of scheme assets 8,113 96,019 104,132 12,981 154,883 167,864 Net defined benefit asset/(liability) 946 8,455 9,401 1,832 10,455 12,287 The amounts recognised in profit or loss, within operating expenses, are as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Interest income (36) (222) (258) (5) 110 105 (36) (222) (258) (5) 110 105 Remeasurements of the net defined benefit asset have been reported in other comprehensive income. The actual return on scheme assets was a fall in value of \u00a34,385,000 (2021: \u00a3481,000 rise) for the Laurence Keen Scheme and a fall in value of \u00a358,806,000 (2021: \u00a311,501,000 rise) for the Rathbone 1987 Scheme. Movements in the present value of defined benefit obligations were as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 11,149 144,428 155,577 12,374 153,030 165,404 Service cost (employer\u2019s) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Interest cost 206 2,708 2,914 158 1,961 2,119 Contributions from members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Actuarial experience gains 99 3,561 3,660 20 5,793 5,813 Actuarial gains/(losses) arising from: \u2013 \u2013 demographic assumptions 4 188 192 (159) (1,200) (1,359) \u2013 financial assumptions (3,640) (59,492) (63,132) (816) (10,761) (11,577) Past service cost \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefits paid (651) (3,829) (4,480) (428) (4,395) (4,823) At 31 December 7,167 87,564 94,731 11,149 144,428 155,577 Movements in the fair value of scheme assets were as follows: 2022 2021 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 Laurence Keen Scheme \u00a3\u2019000 Rathbone 1987 Scheme \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 12,981 154,883 167,864 12,592 143,027 155,619 Remeasurement of net defined benefit asset/(liability) \u2013 interest income 242 2,930 3,172 163 1,851 2,014 \u2013 return on scheme assets (excluding amounts included in interest income) (4,627) (61,736) (66,363) 318 9,650 9,968 Contributions from the sponsoring companies 168 3,771 3,939 336 4,750 5,086 Contributions from scheme members \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Benefits paid (651) (3,829) (4,480) (428) (4,395) (4,823) At 31 December 8,113 96,019 104,132 12,981 154,883 167,864 The statements of investment principles set by the trustees of both schemes were revised in 2022. They require that the assets of the schemes are invested in a diversified portfolio of assets, split between return-seeking assets (primarily equities) and safer assets (corporate bonds and liability-driven investments). 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED The balance between the Schemes' assets moves in line with market conditions, and will be periodically reviewed by the Trustees. In addition, the Trustees will review the asset allocation on a regular basis and look to reduce the allocation to equities as and when appropriate. The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows: Laurence Keen Scheme 2022 Fair value \u00a3\u2019000 2021 Fair value \u00a3\u2019000 2022 Current allocation % 2021 Current allocation % Equity instruments: \u2013 United Kingdom 146 348 \u2013 \u2013 \u2013 Eurozone 187 696 \u2013 \u2013 \u2013 North America 724 2,547 \u2013 \u2013 \u2013 Other 520 2,244 \u2013 \u2013 1,577 5,835 19 46 Debt instruments: \u2013 United Kingdom corporate bonds 4,357 4,854 \u2013 \u2013 4,357 4,854 54 37 Liability-driven investments 2,018 1,986 25 15 Cash 102 181 1 1 Other 59 125 1 1 At 31 December 8,113 12,981 100 100 Rathbone 1987 Scheme 2022 Fair value \u00a3\u2019000 2021 Fair value \u00a3\u2019000 2022 Current allocation % 2021 Current allocation % Equity instruments: \u2013 United Kingdom 4,241 18,035 \u2013 \u2013 \u2013 Eurozone 2,511 9,107 \u2013 \u2013 \u2013 North America 13,465 27,980 \u2013 \u2013 \u2013 Other 6,073 16,823 \u2013 \u2013 26,290 71,945 28 47 Debt instruments: \u2013 United Kingdom corporate bonds 37,678 54,370 \u2013 \u2013 37,678 54,370 39 35 Liability-driven investments 30,836 26,308 32 17 Cash 1,215 2,260 1 1 Other \u2013 \u2013 \u2013 \u2013 At 31 December 96,019 154,883 100 100 All equity instruments held have quoted prices in active markets. \u2018Other\u2019 scheme assets comprise only commodities (2021: commodities). Buy and maintain credit funds held with Legal and General Investment Management have been classified as UK corporate bonds. The liability-driven investments held are a selection of pooled funds managed by Legal & General Investment Management. They are comprised of four funds which invest in a range of index-linked and fixed-interest investments, with weightings determined with reference to the profile of the Schemes\u2019 liabilities, such that they provide a suitable hedge against interest rate and inflation rate changes. The funds are liquid and are valued at their realisable value as at the relevant date. The key assumptions affecting the results of the valuation are the discount rate, future inflation, mortality, the rate of members transferring out and the average age at the time of transferring out. In order to demonstrate the sensitivity of the results to these assumptions, the actuary has recalculated the defined benefit obligations for each scheme by varying each of these assumptions in isolation whilst leaving the other assumptions unchanged. For example, in order to demonstrate the sensitivity of the results to the discount rate, the actuary has recalculated the defined benefit obligations for each scheme using a discount rate that is 0.5% higher than that used for calculating the disclosed figures. A lower or higher movement in these assumptions would result in multiples of these figures. A similar approach has been taken to demonstrate the sensitivity of the results to the other key assumptions. A summary of the sensitivities in respect of the total of the two schemes\u2019 defined benefit obligations is set out below. 29 / LONG-TERM EMPLOYEE BENEFITS CONTINUED Combined impact on schemes' liabilities (Decrease)/ increase \u00a3'000 (Decrease)/ increase % 0.5% increase in: \u2013 discount rate (7,095) (7.5)% 0.5% increase in: \u2013 rate of inflation 4,990 5.3% Reduce allowance for future transfers to nil 367 0.4% 1-year increase to: \u2013 longevity at 60 3,447 3.6% The total contributions made by the group to the 1987 Scheme during the year were \u00a33,771,000 (2021: \u00a34,750,000). The group has a commitment to pay deficit-reducing contributions of \u00a32,750,000 by 31 August 2023 and each subsequent 31 August up to and including 31 August 2026, unless the funding position is assessed to be over 100% funded on a self-sufficient basis at the end of the prior year. The total contributions made by the group to the Laurence Keen Scheme during the year were \u00a3168,000 (2021: \u00a3336,000). The group has a commitment to pay deficit-reducing contributions of \u00a3168,000 by 28 February each year from 2023 to 2026 (inclusive). Per IAS 19, companies are required to limit the value of any defined benefit asset to the lower of the surplus in the plan and the defined benefit asset ceiling, where the asset ceiling is the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The company expects to access any surplus assets remaining in the plan once all members have left after gradual settlement of the liabilities. Therefore, the net asset is deemed to be recoverable and the effect of the asset ceiling is \u00a3nil. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "30 / SHARE CAPITAL AND SHARE PREMIUM The following movements in share capital occurred during the year: Number of shares Exercise/ issue price Pence Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Merger reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 57,486,413 2,874 215,092 71,756 289,722 Shares issued: \u2013 to Share Incentive Plan 294,958 1,540.0 - 2,055.0 15 5,253 \u2013 5,268 \u2013 to Save As You Earn scheme 9,371 1,648.0 - 1,977.0 \u2013 157 \u2013 157 \u2013 to Employee Benefit Trust 217,000 5.0 11 \u2013 \u2013 11 \u2013 to Business Combinations 1,154,689 1,913.4 - 2,484.0 58 21,858 5,209 27,125 \u2013 on Placing 2,840,910 1,760.0 142 48,666 \u2013 48,808 At 1 January 2022 62,003,341 3,100 291,026 76,965 371,091 Shares issued: \u2013 to Share Incentive Plan 467,559 1,600.0 - 2,090.0 24 9,196 \u2013 9,220 \u2013 to Save As You Earn scheme 1,181 1,085.0 - 1,813.0 \u2013 18 \u2013 18 \u2013 to Employee Benefit Trust 481,500 5.0 24 \u2013 \u2013 24 \u2013 to Business Combinations 441,256 1,913.4 - 2,484.0 22 9,730 \u2013 9,752 At 31 December 2022 63,394,837 3,170 309,970 76,965 390,105 The total number of issued and fully paid up ordinary shares at 31 December 2022 was 63,394,837 (2021: 62,003,341) with a par value of 5p per share. The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the company. The ordinary shareholders are entitled to any residual assets on the winding up of the company. On 5 March 2021, the company issued 881,737 shares in respect of the Speirs & Jeffrey first earn-out consideration relating to the 2020 incentivisation award. On 22 June 2021, the company issued 2,840,910 shares by way of a placing for cash consideration at \u00a317.60 per share, which raised \u00a348,808,000, net of \u00a31,192,000 placing costs, offset against share premium arising on the issue. 30 / SHARE CAPITAL AND SHARE PREMIUM CONTINUED On 22 October 2021, the company issued 272,952 shares in respect of the initial share consideration from the acquisition of Saunderson House (see note 8). These shares are being held in own shares (see note 31) until they vest on the third anniversary of issue. As the share issuance was in pursuance of the arrangement to acquire the shares in Saunderson House, the premium on the issuance of these shares has been recognised within the merger reserve. On 30 March 2022, the company issued 229,489 shares in respect of the Speirs & Jeffrey second earn-out consideration relating to the 2021 incentivisation award. On 26 October 2022, the company issued 211,767 shares in respect of the Saunderson House deferred consideration award. 31 / OWN SHARES The following movements in own shares occurred during the year: Number of shares \u00a3\u2019000 At 1 January 2021 3,757,370 46,744 Additions in the year 998,408 15,130 Released on vesting (1,131,064) (25,248) At 1 January 2022 3,624,714 36,626 Additions in the year 1,440,695 18,567 Released on vesting (178,115) (2,678) At 31 December 2022 4,887,294 52,515 Own shares represent the cost of the company\u2019s own shares, either purchased in the market or issued by the company, that are held by the company or in an Employee Benefit Trust (\u2018EBT\u2019) to satisfy future awards under the group\u2019s share-based payment schemes (note 32). A total of 3,786,182 shares were held in the EBT at 31 December 2022 (2021: 2,808,994), and 828,160 shares were held by the trustees of the Share Incentive Plan but were not unconditionally gifted to employees (2021: 542,767). A further 272,952 (2021: 272,952) of shares were held in nominee in respect of the initial share consideration for the acquisition of Saunderson House (see note 30). During the prior year, 1,006,522 of shares previously held in nominee for the acquisition of Speirs & Jeffrey vested and were released from own shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-419": {
"value": "30 / SHARE CAPITAL AND SHARE PREMIUM The following movements in share capital occurred during the year: Number of shares Exercise/ issue price Pence Share capital \u00a3\u2019000 Share premium \u00a3\u2019000 Merger reserve \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 57,486,413 2,874 215,092 71,756 289,722 Shares issued: \u2013 to Share Incentive Plan 294,958 1,540.0 - 2,055.0 15 5,253 \u2013 5,268 \u2013 to Save As You Earn scheme 9,371 1,648.0 - 1,977.0 \u2013 157 \u2013 157 \u2013 to Employee Benefit Trust 217,000 5.0 11 \u2013 \u2013 11 \u2013 to Business Combinations 1,154,689 1,913.4 - 2,484.0 58 21,858 5,209 27,125 \u2013 on Placing 2,840,910 1,760.0 142 48,666 \u2013 48,808 At 1 January 2022 62,003,341 3,100 291,026 76,965 371,091 Shares issued: \u2013 to Share Incentive Plan 467,559 1,600.0 - 2,090.0 24 9,196 \u2013 9,220 \u2013 to Save As You Earn scheme 1,181 1,085.0 - 1,813.0 \u2013 18 \u2013 18 \u2013 to Employee Benefit Trust 481,500 5.0 24 \u2013 \u2013 24 \u2013 to Business Combinations 441,256 1,913.4 - 2,484.0 22 9,730 \u2013 9,752 At 31 December 2022 63,394,837 3,170 309,970 76,965 390,105 The total number of issued and fully paid up ordinary shares at 31 December 2022 was 63,394,837 (2021: 62,003,341) with a par value of 5p per share. The holders of ordinary shares are entitled to receive dividends as declared from time to time, and are entitled to one vote per share at meetings of the company. The ordinary shareholders are entitled to any residual assets on the winding up of the company. On 5 March 2021, the company issued 881,737 shares in respect of the Speirs & Jeffrey first earn-out consideration relating to the 2020 incentivisation award. On 22 June 2021, the company issued 2,840,910 shares by way of a placing for cash consideration at \u00a317.60 per share, which raised \u00a348,808,000, net of \u00a31,192,000 placing costs, offset against share premium arising on the issue. 30 / SHARE CAPITAL AND SHARE PREMIUM CONTINUED On 22 October 2021, the company issued 272,952 shares in respect of the initial share consideration from the acquisition of Saunderson House (see note 8). These shares are being held in own shares (see note 31) until they vest on the third anniversary of issue. As the share issuance was in pursuance of the arrangement to acquire the shares in Saunderson House, the premium on the issuance of these shares has been recognised within the merger reserve. On 30 March 2022, the company issued 229,489 shares in respect of the Speirs & Jeffrey second earn-out consideration relating to the 2021 incentivisation award. On 26 October 2022, the company issued 211,767 shares in respect of the Saunderson House deferred consideration award. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-420": {
"value": "31 / OWN SHARES The following movements in own shares occurred during the year: Number of shares \u00a3\u2019000 At 1 January 2021 3,757,370 46,744 Additions in the year 998,408 15,130 Released on vesting (1,131,064) (25,248) At 1 January 2022 3,624,714 36,626 Additions in the year 1,440,695 18,567 Released on vesting (178,115) (2,678) At 31 December 2022 4,887,294 52,515 Own shares represent the cost of the company\u2019s own shares, either purchased in the market or issued by the company, that are held by the company or in an Employee Benefit Trust (\u2018EBT\u2019) to satisfy future awards under the group\u2019s share-based payment schemes (note 32). A total of 3,786,182 shares were held in the EBT at 31 December 2022 (2021: 2,808,994), and 828,160 shares were held by the trustees of the Share Incentive Plan but were not unconditionally gifted to employees (2021: 542,767). A further 272,952 (2021: 272,952) of shares were held in nominee in respect of the initial share consideration for the acquisition of Saunderson House (see note 30). During the prior year, 1,006,522 of shares previously held in nominee for the acquisition of Speirs & Jeffrey vested and were released from own shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "32 / SHARE-BASED PAYMENTS SHARE INCENTIVE PLAN The group operates a Share Incentive Plan (SIP), which is available to all employees. Employees can contribute up to \u00a3150 per month to acquire partnership shares in Rathbones Group Plc, which are purchased or allotted in monthly accumulation periods. The group currently matches employee contributions on a one-for-one basis to acquire matching shares. The group also provides performance-related free shares, with eligible employees receiving shares valued at the rate of \u00a3100 per 1% real increase in earnings per share up to a maximum of \u00a33,600 per annum. For UK employees, SIP dividends are reinvested and used to purchase dividend shares, whilst for Jersey employees dividends are paid in cash. As at 31 December 2022, the trustees of the SIP held 1,634,429 (2021: 1,363,198) ordinary shares of 5p each in Rathbones Group Plc with a total market value of \u00a333,261,000 (2021: \u00a327,046,000). Of the total number of shares held by the trustees, 1,101,112 (2021: 812,843) have been conditionally gifted to employees and 2,055 (2021: 2,877) remain unallocated. Dividends on the unallocated shares have been waived by the trustees. The group recognised a charge of \u00a32,411,000 in relation to this scheme in 2022 (2021: \u00a32,333,000). SAVINGS-RELATED SHARE OPTION OR SAVE AS YOU EARN (SAYE) PLAN Under the SAYE plan, employees can contribute up to \u00a3500 per month to acquire shares at the end of a three- or five-year savings period. Options with an aggregate estimated fair value of \u00a32,284,000, determined using a binomial valuation model including expected dividends, were granted on 20 April 2022 to directors and staff under the SAYE plan. The inputs into the binomial model for options granted during 2022, as at the date of issue, were as follows: 2022 2021 Share price (pence) 2,125 1,812 Exercise price (pence) 1,394 1,365 Expected volatility 26% 26% Risk-free rate 1.7% 0.2% Expected dividend yield 3.5% 3.9% 32 / SHARE-BASED PAYMENTS CONTINUED The number of share options outstanding for the SAYE plan at the end of the year, the period in which they were granted and the dates on which they may be exercised are given below. Year of grant Exercise price Pence Exercise period 2022 Number of share options 2021 Number of share options 2017 1,899.0 2020 and 2022 \u2013 4,822 2018 1,977.0 2021 and 2023 5,634 7,697 2019 1,813.0 2022 and 2024 4,418 31,255 2020 1,085.0 2023 and 2025 1,061,217 1,115,270 2021 1,365.0 2024 and 2026 180,570 204,808 2022 1,394.0 2025 and 2027 345,645 \u2013 At 31 December 1,597,484 1,363,852 Movements in the number of share options outstanding for the SAYE plan were as follows: 2022 2021 Number of share options Weighted average exercise price Pence Number of share options Weighted average exercise price Pence At 1 January 1,363,852 1,152.0 1,248,962 1,141.0 Granted in the year 364,650 1,365.0 214,027 1,365.0 Forfeited or cancelled in the year (88,406) 1,272.0 (82,035) 1,464.0 Exercised in the year (42,612) 1,588.0 (17,102) 1,557.0 At 31 December 1,597,484 1,272.0 1,363,852 1,152.0 The weighted average share price at the dates of exercise for share options exercised during the year was \u00a315.88 (2021: \u00a315.17). The options outstanding at 31 December 2022 had a weighted average contractual life of 2.4 years (2021: 3.0 years) and a weighted average exercise price of \u00a311.89 (2021: \u00a311.52). The group recognised a charge of \u00a31,598,000 in relation to this scheme in 2022 (2021: \u00a31,205,514). EXECUTIVE INCENTIVE PLAN Under the remuneration policy, 40% of the total award will be given in cash with the remaining 60% of the award granted in shares. The group treats the cash element of the award as an employee benefit under IAS 19 and the share element of the award as an equity- settled share-based payment under IFRS 2. During the prior year, this award was replaced with the Executive Share Performance Plan. The group recognised a charge of \u00a3973,000 in relation to the equity-settled share-based payment element of this scheme in 2022 (2021: \u00a31,473,000). EXECUTIVE SHARE PERFORMANCE PLAN This scheme was launched in the prior year to replace the Executive Incentive Plan. Details of the general terms of this plan are set out in the remuneration committee report on page 129. Under the remuneration policy, 50% of the annual bonus award is paid in cash and 50% is deferred in shares, although this split can be altered subject to Remuneration Committee. An annual restricted stock plan award is also granted under the scheme, and payment is deferred in shares. The group treats the cash element of the award as an employee benefit under IAS 19 and the share element of the awards as equity-settled share-based payments under IFRS 2. The group recognised a charge of \u00a31,983,000 in relation to the equity-settled share-based payment element of this scheme in 2022 (2021: \u00a31,423,000). STAFF EQUITY PLAN The Key Staff Equity Plan (\u2018KSEP\u2019) is for individuals within Rathbones Investment Management and Rathbones Investment Management International. As the KSEP is due to vest in 2023, during the year the Key Employee Equity Plan (\u2018KEEP\u2019) was launched for individuals within Rathbones Investment Management and Rathbones Investment Management International, as well as employees within the group\u2019s support functions. The aim of the schemes is to promote increased equity interest in Rathbones Group Plc amongst employees. Under both schemes, participants are granted awards under the plan in the form of an option with an exercise price of \u00a3nil. The option awards are subject to certain service and performance conditions. Following the satisfaction of these performance conditions, the KSEP awards will vest (or lapse) and become exercisable on the fifth anniversary of the grant date. The awards will be exercisable from the vesting date until the tenth anniversary of the grant date. The KEEP awards will vest (or lapse) and become exercisable on the fifth anniversary of the grant date for the front office employees, and on the third anniversary of the grant date for employees in support functions. The group recognised a charge of \u00a34,233,000 for the KSEP award in the year (2021: \u00a34,327,000), and a charge of \u00a3860,000 for the KEEP award (2021: \u00a3nil). 