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"dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "-80900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "1572700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "1653600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "1302900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "1572700000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "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 205 to 223.
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.
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:
\u2014 IFRS 17 Insurance Contracts
\u2014 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2
\u2014 Definition of Accounting Estimates \u2013 Amendments to IAS 8
\u2014 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to
IAS 12
\u2014 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12)
Future new standards and interpretations The following standards are effective for annual periods beginning on or after 1 January 2024 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
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
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
01 January 2024
IFRS S1 General Requirements for Disclosure of Sustainability-related
01 January 2024
Financial Information and IFRS S2 Climate-related Disclosures
01 January 2024
Lack of Exchangeability \u2013 Amendments to IAS 21
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. 1.5 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 directors\u2019 assessment included consideration of the group\u2019s profit and capital forecasts; the impact of capital and liquidity stress tests; the impact of reverse stress testing and the management actions available to mitigate this impact. The assessment also ensured that the assumptions applied were consistent with those used in other forward-looking areas of the financial statements, such as impairment testing. 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: \u2014 the gross carrying amount of the financial asset; or \u2014 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.
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.
Other income
The group invests cash held within client portfolios in cash securities with approved financial
institutions. The margin earned on these funds, being the difference between the rate of interest paid
by the custodian bank and that paid to clients, represents the rate of return available to the group
through the pooling of client funds. This margin is included within other operating income in the
financial statements.
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:
\u2014 fixed payments, including in-substance fixed payments
\u2014 variable lease payments that depend on an index or a rate, initially measured using the index or
rate as at the commencement date
\u2014 amounts expected to be payable under a residual value guarantee
\u2014 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.
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 recorded directly in 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. 1.10 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: \u2014 from the initial recognition of goodwill; \u2014 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 \u2014 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: \u2014 in other comprehensive income if they relate to items recognised in other comprehensive income \u2014 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 (overnight cash book overdraft balances \u2013 Note 23), 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:
\u2014 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.
\u2014 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.
\u2014 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:
\u2014 the objectives for the portfolio and how those tie in to the current and future strategy of the group
\u2014 how the performance of the portfolio is evaluated and reported to the group\u2019s management
\u2014 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
\u2014 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
\u2014 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:
\u2014 the contractual terms of the instrument, checking consistency with basic lending criteria
\u2014 the impact of the time value of money
\u2014 features that would change the amount or timing of contractual cash flows
\u2014 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:
\u2014 12-month ECLs (losses resulting from possible defaults within the next 12 months); or
\u2014 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.
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:
\u2014 leasehold improvements: over the lease term
\u2014 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 intangible assets 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 asset 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.
Client relationship intangible assets 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 assets are tested for impairment bi-annually 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 expected value of funds under management and
administration, as based on the useful lives of the client relationships. 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.
1.17 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.
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.
IW&I has been identified as a separate operating segment of the group. The results of the segment
have been presented in aggregate with the group\u2019s Wealth Management segment, on the basis that
their long-term characteristics are expected to align following the initial integration period of
the business.
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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-338": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-339": { "value": "Rathbones Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-340": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-341": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-342": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-343": { "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 205 to 223. 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-344": { "value": "The consolidated and company financial statements have been prepared in accordance with UK-adopted International Accounting Standards.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-345": { "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-346": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-347": { "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: \u2014 IFRS 17 Insurance Contracts \u2014 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2014 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2014 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2014 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12)
Future new standards and interpretations
The following standards are effective for annual periods beginning on or after 1 January 2024 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
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
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
01 January 2024
IFRS S1 General Requirements for Disclosure of Sustainability-related
01 January 2024
Financial Information and IFRS S2 Climate-related Disclosures
01 January 2024
Lack of Exchangeability \u2013 Amendments to IAS 21
01 January 2024
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-348": { "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: \u2014 IFRS 17 Insurance Contracts \u2014 Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 \u2014 Definition of Accounting Estimates \u2013 Amendments to IAS 8 \u2014 Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 \u2014 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12) ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-349": { "value": "Future new standards and interpretations The following standards are effective for annual periods beginning on or after 1 January 2024 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
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
Supplier Finance Arrangements \u2013 Amendments to IAS 7 and IFRS 7
01 January 2024
IFRS S1 General Requirements for Disclosure of Sustainability-related
01 January 2024
Financial Information and IFRS S2 Climate-related Disclosures
01 January 2024
Lack of Exchangeability \u2013 Amendments to IAS 21
01 January 2024
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-350": { "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. 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 intangible assets 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 asset 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. Client relationship intangible assets 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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-351": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-352": { "value": "
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 directors\u2019 assessment included
consideration of the group\u2019s profit and capital forecasts; the impact of capital and liquidity stress tests;
the impact of reverse stress testing and the management actions available to mitigate this impact.
The assessment also ensured that the assumptions applied were consistent with those used in other
forward-looking areas of the financial statements, such as impairment testing. The directors continue
to adopt the going concern basis of accounting in preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-353": { "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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-354": { "value": "The functional and presentational currency of the company and its subsidiaries is sterling.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-355": { "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:
\u2014 the gross carrying amount of the financial asset; or
\u2014 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. 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. Other income The group invests cash held within client portfolios in cash securities with approved financial institutions. The margin earned on these funds, being the difference between the rate of interest paid by the custodian bank and that paid to clients, represents the rate of return available to the group through the pooling of client funds. This margin is included within other operating income in the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-356": { "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: \u2014 the gross carrying amount of the financial asset; or \u2014 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:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "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: \u2014 the gross carrying amount of the financial asset; or \u2014 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "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: \u2014 the gross carrying amount of the financial asset; or \u2014 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-360": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "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: \u2014 fixed payments, including in-substance fixed payments \u2014 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date \u2014 amounts expected to be payable under a residual value guarantee \u2014 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "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 recorded directly in 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "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:
\u2014 from the initial recognition of goodwill;
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 \u2014 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: \u2014 in other comprehensive income if they relate to items recognised in other comprehensive income \u2014 directly in retained earnings if they relate to items recognised directly in retained earnings.
11 INCOME TAX EXPENSE
2023 2022
\u00a3m \u00a3m
Current tax:
\u2014
charge for the year
22.8
16.5
\u2014
adjustments in respect of prior years
1.1
0.3
Deferred tax (note 21):
\u2014
credit for the year
(1.9)
(1\ue01f3)
\u2014
adjustments in respect of prior years
(1.9)
(0\ue01f4)
20.1
15.1
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 (2022: higher) than the standard rate of corporation tax
in the UK of 23.5% (2022: 19.0%). 23.5% is a composite tax rate, since the UK corporation tax rate
was 19.0% until the 31st March 2023 and 25.0% for the remainder of the financial year.
The differences are explained below:
2023 2022
\u00a3m \u00a3m
Tax on profit from ordinary activities at the standard rate of 23.5%
(2022: 19.0%)
13.6
12.2
Effects of:
\u2014
disallowable expenses
8.0
0.9
\u2014
share-based payments
(0.2)
\u2212
\u2014
tax on overseas earnings
(0.7)
(0\ue01f2)
\u2014
adjustments in respect of prior year
(0.8)
(0.1)
\u2014
deferred payments to previous owners of acquired companies (note 9)
0.3
1.2
\u2014
change in corporation tax rate on deferred tax
(0.1)
1.1
20.1
15.1
\u00a30.4 million of current tax on share-based payments was charged to equity during the year (2022:
\u00a30.1 million).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "value": "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: \u2014 from the initial recognition of goodwill; 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 \u2014 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: \u2014 in other comprehensive income if they relate to items recognised in other comprehensive income \u2014 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "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 (overnight cash book
overdraft balances \u2013 Note 23), which are included in the group\u2019s cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "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: \u2014 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. \u2014 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. \u2014 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: \u2014 the objectives for the portfolio and how those tie in to the current and future strategy of the group \u2014 how the performance of the portfolio is evaluated and reported to the group\u2019s management \u2014 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 \u2014 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 \u2014 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: \u2014 the contractual terms of the instrument, checking consistency with basic lending criteria \u2014 the impact of the time value of money \u2014 features that would change the amount or timing of contractual cash flows \u2014 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: \u2014 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2014 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. 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. 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:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "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: \u2014 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. \u2014 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. \u2014 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: \u2014 the objectives for the portfolio and how those tie in to the current and future strategy of the group \u2014 how the performance of the portfolio is evaluated and reported to the group\u2019s management \u2014 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 \u2014 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 \u2014 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: \u2014 the contractual terms of the instrument, checking consistency with basic lending criteria \u2014 the impact of the time value of money \u2014 features that would change the amount or timing of contractual cash flows \u2014 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: \u2014 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2014 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "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: \u2014 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. \u2014 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. \u2014 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. 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "value": "\u2014 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "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: \u2014 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2014 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. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "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: \u2014 12-month ECLs (losses resulting from possible defaults within the next 12 months); or \u2014 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. 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. 1.15 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 assets are tested for impairment bi-annually 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 expected value of funds under management and administration, as based on the useful lives of the client relationships. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "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: \u2014 leasehold improvements: over the lease term \u2014 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "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: \u2014 leasehold improvements: over the lease term \u2014 plant, equipment and computer hardware: over three to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "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 intangible assets 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 asset 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. Client relationship intangible assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "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 intangible assets 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 asset 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. Client relationship intangible assets 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). ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "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 intangible assets 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 asset 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. Client relationship intangible assets 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "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:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "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 assets are tested for impairment bi-annually 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 expected value of funds under management and administration, as based on the useful lives of the client relationships. 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:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-380": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "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. 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. IW&I has been identified as a separate operating segment of the group. The results of the segment have been presented in aggregate with the group\u2019s Wealth Management segment, on the basis that their long-term characteristics are expected to align following the initial integration period of the business. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "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 intangible assets
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 FUMA that relate to the investment management contract), they are
capitalised as client relationship intangible assets (note 22). Otherwise, they are judged to be in
relation to the provision of ongoing services and are expensed as remuneration cost in the period that
they are transferred. Upfront payments made to investment managers upon joining are expensed as
incurred, as they are not judged to be incremental costs for acquiring the client relationships.
Estimation uncertainty
Amortisation of client relationship intangible assets
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 the longevity of client relationships. During the year, client relationship
intangible assets were amortised over a period of between 10 and 15 years.
Amortisation of \u00a325.2 million (2022: \u00a319.5 million was charged during the year). At 31 December
2023, the carrying value of client relationship intangible assets was \u00a3502.7 million (2022: \u00a3175
million). A reduction of one year in the amortisation period of the group\u2019s client relationship
intangible assets would increase the annual amortisation charge by \u00a34.0 million.
2.2 RETIREMENT BENEFIT OBLIGATIONS (NOTE 29)
Critical judgements
Key judgement was applied in determining that the group will be eligible to receive the surplus
associated with the pension schemes in recognising a pension asset.
Estimation uncertainty
The principal assumptions underlying the reported surplus of \u00a37.0 million (2022: \u00a39.4 million
surplus) are set out in note 29.
In order to set these assumptions, the group engages qualified actuaries to estimate a range of
long-term trends and market conditions to determine the value of the surplus or deficit on the group\u2019s
retirement benefit schemes, based on the group\u2019s expectations of the future. Long-term forecasts and
estimates are inherently 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
from that recognised.
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 \u00a37.7 million (2022: \u00a37.1 million). Increasing the future rate of inflation by 0.5% would
increase the schemes\u2019 liabilities by \u00a34.4 million (2022: \u00a35.0 million). A lower or higher movement in
these assumptions would result in multiples of these figures. A 0.5% decrease would reduce the
scheme\u2019s liabilities by \u00a34.2 million.
2.3 BUSINESS COMBINATIONS (NOTE 8)
2.3.1 Investec Wealth & Investment
During the year, the group acquired the entire share capital of Investec Wealth & Investment (\u2018IW&I\u2019).
The group has accounted for the transaction as a business combination. Note 8 contains further
detail on the areas of significant judgement and critical accounting estimates outlined below.
Estimation uncertainty
Fair value of consideration transferred
Total consideration transferred to Investec Bank Plc comprised 27,056,463 ordinary shares and
17,481,868 convertible non-voting ordinary shares. The fair value of the ordinary shares issued was
determined with reference to the share price of Rathbones Group Plc at close of business on 20
September 2023 (being the day before legal completion of the transaction), which was \u00a317.22 per
share at close. The fair value of the non-voting shares of \u00a316.36 was calculated by applying a 5.0%
discount to the closing share price of \u00a317.22, to reflect the fact that the shares are non-marketable
and non-transferable. This produced a total value for consideration paid of \u00a3751.9 million. A 2.0%
decrease in the discount applied would have resulted in a \u00a36.0 million increase in the value of the
consideration paid; an increase in the discount would have had an equal and opposite effect.
Fair value of goodwill and net assets acquired
The fair value of net assets acquired was valued at \u00a3411.8 million (see note 8 for a
detailed breakdown).
Goodwill of \u00a3340.1 million was recognised at acquisition, and represents the future economic benefit
expected from an acquired workforce, expected future growth and future client relationships, as well
as operational and revenue synergies. The allocation of goodwill between the group\u2019s cash-generating
units has been based on their respective relative values.
Client relationship intangible assets of \u00a3350.3 million were recognised during the year in relation to
the acquisition of IW&I. The multi-period earnings model used to value the intangible assets used
estimates of client longevity and investment performance to derive a series of discounted cash flows.
This was determined with reference to management\u2019s best estimates of future performance and
estimates of the return required to determine an appropriate discount rate. These assets are being
amortised over an average 14-year useful life. A 5.0% increase in the estimated fair value of client
relationship intangible assets would increase client relationship assets by \u00a317.5 million, with a
corresponding increase in deferred tax liabilities of \u00a34.4 million and a decrease in goodwill of \u00a313.1
million.
The group has applied judgement in determining the allocation of acquired goodwill to the relevant
cash-generating units expected to benefit from the acquisition. The allocation of goodwill is
provisional and shall be reviewed and completed before the end of the first annual period after the
acquisition. See note 22.
Other areas of focus
The financial statements include other accounting estimates related to the acquisition of IW&I. While
these areas do not meet the definition under IAS 1 of significant accounting estimates or critical
accounting judgements, the recognition and measurement of certain material balances are based on
assumptions and/or are subject to longer term uncertainties.
Estimation uncertainty
Fair value of equity-settled awards
Share-based incentive awards were granted to certain IW&I employees as part of the acquisition (see
note 8). These awards require the recipients to remain in employment for a specific period, and to
achieve certain conditions relating to the integration of IW&I. The awards will be accounted for as
remuneration for ongoing services and will be expensed over the deferral period. The cumulative
expense at year end of \u00a33.1 million reflects the number of equity instruments granted that are
expected to ultimately vest, as based on expected future attrition rates. A decrease of 10% in the total
unvested options outstanding at year end would decrease the profit or loss charge for the last quarter
of the year by \u00a30.3 million, and therefore this is not considered to be a material estimate.
2.3.2 Saunderson House
Estimation uncertainty
In 2021, the group acquired the entire share capital of Saunderson House Limited as part of a
business combination. 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 from employment. The group\u2019s estimate of the amounts ultimately payable will be expensed
over the deferral period.
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 is calculated as 0.1% of funds under management (\u2018FUM\u2019) at the test date of 31 December
2024. The FUM award ranges from a payment of \u00a3nil to a maximum possible payment in shares of
\u00a37.5 million; \u00a30.5m of this pool has already been granted to a group of employees. In addition to this
are integration and discretionary awards, capped at \u00a31.0m and \u00a30.5m, respectively.
The minimum threshold for pay-out of this award was previously \u00a35.0 billion in FUM; this was
reduced to \u00a33.5 billion during the year, following review by the Group Executive Committee, to
rebase the scheme to reflect current market conditions. Management\u2019s best estimate of the FUM
award at the year end was \u00a34.8 million, and is based on expected funds under management at 31
December 2024. The discretionary and integration awards are expected to be paid in full.
The maximum FUM award of \u00a37.5 million would result in an additional charge to profit or loss in
2023 of \u00a31.0 million. A payment of \u00a3nil would result in a reversal of the accumulated profit or loss
charge since commencement of the award of \u00a33.7 million in 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "
3 SEGMENTAL INFORMATION
IFRS 8 requires operating segments to be identified on the basis of internal reports about
components of the group that are regularly reviewed by the chief operating decision-maker, which
takes the form of the Group Executive Committee, in order to allocate resources to the segment and to
assess its performance.
For management purposes, the group is organised into two operating segments: Wealth Management
and Asset Management. 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. Wealth Management Segmental Assets relate to assets
held within the Investment Management, Banking and Trust Business Segments. Asset Management
Segmental Assets are assets held solely within the Asset Management Business Segment.
Unallocated Segmental Assets relate to the Net Defined Benefit Asset held on the balance sheet.
IW&I has been identified as a separate operating segment of the group. The results of the segment have been presented in aggregate with the group\u2019s Wealth Management segment, on the basis that their long-term
characteristics are expected to align following the initial integration period of the business.
31 December 2023
Wealth Asset Indirect
Management Management expenses Total
\u00a3m \u00a3m \u00a3m \u00a3m
Net investment management fee income
350.1
64.7
\u2013
414.8
Net commission income
53.6
\u2013
\u2013
53.6
Net interest income
49.9
1.8
\u2013
51.7
Fees from advisory services and other income
50.3
0.7
\u2013
51.0
Operating income
503.9
67. 2
\u2013
571.1
Staff costs \u2212 fixed
(147.2)
( 7.1)
(51.8)
(206.1)
Staff costs \u2212 variable
(78.2)
(13.4)
(15.9)
(107.5)
Total staff costs
(225.4)
(20.5)
(6 7.7 )
(313.6)
Other direct expenses
(53.7)
(12.2)
(64.5)
(130.4)
Allocation of indirect expenses
(119.4)
(12.8)
132.2
\u2013
Underlying operating expenses
(398.5)
(45.5)
\u2013
(444.0)
Underlying profit before tax
105.4
21.7
\u2013
127.1
Charges in relation to client relationships and goodwill (note 22)
(25.2)
\u2013
\u2013
(25.2)
Acquisition-related costs (note 9)
(11.0)
\u2013
(33.3)
(44.3)
Segment profit before tax
69.2
21.7
(33.3)
57.6
Profit before tax attributable to equity holders of the company
\u2013
\u2013
\u2013
57.6
Taxation (note 11)
\u2013
\u2013
\u2013
(20.1)
Profit for the year attributable to equity holders of the company
\u2013
\u2013
\u2013
37. 5
Wealth Asset
Management Management Unallocated Total
\u00a3m \u00a3m Assets \u00a3m \u00a3m
Segment total assets
4,099.6
117.8
7.0
4,224.4
31 December 2022
Wealth Asset Indirect
Management Management expenses Total
\u00a3m \u00a3m \u00a3m \u00a3m
Net investment management fee income
274.8
62.2
\u2212
337. 0
Net commission income
48.9
\u2212
\u2212
48.9
Net interest income
17.8
0.5
\u2212
18.3
Fees from advisory services and other income
51.4
0.3
\u2212
51.7
Operating income
392.9
63.0
\u2212
455.9
Staff costs \u2013 fixed
(109.5)
(7.0)
(42.0)
(158.5)
Staff costs \u2013 variable
(66.9)
(11.2)
(9\ue01f0)
(8 7.1)
Total staff costs
(176.4)
(18.2)
(51.0)
(245\ue01f6)
Other direct expenses
(41.5)
(9\ue01f6)
(62.2)
(113.3)
Allocation of indirect expenses
(104.4)
(8\ue01f8)
113.2
\u2212
Underlying operating expenses
(322.3)
(36.6)
\u2212
(358.9)
Underlying profit before tax
70.6
26.4
\u2212
97.0
Charges in relation to client relationships and goodwill (note 22)
(19\ue01f5)
\u2212
\u2212
(19.5)
Acquisition-related costs (note 9)
(10.0)
\u2212
(3\ue01f4)
(13\ue01f4)
Segment profit before tax
41.1
26.4
(3\ue01f4)
64.1
Profit before tax attributable to equity holders of the company
\u2212
\u2212
\u2212
64.1
\u2014
Taxation (note 11)
\u2212
\u2212
\u2212
(15\ue01f1)
Profit for the year attributable to equity holders of the company
\u2212
\u2212
\u2212
49.0
Wealth Asset
Management Management Unallocated Assets Total
\u00a3m \u00a3m \u00a3m \u00a3m
Segment total assets
3,323.4
114.4
9.4
3,4 47. 2
The following table reconciles underlying operating expenses to operating expenses:
2023 2022
\u00a3m \u00a3m
Underlying operating expenses
444.0
358.8
Charges in relation to client relationships and goodwill (note 22)
25.2
19.5
Acquisition-related costs (note 9)
44.3
13.5
Operating expenses
513.5
391.8
GEOGRAPHIC ANALYSIS
The following table presents operating income analysed by the geographical location of the group
entity providing the service:
2023 2022
\u00a3m \u00a3m
United Kingdom
553.4
442.0
Channel Islands
17.7
13.8
Rest of the World
\u2013
0.1
Operating income
571.1
455.9
The following is an analysis of the carrying amount of non-current assets analysed by the
geographical location of the assets:
2023 2022
\u00a3m \u00a3m
United Kingdom
1,103.0
404.6
Channel Islands
2.9
3.4
Non-current assets
1,105.9
408.0
TIMING OF REVENUE RECOGNITION
The following table presents operating income analysed by the timing of revenue recognition of the
operating segment providing the service:
2023
2022
Wealth Asset Wealth Asset
Management Management Management Management
\u00a3m \u00a3m \u00a3m \u00a3m
Products and services transferred
at a point in time
44.4
\u2013
41.2
\u2212
Products and services transferred
over time
459.5
67. 2
351.7
63.0
503.9
67. 2
392.9
63.0
MAJOR CLIENTS
The group is not reliant on any one client or group of connected clients for generation of revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "value": "GEOGRAPHIC ANALYSIS The following table presents operating income analysed by the geographical location of the group entity providing the service:
2023 2022
\u00a3m \u00a3m
United Kingdom
553.4
442.0
Channel Islands
17.7
13.8
Rest of the World
\u2013
0.1
Operating income
571.1
455.9
The following is an analysis of the carrying amount of non-current assets analysed by the geographical location of the assets:
2023 2022
\u00a3m \u00a3m
United Kingdom
1,103.0
404.6
Channel Islands
2.9
3.4
Non-current assets
1,105.9
408.0
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 2023.
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 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
taxation 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 The group received no public subsidies in the year.
received
Number of 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.
employees 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
Profit/(loss)
before
Turnover taxation Tax paid Number of
\u00a3m \u00a3m \u00a3m employees
United Kingdom
570.0
108.0
29.2
2,468
Channel Islands
6.3
(6.1)
0.3
30
Sub-total
576.3
101.9
29.5
2,498
Inter-group eliminations and other entries arising on consolidation
(5.2)
(44.3)
\u2013
\u2013
Total
571.1
57.6
29.5
2,498
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "value": "MAJOR CLIENTS The group is not reliant on any one client or group of connected clients for generation of revenues.", "dimensions": { "concept": "ifrs-full:DisclosureOfSegmentsMajorCustomersExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "
4 NET INTEREST INCOME
2023 2022
\u00a3m \u00a3m
Interest income
Cash and balances with central banks
56.3
23.7
Amortised cost investment securities
56.1
12.7
Loans and advances to banks
7.9
3.5
Loans and advances to customers
8.5
6.4
128.8
46.3
Interest expense
Due to customers
(71.6)
(22\ue01f7)
Lease liabilities
(3.2)
(3\ue01f0)
Subordinated loan notes (note 28)
(2.3)
(2\ue01f3)
( 7 7.1)
(28.0)
Net interest income
51.7
18.3
All net interest income is calculated using the effective interest method (note 1.7).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "value": "4 NET INTEREST INCOME
2023 2022
\u00a3m \u00a3m
Interest income
Cash and balances with central banks
56.3
23.7
Amortised cost investment securities
56.1
12.7
Loans and advances to banks
7.9
3.5
Loans and advances to customers
8.5
6.4
128.8
46.3
Interest expense
Due to customers
(71.6)
(22\ue01f7)
Lease liabilities
(3.2)
(3\ue01f0)
Subordinated loan notes (note 28)
(2.3)
(2\ue01f3)
( 7 7.1)
(28.0)
Net interest income
51.7
18.3
All net interest income is calculated using the effective interest method (note 1.7).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "value": "4 NET INTEREST INCOME
2023 2022
\u00a3m \u00a3m
Interest income
Cash and balances with central banks
56.3
23.7
Amortised cost investment securities
56.1
12.7
Loans and advances to banks
7.9
3.5
Loans and advances to customers
8.5
6.4
128.8
46.3
Interest expense
Due to customers
(71.6)
(22\ue01f7)
Lease liabilities
(3.2)
(3\ue01f0)
Subordinated loan notes (note 28)
(2.3)
(2\ue01f3)
( 7 7.1)
(28.0)
Net interest income
51.7
18.3
All net interest income is calculated using the effective interest method (note 1.7).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "4 NET INTEREST INCOME
2023 2022
\u00a3m \u00a3m
Interest income
Cash and balances with central banks
56.3
23.7
Amortised cost investment securities
56.1
12.7
Loans and advances to banks
7.9
3.5
Loans and advances to customers
8.5
6.4
128.8
46.3
Interest expense
Due to customers
(71.6)
(22\ue01f7)
Lease liabilities
(3.2)
(3\ue01f0)
Subordinated loan notes (note 28)
(2.3)
(2\ue01f3)
( 7 7.1)
(28.0)
Net interest income
51.7
18.3
All net interest income is calculated using the effective interest method (note 1.7).", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "value": "4 NET INTEREST INCOME
2023 2022
\u00a3m \u00a3m
Interest income
Cash and balances with central banks
56.3
23.7
Amortised cost investment securities
56.1
12.7
Loans and advances to banks
7.9
3.5
Loans and advances to customers
8.5
6.4
128.8
46.3
Interest expense
Due to customers
(71.6)
(22\ue01f7)
Lease liabilities
(3.2)
(3\ue01f0)
Subordinated loan notes (note 28)
(2.3)
(2\ue01f3)
( 7 7.1)
(28.0)
Net interest income
51.7
18.3
All net interest income is calculated using the effective interest method (note 1.7).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "value": "4 NET INTEREST INCOME
2023 2022
\u00a3m \u00a3m
Interest income
Cash and balances with central banks
56.3
23.7
Amortised cost investment securities
56.1
12.7
Loans and advances to banks
7.9
3.5
Loans and advances to customers
8.5
6.4
128.8
46.3
Interest expense
Due to customers
(71.6)
(22\ue01f7)
Lease liabilities
(3.2)
(3\ue01f0)
Subordinated loan notes (note 28)
(2.3)
(2\ue01f3)
( 7 7.1)
(28.0)
Net interest income
51.7
18.3
All net interest income is calculated using the effective interest method (note 1.7).", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "
5 NET FEE AND COMMISSION INCOME
2023 2022
\u00a3m \u00a3m
Fee and commission income
Wealth Management
469.0
394.5
Asset Management
69.6
68.2
538.6
462.7
Fee and commission expense
Wealth Management
(26.2)
(23.3)
Asset Management
(3.5)
(4.2)
(29.7)
(2 7.5 )
Net fee and commission income
508.9
435.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "
6 OTHER OPERATING INCOME
2023 2022
\u00a3m \u00a3m
Credit Impairment Gains/(Losses) On Financial Assets Measured
At Fair Value
1.1
(0.4)
Income from equity shares
7.7
\u2212
Other operating income
1.7
2.8
10.5
2.4
Other operating income of \u00a310.5 million (2022: \u00a32.4 million) comprised gains and losses from fair
value through profit or loss equity securities of \u00a31.1 million (2022: \u00a3(0.5) million), net client money
interest income \u00a37.7 million (2022: \u00a3nil) of which \u00a36.4 million relates to IW&I and other operating
income of \u00a31.7 million (\u00a32.8 million).
7 OPERATING EXPENSES
2023 2022
\u00a3m \u00a3m
Staff costs (note 10)
313.6
245.6
Depreciation and impairment charges of property, plant and equipment
(note 19)
5.2
4.7
Depreciation and impairment charges of right-of-use assets (note 20)
6.5
5.6
Amortisation of internally generated intangible assets (note 22)
1.8
1.5
Amortisation and impairment of purchased software (note 22)
3.8
3.6
Auditor's remuneration (see below)
3.0
1.1
Impairment (recoveries)/charges on loans and advances to customers
(note 33)
0.1
(0\ue01f1)
Rental charge
3.5
2.1
Other
106.5
94.7
Other operating expenses
444.0
358.8
Charges in relation to client relationships and goodwill (note 22)
25.2
19.5
Acquisition-related costs (note 9)
44.3
13.5
Total operating expenses
513.5
391.8
The property, plant and equipment depreciation and impairment charge differs to the amount in Note
19 predominantly due to \u00a31.7 million accelerated depreciation on fixtures and fittings, which has
been treated as acquisition-related costs (note 9).
The right-of-use asset depreciation and impairment charge differs to the amount in Note 20
predominantly due to \u00a31.1 million accelerated depreciation and impairment on leases within the
Group, which has been treated as acquisition-related costs (note 9).
Other expenses largely comprise costs relating to other staff costs \u00a311.0 million (2022: \u00a38.4 million);
settlement, admin and dealing charges \u00a310.7 million (2022: \u00a39.8 million); client costs \u00a35.1 million
(2022: \u00a33.2 million); marketing costs \u00a36.1 million (2022: \u00a33.3 million); IT and licenses costs \u00a345.9
million (2022: \u00a340.0 million) and legal and professional costs \u00a37.8 million (2022: \u00a34.2 million).
A more detailed analysis of auditor\u2019s remuneration is provided below:
2023 2022
\u00a3m \u00a3m
Fees payable to the company\u2019s auditor for the audit of the company\u2019s
annual financial statements
0.7
0.1
Fees payable to the company\u2019s auditor and their associates for other
services to the group:
\u2014
audit of the company\u2019s subsidiaries pursuant to legislation
1.0
0.6
\u2014
audit-related assurance services
1.2
0.5
\u2014
other services
0.1
\u2212
3.0
1.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "6 OTHER OPERATING INCOME
2023 2022
\u00a3m \u00a3m
Credit Impairment Gains/(Losses) On Financial Assets Measured
At Fair Value
1.1
(0.4)
Income from equity shares
7.7
\u2212
Other operating income
1.7
2.8
10.5
2.4
Other operating income of \u00a310.5 million (2022: \u00a32.4 million) comprised gains and losses from fair value through profit or loss equity securities of \u00a31.1 million (2022: \u00a3(0.5) million), net client money interest income \u00a37.7 million (2022: \u00a3nil) of which \u00a36.4 million relates to IW&I and other operating income of \u00a31.7 million (\u00a32.8 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "value": "7 OPERATING EXPENSES
2023 2022
\u00a3m \u00a3m
Staff costs (note 10)
313.6
245.6
Depreciation and impairment charges of property, plant and equipment
(note 19)
5.2
4.7
Depreciation and impairment charges of right-of-use assets (note 20)
6.5
5.6
Amortisation of internally generated intangible assets (note 22)
1.8
1.5
Amortisation and impairment of purchased software (note 22)
3.8
3.6
Auditor's remuneration (see below)
3.0
1.1
Impairment (recoveries)/charges on loans and advances to customers
(note 33)
0.1
(0\ue01f1)
Rental charge
3.5
2.1
Other
106.5
94.7
Other operating expenses
444.0
358.8
Charges in relation to client relationships and goodwill (note 22)
25.2
19.5
Acquisition-related costs (note 9)
44.3
13.5
Total operating expenses
513.5
391.8
The property, plant and equipment depreciation and impairment charge differs to the amount in Note 19 predominantly due to \u00a31.7 million accelerated depreciation on fixtures and fittings, which has been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 predominantly due to \u00a31.1 million accelerated depreciation and impairment on leases within the Group, which has been treated as acquisition-related costs (note 9). Other expenses largely comprise costs relating to other staff costs \u00a311.0 million (2022: \u00a38.4 million); settlement, admin and dealing charges \u00a310.7 million (2022: \u00a39.8 million); client costs \u00a35.1 million (2022: \u00a33.2 million); marketing costs \u00a36.1 million (2022: \u00a33.3 million); IT and licenses costs \u00a345.9 million (2022: \u00a340.0 million) and legal and professional costs \u00a37.8 million (2022: \u00a34.2 million). A more detailed analysis of auditor\u2019s remuneration is provided below:
2023 2022
\u00a3m \u00a3m
Fees payable to the company\u2019s auditor for the audit of the company\u2019s
annual financial statements
0.7
0.1
Fees payable to the company\u2019s auditor and their associates for other
services to the group:
\u2014
audit of the company\u2019s subsidiaries pursuant to legislation
1.0
0.6
\u2014
audit-related assurance services
1.2
0.5
\u2014
other services
0.1
\u2212
3.0
1.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "value": "7 OPERATING EXPENSES
2023 2022
\u00a3m \u00a3m
Staff costs (note 10)
313.6
245.6
Depreciation and impairment charges of property, plant and equipment
(note 19)
5.2
4.7
Depreciation and impairment charges of right-of-use assets (note 20)
6.5
5.6
Amortisation of internally generated intangible assets (note 22)
1.8
1.5
Amortisation and impairment of purchased software (note 22)
3.8
3.6
Auditor's remuneration (see below)
3.0
1.1
Impairment (recoveries)/charges on loans and advances to customers
(note 33)
0.1
(0\ue01f1)
Rental charge
3.5
2.1
Other
106.5
94.7
Other operating expenses
444.0
358.8
Charges in relation to client relationships and goodwill (note 22)
25.2
19.5
Acquisition-related costs (note 9)
44.3
13.5
Total operating expenses
513.5
391.8
The property, plant and equipment depreciation and impairment charge differs to the amount in Note 19 predominantly due to \u00a31.7 million accelerated depreciation on fixtures and fittings, which has been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 predominantly due to \u00a31.1 million accelerated depreciation and impairment on leases within the Group, which has been treated as acquisition-related costs (note 9). Other expenses largely comprise costs relating to other staff costs \u00a311.0 million (2022: \u00a38.4 million); settlement, admin and dealing charges \u00a310.7 million (2022: \u00a39.8 million); client costs \u00a35.1 million (2022: \u00a33.2 million); marketing costs \u00a36.1 million (2022: \u00a33.3 million); IT and licenses costs \u00a345.9 million (2022: \u00a340.0 million) and legal and professional costs \u00a37.8 million (2022: \u00a34.2 million). A more detailed analysis of auditor\u2019s remuneration is provided below:
2023 2022
\u00a3m \u00a3m
Fees payable to the company\u2019s auditor for the audit of the company\u2019s
annual financial statements
0.7
0.1
Fees payable to the company\u2019s auditor and their associates for other
services to the group:
\u2014
audit of the company\u2019s subsidiaries pursuant to legislation
1.0
0.6
\u2014
audit-related assurance services
1.2
0.5
\u2014
other services
0.1
\u2212
3.0
1.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "7 OPERATING EXPENSES
2023 2022
\u00a3m \u00a3m
Staff costs (note 10)
313.6
245.6
Depreciation and impairment charges of property, plant and equipment
(note 19)
5.2
4.7
Depreciation and impairment charges of right-of-use assets (note 20)
6.5
5.6
Amortisation of internally generated intangible assets (note 22)
1.8
1.5
Amortisation and impairment of purchased software (note 22)
3.8
3.6
Auditor's remuneration (see below)
3.0
1.1
Impairment (recoveries)/charges on loans and advances to customers
(note 33)
0.1
(0\ue01f1)
Rental charge
3.5
2.1
Other
106.5
94.7
Other operating expenses
444.0
358.8
Charges in relation to client relationships and goodwill (note 22)
25.2
19.5
Acquisition-related costs (note 9)
44.3
13.5
Total operating expenses
513.5
391.8
The property, plant and equipment depreciation and impairment charge differs to the amount in Note 19 predominantly due to \u00a31.7 million accelerated depreciation on fixtures and fittings, which has been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 predominantly due to \u00a31.1 million accelerated depreciation and impairment on leases within the Group, which has been treated as acquisition-related costs (note 9). Other expenses largely comprise costs relating to other staff costs \u00a311.0 million (2022: \u00a38.4 million); settlement, admin and dealing charges \u00a310.7 million (2022: \u00a39.8 million); client costs \u00a35.1 million (2022: \u00a33.2 million); marketing costs \u00a36.1 million (2022: \u00a33.3 million); IT and licenses costs \u00a345.9 million (2022: \u00a340.0 million) and legal and professional costs \u00a37.8 million (2022: \u00a34.2 million). A more detailed analysis of auditor\u2019s remuneration is provided below:
2023 2022
\u00a3m \u00a3m
Fees payable to the company\u2019s auditor for the audit of the company\u2019s
annual financial statements
0.7
0.1
Fees payable to the company\u2019s auditor and their associates for other
services to the group:
\u2014
audit of the company\u2019s subsidiaries pursuant to legislation
1.0
0.6
\u2014
audit-related assurance services
1.2
0.5
\u2014
other services
0.1
\u2212
3.0
1.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "
2023 2022
\u00a3m \u00a3m
Staff costs (note 10)
313.6
245.6
Depreciation and impairment charges of property, plant and equipment
(note 19)
5.2
4.7
Depreciation and impairment charges of right-of-use assets (note 20)
6.5
5.6
Amortisation of internally generated intangible assets (note 22)
1.8
1.5
Amortisation and impairment of purchased software (note 22)
3.8
3.6
Auditor's remuneration (see below)
3.0
1.1
Impairment (recoveries)/charges on loans and advances to customers
(note 33)
0.1
(0\ue01f1)
Rental charge
3.5
2.1
Other
106.5
94.7
Other operating expenses
444.0
358.8
Charges in relation to client relationships and goodwill (note 22)
25.2
19.5
Acquisition-related costs (note 9)
44.3
13.5
Total operating expenses
513.5
391.8
The property, plant and equipment depreciation and impairment charge differs to the amount in Note 19 predominantly due to \u00a31.7 million accelerated depreciation on fixtures and fittings, which has been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 predominantly due to \u00a31.1 million accelerated depreciation and impairment on leases within the Group, which has been treated as acquisition-related costs (note 9). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "value": "Other expenses largely comprise costs relating to other staff costs \u00a311.0 million (2022: \u00a38.4 million); settlement, admin and dealing charges \u00a310.7 million (2022: \u00a39.8 million); client costs \u00a35.1 million (2022: \u00a33.2 million); marketing costs \u00a36.1 million (2022: \u00a33.3 million); IT and licenses costs \u00a345.9 million (2022: \u00a340.0 million) and legal and professional costs \u00a37.8 million (2022: \u00a34.2 million). A more detailed analysis of auditor\u2019s remuneration is provided below:
2023 2022
\u00a3m \u00a3m
Fees payable to the company\u2019s auditor for the audit of the company\u2019s
annual financial statements
0.7
0.1
Fees payable to the company\u2019s auditor and their associates for other
services to the group:
\u2014
audit of the company\u2019s subsidiaries pursuant to legislation
1.0
0.6
\u2014
audit-related assurance services
1.2
0.5
\u2014
other services
0.1
\u2212
3.0
1.2
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "
8 BUSINESS COMBINATIONS
INVESTEC WEALTH & INVESTMENT
On 21 September 2023, the group completed its acquisition of 100% of the ordinary share capital of
Investec Wealth & Investment Limited (IW&I) from Investec Bank Plc. Investec Wealth & Investment
Limited owns 100% of the ordinary share capital in Investec Wealth & Investment (Channel Islands)
Limited and Murray Asset Management UK Limited. Results were consolidated with effect from 30
September 2023, as the effect of transactions and activities in the period from 21 September 2023 to
30 September 2023 on the consolidated financial statements was not material.
IW&I specialises in the provision of wealth and investment management services in the UK and
Channel Islands, catering to private clients, clients of professional advisers and charities. The group
expects to capture significant scale benefits from the combination, due to the consolidation of
technology platforms and operations, enablement functions, third party services and property, in
addition to utilising the benefits of the group\u2019s banking licence once IW&I clients are migrated.
Consideration transferred
Total consideration transferred to Investec Bank Plc comprised a share issue of 27,056,463 ordinary
shares and 17,481,868 convertible non-voting ordinary shares. Based on Rathbones\u2019 issued share
capital at completion, the total shares transferred to Investec Bank Plc amounted to an economic
interest in Rathbones Group Plc of 41.25%, but in accordance with the terms of the acquisition 29.9%
of the total voting rights in Rathbones.
The fair value of the ordinary shares issued was determined with reference to the share price of
Rathbones Group Plc at close of business on 20 September 2023, and was assessed to be \u00a317.22 per
share. The fair value of the non-voting shares of \u00a316.36 was calculated by applying a 5.0% discount
to this share price, to reflect the fact the shares are non-marketable and non-transferable. This
produced a total value for consideration paid of \u00a3751.9 million.
As the share issue was in pursuance of the arrangement to acquire 100% of the shares in IW&I, the
premium on the share issue, being \u00a3749.8 million, qualifies for merger relief. This has been
recognised within the merger reserve.
The regulatory announcement for the acquisition on 4 April 2023 used a share price of \u00a318.84 to
derive an implied equity value of \u00a3839 million. However, the group\u2019s share price has reduced since
the announcement, resulting in a lower value for the shares issued at the completion date of the
acquisition (21 September 2023).
The convertible non-voting ordinary shares rank pari-passu with the ordinary shares, except that
they do not carry voting rights. Investec Bank Plc may convert the convertible non-voting ordinary
shares into ordinary shares on a 1-for-1 basis, provided that at no time shall Investec group hold more
than 29.9% of the Rathbones group\u2019s enlarged voting rights. Both the ordinary shares and convertible
non-voting ordinary shares qualify as common equity tier 1 capital of the Rathbones group.
Deferred Incentive awards
An ancillary matters agreement, which was signed at the time of the combination announcement in
April, includes detail of deferred awards and contingent payments to be made to a group of Investec
W&I employees under the Rathbones Integration Incentive Scheme. These payments require the
recipients of the awards to remain in employment with the group for the duration of the respective
deferral periods, and therefore these amounts have not been included in the acquisition accounting.
The cost for these equity-settled awards is being charged to profit or loss and spread over each
vesting period. Details of the share awards are as follows:
Gross Grant date
amount fair value
\u00a3m
Grant date
\u00a3m
Vesting date
Rathbone Integration
Incentive Scheme
39.0
6 October 2023
31.2
22 September 2027
The Rathbone Integration Incentive Scheme awards of \u00a339.0 million is payable in shares, and will
vest in three equal tranches annually on the second, third and fourth anniversary of the completion
date, subject to conditions relating to the client migration process. Vesting of the final one-third of the
shares on the fourth anniversary of the date of grant will be subject to engagement in the client
migration process. The gross amount of \u00a339.0 million represents management\u2019s best estimate as to
the extent to which these conditions will be achieved. These awards are being accounted for as an
equity-settled share-based payment under IFRS 2. The grant date fair value was determined with
reference to the share price at grant less the value of expected dividends over the period to vesting, as
no dividend shares have been granted on this award. There are no market-related performance
conditions attached to this award.
The group recognised a charge of \u00a33.0 million in relation to this scheme in 2023 and all share options
are outstanding at the end of the period.
A Business Enablement award of \u00a36.9 million was also granted during the year and is payable
predominantly in cash to different groups of employees in key business enablement functions. For
those recipients who are classified by the group as material risk-takers in accordance with
remuneration regulations, 50% of their award will be payable in shares. Approximately 30% of the
total award will vest on 31 March 2024, and the remainder will vest on 31 March 2025, subject to the
recipients remaining employed until this date and other conditions being met. The group treats the
cash element of the award as an employee benefit under IAS 19, with a corresponding liability
recognised for the services received at the balance sheet date, and the share element of the awards as
equity-settled share-based payments under IFRS 2.
The group recognised a charge of \u00a31.8 million in relation to this scheme in 2023.
These costs are being reported as staff costs within acquisition-related costs (see note 9).
Identifiable assets acquired and liabilities assumed
The group uses the acquisition method to account for business combinations. The identifiable net
assets of the IW&I group have been remeasured at fair value at the acquisition date as follows:
Carrying Recognised
amounts Fair value amounts
21 September 2023 \u00a3m \u00a3m \u00a3m
Settlement assets
233.3
\u2013
233.3
Property, plant and equipment
5.0
\u2013
5.0
Trade and other receivables
45.5
\u2013
45.5
Loans and advances to customers
0.7
\u2013
0.7
Software assets (note 22)
3.7
\u2013
3.7
Client relationship intangible assets (note 22)
20.0
330.3
350.3
Cash and cash equivalents
172.6
\u2013
172.6
Right-of-use assets
31.8
1.1
32.9
Settlement liabilities
(225.7)
\u2013
(225.7)
Trade and other payables
(30.0)
\u2013
(30.0)
Accruals and deferred income
(51.7)
\u2013
(51.7)
Deferred tax liabilities (note 21)
4.6
(8 7.6)
(83.0)
Lease liabilities
(39.8)
8.7
(31.1)
Provisions
(10.7)
\u2013
(10.7)
Total net assets acquired
159.3
252.5
411.8
The fair value of \u00a3350.3 million for the client relationship intangible assets has been measured using
a multi-period earnings method (note 22). The model uses estimates of client longevity and
investment performance to derive a series of cash flows, which are discounted to a present value to
determine the fair value of the client relationships acquired. These assets were valued separately by
client group, being direct private clients, corporates, intermediaries and charities, to reflect their
differing revenue margins and attrition rates. The average weighted life of the four groups has been
calculated at 14 years.
The deferred tax liability of \u00a387.6 million arising on recognition of the client relationship intangible
assets is equal to its carrying value at the applicable tax rate and affects the amount of goodwill that
is recognised as part of the business combination.
No brand has been acquired as part of the transaction.
The group measured the acquired lease liabilities using the present value of the remaining lease
payments as if the leases were new leases at the acquisition date. The corresponding right-of-use
assets were measured at an amount equal to the lease liabilities, adjusted to reflect favourable or
unfavourable terms of the leases when compared to market terms. However, no off-market terms that
required an additional adjustment to the right-of-use assets were identified. Assumptions of when the
group expects to terminate these leases were reflected in the valuation.
A contingent liability assumed in a business combination is recognised at the acquisition date even if
an outflow of economic benefits is not probable, provided it is a present obligation arising from past
events and its fair value can be measured reliably. No contingent liabilities have been recognised at
acquisition. Circumstances which potentially exposed certain clients of IW&I to detriment arose in
the ordinary course of business prior to the date of acquisition. An estimate of the potential outflow
has been calculated at \u00a31.1 million. A liability was not recognised at the year end, however all
economic outflows arising from this were indemnified by Investec Group at acquisition. The asset
relating to the amount receivable under the indemnity would be measured on the same basis as the
related liability and there would therefore be no impact on acquired goodwill.
Included within other creditors is \u00a38.3 million payable by Investec W&I to Investec Bank Plc in
relation to amounts recharged for the provision of payroll and other services.
Settlement balances and other receivables are current assets that are deemed to be collectible with no
allowance for doubtful debts required. Trade and settlement payables are generated through the
normal course of business and are classified as current liabilities expected to be settled through
payments in the short-term. The carrying value of these was therefore determined to approximate
fair value.
The fair value of all other net assets acquired were deemed to be equal to their carrying value.
Goodwill
Goodwill of \u00a3340.1 million arising on the excess of consideration over the fair value of the net assets
acquired represents the future economic benefit expected from an acquired workforce, expected
future growth and future client relationships, as well as operational and revenue synergies. Where
goodwill arises on consolidation within the group it is not deductible for tax purposes, and nor is any
impairment of goodwill in future periods.
\u00a3m
Total consideration
751.9
Fair value of identifiable net assets acquired (see above)
411.8
Goodwill
340.1
If the group had made the acquisition on 1 January 2023, IW&I would have contributed \u00a3358.4
million to group operating income and \u00a385.8 million to profit before tax, as based on the company\u2019s
results for the year to 31 December 2023.
SAUNDERSON HOUSE
On 20 October 2021, the group acquired 100% of the ordinary share capital of the Saunderson
House group.
OTHER DEFERRED PAYMENTS
In addition to a total cash consideration of \u00a398.9 million paid in prior years, 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 is therefore charged to the
income statement over the respective vesting periods. Details of each of these elements is as follows:
Gross Grant date
amount fair value
\u00a3m
Grant date
\u00a3m
Vesting date
Initial share consideration
5.2
20 October 2021
5.5
20 October 2024
Deferred share consideration
4.1
20 October 2021
4.1
20 October 2022
Management incentive scheme
5.5
20 December 2021
4.8
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.
\u2014 Initial share consideration of \u00a35.2 million was issued on the date of acquisition, however it 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 \u00a35.2 million on the issuance of these shares has
been recognised within the merger reserve.
\u2014 Deferred share consideration of \u00a34.1 million was settled in shares during the prior year on the first
anniversary of the acquisition date, and was subject to the vendors remaining in employment with
the group.
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 \u00a37.5 million (see note 2.3).
These costs are being reported as staff costs within acquisition-related costs (see note 9).
9 ACQUISITION-RELATED AND INTEGRATION COSTS
During 2023 \u00a344.3 million of acquisition-related and integration costs were incurred (2022: \u00a313.5
million).
2023
2022
\u00a3m \u00a3m
Acquisition of Speirs & Jeffrey
1.0
3.5
Acquisition of Investec Wealth & Investment
36.5
\u2212
Acquisition of Saunderson House
6.8
10.0
Acquisition-related and Integration costs
44.3
13.5
Total Acquisition related staff costs worth \u00a311.0 million (2022: 10.0 million) during the year relate to
equity-settled share-based payments (Note 10).
COSTS RELATING TO THE ACQUISITION OF INVESTEC WEALTH & INVESTMENT
The group has incurred the following costs in relation to the acquisition of IW&I, summarised by the
following classification within the income statement:
2023 2022
\u00a3m \u00a3m
Acquisition costs:
Staff costs (note 10)
6.2
\u2212
Legal and Advisory Fees
21.3
\u2212
Integration Costs
9.0
\u2212
Acquisition-related and Integration costs
36.5
\u2212
Non-staff acquisition costs (Leagal and Advisory fees) of \u00a321.3 million (2022: \u00a3nil) and integration
costs of \u00a39.0 million (2022: \u00a3nil) have not been allocated to a specific operating segment (note 3).
The Legal and advisory fees of \u00a321.3 million are one-off costs incurred on executing the transaction
(2022: \u00a3nil).
The group incurred costs of \u00a32.2 million in the year that were deemed to be incremental to the share
issue that occurred on 21 September 2023. These costs have been recognised as a deduction to the
merger reserve.
From 30 September 2023 to 31 December 2023, Investec W&I contributed \u00a387.9 million to the
group\u2019s total operating income, and \u00a315.0 million to the group\u2019s profit before tax. This excludes
integration costs of the acquired business since acquisition, and amortisation of the acquired client
relationship intangible assets.
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:
2023 2022
\u00a3m \u00a3m
Acquisition costs:
Staff costs (note 10)
1.0
3.5
Acquisition-related and Integration costs
1.0
3.5
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:
2023 2022
\u00a3m \u00a3m
Acquisition costs:
Staff costs (note 10)
3.9
6.5
Legal and advisory fees
0.8
\u2212
Integration costs
2.1
3.4
Acquisition-related and Integration costs
6.8
10.0
Non-staff acquisition costs of \u00a30.8 million (2022: \u00a3nil) and Integration costs of \u00a32.1 million (2022:
\u00a33.4 million ) have not been allocated to a specific operating segment (note 3).
Staff costs of \u00a33.9 million (2022: 6.5 million) are related to deferred remuneration.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "
10 STAFF COSTS
2023 2022
\u00a3m \u00a3m
Wages and salaries
244.3
189.5
Social security costs
32.2
25.2
Acquisition-related equity-settled share-based payments (note 9)
7.5
10.0
Acquisition-related cash-settled staff costs
3.5
\u2212
Other equity-settled share-based payments
16.5
15.9
Pension costs (note 29):
\u2014 Defined benefit schemes
(0.5)
(0\ue01f3)
\u2014 Defined contribution schemes
21.1
15.3
20.6
15.0
Total staff costs
324.6
255.6
Acquisition-related staff costs
(11.0)
(10.0)
Underlying staff costs (note 3)
313.6
245.6
The average number of employees on a full-time equivalent basis during the year, incorporating IW&I
Ltd employees from the date of completion, was as follows:
2023
2022
Wealth Management:
\u2014
investment management services1
1,312
1,305
\u2014
advisory services1
374
155
Asset Management
52
50
Shared services
760
543
2,498
2,053
1. A number of FTE in Saunderson House have been reclassified from investment management services to advisory services during
2023 as the integration has progresed
The actual number of Group employees at 31 December 2023 was 3,532 (2022: 2,124).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "
On 11 July 2023, the United Kingdom government, where the parent company is incorporated,
enacted the Pillar II income taxes legislation effective from 1 January 2024. Under the legislation,
the parent company will be required to pay, in the United Kingdom, top-up tax on profits of its
subsidiaries located in territories outside the United Kingdom that are taxed at an effective tax rate of
less than 15%. The jurisdiction in which an exposure to this tax may exist is the Channel Islands. The
group is continuing to assess the impact of the Pillar II income taxes legislation on its future financial
performance following the Investec acquisition. Based on our initial evaluations, we do not expect
there to be a material additional Pillar II exposure for the group.
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% from 19.0% on the 1st April 2023. 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 group has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, so that the group neither recognises nor discloses information about
deferred tax assets and liabilities related to Pillar II income taxes.
The movement on the deferred tax account is as follows:
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
4.0
(2.4)
12.1
9.2
(0.9)
(29.5)
( 7. 5)
Recognised in profit or loss in respect of:
current year
1.3
(0.8)
(2.5)
(0.5)
0.6
3.8
1.9
prior year
0.8
\u2013
\u2013
1.3
\u2013
(0.2)
1.9
change in rate
0.1
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2.2
(0.9)
(2.5)
0.8
0.6
3.6
3.8
Recognised in other comprehensive income in respect of:
current year
\u2013
1.4
\u2013
\u2013
\u2013
\u2013
1.4
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Total
\u2013
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
Business combinations
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
Total
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred tax assets
7.5
\u2013
8.7
13.4
\u2013
\u2013
29.6
Deferred tax liabilities
\u2013
(1.8)
\u2013
\u2013
(0.3)
(113.5)
(115.6)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3.8
(2\ue01f4)
9.7
7.3
(0\ue01f8)
(31.4)
(13\ue01f8)
Recognised in profit or loss in respect of:
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
current year
\u2212
(0\ue01f8)
0.9
0.2
0.1
1.9
2.3
prior year
0.2
\u2212
0.1
0.1
\u2212
\u2212
0.4
change in rate
\u2212
(2\ue01f6)
0.2
1.6
(0\ue01f2)
\u2212
(1\ue01f0)
Total
0.2
(3.4)
1.2
1.9
(0.1)
1.9
1.7
Recognised in other comprehensive income in respect of:
current year
\u2212
1.4
\u2212
\u2212
\u2212
\u2212
1.4
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
2.0
\u2212
\u2212
\u2212
\u2212
2.0
Total
\u2212
3.4
\u2212
\u2212
\u2212
\u2212
3.4
Recognised in equity in respect of:
current year
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
Business combinations
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
( 7. 5)
Deferred tax assets
4.0
\u2212
12.1
9.2
\u2212
\u2212
25.3
Deferred tax liabilities
\u2212
(2\ue01f4)
\u2212
\u2212
(0\ue01f9)
(29.5)
(32.8)
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
(7. 5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "
12 DIVIDENDS
2023 2022
\u00a3m \u00a3m
Amounts recognised as distributions to equity holders in the year:
\u2014
final dividend for the year ended 31 December 2022 of 56.0p (2021:
33.4 32.1
54.0p) per share
\u2014
interim dividend for the year ended 31 December 2023 of 29.0p (2022:
17. 5 16.6
28.0p) per share
\u2014
second interim dividend for the year ended 31 December 2023 of
20.5 \u2212
34.0p (2022:0p) per share
Dividends paid in the year of 119.0p (2022: 82.0p) per share
71.4
48.6
Proposed final dividend for the year ended 31 December 2023 of 24.0p
(2022: 56.0p) per share
24.9
32.8
An interim dividend of 29.0p per share was paid on 25 August 2023 to shareholders on the register at
the close of business on 4 August 2023 (2022: 28.0p).