32 / SHARE-BASED PAYMENTS CONTINUED OTHER SCHEMES The group operates a number of other plans for rewarding employees. Participants are granted awards under these plans in the form of options, which vest automatically on an anniversary of the grant date (generally between one and five years). As the intention is to settle the options in such plans in shares, the awards are treated as equity-settled share-based payments under IFRS 2. The group recognised total charges of \u00a325,886,000 in relation to share-based payment transactions in 2022 (2021: \u00a318,969,000) (see note 10). This includes acquisition-related share-based payments (see note below), and excludes social security costs of \u00a31,094,000 (2021: \u00a31,163,000). The impact on retained earnings of employee remuneration and share plans vesting in the year, where shares were not released from the group employee benefit trust, was a debit of \u00a312,776,000 (2021: debit of \u00a322,216,000). This includes a debit of \u00a39,752,000 for share schemes where no cash consideration was received (2021: debit of \u00a321,902,000). See note 38. ACQUISITION-RELATED SHARE-BASED PAYMENTS Details of the general terms of share-based payments associated with the acquisition of Speirs & Jeffrey and Saunderson House are set out in note 8. ",
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"value": "33 / FINANCIAL RISK MANAGEMENT The group has identified the financial, business and operational risks arising from its activities and has established policies and procedures to manage these items in accordance with its risk appetite, as described in the group risk committee report on pages 110 to 113. The group categorises its financial risks into the following primary areas: (i) credit risk (which includes counterparty default risk); (ii) liquidity risk; (iii) market risk (which includes fair value interest rate risk, cash flow interest rate risk, foreign exchange risk and price risk); and (iv) pension risk. The group\u2019s exposures to pension risk are set out in note 29. The group\u2019s financial risk management policies are designed to identify and analyse the financial risks that the group faces, to set appropriate risk tolerances, limits and controls, and to monitor the financial risks and adherence to limits by means of reliable and up-to-date information systems. The group regularly reviews its financial risk management policies and systems to reflect changes in the business, counterparties, markets and the range of financial instruments that it utilises. The treasury department, reporting through the banking committee, has principal responsibility for monitoring exposure to credit risk, liquidity risk and market risk. Procedures and delegated authorities are documented in a group treasury manual and policy documents prescribe the management and monitoring of each type of risk. The primary objective of the group\u2019s treasury policy is to manage short term liquidity requirements whilst maintaining an appropriate level of exposure to other financial risks in accordance with the group\u2019s risk appetite. (I) CREDIT RISK The group takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due, through its banking, treasury, trust and financial planning activities. The principal source of credit risk arises from placing funds in the money market and holding interest-bearing securities. The group also has exposure to credit risk through its client loan book. It is the group\u2019s policy to place funds generated internally and from deposits by clients with a range of high-quality, investment grade financial institutions and the Bank of England. Investments with financial institutions are spread to avoid excessive exposure to any individual counterparty. Loans made to clients are secured against clients\u2019 assets that are held and managed by group companies. Exposure to credit risk is managed through setting appropriate ratings requirements and lending limits. Limits are reviewed regularly, taking into account the ability of borrowers and potential borrowers to meet repayment obligations. The group categorises its exposures based on the long-term ratings awarded to counterparties by Fitch, Moody\u2019s or S&P. Each exposure is assessed individually, both at inception and in ongoing monitoring. In addition to formal external ratings, the banking committee also utilises market intelligence information to assist with its ongoing monitoring. The group\u2019s financial assets are categorised as follows: Balances with central banks (note 14) The group has exposure to central banks through its deposits held with the Bank of England. Loans and advances to banks (note 15) and debt and other securities (note 17) The group has exposures to a wide range of financial institutions through its treasury portfolio, which includes bank deposits, certificates of deposit, money market funds and UK Government treasury bills. These exposures principally arise from the placement of clients\u2019 cash, where it is held under a banking relationship, and the group\u2019s own reserves. Balances with central banks, loans and advances to banks and debt and other securities (excluding equity securities) are collectively referred to as the group\u2019s treasury book. Treasury book 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Balances with central banks 1,412,951 1,463,377 Loans and advances to banks \u2212 fixed deposits/notice accounts 30,000 30,000 Unlisted debt securities 1,045,234 761,654 Money market funds \u2013 20,000 Gross amount 2,488,185 2,275,031 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED The group\u2019s policy requires that all such exposures are only taken with counterparties that have been awarded a minimum long-term rating of single A by Fitch or equivalent rating by Moody\u2019s or S&P. Counterparty limits are also in place to limit exposure to an individual counterparty or connected group of counterparties. Counterparty exposures are monitored on a daily basis by the treasury department and reviewed by the banking committee on a monthly basis, or more frequently when necessary. The banking committee may suspend dealing in a particular counterparty, or liquidate specific holdings, in the light of adverse market information. Loans and advances to customers (note 16) The group provides loans to clients through its investment management operations (\u2018the investment management loan book\u2019). The group is also exposed to credit risk on overdrafts on clients\u2019 investment management accounts, work in progress arising from the trust, tax and financial planning businesses (\u2018trust and financial planning debtors\u2019) and other debtors. (a) Overdrafts Overdrafts on clients\u2019 investment management accounts arise from time to time due to short-term timing differences between the purchase and sale of assets on a client\u2019s behalf. Overdrafts are actively monitored and reported to the banking committee on a monthly basis. (b) Investment management loan book Loans are provided as a service to investment management clients, who are generally asset-rich but have short- to medium-term cash requirements. Such loans are normally made on a fully secured basis against portfolios held in Rathbones\u2019 nominee name, and some loans may be partially secured by property. Extensions to the initial loan period may be granted subject to credit criteria. All lending exposures undergo an initial assessment of creditworthiness according to Rathbones\u2019 internal affordability model. On an ongoing basis, the assessment is repeated at least annually, or sooner in the event of a trigger, such as a decline in portfolio value due to withdrawal or market conditions, as this would highlight a potential deterioration in creditworthiness. At 31 December 2022, the total lending exposure limit for the investment management loan book was \u00a3250,000,000 (2021: \u00a3250,000,000), of which \u00a3158,130,000 had been advanced (2021: \u00a3167,259,000) and a further \u00a322,453,000 had been committed (2021: \u00a340,275,000). (c) Trust and financial planning debtors Trust and financial planning debtors relate to fees which have been invoiced but not yet settled by clients. The collection and ageing of trust and financial planning debtors are reviewed on a monthly basis by the management committees of the group\u2019s trust and financial planning businesses. (d) Other debtors Other loans and advances to customers relate to management fees receivable. Settlement balances Settlement risk arises in any situation where a payment in cash or transfer of a security is made in the expectation of a corresponding delivery of a security or receipt of cash. The majority of transactions are carried out on a delivery versus payment basis, which results in securities and cash being exchanged within a very close timeframe. Settlement balances outside standard terms are monitored on a daily basis. The Investment Management and Funds segments have exposure to market counterparties in the settlement of trades. Settlement balances arising in the Investment Management segment are primarily in relation to client trades and risk of non-settlement is borne by clients. Maximum exposure to credit risk 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Credit risk relating to on-balance-sheet exposures: Cash and balances with central banks 1,412,951 1,463,377 Settlement balances 65,819 69,750 Loans and advances to banks 194,723 203,589 Loans and advances to customers: \u2013 overdrafts 6,540 7,021 \u2013 investment management loan book 159,694 167,980 \u2013 trust and financial planning debtors 3,033 4,194 \u2013 other debtors 511 864 Investment securities: \u2013 unlisted debt securities and money market funds 1,045,234 781,682 Other financial assets 104,716 102,150 Credit risk relating to off-balance-sheet exposures: Loan commitments 22,453 40,275 3,015,674 2,840,882 The above table represents the group\u2019s gross credit risk exposure at 31 December 2022 and 2021, without taking account of any associated collateral held or other credit enhancements. For on-balance-sheet assets, the exposures set out above are based on gross carrying amounts. Of the total maximum exposure, 12.1% is derived from loans and advances to banks and customers (2021: 13.5%) and 34.7% represents investment securities (2021: 27.5%). 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Impairment of financial instruments The group\u2019s accounting policy governing impairment of financial assets is given in note 1.12. Impairment losses on financial assets recognised in profit or loss were as shown in the table below. The main class of asset these impairment losses have arisen against is cash and balances held with central banks. 2022 \u00a3'000 2021 \u00a3'000 Impairment losses/(reversals) arising from: \u2013 treasury book (51) (726) \u2013 investment management loan book 12 \u2013 \u2013 trust and financial planning debtors (57) 14 (96) (712) Expected credit loss (\u2018ECL\u2019) assessment At each reporting date, for both the treasury book and investment management loan book, the group assesses whether there has been a significant increase in credit risk of exposures since initial recognition, by comparing the change in the risk of a default occurring over the expected life of the instrument between the reporting date and the date of initial recognition. The following criteria are used to identify significant increases in credit risk and are monitored and reviewed periodically for appropriateness by the treasury team. The group\u2019s ECL model was calibrated during a time of benign inflation, and thus inflation was historically negatively correlated with PDs. Given current inflation is supply-driven, a post-model adjustment was made to flatten the inflation forecast to remove the dampening effect on the PD. Qualitative indicators The group periodically monitors its exposures and uses a set of defined criteria to flag any counterparties that may be experiencing financial difficulties. Such exposures are monitored by the treasury team, and those that are considered to have experienced a significant increase in credit risk are classified as \u2018stage 2\u2019, on which a lifetime ECL is recognised. Quantitative indicators The lifetime probability of default at the reporting date is compared to the original lifetime probability of default at initial recognition and if the difference exceeds a predefined threshold (for the current analysis this threshold is set at 50% of the value at initial recognition) the exposure is moved to stage 2. Probability of defaults used for identifying significant increases in credit risk for staging purposes are calculated using the same methodology and data used for estimating probability of defaults for the purpose of measuring expected credit losses. The \u201830 days past due\u2019 backstop indicator has not been rebutted by the group, albeit it is not a significant driver of stage movements as the opportunity for a counterparty to miss a payment is low due to the fact that over the life of exposure, any interest and/or principal is directly debited from the counterparty\u2019s investment balance and investment income, which is in turn held as collateral under the group\u2019s custody. Materially all exposures in both the treasury book and investment management loan book follow a bullet repayment structure; therefore, the exposure at any point in time reflects the outstanding balance of the instrument at that point in time. Definition of default The group considers an investment management loan book exposure to be in default when a client fails to respond to three sets of default notices (every 30 days for a period of 90 days). A treasury book exposure is deemed to be in default when a payment is past due by more than one working day (grace period). Probability of default (PD) The group uses a lifetime PD for each exposure, which is the probability-weighted result of considering three economic scenarios: a base case, an upside scenario and a downside scenario. These scenarios include the forecast of the macroeconomic factors that have been identified as relevant to the group\u2019s exposures, which are incorporated into the estimation of lifetime PDs. The methodology for estimating lifetime PDs and adjustments for macroeconomic scenarios used for identifying significant increases in credit risk are as follows: Treasury book assessment The 12-month PD for each exposure is initially estimated as the historical 12-month PD sourced from Standard & Poor\u2019s, by credit rating and country of exposure. In order to estimate the PDs occurring over the lifetime of an underlying exposure, the group applies its expectations of future progression in point in time (\u2018PiT\u2019) default probabilities, which inherently revolve around expectations of future development of macroeconomic factors relevant to treasury assets, namely UK GDP, UK unemployment rates, UK inflation and UK interest rates. Loss given default (LGD) for treasury book assets is dependent on the nature of the counterparty and the region in which the instrument was issued. For sovereign exposures, the group applies a flat LGD rate, which is externally sourced from Moody\u2019s most recent sovereign default and recovery rates research statistics, by country of issuer. For unsecured corporate exposures, a time series of historical corporate recovery rates is sourced from Moody\u2019s annual publication on corporate defaults and recovery rates. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED The following table presents an analysis of the credit quality of treasury book exposures at amortised cost and FVTPL. It indicates whether assets measured at amortised cost were subject to a 12-month ECL or lifetime ECL allowance and, in the latter case, whether they were credit-impaired: 2022 2021 At amortised cost Fair value through profit or loss \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 Fair value through profit or loss \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 AAA \u2013 \u2013 \u2013 \u2013 20,000 \u2013 \u2013 \u2013 AA+ to AA- \u2013 1,953,208 \u2013 \u2013 \u2013 1,893,631 \u2013 \u2013 A+ to A- \u2013 535,000 \u2013 \u2013 \u2013 330,978 \u2013 \u2013 Gross carrying amounts \u2013 2,488,208 \u2013 \u2013 20,000 2,224,609 \u2013 \u2013 Loss allowance (59) \u2013 \u2013 (110) \u2013 \u2013 Carrying amount \u2013 2,488,149 \u2013 \u2013 20,000 2,224,499 \u2013 \u2013 Cash and balances with central banks \u2013 1,412,915 \u2013 \u2013 \u2013 1,463,294 \u2013 \u2013 Loans and advances to banks \u2013 30,000 \u2013 \u2013 \u2013 30,000 \u2013 \u2013 Unlisted debt securities \u2013 1,045,234 \u2013 \u2013 \u2013 761,654 \u2013 \u2013 Money market funds \u2013 \u2013 \u2013 \u2013 20,000 \u2013 \u2013 \u2013 Carrying amount \u2013 2,488,149 \u2013 \u2013 20,000 2,254,948 \u2013 \u2013 The movement in allowance for impairment for the treasury book during the year was as follows. 