A second interim dividend of 34.0 per share was paid on 11 October 2023 to shareholders on the
register at the close of business on 20 September 2023 (2022: nil).
A final dividend declared of 24.0p per share (2022: 56.0p) is payable on 14 May 2024 to shareholders
on the register at the close of business on 19 April 2024. The final dividend is subject to approval by
shareholders at the Annual General Meeting on 9 May 2024 and has not been included as a liability in
these financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "0.24", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-410": { "value": "0.56", "decimals": 3, "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-411": { "value": "24900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-412": { "value": "
13 EARNINGS PER SHARE
Earnings used to calculate earnings per share on the bases reported in these financial
statements were:
2023
2022
Pre-tax Taxation Post-tax Pre-tax Taxation Post-tax
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Underlying profit attributable
to shareholders
127.1
(30.3)
96.8
9 7.1
(20.4)
76.7
Charges in relation to client
relationships and goodwill
(note 22)
(25.2)
5.9
(19.3)
(19\ue01f5)
3.7
(15.8)
Acquisition-related costs
(note 9)
(44.3)
4.3
(40.0)
(13.5)
1.6
(11.9)
Profit attributable to
shareholders
57.6
(20.1)
37. 5
64.1
(15.1)
49.0
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
71,269,129 (2022: 58,618,521). This includes 17,481,868 convertible non-voting shares issued as
consideration for the IW&I transaction. In total, 44,538,331 shares were issued as a result of the IW&I
transaction on 21 September. This has resulted in a mismatch between the weighted average number
of shares and the total number of shares of 108,065,997 million disclosed in note 30 due to the
shares in the weighted average share calculation being prorated over from 21 September to year end.
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, expected shares to be issued under the KEEP
Support Function award, expected shares to be issued within the Rathbones Integration Incentive
Award Scheme and any dilutive shares to be issued under the Share Incentive Plan, all weighted for
the relevant period.
2023
2022
Weighted average number of ordinary shares in issue during the year \u2013 basic
71,269,129
58,618,521
Effect of ordinary share options/Save As You Earn
443,865
595,055
Effect of dilutive shares issuable under the Share Incentive Plan
2,517
671
Effect of contingently issuable shares under the Executive Incentive Plan
294,770
563,816
Effect of contingently issuable shares under Saunderson House initial share
consideration (note 8)
272,952
272,952
Effect of expected shares to be issued under the Key Employee Equity Plan
Support Function Award
314,600
\u2212
Effect of expected shares to be issued under the Rathbones Integration
Incentive Scheme Award
1,276,744
\u2212
Diluted ordinary shares
73,874,577
60,051,015
2023
2022
Earnings per share for the year attributable to equity holders of the
company:
\u2014
basic
52.6p
83.6p
\u2014
diluted
50.8p
81.6p
Underlying earnings per share for the year attributable to equity holders
of the company:
\u2014
basic
135.8p
130.8p
\u2014
diluted
131.0p
12 7.7 p
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-413": { "value": "
14 CASH AND BALANCES WITH CENTRAL BANKS
2023
2022
\u00a3m \u00a3m
Balances with central banks
1,038.3
1,413.0
Less impairment loss allowance
\u2013
(0.1)
1,038.3
1,412.9
The fair value of balances with central banks is not materially different from their carrying amount.
2023 2022
\u00a3m \u00a3m
Repayable:
\u2014
on demand
1,036.0
1,408.0
\u2014
within 1 year but over 3 months
2.3
5.0
Less impairment loss allowance
\u2013
(0.1)
1,038.3
1,412.9
Amounts include balances:
\u2014
with variable interest rates
1,036.0
1,408.0
\u2014
which are non-interest-bearing
2.3
5.0
Less impairment loss allowance
\u2013
(0.1)
1,038.3
1,412.9
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "14 CASH AND BALANCES WITH CENTRAL BANKS 2023
2022
\u00a3m \u00a3m
Balances with central banks
1,038.3
1,413.0
Less impairment loss allowance
\u2013
(0.1)
1,038.3
1,412.9
The fair value of balances with central banks is not materially different from their carrying amount.
2023 2022
\u00a3m \u00a3m
Repayable:
\u2014
on demand
1,036.0
1,408.0
\u2014
within 1 year but over 3 months
2.3
5.0
Less impairment loss allowance
\u2013
(0.1)
1,038.3
1,412.9
Amounts include balances:
\u2014
with variable interest rates
1,036.0
1,408.0
\u2014
which are non-interest-bearing
2.3
5.0
Less impairment loss allowance
\u2013
(0.1)
1,038.3
1,412.9
The group\u2019s exposure to credit risk arising from cash and balances with central banks is described in note 33.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-415": { "value": "
15 LOANS AND ADVANCES TO BANKS
2023 2022
\u00a3m \u00a3m
Current accounts
252.4
164.7
Fixed term deposits/notice accounts
14.5
30.0
Less impairment loss allowance
\u2013
\u2212
266.9
194.7
2023 2022
\u00a3m \u00a3m
Repayable:
on demand
245.4
164.7
within 3 months or less excluding on demand
21.5
\u2212
within 1 year but over 3 months
\u2013
30.0
5 years or less but over 1 year
\u2013
\u2212
Less impairment loss allowance
\u2013
\u2212
266.9
194.7
Amounts include loans and advances:
with variable interest rates
256.8
194.4
with fixed interest rates
9.9
\u2212
which are non-interest-bearing
0.2
0.3
Less impairment loss allowance
\u2013
\u2212
266.9
194.7
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 2023 were
\u00a3266.9 million (note 38) (2022: \u00a3164.7 million).
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "
16 LOANS AND ADVANCES TO CUSTOMERS
2023 2022
\u00a3m \u00a3m
Overdrafts
9.7
6.5
Investment management loan book
101.7
159.7
Trust and financial planning debtors
2.9
3.2
Other debtors
1.6
0.5
Less impairment loss allowance
(0.3)
(0.1)
115.6
169.8
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 or subject to a fixed interest rate.
2023 2022
\u00a3m \u00a3m
Repayable:
\u2014
on demand
11.5
8.2
\u2014
within 3 months or less excluding on demand
3.4
3.1
\u2014
within 1 year but over 3 months
3.2
2.3
\u2014
within 5 years but over 1 year
97. 8
156.3
Less impairment loss allowance
(0.3)
(0.1)
115.6
169.8
Amounts include loans and advances:
\u2014
with variable interest rates
111.3
166.0
\u2014
which are non-interest-bearing
4.3
3.5
\u2014
with fixed interest rates
0.3
0.4
Less impairment loss allowance
(0.3)
(0.1)
115.6
169.8
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "
17 INVESTMENT SECURITIES
FAIR VALUE THROUGH PROFIT OR LOSS
2023 2022
\u00a3m \u00a3m
Equity securities:
\u2014
listed
\u2013
8.1
\u2014
unlisted
1.2
3.1
1.2
11.2
Fair value through profit or loss securities includes direct holdings in equity securities. The group
previously owned units in collectives managed by Rathbones Asset Management Limited (valued at
31 December 2022: \u00a38.1 million). These assets were used to hedge the group\u2019s exposure to deferred
remuneration schemes for employees of unit trusts. These assets were sold during the period. Equity
securities now comprise shares in Euroclear after units in Rathbones Asset Management Limited
managed funds were disposed of during the financial year. During the year, the group sold 1,292 of
its shares in Euroclear in two separate transactions. Equity securities do not bear interest.
AMORTISED COST
2023 2022
\u00a3m \u00a3m
Debt securities:
\u2014
unlisted
1,294.6
1,045.2
Less impairment loss allowance
\u2013
\u2212
1,294.6
1,045.2
Debt securities comprise certificates of deposit that are all due to mature within one year (2022: all),
and treasury bills that are due to mature within one year (2022: all).
The fair value of debt securities is disclosed in note 33 .
17 INVESTMENT SECURITIES CONTINUED The change in the group\u2019s holdings of investment securities in the year is summarised below.
Fair value through Amortised
profit or loss cost Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
29.9
761.7
791.6
Additions
2.5
1,260.0
1,262.5
Disposals (sales and redemptions)
(20.9)
(983\ue01f5)
(1\ue01d004.4)
Foreign exchange movements
0.2
7.0
7. 2
Gain from changes in fair value
(0\ue01f5)
\u2212
(0\ue01f5)
Increase in impairment loss allowance
\u2212
\u2212
\u2212
At 1 January 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1, 80 7.1)
(1,818.1)
Foreign exchange movements
(3.2)
(3.4)
(6.6)
Gain from changes in fair value
4.2
\u2013
4.2
Increase in impairment loss allowance
\u2013
\u2013
\u2013
At 31 December 2023
1.2
1,294.6
1,295.8
Included within fair value through profit or loss are additions of \u00a3nil (2022:\u00a32.5 million) and \u00a38.1 million (2022: \u00a30.1 million) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "value": "17 INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS
2023 2022
\u00a3m \u00a3m
Equity securities:
\u2014
listed
\u2013
8.1
\u2014
unlisted
1.2
3.1
1.2
11.2
Fair value through profit or loss securities includes direct holdings in equity securities. The group previously owned units in collectives managed by Rathbones Asset Management Limited (valued at 31 December 2022: \u00a38.1 million). These assets were used to hedge the group\u2019s exposure to deferred remuneration schemes for employees of unit trusts. These assets were sold during the period. Equity securities now comprise shares in Euroclear after units in Rathbones Asset Management Limited managed funds were disposed of during the financial year. During the year, the group sold 1,292 of its shares in Euroclear in two separate transactions. Equity securities do not bear interest. AMORTISED COST
2023 2022
\u00a3m \u00a3m
Debt securities:
\u2014
unlisted
1,294.6
1,045.2
Less impairment loss allowance
\u2013
\u2212
1,294.6
1,045.2
Debt securities comprise certificates of deposit that are all due to mature within one year (2022: all), and treasury bills that are due to mature within one year (2022: all). The fair value of debt securities is disclosed in note 33 . 17 INVESTMENT SECURITIES CONTINUED The change in the group\u2019s holdings of investment securities in the year is summarised below.
Fair value through Amortised
profit or loss cost Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
29.9
761.7
791.6
Additions
2.5
1,260.0
1,262.5
Disposals (sales and redemptions)
(20.9)
(983\ue01f5)
(1\ue01d004.4)
Foreign exchange movements
0.2
7.0
7. 2
Gain from changes in fair value
(0\ue01f5)
\u2212
(0\ue01f5)
Increase in impairment loss allowance
\u2212
\u2212
\u2212
At 1 January 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1, 80 7.1)
(1,818.1)
Foreign exchange movements
(3.2)
(3.4)
(6.6)
Gain from changes in fair value
4.2
\u2013
4.2
Increase in impairment loss allowance
\u2013
\u2013
\u2013
At 31 December 2023
1.2
1,294.6
1,295.8
Included within fair value through profit or loss are additions of \u00a3nil (2022:\u00a32.5 million) and \u00a38.1 million (2022: \u00a30.1 million) 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: \u2014 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2014 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2014 Level 3: inputs for the asset or liability that are not based on observable market data.
Level 1 Level 2 Level 3 Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
\u2013
\u2013
1.2
1.2
\u2013
\u2013
1.2
1.2
Level 1 Level 2 Level 3 Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
8.1
\u2212
3.1
11.2
8.1
\u2212
3.1
11.2
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 (2022: 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: \u2014 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 2023 was \u00a31,296.8 million (2022: \u00a31,053.5 million) and the carrying value was \u00a31,294.6 million (2022: \u00a31,045.3 million). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2014 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2023 was \u00a337.4 million (2022: \u00a341.2 million) and the carrying value was \u00a339.9 million (2022: \u00a339.9 million). 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 At 31st December 2023, the group held 517 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. At the prior year-end, the Group held 1,809 shares which were valued at \u00a33.1 million by reference to the indicative price derived from the most recent transactions of the shares in the market. During the year, the group sold 1,292 of its shares in two separate transactions. The price was used to value the remaining shares at year-end. 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 \u00a30.1 million (2022: \u00a30.3 million). 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:
2023
2022
At 1 January
3.1
2.5
Total unrealised gains/(losses) recognised in profit or loss
1.0
0.6
Total disposals
(2.9)
\u2212
At 31 December
1.2
3.1
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "17 INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS
2023 2022
\u00a3m \u00a3m
Equity securities:
\u2014
listed
\u2013
8.1
\u2014
unlisted
1.2
3.1
1.2
11.2
Fair value through profit or loss securities includes direct holdings in equity securities. The group previously owned units in collectives managed by Rathbones Asset Management Limited (valued at 31 December 2022: \u00a38.1 million). These assets were used to hedge the group\u2019s exposure to deferred remuneration schemes for employees of unit trusts. These assets were sold during the period. Equity securities now comprise shares in Euroclear after units in Rathbones Asset Management Limited managed funds were disposed of during the financial year. During the year, the group sold 1,292 of its shares in Euroclear in two separate transactions. Equity securities do not bear interest. AMORTISED COST
2023 2022
\u00a3m \u00a3m
Debt securities:
\u2014
unlisted
1,294.6
1,045.2
Less impairment loss allowance
\u2013
\u2212
1,294.6
1,045.2
Debt securities comprise certificates of deposit that are all due to mature within one year (2022: all), and treasury bills that are due to mature within one year (2022: all). The fair value of debt securities is disclosed in note 33 .
17 INVESTMENT SECURITIES CONTINUED
The change in the group\u2019s holdings of investment securities in the year is summarised below.
Fair value through Amortised
profit or loss cost Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
29.9
761.7
791.6
Additions
2.5
1,260.0
1,262.5
Disposals (sales and redemptions)
(20.9)
(983\ue01f5)
(1\ue01d004.4)
Foreign exchange movements
0.2
7.0
7. 2
Gain from changes in fair value
(0\ue01f5)
\u2212
(0\ue01f5)
Increase in impairment loss allowance
\u2212
\u2212
\u2212
At 1 January 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1, 80 7.1)
(1,818.1)
Foreign exchange movements
(3.2)
(3.4)
(6.6)
Gain from changes in fair value
4.2
\u2013
4.2
Increase in impairment loss allowance
\u2013
\u2013
\u2013
At 31 December 2023
1.2
1,294.6
1,295.8
Included within fair value through profit or loss are additions of \u00a3nil (2022:\u00a32.5 million) and \u00a38.1
million (2022: \u00a30.1 million) of disposals of financial instruments that are not classified as cash and
cash equivalents.
45 INVESTMENT IN SUBSIDIARIES
Equities Total
\u00a3m \u00a3m
At 1 January 2022
422.2
422.2
Additions
Disposals
(0.7)
(0.7)
At 1 January 2023
421.5
421.5
Additions
751.9
751.9
Disposals
\u2013
\u2013
At 31 December 2023
1,173.4
1,173.4
The additions in the year of \u00a3751.9 million relate to the acquisition of Investec Wealth & Investment (see note 8). An impairment review is undertaken at the end of each reporting period when indicators of potential impairment are identified. Where impairment may be indicated, a test of carrying value against the recoverable value is performed. The recoverable amount is calculated as the value in use (VIU) which is derived from the present value of future cash flows expected to be received from the investment. Impairment is recognised where the investment exceeds the recoverable amount. No indicators of impairment have been identified this financial period (2022: \u00a30.7 million). EQUITIES At 31 December 2023 the company\u2019s subsidiary undertakings were as follows:
Company
registration
Subsidiary undertaking
Activity and operation
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
Rathbones Asset Management Limited
Asset 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 Brothers Ltd
Non-trading
12866506
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
Company
registration
Subsidiary undertaking
Activity and operation
number
CastleCo Limited
Non-trading
130602
HouseCo Limited
Non-trading
130603
CabinCo Limited
Non-trading
130601
CottageCo Limited
Non-trading
131144
Investec Wealth & Investment Limited
Investment management
02122340
Bell Nominees Limited
Corporate nominee
00625232
Investment Administration Nominees Limited
Corporate nominee
02075505
R.& R. Nominees Limited
Corporate nominee
00790828
Tudor Nominees Limited
Corporate nominee
02016278
Carr PEP Nominees Limited
Corporate nominee
02560336
Ferlim Nominees Limited
Corporate nominee
01022478
Murray Asset Management UK Limited
Asset Management
09447298
Castle Street Nominees UK Limited
Corporate nominee
09329323
Murray Asset Nominees UK Limited
Corporate nominee
09329081
Click Nominees Limited
Corporate nominee
03276308
PEP Services (Nominees) Limited
Corporate nominee
02368386
Murray Asset Management Limited
Corporate nominee
SC173493
Murray Investment Management Limited
Corporate nominee
SC173492
Murray Asset Nominees Limited
Corporate nominee
SC196715
Spring Nominees Limited
Corporate nominee
01747036
Anston Trustees Limited
Trustee Company
02826318
Carr Investment Services Nominees Limited
Corporate nominee
02620560
Investec Wealth & Investment Trustees Limited
Trustee Company
02243919
Rensburg Client Nominees Limited
Corporate nominee
02020824
Scarwood Nominees Limited
Corporate nominee
01147539
Castle Street Nominees Limited
Corporate nominee
SC050721
Hero Nominees Limited
Corporate nominee
34543
Investec Wealth & Investment (Channel Islands) Limited
Investment management
54988
Torch Nominees Limited
Corporate nominee
54991
* 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 2023
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 26 Esplanade, St Helier, Jersey JE1 2RB
Limited
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
Dean River Asset Management Limited
10 George Street, Edinburgh EH2 2PF
Rathbone Funds Advisers Unipessoal LDA (entity R Tierno Galvan 10 Torre 3, Piso 6 Sala 602,
dissolved 9 January 2023)* 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
Neilson Cobbold Client Nominees Ltd
Port of Liverpool Building, Pier Head, Liverpool L3
1NW
Rathbone Nominees Limited
Port of Liverpool Building, Pier Head, Liverpool L3
1NW
Investec Wealth & Investment Limited
30 Gresham Street, London, England, EC2V 7QN
Bell Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Investment Administration Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
R.& R. Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Tudor Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Carr PEP Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Subsidiary undertaking
Registered office
Ferlim Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Management UK Limited
30 Gresham Street, London, England, EC2V 7QN
Castle Street Nominees UK Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Nominees UK Limited
30 Gresham Street, London, England, EC2V 7QN
Click Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
PEP Services (Nominees) Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Management Limited
Quartermile, 15 Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Murray Investment Management Limited
Quartermile One, Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Murray Asset Nominees Limited
Quartermile One, 15 Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Spring Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Anston Trustees Limited
30 Gresham Street, London, England, EC2V 7QN
Carr Investment Services Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Investec Wealth & Investment Trustees Limited
30 Gresham Street, London, England, EC2V 7QN
Rensburg Client Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Scarwood Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Castle Street Nominees Limited
Quartermile One, Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Hero Nominees Limited
Glategny Court, Glategny Esplanade, St Peter Port,
Guernsey, GY1 1WR
Investec Wealth & Investment (Channel Islands) Glategny Court, Glategny Esplanade, St Peter Port,
Limited Guernsey, GY1 1WR
Torch Nominees Limited
Glategny Court, Glategny Esplanade, St Peter Port,
Guernsey, GY1 1WR
The company owns, directly or indirectly, 100% of the ordinary share capital of all subsidiary
undertakings.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "value": "AMORTISED COST
2023 2022
\u00a3m \u00a3m
Debt securities:
\u2014
unlisted
1,294.6
1,045.2
Less impairment loss allowance
\u2013
\u2212
1,294.6
1,045.2
Debt securities comprise certificates of deposit that are all due to mature within one year (2022: all), and treasury bills that are due to mature within one year (2022: all). The fair value of debt securities is disclosed in note 33 17 INVESTMENT SECURITIES CONTINUED The change in the group\u2019s holdings of investment securities in the year is summarised below.
Fair value through Amortised
profit or loss cost Total
\u00a3m \u00a3m \u00a3m
At 1 January 2022
29.9
761.7
791.6
Additions
2.5
1,260.0
1,262.5
Disposals (sales and redemptions)
(20.9)
(983\ue01f5)
(1\ue01d004.4)
Foreign exchange movements
0.2
7.0
7. 2
Gain from changes in fair value
(0\ue01f5)
\u2212
(0\ue01f5)
Increase in impairment loss allowance
\u2212
\u2212
\u2212
At 1 January 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1, 80 7.1)
(1,818.1)
Foreign exchange movements
(3.2)
(3.4)
(6.6)
Gain from changes in fair value
4.2
\u2013
4.2
Increase in impairment loss allowance
\u2013
\u2013
\u2013
At 31 December 2023
1.2
1,294.6
1,295.8
Included within fair value through profit or loss are additions of \u00a3nil (2022:\u00a32.5 million) and \u00a38.1 million (2022: \u00a30.1 million) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "
18 PREPAYMENTS, ACCRUED INCOME AND OTHER ASSETS
2023 2022
\u00a3m \u00a3m
Work in progress
14.4
9.6
Prepayments and other assets
6.5
0.4
Other Assets
57.4
24.1
Accrued income
147.0
92.6
225.3
126.7
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.
Accrued income reflects investment management fees, which are charged on a quarterly basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "value": "18 PREPAYMENTS, ACCRUED INCOME AND OTHER ASSETS
2023 2022
\u00a3m \u00a3m
Work in progress
14.4
9.6
Prepayments and other assets
6.5
0.4
Other Assets
57.4
24.1
Accrued income
147.0
92.6
225.3
126.7
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. Accrued income reflects investment management fees, which are charged on a quarterly basis. 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% from 19.0% on the 1st April 2023. 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 group has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, so that the group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes. The movement on the deferred tax account is as follows:
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
4.0
(2.4)
12.1
9.2
(0.9)
(29.5)
( 7. 5)
Recognised in profit or loss in respect of:
current year
1.3
(0.8)
(2.5)
(0.5)
0.6
3.8
1.9
prior year
0.8
\u2013
\u2013
1.3
\u2013
(0.2)
1.9
change in rate
0.1
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2.2
(0.9)
(2.5)
0.8
0.6
3.6
3.8
Recognised in other comprehensive income in respect of:
current year
\u2013
1.4
\u2013
\u2013
\u2013
\u2013
1.4
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Total
\u2013
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
Business combinations
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
Total
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred tax assets
7.5
\u2013
8.7
13.4
\u2013
\u2013
29.6
Deferred tax liabilities
\u2013
(1.8)
\u2013
\u2013
(0.3)
(113.5)
(115.6)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3.8
(2\ue01f4)
9.7
7.3
(0\ue01f8)
(31.4)
(13\ue01f8)
Recognised in profit or loss in respect of:
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
current year
\u2212
(0\ue01f8)
0.9
0.2
0.1
1.9
2.3
prior year
0.2
\u2212
0.1
0.1
\u2212
\u2212
0.4
change in rate
\u2212
(2\ue01f6)
0.2
1.6
(0\ue01f2)
\u2212
(1\ue01f0)
Total
0.2
(3.4)
1.2
1.9
(0.1)
1.9
1.7
Recognised in other comprehensive income in respect of:
current year
\u2212
1.4
\u2212
\u2212
\u2212
\u2212
1.4
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
2.0
\u2212
\u2212
\u2212
\u2212
2.0
Total
\u2212
3.4
\u2212
\u2212
\u2212
\u2212
3.4
Recognised in equity in respect of:
current year
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
Business combinations
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
( 7. 5)
Deferred tax assets
4.0
\u2212
12.1
9.2
\u2212
\u2212
25.3
Deferred tax liabilities
\u2212
(2\ue01f4)
\u2212
\u2212
(0\ue01f9)
(29.5)
(32.8)
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
(7. 5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "
19 PROPERTY, PLANT AND EQUIPMENT
Short term
leasehold Plant and
improvements equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
23.4
27. 2
50.6
Additions
1.4
3.0
4.4
Disposals
(0\ue01f5)
(1.1)
(1\ue01f6)
At 1 January 2023
24.3
29.1
53.4
Additions
0.3
4.8
5.1
Acquisitions through business combinations
(note 8)
2.4
2.6
5.0
Disposals
\u2013
(0.2)
(0.2)
Other Movements
0.8
(0.8)
\u2013
At 31 December 2023
27. 8
35.5
63.3
Depreciation
At 1 January 2022
14.2
23.3
37. 6
Charge for the year
2.0
2.8
4.7
Disposals
(0\ue01f4)
(1\ue01f2)
(1\ue01f6)
At 1 January 2023
15.8
24.9
40.7
Charge for the year
3.5
3.2
6.7
Disposals
\u2013
(0.2)
(0.2)
At 31 December 2023
19.3
2 7.9
47. 3
Carrying amount at 31 December 2023
8.5
7.6
16.1
Carrying amount at 31 December 2022
8.5
4.2
12.7
Carrying amount at 1 January 2022
9.2
3.9
13.1
During the year, where there was an expectation of the group vacating its properties prior to their
respective lease termination dates, the useful lives of any property, plant and equipment were
revised, and the assets were reviewed for impairment. The group subsequently recognised
accelerated depreciation in the year of \u00a31.7 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "value": "
20 RIGHT-OF-USE ASSETS
Property
Motor
vehicles and
equipment Total
\u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
58.1
0.3
58.4
Additions
3.7
\u2212
3.7
Disposals
(0\ue01f8)
\u2212
(0\ue01f8)
Other movements
(2\ue01f9)
\u2212
(2\ue01f9)
At 1 January 2023
58.1
0.3
58.4
Additions
2.1
\u2013
2.1
Acquisitions through business combinations (Note 8)
32.9
\u2013
32.9
Disposals
(0.2)
\u2013
(0.2)
Other movements
(2.9)
\u2013
(2.9)
At 31 December 2023
90.1
0.3
90.4
Depreciation and impairment
1 January 2022
14.5
\u2212
14.5
Charge for the year
5.5
0.1
5.6
Disposals
(0\ue01f8)
\u2212
(0\ue01f8)
Other movements
\u2212
\u2212
\u2212
At 1 January 2023
19.2
0.1
19.3
Charge for the year
7.4
0.1
7.5
Disposals
(0.9)
\u2013
(0.9)
Other movements
\u2013
\u2013
\u2013
At 31 December 2023
25.7
0.2
25.9
Carrying amount at 31 December 2023
64.4
0.1
64.5
Carrying amount at 31 December 2022
38.9
0.2
39.1
Carrying amount at 1 January 2022
43.6
0.3
43.9
During the year, where there was an expectation of the group vacating its properties prior to their
respective lease termination dates, the useful lives of the right-of-use assets were revised, and the
assets were reviewed for impairment. The group subsequently recognised impairment charges and
accelerated depreciation in the year of \u00a32.9 million, which has been recognised in acquisition-related
costs (Note 9).
", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "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% from 19.0% on the 1st April 2023. 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 group has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, so that the group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes. The movement on the deferred tax account is as follows:
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
4.0
(2.4)
12.1
9.2
(0.9)
(29.5)
( 7. 5)
Recognised in profit or loss in respect of:
current year
1.3
(0.8)
(2.5)
(0.5)
0.6
3.8
1.9
prior year
0.8
\u2013
\u2013
1.3
\u2013
(0.2)
1.9
change in rate
0.1
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2.2
(0.9)
(2.5)
0.8
0.6
3.6
3.8
Recognised in other comprehensive income in respect of:
current year
\u2013
1.4
\u2013
\u2013
\u2013
\u2013
1.4
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Total
\u2013
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
Business combinations
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
Total
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred tax assets
7.5
\u2013
8.7
13.4
\u2013
\u2013
29.6
Deferred tax liabilities
\u2013
(1.8)
\u2013
\u2013
(0.3)
(113.5)
(115.6)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3.8
(2\ue01f4)
9.7
7.3
(0\ue01f8)
(31.4)
(13\ue01f8)
Recognised in profit or loss in respect of:
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
current year
\u2212
(0\ue01f8)
0.9
0.2
0.1
1.9
2.3
prior year
0.2
\u2212
0.1
0.1
\u2212
\u2212
0.4
change in rate
\u2212
(2\ue01f6)
0.2
1.6
(0\ue01f2)
\u2212
(1\ue01f0)
Total
0.2
(3.4)
1.2
1.9
(0.1)
1.9
1.7
Recognised in other comprehensive income in respect of:
current year
\u2212
1.4
\u2212
\u2212
\u2212
\u2212
1.4
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
2.0
\u2212
\u2212
\u2212
\u2212
2.0
Total
\u2212
3.4
\u2212
\u2212
\u2212
\u2212
3.4
Recognised in equity in respect of:
current year
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
Business combinations
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
( 7. 5)
Deferred tax assets
4.0
\u2212
12.1
9.2
\u2212
\u2212
25.3
Deferred tax liabilities
\u2212
(2\ue01f4)
\u2212
\u2212
(0\ue01f9)
(29.5)
(32.8)
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
(7. 5)
25 ACCRUALS AND OTHER LIABILITIES Note
2023 2022
\u00a3m \u00a3m
Amounts due to associates
36
8.3
\u2212
Trade creditors
8.2
3.2
Other creditors
24.4
10.2
Accruals
168.7
100.9
209.6
114.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "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% from 19.0% on the 1st April 2023. 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 group has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, so that the group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes. The movement on the deferred tax account is as follows:
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
4.0
(2.4)
12.1
9.2
(0.9)
(29.5)
( 7. 5)
Recognised in profit or loss in respect of:
current year
1.3
(0.8)
(2.5)
(0.5)
0.6
3.8
1.9
prior year
0.8
\u2013
\u2013
1.3
\u2013
(0.2)
1.9
change in rate
0.1
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2.2
(0.9)
(2.5)
0.8
0.6
3.6
3.8
Recognised in other comprehensive income in respect of:
current year
\u2013
1.4
\u2013
\u2013
\u2013
\u2013
1.4
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Total
\u2013
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
Business combinations
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
Total
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred tax assets
7.5
\u2013
8.7
13.4
\u2013
\u2013
29.6
Deferred tax liabilities
\u2013
(1.8)
\u2013
\u2013
(0.3)
(113.5)
(115.6)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3.8
(2\ue01f4)
9.7
7.3
(0\ue01f8)
(31.4)
(13\ue01f8)
Recognised in profit or loss in respect of:
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
current year
\u2212
(0\ue01f8)
0.9
0.2
0.1
1.9
2.3
prior year
0.2
\u2212
0.1
0.1
\u2212
\u2212
0.4
change in rate
\u2212
(2\ue01f6)
0.2
1.6
(0\ue01f2)
\u2212
(1\ue01f0)
Total
0.2
(3.4)
1.2
1.9
(0.1)
1.9
1.7
Recognised in other comprehensive income in respect of:
current year
\u2212
1.4
\u2212
\u2212
\u2212
\u2212
1.4
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
2.0
\u2212
\u2212
\u2212
\u2212
2.0
Total
\u2212
3.4
\u2212
\u2212
\u2212
\u2212
3.4
Recognised in equity in respect of:
current year
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
Business combinations
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
( 7. 5)
Deferred tax assets
4.0
\u2212
12.1
9.2
\u2212
\u2212
25.3
Deferred tax liabilities
\u2212
(2\ue01f4)
\u2212
\u2212
(0\ue01f9)
(29.5)
(32.8)
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
(7. 5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "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% from 19.0% on the 1st April 2023. 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 group has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, so that the group neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar II income taxes. The movement on the deferred tax account is as follows:
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2023
4.0
(2.4)
12.1
9.2
(0.9)
(29.5)
( 7. 5)
Recognised in profit or loss in respect of:
current year
1.3
(0.8)
(2.5)
(0.5)
0.6
3.8
1.9
prior year
0.8
\u2013
\u2013
1.3
\u2013
(0.2)
1.9
change in rate
0.1
(0.1)
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2.2
(0.9)
(2.5)
0.8
0.6
3.6
3.8
Recognised in other comprehensive income in respect of:
current year
\u2013
1.4
\u2013
\u2013
\u2013
\u2013
1.4
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
0.1
\u2013
\u2013
\u2013
\u2013
0.1
Total
\u2013
1.5
\u2013
\u2013
\u2013
\u2013
1.5
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.9)
0.1
\u2013
\u2013
(0.8)
Business combinations
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
Total
1.3
\u2013
\u2013
3.3
\u2013
(87.6)
(83.0)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred tax assets
7.5
\u2013
8.7
13.4
\u2013
\u2013
29.6
Deferred tax liabilities
\u2013
(1.8)
\u2013
\u2013
(0.3)
(113.5)
(115.6)
As at 31 December 2023
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Deferred Fair value
capital Share-based Staff-related through Intangible
allowances Pensions payments costs profit or loss assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
As at 1 January 2022
3.8
(2\ue01f4)
9.7
7.3
(0\ue01f8)
(31.4)
(13\ue01f8)
Recognised in profit or loss in respect of:
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
current year
\u2212
(0\ue01f8)
0.9
0.2
0.1
1.9
2.3
prior year
0.2
\u2212
0.1
0.1
\u2212
\u2212
0.4
change in rate
\u2212
(2\ue01f6)
0.2
1.6
(0\ue01f2)
\u2212
(1\ue01f0)
Total
0.2
(3.4)
1.2
1.9
(0.1)
1.9
1.7
Recognised in other comprehensive income in respect of:
current year
\u2212
1.4
\u2212
\u2212
\u2212
\u2212
1.4
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
2.0
\u2212
\u2212
\u2212
\u2212
2.0
Total
\u2212
3.4
\u2212
\u2212
\u2212
\u2212
3.4
Recognised in equity in respect of:
current year
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
prior year
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
change in rate
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
1.2
\u2212
\u2212
\u2212
1.2
Business combinations
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Total
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
( 7. 5)
Deferred tax assets
4.0
\u2212
12.1
9.2
\u2212
\u2212
25.3
Deferred tax liabilities
\u2212
(2\ue01f4)
\u2212
\u2212
(0\ue01f9)
(29.5)
(32.8)
As at 31 December 2022
4.0
(2\ue01f4)
12.1
9.2
(0\ue01f9)
(29.5)
(7. 5)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "22 INTANGIBLE ASSETS Goodwill of \u00a3340.1 million was recognised as part of the acquisition of IW&I. (see note 8). This has been provisionally allocated between the IW&I cash-generating unit (\u2018CGU\u2019) and the Wealth Management group of CGUs in the year, before being reviewed for impairment. This allocation will be reviewed in 2024. The group does not believe there are any key assumptions where reasonable changes could occur which could give rise to a material adjustment in the carrying value. Client relationships of \u00a3350.3 million were recognised as part of the acquisition of IW&I (see note 8). An average useful life of 14 years was assigned to these relationships, based on observed historic attrition rates.
2023 2022
\u00a3m \u00a3m
Goodwill
50 7.8
16 7.7
Other intangible assets
517. 5
188.5
1,025.3
356.2
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: Wealth Asset Management Investec W&I Management Total \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 January 2022 167.7 \u2212 1.9 169.6 Acquired through business combinations (note 8) \u2212 \u2212 \u2212 \u2212 At 1 January 2023 16 7.7 \u2013 1.9 169.6 Acquired through business combinations (note 8) 82.1 258.0 \u2013 340.1 At 31 December 2023 249.8 258.0 1.9 509.7 Impairment At 1 January 2022 \u2212 \u2212 1.9 1.9 Charge for the year \u2013 \u2013 \u2013 \u2013 At 31 December 2023 \u2013 \u2013 1.9 1.9 Wealth Management Investec W&I \u00a3m Asset Management Total \u00a3m \u00a3m \u00a3m Carrying amount at 31 December 2023 249.8 258.0 \u2013 507.8 Carrying amount at 31 December 2022 16 7.7 \u2212 \u2212 167.7 Carrying amount at 1 January 2022 16 7.7 \u2212 \u2212 167.7 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 Wealth Management group of CGUs or to the Investec CGU during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Wealth 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.
IW&I
Wealth management
At 31 December
2023
2023
2022
Discount rate
15.0%
14.1%
14.1%
Average annual revenue growth rate
4.0%
1.1%
4.3%
Average annual profit margin
26.8%
14.3%
25.6%
Terminal growth rate
1.5%
1.5%
1.0%
The increase in the terminal growth rate to 1.5% in 2023 is to align this with current expectations of long-term UK economic growth. The fall in the average annual revenue growth rate since the prior year primarily reflects the group's latest forecasts for the Saunderson House client migration by operating segment, and lower levels of forecast commission income. OTHER INTANGIBLE ASSETS
Software
Client development Purchased
relationships costs software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
302.6
11.7
53.1
367.4
Internally developed in the year
\u2212
1.8
\u2212
1.8
Purchased in the year
1.0
\u2212
1.8
2.8
Disposals
(2\ue01f7)
\u2212
\u2212
(2\ue01f7)
At 1 January 2023
300.9
13.5
54.9
369.3
Internally developed in the year
\u2013
1.0
\u2013
1.0
Acquired through business combinations (note 8)
350.3
1.7
2.0
354.0
Purchased in the year
2.6
\u2013
2.2
4.8
Disposals
(2.8)
\u2013
\u2013
(2.8)
At 31 December 2023
651.0
16.2
59.1
726.3
Amortisation and impairment
At 1 January 2022
109.0
8.5
41.3
158.8
Amortisation charge
19.5
1.5
3.6
24.6
Disposals
(2\ue01f6)
\u2212
\u2212
(2\ue01f6)
At 1 January 2023
125.9
10.0
44.9
180.8
Amortisation charge
25.2
1.8
3.8
30.8
Disposals
(2.8)
\u2013
\u2013
(2.8)
At 31 December 2023
148.3
11.8
48.7
208.8
Carrying amount at 31 December 2023
502.7
4.4
10.4
517. 5
Carrying amount at 31 December 2022
175.0
3.5
10.0
188.5
Carrying amount at 1 January 2022
193.6
3.1
11.8
208.5
Purchases of client relationships of \u00a32.6 million (2022: \u00a31 million) 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 relationship intangible assets was \u00a325.2 million (2022: \u00a319.5 million). Purchased software with a cost of \u00a336.4 million (2022: \u00a335.2 million) has been fully amortised but is still in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "22 INTANGIBLE ASSETS Goodwill of \u00a3340.1 million was recognised as part of the acquisition of IW&I. (see note 8). This has been provisionally allocated between the IW&I cash-generating unit (\u2018CGU\u2019) and the Wealth Management group of CGUs in the year, before being reviewed for impairment. This allocation will be reviewed in 2024. The group does not believe there are any key assumptions where reasonable changes could occur which could give rise to a material adjustment in the carrying value. Client relationships of \u00a3350.3 million were recognised as part of the acquisition of IW&I (see note 8). An average useful life of 14 years was assigned to these relationships, based on observed historic attrition rates.
2023 2022
\u00a3m \u00a3m
Goodwill
50 7.8
16 7.7
Other intangible assets
517. 5
188.5
1,025.3
356.2
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: Wealth Asset Management Investec W&I Management Total \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 January 2022 167.7 \u2212 1.9 169.6 Acquired through business combinations (note 8) \u2212 \u2212 \u2212 \u2212 At 1 January 2023 16 7.7 \u2013 1.9 169.6 Acquired through business combinations (note 8) 82.1 258.0 \u2013 340.1 At 31 December 2023 249.8 258.0 1.9 509.7 Impairment At 1 January 2022 \u2212 \u2212 1.9 1.9 Charge for the year \u2013 \u2013 \u2013 \u2013 At 31 December 2023 \u2013 \u2013 1.9 1.9 Wealth Management Investec W&I \u00a3m Asset Management Total \u00a3m \u00a3m \u00a3m Carrying amount at 31 December 2023 249.8 258.0 \u2013 507.8 Carrying amount at 31 December 2022 16 7.7 \u2212 \u2212 167.7 Carrying amount at 1 January 2022 16 7.7 \u2212 \u2212 167.7 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 Wealth Management group of CGUs or to the Investec CGU during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Wealth 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.
IW&I
Wealth management
At 31 December
2023
2023
2022
Discount rate
15.0%
14.1%
14.1%
Average annual revenue growth rate
4.0%
1.1%
4.3%
Average annual profit margin
26.8%
14.3%
25.6%
Terminal growth rate
1.5%
1.5%
1.0%
The increase in the terminal growth rate to 1.5% in 2023 is to align this with current expectations of long-term UK economic growth. The fall in the average annual revenue growth rate since the prior year primarily reflects the group's latest forecasts for the Saunderson House client migration by operating segment, and lower levels of forecast commission income. OTHER INTANGIBLE ASSETS
Software
Client development Purchased
relationships costs software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
302.6
11.7
53.1
367.4
Internally developed in the year
\u2212
1.8
\u2212
1.8
Purchased in the year
1.0
\u2212
1.8
2.8
Disposals
(2\ue01f7)
\u2212
\u2212
(2\ue01f7)
At 1 January 2023
300.9
13.5
54.9
369.3
Internally developed in the year
\u2013
1.0
\u2013
1.0
Acquired through business combinations (note 8)
350.3
1.7
2.0
354.0
Purchased in the year
2.6
\u2013
2.2
4.8
Disposals
(2.8)
\u2013
\u2013
(2.8)
At 31 December 2023
651.0
16.2
59.1
726.3
Amortisation and impairment
At 1 January 2022
109.0
8.5
41.3
158.8
Amortisation charge
19.5
1.5
3.6
24.6
Disposals
(2\ue01f6)
\u2212
\u2212
(2\ue01f6)
At 1 January 2023
125.9
10.0
44.9
180.8
Amortisation charge
25.2
1.8
3.8
30.8
Disposals
(2.8)
\u2013
\u2013
(2.8)
At 31 December 2023
148.3
11.8
48.7
208.8
Carrying amount at 31 December 2023
502.7
4.4
10.4
517. 5
Carrying amount at 31 December 2022
175.0
3.5
10.0
188.5
Carrying amount at 1 January 2022
193.6
3.1
11.8
208.5
Purchases of client relationships of \u00a32.6 million (2022: \u00a31 million) 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 relationship intangible assets was \u00a325.2 million (2022: \u00a319.5 million). Purchased software with a cost of \u00a336.4 million (2022: \u00a335.2 million) has been fully amortised but is still in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "22 INTANGIBLE ASSETS Goodwill of \u00a3340.1 million was recognised as part of the acquisition of IW&I. (see note 8). This has been provisionally allocated between the IW&I cash-generating unit (\u2018CGU\u2019) and the Wealth Management group of CGUs in the year, before being reviewed for impairment. This allocation will be reviewed in 2024. The group does not believe there are any key assumptions where reasonable changes could occur which could give rise to a material adjustment in the carrying value. Client relationships of \u00a3350.3 million were recognised as part of the acquisition of IW&I (see note 8). An average useful life of 14 years was assigned to these relationships, based on observed historic attrition rates.
2023 2022
\u00a3m \u00a3m
Goodwill
50 7.8
16 7.7
Other intangible assets
517. 5
188.5
1,025.3
356.2
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: Wealth Asset Management Investec W&I Management Total \u00a3m \u00a3m \u00a3m \u00a3m Cost At 1 January 2022 167.7 \u2212 1.9 169.6 Acquired through business combinations (note 8) \u2212 \u2212 \u2212 \u2212 At 1 January 2023 16 7.7 \u2013 1.9 169.6 Acquired through business combinations (note 8) 82.1 258.0 \u2013 340.1 At 31 December 2023 249.8 258.0 1.9 509.7 Impairment At 1 January 2022 \u2212 \u2212 1.9 1.9 Charge for the year \u2013 \u2013 \u2013 \u2013 At 31 December 2023 \u2013 \u2013 1.9 1.9 Wealth Management Investec W&I \u00a3m
Asset
Management Total
\u00a3m \u00a3m \u00a3m
Carrying amount at 31 December 2023
249.8
258.0
\u2013
507.8
Carrying amount at 31 December 2022
16 7.7
\u2212
\u2212
167.7
Carrying amount at 1 January 2022
16 7.7
\u2212
\u2212
167.7
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 Wealth Management group of CGUs or to the Investec CGU during the period. The group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation for the Wealth 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.
IW&I
Wealth management
At 31 December
2023
2023
2022
Discount rate
15.0%
14.1%
14.1%
Average annual revenue growth rate
4.0%
1.1%
4.3%
Average annual profit margin
26.8%
14.3%
25.6%
Terminal growth rate
1.5%
1.5%
1.0%
The increase in the terminal growth rate to 1.5% in 2023 is to align this with current expectations of
long-term UK economic growth. The fall in the average annual revenue growth rate since the prior
year primarily reflects the group's latest forecasts for the Saunderson House client migration by
operating segment, and lower levels of forecast commission income.
OTHER INTANGIBLE ASSETS
Software
Client development Purchased
relationships costs software Total
\u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January 2022
302.6
11.7
53.1
367.4
Internally developed in the year
\u2212
1.8
\u2212
1.8
Purchased in the year
1.0
\u2212
1.8
2.8
Disposals
(2\ue01f7)
\u2212
\u2212
(2\ue01f7)
At 1 January 2023
300.9
13.5
54.9
369.3
Internally developed in the year
\u2013
1.0
\u2013
1.0
Acquired through business combinations (note 8)
350.3
1.7
2.0
354.0
Purchased in the year
2.6
\u2013
2.2
4.8
Disposals
(2.8)
\u2013
\u2013
(2.8)
At 31 December 2023
651.0
16.2
59.1
726.3
Amortisation and impairment
At 1 January 2022
109.0
8.5
41.3
158.8
Amortisation charge
19.5
1.5
3.6
24.6
Disposals
(2\ue01f6)
\u2212
\u2212
(2\ue01f6)
At 1 January 2023
125.9
10.0
44.9
180.8
Amortisation charge
25.2
1.8
3.8
30.8
Disposals
(2.8)
\u2013
\u2013
(2.8)
At 31 December 2023
148.3
11.8
48.7
208.8
Carrying amount at 31 December 2023
502.7
4.4
10.4
517. 5
Carrying amount at 31 December 2022
175.0
3.5
10.0
188.5
Carrying amount at 1 January 2022
193.6
3.1
11.8
208.5
Purchases of client relationships of \u00a32.6 million (2022: \u00a31 million) 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 relationship
intangible assets was \u00a325.2 million (2022: \u00a319.5 million).
Purchased software with a cost of \u00a336.4 million (2022: \u00a335.2 million) has been fully amortised but is
still in use.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "value": "
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 Wealth Management group of CGUs or to
the Investec CGU during the period. The group has considered any reasonably foreseeable changes to
the assumptions used in the value-in-use calculation for the Wealth 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.
IW&I
Wealth management
At 31 December
2023
2023
2022
Discount rate
15.0%
14.1%
14.1%
Average annual revenue growth rate
4.0%
1.1%
4.3%
Average annual profit margin
26.8%
14.3%
25.6%
Terminal growth rate
1.5%
1.5%
1.0%
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "
23 DEPOSITS BY BANKS
On 31 December 2023, deposits by banks included overnight cash book overdraft balances of \u00a312.4
million (2022: \u00a31.0 million).
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "
24 DUE TO CUSTOMERS
2023 2022
\u00a3m \u00a3m
Repayable:
\u2014
on demand
1,652.3
2,328.0
\u2014
within 3 months or less excluding on demand
501.8
183.2
\u2014
within 1 year or less but over 3 months
99.2
4.9
2,253.3
2,516.1
Amounts include balances:
\u2014
with variable interest rates
1,618.6
2,324.4
\u2014
with fixed interest rates
589.6
12 7.2
\u2014
which are non-interest-bearing
45.1
64.5
2,253.3
2,516.1
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "24 DUE TO CUSTOMERS
2023 2022
\u00a3m \u00a3m
Repayable:
\u2014
on demand
1,652.3
2,328.0
\u2014
within 3 months or less excluding on demand
501.8
183.2
\u2014
within 1 year or less but over 3 months
99.2
4.9
2,253.3
2,516.1
Amounts include balances:
\u2014
with variable interest rates
1,618.6
2,324.4
\u2014
with fixed interest rates
589.6
12 7.2
\u2014
which are non-interest-bearing
45.1
64.5
2,253.3
2,516.1
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "value": "
25 ACCRUALS AND OTHER LIABILITIES
Note
2023 2022
\u00a3m \u00a3m
Amounts due to associates
36
8.3
\u2212
Trade creditors
8.2
3.2
Other creditors
24.4
10.2
Accruals
168.7
100.9
209.6
114.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "
26 PROVISIONS
Deferred,
variable costs
to acquire
client Deferred
relationship consideration
intangible in business Legal and Property- Onerous
assets combinations compensation related Contract Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
8.6
\u2212
2.1
4.6
\u2212
15.3
Charged to profit or loss
\u2212
\u2212
0.8
1.2
\u2212
2.0
Unused amount credited to
profit or loss
\u2212
\u2212
\u2212
\u2212
\u2212
\u2212
Net charge to profit or loss
\u2212
\u2212
0.8
1.2
\u2212
2.0
Other movements
1.0
\u2212
\u2212
\u2212
\u2212
1.0
Utilised/paid during the year
(5.2)
\u2212
(0.2)
\u2212
\u2212
(5\ue01f4)
At 1 January 2023
4.4
\u2013
2.7
5.8
\u2013
12.9
Charged to profit or loss
\u2013
\u2013
9.1
0.2
1.2
10.5
Unused amount credited to
profit or loss
\u2013
(0.1)
(1.1)
\u2013
\u2013
(1.2)
Net charge to profit or loss
\u2013
(0.1)
8.0
0.2
1.2
9.3
Acquisitions through business
combinations (Note 8)
\u2013
3.4
1.9
5.4
\u2013
10.7
Other movements
2.6
\u2013
\u2013
\u2013
\u2013
2.6
Utilised/paid during the year
(2.3)
\u2013
( 7.7 )
\u2013
\u2013
(10.0)
At 31 December 2023
4.7
3.3
4.9
11.4
1.2
25.5
Payable within 1 year
4.2
0.3
4.2
3.8
1.2
13.7
Payable after 1 year
0.5
3.0
0.7
7.6
\u2013
11.8
4.7
3
.3
4.9
11.4
1.2
25.5
DEFERRED, VARIABLE COSTS TO ACQUIRE CLIENT RELATIONSHIP INTANGIBLE ASSETS
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.
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.
DEFERRED CONSIDERATION IN BUSINESS COMBINATIONS
Deferred Consideration in Business Combinations relates to Investec Wealth & Investment\u2019s deferred
consideration provision on their acquisitions of Murray Asset Management and The Share Centre.
PROPERTY-RELATED
Property-related provisions of \u00a311.4 million relate to dilapidation provisions expected to arise on
leasehold premises held by the group (2022: \u00a35.8 million). Dilapidation provisions are calculated
using a discounted cash flow model.
In 2023 the group did not utilise the property provision (2022: \u00a3nil). The impact of discounting led to
an additional charge of \u00a30.2 million (2022: additional charge of \u00a31.2 million) being recognised during
the year.
Amounts payable after one year
Property-related provisions of \u00a37.6 million 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 13 years of the balance
sheet date.
ONEROUS CONTRACT
During the year, the group terminated a support agreement with a third-party service provider. The
onerous element of the contract represented a cost of \u00a31.2 million to the group, which was recognised
as a provision at the year end.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "
27 LEASE LIABILITIES
2023 2022
Maturity analysis \u00a3m \u00a3m
Less than one year
11.9
5.0
One to five years
29.4
19.6
More than five years
33.6
25.9
Lease liabilities at 31 December
74.9
50.5
Current
11.9
5.0
Non-current
63.0
45.5
74.9
50.5
The total cash outflow for Group leases during the year was \u00a310.7 million (2022: \u00a38.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "
28 SUBORDINATED LOAN NOTES
2023 2022
\u00a3m \u00a3m
Subordinated loan notes
\u2014
face value
40.0
40.0
\u2014
carrying value
39.9
39.9
Rathbones Group Plc holds \u00a339.9 million of 10-year tier 2 notes with a call option in October 2026 and
annually thereafter. The Issuer requires the group\u2019s subsidiaries to comply with all laws and
governmental rules or regulations to which they are subject. Interest is payable at a fixed rate of
5.642% per annum until the first call option date in 2026, and at a fixed rate of 4.893% over
Compounded Daily SONIA thereafter. Legal fees of \u00a30.1 million were incurred in issuing the notes,
which have been accounted for in the carrying value of amortised cost. An interest expense of \u00a32.3
million (2022: \u00a32.3 million) was recognised in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "28 SUBORDINATED LOAN NOTES
2023 2022
\u00a3m \u00a3m
Subordinated loan notes
\u2014
face value
40.0
40.0
\u2014
carrying value
39.9
39.9
Rathbones Group Plc holds \u00a339.9 million of 10-year tier 2 notes with a call option in October 2026 and annually thereafter. The Issuer requires the group\u2019s subsidiaries to comply with all laws and governmental rules or regulations to which they are subject. Interest is payable at a fixed rate of 5.642% per annum until the first call option date in 2026, and at a fixed rate of 4.893% over Compounded Daily SONIA thereafter. Legal fees of \u00a30.1 million were incurred in issuing the notes, which have been accounted for in the carrying value of amortised cost. An interest expense of \u00a32.3 million (2022: \u00a32.3 million) was recognised in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "28 SUBORDINATED LOAN NOTES
2023 2022
\u00a3m \u00a3m
Subordinated loan notes
\u2014
face value
40.0
40.0
\u2014
carrying value
39.9
39.9
Rathbones Group Plc holds \u00a339.9 million of 10-year tier 2 notes with a call option in October 2026 and annually thereafter. The Issuer requires the group\u2019s subsidiaries to comply with all laws and governmental rules or regulations to which they are subject. Interest is payable at a fixed rate of 5.642% per annum until the first call option date in 2026, and at a fixed rate of 4.893% over Compounded Daily SONIA thereafter. Legal fees of \u00a30.1 million were incurred in issuing the notes, which have been accounted for in the carrying value of amortised cost. An interest expense of \u00a32.3 million (2022: \u00a32.3 million) was recognised in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "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 \u00a321.0 million (2022: \u00a315.2 million). The group also
operates a defined contribution scheme for overseas employees, for which the total contributions
were \u00a30.1 million (2022: \u00a30.1 million).
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 2022.
In June 2023, the High Court handed down a judgement that casts doubt on the validity of previous
pension scheme amendments made by schemes which were previously contracted out. This was in
the Court Case of Virgin Media Limited Vs NTL Pension Trustees II Limited, where it was determined
that a Deed of Amendment was not valid because the accompanying written actuarial confirmation
under Section 37 of the Pensions Act 1995 was not present. An appeal to the ruling is due to be heard
this year. In the meantime, there remains a risk that the benefits of schemes affected by the ruling
turn out to be incorrect. The Rathbone 1987 Scheme was never contracted out and so is not impacted
by this ruling, however there could be a potential impact on the Lawrence Keen Scheme if any
amendments are found to be invalid. The impact is not known at this time but is not expected to be
material for the group based on information currently available to the Actuary, we will continue to
monitor.
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
2023 2022 2023 2022
% % % %
(unless stated) (unless stated) (unless stated) (unless stated)
Rate of increase of salaries
n/a
n/a
n/a
n/a
Rate of increase of pensions in
payment
3.70
3.60
2.90
3.20
Rate of increase of deferred pensions
3.10
3.20
3.10
3.20
Discount rate
4.40
4.70
4.40
4.70
Inflation*
3.10
3.20
3.10
3.20
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)
52.50
52.50
52.50
52.50
* 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 decreased by 0.3% to reflect a decrease in the yields available on AA-rated Corporate Bonds; 2. the assumed rate of future inflation has decreased by 0.1% 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, have decreased by 0.3% for the Rathbone 1987 Scheme and, for the Laurence Keen Scheme increased by 0.1% Over the year the mortality assumptions have been updated. The CMI model used to project future improvements in mortality has been updated from the 2021 version to the 2022 version. 2% of members not yet in receipt of their pension are assumed to transfer out of the scheme each year (2022: 2%). The proportion of members assumed to be married at retirement age is 80% (2022: 80%) The assumed duration of the liabilities for the Laurence Keen Scheme is 12 years (2022: 13 years) and the assumed duration for the Rathbone 1987 Scheme is 16 years (2022: 16 years). 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 with improvements in line with the CMI 2022 tables with a long-term rate of improvement of 1.5% p.a. The assumed life expectancies on retirement were:
2023
2022
Males
Females
Males
Females
Retiring today:
aged 60
27.6
29.5
28.2
29.9
aged 65
22.8
24.5
23.3
24.9
Retiring in 20 years:
aged 60
29.4
31.2
29.9
31.6
aged 65
24.3
26.1
24.9
26.6
The amount included in the balance sheet arising from the group\u2019s assets in respect of the schemes is as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined
benefit obligations
( 7.3)
(93.8)
(101.1)
( 7. 2)
(8 7.5 )
(94.7)
Fair value of scheme assets
8.2
99.9
108.1
8.1
96.0
104.1
Net defined benefit asset/
(liability)
0.9
6.1
7.0
0.9
8.5
9.4
The amounts recognised in profit or loss, within operating expenses, are as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest expense
(0.1)
(0.4)
(0.5)
(0.1)
(0.2)
(0.3)
(0.1)
(0.4)
(0.5)
(0.1)
(0.2)
(0.3)
Remeasurements of the net defined benefit asset have been reported in other comprehensive
income. The actual return on scheme assets was a rise in value of \u00a30.4 million (2022: \u00a34.4 million
fall) for the Laurence Keen Scheme and a rise in value of \u00a33.6 million (2022: \u00a358.8 million fall) for the
Rathbone 1987 Scheme.
Movements in the present value of defined benefit obligations were as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
7. 2
8 7.5
94.7
11.2
144.4
155.6
Interest cost
0.3
4.1
4.4
0.2
2.7
2.9
Actuarial experience gains
0.1
3.4
3.5
0.1
3.6
3.7
Actuarial gains/(losses)
arising from:
\u2014
demographic assumptions
(0.1)
(1.5)
(1.6)
\u2212
0.1
0.1
\u2014
financial assumptions
0.2
2.8
3.0
(3\ue01f6)
(59.5)
(63.1)
Past service cost
\u2013
\u2013
\u2013
\u2212
\u2212
\u2212
Benefits paid
(0.4)
(2.5)
(2.9)
(0.7)
(3\ue01f8)
(4.5)
At 31 December
7.3
93.8
101.1
7.2
87.5
94.7
Movements in the fair value of scheme assets were as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
8.1
96.0
104.1
13.0
154.9
16 7.9
Remeasurement of net
defined benefit asset/
(liability)
\u2014
interest income
0.4
4.5
4.9
0.3
2.9
3.2
\u2014
return on scheme assets
(excluding amounts
included in interest
income)
\u2013
(0.8)
(0.8)
(4.6)
(61\ue01f8)
(66.4)
Contributions from the
sponsoring companies
0.1
2.8
2.9
0.1
3.8
3.9
Benefits paid
(0.4)
(2.6)
(3.0)
(0.7)
(3\ue01f8)
(4.5)
At 31 December
8.2
99.9
108.1
8.1
96.0
104.1
The Schemes' assets are fully invested with Legal & General Investment Management in Self-
Sufficiency Credit Funds and Absolute Return Bond Funds and no assets are invested in Rathbones
Funds. The Schemes invest in self-sufficiency strategies, which aim to fully hedge the interest and
inflation rate risk. The Trustees will review the asset allocation on a regular basis to ensure the
strategy remains appropriate.
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. Changes to these assumptions of a different, but
similar, magnitude would result in a broadly proportional change in these figures. Where the changes
to these assumptions are more significant the impact will be more significant, but potentially not
proportional. These events within the sensitivity analysis are unlikely to occur in isolation. 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 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.
Combined impact on schemes\u2019 liabilities
(Decrease)/ (Decrease)/
increase increase
\u00a3m %
0.5% increase in:
\u2014
discount rate
( 7.7 )
( 7.6 )
0.5% increase in:
\u2014
rate of inflation
4.4
4.4
1-year increase to:
\u2014
longevity at 60
4.2
4.1
The total contributions made by the group to the 1987 Scheme during the year were \u00a32.8 million
(2022: \u00a33.8 million).
There have been contributions of \u00a30.2 million (2022: \u00a30.2 million) made by the group to the
Laurence Keen Scheme during the year.
Contributions for the year are in line with those agreed as part of the actuarial valuation as at 31
December 2023.
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.
The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows:
2023 2022
2023 2022 Current Current
Fair value Fair value allocation allocation
Laurence Keen Scheme \u00a3m \u00a3m % %
Equity instruments:
\u2014
United Kingdom
\u2013
0.2
\u2013
\u2212
\u2014
Eurozone
\u2013
0.2
\u2013
\u2212
\u2014
North America
\u2013
0.7
\u2013
\u2212
\u2014
Other
\u2013
0.5
\u2013
\u2212
\u2013
1.6
\u2013
19
Debt instruments:
\u2014
United Kingdom corporate bonds
0.4
4.3
\u2013
\u2212
0.4
4.3
5
54
Liability-driven investments
7.8
2.0
93
25
Cash
0.1
0.1
2
1
Other
\u2013
0.1
\u2013
1
At 31 December
8.3
8.1
100
100
2023 2022
2023 2022 Current Current
Fair value Fair value allocation allocation
Rathbone 1987 Scheme \u00a3m \u00a3m % %
Equity instruments:
\u2014
United Kingdom
\u2013
4.2
\u2013
\u2212
\u2014
Eurozone
\u2013
2.5
\u2013
\u2212
\u2014
North America
\u2013
13.5
\u2013
\u2212
\u2014
Other
\u2013
6.1
\u2013
\u2212
\u2013
26.3
\u2013
28
Debt instruments:
\u2014
United Kingdom corporate bonds
\u2013
37.7
\u2013
\u2212
\u2013
37.7
\u2013
39
Liability-driven investments
98.4
30.8
99
32
Cash
1.5
1.2
1
1
Other
\u2013
\u2212
\u2013
\u2212
At 31 December
99.9
96.0
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "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 \u00a321.0 million (2022: \u00a315.2 million). The group also operates a defined contribution scheme for overseas employees, for which the total contributions were \u00a30.1 million (2022: \u00a30.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "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 2022. In June 2023, the High Court handed down a judgement that casts doubt on the validity of previous pension scheme amendments made by schemes which were previously contracted out. This was in the Court Case of Virgin Media Limited Vs NTL Pension Trustees II Limited, where it was determined that a Deed of Amendment was not valid because the accompanying written actuarial confirmation under Section 37 of the Pensions Act 1995 was not present. An appeal to the ruling is due to be heard this year. In the meantime, there remains a risk that the benefits of schemes affected by the ruling turn out to be incorrect. The Rathbone 1987 Scheme was never contracted out and so is not impacted by this ruling, however there could be a potential impact on the Lawrence Keen Scheme if any amendments are found to be invalid. The impact is not known at this time but is not expected to be material for the group based on information currently available to the Actuary, we will continue to monitor. 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
2023 2022 2023 2022
% % % %
(unless stated) (unless stated) (unless stated) (unless stated)
Rate of increase of salaries
n/a
n/a
n/a
n/a
Rate of increase of pensions in
payment
3.70
3.60
2.90
3.20
Rate of increase of deferred pensions
3.10
3.20
3.10
3.20
Discount rate
4.40
4.70
4.40
4.70
Inflation*
3.10
3.20
3.10
3.20
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)
52.50
52.50
52.50
52.50
* 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 decreased by 0.3% to reflect a decrease in the yields available on AA-rated
Corporate Bonds;
2. the assumed rate of future inflation has decreased by 0.1% 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, have
decreased by 0.3% for the Rathbone 1987 Scheme and, for the Laurence Keen Scheme increased
by 0.1%
Over the year the mortality assumptions have been updated. The CMI model used to project future
improvements in mortality has been updated from the 2021 version to the 2022 version.
2% of members not yet in receipt of their pension are assumed to transfer out of the scheme each
year (2022: 2%).
The proportion of members assumed to be married at retirement age is 80% (2022: 80%)
The assumed duration of the liabilities for the Laurence Keen Scheme is 12 years (2022: 13 years) and
the assumed duration for the Rathbone 1987 Scheme is 16 years (2022: 16 years).
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 with improvements in line with the CMI 2022 tables with a long-term rate of
improvement of 1.5% p.a. The assumed life expectancies on retirement were:
2023
2022
Males
Females
Males
Females
Retiring today:
aged 60
27.6
29.5
28.2
29.9
aged 65
22.8
24.5
23.3
24.9
Retiring in 20 years:
aged 60
29.4
31.2
29.9
31.6
aged 65
24.3
26.1
24.9
26.6
The amount included in the balance sheet arising from the group\u2019s assets in respect of the schemes is
as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined
benefit obligations
( 7.3)
(93.8)
(101.1)
( 7. 2)
(8 7.5 )
(94.7)
Fair value of scheme assets
8.2
99.9
108.1
8.1
96.0
104.1
Net defined benefit asset/
(liability)
0.9
6.1
7.0
0.9
8.5
9.4
The amounts recognised in profit or loss, within operating expenses, are as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest expense
(0.1)
(0.4)
(0.5)
(0.1)
(0.2)
(0.3)
(0.1)
(0.4)
(0.5)
(0.1)
(0.2)
(0.3)
Remeasurements of the net defined benefit asset have been reported in other comprehensive income. The actual return on scheme assets was a rise in value of \u00a30.4 million (2022: \u00a34.4 million fall) for the Laurence Keen Scheme and a rise in value of \u00a33.6 million (2022: \u00a358.8 million fall) for the Rathbone 1987 Scheme. Movements in the present value of defined benefit obligations were as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
7. 2
8 7.5
94.7
11.2
144.4
155.6
Interest cost
0.3
4.1
4.4
0.2
2.7
2.9
Actuarial experience gains
0.1
3.4
3.5
0.1
3.6
3.7
Actuarial gains/(losses)
arising from:
\u2014
demographic assumptions
(0.1)
(1.5)
(1.6)
\u2212
0.1
0.1
\u2014
financial assumptions
0.2
2.8
3.0
(3\ue01f6)
(59.5)
(63.1)
Past service cost
\u2013
\u2013
\u2013
\u2212
\u2212
\u2212
Benefits paid
(0.4)
(2.5)
(2.9)
(0.7)
(3\ue01f8)
(4.5)
At 31 December
7.3
93.8
101.1
7.2
87.5
94.7
Movements in the fair value of scheme assets were as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
8.1
96.0
104.1
13.0
154.9
16 7.9
Remeasurement of net
defined benefit asset/
(liability)
\u2014
interest income
0.4
4.5
4.9
0.3
2.9
3.2
\u2014
return on scheme assets
(excluding amounts
included in interest
income)
\u2013
(0.8)
(0.8)
(4.6)
(61\ue01f8)
(66.4)
Contributions from the
sponsoring companies
0.1
2.8
2.9
0.1
3.8
3.9
Benefits paid
(0.4)
(2.6)
(3.0)
(0.7)
(3\ue01f8)
(4.5)
At 31 December
8.2
99.9
108.1
8.1
96.0
104.1
The Schemes' assets are fully invested with Legal & General Investment Management in Self- Sufficiency Credit Funds and Absolute Return Bond Funds and no assets are invested in Rathbones Funds. The Schemes invest in self-sufficiency strategies, which aim to fully hedge the interest and inflation rate risk. The Trustees will review the asset allocation on a regular basis to ensure the strategy remains appropriate. 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. Changes to these assumptions of a different, but similar, magnitude would result in a broadly proportional change in these figures. Where the changes to these assumptions are more significant the impact will be more significant, but potentially not proportional. These events within the sensitivity analysis are unlikely to occur in isolation. 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 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.
Combined impact on schemes\u2019 liabilities
(Decrease)/ (Decrease)/
increase increase
\u00a3m %
0.5% increase in:
\u2014
discount rate
( 7.7 )
( 7.6 )
0.5% increase in:
\u2014
rate of inflation
4.4
4.4
1-year increase to:
\u2014
longevity at 60
4.2
4.1
The total contributions made by the group to the 1987 Scheme during the year were \u00a32.8 million (2022: \u00a33.8 million). There have been contributions of \u00a30.2 million (2022: \u00a30.2 million) made by the group to the Laurence Keen Scheme during the year. Contributions for the year are in line with those agreed as part of the actuarial valuation as at 31 December 2023. 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. The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows:
2023 2022
2023 2022 Current Current
Fair value Fair value allocation allocation
Laurence Keen Scheme \u00a3m \u00a3m % %
Equity instruments:
\u2014
United Kingdom
\u2013
0.2
\u2013
\u2212
\u2014
Eurozone
\u2013
0.2
\u2013
\u2212
\u2014
North America
\u2013
0.7
\u2013
\u2212
\u2014
Other
\u2013
0.5
\u2013
\u2212
\u2013
1.6
\u2013
19
Debt instruments:
\u2014
United Kingdom corporate bonds
0.4
4.3
\u2013
\u2212
0.4
4.3
5
54
Liability-driven investments
7.8
2.0
93
25
Cash
0.1
0.1
2
1
Other
\u2013
0.1
\u2013
1
At 31 December
8.3
8.1
100
100
2023 2022
2023 2022 Current Current
Fair value Fair value allocation allocation
Rathbone 1987 Scheme \u00a3m \u00a3m % %
Equity instruments:
\u2014
United Kingdom
\u2013
4.2
\u2013
\u2212
\u2014
Eurozone
\u2013
2.5
\u2013
\u2212
\u2014
North America
\u2013
13.5
\u2013
\u2212
\u2014
Other
\u2013
6.1
\u2013
\u2212
\u2013
26.3
\u2013
28
Debt instruments:
\u2014
United Kingdom corporate bonds
\u2013
37.7
\u2013
\u2212
\u2013
37.7
\u2013
39
Liability-driven investments
98.4
30.8
99
32
Cash
1.5
1.2
1
1
Other
\u2013
\u2212
\u2013
\u2212
At 31 December
99.9
96.0
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Present value of defined
benefit obligations
( 7.3)
(93.8)
(101.1)
( 7. 2)
(8 7.5 )
(94.7)
Fair value of scheme assets
8.2
99.9
108.1
8.1
96.0
104.1
Net defined benefit asset/
(liability)
0.9
6.1
7.0
0.9
8.5
9.4
The amounts recognised in profit or loss, within operating expenses, are as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest expense
(0.1)
(0.4)
(0.5)
(0.1)
(0.2)
(0.3)
(0.1)
(0.4)
(0.5)
(0.1)
(0.2)
(0.3)
Remeasurements of the net defined benefit asset have been reported in other comprehensive income. The actual return on scheme assets was a rise in value of \u00a30.4 million (2022: \u00a34.4 million fall) for the Laurence Keen Scheme and a rise in value of \u00a33.6 million (2022: \u00a358.8 million fall) for the Rathbone 1987 Scheme. ", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "Movements in the fair value of scheme assets were as follows:
2023
2022
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
8.1
96.0
104.1
13.0
154.9
16 7.9
Remeasurement of net
defined benefit asset/
(liability)
\u2014
interest income
0.4
4.5
4.9
0.3
2.9
3.2
\u2014
return on scheme assets
(excluding amounts
included in interest
income)
\u2013
(0.8)
(0.8)
(4.6)
(61\ue01f8)
(66.4)
Contributions from the
sponsoring companies
0.1
2.8
2.9
0.1
3.8
3.9
Benefits paid
(0.4)
(2.6)
(3.0)
(0.7)
(3\ue01f8)
(4.5)
At 31 December
8.2
99.9
108.1
8.1
96.0
104.1
The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows:
2023 2022
2023 2022 Current Current
Fair value Fair value allocation allocation
Laurence Keen Scheme \u00a3m \u00a3m % %
Equity instruments:
\u2014
United Kingdom
\u2013
0.2
\u2013
\u2212
\u2014
Eurozone
\u2013
0.2
\u2013
\u2212
\u2014
North America
\u2013
0.7
\u2013
\u2212
\u2014
Other
\u2013
0.5
\u2013
\u2212
\u2013
1.6
\u2013
19
Debt instruments:
\u2014
United Kingdom corporate bonds
0.4
4.3
\u2013
\u2212
0.4
4.3
5
54
Liability-driven investments
7.8
2.0
93
25
Cash
0.1
0.1
2
1
Other
\u2013
0.1
\u2013
1
At 31 December
8.3
8.1
100
100
2023 2022
2023 2022 Current Current
Fair value Fair value allocation allocation
Rathbone 1987 Scheme \u00a3m \u00a3m % %
Equity instruments:
\u2014
United Kingdom
\u2013
4.2
\u2013
\u2212
\u2014
Eurozone
\u2013
2.5
\u2013
\u2212
\u2014
North America
\u2013
13.5
\u2013
\u2212
\u2014
Other
\u2013
6.1
\u2013
\u2212
\u2013
26.3
\u2013
28
Debt instruments:
\u2014
United Kingdom corporate bonds
\u2013
37.7
\u2013
\u2212
\u2013
37.7
\u2013
39
Liability-driven investments
98.4
30.8
99
32
Cash
1.5
1.2
1
1
Other
\u2013
\u2212
\u2013
\u2212
At 31 December
99.9
96.0
100
100
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "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. Changes to these assumptions of a different, but similar, magnitude would result in a broadly proportional change in these figures. Where the changes to these assumptions are more significant the impact will be more significant, but potentially not proportional. These events within the sensitivity analysis are unlikely to occur in isolation. 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 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.
Combined impact on schemes\u2019 liabilities
(Decrease)/ (Decrease)/
increase increase
\u00a3m %
0.5% increase in:
\u2014
discount rate
( 7.7 )
( 7.6 )
0.5% increase in:
\u2014
rate of inflation
4.4
4.4
1-year increase to:
\u2014
longevity at 60
4.2
4.1
The total contributions made by the group to the 1987 Scheme during the year were \u00a32.8 million ", "dimensions": { "concept": "ifrs-full:DisclosureOfSensitivityAnalysisForActuarialAssumptionsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "
30 SHARE CAPITAL, SHARE PREMIUM AND MERGER RESERVE
The following movements in share capital occurred during the year:
Share Capital Share Capital Exercise/ Share Share Merger
\u2013 Voting \u2013 Non-voting issue price capital premium reserve Total
shares shares Pence \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
62,003,341
\u2212
\u2212
3.1
291.0
7 7.0
371.1
Shares issued:
\u2014
to Share Incentive Plan
4 67, 559
\u2212
1,600.0 - 2,090.0
\u2212
9.2
\u2212
9.2
\u2014
to Save As You Earn scheme
1,181
\u2212
1,085.0 - 1,813.0
\u2212
\u2212
\u2212
\u2212
\u2014
to Employee Benefit Trust
481,500
\u2212
5.0
\u2212
\u2212
\u2212
\u2212
\u2014
to Business Combinations
441,256
\u2212
1,913.4 - 2,484.0
0.1
9.7
\u2212
9.8
At 1 January 2023
63,394,837
\u2013
\u2013
3.2
310.0
7 7.0
390.1
Shares issued:
\u2014
to Share Incentive Plan
132,829
\u2013
1,574.0 - 2,160.0
\u2013
2.3
\u2013
2.3
\u2014
to Save As You Earn scheme
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014
to Employee Benefit Trust
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014
to Business Combinations
27,056,
46 3
17,481,868
1,635.9 - 1,722.0
2.2
\u2013
747.4
749.6
At 31 December 2023
90,584,129
17,481,868
\u2013
5.4
312.3
824.4
1,142.0
The total number of issued and fully paid up ordinary shares at 31 December 2023 was 108,065,997
(2022: 63,394,837) 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.
The convertible non-voting shares rank pari passu with the ordinary shares, except that they do not
carry voting rights. Both the ordinary shares and convertible non-voting shares qualify as common
equity tier 1 capital.
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.
On 21 September 2023, the company issued to Investec Bank Plc 27,056,463 of ordinary shares at
\u00a317.22 per share, and 17,481,868 of convertible non-voting ordinary shares at \u00a316.36 per share.
Share issue costs of \u00a32.2 million were offset against the merger reserve. See notes 8 and 9 for
further detail.
31 OWN SHARES
The following movements in own shares occurred during the year:
Number of
Shares
\u00a3m
At 1 January 2022
3,624,714
36.6
Additions in the year
1,440,695
18.7
Released on vesting
(178,115)
(2\ue01f7)
At 1 January 2023
4, 8 87, 294
52.5
Additions in the year
931,153
16.0
Released on vesting
(1,374,930)
(13.0)
At 31 December 2023
4,443,517
55.6
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 3,275,598 shares were
held in the EBT at 31 December 2023 (2022: 3,786,182), and 894,966 shares were held by the trustees
of the Share Incentive Plan but were not unconditionally gifted to employees (2022: 828,160).
A further 272,952 (2022: 272,952) of shares were held in nominee in respect of the initial share
consideration for the acquisition of Saunderson House.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "30 SHARE CAPITAL, SHARE PREMIUM AND MERGER RESERVE The following movements in share capital occurred during the year:
Share Capital Share Capital Exercise/ Share Share Merger
\u2013 Voting \u2013 Non-voting issue price capital premium reserve Total
shares shares Pence \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
62,003,341
\u2212
\u2212
3.1
291.0
7 7.0
371.1
Shares issued:
\u2014
to Share Incentive Plan
4 67, 559
\u2212
1,600.0 - 2,090.0
\u2212
9.2
\u2212
9.2
\u2014
to Save As You Earn scheme
1,181
\u2212
1,085.0 - 1,813.0
\u2212
\u2212
\u2212
\u2212
\u2014
to Employee Benefit Trust
481,500
\u2212
5.0
\u2212
\u2212
\u2212
\u2212
\u2014
to Business Combinations
441,256
\u2212
1,913.4 - 2,484.0
0.1
9.7
\u2212
9.8
At 1 January 2023
63,394,837
\u2013
\u2013
3.2
310.0
7 7.0
390.1
Shares issued:
\u2014
to Share Incentive Plan
132,829
\u2013
1,574.0 - 2,160.0
\u2013
2.3
\u2013
2.3
\u2014
to Save As You Earn scheme
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014
to Employee Benefit Trust
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014
to Business Combinations
27,056,
46 3
17,481,868
1,635.9 - 1,722.0
2.2
\u2013
747.4
749.6
At 31 December 2023
90,584,129
17,481,868
\u2013
5.4
312.3
824.4
1,142.0
The total number of issued and fully paid up ordinary shares at 31 December 2023 was 108,065,997 (2022: 63,394,837) 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. The convertible non-voting shares rank pari passu with the ordinary shares, except that they do not carry voting rights. Both the ordinary shares and convertible non-voting shares qualify as common equity tier 1 capital. 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. On 21 September 2023, the company issued to Investec Bank Plc 27,056,463 of ordinary shares at \u00a317.22 per share, and 17,481,868 of convertible non-voting ordinary shares at \u00a316.36 per share. Share issue costs of \u00a32.2 million were offset against the merger reserve. See notes 8 and 9 for further detail.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-449": { "value": "31 OWN SHARES The following movements in own shares occurred during the year:
Number of
Shares
\u00a3m
At 1 January 2022
3,624,714
36.6
Additions in the year
1,440,695
18.7
Released on vesting
(178,115)
(2\ue01f7)
At 1 January 2023
4, 8 87, 294
52.5
Additions in the year
931,153
16.0
Released on vesting
(1,374,930)
(13.0)
At 31 December 2023
4,443,517
55.6
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 3,275,598 shares were held in the EBT at 31 December 2023 (2022: 3,786,182), and 894,966 shares were held by the trustees of the Share Incentive Plan but were not unconditionally gifted to employees (2022: 828,160). A further 272,952 (2022: 272,952) of shares were held in nominee in respect of the initial share consideration for the acquisition of Saunderson House.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-450": { "value": "
32 SHARE-BASED PAYMENTS
The group recognised total charges of \u00a324.0 million in relation to share-based payment transactions
in 2023 (2022: \u00a325.9 million) (see note 10). This includes acquisition-related share-based payments
(see note below), and excludes social security costs of \u00a31.7 million (2022: \u00a31.1 million).
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 \u00a36.0 million
(2022: debit of \u00a312.8 million). This includes \u00a3nil for share schemes where no cash consideration was
received (2022: debit of \u00a39.8 million). See note 38.
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.
Fair value assumptions required by IFRS 2 are used to calculate the relevant fair values for this
award. The assumptions have been set with reference to market conditions at the grant date. The fair
value of free shares has been calculated as the value of an option with a zero exercise price and
exercise date 15 months from the date of grant. Once free share awards are allocated, they accrue
dividends, which become payable once the awards vest. The dividend yield has been calculated
based on the share price at grant and 12 months\u2019 historical dividends at each grant date, resulting in a
dividend yield of 4.0% per annum.
As at 31 December 2023, the trustees of the SIP held 1,773,475 (2022: 1,634,429) ordinary shares of
5p each in Rathbones Group Plc with a total market value of \u00a330.9 million (2022: \u00a333.3 million). Of
the total number of shares held by the trustees, 1,146,166 (2022: 1,101,112) have been conditionally
gifted to employees and Nil (2022: 2,055) remain unallocated.
The group recognised a charge of \u00a32.5 million in relation to this scheme in 2023 (2022: \u00a32.4 million).
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 \u00a32.2 million, determined using a binomial
valuation model including expected dividends, were granted on 28 April 2023 to directors and staff
under the SAYE plan. The inputs into the binomial model for options granted during 2023, as at the
date of issue, were as follows:
2023
2022
Share price (pence)
1,954
2,125
Exercise price (pence)
1,524
1,394
Expected volatility
28.0%
26%
Risk-free rate
3.8%
1.7%
Expected dividend yield
4.3%
3.5%
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.