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 Total ECL \u00a3'000 Balance at 1 January 2022 110 \u2013 \u2013 110 Net remeasurement of loss allowance (51) (51) Balance at 31 December 2022 59 \u2013 \u2013 59 Cash and balances with central banks 36 \u2013 \u2013 36 Loans and advances to banks \u2013 \u2013 \u2013 \u2013 Unlisted debt securities 23 \u2013 \u2013 23 ECL provision 59 \u2013 \u2013 59 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Investment management loan book assessment Due to the lack of historical defaults within the investment management loan book, the model uses publicly available default data for UK secured lending as a starting point in order to obtain an initial estimate for PD. The 12-month PD is estimated as the historical long-term default rate on lending in the UK as sourced from the Council of Mortgage Lenders (CML). In order to estimate the PDs occurring over the lifetime of an underlying exposure, the group develops its expectations of future progression in PiT default probabilities, which inherently revolves around expectations of future development of macroeconomic factors relevant to the bank\u2019s lending portfolio, namely UK GDP (\u2018GDP\u2019) and UK unemployment rates (UR). In order to develop and apply such forward-looking expectations, a historical relationship between PD, GDP and UR is estimated statistically through a multi-factor regression analysis of past movements between these variables. The relationship resulting from this analysis reflects the relative quantitative behaviour of the regressed macroeconomic factors against PD. Using the calculated 12-month PiT PD as a starting point, conditional PDs for each future period within the period of exposure are estimated by applying the GDP and UR coefficients to the group\u2019s forecasts of UK GDP and UK UR respectively, as sourced from International Monetary Fund (IMF) forecast data. This analysis forms the base case scenario for estimating lifetime PDs. The same methodology is applied for separate upside and downside scenarios as required by the standard. The following table presents an analysis of the credit quality of investment management loan book exposures at amortised cost. It indicates whether assets measured at amortised cost were subject to a 12-month ECL or lifetime ECL allowance and, in the latter case, whether they were credit-impaired. The categories below reflect the group\u2019s internal affordability tests, which consider a range of factors for the client, including their portfolio value, Experian score, and the length of their relationship with the group. \u2018High\u2019 is an indication the client poses a high risk in terms of being able to afford repayment of the loan facility. \u2018Medium\u2019 is an indication of a possibility the client may pose a risk in terms of being able to afford repayment of the loan facility. \u2018Low\u2019 is where the risk of a client not being able to repay the loan facility is considered reasonably low. \u2018Very low\u2019 is where the risk of a client not being able to repay the loan facility is considered extremely low. 2022 2021 At amortised cost 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 Very low 31,053 \u2013 \u2013 30,250 \u2013 \u2013 Low 112,054 \u2013 \u2013 116,646 \u2013 \u2013 Medium 14,504 \u2013 \u2013 18,174 \u2013 \u2013 High 2,083 \u2013 2,911 \u2013 Gross carrying amounts 159,694 \u2013 \u2013 167,981 \u2013 \u2013 Loss allowance (12) \u2013 \u2013 \u2013 \u2013 \u2013 Carrying amount 159,682 \u2013 \u2013 167,981 \u2013 \u2013 The movement in allowance for impairment of the investment management loan book during the year was as follows. 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 Total ECL \u00a3'000 Balance at 1 January 2022 \u2013 \u2013 \u2013 \u2013 Net remeasurement of loss allowance 12 \u2013 \u2013 12 Balance at 31 December 2022 12 \u2013 \u2013 12 Trust and financial planning debtors assessment The group uses a provision matrix to measure the ECLs of trust and financial planning debtors, which comprise a large number of small balances. For such debts, a normal settlement period of up to 30 days is expected. The weighted average loss rates are calculated with reference to the historic credit losses as a proportion of the overall debtor balance within each aging category at the time of default. The current period of assessment for the provision is five years. The following table provides information about the exposure to credit risk and ECLs for trust and financial planning debtors as at 31 December 2022: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Rathbones Trust Company 1,013 1,451 Rathbones Trust & Legal Services 225 315 Rathbone Financial Planning 521 311 Saunderson House 1,395 2,131 Gross carrying amounts 3,154 4,208 Loss allowance (121) (235) Carrying amount 3,033 3,973 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Loss allowance Rathbones Trust Company Weighted average loss rate Gross carrying amount \u00a3'000 Not credit impaired \u00a3'000 Credit impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.3% 597 (2) \u2013 (2) 90-180 days overdue 1.5% 172 (3) \u2013 (3) 180-270 days overdue 2.7% 99 (3) \u2013 (3) 270-365 days overdue 4.5% 82 (4) \u2013 (4) >365 days overdue 23.9% 64 (13) (8) (20) 1,013 (24) (8) (31) At the prior year end, \u00a3100,000 was recognised as an expected credit loss provision for Rathbones Trust Company. Loss allowance Rathbones Trust & Legal Services Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.8% 132 (1) \u2013 (1) 90-180 days overdue 3.9% 55 (2) \u2013 (2) 180-270 days overdue 7.0% 13 (1) \u2013 (1) 270-365 days overdue 12.7% 17 (2) \u2013 (2) >365 days overdue 11.9% 9 (1) (3) (4) 225 (7) (3) (10) At the prior year end, \u00a314,000 was recognised as an expected credit loss provision for Rathbones Trust & Legal Services. Loss allowance Rathbone Financial Planning Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.0% 255 \u2013 \u2013 \u2013 90-180 days overdue 0.0% 128 \u2013 \u2013 \u2013 180-270 days overdue 0.0% 70 \u2013 \u2013 \u2013 270-365 days overdue 0.0% 19 \u2013 \u2013 \u2013 >365 days overdue 0.0% 49 \u2013 \u2013 \u2013 521 \u2013 \u2013 \u2013 At the prior year end, \u00a3nil was recognised as an expected credit loss provision for Rathbone Financial Planning. Loss allowance Saunderson House Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.0% 1,230 \u2013 \u2013 \u2013 90-180 days overdue 15.0% 42 (6) \u2013 (6) 180-270 days overdue 50.0% 43 (21) \u2013 (21) 270-365 days overdue 50.0% 18 (9) \u2013 (9) >365 days overdue 70.9% 62 (44) \u2013 (44) 1,395 (80) \u2013 (80) At the prior year end, \u00a3121,000 was recognised as an expected credit loss provision for Saunderson House. The movement in allowance for impairment in respect of trust and financial planning debtors during the year is set out below. Movement in impairment provision during the year Trust and financial planning debtors \u00a3\u2019000 At 1 January 235 Amounts written off (56) Change in credit risk (57) At 31 December 2022 121 Concentration of credit risk The group has counterparty credit risk within its financial assets in that exposure is to a number of similar credit institutions. The banking committee actively monitors counterparties and may reduce risk by either suspending dealing or liquidating investments in light of adverse market information, for example in anticipation of or in response to any formal Fitch or Moody\u2019s rating downgrade. This may happen in relation to specific banks or banks within a particular country or sector. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED (a) Geographical sectors The following table analyses the group\u2019s credit exposures, at their carrying amounts, by geographical region as at the balance sheet date. In this analysis, exposures are categorised based on the country of domicile of the counterparty. At 31 December 2022 United Kingdom \u00a3\u2019000 Eurozone \u00a3\u2019000 Rest of the World \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,412,915 \u2013 \u2013 1,412,915 Settlement balances 65,332 139 348 65,819 Loans and advances to banks 192,875 8 1,840 194,723 Loans and advances to customers: \u2013 overdrafts 5,823 58 659 6,540 \u2013 investment management loan book 132,457 843 26,382 159,682 \u2013 trust and financial planning debtors 3,033 \u2013 \u2013 3,033 \u2013 other debtors 511 \u2013 \u2013 511 Investment securities: \u2013 unlisted debt securities 159,592 249,991 635,651 1,045,234 Other financial assets 89,381 3,285 12,049 104,715 2,061,919 254,324 676,929 2,993,172 At 31 December 2021 United Kingdom \u00a3\u2019000 Eurozone \u00a3\u2019000 Rest of the World \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,463,294 \u2013 \u2013 1,463,294 Settlement balances 66,605 1,158 1,987 69,750 Loans and advances to banks 201,775 \u2013 1,814 203,589 Loans and advances to customers: \u2013 \u2013 overdrafts 6,245 95 682 7,022 \u2013 investment management loan book 145,501 259 22,221 167,981 \u2013 trust and financial planning debtors 3,973 \u2013 \u2013 3,973 \u2013 other debtors 864 \u2013 \u2013 864 Investment securities: \u2013 \u2013 unlisted debt securities and money market funds 161,069 224,988 395,597 781,654 \u2013 Other financial assets 96,558 567 697 97,822 2,145,884 227,067 422,998 2,795,949 At 31 December 2022, materially all eurozone exposures were to counterparties based in the Netherlands, France and Finland (2021: Netherlands, France, Finland, Ireland and Luxembourg) and materially all rest of the world exposures were to counterparties based in Switzerland, Sweden, Norway, Canada and Australia (2021: Switzerland, Sweden, Norway, Canada and Australia). At 31 December 2022, the group had exposure to the UK government through the holding of treasury bills (2021: none). (b) Industry sectors The group\u2019s credit exposures at the balance sheet date, analysed by the primary industry sectors in which our counterparties operate, were: At 31 December 2022 Public sector \u00a3\u2019000 Financial institutions \u00a3\u2019000 Clients and other corporates \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,412,915 \u2013 \u2013 1,412,915 Settlement balances \u2013 65,819 \u2013 65,819 Loans and advances to banks \u2013 194,723 \u2013 194,723 Loans and advances to customers: \u2013 overdrafts \u2013 \u2013 6,540 6,540 \u2013 investment management loan book \u2013 \u2013 159,682 159,682 \u2013 trust and financial planning debtors \u2013 \u2013 3,033 3,033 \u2013 other debtors \u2013 \u2013 511 511 Investment securities: \u2013 unlisted debt securities and money market funds 24,595 1,020,639 \u2013 1,045,234 Other financial assets 2,549 11,778 90,388 104,715 1,440,059 1,292,959 260,154 2,993,172 At 31 December 2021 Public sector \u00a3\u2019000 Financial institutions \u00a3\u2019000 Clients and other corporates \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,463,294 \u2013 \u2013 1,463,294 Settlement balances \u2013 69,750 \u2013 69,750 Loans and advances to banks \u2013 203,589 \u2013 203,589 Loans and advances to customers: \u2013 overdrafts \u2013 \u2013 7,022 7,022 \u2013 investment management loan book \u2013 \u2013 167,981 167,981 \u2013 trust and financial planning debtors \u2013 \u2013 3,973 3,973 \u2013 other debtors \u2013 \u2013 864 864 Investment securities: \u2013 unlisted debt securities and money market funds \u2013 781,654 \u2013 781,654 Other financial assets 165 2,309 95,348 97,822 1,463,459 1,057,302 275,188 2,795,949 33 / FINANCIAL RISK MANAGEMENT CONTINUED (II) LIQUIDITY RISK Liquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The primary objective of the group\u2019s treasury policy is to manage short- to medium-term liquidity requirements. In addition to setting the treasury policy, Rathbones Investment Management (\u2018the Bank\u2019) performs an annual assessment of liquidity adequacy in accordance with the regulatory requirements of the Prudential Regulation Authority (PRA) (our Internal Liquidity Adequacy Assessment Process). The Bank faces two principal risks, namely that a significant proportion of client funds are withdrawn over a short period of time (retail funding risk) and the risk that marketable assets may not be capable of being realised in the time and at the value required (marketable assets risk). Funding risks are monitored by daily cash mismatch analyses and CRR ratios using expected cash and asset maturity profiles and regular forecasting work. This is supported by stress tests which cover firm-specific idiosyncratic scenarios and/or the effects of unforeseen market- wide stresses. Marketable assets risk is primarily managed by holding cash and marketable instruments which are realisable at short notice. The group operates strict criteria to ensure that investments are liquid and placed with high-quality, investment grade counterparties. A minimum liquid assets buffer (to be held in eligible liquid assets) is set by the board at least annually in conjunction with an amount prescribed by the PRA. Non-derivative cash flows The table below presents the undiscounted cash flows receivable and payable by the group under non-derivative financial assets and liabilities analysed by the remaining contractual maturities at the balance sheet date. At 31 December 2022 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 No fixed maturity date \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,408,000 2,357 4,951 \u2013 \u2013 \u2013 1,415,308 Settlement balances \u2013 65,819 \u2013 \u2013 \u2013 \u2013 65,819 Loans and advances to banks 164,727 \u2013 30,095 \u2013 \u2013 \u2013 194,822 Loans and advances to customers 8,208 3,396 2,302 167,602 \u2013 \u2013 181,508 Debt securities and money market funds \u2013 361,874 710,548 \u2013 \u2013 \u2013 1,072,422 Equity securities 3,146 \u2013 \u2013 \u2013 \u2013 \u2013 3,146 Other financial assets 4,509 85,839 1,626 198 \u2013 \u2013 92,172 Cash flows arising from financial assets 1,588,590 519,285 749,522 167,800 \u2013 \u2013 3,025,197 Deposits by banks 1,035 \u2013 \u2013 \u2013 \u2013 \u2013 1,035 Settlement balances \u2013 69,872 \u2013 \u2013 \u2013 \u2013 69,872 Due to customers 2,328,022 183,626 5,037 \u2013 \u2013 \u2013 2,516,685 Subordinated loan notes \u2013 \u2013 2,257 46,770 \u2013 \u2013 49,027 Lease liabilities\u00b9 \u2013 1,938 5,916 22,190 37,823 \u2013 67,867 Other financial liabilities* 172 19,870 171 5,432 4,478 \u2013 30,123 Cash flows arising from financial liabilities 2,329,229 275,306 13,381 74,392 42,301 \u2013 2,734,609 Net liquidity gap (740,639) 243,979 736,141 93,408 (42,301) \u2013 290,588 Cumulative net liquidity gap (740,639) (496,660) 239,481 332,889 290,588 290,588 \u2013 1. See note 1 regarding changes to presentation. * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (II) LIQUIDITY RISK CONTINUED At 31 December 2021 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 No fixed maturity date \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,460,000 165 3,376 \u2013 \u2013 \u2013 1,463,541 Settlement balances \u2013 69,750 \u2013 \u2013 \u2013 \u2013 69,750 Loans and advances to banks 173,593 \u2013 30,011 \u2013 \u2013 \u2013 203,604 Loans and advances to customers 8,199 4,426 2,660 180,648 \u2013 \u2013 195,933 Debt securities and money market funds 20,000 218,436 530,172 15,119 \u2013 \u2013 783,727 Equity securities 2,558 \u2013 \u2013 \u2013 \u2013 \u2013 2,558 Other financial assets 33 95,877 803 3,531 804 \u2013 101,048 Cash flows arising from financial assets 1,664,383 388,654 567,022 199,298 804 \u2013 2,820,161 Deposits by banks 2,212 \u2013 \u2013 \u2013 \u2013 \u2013 2,212 Settlement balances \u2013 60,075 \u2013 \u2013 \u2013 \u2013 60,075 Due to customers 2,205,978 122,787 4,246 \u2013 \u2013 \u2013 2,333,011 Subordinated loan notes \u2013 \u2013 2,257 49,027 \u2013 \u2013 51,284 Lease liabilities \u2013 1,916 5,661 20,972 39,345 \u2013 67,894 Other financial liabilities 889 22,225 11,472 7,992 3,744 \u2013 46,322 Cash flows arising from financial liabilities 2,209,079 207,003 23,636 77,991 43,089 \u2013 2,560,798 Net liquidity gap (544,696) 181,651 543,386 121,307 (42,285) \u2013 259,363 Cumulative net liquidity gap (544,696) (363,045) 180,341 301,648 259,363 259,363 Liabilities which do not have a contractual maturity date are categorised as \u2018on demand\u2019. Included within the amounts due to customers on demand are balances which historical experience shows are unlikely to be called in the short term. A prudent level of highly liquid assets is retained to cover reasonably foreseeable short-term changes in client deposits. All debt securities are readily marketable and can be realised through disposals. The group holds \u00a38,068,000 of equity investments (2021: \u00a37,376,000) which are subject to liquidity risk but are not included in the table above. These assets are held as fair value through profit or loss securities and have no fixed maturity date; cash flows arise from receipt of dividends or through sale of the assets. OFF-BALANCE-SHEET ITEMS Cash flows arising from the group\u2019s off-balance-sheet financial liabilities (note 35) are summarised in the table below. The contractual value of the group\u2019s commitments to extend credit to clients are analysed by the duration of the commitment. Capital commitments are summarised by the earliest expected date of payment. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (II) LIQUIDITY RISK CONTINUED At 31 December 2022 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Loan commitments 22,453 \u2013 \u2013 \u2013 22,453 Capital commitments 536 \u2013 \u2013 \u2013 536 Total off-balance-sheet items 22,989 \u2013 \u2013 \u2013 22,989 At 31 December 2021 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Loan commitments 40,275 \u2013 \u2013 \u2013 40,275 Capital commitments 988 \u2013 \u2013 \u2013 988 Total off-balance-sheet items 41,263 \u2013 \u2013 \u2013 41,263 TOTAL LIQUIDITY REQUIREMENT At 31 December 2022 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Cash flows arising from financial liabilities 2,329,229 275,306 13,381 74,392 42,301 2,734,609 Total off-balance-sheet items \u2013 22,989 \u2013 \u2013 \u2013 22,989 Total liquidity requirement 2,329,229 298,295 13,381 74,392 42,301 2,757,598 At 31 December 2021 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Cash flows arising from financial liabilities 2,209,079 207,003 23,636 77,991 43,089 2,560,798 Total off-balance-sheet items \u201341,263 \u2013 \u2013 \u201341,263 Total liquidity requirement 2,209,079 248,266 23,636 77,991 43,089 2,602,061 (III) MARKET RISK Interest rate risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The group\u2019s principal exposure to cash flow interest rate risk arises from the mismatch between the repricing of its financial assets and liabilities. In particular, customer accounts and loan balances are repriced very shortly after changes in base rates, whereas the yield on the group\u2019s interest-bearing assets is correlated to the future expectation of base rates and varies depending on the maturity profile of the group\u2019s treasury portfolio. The average maturity mismatch is controlled by the banking committee, which generally lengthens the mismatch when the yield curve is rising and shortens it when the yield curve is falling. The table below shows the consolidated repricing profile of the group\u2019s financial assets and liabilities, stated at their carrying amounts, categorised by the earlier of contractual repricing or maturity dates. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 6 months \u00a3\u2019000 After 6 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Non- interest- bearing \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,407,964 \u2013 \u2013 \u2013 \u2013 4,951 1,412,915 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 65,819 65,819 Loans and advances to banks 164,463 30,000 \u2013 \u2013 \u2013 260 194,723 Loans and advances to customers 165,975 \u2013 \u2013 \u2013 \u2013 3,790 169,765 Investment securities: \u2013 equity securities 3,146 \u2013 \u2013 \u2013 \u2013 8,068 11,214 \u2013 unlisted debt securities and money market funds 357,188 313,062 374,984 \u2013 \u2013 \u2013 1,045,234 Other financial assets 581 \u2013 \u2013 \u2013 \u2013 104,134 104,715 Total financial assets 2,099,317 343,062 374,984 \u2013 \u2013 187,022 3,004,385 Liabilities Deposits by banks 1,035 \u2013 \u2013 \u2013 \u2013 \u2013 1,035 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 69,872 69,872 Due to customers 2,446,689 4,910 \u2013 \u2013 \u2013 64,517 2,516,116 Subordinated loan notes \u2013 \u2013 \u2013 39,891 \u2013 \u2013 39,891 Other financial liabilities* 1,199 1,183 2,612 19,621 25,858 28,577 79,050 Total financial liabilities 2,448,923 6,093 2,612 59,512 25,858 162,966 2,705,964 Interest rate repricing gap (349,606) 336,969 372,372 (59,512) (25,858) 24,056 298,421 * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2021 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 6 months \u00a3\u2019000 After 6 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Non- interest- bearing \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,459,919 \u2013 \u2013 \u2013 \u2013 3,375 1,463,294 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 69,750 69,750 Loans and advances to banks 173,417 30,000 \u2013 \u2013 \u2013 172 203,589 Loans and advances to customers 174,401 \u2013 \u2013 \u2013 \u2013 5,439 179,840 Investment securities: \u2013 equity securities 2,558 \u2013 \u2013 \u2013 \u2013 7,376 9,934 \u2013 unlisted debt securities and money market funds 238,225 223,453 304,981 14,995 \u2013 \u2013 781,654 Other financial assets 579 \u2013 \u2013 \u2013 \u2013 97,243 97,822 Total financial assets 2,049,099 253,453 304,981 14,995 \u2013 183,355 2,805,883 Liabilities Deposits by banks 2,212 \u2013 \u2013 \u2013 \u2013 \u2013 2,212 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 60,075 60,075 Due to customers 2,268,108 4,243 \u2013 \u2013 \u2013 60,660 2,333,011 Subordinated loan notes \u2013 \u2013 \u2013 39,893 \u2013 \u2013 39,893 Other financial liabilities 1,151 1,167 2,249 19,176 30,156 43,812 97,711 Total financial liabilities 2,271,471 5,410 2,249 59,069 30,156 164,547 2,532,902 Interest rate repricing gap (222,372) 248,043 302,732 (44,074) (30,156) 18,808 272,981 The banking committee has set an overall pre-tax interest rate exposure limit of \u00a38,000,000 (2021: \u00a38,000,000) for the total potential loss resulting from an unexpected immediate and sustained 2% movement in sterling interest rates for the Bank, the principal operating subsidiary. The potential total loss is calculated on the basis of the average number of days to repricing of the interest-bearing liabilities compared with the period to repricing on a corresponding amount of interest-bearing assets. At 31 December 2022, the Bank had a net present value sensitivity of \u00a36,443,000 (2021: \u00a35,442,000) for an upward 2% shift in rates. The group held no forward rate agreements at 31 December 2022 (2021: none). Foreign exchange risk The group is exposed to translational foreign exchange risk as it undertakes transactions in foreign currencies and is therefore exposed to foreign exchange rate fluctuations. The group monitors its currency exposures that arise in the ordinary course of business on a daily basis and significant exposures are managed through the use of spot contracts, from time to time, so as to reduce any currency exposure to a minimal amount. The group has no structural foreign currency exposure. The group does not have any material exposure to transactional foreign exchange risk. The table below summarises the group\u2019s exposure to foreign currency translation risk at 31 December 2022. Included in the table are the group\u2019s financial assets and liabilities, at carrying amounts, categorised by currency. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Sterling \u00a3\u2019000 US dollar \u00a3\u2019000 Euro \u00a3\u2019000 Other \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,412,915 \u2013 \u2013 \u2013 1,412,915 Settlement balances 63,610 526 126 1,557 65,819 Loans and advances to banks 137,524 27,084 20,018 10,097 194,723 Loans and advances to customers 161,345 5,600 2,817 3 169,765 Investment securities: \u2013 equity securities 8,068 \u2013 3,146 \u2013 11,214 \u2013 unlisted debt securities and money market funds 974,572 70,662 \u2013 \u2013 1,045,234 Other financial assets 103,169 764 782 \u2013 104,715 Total financial assets 2,861,203 104,636 26,889 11,657 3,004,385 Liabilities Deposits by banks 1,035 \u2013 \u2013 \u2013 1,035 Settlement balances 67,406 1,889 274 303 69,872 Due to customers 2,389,414 91,439 25,135 10,128 2,516,116 Subordinated loan notes 39,891 \u2013 \u2013 \u2013 39,891 Other financial liabilities* 78,789 206 54 1 79,050 Total financial liabilities 2,576,535 93,534 25,463 10,432 2,705,964 Net on-balance-sheet position 284,668 11,102 1,426 1,225 298,421 Loan commitments 22,453 \u2013 \u2013 \u2013 22,453 * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2021 Sterling \u00a3\u2019000 US dollar \u00a3\u2019000 Euro \u00a3\u2019000 Other \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,463,294 \u2013 \u2013 \u2013 1,463,294 Settlement balances 67,110 1,948 479 213 69,750 Loans and advances to banks 143,377 36,586 15,894 7,732 203,589 Loans and advances to customers 171,258 5,275 3,295 12 179,840 Investment securities: \u2013 equity securities 7,376 \u2013 2,558 \u2013 9,934 \u2013 unlisted debt securities and money market funds 729,973 51,681 \u2013 \u2013 781,654 Other financial assets 97,518 136 49 119 97,822 Total financial assets 2,679,906 95,626 22,275 8,076 2,805,883 Liabilities Deposits by banks 2,212 \u2013 \u2013 \u2013 2,212 Settlement balances 57,419 1,611 441 604 60,075 Due to customers 2,214,268 91,905 19,686 7,152 2,333,011 Subordinated loan notes 39,893 \u2013 \u2013 \u2013 39,893 Other financial liabilities 97,451 228 32 \u2013 97,711 Total financial liabilities 2,411,243 93,744 20,159 7,756 2,532,902 Net on-balance-sheet position 268,663 1,882 2,116 320 272,981 Loan commitments 40,275 \u2013 \u2013 \u2013 40,275 A 10% weakening of the US dollar against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3899,000 (2021: reduced by \u00a3152,000). A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3116,000 (2021: reduced by \u00a3171,000). A 10% strengthening of the US dollar or euro would have had an equal and opposite effect. This analysis assumes that all other variables, in particular other exchange rates, remain constant. Price risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or foreign exchange risk). The group is exposed to price risk through its holdings of equity investment securities, which are reported at their fair value (note 17). At 31 December 2022, the fair value of listed equity securities recognised on the balance sheet was \u00a38,068,000 (2021: \u00a37,376,000). A 10% fall in global equity markets would, in isolation, have resulted in a pre-tax decrease to net assets of \u00a3506,000 (2021: \u00a3434,000); there would have been no impact on profit after tax. A 10% rise in global markets would have had an equal and opposite effect. FAIR VALUES The table below analyses financial instruments measured at fair value into a fair value hierarchy based on the valuation technique used to determine the fair value: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2013 Level 3: inputs for the asset or liability that are not based on observable market data. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 8,068 \u2013 3,146 11,214 \u2013 money market funds \u2013 \u2013 \u2013 \u2013 8,068 \u2013 3,146 11,214 At 31 December 2021 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 7,376 \u2013 2,558 9,934 \u2013 money market funds \u2013 20,000 \u2013 20,000 7,376 20,000 2,558 29,934 The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There have been no transfers between levels during the year (2021: none). The fair value of listed equity securities is their quoted price. The fair values of the group\u2019s other financial assets and liabilities are not materially different from their carrying values, with the exception of the following: \u2013 Investment debt securities measured at amortised cost (note 17) comprise bank and building society certificates of deposit, which have fixed coupons, and treasury bills. The fair value of the debt securities at 31 December 2022 was \u00a31,053,460,000 (2021: \u00a3761,763,000) and the carrying value was \u00a31,045,257,000 (2021: \u00a3761,682,000). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2013 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2022 was \u00a341,211,000 (2021: \u00a342,824,000) and the carrying value was \u00a339,891,000 (2021: \u00a339,893,000). Fair value of the loan notes is based on discounted future cash flows using current market rates for debts with similar remaining maturity, and hence would be categorised as level 2 in the fair value hierarchy. Level 3 financial instruments Fair value through profit or loss The group holds 1,809 shares in Euroclear Holdings SA, which are classed as level 3 in the fair value hierarchy since readily available observable market data is not available. The valuation of \u20ac1,985 per share at 31 December 2022 has been calculated by reference to the indicative price derived from the most recent transactions of the shares in the market. The valuation at the balance sheet date has been adjusted for movements in exchange rates since the acquisition date. A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3255,000 (2021: \u00a3207,000). A 10% strengthening of the euro against sterling would have had an equal and opposite effect. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows: 2022 2021 At 1 January 2,558 2,569 Total unrealised gains/(losses) recognised in profit or loss 588 (11) At 31 December 3,146 2,558 The gains or losses relating to the fair value through profit or loss equity securities is included within \u2018other operating income\u2019 in the consolidated statement of comprehensive income. There were no other gains or losses arising from changes in the fair value of financial instruments categorised as level 3 within the fair value hierarchy. (IV) PENSION RISK The main risks to the group arising from both schemes are in respect of: \u2013 Volatility of assets: In accordance with the requirements of IAS19, the discount rate used for valuing the Schemes' defined benefit obligations has been derived from the yield available on suitably dated 'high quality' (AA-rated) corporate bonds at the effective date. The schemes' assets are invested in instruments other than such bonds, and so relative under- performance will lead to a fall in the balance sheet position. \u2013 Changes in Bond yields: A change in the yields of corporate bonds used to set the discount rate will affect the value placed on the Schemes' defined benefit obligations. This is expected to be partially mitigated by the holding of corporate bonds by the schemes. \u2013 Inflation: The value placed on the schemes' defined benefit obligations are linked to inflation. If actual levels of inflation are higher or lower than the assumed rate of inflation, or the assumed rate of inflation changes, this will affect the value of the schemes' defined benefit obligations. Both schemes holds investments linked to future inflation rates (including Liability Driven Investments), which act to provide protection to the balance sheet position from inflation changes. \u2013 Life Expectancy (mortality): Members and their spouses receive benefits payable over their lifetime, so an increase in future life expectancies will result in pensions being assumed to be paid for longer, and an increase in the defined benefit obligation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
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"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-421": {
"value": "(I) CREDIT RISK The group takes on exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due, through its banking, treasury, trust and financial planning activities. The principal source of credit risk arises from placing funds in the money market and holding interest-bearing securities. The group also has exposure to credit risk through its client loan book. It is the group\u2019s policy to place funds generated internally and from deposits by clients with a range of high-quality, investment grade financial institutions and the Bank of England. Investments with financial institutions are spread to avoid excessive exposure to any individual counterparty. Loans made to clients are secured against clients\u2019 assets that are held and managed by group companies. Exposure to credit risk is managed through setting appropriate ratings requirements and lending limits. Limits are reviewed regularly, taking into account the ability of borrowers and potential borrowers to meet repayment obligations. The group categorises its exposures based on the long-term ratings awarded to counterparties by Fitch, Moody\u2019s or S&P. Each exposure is assessed individually, both at inception and in ongoing monitoring. In addition to formal external ratings, the banking committee also utilises market intelligence information to assist with its ongoing monitoring. The group\u2019s financial assets are categorised as follows: Balances with central banks (note 14) The group has exposure to central banks through its deposits held with the Bank of England. Loans and advances to banks (note 15) and debt and other securities (note 17) The group has exposures to a wide range of financial institutions through its treasury portfolio, which includes bank deposits, certificates of deposit, money market funds and UK Government treasury bills. These exposures principally arise from the placement of clients\u2019 cash, where it is held under a banking relationship, and the group\u2019s own reserves. Balances with central banks, loans and advances to banks and debt and other securities (excluding equity securities) are collectively referred to as the group\u2019s treasury book. Treasury book 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Balances with central banks 1,412,951 1,463,377 Loans and advances to banks \u2212 fixed deposits/notice accounts 30,000 30,000 Unlisted debt securities 1,045,234 761,654 Money market funds \u2013 20,000 Gross amount 2,488,185 2,275,031 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED The group\u2019s policy requires that all such exposures are only taken with counterparties that have been awarded a minimum long-term rating of single A by Fitch or equivalent rating by Moody\u2019s or S&P. Counterparty limits are also in place to limit exposure to an individual counterparty or connected group of counterparties. Counterparty exposures are monitored on a daily basis by the treasury department and reviewed by the banking committee on a monthly basis, or more frequently when necessary. The banking committee may suspend dealing in a particular counterparty, or liquidate specific holdings, in the light of adverse market information. Loans and advances to customers (note 16) The group provides loans to clients through its investment management operations (\u2018the investment management loan book\u2019). The group is also exposed to credit risk on overdrafts on clients\u2019 investment management accounts, work in progress arising from the trust, tax and financial planning businesses (\u2018trust and financial planning debtors\u2019) and other debtors. (a) Overdrafts Overdrafts on clients\u2019 investment management accounts arise from time to time due to short-term timing differences between the purchase and sale of assets on a client\u2019s behalf. Overdrafts are actively monitored and reported to the banking committee on a monthly basis. (b) Investment management loan book Loans are provided as a service to investment management clients, who are generally asset-rich but have short- to medium-term cash requirements. Such loans are normally made on a fully secured basis against portfolios held in Rathbones\u2019 nominee name, and some loans may be partially secured by property. Extensions to the initial loan period may be granted subject to credit criteria. All lending exposures undergo an initial assessment of creditworthiness according to Rathbones\u2019 internal affordability model. On an ongoing basis, the assessment is repeated at least annually, or sooner in the event of a trigger, such as a decline in portfolio value due to withdrawal or market conditions, as this would highlight a potential deterioration in creditworthiness. At 31 December 2022, the total lending exposure limit for the investment management loan book was \u00a3250,000,000 (2021: \u00a3250,000,000), of which \u00a3158,130,000 had been advanced (2021: \u00a3167,259,000) and a further \u00a322,453,000 had been committed (2021: \u00a340,275,000). (c) Trust and financial planning debtors Trust and financial planning debtors relate to fees which have been invoiced but not yet settled by clients. The collection and ageing of trust and financial planning debtors are reviewed on a monthly basis by the management committees of the group\u2019s trust and financial planning businesses. (d) Other debtors Other loans and advances to customers relate to management fees receivable. Settlement balances Settlement risk arises in any situation where a payment in cash or transfer of a security is made in the expectation of a corresponding delivery of a security or receipt of cash. The majority of transactions are carried out on a delivery versus payment basis, which results in securities and cash being exchanged within a very close timeframe. Settlement balances outside standard terms are monitored on a daily basis. The Investment Management and Funds segments have exposure to market counterparties in the settlement of trades. Settlement balances arising in the Investment Management segment are primarily in relation to client trades and risk of non-settlement is borne by clients. Maximum exposure to credit risk 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Credit risk relating to on-balance-sheet exposures: Cash and balances with central banks 1,412,951 1,463,377 Settlement balances 65,819 69,750 Loans and advances to banks 194,723 203,589 Loans and advances to customers: \u2013 overdrafts 6,540 7,021 \u2013 investment management loan book 159,694 167,980 \u2013 trust and financial planning debtors 3,033 4,194 \u2013 other debtors 511 864 Investment securities: \u2013 unlisted debt securities and money market funds 1,045,234 781,682 Other financial assets 104,716 102,150 Credit risk relating to off-balance-sheet exposures: Loan commitments 22,453 40,275 3,015,674 2,840,882 The above table represents the group\u2019s gross credit risk exposure at 31 December 2022 and 2021, without taking account of any associated collateral held or other credit enhancements. For on-balance-sheet assets, the exposures set out above are based on gross carrying amounts. Of the total maximum exposure, 12.1% is derived from loans and advances to banks and customers (2021: 13.5%) and 34.7% represents investment securities (2021: 27.5%). 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Impairment of financial instruments The group\u2019s accounting policy governing impairment of financial assets is given in note 1.12. Impairment losses on financial assets recognised in profit or loss were as shown in the table below. The main class of asset these impairment losses have arisen against is cash and balances held with central banks. 2022 \u00a3'000 2021 \u00a3'000 Impairment losses/(reversals) arising from: \u2013 treasury book (51) (726) \u2013 investment management loan book 12 \u2013 \u2013 trust and financial planning debtors (57) 14 (96) (712) Expected credit loss (\u2018ECL\u2019) assessment At each reporting date, for both the treasury book and investment management loan book, the group assesses whether there has been a significant increase in credit risk of exposures since initial recognition, by comparing the change in the risk of a default occurring over the expected life of the instrument between the reporting date and the date of initial recognition. The following criteria are used to identify significant increases in credit risk and are monitored and reviewed periodically for appropriateness by the treasury team. The group\u2019s ECL model was calibrated during a time of benign inflation, and thus inflation was historically negatively correlated with PDs. Given current inflation is supply-driven, a post-model adjustment was made to flatten the inflation forecast to remove the dampening effect on the PD. Qualitative indicators The group periodically monitors its exposures and uses a set of defined criteria to flag any counterparties that may be experiencing financial difficulties. Such exposures are monitored by the treasury team, and those that are considered to have experienced a significant increase in credit risk are classified as \u2018stage 2\u2019, on which a lifetime ECL is recognised. Quantitative indicators The lifetime probability of default at the reporting date is compared to the original lifetime probability of default at initial recognition and if the difference exceeds a predefined threshold (for the current analysis this threshold is set at 50% of the value at initial recognition) the exposure is moved to stage 2. Probability of defaults used for identifying significant increases in credit risk for staging purposes are calculated using the same methodology and data used for estimating probability of defaults for the purpose of measuring expected credit losses. The \u201830 days past due\u2019 backstop indicator has not been rebutted by the group, albeit it is not a significant driver of stage movements as the opportunity for a counterparty to miss a payment is low due to the fact that over the life of exposure, any interest and/or principal is directly debited from the counterparty\u2019s investment balance and investment income, which is in turn held as collateral under the group\u2019s custody. Materially all exposures in both the treasury book and investment management loan book follow a bullet repayment structure; therefore, the exposure at any point in time reflects the outstanding balance of the instrument at that point in time. Definition of default The group considers an investment management loan book exposure to be in default when a client fails to respond to three sets of default notices (every 30 days for a period of 90 days). A treasury book exposure is deemed to be in default when a payment is past due by more than one working day (grace period). Probability of default (PD) The group uses a lifetime PD for each exposure, which is the probability-weighted result of considering three economic scenarios: a base case, an upside scenario and a downside scenario. These scenarios include the forecast of the macroeconomic factors that have been identified as relevant to the group\u2019s exposures, which are incorporated into the estimation of lifetime PDs. The methodology for estimating lifetime PDs and adjustments for macroeconomic scenarios used for identifying significant increases in credit risk are as follows: Treasury book assessment The 12-month PD for each exposure is initially estimated as the historical 12-month PD sourced from Standard & Poor\u2019s, by credit rating and country of exposure. In order to estimate the PDs occurring over the lifetime of an underlying exposure, the group applies its expectations of future progression in point in time (\u2018PiT\u2019) default probabilities, which inherently revolve around expectations of future development of macroeconomic factors relevant to treasury assets, namely UK GDP, UK unemployment rates, UK inflation and UK interest rates. Loss given default (LGD) for treasury book assets is dependent on the nature of the counterparty and the region in which the instrument was issued. For sovereign exposures, the group applies a flat LGD rate, which is externally sourced from Moody\u2019s most recent sovereign default and recovery rates research statistics, by country of issuer. For unsecured corporate exposures, a time series of historical corporate recovery rates is sourced from Moody\u2019s annual publication on corporate defaults and recovery rates. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED The following table presents an analysis of the credit quality of treasury book exposures at amortised cost and FVTPL. It indicates whether assets measured at amortised cost were subject to a 12-month ECL or lifetime ECL allowance and, in the latter case, whether they were credit-impaired: 2022 2021 At amortised cost Fair value through profit or loss \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 Fair value through profit or loss \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 AAA \u2013 \u2013 \u2013 \u2013 20,000 \u2013 \u2013 \u2013 AA+ to AA- \u2013 1,953,208 \u2013 \u2013 \u2013 1,893,631 \u2013 \u2013 A+ to A- \u2013 535,000 \u2013 \u2013 \u2013 330,978 \u2013 \u2013 Gross carrying amounts \u2013 2,488,208 \u2013 \u2013 20,000 2,224,609 \u2013 \u2013 Loss allowance (59) \u2013 \u2013 (110) \u2013 \u2013 Carrying amount \u2013 2,488,149 \u2013 \u2013 20,000 2,224,499 \u2013 \u2013 Cash and balances with central banks \u2013 1,412,915 \u2013 \u2013 \u2013 1,463,294 \u2013 \u2013 Loans and advances to banks \u2013 30,000 \u2013 \u2013 \u2013 30,000 \u2013 \u2013 Unlisted debt securities \u2013 1,045,234 \u2013 \u2013 \u2013 761,654 \u2013 \u2013 Money market funds \u2013 \u2013 \u2013 \u2013 20,000 \u2013 \u2013 \u2013 Carrying amount \u2013 2,488,149 \u2013 \u2013 20,000 2,254,948 \u2013 \u2013 The movement in allowance for impairment for the treasury book during the year was as follows. 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit-impaired \u00a3'000 Total ECL \u00a3'000 Balance at 1 January 2022 110 \u2013 \u2013 110 Net remeasurement of loss allowance (51) (51) Balance at 31 December 2022 59 \u2013 \u2013 59 Cash and balances with central banks 36 \u2013 \u2013 36 Loans and advances to banks \u2013 \u2013 \u2013 \u2013 Unlisted debt securities 23 \u2013 \u2013 23 ECL provision 59 \u2013 \u2013 59 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Investment management loan book assessment Due to the lack of historical defaults within the investment management loan book, the model uses publicly available default data for UK secured lending as a starting point in order to obtain an initial estimate for PD. The 12-month PD is estimated as the historical long-term default rate on lending in the UK as sourced from the Council of Mortgage Lenders (CML). In order to estimate the PDs occurring over the lifetime of an underlying exposure, the group develops its expectations of future progression in PiT default probabilities, which inherently revolves around expectations of future development of macroeconomic factors relevant to the bank\u2019s lending portfolio, namely UK GDP (\u2018GDP\u2019) and UK unemployment rates (UR). In order to develop and apply such forward-looking expectations, a historical relationship between PD, GDP and UR is estimated statistically through a multi-factor regression analysis of past movements between these variables. The relationship resulting from this analysis reflects the relative quantitative behaviour of the regressed macroeconomic factors against PD. Using the calculated 12-month PiT PD as a starting point, conditional PDs for each future period within the period of exposure are estimated by applying the GDP and UR coefficients to the group\u2019s forecasts of UK GDP and UK UR respectively, as sourced from International Monetary Fund (IMF) forecast data. This analysis forms the base case scenario for estimating lifetime PDs. The same methodology is applied for separate upside and downside scenarios as required by the standard. The following table presents an analysis of the credit quality of investment management loan book exposures at amortised cost. It indicates whether assets measured at amortised cost were subject to a 12-month ECL or lifetime ECL allowance and, in the latter case, whether they were credit-impaired. The categories below reflect the group\u2019s internal affordability tests, which consider a range of factors for the client, including their portfolio value, Experian score, and the length of their relationship with the group. \u2018High\u2019 is an indication the client poses a high risk in terms of being able to afford repayment of the loan facility. \u2018Medium\u2019 is an indication of a possibility the client may pose a risk in terms of being able to afford repayment of the loan facility. \u2018Low\u2019 is where the risk of a client not being able to repay the loan facility is considered reasonably low. \u2018Very low\u2019 is where the risk of a client not being able to repay the loan facility is considered extremely low. 2022 2021 At amortised cost 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 Very low 31,053 \u2013 \u2013 30,250 \u2013 \u2013 Low 112,054 \u2013 \u2013 116,646 \u2013 \u2013 Medium 14,504 \u2013 \u2013 18,174 \u2013 \u2013 High 2,083 \u2013 2,911 \u2013 Gross carrying amounts 159,694 \u2013 \u2013 167,981 \u2013 \u2013 Loss allowance (12) \u2013 \u2013 \u2013 \u2013 \u2013 Carrying amount 159,682 \u2013 \u2013 167,981 \u2013 \u2013 The movement in allowance for impairment of the investment management loan book during the year was as follows. 12-month ECL \u00a3'000 Lifetime ECL \u2212 not credit- impaired \u00a3'000 Lifetime ECL \u2212 credit- impaired \u00a3'000 Total ECL \u00a3'000 Balance at 1 January 2022 \u2013 \u2013 \u2013 \u2013 Net remeasurement of loss allowance 12 \u2013 \u2013 12 Balance at 31 December 2022 12 \u2013 \u2013 12 Trust and financial planning debtors assessment The group uses a provision matrix to measure the ECLs of trust and financial planning debtors, which comprise a large number of small balances. For such debts, a normal settlement period of up to 30 days is expected. The weighted average loss rates are calculated with reference to the historic credit losses as a proportion of the overall debtor balance within each aging category at the time of default. The current period of assessment for the provision is five years. The following table provides information about the exposure to credit risk and ECLs for trust and financial planning debtors as at 31 December 2022: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Rathbones Trust Company 1,013 1,451 Rathbones Trust & Legal Services 225 315 Rathbone Financial Planning 521 311 Saunderson House 1,395 2,131 Gross carrying amounts 3,154 4,208 Loss allowance (121) (235) Carrying amount 3,033 3,973 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED Loss allowance Rathbones Trust Company Weighted average loss rate Gross carrying amount \u00a3'000 Not credit impaired \u00a3'000 Credit impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.3% 597 (2) \u2013 (2) 90-180 days overdue 1.5% 172 (3) \u2013 (3) 180-270 days overdue 2.7% 99 (3) \u2013 (3) 270-365 days overdue 4.5% 82 (4) \u2013 (4) >365 days overdue 23.9% 64 (13) (8) (20) 1,013 (24) (8) (31) At the prior year end, \u00a3100,000 was recognised as an expected credit loss provision for Rathbones Trust Company. Loss allowance Rathbones Trust & Legal Services Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.8% 132 (1) \u2013 (1) 90-180 days overdue 3.9% 55 (2) \u2013 (2) 180-270 days overdue 7.0% 13 (1) \u2013 (1) 270-365 days overdue 12.7% 17 (2) \u2013 (2) >365 days overdue 11.9% 9 (1) (3) (4) 225 (7) (3) (10) At the prior year end, \u00a314,000 was recognised as an expected credit loss provision for Rathbones Trust & Legal Services. Loss allowance Rathbone Financial Planning Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.0% 255 \u2013 \u2013 \u2013 90-180 days overdue 0.0% 128 \u2013 \u2013 \u2013 180-270 days overdue 0.0% 70 \u2013 \u2013 \u2013 270-365 days overdue 0.0% 19 \u2013 \u2013 \u2013 >365 days overdue 0.0% 49 \u2013 \u2013 \u2013 521 \u2013 \u2013 \u2013 At the prior year end, \u00a3nil was recognised as an expected credit loss provision for Rathbone Financial Planning. Loss allowance Saunderson House Weighted average loss rate Gross carrying amount \u00a3'000 Not credit- impaired \u00a3'000 Credit- impaired \u00a3'000 Total \u00a3'000 <90 days overdue 0.0% 1,230 \u2013 \u2013 \u2013 90-180 days overdue 15.0% 42 (6) \u2013 (6) 180-270 days overdue 50.0% 43 (21) \u2013 (21) 270-365 days overdue 50.0% 18 (9) \u2013 (9) >365 days overdue 70.9% 62 (44) \u2013 (44) 1,395 (80) \u2013 (80) At the prior year end, \u00a3121,000 was recognised as an expected credit loss provision for Saunderson House. The movement in allowance for impairment in respect of trust and financial planning debtors during the year is set out below. Movement in impairment provision during the year Trust and financial planning debtors \u00a3\u2019000 At 1 January 235 Amounts written off (56) Change in credit risk (57) At 31 December 2022 121 Concentration of credit risk The group has counterparty credit risk within its financial assets in that exposure is to a number of similar credit institutions. The banking committee actively monitors counterparties and may reduce risk by either suspending dealing or liquidating investments in light of adverse market information, for example in anticipation of or in response to any formal Fitch or Moody\u2019s rating downgrade. This may happen in relation to specific banks or banks within a particular country or sector. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (I) CREDIT RISK CONTINUED (a) Geographical sectors The following table analyses the group\u2019s credit exposures, at their carrying amounts, by geographical region as at the balance sheet date. In this analysis, exposures are categorised based on the country of domicile of the counterparty. At 31 December 2022 United Kingdom \u00a3\u2019000 Eurozone \u00a3\u2019000 Rest of the World \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,412,915 \u2013 \u2013 1,412,915 Settlement balances 65,332 139 348 65,819 Loans and advances to banks 192,875 8 1,840 194,723 Loans and advances to customers: \u2013 overdrafts 5,823 58 659 6,540 \u2013 investment management loan book 132,457 843 26,382 159,682 \u2013 trust and financial planning debtors 3,033 \u2013 \u2013 3,033 \u2013 other debtors 511 \u2013 \u2013 511 Investment securities: \u2013 unlisted debt securities 159,592 249,991 635,651 1,045,234 Other financial assets 89,381 3,285 12,049 104,715 2,061,919 254,324 676,929 2,993,172 At 31 December 2021 United Kingdom \u00a3\u2019000 Eurozone \u00a3\u2019000 Rest of the World \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,463,294 \u2013 \u2013 1,463,294 Settlement balances 66,605 1,158 1,987 69,750 Loans and advances to banks 201,775 \u2013 1,814 203,589 Loans and advances to customers: \u2013 \u2013 overdrafts 6,245 95 682 7,022 \u2013 investment management loan book 145,501 259 22,221 167,981 \u2013 trust and financial planning debtors 3,973 \u2013 \u2013 3,973 \u2013 other debtors 864 \u2013 \u2013 864 Investment securities: \u2013 \u2013 unlisted debt securities and money market funds 161,069 224,988 395,597 781,654 \u2013 Other financial assets 96,558 567 697 97,822 2,145,884 227,067 422,998 2,795,949 At 31 December 2022, materially all eurozone exposures were to counterparties based in the Netherlands, France and Finland (2021: Netherlands, France, Finland, Ireland and Luxembourg) and materially all rest of the world exposures were to counterparties based in Switzerland, Sweden, Norway, Canada and Australia (2021: Switzerland, Sweden, Norway, Canada and Australia). At 31 December 2022, the group had exposure to the UK government through the holding of treasury bills (2021: none). (b) Industry sectors The group\u2019s credit exposures at the balance sheet date, analysed by the primary industry sectors in which our counterparties operate, were: At 31 December 2022 Public sector \u00a3\u2019000 Financial institutions \u00a3\u2019000 Clients and other corporates \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,412,915 \u2013 \u2013 1,412,915 Settlement balances \u2013 65,819 \u2013 65,819 Loans and advances to banks \u2013 194,723 \u2013 194,723 Loans and advances to customers: \u2013 overdrafts \u2013 \u2013 6,540 6,540 \u2013 investment management loan book \u2013 \u2013 159,682 159,682 \u2013 trust and financial planning debtors \u2013 \u2013 3,033 3,033 \u2013 other debtors \u2013 \u2013 511 511 Investment securities: \u2013 unlisted debt securities and money market funds 24,595 1,020,639 \u2013 1,045,234 Other financial assets 2,549 11,778 90,388 104,715 1,440,059 1,292,959 260,154 2,993,172 At 31 December 2021 Public sector \u00a3\u2019000 Financial institutions \u00a3\u2019000 Clients and other corporates \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,463,294 \u2013 \u2013 1,463,294 Settlement balances \u2013 69,750 \u2013 69,750 Loans and advances to banks \u2013 203,589 \u2013 203,589 Loans and advances to customers: \u2013 overdrafts \u2013 \u2013 7,022 7,022 \u2013 investment management loan book \u2013 \u2013 167,981 167,981 \u2013 trust and financial planning debtors \u2013 \u2013 3,973 3,973 \u2013 other debtors \u2013 \u2013 864 864 Investment securities: \u2013 unlisted debt securities and money market funds \u2013 781,654 \u2013 781,654 Other financial assets 165 2,309 95,348 97,822 1,463,459 1,057,302 275,188 2,795,949 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-436": {
"value": "Expected credit loss (\u2018ECL\u2019) assessment At each reporting date, for both the treasury book and investment management loan book, the group assesses whether there has been a significant increase in credit risk of exposures since initial recognition, by comparing the change in the risk of a default occurring over the expected life of the instrument between the reporting date and the date of initial recognition. The following criteria are used to identify significant increases in credit risk and are monitored and reviewed periodically for appropriateness by the treasury team. The group\u2019s ECL model was calibrated during a time of benign inflation, and thus inflation was historically negatively correlated with PDs. Given current inflation is supply-driven, a post-model adjustment was made to flatten the inflation forecast to remove the dampening effect on the PD. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-422": {
"value": "(II) LIQUIDITY RISK Liquidity risk is the risk that the group will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The primary objective of the group\u2019s treasury policy is to manage short- to medium-term liquidity requirements. In addition to setting the treasury policy, Rathbones Investment Management (\u2018the Bank\u2019) performs an annual assessment of liquidity adequacy in accordance with the regulatory requirements of the Prudential Regulation Authority (PRA) (our Internal Liquidity Adequacy Assessment Process). The Bank faces two principal risks, namely that a significant proportion of client funds are withdrawn over a short period of time (retail funding risk) and the risk that marketable assets may not be capable of being realised in the time and at the value required (marketable assets risk). Funding risks are monitored by daily cash mismatch analyses and CRR ratios using expected cash and asset maturity profiles and regular forecasting work. This is supported by stress tests which cover firm-specific idiosyncratic scenarios and/or the effects of unforeseen market- wide stresses. Marketable assets risk is primarily managed by holding cash and marketable instruments which are realisable at short notice. The group operates strict criteria to ensure that investments are liquid and placed with high-quality, investment grade counterparties. A minimum liquid assets buffer (to be held in eligible liquid assets) is set by the board at least annually in conjunction with an amount prescribed by the PRA. Non-derivative cash flows The table below presents the undiscounted cash flows receivable and payable by the group under non-derivative financial assets and liabilities analysed by the remaining contractual maturities at the balance sheet date. At 31 December 2022 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 No fixed maturity date \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,408,000 2,357 4,951 \u2013 \u2013 \u2013 1,415,308 Settlement balances \u2013 65,819 \u2013 \u2013 \u2013 \u2013 65,819 Loans and advances to banks 164,727 \u2013 30,095 \u2013 \u2013 \u2013 194,822 Loans and advances to customers 8,208 3,396 2,302 167,602 \u2013 \u2013 181,508 Debt securities and money market funds \u2013 361,874 710,548 \u2013 \u2013 \u2013 1,072,422 Equity securities 3,146 \u2013 \u2013 \u2013 \u2013 \u2013 3,146 Other financial assets 4,509 85,839 1,626 198 \u2013 \u2013 92,172 Cash flows arising from financial assets 1,588,590 519,285 749,522 167,800 \u2013 \u2013 3,025,197 Deposits by banks 1,035 \u2013 \u2013 \u2013 \u2013 \u2013 1,035 Settlement balances \u2013 69,872 \u2013 \u2013 \u2013 \u2013 69,872 Due to customers 2,328,022 183,626 5,037 \u2013 \u2013 \u2013 2,516,685 Subordinated loan notes \u2013 \u2013 2,257 46,770 \u2013 \u2013 49,027 Lease liabilities\u00b9 \u2013 1,938 5,916 22,190 37,823 \u2013 67,867 Other financial liabilities* 172 19,870 171 5,432 4,478 \u2013 30,123 Cash flows arising from financial liabilities 2,329,229 275,306 13,381 74,392 42,301 \u2013 2,734,609 Net liquidity gap (740,639) 243,979 736,141 93,408 (42,301) \u2013 290,588 Cumulative net liquidity gap (740,639) (496,660) 239,481 332,889 290,588 290,588 \u2013 1. See note 1 regarding changes to presentation. * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (II) LIQUIDITY RISK CONTINUED At 31 December 2021 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 No fixed maturity date \u00a3\u2019000 Total \u00a3\u2019000 Cash and balances with central banks 1,460,000 165 3,376 \u2013 \u2013 \u2013 1,463,541 Settlement balances \u2013 69,750 \u2013 \u2013 \u2013 \u2013 69,750 Loans and advances to banks 173,593 \u2013 30,011 \u2013 \u2013 \u2013 203,604 Loans and advances to customers 8,199 4,426 2,660 180,648 \u2013 \u2013 195,933 Debt securities and money market funds 20,000 218,436 530,172 15,119 \u2013 \u2013 783,727 Equity securities 2,558 \u2013 \u2013 \u2013 \u2013 \u2013 2,558 Other financial assets 33 95,877 803 3,531 804 \u2013 101,048 Cash flows arising from financial assets 1,664,383 388,654 567,022 199,298 804 \u2013 2,820,161 Deposits by banks 2,212 \u2013 \u2013 \u2013 \u2013 \u2013 2,212 Settlement balances \u2013 60,075 \u2013 \u2013 \u2013 \u2013 60,075 Due to customers 2,205,978 122,787 4,246 \u2013 \u2013 \u2013 2,333,011 Subordinated loan notes \u2013 \u2013 2,257 49,027 \u2013 \u2013 51,284 Lease liabilities \u2013 1,916 5,661 20,972 39,345 \u2013 67,894 Other financial liabilities 889 22,225 11,472 7,992 3,744 \u2013 46,322 Cash flows arising from financial liabilities 2,209,079 207,003 23,636 77,991 43,089 \u2013 2,560,798 Net liquidity gap (544,696) 181,651 543,386 121,307 (42,285) \u2013 259,363 Cumulative net liquidity gap (544,696) (363,045) 180,341 301,648 259,363 259,363 Liabilities which do not have a contractual maturity date are categorised as \u2018on demand\u2019. Included within the amounts due to customers on demand are balances which historical experience shows are unlikely to be called in the short term. A prudent level of highly liquid assets is retained to cover reasonably foreseeable short-term changes in client deposits. All debt securities are readily marketable and can be realised through disposals. The group holds \u00a38,068,000 of equity investments (2021: \u00a37,376,000) which are subject to liquidity risk but are not included in the table above. These assets are held as fair value through profit or loss securities and have no fixed maturity date; cash flows arise from receipt of dividends or through sale of the assets. OFF-BALANCE-SHEET ITEMS Cash flows arising from the group\u2019s off-balance-sheet financial liabilities (note 35) are summarised in the table below. The contractual value of the group\u2019s commitments to extend credit to clients are analysed by the duration of the commitment. Capital commitments are summarised by the earliest expected date of payment. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (II) LIQUIDITY RISK CONTINUED At 31 December 2022 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Loan commitments 22,453 \u2013 \u2013 \u2013 22,453 Capital commitments 536 \u2013 \u2013 \u2013 536 Total off-balance-sheet items 22,989 \u2013 \u2013 \u2013 22,989 At 31 December 2021 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Loan commitments 40,275 \u2013 \u2013 \u2013 40,275 Capital commitments 988 \u2013 \u2013 \u2013 988 Total off-balance-sheet items 41,263 \u2013 \u2013 \u2013 41,263 TOTAL LIQUIDITY REQUIREMENT At 31 December 2022 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Cash flows arising from financial liabilities 2,329,229 275,306 13,381 74,392 42,301 2,734,609 Total off-balance-sheet items \u2013 22,989 \u2013 \u2013 \u2013 22,989 Total liquidity requirement 2,329,229 298,295 13,381 74,392 42,301 2,757,598 At 31 December 2021 On demand \u00a3\u2019000 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Total \u00a3\u2019000 Cash flows arising from financial liabilities 2,209,079 207,003 23,636 77,991 43,089 2,560,798 Total off-balance-sheet items \u201341,263 \u2013 \u2013 \u201341,263 Total liquidity requirement 2,209,079 248,266 23,636 77,991 43,089 2,602,061 ",
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"fact-423": {
"value": "(III) MARKET RISK Interest rate risk Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Fair value interest rate risk is the risk that the value of a financial instrument will fluctuate because of changes in market interest rates. The group\u2019s principal exposure to cash flow interest rate risk arises from the mismatch between the repricing of its financial assets and liabilities. In particular, customer accounts and loan balances are repriced very shortly after changes in base rates, whereas the yield on the group\u2019s interest-bearing assets is correlated to the future expectation of base rates and varies depending on the maturity profile of the group\u2019s treasury portfolio. The average maturity mismatch is controlled by the banking committee, which generally lengthens the mismatch when the yield curve is rising and shortens it when the yield curve is falling. The table below shows the consolidated repricing profile of the group\u2019s financial assets and liabilities, stated at their carrying amounts, categorised by the earlier of contractual repricing or maturity dates. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 6 months \u00a3\u2019000 After 6 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Non- interest- bearing \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,407,964 \u2013 \u2013 \u2013 \u2013 4,951 1,412,915 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 65,819 65,819 Loans and advances to banks 164,463 30,000 \u2013 \u2013 \u2013 260 194,723 Loans and advances to customers 165,975 \u2013 \u2013 \u2013 \u2013 3,790 169,765 Investment securities: \u2013 equity securities 3,146 \u2013 \u2013 \u2013 \u2013 8,068 11,214 \u2013 unlisted debt securities and money market funds 357,188 313,062 374,984 \u2013 \u2013 \u2013 1,045,234 Other financial assets 581 \u2013 \u2013 \u2013 \u2013 104,134 104,715 Total financial assets 2,099,317 343,062 374,984 \u2013 \u2013 187,022 3,004,385 Liabilities Deposits by banks 1,035 \u2013 \u2013 \u2013 \u2013 \u2013 1,035 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 69,872 69,872 Due to customers 2,446,689 4,910 \u2013 \u2013 \u2013 64,517 2,516,116 Subordinated loan notes \u2013 \u2013 \u2013 39,891 \u2013 \u2013 39,891 Other financial liabilities* 1,199 1,183 2,612 19,621 25,858 28,577 79,050 Total financial liabilities 2,448,923 6,093 2,612 59,512 25,858 162,966 2,705,964 Interest rate repricing gap (349,606) 336,969 372,372 (59,512) (25,858) 24,056 298,421 * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2021 Not more than 3 months \u00a3\u2019000 After 3 months but not more than 6 months \u00a3\u2019000 After 6 months but not more than 1 year \u00a3\u2019000 After 1 year but not more than 5 years \u00a3\u2019000 After 5 years \u00a3\u2019000 Non- interest- bearing \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,459,919 \u2013 \u2013 \u2013 \u2013 3,375 1,463,294 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 69,750 69,750 Loans and advances to banks 173,417 30,000 \u2013 \u2013 \u2013 172 203,589 Loans and advances to customers 174,401 \u2013 \u2013 \u2013 \u2013 5,439 179,840 Investment securities: \u2013 equity securities 2,558 \u2013 \u2013 \u2013 \u2013 7,376 9,934 \u2013 unlisted debt securities and money market funds 238,225 223,453 304,981 14,995 \u2013 \u2013 781,654 Other financial assets 579 \u2013 \u2013 \u2013 \u2013 97,243 97,822 Total financial assets 2,049,099 253,453 304,981 14,995 \u2013 183,355 2,805,883 Liabilities Deposits by banks 2,212 \u2013 \u2013 \u2013 \u2013 \u2013 2,212 Settlement balances \u2013 \u2013 \u2013 \u2013 \u2013 60,075 60,075 Due to customers 2,268,108 4,243 \u2013 \u2013 \u2013 60,660 2,333,011 Subordinated loan notes \u2013 \u2013 \u2013 39,893 \u2013 \u2013 39,893 Other financial liabilities 1,151 1,167 2,249 19,176 30,156 43,812 97,711 Total financial liabilities 2,271,471 5,410 2,249 59,069 30,156 164,547 2,532,902 Interest rate repricing gap (222,372) 248,043 302,732 (44,074) (30,156) 18,808 272,981 The banking committee has set an overall pre-tax interest rate exposure limit of \u00a38,000,000 (2021: \u00a38,000,000) for the total potential loss resulting from an unexpected immediate and sustained 2% movement in sterling interest rates for the Bank, the principal operating subsidiary. The potential total loss is calculated on the basis of the average number of days to repricing of the interest-bearing liabilities compared with the period to repricing on a corresponding amount of interest-bearing assets. At 31 December 2022, the Bank had a net present value sensitivity of \u00a36,443,000 (2021: \u00a35,442,000) for an upward 2% shift in rates. The group held no forward rate agreements at 31 December 2022 (2021: none). Foreign exchange risk The group is exposed to translational foreign exchange risk as it undertakes transactions in foreign currencies and is therefore exposed to foreign exchange rate fluctuations. The group monitors its currency exposures that arise in the ordinary course of business on a daily basis and significant exposures are managed through the use of spot contracts, from time to time, so as to reduce any currency exposure to a minimal amount. The group has no structural foreign currency exposure. The group does not have any material exposure to transactional foreign exchange risk. The table below summarises the group\u2019s exposure to foreign currency translation risk at 31 December 2022. Included in the table are the group\u2019s financial assets and liabilities, at carrying amounts, categorised by currency. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Sterling \u00a3\u2019000 US dollar \u00a3\u2019000 Euro \u00a3\u2019000 Other \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,412,915 \u2013 \u2013 \u2013 1,412,915 Settlement balances 63,610 526 126 1,557 65,819 Loans and advances to banks 137,524 27,084 20,018 10,097 194,723 Loans and advances to customers 161,345 5,600 2,817 3 169,765 Investment securities: \u2013 equity securities 8,068 \u2013 3,146 \u2013 11,214 \u2013 unlisted debt securities and money market funds 974,572 70,662 \u2013 \u2013 1,045,234 Other financial assets 103,169 764 782 \u2013 104,715 Total financial assets 2,861,203 104,636 26,889 11,657 3,004,385 Liabilities Deposits by banks 1,035 \u2013 \u2013 \u2013 1,035 Settlement balances 67,406 1,889 274 303 69,872 Due to customers 2,389,414 91,439 25,135 10,128 2,516,116 Subordinated loan notes 39,891 \u2013 \u2013 \u2013 39,891 Other financial liabilities* 78,789 206 54 1 79,050 Total financial liabilities 2,576,535 93,534 25,463 10,432 2,705,964 Net on-balance-sheet position 284,668 11,102 1,426 1,225 298,421 Loan commitments 22,453 \u2013 \u2013 \u2013 22,453 * Represented to remove items now determined to not meet the definition of financial liabilities. Comparatives have been restated on a consistent basis. (III) MARKET RISK CONTINUED At 31 December 2021 Sterling \u00a3\u2019000 US dollar \u00a3\u2019000 Euro \u00a3\u2019000 Other \u00a3\u2019000 Total \u00a3\u2019000 Assets Cash and balances with central banks 1,463,294 \u2013 \u2013 \u2013 1,463,294 Settlement balances 67,110 1,948 479 213 69,750 Loans and advances to banks 143,377 36,586 15,894 7,732 203,589 Loans and advances to customers 171,258 5,275 3,295 12 179,840 Investment securities: \u2013 equity securities 7,376 \u2013 2,558 \u2013 9,934 \u2013 unlisted debt securities and money market funds 729,973 51,681 \u2013 \u2013 781,654 Other financial assets 97,518 136 49 119 97,822 Total financial assets 2,679,906 95,626 22,275 8,076 2,805,883 Liabilities Deposits by banks 2,212 \u2013 \u2013 \u2013 2,212 Settlement balances 57,419 1,611 441 604 60,075 Due to customers 2,214,268 91,905 19,686 7,152 2,333,011 Subordinated loan notes 39,893 \u2013 \u2013 \u2013 39,893 Other financial liabilities 97,451 228 32 \u2013 97,711 Total financial liabilities 2,411,243 93,744 20,159 7,756 2,532,902 Net on-balance-sheet position 268,663 1,882 2,116 320 272,981 Loan commitments 40,275 \u2013 \u2013 \u2013 40,275 A 10% weakening of the US dollar against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3899,000 (2021: reduced by \u00a3152,000). A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3116,000 (2021: reduced by \u00a3171,000). A 10% strengthening of the US dollar or euro would have had an equal and opposite effect. This analysis assumes that all other variables, in particular other exchange rates, remain constant. Price risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or foreign exchange risk). The group is exposed to price risk through its holdings of equity investment securities, which are reported at their fair value (note 17). At 31 December 2022, the fair value of listed equity securities recognised on the balance sheet was \u00a38,068,000 (2021: \u00a37,376,000). A 10% fall in global equity markets would, in isolation, have resulted in a pre-tax decrease to net assets of \u00a3506,000 (2021: \u00a3434,000); there would have been no impact on profit after tax. A 10% rise in global markets would have had an equal and opposite effect. FAIR VALUES The table below analyses financial instruments measured at fair value into a fair value hierarchy based on the valuation technique used to determine the fair value: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2013 Level 3: inputs for the asset or liability that are not based on observable market data. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 8,068 \u2013 3,146 11,214 \u2013 money market funds \u2013 \u2013 \u2013 \u2013 8,068 \u2013 3,146 11,214 At 31 December 2021 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 7,376 \u2013 2,558 9,934 \u2013 money market funds \u2013 20,000 \u2013 20,000 7,376 20,000 2,558 29,934 The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There have been no transfers between levels during the year (2021: none). The fair value of listed equity securities is their quoted price. The fair values of the group\u2019s other financial assets and liabilities are not materially different from their carrying values, with the exception of the following: \u2013 Investment debt securities measured at amortised cost (note 17) comprise bank and building society certificates of deposit, which have fixed coupons, and treasury bills. The fair value of the debt securities at 31 December 2022 was \u00a31,053,460,000 (2021: \u00a3761,763,000) and the carrying value was \u00a31,045,257,000 (2021: \u00a3761,682,000). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2013 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2022 was \u00a341,211,000 (2021: \u00a342,824,000) and the carrying value was \u00a339,891,000 (2021: \u00a339,893,000). Fair value of the loan notes is based on discounted future cash flows using current market rates for debts with similar remaining maturity, and hence would be categorised as level 2 in the fair value hierarchy. Level 3 financial instruments Fair value through profit or loss The group holds 1,809 shares in Euroclear Holdings SA, which are classed as level 3 in the fair value hierarchy since readily available observable market data is not available. The valuation of \u20ac1,985 per share at 31 December 2022 has been calculated by reference to the indicative price derived from the most recent transactions of the shares in the market. The valuation at the balance sheet date has been adjusted for movements in exchange rates since the acquisition date. A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3255,000 (2021: \u00a3207,000). A 10% strengthening of the euro against sterling would have had an equal and opposite effect. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows: 2022 2021 At 1 January 2,558 2,569 Total unrealised gains/(losses) recognised in profit or loss 588 (11) At 31 December 3,146 2,558 The gains or losses relating to the fair value through profit or loss equity securities is included within \u2018other operating income\u2019 in the consolidated statement of comprehensive income. There were no other gains or losses arising from changes in the fair value of financial instruments categorised as level 3 within the fair value hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-437": {
"value": "FAIR VALUES The table below analyses financial instruments measured at fair value into a fair value hierarchy based on the valuation technique used to determine the fair value: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2013 Level 3: inputs for the asset or liability that are not based on observable market data. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 8,068 \u2013 3,146 11,214 \u2013 money market funds \u2013 \u2013 \u2013 \u2013 8,068 \u2013 3,146 11,214 At 31 December 2021 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 7,376 \u2013 2,558 9,934 \u2013 money market funds \u2013 20,000 \u2013 20,000 7,376 20,000 2,558 29,934 The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There have been no transfers between levels during the year (2021: none). The fair value of listed equity securities is their quoted price. The fair values of the group\u2019s other financial assets and liabilities are not materially different from their carrying values, with the exception of the following: \u2013 Investment debt securities measured at amortised cost (note 17) comprise bank and building society certificates of deposit, which have fixed coupons, and treasury bills. The fair value of the debt securities at 31 December 2022 was \u00a31,053,460,000 (2021: \u00a3761,763,000) and the carrying value was \u00a31,045,257,000 (2021: \u00a3761,682,000). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2013 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2022 was \u00a341,211,000 (2021: \u00a342,824,000) and the carrying value was \u00a339,891,000 (2021: \u00a339,893,000). Fair value of the loan notes is based on discounted future cash flows using current market rates for debts with similar remaining maturity, and hence would be categorised as level 2 in the fair value hierarchy. Level 3 financial instruments Fair value through profit or loss The group holds 1,809 shares in Euroclear Holdings SA, which are classed as level 3 in the fair value hierarchy since readily available observable market data is not available. The valuation of \u20ac1,985 per share at 31 December 2022 has been calculated by reference to the indicative price derived from the most recent transactions of the shares in the market. The valuation at the balance sheet date has been adjusted for movements in exchange rates since the acquisition date. A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3255,000 (2021: \u00a3207,000). A 10% strengthening of the euro against sterling would have had an equal and opposite effect. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows: 2022 2021 At 1 January 2,558 2,569 Total unrealised gains/(losses) recognised in profit or loss 588 (11) At 31 December 3,146 2,558 The gains or losses relating to the fair value through profit or loss equity securities is included within \u2018other operating income\u2019 in the consolidated statement of comprehensive income. There were no other gains or losses arising from changes in the fair value of financial instruments categorised as level 3 within the fair value hierarchy. ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-446": {
"value": "FAIR VALUES The table below analyses financial instruments measured at fair value into a fair value hierarchy based on the valuation technique used to determine the fair value: \u2013 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2013 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2013 Level 3: inputs for the asset or liability that are not based on observable market data. 33 / FINANCIAL RISK MANAGEMENT CONTINUED (III) MARKET RISK CONTINUED At 31 December 2022 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 8,068 \u2013 3,146 11,214 \u2013 money market funds \u2013 \u2013 \u2013 \u2013 8,068 \u2013 3,146 11,214 At 31 December 2021 Level 1 \u00a3\u2019000 Level 2 \u00a3\u2019000 Level 3 \u00a3\u2019000 Total \u00a3\u2019000 Assets Fair value through profit or loss: \u2013 equity securities 7,376 \u2013 2,558 9,934 \u2013 money market funds \u2013 20,000 \u2013 20,000 7,376 20,000 2,558 29,934 The group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred. There have been no transfers between levels during the year (2021: none). The fair value of listed equity securities is their quoted price. The fair values of the group\u2019s other financial assets and liabilities are not materially different from their carrying values, with the exception of the following: \u2013 Investment debt securities measured at amortised cost (note 17) comprise bank and building society certificates of deposit, which have fixed coupons, and treasury bills. The fair value of the debt securities at 31 December 2022 was \u00a31,053,460,000 (2021: \u00a3761,763,000) and the carrying value was \u00a31,045,257,000 (2021: \u00a3761,682,000). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2013 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2022 was \u00a341,211,000 (2021: \u00a342,824,000) and the carrying value was \u00a339,891,000 (2021: \u00a339,893,000). Fair value of the loan notes is based on discounted future cash flows using current market rates for debts with similar remaining maturity, and hence would be categorised as level 2 in the fair value hierarchy. Level 3 financial instruments Fair value through profit or loss The group holds 1,809 shares in Euroclear Holdings SA, which are classed as level 3 in the fair value hierarchy since readily available observable market data is not available. The valuation of \u20ac1,985 per share at 31 December 2022 has been calculated by reference to the indicative price derived from the most recent transactions of the shares in the market. The valuation at the balance sheet date has been adjusted for movements in exchange rates since the acquisition date. A 10% weakening of the euro against sterling, occurring on 31 December 2022, would have reduced equity and profit after tax by \u00a3255,000 (2021: \u00a3207,000). A 10% strengthening of the euro against sterling would have had an equal and opposite effect. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows: 2022 2021 At 1 January 2,558 2,569 Total unrealised gains/(losses) recognised in profit or loss 588 (11) At 31 December 3,146 2,558 The gains or losses relating to the fair value through profit or loss equity securities is included within \u2018other operating income\u2019 in the consolidated statement of comprehensive income. There were no other gains or losses arising from changes in the fair value of financial instruments categorised as level 3 within the fair value hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "34 / CAPITAL MANAGEMENT Rathbones Group Plc\u2019s capital is defined for accounting purposes as total equity. As at 31 December 2022 this totalled \u00a3634,834,000 (2021: \u00a3623,282,000). During the prior year, Rathbones Investment Management Limited repaid its \u00a320.0 million 10-year callable subordinated loan notes, and Rathbones Group Plc issued \u00a340.0 million of 10-year tier 2 notes with a call option in October 2026 and annually thereafter (note 28). As at 31 December 2022, the carrying value of the notes was \u00a339,891,000 (2021: \u00a339,893,000). From time to time, the group also runs small overnight overdraft balances as part of working capital. The group\u2019s objectives when managing capital are to: \u2013 safeguard the group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders and benefits for other stakeholders \u2013 maintain a strong capital base in a cost-efficient manner to be able to support the development of the business when required \u2013 optimise the distribution of capital across group companies, reflecting the requirements of each business \u2013 strive to make capital freely transferable across the group where possible \u2013 comply with regulatory requirements at all times. Rathbones is classified for capital purposes as a banking group and performs an ICAAP, which is prepared on an annual basis and presented to the PRA on request. Regulatory capital resources for ICAAP purposes are calculated in accordance with published rules. These require certain adjustments to and certain deductions from accounting capital, the latter largely in respect of intangible assets. The ICAAP compares regulatory capital resources against regulatory capital requirements derived using the PRA\u2019s Pillar 1 and Pillar 2 methodology. The group has adopted the standardised approach to calculating its Pillar 1 credit risk component and the basic indicator approach to calculating its operational risk component. Capital management policy and practices are applied at both group and entity level. At 31 December 2022 the group\u2019s regulatory capital resources, including retained earnings for 2022, were \u00a3338,766,000 (2021: \u00a3304,711,000). The increase in reserves during 2022 is due to an increase in the group\u2019s retained earnings, on account of profits generated in the year, and newly issued shares in the year for employee remuneration awards. In addition to a variety of stress tests performed as part of the ICAAP process, and daily reporting in respect of treasury activity, capital levels are monitored and forecast on a monthly basis to ensure that dividends and investment requirements are appropriately managed and appropriate buffers are kept against adverse business conditions. No breaches were reported to the PRA during the financial years ended 31 December 2021 and 2022. The group has not applied transitional relief in recognising expected credit losses (ECLs) in regulatory capital resources. As such, there is no difference between accounting ECLs and regulatory capital ECLs. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-438": {
"value": "35 / CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2022 but not provided in the financial statements amounted to \u00a3536,000 relating to expenditure on fixtures and fittings and software (2021: \u00a3988,000) The prior year related to expenditure on fixtures and fittings. (b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Undrawn commitments to lend of 1 year or less 17,838 31,005 Undrawn commitments to lend of more than 1 year 4,615 9,270 22,453 40,275 (c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss in in the event of failure of financial institutions has resulted in significant levies on the industry in recent years. The financial impact of unexpected FSCS levies is largely out of the group\u2019s control as they result from other industry failures. There is uncertainty over the level of future FSCS levies as they depend on the ultimate cost to the FSCS of industry failures. The group contributes to the deposit class, investment fund management class and investment intermediation levy classes and accrues levy costs for future levy years when the obligation arises. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-424": {
"value": "35 / CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2022 but not provided in the financial statements amounted to \u00a3536,000 relating to expenditure on fixtures and fittings and software (2021: \u00a3988,000) The prior year related to expenditure on fixtures and fittings. (b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Undrawn commitments to lend of 1 year or less 17,838 31,005 Undrawn commitments to lend of more than 1 year 4,615 9,270 22,453 40,275 (c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss in in the event of failure of financial institutions has resulted in significant levies on the industry in recent years. The financial impact of unexpected FSCS levies is largely out of the group\u2019s control as they result from other industry failures. There is uncertainty over the level of future FSCS levies as they depend on the ultimate cost to the FSCS of industry failures. The group contributes to the deposit class, investment fund management class and investment intermediation levy classes and accrues levy costs for future levy years when the obligation arises. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "35 / CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2022 but not provided in the financial statements amounted to \u00a3536,000 relating to expenditure on fixtures and fittings and software (2021: \u00a3988,000) The prior year related to expenditure on fixtures and fittings. (b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are as follows: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Undrawn commitments to lend of 1 year or less 17,838 31,005 Undrawn commitments to lend of more than 1 year 4,615 9,270 22,453 40,275 (c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss in in the event of failure of financial institutions has resulted in significant levies on the industry in recent years. The financial impact of unexpected FSCS levies is largely out of the group\u2019s control as they result from other industry failures. There is uncertainty over the level of future FSCS levies as they depend on the ultimate cost to the FSCS of industry failures. The group contributes to the deposit class, investment fund management class and investment intermediation levy classes and accrues levy costs for future levy years when the obligation arises. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "36 / RELATED PARTY TRANSACTIONS TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL The remuneration of the key management personnel of the group, who are defined as the company\u2019s directors and other members of senior management who are responsible for planning, directing and controlling the activities of the group, is set out below. Gains on options exercised by directors during the year totalled \u00a3nil (2021: \u00a3nil). Further information about the remuneration of individual directors is provided in the audited part of the directors\u2019 remuneration report on page 132. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Short-term employee benefits 10,221 12,159 Post-employment benefits 272 290 Other long-term benefits 359 1,305 Share-based payments 379 1,997 11,231 15,751 Dividends totalling \u00a3216,000 were paid in the year (2021: \u00a3229,000) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2022, key management personnel and their close family members had gross outstanding deposits of \u00a31,743,000 (2021: \u00a3634,000) and gross outstanding banking loans of \u00a3nil (2021: nil). A number of the group\u2019s key management personnel and their close family members make use of the services provided by companies within the group. Charges for such services are made at various staff rates. All transactions were made on normal business terms. OTHER RELATED PARTY TRANSACTIONS The group\u2019s transactions with the pension funds are described in note 29. At 31 December 2022, no amounts were outstanding with either the Laurence Keen Scheme or the Rathbone 1987 Scheme (2021: none). One group subsidiary, Rathbone Unit Trust Management, has authority to manage the investments within a number of unit trusts. Another group company, Rathbones Investment Management International, acted as investment manager for a protected cell company offering unitised private client portfolio services. During 2022, the group managed 32 unit trusts, Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs) and open-ended investment companies (OEICs) (together, \u2018collectives\u2019) (2021: 33 unit trusts and OEICs). The group charges each fund an annual management fee for these services, but does not earn any performance fees on the unit trusts. The management charges are calculated on the bases published in the individual fund prospectuses, which also state the terms and conditions of the management contract with the group. The following transactions and balances relate to the group\u2019s interest in the unit trusts: Year ended 31 December 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Total management fees 68,226 68,444 As at 31 December 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Management fees owed to the group 5,587 6,240 Holdings in unit trusts (note 17) 8,068 7,376 13,655 13,616 Total management fees are included within \u2018fee and commission income\u2019 in the consolidated statement of comprehensive income. Management fees owed to the group are included within \u2018accrued income\u2019 and holdings in unit trusts are classified as \u2018fair value through profit or loss equity securities\u2019 in the consolidated balance sheet. The maximum exposure to loss is limited to the carrying amount on the balance sheet as disclosed above. All amounts outstanding with related parties are unsecured and will be settled in cash. No guarantees have been given or received. No expected credit loss provisions have been made in respect of the amounts owed by related parties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-439": {
"value": "36 / RELATED PARTY TRANSACTIONS TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL The remuneration of the key management personnel of the group, who are defined as the company\u2019s directors and other members of senior management who are responsible for planning, directing and controlling the activities of the group, is set out below. Gains on options exercised by directors during the year totalled \u00a3nil (2021: \u00a3nil). Further information about the remuneration of individual directors is provided in the audited part of the directors\u2019 remuneration report on page 132. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Short-term employee benefits 10,221 12,159 Post-employment benefits 272 290 Other long-term benefits 359 1,305 Share-based payments 379 1,997 11,231 15,751 Dividends totalling \u00a3216,000 were paid in the year (2021: \u00a3229,000) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2022, key management personnel and their close family members had gross outstanding deposits of \u00a31,743,000 (2021: \u00a3634,000) and gross outstanding banking loans of \u00a3nil (2021: nil). A number of the group\u2019s key management personnel and their close family members make use of the services provided by companies within the group. Charges for such services are made at various staff rates. All transactions were made on normal business terms. OTHER RELATED PARTY TRANSACTIONS The group\u2019s transactions with the pension funds are described in note 29. At 31 December 2022, no amounts were outstanding with either the Laurence Keen Scheme or the Rathbone 1987 Scheme (2021: none). One group subsidiary, Rathbone Unit Trust Management, has authority to manage the investments within a number of unit trusts. Another group company, Rathbones Investment Management International, acted as investment manager for a protected cell company offering unitised private client portfolio services. During 2022, the group managed 32 unit trusts, Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs) and open-ended investment companies (OEICs) (together, \u2018collectives\u2019) (2021: 33 unit trusts and OEICs). The group charges each fund an annual management fee for these services, but does not earn any performance fees on the unit trusts. The management charges are calculated on the bases published in the individual fund prospectuses, which also state the terms and conditions of the management contract with the group. The following transactions and balances relate to the group\u2019s interest in the unit trusts: Year ended 31 December 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Total management fees 68,226 68,444 As at 31 December 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Management fees owed to the group 5,587 6,240 Holdings in unit trusts (note 17) 8,068 7,376 13,655 13,616 Total management fees are included within \u2018fee and commission income\u2019 in the consolidated statement of comprehensive income. Management fees owed to the group are included within \u2018accrued income\u2019 and holdings in unit trusts are classified as \u2018fair value through profit or loss equity securities\u2019 in the consolidated balance sheet. The maximum exposure to loss is limited to the carrying amount on the balance sheet as disclosed above. All amounts outstanding with related parties are unsecured and will be settled in cash. No guarantees have been given or received. No expected credit loss provisions have been made in respect of the amounts owed by related parties. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-425": {
"value": "TRANSACTIONS WITH KEY MANAGEMENT PERSONNEL The remuneration of the key management personnel of the group, who are defined as the company\u2019s directors and other members of senior management who are responsible for planning, directing and controlling the activities of the group, is set out below. Gains on options exercised by directors during the year totalled \u00a3nil (2021: \u00a3nil). Further information about the remuneration of individual directors is provided in the audited part of the directors\u2019 remuneration report on page 132. 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Short-term employee benefits 10,221 12,159 Post-employment benefits 272 290 Other long-term benefits 359 1,305 Share-based payments 379 1,997 11,231 15,751 Dividends totalling \u00a3216,000 were paid in the year (2021: \u00a3229,000) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2022, key management personnel and their close family members had gross outstanding deposits of \u00a31,743,000 (2021: \u00a3634,000) and gross outstanding banking loans of \u00a3nil (2021: nil). A number of the group\u2019s key management personnel and their close family members make use of the services provided by companies within the group. Charges for such services are made at various staff rates. All transactions were made on normal business terms. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-426": {
"value": "37 / INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES As described in note 36, at 31 December 2022, the group owned units in collectives managed by Rathbone Unit Trust Management with a value of \u00a38,068,000 (2021: \u00a37,376,000), representing 0.08% (2021: 0.06%) of the total value of the collectives managed by the group. These assets are held to hedge the group\u2019s exposure to deferred remuneration schemes for employees of Unit Trusts. The group\u2019s primary risk associated with its interest in the unit trusts is from changes in the fair value of its holdings in the funds. The group is not judged to control, and therefore does not consolidate, the collectives. Although the fund trustees have limited rights to remove Rathbone Unit Trust Management as manager, the group is exposed to very low variability of returns from its management and share of ownership of the funds and is therefore judged to act as an agent rather than having control under IFRS 10. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfUnconsolidatedStructuredEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "37 / INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES As described in note 36, at 31 December 2022, the group owned units in collectives managed by Rathbone Unit Trust Management with a value of \u00a38,068,000 (2021: \u00a37,376,000), representing 0.08% (2021: 0.06%) of the total value of the collectives managed by the group. These assets are held to hedge the group\u2019s exposure to deferred remuneration schemes for employees of Unit Trusts. The group\u2019s primary risk associated with its interest in the unit trusts is from changes in the fair value of its holdings in the funds. The group is not judged to control, and therefore does not consolidate, the collectives. Although the fund trustees have limited rights to remove Rathbone Unit Trust Management as manager, the group is exposed to very low variability of returns from its management and share of ownership of the funds and is therefore judged to act as an agent rather than having control under IFRS 10. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory",
"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-395": {
"value": "38 / CONSOLIDATED STATEMENT OF CASH FLOWS For the purposes of the consolidated statement of cash flows, cash and cash equivalents comprise the following balances with less than three months until maturity from the date of acquisition: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Cash and balances at central banks (note 14) 1,408,000 1,460,001 Loans and advances to banks (note 15) 164,723 173,589 Fair value through profit or loss investment securities (note 17) \u2013 20,000 At 31 December 1,572,723 1,653,590 Fair value through profit or loss investment securities are amounts invested in money market funds, which are realisable on demand. Following the Financial Reporting Council\u2019s (\u2018FRC\u2019) Corporate Reporting Review of the group\u2019s 2021 annual report and accounts, a prior year debt repayment by the group has been reclassified from cash flows from operations to cash flows from financing activities. In the prior year, included within the net assets acquired from the Saunderson House group was third-party debt of \u00a345,208,000, which was repaid to the third-party shortly after acquisition by Rathbones Group Plc. This amount was previously included within \u2018net (decrease)/increase in accruals, provisions and other liabilities\u2019 in the consolidated statement of cash flows. As the group assumed this debt upon acquisition, the nature of the repayment indicates it was a financing outflow. The group has therefore restated comparative information as at 31 December 2021 to report this amount within net cash used in financing activities. As a consequence, total cash outflows from operations for the group was restated from \u00a3187,013,000 to \u00a3141,805,000, and total cash inflows from financing activities of \u00a314,150,000 was restated to total cash outflows of \u00a331,058,000. For Rathbones Group Plc (the \u2018Company\u2019), total cash outflows from operations was restated from \u00a31,994,000 to inflows of \u00a343,214,000, and total cash inflows from financing activities of \u00a335,539,000 was restated to total cash outflows of \u00a39,669,000. This restatement does not impact the group or company\u2019s closing cash and cash equivalents position. The review conducted by the FRC was based solely on the Group\u2019s published report and accounts and does not provide any assurance that the report and accounts are correct in all material respects. Cash flows arising from the issue/(repurchase) of ordinary shares comprise: 2022 \u00a3\u2019000 2021 \u00a3\u2019000 Share capital issued (note 30) 70 226 Share premium on shares issued (note 30) 18,944 75,934 Merger reserve on shares issued (note 30) \u2013 5,209 Shares issued in relation to share-based schemes for which no cash consideration was received (9,752) (21,902) Proceeds from issue of share capital 9,262 59,467 Shares repurchased and placed into the employee benefit trust (note 31) (18,567) (15,132) Net issue/(repurchase) of ordinary shares (9,305) 44,335 During the prior year, \u00a321,902,000 of shares were issued for the vesting of the Speirs & Jeffrey first earn-out consideration. \u00a35,223,000 of shares were also issued for the Saunderson House initial share consideration in 2021, and subsequently placed into the group EBT. There was no cash consideration received for these transactions. In addition to this, \u00a39,909,000 of shares were repurchased and placed into the group EBT in 2021. During the year, \u00a35,700,507 of shares were issued for the vesting of the Speirs & Jeffrey second earn-out consideration. \u00a34,051,950 of shares were also issued for the Saunderson House deferred share consideration. There was no cash consideration received for these transactions. \u00a318,567,000 of shares were repurchased and placed into the group EBT in the year. 38 / CONSOLIDATED STATEMENT OF CASH FLOWS CONTINUED A reconciliation of the movements of financing liabilities and equity to cash flows arising from financing activities is as follows: Subordinated loan notes \u00a3\u2019000 Lease liabilities \u00a3\u2019000 Liabilities from financing activities \u00a3\u2019000 Share capital/ premium \u00a3\u2019000 Reserves \u00a3\u2019000 Retained earnings \u00a3\u2019000 Total equity \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2022 39,893 54,971 94,864 294,126 40,339 288,817 623,282 718,146 Changes from financing cash flows Proceeds from issue of share capital \u2013 \u2013 \u2013 9,262 \u2013 \u2013 9,262 9,262 Payments for share repurchases \u2013 \u2013 \u2013 \u2013 (18,567) (18,567) (18,567) Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 (48,607) (48,607) (48,607) Interest charge (2,257) (3,063) (5,320) \u2013 \u2013 \u2013 \u2013 (5,320) Payment for lease liabilities \u2013 (8,481) (8,481) \u2013 \u2013 \u2013 \u2013 (8,481) Total financing cash flows (2,257) (11,544) (13,801) 9,262 (18,567) (48,607) (57,912) (71,713) Total non-cash movements 2,255 7,057 9,312 9,752 2,678 57,034 69,464 78,776 At 31 December 2022 39,891 50,484 90,375 313,140 24,450 297,244 634,834 725,209 Subordinated loan notes \u00a3\u2019000 Third-party debt \u00a3\u2019000 Lease liabilities \u00a3\u2019000 Liabilities from financing activities \u00a3\u2019000 Share capital/ premium \u00a3\u2019000 Reserves \u00a3\u2019000 Retained earnings \u00a3\u2019000 Total equity \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 19,768 \u2013 56,124 75,892 217,966 25,012 270,849 513,827 589,719 Changes from financing cash flows Proceeds from issue of share capital \u2013 \u2013 \u2013 \u2013 59,467 \u2013 \u2013 59,467 59,467 Payments for share repurchases \u2013 \u2013 \u2013 \u2013 \u2013 (15,132) \u2013 (15,132) (15,132) Issue of loan notes 39,893 \u2013 \u2013 39,893 \u2013 \u2013 \u2013 \u2013 39,893 Repayment of loan notes (20,114) \u2013 \u2013 (20,114) \u2013 \u2013 \u2013 \u2013 (20,114) Dividends paid \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (43,960) (43,960) (43,960) Interest charge (895) \u2013 - (895) \u2013 \u2013 \u2013 \u2013 (895) Payment for lease liabilities \u2013 \u2013 (5,109) (5,109) \u2013 \u2013 \u2013 \u2013 (5,109) Repayment of debt \u2013 (45,208) \u2013 (45,208) \u2013 \u2013 \u2013 \u2013 (45,208) Total financing cash flows 18,884 (45,208) (5,109) (31,433) 59,467 (15,132) (43,960) 375 (31,058) Total non-cash movements 1,241 \u2013 3,956 5,197 16,693 30,459 61,928 109,080 114,277 At 31 December 2021 39,893 \u2013 54,971 94,864 294,126 40,339 288,817 623,282 718,146 ",
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"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-396": {
"value": "39 / EVENTS AFTER THE BALANCE SHEET DATE There have been no material events occurring between the balance sheet date and the date of signing this report.",
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"language": "en",
"entity": "scheme:213800MBTHM6UE8ZQP29",
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"fact-397": {
"value": "40 / COUNTRY-BY-COUNTRY REPORTING HM Treasury has transposed the requirements set out under the Capital Requirements Directive IV (CRD IV) and issued the Capital Requirements Country-by-Country Reporting Regulations 2013, effective 1 January 2014. The legislation requires Rathbones Group Plc (together with its subsidiaries, \u2018the group\u2019) to publish certain additional information, on a consolidated basis, for the year ended 31 December 2022. BASIS OF PREPARATION: Country In most cases, we have determined the country by reference to the country of tax residence. Where an entity is not subject to tax (e.g. a partnership) we have considered the location of management or the jurisdiction in which the revenues are generated. In these cases it is possible that tax is paid in a different country to the one in which profits are reported. Nature of activities The nature of activities within the United Kingdom are described within our services on page 2. Discretionary investment management is the sole activity which occurs in Jersey. Turnover Turnover is defined as operating income. As the consolidated results are split by country, there is an element of double counting when inter-jurisdictional transactions (for example, the payment of dividends) occur. The entries to eliminate this double counting are included at the bottom of the table to enable the disclosed figures to agree to the published consolidated accounts of the group. Profit/(loss) before taxation These are accounting profits. As with turnover some double counting may arise and again this has been eliminated at the bottom of the table. The majority of the total relates to the elimination of inter-jurisdictional dividends, which are reflected as profits in the United Kingdom. Tax paid This column reflects corporation tax actually paid in the year. Note that it is rare that tax paid in any given year relates directly to the profits earned in the same period. Public subsidies received The group received no public subsidies in the year. Number of employees The number of employees reported is the average number of full-time employees who were permanently employed by the group, or one of its subsidiaries, during the year. Contractors are excluded. Subsidiaries A list of the subsidiaries of the group, including their main activity and country of incorporation, is shown within note 45. Country Turnover \u00a3'000 Profit/(loss) before taxation \u00a3'000 Tax paid \u00a3'000 Number of employees United Kingdom 452,858 81,047 17,230 2,025 Jersey 8,219 (3,531) 342 28 Sub-total 461,077 77,516 17,572 2,053 Inter-group eliminations and other entries arising on consolidation (5,202) (13,462) \u2013 \u2013 Total 455,875 64,054 17,572 2,053 ",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-398": {
"value": "45 / INVESTMENT IN SUBSIDIARIES Equities \u00a3\u2019000 Total \u00a3\u2019000 At 1 January 2021 323,055 323,055 Additions 99,143 99,143 Disposals \u2013 \u2013 At 1 January 2022 422,198 422,198 Additions \u2013 \u2013 Disposals (747) (747) At 31 December 2022 421,451 421,451 EQUITIES At 31 December 2022 the company\u2019s subsidiary undertakings were as follows: Subsidiary undertaking Activity and operation Company registration number Rathbones Investment Management Limited Investment management and banking services 1448919 Rathbones Investment Management International Limited* Investment management 50503 Rathbones Trust Company Limited Trust and tax services 1688454 Rathbone Unit Trust Management Limited Unit trust management 2376568 Arcticstar Limited** Introducer of private clients 3898083 Vision Independent Financial Planning Limited Financial planning services 6650476 Castle Investment Solutions Limited Investment support services 7370865 Rathbones Legal Services Limited* Trust and legal services 10514352 Laurence Keen Holdings Limited** Intermediate holding company 2474285 Rathbone Directors Limited* Corporate director services 4410000 Rathbone Secretaries Limited* Corporate secretarial services 4627820 Laurence Keen Nominees Limited* Corporate nominee 2801952 Neilson Cobbold Client Nominees Limited* Corporate nominee 3217430 Rathbone Nominees Limited* Corporate nominee 646336 Citywall Nominees Limited* Corporate nominee 3070653 Penchart Nominees Limited* Corporate nominee 2608726 Argus Nominee Limited Corporate nominee 11395344 Rathbone Pension & Advisory Services Limited Non-trading 5679426 Rathbone Stockbrokers Limited* Non-trading 2483921 Dean River Asset Management Limited* Non-trading SC204313 R.M. Walkden & Co. Limited* Non-trading 1246166 Rathbone Funds Advisers Unipessoal LDA (entity dissolved 9 January 2023)* European fund marketing 515534528 Speirs & Jeffrey Limited** Investment management SC098335 Speirs & Jeffrey Client Nominees Limited* Corporate nominee SC162589 Speirs & Jeffrey Portfolio Management Limited* Corporate nominee SC122842 Speirs & Jeffrey Fund Management Limited* Corporate nominee SC095908 Saunderson House Limited Financial planning and investment management 940473 CastleCo Limited Non-trading 130602 HouseCo Limited Non-trading 130603 CabinCo Limited Non-trading 130601 CottageCo Limited Non-trading 131144 * Held by subsidiary undertaking ** UK subsidiary has taken an exemption from audit under section 479A of the Companies Act 2006 for the year ended 31 December 2022 45 / INVESTMENT IN SUBSIDIARIES CONTINUED The registered office for all subsidiary undertakings is 8 Finsbury Circus, London EC2M 7AZ except for the following: Subsidiary undertaking Registered office Rathbones Investment Management Limited Port of Liverpool Building, Pier Head, Liverpool L3 1NW Rathbones Investment Management International Limited 26 Esplanade, St Helier, Jersey JE1 2RB Vision Independent Financial Planning Limited Vision House, Unit 6A Falmouth Business Park, Bickland Water Road, Falmouth, Cornwall TR11 4SZ Castle Investment Solutions Limited Vision House, Unit 6A Falmouth Business Park, Bickland Water Road, Falmouth, Cornwall TR11 4SZ Speirs & Jeffrey Limited George House, 50 George Square, Glasgow G2 1EH Speirs & Jeffrey Client Nominees Limited George House, 50 George Square, Glasgow G2 1EH Speirs & Jeffrey Portfolio Management Limited George House, 50 George Square, Glasgow G2 1EH Speirs & Jeffrey Fund Management Limited George House, 50 George Square, Glasgow G2 1EH Rathbones Funds Advisers Unipessoal LDA R Tierno Galvan 10 Torre 3, Piso 6 Sala 602, 1070- 274, Campo Ourique Lisbon, Lisbon, Portugal CastleCo Limited Aztec Group House, 11-15 Seaton Place, St Helier, Jersey, JE4 0QH HouseCo Limited Aztec Group House, 11-15 Seaton Place, St Helier, Jersey, JE4 0QH CabinCo Limited Aztec Group House, 11-15 Seaton Place, St Helier, Jersey, JE4 0QH CottageCo Limited Aztec Group House, 11-15 Seaton Place, St Helier, Jersey, JE4 0QH The company owns, directly or indirectly, 100% of the ordinary share capital of all subsidiary undertakings.",
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"fact-448": {
"value": "Rathbones Group Plc",
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"fact-449": {
"value": "8 Finsbury Circus London EC2M 7AZ",
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