2023
2022
Exercise price Exercise price Number of Number of
Year of grant Pence period share options share options
2018
1,977. 0
2021 and 2023
60
5,634
2019
1,813.0
2022 and 2024
4,260
4,418
2020
1,085.0
2023 and 2025
520,303
1,061,217
2021
1,365.0
2024 and 2026
169,879
180,570
2022
1,394.0
2025 and 2027
320,801
345,645
2023
1,524.0
2026 and 2028
388,343
\u2212
At 31 December
1,403,646
1,597,484
Movements in the number of share options outstanding for the SAYE plan were as follows:
2023
2022
Weighted average Weighted average
Number of exercise price Number of exercise price
share options Pence share options Pence
At 1 January
1,597,484
1,272.0
1,363,852
1,152.0
Granted in the year
418,512
1,365.0
364,650
1,365.0
Forfeited or cancelled in the year
(89,609)
1,403.0
(88,406)
1,272.0
Exercised in the year
(522,741)
1,086.0
(42,612)
1,588.0
At 31 December
1,403,646
1,266.0
1,597,484
1,272.0
The fair value assumptions for each SAYE award granted are set with reference to market conditions
at the grant date. Factors affecting the fair value of the award are the volatility of the share return,
dividend policy, expected leaving service rates and early exercise.
In setting the assumption for future share return volatility, historical volatility is calculated, using the
Group\u2019s historical share price and calculating the return on a weekly basis. The historical annualised
volatility of the Group\u2019s share return is then measured over rolling one, three and five periods.
The most appropriate historical volatility measure, based on weekly share price data, is then used for
the purposes of setting the volatility assumption for both awards. Consistent with previous practice,
a 5-year historical volatility measure was used, creating a volatility assumption of 28% per annum
(2022: 26% per annum).
The weighted average share price at the dates of exercise for share options exercised during the year
was \u00a310.86 (2022: \u00a315.88). The options outstanding at 31 December 2023 had a weighted average
contractual life of 2.6 years (2.4 years) and a weighted average exercise price of \u00a313.13 (2022: \u00a311.89).
The group recognised a charge of \u00a31.8 million in relation to this scheme in 2023 (2022: \u00a31.6 million).
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. The fair value has been determined with reference to the share price at grant.
In 2021 this award was replaced with the Executive Share Performance Plan.
The group recognised a charge of \u00a30.6 million in relation to the equity-settled share-based payment
element of this scheme in 2023 (2022: \u00a32.0 million).
The number of outstanding options left to vest for the EIP scheme as at 31 December 2023 is 200,725.
EXECUTIVE SHARE PERFORMANCE PLAN
The scheme was launched in 2021 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 approval. 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 fair value has been
determined with reference to the share price at grant.
The group recognised a charge of \u00a33.3 million in relation to the equity-settled share-based payment
element of this scheme in 2023 (2022: \u00a32.0 million).
The number of outstanding options left to vest for the ESPP scheme as at 31 December 2023 is 353,292.
STAFF EQUITY PLAN
The Key Staff Equity Plan (\u2018KSEP\u2019) was for individuals within Rathbones Investment Management
and Rathbones Investment Management International. In anticipation of the KSEP vesting during
2023, the Key Employee Equity Plan (\u2018KEEP\u2019) was launched in 2022 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 were 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. There are no market-related performance conditions attached to these awards.
The KSEP awards vested during the year on the fifth anniversary of the grant date. The awards are
exercisable from the vesting date until the tenth anniversary of the grant date. The fair value has
been determined with reference to the share price at grant less the value of expected dividends over
the period to vesting, as no dividend shares have been granted on this award.
The KEEP awards will vest 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 fair value has been determined with reference to the share price at grant. There are
no market-related performance conditions attached to this award.
The group recognised a charge of \u00a32.1 million for the KSEP award in the year (2022: \u00a34.2 million),
and a charge of \u00a32.7 million for the KEEP award (2022: \u00a30.9 million).
The number of outstanding options left to vest for the KEEP scheme as at 31 December 2023
is 962,100.
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 a charge of \u00a31.3 million for the Rathbones Exceptional Performance Plan
scheme in 2023 (2022: 1.7 million).
The Group recognised a charge of \u00a32.3 million for the Rathbone Enhanced Profit Share Plan scheme
in 2023 (2022: 2.1 million).
ACQUISITION-RELATED SHARE-BASED PAYMENTS
Details of the general terms of share-based payments associated with the acquisition of Speirs &
Jeffrey, Saunderson House and IW&I are set out in note 8.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-451": { "value": "Movements in the number of share options outstanding for the SAYE plan were as follows:
2023
2022
Weighted average Weighted average
Number of exercise price Number of exercise price
share options Pence share options Pence
At 1 January
1,597,484
1,272.0
1,363,852
1,152.0
Granted in the year
418,512
1,365.0
364,650
1,365.0
Forfeited or cancelled in the year
(89,609)
1,403.0
(88,406)
1,272.0
Exercised in the year
(522,741)
1,086.0
(42,612)
1,588.0
At 31 December
1,403,646
1,266.0
1,597,484
1,272.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-452": { "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:
(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 2023, the total lending exposure limit for the investment management loan
book was \u00a3250.0 million (2022: 250.0 million), of which \u00a3100.2 million had been advanced
(2022: \u00a3158.1 million) and a further \u00a315.4 million had been committed (2022: \u00a322.5 million).
(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 Wealth Management and Asset Management 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.
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.
2023 2022
Treasury book \u00a3m \u00a3m
Balances with central banks
1,038.3
1,413.0
Loans and advances to banks \u2212 fixed deposits/notice accounts
14.5
30.0
Unlisted debt securities
1,294.6
1,045.2
Gross amount
2, 347. 4
2,488.2
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.
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).
Maximum exposure to credit risk
2023 2022
\u00a3m \u00a3m
Credit risk relating to on-balance-sheet exposures:
Cash and balances with central banks
1,038.3
1,413.0
Settlement balances
165.7
65.8
Loans and advances to banks
266.9
194.7
Loans and advances to customers:
\u2014
overdrafts
9.7
6.5
\u2014
investment management loan book
101.7
159.7
\u2014
trust and financial planning debtors
2.7
3.0
\u2014
other debtors
1.6
0.5
Investment securities:
\u2014
unlisted debt securities and money market funds
1,294.6
1,045.2
Other financial assets
191.3
104.7
Credit risk relating to off-balance-sheet exposures:
Loan commitments
15.4
22.5
3,087.9
3,015.7
The above table represents the group\u2019s gross credit risk exposure at 31 December 2023 and 2022,
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, 14.2% is derived from loans and advances to banks and customers
(2022: 12.1%) and 41.1% represents investment securities (2022: 34.7%).
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.
2023 2022
\u00a3m \u00a3m
Impairment losses/(reversals) arising from:
\u2014
treasury book
\u2013
\u2212
\u2014
investment management loan book
\u2013
\u2212
\u2014
trust and financial planning debtors
0.1
(0\ue01f1)
0.1
(0\ue01f1)
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.
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:
2023
2022
At amortised cost
Fair value Lifetime ECL
through profit or \u2013 not credit- Lifetime ECL Fair value through Lifetime ECL \u2013 not Lifetime ECL
loss 12-month ECL impaired \u2013 credit-impaired profit or loss 12-month ECL credit-impaired \u2013 credit-impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
\u2013
\u2013
\u2013
\u2013
\u2212
\u2212
\u2212
\u2212
AA+ to AA-
\u2013
1,666.2
\u2013
\u2013
\u2212
1,953.2
\u2212
\u2212
A+ to A-
\u2013
681.3
\u2013
\u2013
\u2212
535.0
\u2212
\u2212
Gross carrying amounts
\u2013
2,3 47.5
\u2013
\u2013
\u2212
2,488.2
\u2212
\u2212
Loss allowance
(0.1)
\u2013
\u2013
\u2212
(0.1)
\u2212
\u2212
Carrying amount
\u2013
2,3 47.4
\u2013
\u2013
\u2212
2,488.1
\u2212
\u2212
Cash and balances with central banks
\u2013
1,038.3
\u2013
\u2013
\u2212
1,412.9
\u2212
\u2212
Loans and advances to banks
\u2013
14.5
\u2013
\u2013
\u2212
30.0
\u2212
\u2212
Unlisted debt securities
\u2013
1,294.6
\u2013
\u2013
\u2212
1,045.2
\u2212
\u2212
Carrying amount
\u2013
2,3 47.4
\u2013
\u2013
\u2212
2,488.1
\u2212
\u2212
The movement in allowance for impairment for the treasury book during the year was as follows.
Lifetime ECL
12-month \u2013 not credit- Lifetime ECL Total
ECL impaired \u2013 credit-impaired ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
0.1
\u2013
\u2013
0.1
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2023
0.1
\u2013
\u2013
0.1
Cash and balances with central banks
\u2013
\u2013
\u2013
\u2013
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
Unlisted debt securities
0.1
\u2013
\u2013
0.1
ECL provision
0.1
\u2013
\u2013
0.1
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.
The following table provides information about the exposure to credit risk and ECLs for trust and financial planning debtors as at 31 December 2023:
2023 2022
\u00a3m \u00a3m
Rathbones Trust Company
1.3
1.0
Rathbones Trust & Legal Services
0.2
0.2
Rathbone Financial Planning
0.7
0.5
Saunderson House
0.7
1.4
Gross carrying amounts
2.9
3.2
Loss allowance
(0.2)
(0\ue01f1)
Carrying amount
2.7
3.0
Loss allowance
Gross
Weighted carrying Not credit Credit
average loss amount impaired impaired Total
Rathbones Trust Company rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.3%
0.6
\u2013
\u2013
\u2013
90-180 days overdue
1.4%
0.2
\u2013
\u2013
\u2013
180-270 days overdue
2.6%
0.2
\u2013
\u2013
\u2013
270-365 days overdue
4.4%
0.1
\u2013
\u2013
\u2013
>365 days overdue
23.2%
0.2
(0.1)
\u2013
(0.1)
1.
3
(0.1)
\u2013
(0.1)
2023
2022
At amortised cost
Lifetime Lifetime Lifetime ECL
ECL \u2013 not ECL \u2013 not Lifetime ECL
12-month credit- \u2013 credit- 12-month credit- \u2013 credit-
E
CL
impaired impaired ECL impaired impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Very low
23.1
\u2013
\u2013
31.1
\u2212
\u2212
Low
70.2
\u2013
\u2013
112.0
\u2212
\u2212
Medium
6.9
\u2013
\u2013
14.5
\u2212
\u2212
High
1.5
\u2013
\u2013
2.1
\u2212
\u2212
Gross carrying amounts
101.7
\u2013
\u2013
159.7
\u2212
\u2212
Loss allowance
\u2013
\u2013
\u2013
\u2212
\u2212
\u2212
Carrying amount
101.7
\u2013
\u2013
159.7
\u2212
\u2212
The movement in allowance for impairment of the investment management loan book during the year was as follows.
Lifetime ECL Lifetime ECL
12-month \u2013 not credit- \u2013 credit-
ECL impaired impaired Total ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
\u2013
\u2013
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2023
\u2013
\u2013
\u2013
\u2013
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.
At the prior year end, \u00a30.03 million was recognised as an expected credit loss provision for
Rathbones Trust Company.
Loss allowance
Gross Not
Weighted carrying credit- Credit-
average loss amount impaired impaired Total
Rathbones Trust & Legal Services rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.8%
0.2
\u2013
\u2013
\u2013
90-180 days overdue
3.9%
\u2013
\u2013
\u2013
\u2013
180-270 days overdue
7.0 %
\u2013
\u2013
\u2013
\u2013
270-365 days overdue
12.7%
\u2013
\u2013
\u2013
\u2013
>365 days overdue
11.9%
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
\u2013
At the prior year end, \u00a30.01 million was recognised as an expected credit loss provision for
Rathbones Trust & Legal Services.
Loss allowance
Gross Not
Weighted carrying credit- Credit-
average loss amount impaired impaired Total
Rathbone Financial Planning rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
0.3
\u2013
\u2013
\u2013
90-180 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
180-270 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
270-365 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
>365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
0.6
\u2013
\u2013
\u2013
At the prior year end, \u00a3nil was recognised as an expected credit loss provision for Rathbone Financial
Planning.
Loss allowance
Gross
Weighted carrying Not credit Credit
average loss amount impaired impaired Total
Saunderson House rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
0.5
\u2013
\u2013
\u2013
90-180 days overdue
12.9%
\u2013
\u2013
\u2013
\u2013
180-270 days overdue
50.0%
\u2013
\u2013
\u2013
\u2013
270-365 days overdue
50.0%
0.1
\u2013
\u2013
\u2013
>365 days overdue
100.0%
0.1
(0.1)
\u2013
(0.1)
0.7
(0.1)
\u2013
(0.1)
At the prior year end, \u00a30.08 million 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.
Trust
and financial
planning debtors
Movement in impairment provision during the year \u00a3m
At 1 January
0.1
Amounts written off
0.1
Change in credit risk
\u2013
At 31 December 2023
0.2
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.
United Rest of
Kingdom Eurozone the World Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,412.9
\u2212
\u2212
1,412.9
Settlement balances
65.4
0.1
0.3
65.8
Loans and advances to banks
192.9
\u2212
1.8
194.7
Loans and advances to customers:
\u2014
overdrafts
5.8
0.1
0.7
6.6
\u2014
investment management loan book
132.5
0.8
26.4
159.7
\u2014
trust and financial planning debtors
3.0
\u2212
\u2212
3.0
\u2014
other debtors
0.5
\u2212
\u2212
0.5
Investment securities:
\u2014
unlisted debt securities and money market
funds
159.6
250.0
635.7
1,045.3
\u2014
Other financial assets
89.4
3.3
12.0
104.7
2,062.0
254.3
676.9
2,993.2
At 31 December 2023, materially all eurozone exposures were to counterparties based in the
Netherlands, France and Finland (2022: Netherlands, France and Finland) and materially all rest of
the world exposures were to counterparties based in Switzerland, Sweden, Norway, Canada, Japan,
United States of America and Australia (2022: Switzerland, Sweden, Norway, Canada and Australia).
At 31 December 2023, the group had exposure to the UK government through the holding of treasury
bills (2022: UK government through the holding of treasury bill).
(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.
United Rest of
Kingdom Eurozone the World Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,038.3
\u2013
\u2013
1,038.3
Settlement balances
150.7
5.9
9.1
165.7
Loans and advances to banks
232.8
7.5
26.6
266.9
Loans and advances to customers:
\u2014
overdrafts
9.3
0.1
0.3
9.7
\u2014
investment management loan book
80.1
0.1
21.5
101.7
\u2014
trust and financial planning debtors
2.7
\u2013
\u2013
2.7
\u2014
other debtors
1.5
\u2013
\u2013
1.5
Investment securities:
\u2014
unlisted debt securities
415.9
366.8
511.9
1,294.6
Other financial assets
164.4
10.9
16.0
191.3
2,095.7
3
91.3
585.4
3,072.4
(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:
Clients
Public Financial and other
sector institutions corporate Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,038.3
\u2013
\u2013
1,038.3
Settlement balances
\u2013
163.9
1.8
165.7
Loans and advances to banks
\u2013
266.9
\u2013
266.9
Loans and advances to customers:
\u2014
overdrafts
\u2013
\u2013
9.7
9.7
\u2014
investment management loan book
\u2013
\u2013
101.7
101.7
\u2014
trust and financial planning debtors
\u2013
\u2013
2.7
2.7
\u2014
other debtors
\u2013
\u2013
1.5
1.5
Investment securities:
\u2014
unlisted debt securities and money
market funds
200.9
1,093.7
\u2013
1,294.6
Other financial assets
6.4
56.8
128.1
191.3
1,245.6
1,581.3
245.5
3,072.4
Clients
Public Financial and other
sector institutions corporate Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,412.9
\u2212
\u2212
1,412.9
Settlement balances
\u2212
65.8
\u2212
65.8
Loans and advances to banks
\u2212
194.7
\u2212
194.7
Loans and advances to customers:
\u2014
overdrafts
\u2212
\u2212
6.6
6.6
\u2014
investment management
loan book
\u2212
\u2212
159.7
159.7
\u2014
trust and financial planning debtors
\u2212
\u2212
3.0
3.0
\u2014
other debtors
\u2212
\u2212
0.5
0.5
Investment securities:
\u2014
unlisted debt securities and money market
funds
24.6
1,020.6
\u2212
1,045.2
Other financial assets
2.6
11.8
90.4
104.8
1,440.1
1,292.9
260.2
2,993.2
(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.
After 3 months After 1 year
On Not more than but not more but not more No fixed
demand 3 months than 1 year than 5 years After 5 years maturity date Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,036.0
2.8
2.3
\u2013
\u2013
\u2013
1,041.1
Settlement balances
6.4
159.3
\u2013
\u2013
\u2013
\u2013
165.7
Loans and advances to banks
245.4
21.5
\u2013
\u2013
\u2013
\u2013
266.9
Loans and advances to customers
11.5
3.4
3.2
115.0
\u2013
\u2013
133.1
Debt securities and money market funds
\u2013
413.2
941.1
\u2013
\u2013
\u2013
1,354.3
Equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Other financial assets
1.1
157.0
3.3
0.3
\u2013
\u2013
161.7
Cash flows arising from financial assets
1,300.4
757. 2
949.9
115.3
\u2013
1.2
3,124.0
Deposits by banks
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
Settlement balances
7.4
164.7
\u2013
\u2013
\u2013
\u2013
172.1
Due to customers
1,652.5
506.5
103.0
\u2013
\u2013
\u2013
2,262.0
Subordinated loan notes
\u2013
\u2013
2.3
44.5
\u2013
\u2013
46.8
Lease liabilities\u00b9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
1.6
49.0
14.9
28.1
10.4
\u2013
104.0
Cash flows arising from financial liabilities
1,673.9
720.2
120.2
72.6
10.4
\u2013
2, 597. 3
Net liquidity gap
(373.5)
37.0
829.7
42.7
(10.4)
1.2
526.7
Cumulative net liquidity gap
(373.5)
(336.5)
493.3
536.0
525.5
526.7
\u2013
After 3 months After 1 year
On Not more than but not more but not more No fixed
demand 3 months than 1 year than 5 years After 5 years maturity date Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,408.0
2.3
5.0
\u2212
\u2212
\u2212
1,415.3
Settlement balances
\u2212
65.8
\u2212
\u2212
\u2212
\u2212
65.8
Loans and advances to banks
164.8
\u2212
30.1
\u2212
\u2212
\u2212
194.9
Loans and advances to customers
8.2
3.4
2.3
16 7.6
\u2212
\u2212
181.5
Debt securities and money market funds
\u2212
361.9
710.5
\u2212
\u2212
\u2212
1,072.4
Equity securities
\u2212
\u2212
\u2212
\u2212
\u2212
3.1
3.1
Other financial assets
4.5
85.9
1.6
0.2
\u2212
\u2212
92.2
Cash flows arising from financial assets
1,585.5
519.3
749.5
167. 8
\u2212
3.1
3,025.2
Deposits by banks
1.0
\u2212
\u2212
\u2212
\u2212
\u2212
1.0
Settlement balances
\u2212
69.9
\u2212
\u2212
\u2212
\u2212
69.9
Due to customers
2,328.0
183.6
5.0
\u2212
\u2212
\u2212
2,516.6
Subordinated loan notes
\u2212
\u2212
2.3
46.8
\u2212
\u2212
49.1
Lease liabilities
\u2212
1.9
5.9
22.2
37.8
\u2212
67.8
Other financial liabilities
0.2
19.9
0.2
5.4
4.5
\u2212
30.2
Cash flows arising from financial liabilities
2,329.2
275.3
13.4
74.4
42.3
\u2212
2,734.6
Net liquidity gap
(743.7)
244.0
736.1
93.4
(42.3)
3.1
290.6
Cumulative net liquidity gap
(743.7)
(499.8)
236.4
329.8
28 7.5
290.6
\u2212
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 equity investments worth \u00a3nil (2022: \u00a38.1 million) which are subject to liquidity risk
but are not included in the table above. These units in collectives managed by Rathbones Asset
Management Ltd were sold during the period. The assets were previously held as fair value through
profit or loss securities and had no fixed maturity date; cash flows arose 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.
After 3 After 1
months but year but
Not more not more than not more than After
than 3 months 1 year 5 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loan commitments
15.4
\u2013
\u2013
\u2013
15.4
Capital commitments
8.5
5.5
\u2013
\u2013
14.0
Total off-balance-sheet items
23.9
5.5
\u2013
\u2013
29.4
After 3 After 1
Not more months but not year but
than 3 more not more After
months than 1 year than 5 years 5 years Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loan commitments
22.5
\u2212
\u2212
\u2212
22.5
Capital commitments
0.5
\u2212
\u2212
\u2212
0.5
Total off-balance-sheet items
23.0
\u2212
\u2212
\u2212
23.0
Total liquidity requirement
After 3 After 1
Not more months but year but
On than 3 not more not more After
demand months than 1 year than 5 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows arising from
financial liabilities
1,673.9
720.2
120.2
72.6
10.4
2 ,5 97. 3
Total off-balance-sheet items
\u2013
23.9
5.5
\u2013
\u2013
29.4
Total liquidity requirement
1,673.9
744.1
125.7
72.6
10.4
2,626.7
After 1
After 3 year but
Not more months but not more
On than 3 not more than 5 After
demand months than 1 year years 5 years Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows arising from
financial liabilities
2,329.2
275.3
13.4
74.4
42.3
2,734.6
Total off-balance-sheet items
\u2212
23.0
\u2212
\u2212
\u2212
23.0
Total liquidity requirement
2,329.2
298.3
13.4
74.4
42.3
2,75
7.6
(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.
After 3 months After 6 months After 1 year but Non-
Not more than but not more but not more not more than After interest-
3 months than 6 months than 1 year 5 years 5 years bearing Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,036.0
\u2013
\u2013
\u2013
\u2013
2.3
1,038.3
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
165.7
165.7
Loans and advances to banks
252.2
14.5
\u2013
\u2013
\u2013
0.2
266.9
Loans and advances to customers
111.8
0.4
0.3
\u2013
\u2013
3.1
115.6
Investment securities:
\u2014
equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
\u2014
unlisted debt securities and money market funds
400.4
370.8
523.4
\u2013
\u2013
\u2013
1,294.6
Other financial assets
0.5
\u2013
\u2013
\u2013
\u2013
190.8
191.3
Total financial assets
1,800.9
385.7
523.7
\u2013
\u2013
363.3
3,073.6
Liabilities
Deposits by banks
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
172.1
172.1
Due to customers
2,108.9
99.2
\u2013
\u2013
\u2013
45.2
2,253.3
Subordinated loan notes
\u2013
\u2013
\u2013
39.9
\u2013
\u2013
39.9
Other financial liabilities
4.4
2.4
4.8
39.2
26.0
69.6
146.4
Total financial liabilities
2,125.7
101.6
4.8
79.1
26.0
286.9
2,624.1
Interest rate repricing gap
(324.8)
284.1
518.9
(79.1)
(26.0)
76.4
449.5
After 3 months After 6 months After 1 year Non-
Not more but not more but not more but not more interest-
than 3 months than 6 months than 1 year than 5 years After 5 years bearing Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,408.0
\u2212
\u2212
\u2212
\u2212
4.9
1,412.9
Settlement balances
\u2212
\u2212
\u2212
\u2212
\u2212
65.8
65.8
Loans and advances to banks
164.5
30.0
\u2212
\u2212
\u2212
0.3
194.8
Loans and advances to customers
166.0
\u2212
\u2212
\u2212
\u2212
3.8
169.8
Investment securities:
\u2014
equity securities
3.1
\u2212
\u2212
\u2212
\u2212
8.1
11.2
\u2014
unlisted debt securities and money market funds
357.1
313.1
375.0
\u2212
\u2212
\u2212
1,045.2
Other financial assets
0.6
\u2212
\u2212
\u2212
\u2212
104.1
104.7
Total financial assets
2,099.3
343.1
375.0
\u2212
\u2212
187.0
3,004.4
Liabilities
Deposits by banks
1.0
\u2212
\u2212
\u2212
\u2212
\u2212
1.0
Settlement balances
\u2212
\u2212
\u2212
\u2212
\u2212
69.9
69.9
Due to customers
2,446.7
4.9
\u2212
\u2212
\u2212
64.5
2,516.1
Subordinated loan notes
\u2212
\u2212
\u2212
39.9
\u2212
\u2212
39.9
Other financial liabilities
1.2
1.2
2.6
19.6
25.9
28.6
79.1
Total financial liabilities
2,448.9
6.1
2.6
59.5
25.9
163.0
2,706.0
Interest rate repricing gap
(349.6)
337.0
372.4
(59\ue01f5)
(25.9)
24.1
298.4
The banking committee has set an overall pre-tax interest rate exposure limit of \u00a38.0 million (2022: \u00a38.0 million) 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 2023, the Bank had a net present value sensitivity of \u00a37.5 million (2022: \u00a36.4 million) for an upward 2% shift in rates. The group held no forward rate agreements at 31 December 2023
(2022: none).
The Group has assessed the impact of climate change on the carrying amount of its financial assets and liabilities at year-end, and considers there to be no material impact.
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 2023. Included
in the table are the group\u2019s financial assets and liabilities, at carrying amounts, categorised by currency.
Sterling US dollar Euro Other Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,038.3
\u2013
\u2013
\u2013
1,038.3
Settlement balances
150.6
5.4
2.4
7. 3
165.7
Loans and advances to banks
230.3
13.2
18.7
4.7
266.9
Loans and advances to customers
109.3
5.1
1.2
\u2013
115.6
Investment securities:
\u2014
equity securities
\u2013
\u2013
1.2
\u2013
1.2
\u2014
unlisted debt securities and money market funds
1,259.3
35.3
\u2013
\u2013
1,294.6
Other financial assets
185.1
1.6
1.7
2.9
191.3
Total financial assets
2,972.9
60.6
25.2
14.9
3,073.6
Liabilities
Deposits by banks
12.4
\u2013
\u2013
\u2013
12.4
Settlement balances
146.5
16.0
2.3
7.3
172.1
Due to customers
2,176.4
53.7
18.2
5.0
2,253.3
Subordinated loan notes
39.9
\u2013
\u2013
\u2013
39.9
Other financial liabilities
146.2
0.2
\u2013
\u2013
146.4
Total financial liabilities
2,521.4
69.9
20.5
12.3
2,624.1
Net on-balance-sheet position
451.5
(9.3)
4.7
2.6
449.5
Loan commitments
15.4
\u2013
\u2013
\u2013
15.4
Sterling US dollar Euro Other Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,412.9
\u2212
\u2212
\u2212
1,412.9
Settlement balances
63.6
0.5
0.1
1.6
65.8
Loans and advances to banks
137.5
27.1
20.0
10.1
194.7
Loans and advances to customers
161.4
5.6
2.8
\u2212
169.8
Investment securities:
\u2014
equity securities
8.1
\u2212
3.1
\u2212
11.2
\u2014
unlisted debt securities and money market funds
974.6
70.7
\u2212
\u2212
1,045.3
Other financial assets
103.1
0.8
0.8
\u2212
104.7
Total financial assets
2,861.2
104.7
26.8
11.7
3,004.4
Liabilities
Deposits by banks
1.0
\u2212
\u2212
\u2212
1.0
Settlement balances
67.4
1.9
0.3
0.3
69.9
Due to customers
2,389.4
91.4
25.1
10.2
2,516.1
Subordinated loan notes
39.9
\u2212
\u2212
\u2212
39.9
Other financial liabilities
78.8
0.2
0.1
\u2212
79.1
Total financial liabilities
2,576.5
93.5
25.5
10.5
2,706.0
Net on-balance-sheet position
284.7
11.2
1.3
1.2
298.4
Loan commitments
22.5
\u2212
\u2212
\u2212
22.5
A 10% weakening of the US dollar against sterling, occurring on 31 December 2023, would have
increased equity and profit after tax by \u00a30.7 million (2022: reduced by \u00a30.9 million). A 10%
weakening of the euro against sterling, occurring on 31 December 2023, would have reduced equity
and profit after tax by \u00a30.4 million (2022: reduced by \u00a30.1 million). 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 2023, the fair value of listed equity securities recognised on the balance sheet was
\u00a3nil (2022: \u00a38.1 million). A 10% fall in global equity markets would, in isolation, have resulted in a
pre-tax decrease to net assets of \u00a3nil (2022: \u00a30.5 million); 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: \u2014 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2014 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2014 Level 3: inputs for the asset or liability that are not based on observable market data.
Level 1 Level 2 Level 3 Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
\u2013
\u2013
1.2
1.2
\u2013
\u2013
1.2
1.2
Level 1 Level 2 Level 3 Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
8.1
\u2212
3.1
11.2
8.1
\u2212
3.1
11.2
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 (2022: 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: \u2014 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 2023 was \u00a31,296.8 million (2022: \u00a31,053.5 million) and the carrying value was \u00a31,294.6 million (2022: \u00a31,045.3 million). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2014 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2023 was \u00a337.4 million (2022: \u00a341.2 million) and the carrying value was \u00a339.9 million (2022: \u00a339.9 million). 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 At 31st December 2023, the group held 517 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. At the prior year-end, the Group held 1,809 shares which were valued at \u00a33.1 million by reference to the indicative price derived from the most recent transactions of the shares in the market. During the year, the group sold 1,292 of its shares in two separate transactions. The price was used to value the remaining shares at year-end. 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 \u00a30.1 million (2022: \u00a30.3 million). 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:
2023
2022
At 1 January
3.1
2.5
Total unrealised gains/(losses) recognised in profit or loss
1.0
0.6
Total disposals
(2.9)
\u2212
At 31 December
1.2
3.1
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:
\u2014 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
\u2014 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
\u2014 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.
Investments), which act to provide protection to the balance sheet position from inflation changes
\u2014 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", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-453": { "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: (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 2023, the total lending exposure limit for the investment management loan book was \u00a3250.0 million (2022: 250.0 million), of which \u00a3100.2 million had been advanced (2022: \u00a3158.1 million) and a further \u00a315.4 million had been committed (2022: \u00a322.5 million). (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 Wealth Management and Asset Management 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. 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.
2023 2022
Treasury book \u00a3m \u00a3m
Balances with central banks
1,038.3
1,413.0
Loans and advances to banks \u2212 fixed deposits/notice accounts
14.5
30.0
Unlisted debt securities
1,294.6
1,045.2
Gross amount
2, 347. 4
2,488.2
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. 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). Maximum exposure to credit risk
2023 2022
\u00a3m \u00a3m
Credit risk relating to on-balance-sheet exposures:
Cash and balances with central banks
1,038.3
1,413.0
Settlement balances
165.7
65.8
Loans and advances to banks
266.9
194.7
Loans and advances to customers:
\u2014
overdrafts
9.7
6.5
\u2014
investment management loan book
101.7
159.7
\u2014
trust and financial planning debtors
2.7
3.0
\u2014
other debtors
1.6
0.5
Investment securities:
\u2014
unlisted debt securities and money market funds
1,294.6
1,045.2
Other financial assets
191.3
104.7
Credit risk relating to off-balance-sheet exposures:
Loan commitments
15.4
22.5
3,087.9
3,015.7
The above table represents the group\u2019s gross credit risk exposure at 31 December 2023 and 2022, 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, 14.2% is derived from loans and advances to banks and customers (2022: 12.1%) and 41.1% represents investment securities (2022: 34.7%). 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.
2023 2022
\u00a3m \u00a3m
Impairment losses/(reversals) arising from:
\u2014
treasury book
\u2013
\u2212
\u2014
investment management loan book
\u2013
\u2212
\u2014
trust and financial planning debtors
0.1
(0\ue01f1)
0.1
(0\ue01f1)
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. 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:
2023
2022
At amortised cost
Fair value Lifetime ECL
through profit or \u2013 not credit- Lifetime ECL Fair value through Lifetime ECL \u2013 not Lifetime ECL
loss 12-month ECL impaired \u2013 credit-impaired profit or loss 12-month ECL credit-impaired \u2013 credit-impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
\u2013
\u2013
\u2013
\u2013
\u2212
\u2212
\u2212
\u2212
AA+ to AA-
\u2013
1,666.2
\u2013
\u2013
\u2212
1,953.2
\u2212
\u2212
A+ to A-
\u2013
681.3
\u2013
\u2013
\u2212
535.0
\u2212
\u2212
Gross carrying amounts
\u2013
2,3 47.5
\u2013
\u2013
\u2212
2,488.2
\u2212
\u2212
Loss allowance
(0.1)
\u2013
\u2013
\u2212
(0.1)
\u2212
\u2212
Carrying amount
\u2013
2,3 47.4
\u2013
\u2013
\u2212
2,488.1
\u2212
\u2212
Cash and balances with central banks
\u2013
1,038.3
\u2013
\u2013
\u2212
1,412.9
\u2212
\u2212
Loans and advances to banks
\u2013
14.5
\u2013
\u2013
\u2212
30.0
\u2212
\u2212
Unlisted debt securities
\u2013
1,294.6
\u2013
\u2013
\u2212
1,045.2
\u2212
\u2212
Carrying amount
\u2013
2,3 47.4
\u2013
\u2013
\u2212
2,488.1
\u2212
\u2212
The movement in allowance for impairment for the treasury book during the year was as follows.
Lifetime ECL
12-month \u2013 not credit- Lifetime ECL Total
ECL impaired \u2013 credit-impaired ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
0.1
\u2013
\u2013
0.1
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2023
0.1
\u2013
\u2013
0.1
Cash and balances with central banks
\u2013
\u2013
\u2013
\u2013
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
Unlisted debt securities
0.1
\u2013
\u2013
0.1
ECL provision
0.1
\u2013
\u2013
0.1
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. The following table provides information about the exposure to credit risk and ECLs for trust and financial planning debtors as at 31 December 2023:
2023 2022
\u00a3m \u00a3m
Rathbones Trust Company
1.3
1.0
Rathbones Trust & Legal Services
0.2
0.2
Rathbone Financial Planning
0.7
0.5
Saunderson House
0.7
1.4
Gross carrying amounts
2.9
3.2
Loss allowance
(0.2)
(0\ue01f1)
Carrying amount
2.7
3.0
Loss allowance
Gross Weighted carrying Not credit Credit average loss amount impaired impaired Total Rathbones Trust Company rate \u00a3m \u00a3m \u00a3m \u00a3m <90 days overdue 0.3% 0.6 \u2013 \u2013 \u2013 90-180 days overdue 1.4% 0.2 \u2013 \u2013 \u2013 180-270 days overdue 2.6% 0.2 \u2013 \u2013 \u2013 270-365 days overdue 4.4% 0.1 \u2013 \u2013 \u2013 >365 days overdue 23.2% 0.2 (0.1) \u2013 (0.1) 1. 3 (0.1) \u2013 (0.1)
2023
2022
At amortised cost
Lifetime Lifetime Lifetime ECL
ECL \u2013 not ECL \u2013 not Lifetime ECL
12-month credit- \u2013 credit- 12-month credit- \u2013 credit-
E
CL
impaired impaired ECL impaired impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Very low
23.1
\u2013
\u2013
31.1
\u2212
\u2212
Low
70.2
\u2013
\u2013
112.0
\u2212
\u2212
Medium
6.9
\u2013
\u2013
14.5
\u2212
\u2212
High
1.5
\u2013
\u2013
2.1
\u2212
\u2212
Gross carrying amounts
101.7
\u2013
\u2013
159.7
\u2212
\u2212
Loss allowance
\u2013
\u2013
\u2013
\u2212
\u2212
\u2212
Carrying amount
101.7
\u2013
\u2013
159.7
\u2212
\u2212
The movement in allowance for impairment of the investment management loan book during the year was as follows.
Lifetime ECL Lifetime ECL
12-month \u2013 not credit- \u2013 credit-
ECL impaired impaired Total ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2023
\u2013
\u2013
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2023
\u2013
\u2013
\u2013
\u2013
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. At the prior year end, \u00a30.03 million was recognised as an expected credit loss provision for Rathbones Trust Company.
Loss allowance
Gross Not
Weighted carrying credit- Credit-
average loss amount impaired impaired Total
Rathbones Trust & Legal Services rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.8%
0.2
\u2013
\u2013
\u2013
90-180 days overdue
3.9%
\u2013
\u2013
\u2013
\u2013
180-270 days overdue
7.0 %
\u2013
\u2013
\u2013
\u2013
270-365 days overdue
12.7%
\u2013
\u2013
\u2013
\u2013
>365 days overdue
11.9%
\u2013
\u2013
\u2013
\u2013
0.2
\u2013
\u2013
\u2013
At the prior year end, \u00a30.01 million was recognised as an expected credit loss provision for Rathbones Trust & Legal Services.
Loss allowance
Gross Not
Weighted carrying credit- Credit-
average loss amount impaired impaired Total
Rathbone Financial Planning rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
0.3
\u2013
\u2013
\u2013
90-180 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
180-270 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
270-365 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
>365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
0.6
\u2013
\u2013
\u2013
At the prior year end, \u00a3nil was recognised as an expected credit loss provision for Rathbone Financial Planning.
Loss allowance
Gross
Weighted carrying Not credit Credit
average loss amount impaired impaired Total
Saunderson House rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
0.5
\u2013
\u2013
\u2013
90-180 days overdue
12.9%
\u2013
\u2013
\u2013
\u2013
180-270 days overdue
50.0%
\u2013
\u2013
\u2013
\u2013
270-365 days overdue
50.0%
0.1
\u2013
\u2013
\u2013
>365 days overdue
100.0%
0.1
(0.1)
\u2013
(0.1)
0.7
(0.1)
\u2013
(0.1)
At the prior year end, \u00a30.08 million 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.
Trust
and financial
planning debtors
Movement in impairment provision during the year \u00a3m
At 1 January
0.1
Amounts written off
0.1
Change in credit risk
\u2013
At 31 December 2023
0.2
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.
United Rest of
Kingdom Eurozone the World Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,412.9
\u2212
\u2212
1,412.9
Settlement balances
65.4
0.1
0.3
65.8
Loans and advances to banks
192.9
\u2212
1.8
194.7
Loans and advances to customers:
\u2014
overdrafts
5.8
0.1
0.7
6.6
\u2014
investment management loan book
132.5
0.8
26.4
159.7
\u2014
trust and financial planning debtors
3.0
\u2212
\u2212
3.0
\u2014
other debtors
0.5
\u2212
\u2212
0.5
Investment securities:
\u2014
unlisted debt securities and money market
funds
159.6
250.0
635.7
1,045.3
\u2014
Other financial assets
89.4
3.3
12.0
104.7
2,062.0
254.3
676.9
2,993.2
At 31 December 2023, materially all eurozone exposures were to counterparties based in the Netherlands, France and Finland (2022: Netherlands, France and Finland) and materially all rest of the world exposures were to counterparties based in Switzerland, Sweden, Norway, Canada, Japan, United States of America and Australia (2022: Switzerland, Sweden, Norway, Canada and Australia). At 31 December 2023, the group had exposure to the UK government through the holding of treasury bills (2022: UK government through the holding of treasury bill). (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.
United Rest of
Kingdom Eurozone the World Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,038.3
\u2013
\u2013
1,038.3
Settlement balances
150.7
5.9
9.1
165.7
Loans and advances to banks
232.8
7.5
26.6
266.9
Loans and advances to customers:
\u2014
overdrafts
9.3
0.1
0.3
9.7
\u2014
investment management loan book
80.1
0.1
21.5
101.7
\u2014
trust and financial planning debtors
2.7
\u2013
\u2013
2.7
\u2014
other debtors
1.5
\u2013
\u2013
1.5
Investment securities:
\u2014
unlisted debt securities
415.9
366.8
511.9
1,294.6
Other financial assets
164.4
10.9
16.0
191.3
2,095.7
3
91.3
585.4
3,072.4
(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:
Clients
Public Financial and other
sector institutions corporate Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,038.3
\u2013
\u2013
1,038.3
Settlement balances
\u2013
163.9
1.8
165.7
Loans and advances to banks
\u2013
266.9
\u2013
266.9
Loans and advances to customers:
\u2014
overdrafts
\u2013
\u2013
9.7
9.7
\u2014
investment management loan book
\u2013
\u2013
101.7
101.7
\u2014
trust and financial planning debtors
\u2013
\u2013
2.7
2.7
\u2014
other debtors
\u2013
\u2013
1.5
1.5
Investment securities:
\u2014
unlisted debt securities and money
market funds
200.9
1,093.7
\u2013
1,294.6
Other financial assets
6.4
56.8
128.1
191.3
1,245.6
1,581.3
245.5
3,072.4
Clients
Public Financial and other
sector institutions corporate Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,412.9
\u2212
\u2212
1,412.9
Settlement balances
\u2212
65.8
\u2212
65.8
Loans and advances to banks
\u2212
194.7
\u2212
194.7
Loans and advances to customers:
\u2014
overdrafts
\u2212
\u2212
6.6
6.6
\u2014
investment management
loan book
\u2212
\u2212
159.7
159.7
\u2014
trust and financial planning debtors
\u2212
\u2212
3.0
3.0
\u2014
other debtors
\u2212
\u2212
0.5
0.5
Investment securities:
\u2014
unlisted debt securities and money market
funds
24.6
1,020.6
\u2212
1,045.2
Other financial assets
2.6
11.8
90.4
104.8
1,440.1
1,292.9
260.2
2,993.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-454": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-455": { "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.
After 3 months After 1 year
On Not more than but not more but not more No fixed
demand 3 months than 1 year than 5 years After 5 years maturity date Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,036.0
2.8
2.3
\u2013
\u2013
\u2013
1,041.1
Settlement balances
6.4
159.3
\u2013
\u2013
\u2013
\u2013
165.7
Loans and advances to banks
245.4
21.5
\u2013
\u2013
\u2013
\u2013
266.9
Loans and advances to customers
11.5
3.4
3.2
115.0
\u2013
\u2013
133.1
Debt securities and money market funds
\u2013
413.2
941.1
\u2013
\u2013
\u2013
1,354.3
Equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
Other financial assets
1.1
157.0
3.3
0.3
\u2013
\u2013
161.7
Cash flows arising from financial assets
1,300.4
757. 2
949.9
115.3
\u2013
1.2
3,124.0
Deposits by banks
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
Settlement balances
7.4
164.7
\u2013
\u2013
\u2013
\u2013
172.1
Due to customers
1,652.5
506.5
103.0
\u2013
\u2013
\u2013
2,262.0
Subordinated loan notes
\u2013
\u2013
2.3
44.5
\u2013
\u2013
46.8
Lease liabilities\u00b9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Other financial liabilities
1.6
49.0
14.9
28.1
10.4
\u2013
104.0
Cash flows arising from financial liabilities
1,673.9
720.2
120.2
72.6
10.4
\u2013
2, 597. 3
Net liquidity gap
(373.5)
37.0
829.7
42.7
(10.4)
1.2
526.7
Cumulative net liquidity gap
(373.5)
(336.5)
493.3
536.0
525.5
526.7
\u2013
After 3 months After 1 year
On Not more than but not more but not more No fixed
demand 3 months than 1 year than 5 years After 5 years maturity date Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,408.0
2.3
5.0
\u2212
\u2212
\u2212
1,415.3
Settlement balances
\u2212
65.8
\u2212
\u2212
\u2212
\u2212
65.8
Loans and advances to banks
164.8
\u2212
30.1
\u2212
\u2212
\u2212
194.9
Loans and advances to customers
8.2
3.4
2.3
16 7.6
\u2212
\u2212
181.5
Debt securities and money market funds
\u2212
361.9
710.5
\u2212
\u2212
\u2212
1,072.4
Equity securities
\u2212
\u2212
\u2212
\u2212
\u2212
3.1
3.1
Other financial assets
4.5
85.9
1.6
0.2
\u2212
\u2212
92.2
Cash flows arising from financial assets
1,585.5
519.3
749.5
167. 8
\u2212
3.1
3,025.2
Deposits by banks
1.0
\u2212
\u2212
\u2212
\u2212
\u2212
1.0
Settlement balances
\u2212
69.9
\u2212
\u2212
\u2212
\u2212
69.9
Due to customers
2,328.0
183.6
5.0
\u2212
\u2212
\u2212
2,516.6
Subordinated loan notes
\u2212
\u2212
2.3
46.8
\u2212
\u2212
49.1
Lease liabilities
\u2212
1.9
5.9
22.2
37.8
\u2212
67.8
Other financial liabilities
0.2
19.9
0.2
5.4
4.5
\u2212
30.2
Cash flows arising from financial liabilities
2,329.2
275.3
13.4
74.4
42.3
\u2212
2,734.6
Net liquidity gap
(743.7)
244.0
736.1
93.4
(42.3)
3.1
290.6
Cumulative net liquidity gap
(743.7)
(499.8)
236.4
329.8
28 7.5
290.6
\u2212
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 equity investments worth \u00a3nil (2022: \u00a38.1 million) which are subject to liquidity risk but are not included in the table above. These units in collectives managed by Rathbones Asset Management Ltd were sold during the period. The assets were previously held as fair value through profit or loss securities and had no fixed maturity date; cash flows arose 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.
After 3 After 1
months but year but
Not more not more than not more than After
than 3 months 1 year 5 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loan commitments
15.4
\u2013
\u2013
\u2013
15.4
Capital commitments
8.5
5.5
\u2013
\u2013
14.0
Total off-balance-sheet items
23.9
5.5
\u2013
\u2013
29.4
After 3 After 1
Not more months but not year but
than 3 more not more After
months than 1 year than 5 years 5 years Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loan commitments
22.5
\u2212
\u2212
\u2212
22.5
Capital commitments
0.5
\u2212
\u2212
\u2212
0.5
Total off-balance-sheet items
23.0
\u2212
\u2212
\u2212
23.0
Total liquidity requirement
After 3 After 1
Not more months but year but
On than 3 not more not more After
demand months than 1 year than 5 years 5 years Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows arising from
financial liabilities
1,673.9
720.2
120.2
72.6
10.4
2 ,5 97. 3
Total off-balance-sheet items
\u2013
23.9
5.5
\u2013
\u2013
29.4
Total liquidity requirement
1,673.9
744.1
125.7
72.6
10.4
2,626.7
After 1
After 3 year but
Not more months but not more
On than 3 not more than 5 After
demand months than 1 year years 5 years Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows arising from
financial liabilities
2,329.2
275.3
13.4
74.4
42.3
2,734.6
Total off-balance-sheet items
\u2212
23.0
\u2212
\u2212
\u2212
23.0
Total liquidity requirement
2,329.2
298.3
13.4
74.4
42.3
2,75
7.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-456": { "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.
After 3 months After 6 months After 1 year but Non-
Not more than but not more but not more not more than After interest-
3 months than 6 months than 1 year 5 years 5 years bearing Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,036.0
\u2013
\u2013
\u2013
\u2013
2.3
1,038.3
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
165.7
165.7
Loans and advances to banks
252.2
14.5
\u2013
\u2013
\u2013
0.2
266.9
Loans and advances to customers
111.8
0.4
0.3
\u2013
\u2013
3.1
115.6
Investment securities:
\u2014
equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
1.2
1.2
\u2014
unlisted debt securities and money market funds
400.4
370.8
523.4
\u2013
\u2013
\u2013
1,294.6
Other financial assets
0.5
\u2013
\u2013
\u2013
\u2013
190.8
191.3
Total financial assets
1,800.9
385.7
523.7
\u2013
\u2013
363.3
3,073.6
Liabilities
Deposits by banks
12.4
\u2013
\u2013
\u2013
\u2013
\u2013
12.4
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
172.1
172.1
Due to customers
2,108.9
99.2
\u2013
\u2013
\u2013
45.2
2,253.3
Subordinated loan notes
\u2013
\u2013
\u2013
39.9
\u2013
\u2013
39.9
Other financial liabilities
4.4
2.4
4.8
39.2
26.0
69.6
146.4
Total financial liabilities
2,125.7
101.6
4.8
79.1
26.0
286.9
2,624.1
Interest rate repricing gap
(324.8)
284.1
518.9
(79.1)
(26.0)
76.4
449.5
After 3 months After 6 months After 1 year Non-
Not more but not more but not more but not more interest-
than 3 months than 6 months than 1 year than 5 years After 5 years bearing Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,408.0
\u2212
\u2212
\u2212
\u2212
4.9
1,412.9
Settlement balances
\u2212
\u2212
\u2212
\u2212
\u2212
65.8
65.8
Loans and advances to banks
164.5
30.0
\u2212
\u2212
\u2212
0.3
194.8
Loans and advances to customers
166.0
\u2212
\u2212
\u2212
\u2212
3.8
169.8
Investment securities:
\u2014
equity securities
3.1
\u2212
\u2212
\u2212
\u2212
8.1
11.2
\u2014
unlisted debt securities and money market funds
357.1
313.1
375.0
\u2212
\u2212
\u2212
1,045.2
Other financial assets
0.6
\u2212
\u2212
\u2212
\u2212
104.1
104.7
Total financial assets
2,099.3
343.1
375.0
\u2212
\u2212
187.0
3,004.4
Liabilities
Deposits by banks
1.0
\u2212
\u2212
\u2212
\u2212
\u2212
1.0
Settlement balances
\u2212
\u2212
\u2212
\u2212
\u2212
69.9
69.9
Due to customers
2,446.7
4.9
\u2212
\u2212
\u2212
64.5
2,516.1
Subordinated loan notes
\u2212
\u2212
\u2212
39.9
\u2212
\u2212
39.9
Other financial liabilities
1.2
1.2
2.6
19.6
25.9
28.6
79.1
Total financial liabilities
2,448.9
6.1
2.6
59.5
25.9
163.0
2,706.0
Interest rate repricing gap
(349.6)
337.0
372.4
(59\ue01f5)
(25.9)
24.1
298.4
The banking committee has set an overall pre-tax interest rate exposure limit of \u00a38.0 million (2022: \u00a38.0 million) 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 2023, the Bank had a net present value sensitivity of \u00a37.5 million (2022: \u00a36.4 million) for an upward 2% shift in rates. The group held no forward rate agreements at 31 December 2023 (2022: none). The Group has assessed the impact of climate change on the carrying amount of its financial assets and liabilities at year-end, and considers there to be no material impact. 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 2023. Included in the table are the group\u2019s financial assets and liabilities, at carrying amounts, categorised by currency.
Sterling US dollar Euro Other Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,038.3
\u2013
\u2013
\u2013
1,038.3
Settlement balances
150.6
5.4
2.4
7. 3
165.7
Loans and advances to banks
230.3
13.2
18.7
4.7
266.9
Loans and advances to customers
109.3
5.1
1.2
\u2013
115.6
Investment securities:
\u2014
equity securities
\u2013
\u2013
1.2
\u2013
1.2
\u2014
unlisted debt securities and money market funds
1,259.3
35.3
\u2013
\u2013
1,294.6
Other financial assets
185.1
1.6
1.7
2.9
191.3
Total financial assets
2,972.9
60.6
25.2
14.9
3,073.6
Liabilities
Deposits by banks
12.4
\u2013
\u2013
\u2013
12.4
Settlement balances
146.5
16.0
2.3
7.3
172.1
Due to customers
2,176.4
53.7
18.2
5.0
2,253.3
Subordinated loan notes
39.9
\u2013
\u2013
\u2013
39.9
Other financial liabilities
146.2
0.2
\u2013
\u2013
146.4
Total financial liabilities
2,521.4
69.9
20.5
12.3
2,624.1
Net on-balance-sheet position
451.5
(9.3)
4.7
2.6
449.5
Loan commitments
15.4
\u2013
\u2013
\u2013
15.4
Sterling US dollar Euro Other Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,412.9
\u2212
\u2212
\u2212
1,412.9
Settlement balances
63.6
0.5
0.1
1.6
65.8
Loans and advances to banks
137.5
27.1
20.0
10.1
194.7
Loans and advances to customers
161.4
5.6
2.8
\u2212
169.8
Investment securities:
\u2014
equity securities
8.1
\u2212
3.1
\u2212
11.2
\u2014
unlisted debt securities and money market funds
974.6
70.7
\u2212
\u2212
1,045.3
Other financial assets
103.1
0.8
0.8
\u2212
104.7
Total financial assets
2,861.2
104.7
26.8
11.7
3,004.4
Liabilities
Deposits by banks
1.0
\u2212
\u2212
\u2212
1.0
Settlement balances
67.4
1.9
0.3
0.3
69.9
Due to customers
2,389.4
91.4
25.1
10.2
2,516.1
Subordinated loan notes
39.9
\u2212
\u2212
\u2212
39.9
Other financial liabilities
78.8
0.2
0.1
\u2212
79.1
Total financial liabilities
2,576.5
93.5
25.5
10.5
2,706.0
Net on-balance-sheet position
284.7
11.2
1.3
1.2
298.4
Loan commitments
22.5
\u2212
\u2212
\u2212
22.5
A 10% weakening of the US dollar against sterling, occurring on 31 December 2023, would have increased equity and profit after tax by \u00a30.7 million (2022: reduced by \u00a30.9 million). A 10% weakening of the euro against sterling, occurring on 31 December 2023, would have reduced equity and profit after tax by \u00a30.4 million (2022: reduced by \u00a30.1 million). 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 2023, the fair value of listed equity securities recognised on the balance sheet was \u00a3nil (2022: \u00a38.1 million). A 10% fall in global equity markets would, in isolation, have resulted in a pre-tax decrease to net assets of \u00a3nil (2022: \u00a30.5 million); 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:
\u2014 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities
\u2014 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or
liability, either directly or indirectly.
\u2014 Level 3: inputs for the asset or liability that are not based on observable market data.
Level 1 Level 2 Level 3 Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
\u2013
\u2013
1.2
1.2
\u2013
\u2013
1.2
1.2
Level 1 Level 2 Level 3 Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
8.1
\u2212
3.1
11.2
8.1
\u2212
3.1
11.2
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 (2022: 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:
\u2014 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 2023 was \u00a31,296.8 million (2022: \u00a31,053.5 million) and the
carrying value was \u00a31,294.6 million (2022: \u00a31,045.3 million). Fair value of debt securities is based
on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy.
\u2014 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31
December 2023 was \u00a337.4 million (2022: \u00a341.2 million) and the carrying value was \u00a339.9 million
(2022: \u00a339.9 million). 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
At 31st December 2023, the group held 517 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.
At the prior year-end, the Group held 1,809 shares which were valued at \u00a33.1 million by reference to
the indicative price derived from the most recent transactions of the shares in the market. During the
year, the group sold 1,292 of its shares in two separate transactions. The price was used to value the
remaining shares at year-end.
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 \u00a30.1 million (2022: \u00a30.3 million). 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:
2023
2022
At 1 January
3.1
2.5
Total unrealised gains/(losses) recognised in profit or loss
1.0
0.6
Total disposals
(2.9)
\u2212
At 31 December
1.2
3.1
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-457": { "value": "A 10% weakening of the US dollar against sterling, occurring on 31 December 2023, would have increased equity and profit after tax by \u00a30.7 million (2022: reduced by \u00a30.9 million). A 10% weakening of the euro against sterling, occurring on 31 December 2023, would have reduced equity and profit after tax by \u00a30.4 million (2022: reduced by \u00a30.1 million). 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. At 31 December 2023, the fair value of listed equity securities recognised on the balance sheet was \u00a3nil (2022: \u00a38.1 million). A 10% fall in global equity markets would, in isolation, have resulted in a pre-tax decrease to net assets of \u00a3nil (2022: \u00a30.5 million); there would have been no impact on profit after tax. A 10% rise in global markets would have had an equal and opposite effect ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-458": { "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: \u2014 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2014 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2014 Level 3: inputs for the asset or liability that are not based on observable market data.
Level 1 Level 2 Level 3 Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
\u2013
\u2013
1.2
1.2
\u2013
\u2013
1.2
1.2
Level 1 Level 2 Level 3 Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
8.1
\u2212
3.1
11.2
8.1
\u2212
3.1
11.2
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 (2022: 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: \u2014 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 2023 was \u00a31,296.8 million (2022: \u00a31,053.5 million) and the carrying value was \u00a31,294.6 million (2022: \u00a31,045.3 million). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2014 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2023 was \u00a337.4 million (2022: \u00a341.2 million) and the carrying value was \u00a339.9 million (2022: \u00a339.9 million). 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 At 31st December 2023, the group held 517 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. At the prior year-end, the Group held 1,809 shares which were valued at \u00a33.1 million by reference to the indicative price derived from the most recent transactions of the shares in the market. During the year, the group sold 1,292 of its shares in two separate transactions. The price was used to value the remaining shares at year-end. 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 \u00a30.1 million (2022: \u00a30.3 million). 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:
2023
2022
At 1 January
3.1
2.5
Total unrealised gains/(losses) recognised in profit or loss
1.0
0.6
Total disposals
(2.9)
\u2212
At 31 December
1.2
3.1
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-459": { "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: \u2014 Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities \u2014 Level 2: inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly or indirectly. \u2014 Level 3: inputs for the asset or liability that are not based on observable market data.
Level 1 Level 2 Level 3 Total
At 31 December 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
\u2013
\u2013
1.2
1.2
\u2013
\u2013
1.2
1.2
Level 1 Level 2 Level 3 Total
At 31 December 2022 \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014
equity securities
8.1
\u2212
3.1
11.2
8.1
\u2212
3.1
11.2
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 (2022: 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: \u2014 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 2023 was \u00a31,296.8 million (2022: \u00a31,053.5 million) and the carrying value was \u00a31,294.6 million (2022: \u00a31,045.3 million). Fair value of debt securities is based on market bid prices, and hence would be categorised as level 1 within the fair value hierarchy. \u2014 Subordinated loan notes (note 28) comprise Tier 2 loan notes. The fair value of the loan notes at 31 December 2023 was \u00a337.4 million (2022: \u00a341.2 million) and the carrying value was \u00a339.9 million (2022: \u00a339.9 million). 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 At 31st December 2023, the group held 517 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. At the prior year-end, the Group held 1,809 shares which were valued at \u00a33.1 million by reference to the indicative price derived from the most recent transactions of the shares in the market. During the year, the group sold 1,292 of its shares in two separate transactions. The price was used to value the remaining shares at year-end. 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 \u00a30.1 million (2022: \u00a30.3 million). 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:
2023
2022
At 1 January
3.1
2.5
Total unrealised gains/(losses) recognised in profit or loss
1.0
0.6
Total disposals
(2.9)
\u2212
At 31 December
1.2
3.1
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:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-460": { "value": "
34 CAPITAL MANAGEMENT
Rathbones Group Plc\u2019s capital is defined for accounting purposes as total equity. As at 31 December
2023 this totalled \u00a31,350.1 million (2022: \u00a3634.8 million).
In 2021 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 2023, the carrying value of the notes was
\u00a339.9 million (2022: \u00a339.9 million). 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:
\u2014 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
\u2014 maintain a strong capital base in a cost-efficient manner to be able to support the development of
the business when required
\u2014 optimise the distribution of capital across group companies, reflecting the requirements of each
business
\u2014 strive to make capital freely transferable across the group where possible
\u2014 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 2023 the group\u2019s regulatory capital resources, including retained earnings for 2023,
were \u00a3471.4 million (2022: \u00a3338.8 million). The increase in reserves during 2023 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 2022 and 2023.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-461": { "value": "
35 CONTINGENT LIABILITIES AND COMMITMENTS
(a) Capital expenditure authorised and contracted for at 31 December 2023 but not provided in the
financial statements amounted to \u00a314.0 million relating to expenditure on fixtures and fittings
and software (2022: \u00a30.5 million ).
(b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are
as follows:
2023 2022
\u00a3m \u00a3m
Undrawn commitments to lend of 1 year or less
11.8
17.9
Undrawn commitments to lend of more than 1 year
3.6
4.6
15.4
22.5
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-462": { "value": "35 CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2023 but not provided in the financial statements amounted to \u00a314.0 million relating to expenditure on fixtures and fittings and software (2022: \u00a30.5 million ). (b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are as follows:
2023 2022
\u00a3m \u00a3m
Undrawn commitments to lend of 1 year or less
11.8
17.9
Undrawn commitments to lend of more than 1 year
3.6
4.6
15.4
22.5
(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:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-463": { "value": "35 CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2023 but not provided in the financial statements amounted to \u00a314.0 million relating to expenditure on fixtures and fittings and software (2022: \u00a30.5 million ). (b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are as follows:
2023 2022
\u00a3m \u00a3m
Undrawn commitments to lend of 1 year or less
11.8
17.9
Undrawn commitments to lend of more than 1 year
3.6
4.6
15.4
22.5
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-464": { "value": "35 CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2023 but not provided in the financial statements amounted to \u00a314.0 million relating to expenditure on fixtures and fittings and software (2022: \u00a30.5 million ). (b) The contractual amounts of the group\u2019s commitments to extend credit to its clients are as follows:
2023 2022
\u00a3m \u00a3m
Undrawn commitments to lend of 1 year or less
11.8
17.9
Undrawn commitments to lend of more than 1 year
3.6
4.6
15.4
22.5
(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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-465": { "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 (2022: \u00a3nil). Further information
about the remuneration of individual directors is provided in the audited part of the directors\u2019
remuneration report on page 132.
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
13.2
10.2
Post-employment benefits
0.3
0.3
Other long-term benefits
1.3
0.3
Share-based payments
2.6
0.4
17.4
11.2
Dividends totalling \u00a30.3 million were paid in the year (2022: \u00a30.2 million) in respect of ordinary
shares held by key management personnel and their close family members.
At 31 December 2023, key management personnel and their close family members had gross
outstanding deposits of \u00a31.0 million (2022: \u00a31.7 million) and gross outstanding banking loans of
\u00a30.1 million (2022: 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 2023, no
amounts were outstanding with either the Laurence Keen Scheme or the Rathbone 1987 Scheme
(2022: none).
As a result of the IW&I transaction on 21 September 2023, Rathbones Group Plc is an associate of
Investec Bank PLC. As at the 31 December there was a net payable balance with Investec Bank PLC of
\u00a38.3 million (2022: \u00a3nil). IW&I outsources payroll to Investec Bank PLC (for which a charge is levied
under the transitional services agreement), the balance outstanding as at the reporting date is
predominantly related to IW&I employee salary costs and associated payroll taxes. During the period
from acquisition, Investec Bank PLC have provided certain services to IW&I via the transitional
services agreement. The total expense for these services recognised during the period from 21
September 2023 to 31 December 2023 is \u00a34.8 million (2022: \u00a3nil). These amounts were fully paid as
at 31 December 2023. IW&I partially sublets certain regional office space to Investec Bank PLC
companies and charges Investec Bank PLC for use of research, total fees receivable under these
arrangements 21 September 2023 to 31 December 2023 were \u00a30.1 million and \u00a30.3 million
respectively (2022: nil).
One group subsidiary, Rathbones Asset Management Limited, has authority to manage the
investments within a number of unit trusts. During 2023, the group managed 28 unit trusts,
Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs) and open-ended investment companies (OEICs)
(together, \u2018collectives\u2019) (2022: 32 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:
2023 2022
Year ended 31 December \u00a3m \u00a3m
Total management fees
69.6
68.2
2023 2022
As at 31 December \u00a3m \u00a3m
Management fees owed to the group
6.5
5.6
Holdings in unit trusts (note 17)
\u2013
8.1
6.5
13.7
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-466": { "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 (2022: \u00a3nil). Further information about the remuneration of individual directors is provided in the audited part of the directors\u2019 remuneration report on page 132.
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
13.2
10.2
Post-employment benefits
0.3
0.3
Other long-term benefits
1.3
0.3
Share-based payments
2.6
0.4
17.4
11.2
Dividends totalling \u00a30.3 million were paid in the year (2022: \u00a30.2 million) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2023, key management personnel and their close family members had gross outstanding deposits of \u00a31.0 million (2022: \u00a31.7 million) and gross outstanding banking loans of \u00a30.1 million (2022: 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 2023, no amounts were outstanding with either the Laurence Keen Scheme or the Rathbone 1987 Scheme (2022: none). As a result of the IW&I transaction on 21 September 2023, Rathbones Group Plc is an associate of Investec Bank PLC. As at the 31 December there was a net payable balance with Investec Bank PLC of \u00a38.3 million (2022: \u00a3nil). IW&I outsources payroll to Investec Bank PLC (for which a charge is levied under the transitional services agreement), the balance outstanding as at the reporting date is predominantly related to IW&I employee salary costs and associated payroll taxes. During the period from acquisition, Investec Bank PLC have provided certain services to IW&I via the transitional services agreement. The total expense for these services recognised during the period from 21 September 2023 to 31 December 2023 is \u00a34.8 million (2022: \u00a3nil). These amounts were fully paid as at 31 December 2023. IW&I partially sublets certain regional office space to Investec Bank PLC companies and charges Investec Bank PLC for use of research, total fees receivable under these arrangements 21 September 2023 to 31 December 2023 were \u00a30.1 million and \u00a30.3 million respectively (2022: nil). One group subsidiary, Rathbones Asset Management Limited, has authority to manage the investments within a number of unit trusts. During 2023, the group managed 28 unit trusts, Soci\u00e9t\u00e9s d\u2019Investissement \u00e0 Capital Variable (SICAVs) and open-ended investment companies (OEICs) (together, \u2018collectives\u2019) (2022: 32 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:
2023 2022
Year ended 31 December \u00a3m \u00a3m
Total management fees
69.6
68.2
2023 2022
As at 31 December \u00a3m \u00a3m
Management fees owed to the group
6.5
5.6
Holdings in unit trusts (note 17)
\u2013
8.1
6.5
13.7
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-467": { "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 (2022: \u00a3nil). Further information about the remuneration of individual directors is provided in the audited part of the directors\u2019 remuneration report on page 132.
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
13.2
10.2
Post-employment benefits
0.3
0.3
Other long-term benefits
1.3
0.3
Share-based payments
2.6
0.4
17.4
11.2
Dividends totalling \u00a30.3 million were paid in the year (2022: \u00a30.2 million) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2023, key management personnel and their close family members had gross outstanding deposits of \u00a31.0 million (2022: \u00a31.7 million) and gross outstanding banking loans of \u00a30.1 million (2022: 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-468": { "value": "
37 INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES
As described in note 36, at 31 December 2023, the group owned units in collectives managed by
Rathbones Asset Management Limited with a value of \u00a3nil (2022: \u00a38.1 million), representing 0.0%
(2022: 0.08%) 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 Rathbones Asset Management Limited, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-469": { "value": "37 INTEREST IN UNCONSOLIDATED STRUCTURED ENTITIES As described in note 36, at 31 December 2023, the group owned units in collectives managed by Rathbones Asset Management Limited with a value of \u00a3nil (2022: \u00a38.1 million), representing 0.0% (2022: 0.08%) 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 Rathbones Asset Management Limited, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-470": { "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:
2023 2022
\u00a3m \u00a3m
Cash and balances at central banks (note 14)
1,036.0
1,408.0
Loans and advances to banks (note 15)
266.9
164.7
At 31 December
1,302.9
1,572.7
Mandatory reserve deposits of \u00a32.3 million (2022: \u00a35.0 million) are held with central banks in
accordance with statutory requirements. As these deposits are not held in demand accounts,
and are not available to finance the group's day-to-day operations, they are excluded from cash
and cash equivalents.
Cash flows arising from the issue/(repurchase) of ordinary shares comprise:
2023 2022
\u00a3m \u00a3m
Share capital issued (note 30)
2.2
0.1
Share premium on shares issued (note 30)
2.3
18.9
Merger reserve on shares issued (note 30)
747.4
\u2212
Shares issued in relation to share-based schemes and business
combinations for which no cash consideration was received
(751.9)
(9\ue01f8)
Proceeds from issue of share capital
\u2013
9.3
Shares repurchased and placed into the employee benefit trust (note 31)
(16.0)
(18.6)
Net issue/(repurchase) of ordinary shares
(16.0)
(9\ue01f3)
In 2022, \u00a35.7 million of shares were issued for the vesting of the Speirs & Jeffrey second earn-out
consideration. \u00a34.1 million of shares were also issued for the Saunderson House deferred share
consideration. There was no cash consideration received for these transactions. \u00a318.6 million of
shares were repurchased and placed into the group EBT in the prior year.
During the year, \u00a3751.9 million of shares were issued as consideration for the IW&I transaction,
there was no cash consideration received for this transaction. In addition to this, \u00a316.0 million of
shares were repurchased and placed into the group EBT.
A reconciliation of the movements of financing liabilities and equity to cash flows arising from financing activities is as follows:
Liabilities from
Subordinated financing Share capital/ Retained Total
loan notes Lease liabilities activities premium Reserves earnings equity Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
39.9
50.5
90.4
313.2
24.4
2 97. 2
634.8
725.2
Changes from financing cash flows
Proceeds from issue of share capital
\u2013
\u2013
\u2013
2.3
(2.3)
\u2013
\u2013
\u2013
Payments for share repurchases
\u2013
\u2013
\u2013
\u2013
(16.0)
\u2013
(16.0)
(16.0)
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(71.4)
(71.4)
(71.4)
Interest charge
(2.3)
(3.3)
(5.6)
\u2013
\u2013
\u2013
\u2013
(5.6)
Payment for lease liabilities
\u2013
( 7.5)
(7.5)
\u2013
\u2013
\u2013
\u2013
( 7.5)
Total financing cash flows
(2.3)
(10.8)
(13.1)
2.3
(18.3)
(71.4)
(87.4)
(100.5)
Total non-cash movements
2.3
35.2
37. 5
2.2
762.7
37.9
802.8
840.3
At 31 December 2023
39.9
74.9
114.8
31 7.7
768.8
263.7
1,350.2
1,465.0
Liabilities from
Subordinated financing Share capital/ Retained Total
loan notes Lease liabilities activities premium Reserves earnings equity Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
39.9
55.0
94.9
294.1
40.3
288.8
623.2
718.1
Changes from financing cash flows
Proceeds from issue of share capital
\u2212
\u2212
\u2212
9.3
\u2212
\u2212
9.3
9.3
Payments for share repurchases
\u2212
\u2212
\u2212
\u2212
(18.6)
\u2212
(18.6)
(18.6)
Dividends paid
\u2212
\u2212
\u2212
\u2212
\u2212
(48.6)
(48.6)
(48.6)
Interest charge
(2\ue01f3)
(3.1)
(5\ue01f4)
\u2212
\u2212
\u2212
\u2212
(5\ue01f4)
Payment for lease liabilities
\u2212
(8.5)
(8\ue01f5)
\u2212
\u2212
\u2212
\u2212
(8\ue01f5)
Total financing cash flows
(2\ue01f3)
(11\ue01f6)
(13\ue01f9)
9.3
(18\ue01f6)
(48.6)
(57.9)
(71.8)
Total non-cash movements
2.3
7.1
9.4
9.8
2.7
57.0
69.5
78.9
At 31 December 2022
39.9
50.5
90.4
313.2
24.4
297. 2
634.8
725.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-471": { "value": "A reconciliation of the movements of financing liabilities and equity to cash flows arising from financing activities is as follows:
Liabilities from
Subordinated financing Share capital/ Retained Total
loan notes Lease liabilities activities premium Reserves earnings equity Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2023
39.9
50.5
90.4
313.2
24.4
2 97. 2
634.8
725.2
Changes from financing cash flows
Proceeds from issue of share capital
\u2013
\u2013
\u2013
2.3
(2.3)
\u2013
\u2013
\u2013
Payments for share repurchases
\u2013
\u2013
\u2013
\u2013
(16.0)
\u2013
(16.0)
(16.0)
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(71.4)
(71.4)
(71.4)
Interest charge
(2.3)
(3.3)
(5.6)
\u2013
\u2013
\u2013
\u2013
(5.6)
Payment for lease liabilities
\u2013
( 7.5)
(7.5)
\u2013
\u2013
\u2013
\u2013
( 7.5)
Total financing cash flows
(2.3)
(10.8)
(13.1)
2.3
(18.3)
(71.4)
(87.4)
(100.5)
Total non-cash movements
2.3
35.2
37. 5
2.2
762.7
37.9
802.8
840.3
At 31 December 2023
39.9
74.9
114.8
31 7.7
768.8
263.7
1,350.2
1,465.0
Liabilities from
Subordinated financing Share capital/ Retained Total
loan notes Lease liabilities activities premium Reserves earnings equity Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
39.9
55.0
94.9
294.1
40.3
288.8
623.2
718.1
Changes from financing cash flows
Proceeds from issue of share capital
\u2212
\u2212
\u2212
9.3
\u2212
\u2212
9.3
9.3
Payments for share repurchases
\u2212
\u2212
\u2212
\u2212
(18.6)
\u2212
(18.6)
(18.6)
Dividends paid
\u2212
\u2212
\u2212
\u2212
\u2212
(48.6)
(48.6)
(48.6)
Interest charge
(2\ue01f3)
(3.1)
(5\ue01f4)
\u2212
\u2212
\u2212
\u2212
(5\ue01f4)
Payment for lease liabilities
\u2212
(8.5)
(8\ue01f5)
\u2212
\u2212
\u2212
\u2212
(8\ue01f5)
Total financing cash flows
(2\ue01f3)
(11\ue01f6)
(13\ue01f9)
9.3
(18\ue01f6)
(48.6)
(57.9)
(71.8)
Total non-cash movements
2.3
7.1
9.4
9.8
2.7
57.0
69.5
78.9
At 31 December 2022
39.9
50.5
90.4
313.2
24.4
297. 2
634.8
725.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-472": { "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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-473": { "value": "
45 INVESTMENT IN SUBSIDIARIES
Equities Total
\u00a3m \u00a3m
At 1 January 2022
422.2
422.2
Additions
Disposals
(0.7)
(0.7)
At 1 January 2023
421.5
421.5
Additions
751.9
751.9
Disposals
\u2013
\u2013
At 31 December 2023
1,173.4
1,173.4
The additions in the year of \u00a3751.9 million relate to the acquisition of Investec Wealth & Investment
(see note 8).
An impairment review is undertaken at the end of each reporting period when indicators of potential
impairment are identified. Where impairment may be indicated, a test of carrying value against the
recoverable value is performed. The recoverable amount is calculated as the value in use (VIU) which
is derived from the present value of future cash flows expected to be received from the investment.
Impairment is recognised where the investment exceeds the recoverable amount. No indicators of
impairment have been identified this financial period (2022: \u00a30.7 million).
EQUITIES
At 31 December 2023 the company\u2019s subsidiary undertakings were as follows:
Company
registration
Subsidiary undertaking
Activity and operation
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
Rathbones Asset Management Limited
Asset 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 Brothers Ltd
Non-trading
12866506
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
Company
registration
Subsidiary undertaking
Activity and operation
number
CastleCo Limited
Non-trading
130602
HouseCo Limited
Non-trading
130603
CabinCo Limited
Non-trading
130601
CottageCo Limited
Non-trading
131144
Investec Wealth & Investment Limited
Investment management
02122340
Bell Nominees Limited
Corporate nominee
00625232
Investment Administration Nominees Limited
Corporate nominee
02075505
R.& R. Nominees Limited
Corporate nominee
00790828
Tudor Nominees Limited
Corporate nominee
02016278
Carr PEP Nominees Limited
Corporate nominee
02560336
Ferlim Nominees Limited
Corporate nominee
01022478
Murray Asset Management UK Limited
Asset Management
09447298
Castle Street Nominees UK Limited
Corporate nominee
09329323
Murray Asset Nominees UK Limited
Corporate nominee
09329081
Click Nominees Limited
Corporate nominee
03276308
PEP Services (Nominees) Limited
Corporate nominee
02368386
Murray Asset Management Limited
Corporate nominee
SC173493
Murray Investment Management Limited
Corporate nominee
SC173492
Murray Asset Nominees Limited
Corporate nominee
SC196715
Spring Nominees Limited
Corporate nominee
01747036
Anston Trustees Limited
Trustee Company
02826318
Carr Investment Services Nominees Limited
Corporate nominee
02620560
Investec Wealth & Investment Trustees Limited
Trustee Company
02243919
Rensburg Client Nominees Limited
Corporate nominee
02020824
Scarwood Nominees Limited
Corporate nominee
01147539
Castle Street Nominees Limited
Corporate nominee
SC050721
Hero Nominees Limited
Corporate nominee
34543
Investec Wealth & Investment (Channel Islands) Limited
Investment management
54988
Torch Nominees Limited
Corporate nominee
54991
* 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 2023 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 26 Esplanade, St Helier, Jersey JE1 2RB
Limited
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
Dean River Asset Management Limited
10 George Street, Edinburgh EH2 2PF
Rathbone Funds Advisers Unipessoal LDA (entity R Tierno Galvan 10 Torre 3, Piso 6 Sala 602,
dissolved 9 January 2023)* 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
Neilson Cobbold Client Nominees Ltd
Port of Liverpool Building, Pier Head, Liverpool L3
1NW
Rathbone Nominees Limited
Port of Liverpool Building, Pier Head, Liverpool L3
1NW
Investec Wealth & Investment Limited
30 Gresham Street, London, England, EC2V 7QN
Bell Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Investment Administration Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
R.& R. Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Tudor Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Carr PEP Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Subsidiary undertaking
Registered office
Ferlim Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Management UK Limited
30 Gresham Street, London, England, EC2V 7QN
Castle Street Nominees UK Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Nominees UK Limited
30 Gresham Street, London, England, EC2V 7QN
Click Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
PEP Services (Nominees) Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Management Limited
Quartermile, 15 Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Murray Investment Management Limited
Quartermile One, Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Murray Asset Nominees Limited
Quartermile One, 15 Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Spring Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Anston Trustees Limited
30 Gresham Street, London, England, EC2V 7QN
Carr Investment Services Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Investec Wealth & Investment Trustees Limited
30 Gresham Street, London, England, EC2V 7QN
Rensburg Client Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Scarwood Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Castle Street Nominees Limited
Quartermile One, Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Hero Nominees Limited
Glategny Court, Glategny Esplanade, St Peter Port,
Guernsey, GY1 1WR
Investec Wealth & Investment (Channel Islands) Glategny Court, Glategny Esplanade, St Peter Port,
Limited Guernsey, GY1 1WR
Torch Nominees Limited
Glategny Court, Glategny Esplanade, St Peter Port,
Guernsey, GY1 1WR
The company owns, directly or indirectly, 100% of the ordinary share capital of all subsidiary undertakings.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-474": { "value": "45 INVESTMENT IN SUBSIDIARIES
Equities Total
\u00a3m \u00a3m
At 1 January 2022
422.2
422.2
Additions
Disposals
(0.7)
(0.7)
At 1 January 2023
421.5
421.5
Additions
751.9
751.9
Disposals
\u2013
\u2013
At 31 December 2023
1,173.4
1,173.4
The additions in the year of \u00a3751.9 million relate to the acquisition of Investec Wealth & Investment (see note 8). An impairment review is undertaken at the end of each reporting period when indicators of potential impairment are identified. Where impairment may be indicated, a test of carrying value against the recoverable value is performed. The recoverable amount is calculated as the value in use (VIU) which is derived from the present value of future cash flows expected to be received from the investment. Impairment is recognised where the investment exceeds the recoverable amount. No indicators of impairment have been identified this financial period (2022: \u00a30.7 million). EQUITIES At 31 December 2023 the company\u2019s subsidiary undertakings were as follows:
Company
registration
Subsidiary undertaking
Activity and operation
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
Rathbones Asset Management Limited
Asset 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 Brothers Ltd
Non-trading
12866506
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
Company
registration
Subsidiary undertaking
Activity and operation
number
CastleCo Limited
Non-trading
130602
HouseCo Limited
Non-trading
130603
CabinCo Limited
Non-trading
130601
CottageCo Limited
Non-trading
131144
Investec Wealth & Investment Limited
Investment management
02122340
Bell Nominees Limited
Corporate nominee
00625232
Investment Administration Nominees Limited
Corporate nominee
02075505
R.& R. Nominees Limited
Corporate nominee
00790828
Tudor Nominees Limited
Corporate nominee
02016278
Carr PEP Nominees Limited
Corporate nominee
02560336
Ferlim Nominees Limited
Corporate nominee
01022478
Murray Asset Management UK Limited
Asset Management
09447298
Castle Street Nominees UK Limited
Corporate nominee
09329323
Murray Asset Nominees UK Limited
Corporate nominee
09329081
Click Nominees Limited
Corporate nominee
03276308
PEP Services (Nominees) Limited
Corporate nominee
02368386
Murray Asset Management Limited
Corporate nominee
SC173493
Murray Investment Management Limited
Corporate nominee
SC173492
Murray Asset Nominees Limited
Corporate nominee
SC196715
Spring Nominees Limited
Corporate nominee
01747036
Anston Trustees Limited
Trustee Company
02826318
Carr Investment Services Nominees Limited
Corporate nominee
02620560
Investec Wealth & Investment Trustees Limited
Trustee Company
02243919
Rensburg Client Nominees Limited
Corporate nominee
02020824
Scarwood Nominees Limited
Corporate nominee
01147539
Castle Street Nominees Limited
Corporate nominee
SC050721
Hero Nominees Limited
Corporate nominee
34543
Investec Wealth & Investment (Channel Islands) Limited
Investment management
54988
Torch Nominees Limited
Corporate nominee
54991
* 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 2023 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 26 Esplanade, St Helier, Jersey JE1 2RB
Limited
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
Dean River Asset Management Limited
10 George Street, Edinburgh EH2 2PF
Rathbone Funds Advisers Unipessoal LDA (entity R Tierno Galvan 10 Torre 3, Piso 6 Sala 602,
dissolved 9 January 2023)* 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
Neilson Cobbold Client Nominees Ltd
Port of Liverpool Building, Pier Head, Liverpool L3
1NW
Rathbone Nominees Limited
Port of Liverpool Building, Pier Head, Liverpool L3
1NW
Investec Wealth & Investment Limited
30 Gresham Street, London, England, EC2V 7QN
Bell Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Investment Administration Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
R.& R. Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Tudor Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Carr PEP Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Subsidiary undertaking
Registered office
Ferlim Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Management UK Limited
30 Gresham Street, London, England, EC2V 7QN
Castle Street Nominees UK Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Nominees UK Limited
30 Gresham Street, London, England, EC2V 7QN
Click Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
PEP Services (Nominees) Limited
30 Gresham Street, London, England, EC2V 7QN
Murray Asset Management Limited
Quartermile, 15 Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Murray Investment Management Limited
Quartermile One, Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Murray Asset Nominees Limited
Quartermile One, 15 Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Spring Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Anston Trustees Limited
30 Gresham Street, London, England, EC2V 7QN
Carr Investment Services Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Investec Wealth & Investment Trustees Limited
30 Gresham Street, London, England, EC2V 7QN
Rensburg Client Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Scarwood Nominees Limited
30 Gresham Street, London, England, EC2V 7QN
Castle Street Nominees Limited
Quartermile One, Lauriston Place, Edinburgh,
Scotland, EH3 9EN
Hero Nominees Limited
Glategny Court, Glategny Esplanade, St Peter Port,
Guernsey, GY1 1WR
Investec Wealth & Investment (Channel Islands) Glategny Court, Glategny Esplanade, St Peter Port,
Limited Guernsey, GY1 1WR
Torch Nominees Limited
Glategny Court, Glategny Esplanade, St Peter Port,
Guernsey, GY1 1WR
The company owns, directly or indirectly, 100% of the ordinary share capital of all subsidiary undertakings.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-475": { "value": "Rathbones Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-476": { "value": "8 Finsbury Circus London EC2M 7A Z", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }