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"value": "5100000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "5600000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsFinancingActivities", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "-99300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "-100500000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "156300000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "-269800000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "value": "1302900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "1572700000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "1459200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-343": { "value": "1302900000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "1 PRINCIPAL ACCOUNTING POLICIES Rathbones Group Plc (\u02bbthe company\u02bc) 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 211 to 232. 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 \u02bbthe Group\u02bc, 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 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2014 Classifications of liabilities as current or non-current (Amendments to IAS 1) \u2014 Amendments to IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments: Disclosures Supplier Finance Arrangements \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 2025 and earlier application is permitted; however, the Group has not early-adopted the amended standards in preparing these consolidated financial statements. The following standard is expected to have a material impact on the Group\u02bcs financial statements. This standard has not yet been endorsed in the UK.
Standards available for early adoption
Effective date
IFRS 18 Presentation and Disclosure in Financial Statements
01 January 2027
The following standards are not expected to have a material impact on the Group\u02bcs 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
Lack of Exchangeability
\u2013 Amendments to IAS 21
01 January 2025
Amendments to the Classification and Measurement of Financial Instruments
\u2013
Amendments to IFRS 9 and IFRS 7
01 January 2026
Contracts Referencing Nature-dependent Electricity
\u2013 Amendments to IFRS 9
and IFRS 7
01 January 2026
Annual Improvements to IFRS Accounting Standards
\u2013 Amendments to IFRS 1,
IFRS 7, IFRS 9, IFRS 10 and IAS 7
01 January 2026
IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed
in the UK)
01 January 2027
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\u02bcs and the Group\u02bcs prospects for a period of at least 12 months from the date of approval of the annual report. The directors\u02bc assessment included consideration of the Group\u02bcs 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\u02bcs 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\u02bcs 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
In cases where cash held within client portfolios does not represent a banking deposit, the Group
invests this cash 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 dilapidation 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. As a result of new information, the Group revised its recognition of dilapidations during
2024. The estimate for recognition of dilapidation assets, which reflect costs to dismantle and
remove structural changes made to leased premises, was revised from 100% of the total cost of
dilapidations to 50%. The remaining 50% is charged to profit or loss over the useful life of the lease
and recognised as a provision. In line with IAS 8, this change in accounting estimate was applied
prospectively to new leases entered into from 1 January 2024. The impact of the change was a
reduction to the dilapidation asset by \u00a30.4 million, and an equal reduction in the related provision.
The right-of-use assets and dilapidations 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 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\u02bcs incremental borrowing rate. The Group uses an incremental borrowing rate of 5.6%, derived from its subordinated loan notes (note 28), as the discount rate for all leases entered into prior to the acquisition of IW&I on 21 September 2023. For all leases entered into or modified after this date, an incremental borrowing rate is determined on a lease-by-lease basis, with reference to the lease term and rental payments specific to each lease. 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 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\u02bcs 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\u02bcs 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\u02bcs 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\u02bcs 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\u02bcs 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\u02bcs 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\u02bcs 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\u02bcs.
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\u02bcs 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\u02bcs 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 \u02bbcredit-impaired\u02bc when one or more events that have
a detrimental impact on the estimated future cash flows of the financial asset have occurred.
The Group\u02bcs 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\u02bcs treasury book and investment management loan book are
presented in \u02bbinterest expense and similar charges\u02bc and those related to all other financial assets
(including trust and financial planning debtors) are presented under \u02bbother operating expenses\u02bc.
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: 10 years or over the lease term
\u2014 plant, equipment and computer hardware: over 3 to 10 years.
The assets\u02bc 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\u02bcs 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\u02bcs 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 (3 to 4 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 4 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. See note 2.1 for further detail.
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 intangible assets are reviewed bi-annually for indicators of impairment. Intangible assets acquired through business combinations are tested for impairment by reviewing the key inputs supporting the initial valuation of the asset at acquisition against the Group\u02bcs current forecasts of those inputs, including revenue margins and net client flows. Intangible assets acquired through newly recruited investment managers under contractual agreements are tested for impairment by reviewing lost client relationships in the period. 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. See note 2.1 for further detail. 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\u02bcs 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), including the value of any bulk annuity
policies, 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\u02bcs 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.
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, the Guernsey Financial Services
Commission and the Solicitors\u02bc 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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-348": { "value": "Rathbones Group Plc (\u02bbthe company\u02bc) 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-4": { "value": "Rathbones Group Plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-344": { "value": "Rathbones Group Plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-5": { "value": "public company limited", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-6": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-345": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-349": { "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 211 to 232. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-401": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-350": { "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 \u02bbthe Group\u02bc, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-402": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-403": { "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 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2014 Classifications of liabilities as current or non-current (Amendments to IAS 1) \u2014 Amendments to IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments: Disclosures Supplier Finance Arrangements \u2014 International Tax Reform \u2013 Pillar Two Model Rules (Amendments to IAS 12). ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-351": { "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 Lease Liability in a Sale and Leaseback \u2013 Amendments to IFRS 16 \u2014 Classifications of liabilities as current or non-current (Amendments to IAS 1) \u2014 Amendments to IAS 7 Statements of Cash Flows and IFRS 7 Financial Instruments: Disclosures Supplier Finance Arrangements \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 2025 and earlier application is permitted; however, the Group has not early-adopted the amended standards in preparing these consolidated financial statements. The following standard is expected to have a material impact on the Group\u02bcs financial statements. This standard has not yet been endorsed in the UK.
Standards available for early adoption
Effective date
IFRS 18 Presentation and Disclosure in Financial Statements
01 January 2027
The following standards are not expected to have a material impact on the Group\u02bcs 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
Lack of Exchangeability
\u2013 Amendments to IAS 21
01 January 2025
Amendments to the Classification and Measurement of Financial Instruments
\u2013
Amendments to IFRS 9 and IFRS 7
01 January 2026
Contracts Referencing Nature-dependent Electricity
\u2013 Amendments to IFRS 9
and IFRS 7
01 January 2026
Annual Improvements to IFRS Accounting Standards
\u2013 Amendments to IFRS 1,
IFRS 7, IFRS 9, IFRS 10 and IAS 7
01 January 2026
IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed
in the UK)
01 January 2027
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-404": { "value": "Future new standards and interpretations The following standards are effective for annual periods beginning on or after 1 January 2025 and earlier application is permitted; however, the Group has not early-adopted the amended standards in preparing these consolidated financial statements. The following standard is expected to have a material impact on the Group\u02bcs financial statements. This standard has not yet been endorsed in the UK.
Standards available for early adoption
Effective date
IFRS 18 Presentation and Disclosure in Financial Statements
01 January 2027
The following standards are not expected to have a material impact on the Group\u02bcs 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
Lack of Exchangeability
\u2013 Amendments to IAS 21
01 January 2025
Amendments to the Classification and Measurement of Financial Instruments
\u2013
Amendments to IFRS 9 and IFRS 7
01 January 2026
Contracts Referencing Nature-dependent Electricity
\u2013 Amendments to IFRS 9
and IFRS 7
01 January 2026
Annual Improvements to IFRS Accounting Standards
\u2013 Amendments to IFRS 1,
IFRS 7, IFRS 9, IFRS 10 and IAS 7
01 January 2026
IFRS 19 Subsidiaries without Public Accountability: Disclosures (not yet endorsed
in the UK)
01 January 2027
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-352": { "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\u02bcs 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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-405": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-353": { "value": "1.5 GOING CONCERN The directors have, at the time of approving the financial statements, a reasonable expectation that the company and the Group have adequate resources to continue in operational existence. In forming this view, the directors have considered the company\u02bcs and the Group\u02bcs prospects for a period of at least 12 months from the date of approval of the annual report. The directors\u02bc assessment included consideration of the Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-354": { "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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-406": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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\u02bcs 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 In cases where cash held within client portfolios does not represent a banking deposit, the Group invests this cash 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-465": { "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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-444": { "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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-407": { "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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-408": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-409": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-356": { "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 dilapidation 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. As a result of new information, the Group revised its recognition of dilapidations during 2024. The estimate for recognition of dilapidation assets, which reflect costs to dismantle and remove structural changes made to leased premises, was revised from 100% of the total cost of dilapidations to 50%. The remaining 50% is charged to profit or loss over the useful life of the lease and recognised as a provision. In line with IAS 8, this change in accounting estimate was applied prospectively to new leases entered into from 1 January 2024. The impact of the change was a reduction to the dilapidation asset by \u00a30.4 million, and an equal reduction in the related provision. The right-of-use assets and dilapidations 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 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\u02bcs incremental borrowing rate. The Group uses an incremental borrowing rate of 5.6%, derived from its subordinated loan notes (note 28), as the discount rate for all leases entered into prior to the acquisition of IW&I on 21 September 2023. For all leases entered into or modified after this date, an incremental borrowing rate is determined on a lease-by-lease basis, with reference to the lease term and rental payments specific to each lease. 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-357": { "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\u02bcs 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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-358": { "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 \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\u02bcs 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:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-410": { "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 \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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-359": { "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\u02bcs cash management.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-360": { "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\u02bcs 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\u02bcs 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\u02bcs 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\u02bcs. 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\u02bcs 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\u02bcs 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 \u02bbcredit-impaired\u02bc when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group\u02bcs 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\u02bcs treasury book and investment management loan book are presented in \u02bbinterest expense and similar charges\u02bc and those related to all other financial assets (including trust and financial planning debtors) are presented under \u02bbother operating expenses\u02bc. 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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-466": { "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. 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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-411": { "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\u02bcs 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\u02bcs 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\u02bcs 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\u02bcs. 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\u02bcs 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\u02bcs 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 \u02bbcredit-impaired\u02bc when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group\u02bcs 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\u02bcs treasury book and investment management loan book are presented in \u02bbinterest expense and similar charges\u02bc and those related to all other financial assets (including trust and financial planning debtors) are presented under \u02bbother operating expenses\u02bc. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-445": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-446": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-467": { "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\u02bcs 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\u02bcs 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\u02bcs. 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\u02bcs 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\u02bcs 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 \u02bbcredit-impaired\u02bc when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group\u02bcs 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\u02bcs treasury book and investment management loan book are presented in \u02bbinterest expense and similar charges\u02bc and those related to all other financial assets (including trust and financial planning debtors) are presented under \u02bbother operating expenses\u02bc. 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. See note 2.1 for further detail. 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 intangible assets are reviewed bi-annually for indicators of impairment. Intangible assets acquired through business combinations are tested for impairment by reviewing the key inputs supporting the initial valuation of the asset at acquisition against the Group\u02bcs current forecasts of those inputs, including revenue margins and net client flows. Intangible assets acquired through newly recruited investment managers under contractual agreements are tested for impairment by reviewing lost client relationships in the period. 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. See note 2.1 for further detail. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-447": { "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\u02bcs 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\u02bcs 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\u02bcs. 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\u02bcs 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\u02bcs 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 \u02bbcredit-impaired\u02bc when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. The Group\u02bcs 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\u02bcs treasury book and investment management loan book are presented in \u02bbinterest expense and similar charges\u02bc and those related to all other financial assets (including trust and financial planning debtors) are presented under \u02bbother operating expenses\u02bc. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-361": { "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: 10 years or over the lease term \u2014 plant, equipment and computer hardware: over 3 to 10 years. The assets\u02bc 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-413": { "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: 10 years or over the lease term \u2014 plant, equipment and computer hardware: over 3 to 10 years. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-448": { "value": "1.14 INTANGIBLE ASSETS Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u02bcs 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\u02bcs 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 (3 to 4 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 4 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-412": { "value": "Goodwill Goodwill arises through business combinations and represents the excess of the cost of acquisition over the Group\u02bcs 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\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-468": { "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 (3 to 4 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 4 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-414": { "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 (3 to 4 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 4 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-362": { "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. See note 2.1 for further detail. 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 intangible assets are reviewed bi-annually for indicators of impairment. Intangible assets acquired through business combinations are tested for impairment by reviewing the key inputs supporting the initial valuation of the asset at acquisition against the Group\u02bcs current forecasts of those inputs, including revenue margins and net client flows. Intangible assets acquired through newly recruited investment managers under contractual agreements are tested for impairment by reviewing lost client relationships in the period. 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. See note 2.1 for further detail. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-415": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-416": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-363": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-364": { "value": "1.18 RETIREMENT BENEFIT OBLIGATIONS ON RETIREMENT BENEFIT SCHEMES The Group\u02bcs 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), including the value of any bulk annuity policies, 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-365": { "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\u02bcs 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-366": { "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, the Guernsey Financial Services Commission and the Solicitors\u02bc 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-367": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-368": { "value": "2 CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The Group makes judgements and estimates that affect the application of the Group\u02bcs 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 policies 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 businesses, 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, the payments are judged to be in relation to the provision of ongoing services and are expensed as remuneration costs 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 client relationships. At 31 December 2024, these intangible assets totalled \u00a339.2 million (2023: \u00a334.2 million). 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 the 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. As a result of the IW&I combination in 2023, the sensitivities over the amortisation charge no longer meets the criteria of being at significant risk of material adjustment for the enlarged Group within the next financial year. Consequently, this is no longer considered to be an area of estimation uncertainty, but this shall continue to be monitored. Impairment review of client relationship intangible assets At the end of each reporting period, the Group reviews the carrying amount of its client relationship intangible assets acquired through business combinations to determine whether there is any indication of impairment. At 31 December 2024, these intangible assets totalled \u00a3429.3 million (2023: \u00a3468.6 million). Significant judgment is required in determining whether certain events or circumstances constitute indicators of impairment, and in calculating the recoverable amount of the intangible assets when required. If an indication of impairment exists, the recoverable amount of the asset is estimated, being the higher of fair value less costs to sell and value-in-use. Where value-in-use is used to calculate the recoverable amount, discounted cash flow forecasts associated with the acquired client relationships are produced, reflecting key assumptions for operating profit margin, net client flows and pre-tax discount rates. Future cash flows are based on the latest financial budgets approved by the Board, or historic data, where relevant. Discount rates are aligned with the Group cost of capital. Where fair value is estimated to calculate the recoverable amount of an asset, indicative trading multiples from recent market acquisitions of comparable businesses in the same industry are used. Changes in these inputs may impact the amount of any impairment loss recognised in operating expenses. At 31 December 2024, no indicators of impairment relating to the Group\u02bcs client relationship intangible assets were identified. The largest individual client relationship intangible asset relates to the acquisition of IW&I in 2023, with a carrying amount of \u00a3317.7 million at 31 December 2024 and this asset was determined as the asset with the greatest potential for material impairment. During the year, this was assessed for indicators of impairment using a fair value less cost to sell model. Our estimate of the fair value less costs to sell, based on the comparable business FUM multiples, would have to fall by approximately 30% in order to trigger a possible impairment of the client relationship intangible asset. 2.2 RETIREMENT BENEFIT OBLIGATIONS (NOTE 29) Estimation uncertainty The principal assumptions underlying the reported surplus of \u00a30.5 million (2023: \u00a37.0 million surplus) are set out in note 29. During the year, the Trustees of the Group\u02bcs defined benefit pension schemes entered into an agreement with Canada Life to fully insure the future benefits of members of both schemes in a \u02bbbuy-in\u02bc arrangement. An asset for the bulk annuity policy was subsequently recognised at a fair value equivalent to the liabilities in the scheme. The liabilities continue to be revalued in line with IAS 19, and the bulk annuity policy asset is revalued accordingly by an equal and offsetting amount. Given that the risks relating to retirement benefits are fully insured, we no longer consider this to be an area of estimation uncertainty, although we note that the final premium payable to Canada Life is subject to confirmation once a period of data cleanse is conducted, albeit with no significant adjustments expected. 2.3 BUSINESS COMBINATIONS (NOTE 8) 2.3.1\u2001Investec Wealth & Investment Critical judgements In 2023, the Group acquired the entire share capital of Investec Wealth & Investment Limited (IW&I). The Group accounted for the transaction as a business combination, as set out in note 8. Consideration receivable A reduction in the value of IW&I goodwill by \u00a35.1 million has been recognised during the year. This is attributable to the recognition of consideration receivable by the Group from the seller, Investec Bank plc, under the terms of the acquisition. This reassessment of the fair value of net assets acquired relates to new information received during the IFRS 3 measurement period about facts and circumstances that existed at the date of acquisition. Any variance to the asset of \u00a35.1 million recognised at 31 December 2024 will be a post-acquisition adjustment; a reasonable possible change to this asset is an increase to cash by \u00a30.9 million. 2.3.2\u2001Saunderson House Estimation uncertainty In 2021, the Group acquired the entire share capital of Saunderson House Limited which was recognised as a business combination. The consideration included equity-settled deferred awards payable under the Saunderson House Transaction Incentive Plan 2021, which was contingent on the recipients remaining employees of the Group for a specific period, and was consequently accounted for as remuneration for ongoing services from employment. The amounts payable were expensed over the deferral period. The amount payable under the Saunderson House Transaction Incentive Plan 2021 was subject to the achievement of certain operational and performance targets, which were measured at 31 December 2024 ('the measurement date'). A profit or loss charge was recognised in equity for the consideration payable. Under the terms of the award, payment was calculated as 0.1% of the Saunderson House funds under management (FUM) at the measurement date, excluding assets that had not migrated to a Rathbones proposition by this date. In addition to the FUM-based award were integration and discretionary awards. These awards vested at 31 December 2024 (see note 8 for further detail), therefore this matter is no longer considered an area of estimation uncertainty. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-369": { "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 shared services are allocated to these operating segments on the basis of the cost drivers that generate the expenditure; principally, these are, the headcount of income generating teams within the segment, the value of funds under management and administration of the segment, the segment\u02bcs total revenue, and the segment\u02bcs share of total expenditure. 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 (which includes Financial Planning advice), 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 was identified as a separate operating segment of the Group in 2023, the results of the segment were presented in aggregate with the Group\u02bcs Wealth Management segment, on the basis that the long-term characteristics of both are expected to align following the initial integration period of the businesses. Due to the process of integrating IW&I into the wider business during the current year, IW&I is no longer considered a separate operating segment of the Group and is now considered to be a part of the Wealth Management operating segment.
Wealth Asset Shared
Management Management
Services
Total
31 December 2024
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Net investment management fee income
575.1
79.4
\u2013
654.5
Net commission income
91.8
\u2013
\u2013
91.8
Net interest income
62.3
1.6
\u2013
63.9
Fees from advisory services
54.5
\u2013
\u2013
54.5
Other income
30.5
0.7
\u2013
31.2
Operating income
814.2
81.7
\u2013
895.9
Staff costs \u2212 fixed
(233.9)
(7.9)
(54.6)
(296.4)
Staff costs \u2212 variable
(129.5)
(20.5)
(18.2)
(168.2)
Total staff costs
(363.4)
(28.4)
(72.8)
(464.6)
Other direct expenses
(108.3)
(15.4)
(80.0)
(203.7)
Allocation of shared services
(140.3)
(12.5)
152.8
\u2013
Underlying operating expenses
(612.0)
(56.3)
\u2013
(668.3)
Underlying profit before tax
202.2
25.4
\u2013
227.6
Charges in relation to client relationships and goodwill
22
(44.6)
\u2013
\u2013
(44.6)
Acquisition-related and integration costs
9
(83.4)
\u2013
\u2013
(83.4)
Segment profit before tax
74.2
25.4
\u2013
99.6
Profit before tax attributable to equity holders of the company
 99.6
Taxation
11
(34.1)
Profit for the year attributable to equity holders of the company
 65.5
Wealth Asset Unallocated
Management Management Assets Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment total assets
4,218.8
70.8
0.5
4,290.1
Wealth Asset
Management
Management
Shared Services
Total
31 December 2023
Note
\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
40.5
\u2013
\u2013
40.5
Other income
9.8
0.7
\u2013
10.5
Operating income
503.9
67.2
\u2013
571.1
Staff costs \u2013 fixed
(147.2)
(7.1)
(51.8)
(206.1)
Staff costs \u2013 variable
(78.2)
(13.4)
(15.9)
(107.5)
Total staff costs
(225.4)
(20.5)
(67.7)
(313.6)
Other direct expenses
(53.7)
(12.2)
(64.5)
(130.4)
Allocation of shared services
(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
22
(25.2)
\u2013
\u2013
(25.2)
Acquisition-related and integration costs
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
 57.6
Taxation
11
(20.1)
Profit for the year attributable to equity holders of the company
 37.5
Wealth Asset Unallocated
Management Management
Assets
Total
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Segment total assets
4,099.6
117.8
7.0
4,224.4
The following table reconciles underlying operating expenses to operating expenses:
2024
2023
Note
\u00a3m
\u00a3m
Underlying operating expenses
668.3
444.0
Charges in relation to client relationships and goodwill
22
44.6
25.2
Acquisition-related costs
9
83.4
44.3
Operating expenses
796.3
513.5
GEOGRAPHIC ANALYSIS
The following table presents operating income analysed by the geographical location of the Group
entity providing the service:
2024
2023
\u00a3m
\u00a3m
United Kingdom
874.4
553.4
Channel Islands
21.5
17.7
Operating income
895.9
571.1
The following is an analysis of the carrying amount of non-current assets analysed by the
geographical location of the assets:
2024
2023
\u00a3m
\u00a3m
United Kingdom
1,075.2
1,103.0
Channel Islands
3.0
2.9
Non-current assets
1,078.2
1,105.9
TIMING OF REVENUE RECOGNITION The following table presents operating income analysed by the timing of revenue recognition of the operating segment providing the service:
2024
2023
Wealth Asset Wealth Asset
Management Management Management Management
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Products and services transferred at a
point in time
96.9
\u2013
44.4
\u2013
Products and services transferred over
time
717.3
81.7
459.5
67.2
814.2
81.7
503.9
67.2
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-417": { "value": "GEOGRAPHIC ANALYSIS The following table presents operating income analysed by the geographical location of the Group entity providing the service:
2024
2023
\u00a3m
\u00a3m
United Kingdom
874.4
553.4
Channel Islands
21.5
17.7
Operating income
895.9
571.1
The following is an analysis of the carrying amount of non-current assets analysed by the geographical location of the assets:
2024
2023
\u00a3m
\u00a3m
United Kingdom
1,075.2
1,103.0
Channel Islands
3.0
2.9
Non-current assets
1,078.2
1,105.9
39 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, \u02bbthe Group\u02bc) to publish certain additional information, on a consolidated basis, for the year ended 31
December 2024
.
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 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 the Channel
activities Islands.
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) 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
before 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 44.
Profit/(loss)
before
Turnover taxation Tax paid Number of
Country
\u00a3m \u00a3m \u00a3m employees
United Kingdom
877.1
533.2
41.0
3,486
Channel Islands
25.4
(350.2)
0.5
36
Sub-total
902.5
183.0
41.5
3,522
Inter-group eliminations and other entries arising on consolidation
(6.6)
(83.4)
\u2013
\u2013
Total
895.9
99.6
41.5
3,522
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-418": { "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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-370": { "value": "
4 NET INTEREST INCOME
2024
2023
Note
\u00a3m
\u00a3m
Interest income
Cash and balances with central banks
56.3
56.3
Amortised cost investment securities
73.0
56.1
Loans and advances to banks
12.2
7.9
Loans and advances to customers
6.3
8.5
147.8
128.8
Interest expense
Due to customers
(78.8)
(71.6)
Lease liabilities
(2.8)
(3.2)
Subordinated loan notes
28
(2.3)
(2.3)
(83.9)
(77.1)
Net interest income
63.9
51.7
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-480": { "value": "4 NET INTEREST INCOME
2024
2023
Note
\u00a3m
\u00a3m
Interest income
Cash and balances with central banks
56.3
56.3
Amortised cost investment securities
73.0
56.1
Loans and advances to banks
12.2
7.9
Loans and advances to customers
6.3
8.5
147.8
128.8
Interest expense
Due to customers
(78.8)
(71.6)
Lease liabilities
(2.8)
(3.2)
Subordinated loan notes
28
(2.3)
(2.3)
(83.9)
(77.1)
Net interest income
63.9
51.7
All net interest income is calculated using the effective interest method (note 1.7). 5 NET FEE AND COMMISSION INCOME
2024
2023
\u00a3m
\u00a3m
Fee and commission income
Wealth Management
752.4
469.0
Asset Management
82.7
69.6
835.1
538.6
Fee and commission expense
Wealth Management
(32.5)
(26.2)
Asset Management
(1.8)
(3.5)
(34.3)
(29.7)
Net fee and commission income
800.8
508.9
6 OTHER OPERATING INCOME
2024
2023
\u00a3m
\u00a3m
Gains on financial assets measured at fair value
\u2013
1.1
Net client money interest income
28.0
7.7
Other operating income
3.2
1.7
31.2
10.5
Other operating income of \u00a331.2 million (2023: \u00a310.5 million) comprised gains from fair value through profit or loss equity securities of \u00a3nil (2023: \u00a31.1 million), net interest income from client money deposits \u00a328.0 million (2023: \u00a37.7 million) of which \u00a326.5 million relates to IW&I (2023: \u00a36.4 million) and other operating income of \u00a33.2 million (2023: \u00a31.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-479": { "value": "4 NET INTEREST INCOME
2024
2023
Note
\u00a3m
\u00a3m
Interest income
Cash and balances with central banks
56.3
56.3
Amortised cost investment securities
73.0
56.1
Loans and advances to banks
12.2
7.9
Loans and advances to customers
6.3
8.5
147.8
128.8
Interest expense
Due to customers
(78.8)
(71.6)
Lease liabilities
(2.8)
(3.2)
Subordinated loan notes
28
(2.3)
(2.3)
(83.9)
(77.1)
Net interest income
63.9
51.7
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-475": { "value": "4 NET INTEREST INCOME
2024
2023
Note
\u00a3m
\u00a3m
Interest income
Cash and balances with central banks
56.3
56.3
Amortised cost investment securities
73.0
56.1
Loans and advances to banks
12.2
7.9
Loans and advances to customers
6.3
8.5
147.8
128.8
Interest expense
Due to customers
(78.8)
(71.6)
Lease liabilities
(2.8)
(3.2)
Subordinated loan notes
28
(2.3)
(2.3)
(83.9)
(77.1)
Net interest income
63.9
51.7
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-469": { "value": "4 NET INTEREST INCOME
2024
2023
Note
\u00a3m
\u00a3m
Interest income
Cash and balances with central banks
56.3
56.3
Amortised cost investment securities
73.0
56.1
Loans and advances to banks
12.2
7.9
Loans and advances to customers
6.3
8.5
147.8
128.8
Interest expense
Due to customers
(78.8)
(71.6)
Lease liabilities
(2.8)
(3.2)
Subordinated loan notes
28
(2.3)
(2.3)
(83.9)
(77.1)
Net interest income
63.9
51.7
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-449": { "value": "4 NET INTEREST INCOME
2024
2023
Note
\u00a3m
\u00a3m
Interest income
Cash and balances with central banks
56.3
56.3
Amortised cost investment securities
73.0
56.1
Loans and advances to banks
12.2
7.9
Loans and advances to customers
6.3
8.5
147.8
128.8
Interest expense
Due to customers
(78.8)
(71.6)
Lease liabilities
(2.8)
(3.2)
Subordinated loan notes
28
(2.3)
(2.3)
(83.9)
(77.1)
Net interest income
63.9
51.7
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-419": { "value": "4 NET INTEREST INCOME
2024
2023
Note
\u00a3m
\u00a3m
Interest income
Cash and balances with central banks
56.3
56.3
Amortised cost investment securities
73.0
56.1
Loans and advances to banks
12.2
7.9
Loans and advances to customers
6.3
8.5
147.8
128.8
Interest expense
Due to customers
(78.8)
(71.6)
Lease liabilities
(2.8)
(3.2)
Subordinated loan notes
28
(2.3)
(2.3)
(83.9)
(77.1)
Net interest income
63.9
51.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-371": { "value": "
5 NET FEE AND COMMISSION INCOME
2024
2023
\u00a3m
\u00a3m
Fee and commission income
Wealth Management
752.4
469.0
Asset Management
82.7
69.6
835.1
538.6
Fee and commission expense
Wealth Management
(32.5)
(26.2)
Asset Management
(1.8)
(3.5)
(34.3)
(29.7)
Net fee and commission income
800.8
508.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-372": { "value": "
6 OTHER OPERATING INCOME
2024
2023
\u00a3m
\u00a3m
Gains on financial assets measured at fair value
\u2013
1.1
Net client money interest income
28.0
7.7
Other operating income
3.2
1.7
31.2
10.5
Other operating income of \u00a331.2 million (2023: \u00a310.5 million) comprised gains from fair value
through profit or loss equity securities of \u00a3nil (2023: \u00a31.1 million), net interest income from client
money deposits \u00a328.0 million (2023: \u00a37.7 million) of which \u00a326.5 million
relates to IW&I (2023:
\u00a36.4 million) and other operating income of \u00a33.2 million (2023: \u00a31.7 million).
7 OPERATING EXPENSES
2024
2023
Note
\u00a3m
\u00a3m
Staff costs
10
464.6
313.6
Depreciation and impairment charges of property, plant
and equipment
19
7.2
5.2
Depreciation and impairment charges of right-of-use
assets
20
14.6
6.5
Amortisation of internally generated intangible assets
22
2.2
1.8
Amortisation and impairment of purchased software
22
3.9
3.8
Auditor\u02bcs remuneration (see below)
2.6
3.0
Impairment charges on loans and advances to customers
33
\u2013
0.1
Administration and other expenses
173.2
110.0
Other operating expenses
668.3
444.0
Charges in relation to client relationships and goodwill
22
44.6
25.2
Acquisition-related and integration costs
9
83.4
44.3
Total operating expenses
796.3
513.5
The property, plant and equipment depreciation and impairment charge differs to the amount in note 19 due to \u00a32.6 million of net accelerated depreciation and impairment charges on fixtures and fittings (2023: \u00a31.7 million), which have been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 due to \u00a34.1 million of net accelerated depreciation and impairment charges (2023: \u00a31.1 million), which have been treated as acquisition-related costs (note 9). The internally generated intangible assets amortisation charge differs to the amount in Note 22 predominantly due to \u00a31.3 million of net accelerated amortisation charges on purchased software (2023: \u00a3nil), which have been treated as acquisition-related costs (note 9).
A more detailed analysis of auditor\u02bcs remuneration is provided below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the company\u02bcs auditor for the audit of the company\u02bcs
annual financial statements
0.1
0.7
Fees payable to the company\u02bcs auditor and their associates for other
services to the Group:
\u2014 audit of the company\u02bcs subsidiaries pursuant to legislation
1.6
1.0
\u2014 audit-related assurance services
0.6
1.2
\u2014 other services
0.3
0.1
2.6
3.0
Audit-related assurance services includes costs relating to audits of the Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-420": { "value": "6 OTHER OPERATING INCOME
2024
2023
\u00a3m
\u00a3m
Gains on financial assets measured at fair value
\u2013
1.1
Net client money interest income
28.0
7.7
Other operating income
3.2
1.7
31.2
10.5
Other operating income of \u00a331.2 million (2023: \u00a310.5 million) comprised gains from fair value through profit or loss equity securities of \u00a3nil (2023: \u00a31.1 million), net interest income from client money deposits \u00a328.0 million (2023: \u00a37.7 million) of which \u00a326.5 million relates to IW&I (2023: \u00a36.4 million) and other operating income of \u00a33.2 million (2023: \u00a31.7 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-476": { "value": "7 OPERATING EXPENSES
2024
2023
Note
\u00a3m
\u00a3m
Staff costs
10
464.6
313.6
Depreciation and impairment charges of property, plant
and equipment
19
7.2
5.2
Depreciation and impairment charges of right-of-use
assets
20
14.6
6.5
Amortisation of internally generated intangible assets
22
2.2
1.8
Amortisation and impairment of purchased software
22
3.9
3.8
Auditor\u02bcs remuneration (see below)
2.6
3.0
Impairment charges on loans and advances to customers
33
\u2013
0.1
Administration and other expenses
173.2
110.0
Other operating expenses
668.3
444.0
Charges in relation to client relationships and goodwill
22
44.6
25.2
Acquisition-related and integration costs
9
83.4
44.3
Total operating expenses
796.3
513.5
The property, plant and equipment depreciation and impairment charge differs to the amount in note 19 due to \u00a32.6 million of net accelerated depreciation and impairment charges on fixtures and fittings (2023: \u00a31.7 million), which have been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 due to \u00a34.1 million of net accelerated depreciation and impairment charges (2023: \u00a31.1 million), which have been treated as acquisition-related costs (note 9). The internally generated intangible assets amortisation charge differs to the amount in Note 22 predominantly due to \u00a31.3 million of net accelerated amortisation charges on purchased software (2023: \u00a3nil), which have been treated as acquisition-related costs (note 9). A more detailed analysis of auditor\u02bcs remuneration is provided below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the company\u02bcs auditor for the audit of the company\u02bcs
annual financial statements
0.1
0.7
Fees payable to the company\u02bcs auditor and their associates for other
services to the Group:
\u2014 audit of the company\u02bcs subsidiaries pursuant to legislation
1.6
1.0
\u2014 audit-related assurance services
0.6
1.2
\u2014 other services
0.3
0.1
2.6
3.0
Audit-related assurance services includes costs relating to audits of the Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-470": { "value": "7 OPERATING EXPENSES
2024
2023
Note
\u00a3m
\u00a3m
Staff costs
10
464.6
313.6
Depreciation and impairment charges of property, plant
and equipment
19
7.2
5.2
Depreciation and impairment charges of right-of-use
assets
20
14.6
6.5
Amortisation of internally generated intangible assets
22
2.2
1.8
Amortisation and impairment of purchased software
22
3.9
3.8
Auditor\u02bcs remuneration (see below)
2.6
3.0
Impairment charges on loans and advances to customers
33
\u2013
0.1
Administration and other expenses
173.2
110.0
Other operating expenses
668.3
444.0
Charges in relation to client relationships and goodwill
22
44.6
25.2
Acquisition-related and integration costs
9
83.4
44.3
Total operating expenses
796.3
513.5
The property, plant and equipment depreciation and impairment charge differs to the amount in note 19 due to \u00a32.6 million of net accelerated depreciation and impairment charges on fixtures and fittings (2023: \u00a31.7 million), which have been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 due to \u00a34.1 million of net accelerated depreciation and impairment charges (2023: \u00a31.1 million), which have been treated as acquisition-related costs (note 9). The internally generated intangible assets amortisation charge differs to the amount in Note 22 predominantly due to \u00a31.3 million of net accelerated amortisation charges on purchased software (2023: \u00a3nil), which have been treated as acquisition-related costs (note 9). A more detailed analysis of auditor\u02bcs remuneration is provided below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the company\u02bcs auditor for the audit of the company\u02bcs
annual financial statements
0.1
0.7
Fees payable to the company\u02bcs auditor and their associates for other
services to the Group:
\u2014 audit of the company\u02bcs subsidiaries pursuant to legislation
1.6
1.0
\u2014 audit-related assurance services
0.6
1.2
\u2014 other services
0.3
0.1
2.6
3.0
Audit-related assurance services includes costs relating to audits of the Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-450": { "value": "7 OPERATING EXPENSES
2024
2023
Note
\u00a3m
\u00a3m
Staff costs
10
464.6
313.6
Depreciation and impairment charges of property, plant
and equipment
19
7.2
5.2
Depreciation and impairment charges of right-of-use
assets
20
14.6
6.5
Amortisation of internally generated intangible assets
22
2.2
1.8
Amortisation and impairment of purchased software
22
3.9
3.8
Auditor\u02bcs remuneration (see below)
2.6
3.0
Impairment charges on loans and advances to customers
33
\u2013
0.1
Administration and other expenses
173.2
110.0
Other operating expenses
668.3
444.0
Charges in relation to client relationships and goodwill
22
44.6
25.2
Acquisition-related and integration costs
9
83.4
44.3
Total operating expenses
796.3
513.5
The property, plant and equipment depreciation and impairment charge differs to the amount in note 19 due to \u00a32.6 million of net accelerated depreciation and impairment charges on fixtures and fittings (2023: \u00a31.7 million), which have been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 due to \u00a34.1 million of net accelerated depreciation and impairment charges (2023: \u00a31.1 million), which have been treated as acquisition-related costs (note 9). The internally generated intangible assets amortisation charge differs to the amount in Note 22 predominantly due to \u00a31.3 million of net accelerated amortisation charges on purchased software (2023: \u00a3nil), which have been treated as acquisition-related costs (note 9). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-421": { "value": "7 OPERATING EXPENSES
2024
2023
Note
\u00a3m
\u00a3m
Staff costs
10
464.6
313.6
Depreciation and impairment charges of property, plant
and equipment
19
7.2
5.2
Depreciation and impairment charges of right-of-use
assets
20
14.6
6.5
Amortisation of internally generated intangible assets
22
2.2
1.8
Amortisation and impairment of purchased software
22
3.9
3.8
Auditor\u02bcs remuneration (see below)
2.6
3.0
Impairment charges on loans and advances to customers
33
\u2013
0.1
Administration and other expenses
173.2
110.0
Other operating expenses
668.3
444.0
Charges in relation to client relationships and goodwill
22
44.6
25.2
Acquisition-related and integration costs
9
83.4
44.3
Total operating expenses
796.3
513.5
The property, plant and equipment depreciation and impairment charge differs to the amount in note 19 due to \u00a32.6 million of net accelerated depreciation and impairment charges on fixtures and fittings (2023: \u00a31.7 million), which have been treated as acquisition-related costs (note 9). The right-of-use asset depreciation and impairment charge differs to the amount in Note 20 due to \u00a34.1 million of net accelerated depreciation and impairment charges (2023: \u00a31.1 million), which have been treated as acquisition-related costs (note 9). The internally generated intangible assets amortisation charge differs to the amount in Note 22 predominantly due to \u00a31.3 million of net accelerated amortisation charges on purchased software (2023: \u00a3nil), which have been treated as acquisition-related costs (note 9). A more detailed analysis of auditor\u02bcs remuneration is provided below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the company\u02bcs auditor for the audit of the company\u02bcs
annual financial statements
0.1
0.7
Fees payable to the company\u02bcs auditor and their associates for other
services to the Group:
\u2014 audit of the company\u02bcs subsidiaries pursuant to legislation
1.6
1.0
\u2014 audit-related assurance services
0.6
1.2
\u2014 other services
0.3
0.1
2.6
3.0
Audit-related assurance services includes costs relating to audits of the Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-451": { "value": "A more detailed analysis of auditor\u02bcs remuneration is provided below:
2024
2023
\u00a3m
\u00a3m
Fees payable to the company\u02bcs auditor for the audit of the company\u02bcs
annual financial statements
0.1
0.7
Fees payable to the company\u02bcs auditor and their associates for other
services to the Group:
\u2014 audit of the company\u02bcs subsidiaries pursuant to legislation
1.6
1.0
\u2014 audit-related assurance services
0.6
1.2
\u2014 other services
0.3
0.1
2.6
3.0
Audit-related assurance services includes costs relating to audits of the Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-373": { "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. Full details of the acquisition are set out in note 8 of the 2023 annual report and accounts. Total consideration transferred to Investec Bank plc of \u00a3751.9 million comprised a share issue of 27,056,463 ordinary shares and 17,481,868 convertible non-voting ordinary shares. Based on Rathbones\u02bc 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 Group Plc. As set out in note 22, the value of acquired goodwill has been adjusted during the year for new information relating to facts and circumstances that existed at the acquisition date. Deferred Incentive awards Deferred awards and contingent payments were granted to certain IW&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 accounting for the acquisition under IFRS 3 Business Combinations. The cost for these equity-settled awards is being charged to profit or loss in line with IFRS 2 and spread over each respective vesting period. Details of the share awards are as follows:
Gross Grant date
amount
Grant date
fair value
Final vesting date
\u00a3m
\u00a3m
Rathbones Integration Incentive Scheme
39.0
6 October 2023
31.2
22 September 2027
The Rathbone Integration Incentive Scheme award of \u00a339.0 million is payable in shares, and will vest in three equal tranches annually on the second, third and fourth anniversaries of the acquisition 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\u02bcs best estimate of the extent to which these conditions will be met. The fair value at the date of grant was determined with reference to the share price at the date of grant less the value of expected dividends receivable over the period up to vesting, as no dividends will be receivable during the vesting period. There are no market-related performance conditions attached to these awards. A Business Enablement award of \u00a36.9 million was also granted during the prior year and is payable predominantly in cash to different groups of employees in key business enablement functions. Recipients of the award who are classified by the company as material risk-takers receive 50% of their total variable pay in the form of shares of Rathbones Group plc. Approximately 30% of the total award vested 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. In May and June 2024, two additional awards were granted to certain employees of Rathbones Group Plc, conditional upon the delivery of the integration plan for Rathbones clients. The integration awards are payable in cash in 2025 and 2027 and have been recognised in line with IAS 19. The charge in the income statement for the above elements is as follows;
2024
2023
Note
\u00a3m
\u00a3m
Incentivisation awards
15.9
4.8
These costs are being reported as staff costs within integration-related costs (see note 9). 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 detailed other deferred and contingent payments to be made to the vendors for the sale of the shares of the Saunderson House Group. These payments were contingent on the recipients remaining in employment with the Group for the duration of the respective deferral periods. Consequently, the awards were treated as remuneration for post-combination services and the cost was charged to the income statement over the respective vesting periods. Details of each of these elements are as follows:
Gross Grant date
amount
Grant date
fair value
Vesting date
\u00a3m
\u00a3m
Initial share consideration
5.2
20 October 2021
5.5
20 October 2024
Management incentive scheme
5.7
20 December 2021
4.9
31 December 2024
All of these payments were 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 and vested on the third anniversary of the acquisition date, which fell during the year. As the share issuance was 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 was recognised within the merger reserve. \u2014 The incentive plan for the Saunderson House senior management team was subject to certain operational and financial performance targets at the measurement date of 31 December 2024. The award was calculated as 0.1% of qualifying funds under management at the measurement date (see note 2). Additionally, \u00a31.0 million of integration awards vested at this date. \u00a30.5 million of discretionary awards were granted to employees as part of the scheme in previous years. These costs are being reported as staff costs within acquisition-related costs (see note 9). 9 ACQUISITION-RELATED AND INTEGRATION COSTS During 2024 \u00a383.4 million of acquisition-related and integration costs were incurred (2023: \u00a344.3 million).
2024
2023
\u00a3m
\u00a3m
Acquisition of Speirs & Jeffrey
\u2013
1.0
Acquisition of Investec Wealth & Investment
75.5
36.5
Acquisition of Saunderson House
7.9
6.8
Acquisition-related and Integration costs
83.4
44.3
Total acquisition-related staff costs of \u00a321.4 million (2023: \u00a311.0 million) incurred during the year relate to equity-settled share-based payments (note 10). COSTS RELATING TO THE ACQUISITION OF INVESTEC WEALTH & INVESTMENT (IW&I) The Group has incurred the following costs in relation to the acquisition of IW&I, summarised by the following classification within the income statement:
2024
2023
Note
\u00a3m
\u00a3m
Acquisition costs:
Acquisition-related legal and advisory costs
\u2013
21.3
Integration costs:
Integration related staff costs
10
48.3
6.2
Other Integration Costs
27.2
9.0
Acquisition-related and Integration costs
75.5
36.5
Acquisition-related legal and advisory costs of \u00a3nil (2023: \u00a321.3 million) and integration costs of \u00a3nil (2023: \u00a39.0 million) have not been allocated to a specific operating segment (note 3). Integration-related staff costs of \u00a348.3 million (2023: \u00a36.2 million) predominately relate to restructuring costs of \u00a320.1 million, the majority of which have not yet been settled and have been recognised within accruals and other liabilities (note 25), and deferred incentive awards of \u00a320.4 million. Other integration costs of \u00a327.2 million (2023: \u00a39.0 million) mainly relate to technology and consultancy costs. 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:
2024
2023
Note
\u00a3m
\u00a3m
Acquisition costs:
Staff costs
10
\u2013
1.0
Acquisition-related and Integration costs
\u2013
1.0
COSTS RELATING TO THE ACQUISITION OF SAUNDERSON HOUSE The Group has incurred the following costs in relation to the acquisition of Saunderson House Group, summarised by the following classification within the income statement:
2024
2023
Note
\u00a3m
\u00a3m
Acquisition costs:
Staff costs
10
3.3
3.9
Integration costs:
Other Integration Costs
4.6
2.9
Acquisition-related and Integration costs
7.9
6.8
Integration costs of \u00a3nil (2023: \u00a32.9 million) have not been allocated to a specific operating segment (note 3). Staff costs of \u00a33.3 million (2023: \u00a33.9 million) relate to deferred remuneration. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-374": { "value": "
10 STAFF COSTS
2024
2023
Note
\u00a3m
\u00a3m
Wages and salaries
366.8
244.3
Social security costs
49.5
32.2
Acquisition-related equity-settled share-based payments
9
12.8
7.5
Acquisition-related cash-settled staff costs
8.6
3.5
Other equity-settled share-based payments
16.4
16.5
Pension costs:
29
\u2014 Defined benefit schemes
(0.4)
(0.5)
\u2014 Defined contribution schemes
32.3
21.1
31.9
20.6
Total staff costs
486.0
324.6
Acquisition-related staff costs
(21.4)
(11.0)
Underlying staff costs
3
464.6
313.6
The monthly average number of employees on a full-time equivalent basis during the year was as follows:
2024
2023
Wealth Management
2,231
1,686
Asset Management
58
52
Shared services
1,233
760
3,522
2,498
The actual number of Group employees at 31 December 2024 was 3,545 (2023: 3,532).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-375": { "value": "11 INCOME TAX EXPENSE
2024
2023
Note
\u00a3m
\u00a3m
Current tax:
\u2014 charge for the year
41.1
22.8
\u2014 adjustments in respect of prior years
(2.2)
1.1
Deferred tax:
21
\u2014 credit for the year
(6.4)
(1.9)
\u2014 adjustments in respect of prior years
1.6
(1.9)
34.1
20.1
The tax charge is calculated based on the estimated 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 (2023: higher) than the standard rate of corporation tax in the UK of 25.0% (2023: 23.5%). 23.5% is a composite tax rate, since the UK corporation tax rate was 19.0% until 31 March 2023 and 25.0% for the remainder of the financial year. The differences are explained below:
2024
2023
Note
\u00a3m
\u00a3m
Tax on profit from ordinary activities at the standard rate of 25%
(2023: 23.5%)
24.9
13.6
Effects of:
\u2014 disallowable expenses
7.1
8.0
\u2014 share-based payments
2.9
(0.2)
\u2014 tax on overseas earnings
(0.8)
(0.7)
\u2014 adjustments in respect of prior year
(0.6)
(0.8)
\u2014 deferred payments to previous owners of acquired companies 9
\u2013
0.3
\u2014 change in corporation tax rate on deferred tax
\u2013
(0.1)
\u2014 Tax impact on intra-group dividends
0.6
\u2013
34.1
20.1
\u00a3nil of current tax on share-based payments was charged to equity during the year (2023: \u00a30.4 million). On 11 July 2023, the government of the United Kingdom, 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%. We have undertaken a review of the regime and determined that the Group will not be in scope for Pillar II income tax reporting until the year ended 31 December 2026, we will continue to monitor.
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 1 April 2023. This has been reflected in the current and prior year 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 2024
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Recognised in profit or loss in respect of:
current year
(5.9)
(1.0)
(1.0)
5.3
0.3
8.7
6.4
prior year
(1.8)
\u2013
\u2013
\u2013
\u2013
0.2
(1.6)
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(7.7)
(1.0)
(1.0)
5.3
0.3
8.9
4.8
Recognised in other comprehensive income in respect of:
 \u2013
current year
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.5)
0.4
\u2013
\u2013
(0.1)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
0.6
0.6
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.5)
0.4
\u2013
0.6
0.5
Business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
Deferred tax assets
\u2013
\u2013
7.2
19.1
\u2013
\u2013
26.3
Deferred tax liabilities
(0.2)
(0.1)
\u2013
\u2013
\u2013
(104.0)
(104.3)
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
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 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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-376": { "value": "12 DIVIDENDS
2024
2023
\u00a3m
\u00a3m
Amounts recognised as distributions to equity holders in the year:
(2022: 56.0p) per share
25.2
33.4
(2023: 29.0p) per share
31.7
17.5
\u2014 second interim dividend for the year ended 31 December 2023 of
34.0p per share
\u2013
20.5
Dividends paid in the year of
54.0p (2023: 119.0p) per share
56.9
71.4
Proposed final dividend for the year ended
31 December 2024 of
63.0
p (2023: 24.0p) per share
65.2
24.9
\u2014 final dividend for the year ended 31 December 2023 of 24.0p \u2014 interim dividend for the year ended 31 December 2024 of 30.0p An interim dividend of 30.0p per share was paid on 1 October 2024 to shareholders on the register at the close of business on 6 September 2024 (2023: 29.0p). A second interim dividend was not paid in 2024 (2023: 34.0p). A final dividend declared of 63.0p per share (2023: 24.0p) is payable on 13 May 2025 to shareholders on the register at the close of business on 11 April 2025. The final dividend is subject to approval by shareholders at the Annual General Meeting on 8 May 2025 and has not been included as a liability in these financial statements.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-422": { "value": "0.63", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-423": { "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-424": { "value": "65200000.0", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-7": { "value": "63.0", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-8": { "value": "24.0", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-377": { "value": "13 EARNINGS PER SHARE Earnings used to calculate earnings per share on the bases reported in these financial statements were:
2024
2023
Pre-tax
Taxation
Post-tax
Pre-tax
Taxation
Post-tax
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Underlying profit attributable to
shareholders
227.6
(59.9)
167.7
127.1
(30.3)
96.8
Charges in relation to client
relationships and goodwill
22
(44.6)
10.2
(34.4)
(25.2)
5.9
(19.3)
Acquisition-related costs
9
(83.4)
15.6
(67.8)
(44.3)
4.3
(40.0)
Profit attributable to
shareholders
99.6
(34.1)
65.5
57.6
(20.1)
37.5
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 103,729,536 (2023: 71,269,129). 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 2023. Diluted earnings per share is the basic earnings per share, adjusted for the effect of contingently issuable shares and outstanding employee share options.
2024
2023
Weighted average number of ordinary shares in issue during the year \u2013
basic
103,729,536
71,269,129
Dilutive effect of share options and awards
4,481,773
2,605,448
Weighted average number of diluted ordinary shares outstanding
108,211,309
73,874,577
2024
2023
Earnings per share for the year attributable to equity holders of the
company:
\u2014 basic
63.0p
52.6p
\u2014 diluted
60.4p
50.8p
Underlying earnings per share for the year attributable to equity holders
of the company:
\u2014 basic
161.6p
135.8p
\u2014 diluted
154.9p
131.0p
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-425": { "value": "
14 CASH AND BALANCES WITH CENTRAL BANKS
2024
2023
\u00a3m
\u00a3m
Balances with central banks
1,166.0
1,038.3
Less impairment loss allowance
\u2013
\u2013
1,166.0
1,038.3
The fair value of balances with central banks is not materially different from their carrying amount.
2024
2023
\u00a3m
\u00a3m
Repayable:
\u2014 on demand
1,166.0
1,036.0
\u2014 within 1 year but over 3 months
\u2013
2.3
Less impairment loss allowance
\u2013
\u2013
1,166.0
1,038.3
Amounts include balances:
\u2014 with variable interest rates
1,166.0
1,036.0
\u2014 which are non-interest-bearing
\u2013
2.3
Less impairment loss allowance
\u2013
\u2013
1,166.0
1,038.3
The Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-379": { "value": "14 CASH AND BALANCES WITH CENTRAL BANKS
2024
2023
\u00a3m
\u00a3m
Balances with central banks
1,166.0
1,038.3
Less impairment loss allowance
\u2013
\u2013
1,166.0
1,038.3
The fair value of balances with central banks is not materially different from their carrying amount.
2024
2023
\u00a3m
\u00a3m
Repayable:
\u2014 on demand
1,166.0
1,036.0
\u2014 within 1 year but over 3 months
\u2013
2.3
Less impairment loss allowance
\u2013
\u2013
1,166.0
1,038.3
Amounts include balances:
\u2014 with variable interest rates
1,166.0
1,036.0
\u2014 which are non-interest-bearing
\u2013
2.3
Less impairment loss allowance
\u2013
\u2013
1,166.0
1,038.3
The Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-378": { "value": "15 LOANS AND ADVANCES TO BANKS
2024
2023
\u00a3m
\u00a3m
Current accounts
247.5
252.4
Fixed term deposits/notice accounts
45.7
14.5
Less impairment loss allowance
\u2013
\u2013
293.2
266.9
2024
2023
\u00a3m
\u00a3m
Repayable:
on demand
247.5
245.4
within 3 months or less excluding on demand
45.7
21.5
Less impairment loss allowance
\u2013
\u2013
293.2
266.9
Amounts include loans and advances:
with variable interest rates
257.9
256.8
with fixed interest rates
18.7
9.9
which are non-interest-bearing
16.6
0.2
Less impairment loss allowance
\u2013
\u2013
293.2
266.9
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 2024 were \u00a3293.2 million (note 37) (2023: \u00a3266.9 million). The Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-380": { "value": "16 LOANS AND ADVANCES TO CUSTOMERS
2024
2023
\u00a3m
\u00a3m
Overdrafts
15.9
9.7
Investment management loan book
76.0
101.7
Trust and financial planning debtors
2.5
2.9
Other debtors
1.9
1.6
Less impairment loss allowance
(0.2)
(0.3)
96.1
115.6
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.
2024
2023
\u00a3m
\u00a3m
Repayable:
\u2014 on demand
18.5
11.5
\u2014 within 3 months or less excluding on demand
10.2
3.4
\u2014 within 1 year but over 3 months
31.8
3.2
\u2014 within 5 years but over 1 year
35.8
97.8
Less impairment loss allowance
(0.2)
(0.3)
96.1
115.6
Amounts include loans and advances:
\u2014 with variable interest rates
93.0
111.3
\u2014 which are non-interest-bearing
3.2
4.3
\u2014 with fixed interest rates
0.1
0.3
Less impairment loss allowance
(0.2)
(0.3)
96.1
115.6
The Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-381": { "value": "
17 INVESTMENT SECURITIES
FAIR VALUE THROUGH PROFIT OR LOSS
2024
2023
\u00a3m
\u00a3m
Equity securities:
\u2014 unlisted
\u2013
1.2
\u2013
1.2
Equity securities comprised shares in Euroclear. During the year, the Group disposed of its
remaining shares in Euroclear. These securities did not bear interest.
At 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at
\u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shareholding
during 2023. During the year, the Group sold its total remaining shares in Euroclear at the same
price used to value its shareholding at 31 December 2023.
AMORTISED COST
2024
2023
\u00a3m
\u00a3m
Debt securities:
\u2014 unlisted
1,278.3
1,294.6
Less impairment loss allowance
(0.1)
\u2013
1,278.2
1,294.6
Debt securities comprise certificates of deposit that are all due to mature within one year (2023:
all), and treasury bills that are due to mature within one year (2023: all).
The fair value of debt securities is disclosed in note 33.
The change in the Group\u02bcs 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 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1,807.1)
(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 1 January 2024
1.2
1,294.6
1,295.8
Additions
\u2013
2,028.0
2,028.0
Disposals (sales and redemptions)
(1.2)
(2,045.4)
(2,046.6)
Foreign exchange movements
\u2013
1.0
1.0
Gain from changes in fair value
\u2013
\u2013
\u2013
Increase in impairment loss allowance
\u2013
\u2013
\u2013
31 December 2024
\u2013
1,278.2
1,278.2
Included within fair value through profit or loss are disposals of \u00a31.2 million (2023: \u00a311.0 million) of
financial instruments that are not classified as cash and cash equivalents.
44 INVESTMENTS IN SUBSIDIARIES
Equities
\u00a3m
At 1 January 2023
 421.5
Additions
 751.9
At 1 January 2024
 1,173.4
Additions
 54.8
At 31 December 2024
 1,228.2
The additions in the current year of \u00a354.8 million relate to two separate share subscriptions of one ordinary share of 1p each by the company in its subsidiary, CastleCo Limited. The additions in the prior year of \u00a3751.9 million relate to the acquisition of Investec Wealth & Investment (see note 8). During the year, the company\u02bcs subsidiary, Rathbones Investment Management Limited (RIM), acquired the trade and assets of its sister company, Saunderson House Limited (SHL) at the carrying values in the transferor\u02bcs financial statements. This led to a transfer of the company\u02bcs investment in SHL of \u00a3140.9 million to an investment in RIM. The net impact on the company\u02bcs total cost of investment in subsidiaries from this transaction was \u00a3nil. 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 (2023: \u00a3nil). EQUITIES At 31 December 2024, the company\u02bcs subsidiary undertakings, which have all been included in the Group\u02bcs financial statements, were as follows:
Company
registration
Subsidiary undertaking
Activity and operation number
Rathbones Investment Management Limited
Investment management and 1448919
banking services
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
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 940473
investment management
CastleCo Limited
Non-trading
130602
Company
registration
Subsidiary undertaking
Activity and operation number
HouseCo Limited
Non-trading
130603
CabinCo Limited
Non-trading
130601
CottageCo Limited
Non-trading
131144
Investec Wealth & Investment Limited
Investment management
2122340
Bell Nominees Limited (In Liquidation)
Non-trading
00625232
Investment Administration Nominees Limited (In
Liquidation)
Non-trading
02075505
R. & R. Nominees Limited (In Liquidation)
Non-trading
00790828
Tudor Nominees Limited (In Liquidation)
Non-trading
02016278
Carr PEP Nominees Limited (In Liquidation)
Non-trading
02560336
Ferlim Nominees Limited
Corporate nominee
01022478
Murray Asset Management UK Limited
Non-trading
09447298
Castle Street Nominees UK Limited
Corporate nominee
09329323
Murray Asset Nominees UK Limited
Corporate nominee
09329081
Click Nominees Limited (In Liquidation)
Non-trading
03276308
PEP Services (Nominees) Limited (In Liquidation)
Non-trading
02368386
Murray Asset Management Limited
Non-trading
SC173493
Murray Investment Management Limited
Non-trading
SC173492
Murray Asset Nominees Limited
Corporate nominee
SC196715
Spring Nominees Limited
Non-trading
01747036
Anston Trustees Limited
Non-trading
02826318
Carr Investment Services Nominees Limited (In
Liquidation)
Non-trading
02620560
Investec Wealth & Investment Trustees Limited
Trustee Company
02243919
Rensburg Client Nominees Limited
Corporate nominee
02020824
Scarwood Nominees Limited (In Liquidation)
Non-trading
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 2024
The registered office for all subsidiary undertakings is 30 Gresham Street, London, England EC2V 7QN except for the following:
Subsidiary undertaking
Registered office
Rathbones Investment Management Limited
Port of Liverpool Building, Pier Head, Liverpool L3 1NW
Rathbones Investment Management
25-26 Esplanade, St Helier, Jersey JE1 2RB
International 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
CastleCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
HouseCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
CabinCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
CottageCo Limited
Aztec Group House, IFC6, The Esplanade, 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
Bell Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Investment Administration Nominees Limited
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
(In Liquidation)
R. & R. Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Tudor Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Carr PEP Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Subsidiary undertaking
Registered office
Click Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
PEP Services (Nominees) Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Murray Asset Management Limited
10 George Street, Edinburgh EH2 2PF
Murray Investment Management Limited
10 George Street, Edinburgh EH2 2PF
Murray Asset Nominees Limited
10 George Street, Edinburgh EH2 2PF
Carr Investment Services Nominees Limited (In
Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Scarwood Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Castle Street Nominees Limited
10 George Street, Edinburgh EH2 2PF
Hero Nominees Limited
Unit 2, Upper House, 16-20 Smith Street, St Peter
Port, GY1 2JQ, Guernsey
Investec Wealth & Investment (Channel Islands)
Upper House, 16-20 Smith Street, St Peter Port, GY1
Limited
2JQ, Guernsey
Torch Nominees Limited
Upper House, 16-20 Smith Street, St Peter Port, GY1
2JQ, Guernsey
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-471": { "value": "17 INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS
2024
2023
\u00a3m
\u00a3m
Equity securities:
\u2014 unlisted
\u2013
1.2
\u2013
1.2
Equity securities comprised shares in Euroclear. During the year, the Group disposed of its remaining shares in Euroclear. These securities did not bear interest. At 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at \u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shareholding during 2023. During the year, the Group sold its total remaining shares in Euroclear at the same price used to value its shareholding at 31 December 2023. AMORTISED COST
2024
2023
\u00a3m
\u00a3m
Debt securities:
\u2014 unlisted
1,278.3
1,294.6
Less impairment loss allowance
(0.1)
\u2013
1,278.2
1,294.6
Debt securities comprise certificates of deposit that are all due to mature within one year (2023: all), and treasury bills that are due to mature within one year (2023: all). The fair value of debt securities is disclosed in note 33. The change in the Group\u02bcs 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 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1,807.1)
(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 1 January 2024
1.2
1,294.6
1,295.8
Additions
\u2013
2,028.0
2,028.0
Disposals (sales and redemptions)
(1.2)
(2,045.4)
(2,046.6)
Foreign exchange movements
\u2013
1.0
1.0
Gain from changes in fair value
\u2013
\u2013
\u2013
Increase in impairment loss allowance
\u2013
\u2013
\u2013
31 December 2024
\u2013
1,278.2
1,278.2
Included within fair value through profit or loss are disposals of \u00a31.2 million (2023: \u00a311.0 million) 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014 equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
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 (2023: none). The fair values of the Group\u02bcs 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 2024 was \u00a31,249.4 million (2023: \u00a31,296.8 million) and the carrying value was \u00a31,278.2 million (2023: \u00a31,294.6 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 2024 was \u00a334.2 million (2023: \u00a337.4 million) and the carrying value was \u00a339.9 million (2023: \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 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at \u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shares during 2023. During the current year, the Group sold its total remaining shares in Euroclear at the same price used to value its shareholding at 31 December 2023. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
1.2
3.1
Total unrealised gains/(losses) recognised in profit or loss
\u2013
1.0
Total disposals
(1.2)
(2.9)
At 31 December
\u2013
1.2
The gains or losses relating to the fair value through profit or loss equity securities is included within \u02bbother operating income\u02bc 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-452": { "value": "17 INVESTMENT SECURITIES FAIR VALUE THROUGH PROFIT OR LOSS
2024
2023
\u00a3m
\u00a3m
Equity securities:
\u2014 unlisted
\u2013
1.2
\u2013
1.2
Equity securities comprised shares in Euroclear. During the year, the Group disposed of its remaining shares in Euroclear. These securities did not bear interest. At 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at \u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shareholding during 2023. During the year, the Group sold its total remaining shares in Euroclear at the same price used to value its shareholding at 31 December 2023. AMORTISED COST
2024
2023
\u00a3m
\u00a3m
Debt securities:
\u2014 unlisted
1,278.3
1,294.6
Less impairment loss allowance
(0.1)
\u2013
1,278.2
1,294.6
Debt securities comprise certificates of deposit that are all due to mature within one year (2023: all), and treasury bills that are due to mature within one year (2023: all). The fair value of debt securities is disclosed in note 33. The change in the Group\u02bcs 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 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1,807.1)
(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 1 January 2024
1.2
1,294.6
1,295.8
Additions
\u2013
2,028.0
2,028.0
Disposals (sales and redemptions)
(1.2)
(2,045.4)
(2,046.6)
Foreign exchange movements
\u2013
1.0
1.0
Gain from changes in fair value
\u2013
\u2013
\u2013
Increase in impairment loss allowance
\u2013
\u2013
\u2013
31 December 2024
\u2013
1,278.2
1,278.2
Included within fair value through profit or loss are disposals of \u00a31.2 million (2023: \u00a311.0 million) of financial instruments that are not classified as cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-426": { "value": "AMORTISED COST
2024
2023
\u00a3m
\u00a3m
Debt securities:
\u2014 unlisted
1,278.3
1,294.6
Less impairment loss allowance
(0.1)
\u2013
1,278.2
1,294.6
Debt securities comprise certificates of deposit that are all due to mature within one year (2023: all), and treasury bills that are due to mature within one year (2023: all). The fair value of debt securities is disclosed in note 33. The change in the Group\u02bcs 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 2023
11.2
1,045.2
1,056.4
Additions
\u2013
2,059.9
2,059.9
Disposals (sales and redemptions)
(11.0)
(1,807.1)
(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 1 January 2024
1.2
1,294.6
1,295.8
Additions
\u2013
2,028.0
2,028.0
Disposals (sales and redemptions)
(1.2)
(2,045.4)
(2,046.6)
Foreign exchange movements
\u2013
1.0
1.0
Gain from changes in fair value
\u2013
\u2013
\u2013
Increase in impairment loss allowance
\u2013
\u2013
\u2013
31 December 2024
\u2013
1,278.2
1,278.2
Included within fair value through profit or loss are disposals of \u00a31.2 million (2023: \u00a311.0 million) of financial instruments that are not classified as cash and cash equivalents. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-472": { "value": "
18 PREPAYMENTS, ACCRUED INCOME AND OTHER ASSETS
2024
2023
\u00a3m
\u00a3m
Work in progress
4.4
14.4
Prepayments and other assets
17.3
6.5
Other Assets
63.1
57.4
Accrued income
158.0
147.0
242.8
225.3
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 1 April 2023. This has been reflected in the current and prior year 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 2024
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Recognised in profit or loss in respect of:
current year
(5.9)
(1.0)
(1.0)
5.3
0.3
8.7
6.4
prior year
(1.8)
\u2013
\u2013
\u2013
\u2013
0.2
(1.6)
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(7.7)
(1.0)
(1.0)
5.3
0.3
8.9
4.8
Recognised in other comprehensive income in respect of:
 \u2013
current year
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.5)
0.4
\u2013
\u2013
(0.1)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
0.6
0.6
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.5)
0.4
\u2013
0.6
0.5
Business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
Deferred tax assets
\u2013
\u2013
7.2
19.1
\u2013
\u2013
26.3
Deferred tax liabilities
(0.2)
(0.1)
\u2013
\u2013
\u2013
(104.0)
(104.3)
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
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 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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-382": { "value": "18 PREPAYMENTS, ACCRUED INCOME AND OTHER ASSETS
2024
2023
\u00a3m
\u00a3m
Work in progress
4.4
14.4
Prepayments and other assets
17.3
6.5
Other Assets
63.1
57.4
Accrued income
158.0
147.0
242.8
225.3
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-383": { "value": "19 PROPERTY, PLANT AND EQUIPMENT
Short term
leasehold Plant and
improvements
equipment
Total
Note
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
24.3
29.1
53.4
Additions
0.3
4.8
5.1
Acquisitions through business combinations
2.4
2.6
5.0
Disposals
\u2013
(0.2)
(0.2)
Other Movements
0.8
(0.8)
\u2013
At 1 January 2024
27.8
35.5
63.3
Additions
43.8
3.1
46.9
Disposals
8
(0.6)
(3.9)
(4.5)
At 31 December 2024
71.0
34.7
105.7
Depreciation
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 1 January 2024
19.3
27.9
47.2
Charge for the year
6.5
3.2
9.7
Disposals
(0.6)
(3.8)
(4.4)
At 31 December 2024
25.2
27.3
52.5
Carrying amount at 31 December 2024
45.8
7.4
53.2
Carrying amount at 31 December 2023
8.5
7.6
16.1
Carrying amount at 1 January 2023
8.5
4.2
12.7
During the prior 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 impairment and accelerated depreciation charges in the year of \u00a32.6 million (2023: \u00a31.7 million), which have been recognised within acquisition-related costs (note 9). During the year, the Group capitalised \u00a340.8 million in relation to the fitting-out of the premises at 30 Gresham Street. These assets are being depreciated over 10 years, in line with the Group\u02bcs policy and the expected period of utilisation of these assets. ", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-384": { "value": "
20 RIGHT-OF-USE ASSETS
Motor vehicles
Property
and equipment
Total
Note
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
58.1
0.3
58.4
Additions
2.1
\u2013
2.1
Acquisitions through business combinations
8
32.9
\u2013
32.9
Disposals
(0.2)
\u2013
(0.2)
Other movements
(2.8)
\u2013
(2.8)
At 1 January 2024
90.1
0.3
90.4
Additions
22.1
\u2013
22.1
Disposals
(42.8)
\u2013
(42.8)
Other movements
(0.8)
\u2013
(0.8)
At 31 December 2024
68.6
0.3
68.9
Depreciation and impairment
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 1 January 2024
25.7
0.2
25.9
Charge for the year
18.8
\u2013
18.8
Disposals
(18.1)
\u2013
(18.1)
Other movements
\u2013
\u2013
\u2013
At 31 December 2024
26.4
0.2
26.6
Carrying amount at 31 December 2024
42.2
0.1
42.3
Carrying amount at 31 December 2023
64.4
0.1
64.5
Carrying amount at 1 January 2023
38.9
0.2
39.1
Following the acquisition of IW&I, the Group\u02bcs enlarged property portfolio was reviewed for leases that would require early termination. During the prior 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. During the year, the Group recognised impairment and accelerated depreciation charges of \u00a34.1 million (2023: \u00a32.9 million), which have been recognised within acquisition-related costs (note 9). On 6 March 2024, the lease at 8 Finsbury Circus was assigned to a new tenant. As the original terms and conditions of the lease did not include an option to terminate the lease or reduce the lease term, this was treated as a lease modification. At the effective date of the modification, the lease liability was remeasured based on the remaining rental payments, the revised lease term and a revised incremental borrowing rate. The right-of-use asset was also revalued to reflect its reduced useful economic life. This resulted in a net gain to profit or loss of \u00a312.9 million, which has been recognised within acquisition-related costs. During the prior year, the IFRS 3 property lease accounting recognised as part of the acquisition of IW&I resulted in a \u00a31.6 million increase to the value of the IW&I right-of-use assets, attributable to property dilapidations. Due to new information received during the IFRS 3 measurement period relating to facts and circumstances that existed at the date of acquisition, this treatment was revised during the current year. This led to a reduction in right-of-use assets of \u00a31.5 million, with a corresponding increase recognised to goodwill. ", "dimensions": { "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-477": { "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 1 April 2023. This has been reflected in the current and prior year 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 2024
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Recognised in profit or loss in respect of:
current year
(5.9)
(1.0)
(1.0)
5.3
0.3
8.7
6.4
prior year
(1.8)
\u2013
\u2013
\u2013
\u2013
0.2
(1.6)
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(7.7)
(1.0)
(1.0)
5.3
0.3
8.9
4.8
Recognised in other comprehensive income in respect of:
 \u2013
current year
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.5)
0.4
\u2013
\u2013
(0.1)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
0.6
0.6
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.5)
0.4
\u2013
0.6
0.5
Business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
Deferred tax assets
\u2013
\u2013
7.2
19.1
\u2013
\u2013
26.3
Deferred tax liabilities
(0.2)
(0.1)
\u2013
\u2013
\u2013
(104.0)
(104.3)
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
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 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)
25 ACCRUALS AND OTHER LIABILITIES
2024
2023
Note
\u00a3m
\u00a3m
Amounts due to associates
36
6.2
8.3
Trade creditors
6.2
8.2
Other creditors
22.1
24.4
Accruals
215.4
168.7
249.9
209.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-453": { "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 1 April 2023. This has been reflected in the current and prior year 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 2024
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Recognised in profit or loss in respect of:
current year
(5.9)
(1.0)
(1.0)
5.3
0.3
8.7
6.4
prior year
(1.8)
\u2013
\u2013
\u2013
\u2013
0.2
(1.6)
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(7.7)
(1.0)
(1.0)
5.3
0.3
8.9
4.8
Recognised in other comprehensive income in respect of:
 \u2013
current year
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.5)
0.4
\u2013
\u2013
(0.1)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
0.6
0.6
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.5)
0.4
\u2013
0.6
0.5
Business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
Deferred tax assets
\u2013
\u2013
7.2
19.1
\u2013
\u2013
26.3
Deferred tax liabilities
(0.2)
(0.1)
\u2013
\u2013
\u2013
(104.0)
(104.3)
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
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 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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "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 1 April 2023. This has been reflected in the current and prior year 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 2024
7.5
(1.8)
8.7
13.4
(0.3)
(113.5)
(86.0)
Recognised in profit or loss in respect of:
current year
(5.9)
(1.0)
(1.0)
5.3
0.3
8.7
6.4
prior year
(1.8)
\u2013
\u2013
\u2013
\u2013
0.2
(1.6)
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
(7.7)
(1.0)
(1.0)
5.3
0.3
8.9
4.8
Recognised in other comprehensive income in respect of:
 \u2013
current year
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
2.7
\u2013
\u2013
\u2013
\u2013
2.7
Recognised in equity in respect of:
current year
\u2013
\u2013
(0.5)
0.4
\u2013
\u2013
(0.1)
prior year
\u2013
\u2013
\u2013
\u2013
\u2013
0.6
0.6
change in rate
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
(0.5)
0.4
\u2013
0.6
0.5
Business combinations
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
Deferred tax assets
\u2013
\u2013
7.2
19.1
\u2013
\u2013
26.3
Deferred tax liabilities
(0.2)
(0.1)
\u2013
\u2013
\u2013
(104.0)
(104.3)
As at 31 December 2024
(0.2)
(0.1)
7.2
19.1
\u2013
(104.0)
(78.0)
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 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)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-454": { "value": "22 INTANGIBLE ASSETS Goodwill of \u00a3340.1 million was initially recognised in 2023 as a result of the acquisition of IW&I (see note 8), representing the future economic benefit expected from an acquired workforce, expected future growth and future client relationships, as well as operational and revenue synergies. Goodwill was revalued in the period to \u00a3337.3 million, due to management receiving information during the 12 month measurement period post-acquisition about facts and circumstances that existed at the acquisition date. A reduction of \u00a35.1 million was attributable to the recognition of consideration receivable owed to the Group by the seller (see note 2). This was partially offset by a \u00a30.7 million increase in goodwill attributable to a re-measurement of the acquired client relationship intangible assets and the related deferred tax liability, and a \u00a31.5 million increase attributable to a re-measurement of acquired property lease assets (see note 20). Client relationships of \u00a3350.3 million were initially 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. During the year, these intangible assets were re-measured in line with IFRS 3 and adjusted downwards by \u00a31.2 million to reflect new information about facts and circumstances in existence at the acquisition date. The related deferred tax liability was also reduced accordingly by \u00a30.5 million.
2024
2023
\u00a3m
\u00a3m
Goodwill
504.9
507.8
Other intangible assets
477.8
517.5
982.7
1,025.3
GOODWILL Goodwill acquired in a business combination is allocated, at acquisition, to the 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
IW&I
Management
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
167.7
\u2013
1.9
169.6
Acquired through business combinations
8
82.1
258.0
\u2013
340.1
At 1 January 2024
249.8
258.0
1.9
509.7
Other movements
\u2013
(2.9)
\u2013
(2.9)
Reclassification
255.1
(255.1)
\u2013
\u2013
At 31 December 2024
504.9
\u2013
1.9
506.8
Impairment
At 1 January 2023
\u2013
\u2013
1.9
1.9
Charge for the year
\u2013
\u2013
\u2013
\u2013
At 1 January 2024
\u2013
\u2013
1.9
1.9
Charge for the year
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
\u2013
\u2013
1.9
1.9
Carrying amount at 31 December 2024
504.9
\u2013
\u2013
504.9
Carrying amount at 31 December 2023
249.8
258.0
\u2013
507.8
Carrying amount at 1 January 2023
167.7
\u2013
\u2013
167.7
Due to a change in the Group\u02bcs reporting structure and operating segments in the year (see note 3), the Group now monitors total goodwill at the Wealth Management reporting segment level, whereas previously IW&I goodwill was monitored separately. This has resulted in a reclassification of the total acquired IW&I goodwill to the Wealth Management column in the table above as the CGU groups are considered to have merged. IMPAIRMENT The recoverable amounts of the 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 CGU (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the Group\u02bcs expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the Group\u02bcs Internal Capital Adequacy Assessment Process (ICAAP) 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 economic growth rate. 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 each CGU. The pre-tax rate used to discount the forecast cash flows for each 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 CGU operates. There was no impairment to the goodwill allocated to the Wealth Management CGU during the period. The Group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of goodwill.
Wealth Management
At 31 December
2024
2023
Discount rate
16.1%
14.6%
Average annual revenue growth rate
4.5%
4.1%
Average annual profit margin
28.6%
21.0%
Terminal growth rate
1.5%
1.5%
The terminal growth rate of 1.5% is aligned with current expectations of long-term UK economic growth. The increase in the average annual revenue growth rate since the prior year primarily reflects forecast growth in funds under management. The increase in the expected operating profit margin is primarily due to higher funds under management and the realisation of synergies as a result of the integration of IW&I into the Group\u02bcs Wealth Management operating segment. OTHER INTANGIBLE ASSETS
Software
Client development Purchased
relationships costs
software
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
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 1 January 2024
651.0
16.2
59.1
726.3
Internally developed in the year
\u2013
1.0
\u2013
1.0
Other movements
(1.2)
\u2013
\u2013
(1.2)
Purchased in the year
11.6
\u2013
0.8
12.4
Disposals
(2.4)
\u2013
(5.5)
(7.9)
At 31 December 2024
659.0
17.2
54.4
730.6
Amortisation and impairment
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 1 January 2024
148.3
11.8
48.7
208.8
Amortisation charge
44.6
2.2
5.1
51.9
Disposals
(2.4)
\u2013
(5.5)
(7.9)
At 31 December 2024
190.5
14.0
48.3
252.8
Carrying amount at 31 December 2024
468.5
3.2
6.1
477.8
Carrying amount at 31 December 2023
502.7
4.4
10.4
517.5
Carrying amount at 1 January 2023
175.0
3.5
10.0
188.5
Purchases of client relationships of \u00a311.6 million (2023: \u00a32.6 million) in the year relate to payments made to investment managers and third parties on the acquisition of client relationships. The total amount charged to profit or loss in the year in relation to client relationship intangible assets was \u00a344.6 million (2023: \u00a325.2 million). Purchased software with a cost of \u00a337.6 million (2023: \u00a336.4 million) has been fully amortised but remains in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-428": { "value": "22 INTANGIBLE ASSETS Goodwill of \u00a3340.1 million was initially recognised in 2023 as a result of the acquisition of IW&I (see note 8), representing the future economic benefit expected from an acquired workforce, expected future growth and future client relationships, as well as operational and revenue synergies. Goodwill was revalued in the period to \u00a3337.3 million, due to management receiving information during the 12 month measurement period post-acquisition about facts and circumstances that existed at the acquisition date. A reduction of \u00a35.1 million was attributable to the recognition of consideration receivable owed to the Group by the seller (see note 2). This was partially offset by a \u00a30.7 million increase in goodwill attributable to a re-measurement of the acquired client relationship intangible assets and the related deferred tax liability, and a \u00a31.5 million increase attributable to a re-measurement of acquired property lease assets (see note 20). Client relationships of \u00a3350.3 million were initially 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. During the year, these intangible assets were re-measured in line with IFRS 3 and adjusted downwards by \u00a31.2 million to reflect new information about facts and circumstances in existence at the acquisition date. The related deferred tax liability was also reduced accordingly by \u00a30.5 million.
2024
2023
\u00a3m
\u00a3m
Goodwill
504.9
507.8
Other intangible assets
477.8
517.5
982.7
1,025.3
GOODWILL Goodwill acquired in a business combination is allocated, at acquisition, to the 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
IW&I
Management
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
167.7
\u2013
1.9
169.6
Acquired through business combinations
8
82.1
258.0
\u2013
340.1
At 1 January 2024
249.8
258.0
1.9
509.7
Other movements
\u2013
(2.9)
\u2013
(2.9)
Reclassification
255.1
(255.1)
\u2013
\u2013
At 31 December 2024
504.9
\u2013
1.9
506.8
Impairment
At 1 January 2023
\u2013
\u2013
1.9
1.9
Charge for the year
\u2013
\u2013
\u2013
\u2013
At 1 January 2024
\u2013
\u2013
1.9
1.9
Charge for the year
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
\u2013
\u2013
1.9
1.9
Carrying amount at 31 December 2024
504.9
\u2013
\u2013
504.9
Carrying amount at 31 December 2023
249.8
258.0
\u2013
507.8
Carrying amount at 1 January 2023
167.7
\u2013
\u2013
167.7
Due to a change in the Group\u02bcs reporting structure and operating segments in the year (see note 3), the Group now monitors total goodwill at the Wealth Management reporting segment level, whereas previously IW&I goodwill was monitored separately. This has resulted in a reclassification of the total acquired IW&I goodwill to the Wealth Management column in the table above as the CGU groups are considered to have merged. IMPAIRMENT The recoverable amounts of the 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 CGU (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the Group\u02bcs expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the Group\u02bcs Internal Capital Adequacy Assessment Process (ICAAP) 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 economic growth rate. 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 each CGU. The pre-tax rate used to discount the forecast cash flows for each 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 CGU operates. There was no impairment to the goodwill allocated to the Wealth Management CGU during the period. The Group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of goodwill.
Wealth Management
At 31 December
2024
2023
Discount rate
16.1%
14.6%
Average annual revenue growth rate
4.5%
4.1%
Average annual profit margin
28.6%
21.0%
Terminal growth rate
1.5%
1.5%
The terminal growth rate of 1.5% is aligned with current expectations of long-term UK economic growth. The increase in the average annual revenue growth rate since the prior year primarily reflects forecast growth in funds under management. The increase in the expected operating profit margin is primarily due to higher funds under management and the realisation of synergies as a result of the integration of IW&I into the Group\u02bcs Wealth Management operating segment. OTHER INTANGIBLE ASSETS
Software
Client development Purchased
relationships costs
software
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
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 1 January 2024
651.0
16.2
59.1
726.3
Internally developed in the year
\u2013
1.0
\u2013
1.0
Other movements
(1.2)
\u2013
\u2013
(1.2)
Purchased in the year
11.6
\u2013
0.8
12.4
Disposals
(2.4)
\u2013
(5.5)
(7.9)
At 31 December 2024
659.0
17.2
54.4
730.6
Amortisation and impairment
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 1 January 2024
148.3
11.8
48.7
208.8
Amortisation charge
44.6
2.2
5.1
51.9
Disposals
(2.4)
\u2013
(5.5)
(7.9)
At 31 December 2024
190.5
14.0
48.3
252.8
Carrying amount at 31 December 2024
468.5
3.2
6.1
477.8
Carrying amount at 31 December 2023
502.7
4.4
10.4
517.5
Carrying amount at 1 January 2023
175.0
3.5
10.0
188.5
Purchases of client relationships of \u00a311.6 million (2023: \u00a32.6 million) in the year relate to payments made to investment managers and third parties on the acquisition of client relationships. The total amount charged to profit or loss in the year in relation to client relationship intangible assets was \u00a344.6 million (2023: \u00a325.2 million). Purchased software with a cost of \u00a337.6 million (2023: \u00a336.4 million) has been fully amortised but remains in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-385": { "value": "22 INTANGIBLE ASSETS Goodwill of \u00a3340.1 million was initially recognised in 2023 as a result of the acquisition of IW&I (see note 8), representing the future economic benefit expected from an acquired workforce, expected future growth and future client relationships, as well as operational and revenue synergies. Goodwill was revalued in the period to \u00a3337.3 million, due to management receiving information during the 12 month measurement period post-acquisition about facts and circumstances that existed at the acquisition date. A reduction of \u00a35.1 million was attributable to the recognition of consideration receivable owed to the Group by the seller (see note 2). This was partially offset by a \u00a30.7 million increase in goodwill attributable to a re-measurement of the acquired client relationship intangible assets and the related deferred tax liability, and a \u00a31.5 million increase attributable to a re-measurement of acquired property lease assets (see note 20). Client relationships of \u00a3350.3 million were initially 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. During the year, these intangible assets were re-measured in line with IFRS 3 and adjusted downwards by \u00a31.2 million to reflect new information about facts and circumstances in existence at the acquisition date. The related deferred tax liability was also reduced accordingly by \u00a30.5 million.
2024
2023
\u00a3m
\u00a3m
Goodwill
504.9
507.8
Other intangible assets
477.8
517.5
982.7
1,025.3
GOODWILL
Goodwill acquired in a business combination is allocated, at acquisition, to the 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
IW&I
Management
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
At 1 January 2023
167.7
\u2013
1.9
169.6
Acquired through business combinations
8
82.1
258.0
\u2013
340.1
At 1 January 2024
249.8
258.0
1.9
509.7
Other movements
\u2013
(2.9)
\u2013
(2.9)
Reclassification
255.1
(255.1)
\u2013
\u2013
At 31 December 2024
504.9
\u2013
1.9
506.8
Impairment
At 1 January 2023
\u2013
\u2013
1.9
1.9
Charge for the year
\u2013
\u2013
\u2013
\u2013
At 1 January 2024
\u2013
\u2013
1.9
1.9
Charge for the year
\u2013
\u2013
\u2013
\u2013
At 31 December 2024
\u2013
\u2013
1.9
1.9
Carrying amount at 31 December 2024
504.9
\u2013
\u2013
504.9
Carrying amount at 31 December 2023
249.8
258.0
\u2013
507.8
Carrying amount at 1 January 2023
167.7
\u2013
\u2013
167.7
Due to a change in the Group\u02bcs reporting structure and operating segments in the year (see note 3),
the Group now monitors total goodwill at the Wealth Management reporting segment level,
whereas previously IW&I goodwill was monitored separately. This has resulted in a reclassification
of the total acquired IW&I goodwill to the Wealth Management column in the table above as the
CGU groups are considered to have merged.
IMPAIRMENT
The recoverable amounts of the 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 CGU (see table below), adjusted for significant historic fluctuations in industry
growth rates where relevant, as well as the Group\u02bcs expectation of future growth.
A five-year extrapolation period is chosen as this aligns with the period covered by the Group\u02bcs
Internal Capital Adequacy Assessment Process (ICAAP) 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 economic growth rate. 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
each CGU.
The pre-tax rate used to discount the forecast cash flows for each 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 CGU operates.
There was no impairment to the goodwill allocated to the Wealth Management CGU during the
period. The Group has considered any reasonably foreseeable changes to the assumptions used in
the value-in-use calculation and the level of risk associated with those cash flows. Based on this
assessment, no such change would result in an impairment of goodwill.
Wealth Management
At 31 December
2024
2023
Discount rate
16.1%
14.6%
Average annual revenue growth rate
4.5%
4.1%
Average annual profit margin
28.6%
21.0%
Terminal growth rate
1.5%
1.5%
The terminal growth rate of 1.5% is aligned with current expectations of long-term UK economic
growth. The increase in the average annual revenue growth rate since the prior year primarily
reflects forecast growth in funds under management. The increase in the expected operating profit
margin is primarily due to higher funds under management and the realisation of synergies as a
result of the integration of IW&I into the Group\u02bcs Wealth Management operating segment.
OTHER INTANGIBLE ASSETS
Software
Client development Purchased
relationships costs
software
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
Cost
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
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 1 January 2024
651.0
16.2
59.1
726.3
Internally developed in the year
\u2013
1.0
\u2013
1.0
Other movements
(1.2)
\u2013
\u2013
(1.2)
Purchased in the year
11.6
\u2013
0.8
12.4
Disposals
(2.4)
\u2013
(5.5)
(7.9)
At 31 December 2024
659.0
17.2
54.4
730.6
Amortisation and impairment
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 1 January 2024
148.3
11.8
48.7
208.8
Amortisation charge
44.6
2.2
5.1
51.9
Disposals
(2.4)
\u2013
(5.5)
(7.9)
At 31 December 2024
190.5
14.0
48.3
252.8
Carrying amount at 31 December 2024
468.5
3.2
6.1
477.8
Carrying amount at 31 December 2023
502.7
4.4
10.4
517.5
Carrying amount at 1 January 2023
175.0
3.5
10.0
188.5
Purchases of client relationships of \u00a311.6 million (2023: \u00a32.6 million) in the year relate to payments made to investment managers and third parties on the acquisition of client relationships. The total amount charged to profit or loss in the year in relation to client relationship intangible assets was \u00a344.6 million (2023: \u00a325.2 million). Purchased software with a cost of \u00a337.6 million (2023: \u00a336.4 million) has been fully amortised but remains in use.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-473": { "value": "IMPAIRMENT The recoverable amounts of the 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 CGU (see table below), adjusted for significant historic fluctuations in industry growth rates where relevant, as well as the Group\u02bcs expectation of future growth. A five-year extrapolation period is chosen as this aligns with the period covered by the Group\u02bcs Internal Capital Adequacy Assessment Process (ICAAP) 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 economic growth rate. 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 each CGU. The pre-tax rate used to discount the forecast cash flows for each 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 CGU operates. There was no impairment to the goodwill allocated to the Wealth Management CGU during the period. The Group has considered any reasonably foreseeable changes to the assumptions used in the value-in-use calculation and the level of risk associated with those cash flows. Based on this assessment, no such change would result in an impairment of goodwill.
Wealth Management
At 31 December
2024
2023
Discount rate
16.1%
14.6%
Average annual revenue growth rate
4.5%
4.1%
Average annual profit margin
28.6%
21.0%
Terminal growth rate
1.5%
1.5%
The terminal growth rate of 1.5% is aligned with current expectations of long-term UK economic growth. The increase in the average annual revenue growth rate since the prior year primarily reflects forecast growth in funds under management. The increase in the expected operating profit margin is primarily due to higher funds under management and the realisation of synergies as a result of the integration of IW&I into the Group\u02bcs Wealth Management operating segment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-386": { "value": "
23 DEPOSITS BY BANKS
On 31 December 2024, deposits by banks comprise a temporary overnight cash book balance of
\u00a33.8 million (2023: \u00a312.4 million). This balance is covered by physical cash balances shown in Loans
and advances to banks (note 15). The Group does not utilise overdrafts for the purpose of the
Group\u02bcs working capital.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-387": { "value": "
24 DUE TO CUSTOMERS
2024
2023
\u00a3m
\u00a3m
Repayable:
\u2014 on demand
1,810.5
1,652.3
\u2014 within 3 months or less excluding on demand
492.3
501.8
\u2014 within 1 year or less but over 3 months
49.3
99.2
2,352.1
2,253.3
Amounts include balances:
\u2014 with variable interest rates
1,793.8
1,618.6
\u2014 with fixed interest rates
523.1
589.6
\u2014 which are non-interest-bearing
35.2
45.1
2,352.1
2,253.3
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-429": { "value": "24 DUE TO CUSTOMERS
2024
2023
\u00a3m
\u00a3m
Repayable:
\u2014 on demand
1,810.5
1,652.3
\u2014 within 3 months or less excluding on demand
492.3
501.8
\u2014 within 1 year or less but over 3 months
49.3
99.2
2,352.1
2,253.3
Amounts include balances:
\u2014 with variable interest rates
1,793.8
1,618.6
\u2014 with fixed interest rates
523.1
589.6
\u2014 which are non-interest-bearing
35.2
45.1
2,352.1
2,253.3
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-388": { "value": "
25 ACCRUALS AND OTHER LIABILITIES
2024
2023
Note
\u00a3m
\u00a3m
Amounts due to associates
36
6.2
8.3
Trade creditors
6.2
8.2
Other creditors
22.1
24.4
Accruals
215.4
168.7
249.9
209.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-389": { "value": "
26 PROVISIONS
Deferred,
variable costs
to acquire
client Deferred Legal &
relationship consideration professional
intangible in business and Property- Onerous
assets combinations compensation related
Contract
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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
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 1 January 2024
4.7
3.3
4.9
11.4
1.2
25.5
Charged to profit or loss
\u2013
\u2013
6.4
13.1
3.1
22.6
Unused amount credited to
profit or loss
\u2013
\u2013
(2.6)
(4.9)
(0.2)
(7.7)
Net charge to profit or loss
\u2013
\u2013
3.8
8.2
2.9
14.9
Other movements
11.6
\u2013
\u2013
\u2013
\u2013
11.6
Utilised/paid during the year
(7.9)
(0.7)
(2.6)
(11.2)
(1.5)
(23.9)
At 31 December 2024
8.4
2.6
6.1
8.4
2.6
28.1
Payable within 1 year
0.1
2.6
5.7
3.0
1.8
13.2
Payable after 1 year
8.3
\u2013
0.4
5.4
0.8
14.9
8.4
2.6
6.1
8.4
2.6
28.1
DEFERRED, VARIABLE COSTS TO ACQUIRE CLIENT RELATIONSHIP INTANGIBLE ASSETS
Other movements in provisions relate to deferred payments to investment managers and third
parties on the
acquisition of client relationships, which have been previously capitalised.
DEFERRED CONSIDERATION IN BUSINESS COMBINATIONS
Deferred Consideration in Business Combinations relates to IW&I\u02bcs deferred consideration
provision on their acquisition of Murray Asset Management. The Share Centre deferred
consideration provision was settled in March 2024, on transfer of the assets to Rathbones Asset
Management Limited.
LEGAL & PROFESSIONAL AND COMPENSATION
During the ordinary course of business the Group may, from time to time, be subject to complaints,
as well as threatened with 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, representing
the Group\u02bcs best estimate of the amount required to settle the obligation at the relevant balance
sheet date. The Group\u02bcs best estimate is based on legal advice and management\u02bcs expectation of
the most likely outcome, the estimation of which may be supported by external professional
advisers. The timing of settlement of provisions for client compensation or litigation is dependent,
in part, on the duration of negotiations with third parties.
PROPERTY-RELATED
Property-related provisions of \u00a38.4 million relate to dilapidation obligations expected to arise on
leasehold premises held by the Group (2023: \u00a311.4 million). During the year, the Group\u02bcs policy for
calculating dilapidation provisions was revised (see note 1.8).
During the year, the Group assigned its lease at 8 Finsbury Circus to a new tenant. As a result, the
Group recognised a property-related provision of \u00a311.2 million at the date the property was
vacated, which was paid during the year. The Group also released its dilapidation obligations relating
to the property of \u00a33.1 million. The net cost has been recognised within acquisition-related costs.
ONEROUS CONTRACT
In 2023, 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 prior year end. The provision was settled in full during the year.
The onerous contract provision of \u00a32.7 million (2023: \u00a3nil) relates to the estimated cost to exit
contracts that are no longer required as a result of the combination of IW&I with Rathbones, where
the term of the contract exceeds the period over which IW&I, or the wider Rathbones Group, is
expected to derive benefit from that contract.
Amounts payable after one year
Property-related provisions of \u00a35.4 million are expected to be settled within 10 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 9 years of
the balance sheet date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-430": { "value": "26 PROVISIONS
Deferred,
variable costs
to acquire
client Deferred Legal &
relationship consideration professional
intangible in business and Property- Onerous
assets combinations compensation related
Contract
Total
Note
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
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
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 1 January 2024
4.7
3.3
4.9
11.4
1.2
25.5
Charged to profit or loss
\u2013
\u2013
6.4
13.1
3.1
22.6
Unused amount credited to
profit or loss
\u2013
\u2013
(2.6)
(4.9)
(0.2)
(7.7)
Net charge to profit or loss
\u2013
\u2013
3.8
8.2
2.9
14.9
Other movements
11.6
\u2013
\u2013
\u2013
\u2013
11.6
Utilised/paid during the year
(7.9)
(0.7)
(2.6)
(11.2)
(1.5)
(23.9)
At 31 December 2024
8.4
2.6
6.1
8.4
2.6
28.1
Payable within 1 year
0.1
2.6
5.7
3.0
1.8
13.2
Payable after 1 year
8.3
\u2013
0.4
5.4
0.8
14.9
8.4
2.6
6.1
8.4
2.6
28.1
DEFERRED, VARIABLE COSTS TO ACQUIRE CLIENT RELATIONSHIP INTANGIBLE ASSETS Other movements in provisions relate to deferred payments to investment managers and third parties on the acquisition of client relationships, which have been previously capitalised. DEFERRED CONSIDERATION IN BUSINESS COMBINATIONS Deferred Consideration in Business Combinations relates to IW&I\u02bcs deferred consideration provision on their acquisition of Murray Asset Management. The Share Centre deferred consideration provision was settled in March 2024, on transfer of the assets to Rathbones Asset Management Limited. LEGAL & PROFESSIONAL AND COMPENSATION During the ordinary course of business the Group may, from time to time, be subject to complaints, as well as threatened with 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, representing the Group\u02bcs best estimate of the amount required to settle the obligation at the relevant balance sheet date. The Group\u02bcs best estimate is based on legal advice and management\u02bcs expectation of the most likely outcome, the estimation of which may be supported by external professional advisers. The timing of settlement of provisions for client compensation or litigation is dependent, in part, on the duration of negotiations with third parties. PROPERTY-RELATED Property-related provisions of \u00a38.4 million relate to dilapidation obligations expected to arise on leasehold premises held by the Group (2023: \u00a311.4 million). During the year, the Group\u02bcs policy for calculating dilapidation provisions was revised (see note 1.8). During the year, the Group assigned its lease at 8 Finsbury Circus to a new tenant. As a result, the Group recognised a property-related provision of \u00a311.2 million at the date the property was vacated, which was paid during the year. The Group also released its dilapidation obligations relating to the property of \u00a33.1 million. The net cost has been recognised within acquisition-related costs. ONEROUS CONTRACT In 2023, 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 prior year end. The provision was settled in full during the year. The onerous contract provision of \u00a32.7 million (2023: \u00a3nil) relates to the estimated cost to exit contracts that are no longer required as a result of the combination of IW&I with Rathbones, where the term of the contract exceeds the period over which IW&I, or the wider Rathbones Group, is expected to derive benefit from that contract. Amounts payable after one year Property-related provisions of \u00a35.4 million are expected to be settled within 10 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 9 years of the balance sheet date. 35 CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2024 but not provided in the financial statements amounted to \u00a31.1 million relating to expenditure on fixtures and fittings and software (2023: \u00a314.0 million). (b) The contractual amounts of the Group\u02bcs commitments to extend credit to its clients are as follows:
2024
2023
\u00a3m
\u00a3m
Undrawn commitments to lend of 1 year or less
11.5
11.8
Undrawn commitments to lend of more than 1 year
3.3
3.6
14.8
15.4
(c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss 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\u02bcs control as they result from other industry failures. There is uncertainty over the level of future levies from the Financial Services Compensation Scheme (FSCS) as the annual levy is set each year by the FSCS and is dependent on their assessment of the ultimate cost to the FSCS of industry failures. The FSCS levy comprises differing classes which relate to specific types of service activity. The Group contributes to the deposit class, investment fund management class and investment intermediation levy classes and recognises the cost of the levy at the point the obligation arises to pay the levy for any given year.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-390": { "value": "
27 LEASE LIABILITIES
2024
2023
Maturity analysis
\u00a3m
\u00a3m
Less than one year
10.0
11.9
One to five years
25.8
29.4
More than five years
9.0
33.6
Lease liabilities at 31 December
44.8
74.9
Current
10.0
11.9
Non-current
34.8
63.0
44.8
74.9
The total cash outflow for Group leases during the year was \u00a323.8 million (2023: \u00a310.7 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-391": { "value": "
28 SUBORDINATED LOAN NOTES
2024
2023
\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\u02bcs subsidiaries to comply with all laws and
governmental rules or regulations to which they are subject. Interest is payable at a fixed rate of
5.6% per annum until the first call option date in 2026, and at a fixed rate of 4.9% over
Compounded Daily SONIA thereafter. An interest expense of \u00a32.3 million (2023: \u00a32.3 million) was
recognised in the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-455": { "value": "28 SUBORDINATED LOAN NOTES
2024
2023
\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\u02bcs subsidiaries to comply with all laws and governmental rules or regulations to which they are subject. Interest is payable at a fixed rate of 5.6% per annum until the first call option date in 2026, and at a fixed rate of 4.9% over Compounded Daily SONIA thereafter. An interest expense of \u00a32.3 million (2023: \u00a32.3 million) was recognised in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-431": { "value": "28 SUBORDINATED LOAN NOTES
2024
2023
\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\u02bcs subsidiaries to comply with all laws and governmental rules or regulations to which they are subject. Interest is payable at a fixed rate of 5.6% per annum until the first call option date in 2026, and at a fixed rate of 4.9% over Compounded Daily SONIA thereafter. An interest expense of \u00a32.3 million (2023: \u00a32.3 million) was recognised in the year.", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-392": { "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 \u00a332.3 million (2023: \u00a321.0 million). The Group also operates a defined contribution scheme for overseas employees, for which the total contributions were \u00a30.1 million (2023: \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\u02bc investments are 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\u02bc beneficiaries. The appointment of trustees is determined by the schemes\u02bc 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 in
July 2024 upheld the original ruling. 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 currently known. Based on
the information currently available, which has been assessed by the Actuary, we have not identified
this as material to the Group. We will continue to monitor.
The assumptions used by the actuaries, to estimate the schemes\u02bc 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
2024
2023
2024
2023
%
%
%
%
(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
3.7
3.7
3.0
2.9
Rate of increase of deferred pensions
3.2
3.1
3.2
3.1
Discount rate
5.4
4.4
5.4
4.4
Inflation*
3.2
3.1
3.2
3.1
Percentage of members transferring out
of the schemes per annum
\u2013
2.0
\u2013
2.0
Average age of members at date of
transferring out (years)
n/a
52.5
n/a
52.5
\u2022 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 increased by 0.1% to reflect an increase in the yields available on AA-rated
Corporate Bonds;
2. the assumed rate of future inflation has increased 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 increased by 0.1% for the Rathbone 1987 Scheme and remain unchanged for the
Laurence Keen Scheme
Over the year the mortality assumptions have been updated. The standard mortality tables known
as Series 4 tables (2023: Series 3) are used, with the \u02bbLight\u02bc version of the tables used to reflect an
expectation that members of the schemes will experience longer than average life expectancies.
The CMI model used to project future improvements in mortality has been updated from the 2022
version to the 2023 version.
2% of members not yet in receipt of their pension are assumed to transfer out of the scheme each
year (2023: 2%).
The proportion of members assumed to be married at retirement age is 80% (2023: 80%).
The assumed duration of the liabilities for the Laurence Keen Scheme is 12 years (2023: 12 years)
and the assumed duration for the Rathbone 1987 Scheme is 15 years (2023: 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 expectancies on retirement were:
2024
2023
Males
Females
Males
Females
Retiring today:
aged 60
27.4
29.2
27.6
29.5
aged 65
22.7
24.2
22.8
24.5
Retiring in 20 years:
aged 60
29.2
31.0
29.4
31.2
aged 65
24.2
25.9
24.3
26.1
The amount included in the balance sheet arising from the Group\u02bcs assets in respect of the schemes
is as follows:
2024
2023
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
(6.2)
(81.7)
(87.9)
(7.3)
(93.8)
(101.1)
Fair value of scheme assets
6.5
81.9
88.4
8.2
99.9
108.1
Net defined benefit asset
0.3
0.2
0.5
0.9
6.1
7.0
The amounts recognised in profit or loss, within operating expenses, are as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest expense
\u2013
(0.4)
(0.4)
(0.1)
(0.4)
(0.5)
\u2013
(0.4)
(0.4)
(0.1)
(0.4)
(0.5)
Remeasurements of the net defined benefit asset have been reported in other comprehensive
income. The actual return on scheme assets was a fall in value of \u00a31.2 million (2023: \u00a30.4 million
rise) for the Laurence Keen Scheme and a fall in value of \u00a318.7 million (2023: \u00a33.6 million rise) for
the Rathbone 1987 Scheme.
Movements in the present value of defined benefit obligations were as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
7.3
93.8
101.1
7.2
87.5
94.7
Interest cost
0.4
4.1
4.5
0.3
4.1
4.4
Actuarial experience gains/
(losses)
\u2013
(0.1)
(0.1)
0.1
3.4
3.5
Actuarial gains/(losses) arising
from:
\u2014 demographic assumptions
(0.1)
(0.4)
(0.5)
(0.1)
(1.5)
(1.6)
\u2014 financial assumptions
(0.8)
(12.8)
(13.6)
0.2
2.8
3.0
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefits paid
(0.6)
(2.9)
(3.5)
(0.4)
(2.5)
(2.9)
At 31 December
6.2
81.7
87.9
7.3
93.8
101.1
Movements in the fair value of scheme assets were as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
8.2
99.9
108.1
8.1
96.0
104.1
Remeasurement of net defined
benefit asset/(liability)
\u2014 interest income
0.4
4.4
4.8
0.4
4.5
4.9
\u2014 return on scheme assets
(excluding amounts included in
interest income)
(1.5)
(23.2)
(24.7)
\u2013
(0.8)
(0.8)
Contributions from the
sponsoring companies
\u2013
3.7
3.7
0.1
2.8
2.9
Benefits paid
(0.6)
(2.9)
(3.5)
(0.4)
(2.6)
(3.0)
At 31 December
6.5
81.9
88.4
8.2
99.9
108.1
On 9 April 2024 both Schemes invested in a bulk annuity policy to match their liabilities as part of a
\u02bbbuy-in\u02bc process. The Schemes\u02bc assets are now therefore almost entirely invested in bulk policies,
with some residual funds in the Schemes\u02bc bank accounts or cash deposits. In accordance with IAS 19,
the fair value of the bulk annuity policies has been calculated to be equal to the value of the
liabilities the policies cover.
Following the purchase of the bulk annuities which match the Schemes\u02bc liabilities, the risks relating
to interest rates, inflation and mortality have been transferred to the insurer. The residual risks to
the Group arising from both schemes are in respect of the following;
\u2014
counterparty default risk \u2013 risk of insurer default is considered low, with a number of protections
in place against this.
\u2014
risk that there are changes to the premium \u2013 final premium payable to the insurer is subject to
confirmation following a period of data cleanse, no significant adjustments expected.
The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows:
2024
2023
2024
2023
Current
Current
Fair value Fair value allocation allocation
Laurence Keen Scheme
\u00a3m \u00a3m % %
Equity instruments
\u2013
\u2013
\u2013
\u2013
Debt instruments:
\u2014 United Kingdom corporate bonds
\u2013
0.4
\u2013
0.4
\u2013
5
Liability-driven investments
\u2013
7.8
\u2013
93
Cash
0.4
0.1
5
2
Annuities
6.1
\u2013
9 5
\u2013
At 31 December
6.5
8.3
100
100
2024
2023
2024
2023
Current
Current
Fair value Fair value allocation allocation
Rathbone 1987 Scheme
\u00a3m \u00a3m % %
Liability-driven investments
\u2013
98.4
\u2013
99
Cash
0.2
1.5
\u2013
1
Other
81.7
\u2013
100
\u2013
At 31 December
81.9
99.9
100
100
The key assumptions affecting the results of the valuation are the discount rate, future inflation,
mortality. 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\u02bc defined benefit
obligations is set out below.
Combined impact on schemes\u02bc
liabilities
(Decrease)/ (Decrease)/
increase increase
\u00a3m %
0.5% increase in:
\u2014 discount rate
(6.3)
(7.2)
0.5% increase in:
\u2014 rate of inflation
3.6
4.1
1-year increase to:
\u2014 longevity at 60
3.5
4.0
The total contributions made by the Group to the 1987 Scheme during the year were \u00a33.7 million
(2023: \u00a32.8 million).
There have been no contributions (2023: \u00a30.2 million) made by the Group to the Laurence Keen
Scheme during the year.
Per IAS 19, companies are required to limit the value of any defined benefit asset to the lower of the
surplus in the plan and the defined benefit asset ceiling, where the asset ceiling is the present value
of economic benefits available in the form of refunds from the plan or reductions in future
contributions to the plan. The company expects to access any surplus assets remaining in the plan
once all members have left after gradual settlement of the liabilities. Therefore, the net asset is
deemed to be recoverable and the effect of the asset ceiling is \u00a3nil.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-432": { "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 \u00a332.3 million (2023: \u00a321.0 million). The Group also operates a defined contribution scheme for overseas employees, for which the total contributions were \u00a30.1 million (2023: \u00a30.1 million). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedContributionPlansExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-433": { "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\u02bc investments are 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\u02bc beneficiaries. The appointment of trustees is determined by the schemes\u02bc 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 in July 2024 upheld the original ruling. 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 currently known. Based on the information currently available, which has been assessed by the Actuary, we have not identified this as material to the Group. We will continue to monitor. The assumptions used by the actuaries, to estimate the schemes\u02bc 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
2024
2023
2024
2023
%
%
%
%
(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
3.7
3.7
3.0
2.9
Rate of increase of deferred pensions
3.2
3.1
3.2
3.1
Discount rate
5.4
4.4
5.4
4.4
Inflation*
3.2
3.1
3.2
3.1
Percentage of members transferring out
of the schemes per annum
\u2013
2.0
\u2013
2.0
Average age of members at date of
transferring out (years)
n/a
52.5
n/a
52.5
\u2022 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 increased by 0.1% to reflect an increase in the yields available on AA-rated Corporate Bonds; 2. the assumed rate of future inflation has increased 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 increased by 0.1% for the Rathbone 1987 Scheme and remain unchanged for the Laurence Keen Scheme Over the year the mortality assumptions have been updated. The standard mortality tables known as Series 4 tables (2023: Series 3) are used, with the \u02bbLight\u02bc version of the tables used to reflect an expectation that members of the schemes will experience longer than average life expectancies. The CMI model used to project future improvements in mortality has been updated from the 2022 version to the 2023 version. 2% of members not yet in receipt of their pension are assumed to transfer out of the scheme each year (2023: 2%). The proportion of members assumed to be married at retirement age is 80% (2023: 80%). The assumed duration of the liabilities for the Laurence Keen Scheme is 12 years (2023: 12 years) and the assumed duration for the Rathbone 1987 Scheme is 15 years (2023: 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 expectancies on retirement were:
2024
2023
Males
Females
Males
Females
Retiring today:
aged 60
27.4
29.2
27.6
29.5
aged 65
22.7
24.2
22.8
24.5
Retiring in 20 years:
aged 60
29.2
31.0
29.4
31.2
aged 65
24.2
25.9
24.3
26.1
The amount included in the balance sheet arising from the Group\u02bcs assets in respect of the schemes is as follows:
2024
2023
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
(6.2)
(81.7)
(87.9)
(7.3)
(93.8)
(101.1)
Fair value of scheme assets
6.5
81.9
88.4
8.2
99.9
108.1
Net defined benefit asset
0.3
0.2
0.5
0.9
6.1
7.0
The amounts recognised in profit or loss, within operating expenses, are as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest expense
\u2013
(0.4)
(0.4)
(0.1)
(0.4)
(0.5)
\u2013
(0.4)
(0.4)
(0.1)
(0.4)
(0.5)
Remeasurements of the net defined benefit asset have been reported in other comprehensive income. The actual return on scheme assets was a fall in value of \u00a31.2 million (2023: \u00a30.4 million rise) for the Laurence Keen Scheme and a fall in value of \u00a318.7 million (2023: \u00a33.6 million rise) for the Rathbone 1987 Scheme. Movements in the present value of defined benefit obligations were as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
7.3
93.8
101.1
7.2
87.5
94.7
Interest cost
0.4
4.1
4.5
0.3
4.1
4.4
Actuarial experience gains/
(losses)
\u2013
(0.1)
(0.1)
0.1
3.4
3.5
Actuarial gains/(losses) arising
from:
\u2014 demographic assumptions
(0.1)
(0.4)
(0.5)
(0.1)
(1.5)
(1.6)
\u2014 financial assumptions
(0.8)
(12.8)
(13.6)
0.2
2.8
3.0
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefits paid
(0.6)
(2.9)
(3.5)
(0.4)
(2.5)
(2.9)
At 31 December
6.2
81.7
87.9
7.3
93.8
101.1
Movements in the fair value of scheme assets were as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
8.2
99.9
108.1
8.1
96.0
104.1
Remeasurement of net defined
benefit asset/(liability)
\u2014 interest income
0.4
4.4
4.8
0.4
4.5
4.9
\u2014 return on scheme assets
(excluding amounts included in
interest income)
(1.5)
(23.2)
(24.7)
\u2013
(0.8)
(0.8)
Contributions from the
sponsoring companies
\u2013
3.7
3.7
0.1
2.8
2.9
Benefits paid
(0.6)
(2.9)
(3.5)
(0.4)
(2.6)
(3.0)
At 31 December
6.5
81.9
88.4
8.2
99.9
108.1
On 9 April 2024 both Schemes invested in a bulk annuity policy to match their liabilities as part of a \u02bbbuy-in\u02bc process. The Schemes\u02bc assets are now therefore almost entirely invested in bulk policies, with some residual funds in the Schemes\u02bc bank accounts or cash deposits. In accordance with IAS 19, the fair value of the bulk annuity policies has been calculated to be equal to the value of the liabilities the policies cover. Following the purchase of the bulk annuities which match the Schemes\u02bc liabilities, the risks relating to interest rates, inflation and mortality have been transferred to the insurer. The residual risks to the Group arising from both schemes are in respect of the following; \u2014 counterparty default risk \u2013 risk of insurer default is considered low, with a number of protections in place against this. \u2014 risk that there are changes to the premium \u2013 final premium payable to the insurer is subject to confirmation following a period of data cleanse, no significant adjustments expected. The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows:
2024
2023
2024
2023
Current
Current
Fair value Fair value allocation allocation
Laurence Keen Scheme
\u00a3m \u00a3m % %
Equity instruments
\u2013
\u2013
\u2013
\u2013
Debt instruments:
\u2014 United Kingdom corporate bonds
\u2013
0.4
\u2013
0.4
\u2013
5
Liability-driven investments
\u2013
7.8
\u2013
93
Cash
0.4
0.1
5
2
Annuities
6.1
\u2013
9 5
\u2013
At 31 December
6.5
8.3
100
100
2024
2023
2024
2023
Current
Current
Fair value Fair value allocation allocation
Rathbone 1987 Scheme
\u00a3m \u00a3m % %
Liability-driven investments
\u2013
98.4
\u2013
99
Cash
0.2
1.5
\u2013
1
Other
81.7
\u2013
100
\u2013
At 31 December
81.9
99.9
100
100
The key assumptions affecting the results of the valuation are the discount rate, future inflation, mortality. 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\u02bc defined benefit obligations is set out below.
Combined impact on schemes\u02bc
liabilities
(Decrease)/ (Decrease)/
increase increase
\u00a3m %
0.5% increase in:
\u2014 discount rate
(6.3)
(7.2)
0.5% increase in:
\u2014 rate of inflation
3.6
4.1
1-year increase to:
\u2014 longevity at 60
3.5
4.0
The total contributions made by the Group to the 1987 Scheme during the year were \u00a33.7 million (2023: \u00a32.8 million). There have been no contributions (2023: \u00a30.2 million) made by the Group to the Laurence Keen Scheme during the year. Per IAS 19, companies are required to limit the value of any defined benefit asset to the lower of the surplus in the plan and the defined benefit asset ceiling, where the asset ceiling is the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The company expects to access any surplus assets remaining in the plan once all members have left after gradual settlement of the liabilities. Therefore, the net asset is deemed to be recoverable and the effect of the asset ceiling is \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-456": { "value": "The amount included in the balance sheet arising from the Group\u02bcs assets in respect of the schemes is as follows:
2024
2023
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
(6.2)
(81.7)
(87.9)
(7.3)
(93.8)
(101.1)
Fair value of scheme assets
6.5
81.9
88.4
8.2
99.9
108.1
Net defined benefit asset
0.3
0.2
0.5
0.9
6.1
7.0
The amounts recognised in profit or loss, within operating expenses, are as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Interest expense
\u2013
(0.4)
(0.4)
(0.1)
(0.4)
(0.5)
\u2013
(0.4)
(0.4)
(0.1)
(0.4)
(0.5)
Remeasurements of the net defined benefit asset have been reported in other comprehensive income. The actual return on scheme assets was a fall in value of \u00a31.2 million (2023: \u00a30.4 million rise) for the Laurence Keen Scheme and a fall in value of \u00a318.7 million (2023: \u00a33.6 million rise) for the Rathbone 1987 Scheme. Movements in the present value of defined benefit obligations were as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
7.3
93.8
101.1
7.2
87.5
94.7
Interest cost
0.4
4.1
4.5
0.3
4.1
4.4
Actuarial experience gains/
(losses)
\u2013
(0.1)
(0.1)
0.1
3.4
3.5
Actuarial gains/(losses) arising
from:
\u2014 demographic assumptions
(0.1)
(0.4)
(0.5)
(0.1)
(1.5)
(1.6)
\u2014 financial assumptions
(0.8)
(12.8)
(13.6)
0.2
2.8
3.0
Past service cost
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Benefits paid
(0.6)
(2.9)
(3.5)
(0.4)
(2.5)
(2.9)
At 31 December
6.2
81.7
87.9
7.3
93.8
101.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetDefinedBenefitLiabilityAssetExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-457": { "value": "Movements in the fair value of scheme assets were as follows:
2024
2023
Laurence Rathbone Laurence Rathbone
Keen 1987 Keen 1987
Scheme Scheme Total Scheme Scheme Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January
8.2
99.9
108.1
8.1
96.0
104.1
Remeasurement of net defined
benefit asset/(liability)
\u2014 interest income
0.4
4.4
4.8
0.4
4.5
4.9
\u2014 return on scheme assets
(excluding amounts included in
interest income)
(1.5)
(23.2)
(24.7)
\u2013
(0.8)
(0.8)
Contributions from the
sponsoring companies
\u2013
3.7
3.7
0.1
2.8
2.9
Benefits paid
(0.6)
(2.9)
(3.5)
(0.4)
(2.6)
(3.0)
At 31 December
6.5
81.9
88.4
8.2
99.9
108.1
On 9 April 2024 both Schemes invested in a bulk annuity policy to match their liabilities as part of a \u02bbbuy-in\u02bc process. The Schemes\u02bc assets are now therefore almost entirely invested in bulk policies, with some residual funds in the Schemes\u02bc bank accounts or cash deposits. In accordance with IAS 19, the fair value of the bulk annuity policies has been calculated to be equal to the value of the liabilities the policies cover. Following the purchase of the bulk annuities which match the Schemes\u02bc liabilities, the risks relating to interest rates, inflation and mortality have been transferred to the insurer. The residual risks to the Group arising from both schemes are in respect of the following; \u2014 counterparty default risk \u2013 risk of insurer default is considered low, with a number of protections in place against this. \u2014 risk that there are changes to the premium \u2013 final premium payable to the insurer is subject to confirmation following a period of data cleanse, no significant adjustments expected. The analysis of the scheme assets, measured at bid prices, at the balance sheet date was as follows:
2024
2023
2024
2023
Current
Current
Fair value Fair value allocation allocation
Laurence Keen Scheme
\u00a3m \u00a3m % %
Equity instruments
\u2013
\u2013
\u2013
\u2013
Debt instruments:
\u2014 United Kingdom corporate bonds
\u2013
0.4
\u2013
0.4
\u2013
5
Liability-driven investments
\u2013
7.8
\u2013
93
Cash
0.4
0.1
5
2
Annuities
6.1
\u2013
9 5
\u2013
At 31 December
6.5
8.3
100
100
2024
2023
2024
2023
Current
Current
Fair value Fair value allocation allocation
Rathbone 1987 Scheme
\u00a3m \u00a3m % %
Liability-driven investments
\u2013
98.4
\u2013
99
Cash
0.2
1.5
\u2013
1
Other
81.7
\u2013
100
\u2013
At 31 December
81.9
99.9
100
100
The key assumptions affecting the results of the valuation are the discount rate, future inflation, mortality. 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\u02bc defined benefit obligations is set out below.
Combined impact on schemes\u02bc
liabilities
(Decrease)/ (Decrease)/
increase increase
\u00a3m %
0.5% increase in:
\u2014 discount rate
(6.3)
(7.2)
0.5% increase in:
\u2014 rate of inflation
3.6
4.1
1-year increase to:
\u2014 longevity at 60
3.5
4.0
The total contributions made by the Group to the 1987 Scheme during the year were \u00a33.7 million (2023: \u00a32.8 million). There have been no contributions (2023: \u00a30.2 million) made by the Group to the Laurence Keen Scheme during the year. Per IAS 19, companies are required to limit the value of any defined benefit asset to the lower of the surplus in the plan and the defined benefit asset ceiling, where the asset ceiling is the present value of economic benefits available in the form of refunds from the plan or reductions in future contributions to the plan. The company expects to access any surplus assets remaining in the plan once all members have left after gradual settlement of the liabilities. Therefore, the net asset is deemed to be recoverable and the effect of the asset ceiling is \u00a3nil.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfPlanAssetsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-393": { "value": "
30 SHARE CAPITAL, SHARE PREMIUM AND MERGER RESERVE
The following movements in share capital occurred during the year:
Convertible
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 2023
63,394,837
\u2013
\u2013
3.2
310.0
77.0
390.2
Shares issued:
 \u2013
\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
27,056,463
17,481,868
1,635.9 - 1,722.0
2.2
\u2013
747.4
749.6
At 1 January 2024
90,584,129
17,481,868
\u2013
5.4
312.3
824.4
1,142.1
Shares issued:
 \u2013
\u2014 to Share Incentive Plan
317,313
\u2013
1,556.0 - 1,884.0
\u2013
5.4
\u2013
5.4
\u2014 to Save As You Earn scheme
6,178
\u2013
1,365.0 - 1,394.0
\u2013
0.1
\u2013
0.1
\u2014 to Employee Benefit Trust
1,017,900
\u2013
5.00
0.1
\u2013
\u2013
0.1
At 31 December 2024
91,925,520
17,481,868
\u2013
5.5
317.8
824.4
1,147.7
The total number of issued and fully paid up ordinary shares at 31 December 2024 was
109,407,388 (2023: 108,065,997) 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 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 2023
4,887,294
52.6
Additions in the year
931,153
16.0
Released on vesting
(1,374,930)
(13.0)
At 1 January 2024
4,443,517
55.6
Additions in the year
2,286,618
22.0
Released on vesting
(781,922)
(9.5)
At 31 December 2024
5,948,213
68.1
Own shares represent the cost of the company\u02bcs own shares, either purchased in the market or issued by the company, that are held by the company or in an Employee Benefit Trust (\u02bbEBT\u02bc) to satisfy future awards under the Group\u02bcs share-based payment schemes (note 32). A total of 4,950,545 shares were held in the EBT at 31 December 2024 (2023: 3,275,598), and 997,668 of shares were held by the trustees of the Share Incentive Plan but were not unconditionally gifted to employees (2023: 894,966). During the year, the Saunderson House initial share consideration award vested (see note 8). This resulted in a disposal of 272,952 of own shares that were held in nominee.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-458": { "value": "30 SHARE CAPITAL, SHARE PREMIUM AND MERGER RESERVE The following movements in share capital occurred during the year:
Convertible
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 2023
63,394,837
\u2013
\u2013
3.2
310.0
77.0
390.2
Shares issued:
 \u2013
\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
27,056,463
17,481,868
1,635.9 - 1,722.0
2.2
\u2013
747.4
749.6
At 1 January 2024
90,584,129
17,481,868
\u2013
5.4
312.3
824.4
1,142.1
Shares issued:
 \u2013
\u2014 to Share Incentive Plan
317,313
\u2013
1,556.0 - 1,884.0
\u2013
5.4
\u2013
5.4
\u2014 to Save As You Earn scheme
6,178
\u2013
1,365.0 - 1,394.0
\u2013
0.1
\u2013
0.1
\u2014 to Employee Benefit Trust
1,017,900
\u2013
5.00
0.1
\u2013
\u2013
0.1
At 31 December 2024
91,925,520
17,481,868
\u2013
5.5
317.8
824.4
1,147.7
The total number of issued and fully paid up ordinary shares at 31 December 2024 was 109,407,388 (2023: 108,065,997) 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 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:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-434": { "value": "30 SHARE CAPITAL, SHARE PREMIUM AND MERGER RESERVE The following movements in share capital occurred during the year:
Convertible
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 2023
63,394,837
\u2013
\u2013
3.2
310.0
77.0
390.2
Shares issued:
 \u2013
\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
27,056,463
17,481,868
1,635.9 - 1,722.0
2.2
\u2013
747.4
749.6
At 1 January 2024
90,584,129
17,481,868
\u2013
5.4
312.3
824.4
1,142.1
Shares issued:
 \u2013
\u2014 to Share Incentive Plan
317,313
\u2013
1,556.0 - 1,884.0
\u2013
5.4
\u2013
5.4
\u2014 to Save As You Earn scheme
6,178
\u2013
1,365.0 - 1,394.0
\u2013
0.1
\u2013
0.1
\u2014 to Employee Benefit Trust
1,017,900
\u2013
5.00
0.1
\u2013
\u2013
0.1
At 31 December 2024
91,925,520
17,481,868
\u2013
5.5
317.8
824.4
1,147.7
The total number of issued and fully paid up ordinary shares at 31 December 2024 was 109,407,388 (2023: 108,065,997) 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 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-435": { "value": "31 OWN SHARES The following movements in own shares occurred during the year:
Number of
Shares
\u00a3m
At 1 January 2023
4,887,294
52.6
Additions in the year
931,153
16.0
Released on vesting
(1,374,930)
(13.0)
At 1 January 2024
4,443,517
55.6
Additions in the year
2,286,618
22.0
Released on vesting
(781,922)
(9.5)
At 31 December 2024
5,948,213
68.1
Own shares represent the cost of the company\u02bcs own shares, either purchased in the market or issued by the company, that are held by the company or in an Employee Benefit Trust (\u02bbEBT\u02bc) to satisfy future awards under the Group\u02bcs share-based payment schemes (note 32). A total of 4,950,545 shares were held in the EBT at 31 December 2024 (2023: 3,275,598), and 997,668 of shares were held by the trustees of the Share Incentive Plan but were not unconditionally gifted to employees (2023: 894,966). During the year, the Saunderson House initial share consideration award vested (see note 8). This resulted in a disposal of 272,952 of own shares that were held in nominee.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-394": { "value": "32 SHARE BASED PAYMENTS The Group recognised total charges of \u00a329.1 million in relation to share-based payment transactions in 2024 (2023: \u00a324.0 million) (see note 10). This includes acquisition-related share-based payments (see note below), and excludes social security costs of \u00a31.9 million (2023: \u00a31.7 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 \u00a34.2 million (2023: debit of \u00a36.0 million). 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. From time to time the Group also provides free shares to eligible employees on a discretionary basis. The maximum allocation per employee is \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\u02bc historical dividends at each grant date. As at 31 December 2024, the trustees of the SIP held 1,842,374 (2023: 1,773,475) ordinary shares of 5p each in Rathbones Group Plc with a total market value of \u00a330.6 million (2023: \u00a330.9 million). The Group recognised a charge of \u00a32.1 million in relation to this scheme in 2024 (2023: \u00a32.5 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 \u00a34.1 million, determined using a binomial valuation model including expected dividends, were granted on 9 April 2024 to directors and staff under the SAYE plan. The inputs into the binomial model for options granted during 2024, as at the date of issue, were as follows:
2024
2023
Share price (pence)
1,503
1,954
Exercise price (pence)
1,203
1,524
Expected volatility
28.0%
28.0%
Risk-free rate
4.1%
3.8%
Expected dividend yield
5.7%
4.3%
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.
2024
2023
Exercise price Exercise price Number of Number of
Year of grant
Pence period share options share options
2018
1,977.0
2021 and 2023
\u2013
60
2019
1,813.0
2022 and 2024
661
4,260
2020
1,085.0
2023 and 2025
488,682
520,303
2021
1,365.0
2024 and 2026
45,547
169,879
2022
1,394.0
2025 and 2027
221,437
320,801
2023
1,524.0
2026 and 2028
156,678
388,343
2024
1,203.0
2027 and 2029
1,220,843
\u2013
At 31 December
2,133,848
1,403,646
Movements in the number of share options outstanding for the SAYE plan were as follows:
2024
2023
Weighted Weighted
average average
Number of exercise price Number of exercise price
share options Pence share options Pence
At 1 January
1,403,646
1,313.0
1,597,484
1,272.0
Granted in the year
1,257,914
1,203.0
418,512
1,524.0
Forfeited or cancelled in the year
(382,078)
1,450.0
(89,609)
1,403.0
Exercised in the year
(145,634)
1,325.0
(522,741)
1,086.0
At 31 December
2,133,848
1,223.0
1,403,646
1,313.0
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\u02bcs historical share price and calculating the return on a weekly basis. The historical annualised volatility of the Group\u02bcs 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 (2023: 28% per annum). The weighted average share price at the dates of exercise for share options exercised during the year was \u00a313.25 (2023: \u00a310.86). The options outstanding at 31 December 2024 had a weighted average contractual life of 2.6 years (2023: 2.6 years) and a weighted average exercise price of \u00a312.23 (2023: \u00a313.13). The Group recognised a charge of \u00a33.0 million in relation to this scheme in 2024 (2023: \u00a31.8 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 \u00a30.2 million in relation to the equity-settled share-based payment element of this scheme in 2024 (2023: \u00a30.6 million). The number of outstanding options left to vest for the EIP scheme as at 31 December 2024 is 104,707. 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 124. 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. In 2024, the annual restricted stock plan was replaced with the annual performance share plan (PSP), with payment deferred in shares, Please see the remuneration committee report on page 124 for further details. 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 \u00a33.2 million in relation to the equity-settled share-based payment element of this scheme in 2024 (2023: \u00a33.3 million). The number of outstanding options left to vest for the ESPP scheme as at 31 December 2024 is 819,049. STAFF EQUITY PLAN The Key Employee Equity Plan (KEEP) was launched in 2022 for individuals within Rathbones Investment Management and Rathbones Investment Management International, as well as employees within the Group\u02bcs support functions. Under the scheme, 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 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 \u00a34.6 million for the KEEP awards during the year (2023: \u00a32.7 million). The number of outstanding options left to vest for the KEEP scheme as at 31 December 2024 was 1,522,182. 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 \u00a30.7 million for the Rathbones Exceptional Performance Plan scheme in 2024 (2023: \u00a31.3 million). The Group recognised a charge of \u00a32.5 million for the Rathbone Enhanced Profit Share Plan scheme in 2024 (2023: \u00a32.3 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. The Group recognised a charge of \u00a39.3 million for the Rathbones Integration Incentive Scheme (IW&I) in 2024 (2023: \u00a33.0 million). The Group recognised a charge of \u00a33.1 million for the Saunderson House Limited Remuneration Incentive Scheme in 2024 (2023: \u00a33.6 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-436": { "value": "
Movements in the number of share options outstanding for the SAYE plan were as follows:
2024
2023
Weighted Weighted
average average
Number of exercise price Number of exercise price
share options Pence share options Pence
At 1 January
1,403,646
1,313.0
1,597,484
1,272.0
Granted in the year
1,257,914
1,203.0
418,512
1,524.0
Forfeited or cancelled in the year
(382,078)
1,450.0
(89,609)
1,403.0
Exercised in the year
(145,634)
1,325.0
(522,741)
1,086.0
At 31 December
2,133,848
1,223.0
1,403,646
1,313.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfNumberAndWeightedAverageExercisePricesOfShareOptionsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-395": { "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 111 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) (iv) pension risk. The Group\u02bcs exposures to pension risk are set out in note 29. The Group\u02bcs 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\u02bcs 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\u02bcs risk appetite. (i) \u2001CREDIT 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\u02bcs 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\u02bc 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\u02bcs 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\u02bcs financial assets are
categorised as follows:
Balances with central banks (note 14)
The Group has exposure to central banks through its deposits held with the Bank of England.
Loans and advances to banks (note 15) and debt and other securities (note 17)
The Group has exposures to a wide range of financial institutions through its treasury portfolio,
which includes bank deposits, certificates of deposit and UK Government treasury bills. These
exposures principally arise from the placement of clients\u02bc cash, where it is held under a banking
relationship, and the Group\u02bcs 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\u02bcs treasury book.
2024
2023
Treasury book
\u00a3m
\u00a3m
Balances with central banks
1,166.0
1,038.3
Loans and advances to banks \u2212 fixed deposits/notice accounts
45.7
14.5
Unlisted debt securities
1,278.2
1,294.6
Gross amount
2,489.9
2,347.4
The Group\u02bcs 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\u02bcs 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 (\u02bbthe
investment management loan book\u02bc). The Group is also exposed to credit risk on overdrafts on
clients\u02bc investment management accounts, work in progress arising from the trust, tax and financial
planning businesses (\u02bbtrust and financial planning debtors\u02bc) and other debtors.
(a) Overdrafts Overdrafts on clients\u02bc investment management accounts arise from time to time due to short- term timing differences between the purchase and sale of assets on a client\u02bcs behalf. Overdrafts are actively monitored and reported to the banking committee on a monthly basis. (b) Investment management loan book Loans are provided as a service to investment management clients, who are generally asset-rich but have short- to medium-term cash requirements. Such loans are normally made on a fully secured basis against portfolios held in Rathbones\u02bc 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\u02bc 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 2024, the total lending exposure limit for the investment management loan book was \u00a3250.0 million (2023: \u00a3250.0 million), of which \u00a374.9 million had been advanced (2023: \u00a3100.2 million) and a further \u00a314.8 million had been committed (2023: \u00a315.4 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\u02bcs 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.
Maximum exposure to credit risk
2024
2023
\u00a3m
\u00a3m
Credit risk relating to on-balance-sheet exposures:
Cash and balances with central banks
1,166.0
1,038.3
Settlement balances
128.3
165.7
Loans and advances to banks
293.2
266.9
Loans and advances to customers:
\u2014 overdrafts
15.9
9.7
\u2014 investment management loan book
76.0
101.7
\u2014 trust and financial planning debtors
2.5
2.7
\u2014 other debtors
1.9
1.6
Investment securities:
\u2014 unlisted debt securities
1,278.3
1,294.6
Other financial assets
211.9
191.3
Credit risk relating to off-balance-sheet exposures:
Loan commitments
14.8
15.4
3,188.8
3,087.9
The above table represents the Group\u02bcs gross credit risk exposure at 31 December 2024 and 2023,
without taking account of any associated collateral held or other credit enhancements. For on-
balance-sheet assets, the exposures set out above are based on gross carrying amounts.
Of the total maximum exposure, 12.2% is derived from loans and advances to banks and customers
(2023: 14.2%) and 40.1% represents investment securities (2023: 41.1%).
Impairment of financial instruments
The Group\u02bcs 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.
2024
2023
\u00a3m
\u00a3m
Impairment losses/(reversals) arising from:
\u2014 treasury book
\u2013
\u2013
\u2014 investment management loan book
\u2013
\u2013
\u2014 trust and financial planning debtors
\u2013
0.1
\u2013
0.1
Expected Credit Loss (ECL) 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\u02bcs ECL model was calibrated during a time of benign inflation, and thus inflation was
historically negatively correlated with the Probability of Default (PD). 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 \u02bbstage 2\u02bc, 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 \u02bb30 days past due\u02bc 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\u02bcs investment balance and investment income, which is in turn held as
collateral under the Group\u02bcs custody.
Materially all exposures in both the treasury book and investment management loan book follow
a bullet repayment structure; therefore, the exposure at any point in time reflects the outstanding
balance of the instrument at that point in time.
Definition of default
The Group considers an investment management loan book exposure to be in default when a client
fails to respond to three sets of default notices (every 30 days for a period of 90 days). A treasury
book exposure is deemed to be in default when a payment is past due by more than one working
day (grace period).
Probability of default (PD)
The Group uses a lifetime PD for each exposure, which is the probability-weighted result of
considering three economic scenarios: a base case, an upside scenario and a downside scenario.
These scenarios include the forecast of the macroeconomic factors that have been identified as
relevant to the Group\u02bcs 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\u02bcs, 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 (\u02bbPiT\u02bc) 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\u02bcs 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\u02bcs 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:
2024
2023
At amortised cost
Fair value Lifetime ECL \u2013 Lifetime ECL \u2013
through profit not credit- Lifetime ECL \u2013 Fair value through not credit- Lifetime ECL \u2013
or loss 12-month ECL impaired credit-impaired profit or loss 12-month ECL impaired credit-impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
AA+ to AA-
\u2013
1,842.0
\u2013
\u2013
\u2013
1,666.2
\u2013
\u2013
A+ to A-
\u2013
648.0
\u2013
\u2013
\u2013
681.3
\u2013
\u2013
Gross carrying amounts
\u2013
2,490.0
\u2013
\u2013
\u2013
2,347.5
\u2013
\u2013
Loss allowance
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
Carrying amount
\u2013
2,489.9
\u2013
\u2013
\u2013
2,347.4
\u2013
\u2013
Cash and balances with central banks
\u2013
1,166.0
\u2013
\u2013
\u2013
1,038.3
\u2013
\u2013
Loans and advances to banks
\u2013
45.7
\u2013
\u2013
\u2013
14.5
\u2013
\u2013
Unlisted debt securities
\u2013
1,278.2
\u2013
\u2013
\u2013
1,294.6
\u2013
\u2013
Carrying amount
\u2013
2,489.9
\u2013
\u2013
\u2013
2,347.4
\u2013
\u2013
The movement in allowance for impairment for the treasury book during the year was as follows.
Lifetime ECL \u2013 Lifetime ECL
12-month not credit- \u2013 credit- Total
ECL impaired impaired ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
0.1
\u2013
\u2013
0.1
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
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\u02bcs lending portfolio, namely UK GDP (\u02bbGDP\u02bc) 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\u02bcs 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\u02bcs 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. \u02bbHigh\u02bc is an indication the client poses a high risk in terms of being able
to afford repayment of the loan facility. \u02bbMedium\u02bc is an indication of a possibility the client may pose
a risk in terms of being able to afford repayment of the loan facility. \u02bbLow\u02bc is where the risk of a
client not being able to repay the loan facility is considered reasonably low. \u02bbVery low\u02bc is where the
risk of a client not being able to repay the loan facility is considered extremely low.
2024
2023
At amortised cost
Lifetime Lifetime
ECL \u2013 not ECL \u2013 Lifetime ECL Lifetime ECL
12-month credit- credit- 12-month \u2013 not credit- \u2013 credit-
ECL impaired impaired ECL impaired impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Very low
24.5
\u2013
\u2013
23.1
\u2013
\u2013
Low
45.5
\u2013
\u2013
70.2
\u2013
\u2013
Medium
5.1
\u2013
\u2013
6.9
\u2013
\u2013
High
0.9
\u2013
\u2013
1.5
\u2013
\u2013
Gross carrying amounts
76.0
\u2013
\u2013
101.7
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount
76.0
\u2013
\u2013
101.7
\u2013
\u2013
The movement in allowance for impairment of the investment management loan book during the
year was as follows.
Lifetime
Lifetime ECL ECL \u2013
12-month \u2013 not credit- credit-
ECL impaired impaired Total ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
\u2013
\u2013
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
\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 ageing category at the time of default. The
current period of assessment for the provision is five years.
The following table provides information about the exposure to credit risk and ECLs for trust and financial planning debtors as at 31 December 2024:
2024
2023
\u00a3m
\u00a3m
Rathbones Trust Company
1.6
1.3
Rathbones Trust & Legal Services
0.2
0.2
Rathbone Financial Planning
0.7
0.7
Saunderson House
\u2013
0.7
Gross carrying amounts
2.5
2.9
Loss allowance
(0.1)
(0.2)
Carrying amount
2.4
2.7
Loss allowance
Gross carrying Not credit-
Weighted amount impaired Credit-impaired Total
Rathbones Trust Company
average loss rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.3%
0.7
\u2013
\u2013
\u2013
90-180 days overdue
1.4%
0.2
\u2013
\u2013
\u2013
180-270 days overdue
2.6%
0.4
\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)
1.6
(0.1)
\u2013
(0.1)
At the prior year end, \u00a3(0.1) million was recognised as an expected credit loss provision for Rathbones Trust Company.
Loss allowance
Gross carrying Not credit-
Rathbones Trust & Legal
Weighted amount impaired Credit-impaired Total
Services
average loss 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, \u00a3nil was recognised as an expected credit loss provision for Rathbones Trust
& Legal Services.
Loss allowance
Gross carrying Not credit-
Weighted amount impaired Credit-impaired Total
Rathbone Financial Planning
average loss rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
0.4
\u2013
\u2013
\u2013
90-180 days overdue
0.0%
0.2
\u2013
\u2013
\u2013
180-270 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
270-365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
>365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
0.7
\u2013
\u2013
\u2013
At the prior year end \u00a3nil was recognised as an expected credit loss provision for Rathbone
Financial Planning.
Loss allowance
Gross carrying Not credit-
Weighted amount impaired Credit-impaired Total
Saunderson House
average loss rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
90-180 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
180-270 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
270-365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
>365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At the prior year end, \u00a3(0.1) 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
 0.2
Amounts written off
 (0.1)
Change in credit risk
 \u2013
At 31 December 2024
 0.1
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\u02bcs rating downgrade.
This may happen in relation to specific banks or banks within a particular country or sector.
(a) Geographical sectors
The following table analyses the Group\u02bcs 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,166.0
\u2013
\u2013
1,166.0
Settlement balances
115.1
5.6
7.6
128.3
Loans and advances to banks
271.2
7.2
14.8
293.2
Loans and advances to customers:
\u2013
\u2013
\u2013
\u2013
\u2014 overdrafts
15.1
0.2
0.5
15.8
\u2014 investment management loan book
60.6
0.1
15.3
76.0
\u2014 trust and financial planning debtors
2.4
\u2013
\u2013
2.4
\u2014 other debtors
1.9
\u2013
\u2013
1.9
Investment securities:
\u2014 unlisted debt securities
293.0
484.7
500.5
1,278.2
Other financial assets
185.2
11.8
14.9
211.9
2,110.5
509.6
553.6
3,173.7
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:
\u2013
\u2013
\u2013
\u2013
\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:
 \u2013
\u2014 unlisted debt securities and money
market funds
415.9
366.8
511.9
1,294.6
Other financial assets
164.4
10.9
16.0
191.3
2,095.7
391.3
585.4
3,072.4
At 31 December 2024, materially all eurozone exposures were to counterparties based in the Netherlands, France, Denmark and Finland (2023: Netherlands, France and Finland) and materially all rest of the world exposures were to counterparties based in Sweden, Norway, Canada, Japan, United States of America and Australia (2023: Switzerland, Sweden, Norway, Canada, Japan. United States of America and Australia). At 31 December 2024, the Group had exposure to the UK government through the holding of treasury bills (2023: UK government through the holding of treasury bill).
(b) Industry sectors
The Group\u02bcs 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,166.0
\u2013
\u2013
1,166.0
Settlement balances
\u2013
90.5
37.8
128.3
Loans and advances to banks
\u2013
293.2
\u2013
293.2
Loans and advances to customers:
\u2013
\u2013
\u2013
\u2013
\u2014 overdrafts
\u2013
\u2013
15.8
15.8
\u2014 investment management loan book
\u2013
\u2013
76.0
76.0
\u2014 trust and financial planning debtors
\u2013
\u2013
2.4
2.4
\u2014 other debtors
\u2013
\u2013
1.9
1.9
Investment securities:
 \u2013
\u2014 unlisted debt securities
53.2
1,225.0
\u2013
1,278.2
Other financial assets
2.0
52.2
157.7
211.9
1,221.2
1,660.9
291.6
3,173.7
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:
\u2013
\u2013
\u2013
\u2013
\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:
 \u2013
\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
(ii)\u2001LIQUIDITY 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\u02bcs treasury policy is to manage short- to medium-term liquidity
requirements. In addition to setting the treasury policy, Rathbones Investment Management
(the Bank) 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,166.0
2.0
\u2013
\u2013
\u2013
\u2013
1,168.0
Settlement balances
3.9
124.4
\u2013
\u2013
\u2013
\u2013
128.3
Loans and advances to banks
247.5
45.7
\u2013
\u2013
\u2013
\u2013
293.2
Loans and advances to customers
18.2
10.0
33.2
43.7
\u2013
\u2013
105.1
Debt securities
\u2013
365.7
970.0
\u2013
\u2013
\u2013
1,335.7
Other financial assets
0.6
178.3
1.6
1.5
\u2013
\u2013
182.0
Cash flows arising from financial assets
1,436.2
726.1
1,004.8
45.2
\u2013
\u2013
3,212.3
Deposits by banks
3.8
\u2013
\u2013
\u2013
\u2013
\u2013
3.8
Settlement balances
4.3
129.3
\u2013
\u2013
\u2013
\u2013
133.6
Due to customers
1,810.6
496.5
50.5
\u2013
\u2013
\u2013
2,357.6
Subordinated loan notes
\u2013
\u2013
2.3
42.2
\u2013
\u2013
44.5
Lease liabilities
\u2013
2.9
9.6
30.7
10.0
\u2013
53.2
Other financial liabilities
2.0
43.1
19.0
11.5
2.5
\u2013
78.1
Cash flows arising from financial liabilities
1,820.7
671.8
81.4
84.4
12.5
\u2013
2,670.8
Net liquidity gap
(384.5)
54.3
923.4
(39.2)
(12.5)
\u2013
541.5
Cumulative net liquidity gap
(384.5)
(330.2)
593.2
554.0
541.5
541.5
\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 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
\u2013
5.0
9.1
41.6
36.6
\u2013
92.3
Other financial liabilities
1.6
45.7
11.5
6.5
5.9
\u2013
71.2
Cash flows arising from financial liabilities
1,673.9
721.9
125.9
92.6
42.5
\u2013
2,656.8
Net liquidity gap
(373.5)
35.3
824.0
22.7
(42.5)
1.2
467.2
Cumulative net liquidity gap
(373.5)
(338.2)
485.8
508.5
466.0
467.2
\u2013
Liabilities which do not have a contractual maturity date are categorised as \u02bbon demand\u02bc.
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.
Off-balance-sheet items
Cash flows arising from the Group\u02bcs off-balance-sheet financial liabilities (note 35) are summarised
in the table below.
The contractual value of the Group\u02bcs 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
Not more months but year but
than 3 not more not more After
months than 1 year than 5 years 5 years Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loan commitments
\u2013
14.8
\u2013
\u2013
14.8
Capital commitments
\u2013
1.1
\u2013
\u2013
1.1
Total off-balance-sheet items
\u2013
15.9
\u2013
\u2013
15.9
After 3 After 1
Not more months but year but
than 3 not more not more After
months than 1 year than 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
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 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows arising from
financial liabilities
1,820.7
671.8
81.4
84.4
12.5
2,670.8
Total off-balance-sheet items
\u2013
\u2013
15.9
\u2013
\u2013
15.9
Total liquidity requirement
1,820.7
671.8
97.3
84.4
12.5
2,686.7
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
721.9
125.9
92.6
42.5
2,656.8
Total off-balance-sheet items
\u2013
23.9
5.5
\u2013
\u2013
29.4
Total liquidity requirement
1,673.9
745.8
131.4
92.6
42.5
2,686.2
(iii)\u2001MARKET 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\u02bcs 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\u02bcs interest-
bearing assets is correlated to the future expectation of base rates and varies depending on the
maturity profile of the Group\u02bcs 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\u02bcs 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,166.0
\u2013
\u2013
\u2013
\u2013
\u2013
1,166.0
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
128.3
128.3
Loans and advances to banks
237.9
38.7
\u2013
\u2013
\u2013
16.6
293.2
Loans and advances to customers
92.8
\u2013
0.3
\u2013
\u2013
3.0
96.1
Investment securities:
\u2014 equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014 unlisted debt securities
351.8
352.4
574.0
\u2013
\u2013
\u2013
1,278.2
Other financial assets
0.5
\u2013
\u2013
\u2013
\u2013
211.4
211.9
Total financial assets
1,849.0
391.1
574.3
\u2013
\u2013
359.3
3,173.7
Liabilities
Deposits by banks
3.8
\u2013
\u2013
\u2013
\u2013
\u2013
3.8
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
133.6
133.6
Due to customers
2,267.6
49.3
\u2013
\u2013
\u2013
35.2
2,352.1
Subordinated loan notes
\u2013
\u2013
\u2013
39.9
\u2013
\u2013
39.9
Other financial liabilities
2.3
3.0
5.6
27.1
9.0
77.8
124.8
Total financial liabilities
2,273.7
52.3
5.6
67.0
9.0
246.6
2,654.2
Interest rate repricing gap
(424.7)
338.8
568.7
(67.0)
(9.0)
112.7
519.5
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:
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\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
The banking committee has set an overall pre-tax interest rate exposure tolerance of \u00a38.0 million (2023: \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 2024, the Bank had a net present value sensitivity of \u00a38.1 million (2023: \u00a37.5 million) for an upward 2% shift in rates. The year end exposure was \u00a30.1 million above the banking committee tolerance due to a temporary lengthening of the maturity profile as a result of investment in marketable securities which reversed in January 2025 to be within tolerance. The Group held no forward rate agreements at 31 December 2024 (2023: 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\u02bcs exposure to foreign currency translation risk at 31 December 2024.
Included in the table are the Group\u02bcs financial assets and liabilities, at carrying amounts, categorised by currency.
Sterling US dollar Euro Other Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,166.0
\u2013
\u2013
\u2013
1,166.0
Settlement balances
109.1
14.5
1.1
3.6
128.3
Loans and advances to banks
260.4
14.2
14.6
4.0
293.2
Loans and advances to customers
89.3
5.4
1.4
\u2013
96.1
Investment securities:
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014 unlisted debt securities
1,250.5
27.7
\u2013
\u2013
1,278.2
Other financial assets
210.4
0.9
0.4
0.2
211.9
Total financial assets
3,085.7
62.7
17.5
7.8
3,173.7
Liabilities
Deposits by banks
3.8
\u2013
\u2013
\u2013
3.8
Settlement balances
105.7
17.9
4.2
5.8
133.6
Due to customers
2,291.8
45.3
12.4
2.6
2,352.1
Subordinated loan notes
39.9
\u2013
\u2013
\u2013
39.9
Other financial liabilities
124.7
0.1
\u2013
\u2013
124.8
Total financial liabilities
2,565.9
63.3
16.6
8.4
2,654.2
Net on-balance-sheet position
519.8
(0.6)
0.9
(0.6)
519.5
Loan commitments
14.8
\u2013
\u2013
\u2013
14.8
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:
\u2013
\u2013
\u2013
\u2013
\u2013
\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
A 10% weakening of the US dollar against sterling, occurring on 31 December 2024, would have
increased equity and profit after tax by \u00a30.5 million (2023: increased by \u00a30.7 million). In addition, a
10% weakening of the euro against sterling, occurring on 31 December 2024, would have reduced
equity and profit after tax by \u00a30.6 million (2023: reduced by \u00a30.4 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).
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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014 equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
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 (2023: none). The fair values of the Group\u02bcs 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 2024 was \u00a31,249.4 million (2023: \u00a31,296.8 million) and the carrying value was \u00a31,278.2 million (2023: \u00a31,294.6 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 2024 was \u00a334.2 million (2023: \u00a337.4 million) and the carrying value was \u00a339.9
million (2023: \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 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at
\u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shares during
2023. During the current year, the Group sold its total remaining shares in Euroclear at the same
price used to value its shareholding at 31 December 2023.
Changes in the fair values of financial instruments categorised as level 3 within the fair value
hierarchy were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
1.2
3.1
Total unrealised gains/(losses) recognised in profit or loss
\u2013
1.0
Total disposals
(1.2)
(2.9)
At 31 December
\u2013
1.2
The gains or losses relating to the fair value through profit or loss equity securities is included within
\u02bbother operating income\u02bc 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-437": { "value": "(i) \u2001CREDIT 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\u02bcs 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\u02bc 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\u02bcs 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\u02bcs financial assets are categorised as follows: Balances with central banks (note 14) The Group has exposure to central banks through its deposits held with the Bank of England. Loans and advances to banks (note 15) and debt and other securities (note 17) The Group has exposures to a wide range of financial institutions through its treasury portfolio, which includes bank deposits, certificates of deposit and UK Government treasury bills. These exposures principally arise from the placement of clients\u02bc cash, where it is held under a banking relationship, and the Group\u02bcs 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\u02bcs treasury book.
2024
2023
Treasury book
\u00a3m
\u00a3m
Balances with central banks
1,166.0
1,038.3
Loans and advances to banks \u2212 fixed deposits/notice accounts
45.7
14.5
Unlisted debt securities
1,278.2
1,294.6
Gross amount
2,489.9
2,347.4
The Group\u02bcs 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\u02bcs 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 (\u02bbthe investment management loan book\u02bc). The Group is also exposed to credit risk on overdrafts on clients\u02bc investment management accounts, work in progress arising from the trust, tax and financial planning businesses (\u02bbtrust and financial planning debtors\u02bc) and other debtors. (a) Overdrafts Overdrafts on clients\u02bc investment management accounts arise from time to time due to short- term timing differences between the purchase and sale of assets on a client\u02bcs behalf. Overdrafts are actively monitored and reported to the banking committee on a monthly basis. (b) Investment management loan book Loans are provided as a service to investment management clients, who are generally asset-rich but have short- to medium-term cash requirements. Such loans are normally made on a fully secured basis against portfolios held in Rathbones\u02bc 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\u02bc 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 2024, the total lending exposure limit for the investment management loan book was \u00a3250.0 million (2023: \u00a3250.0 million), of which \u00a374.9 million had been advanced (2023: \u00a3100.2 million) and a further \u00a314.8 million had been committed (2023: \u00a315.4 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\u02bcs 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. Maximum exposure to credit risk
2024
2023
\u00a3m
\u00a3m
Credit risk relating to on-balance-sheet exposures:
Cash and balances with central banks
1,166.0
1,038.3
Settlement balances
128.3
165.7
Loans and advances to banks
293.2
266.9
Loans and advances to customers:
\u2014 overdrafts
15.9
9.7
\u2014 investment management loan book
76.0
101.7
\u2014 trust and financial planning debtors
2.5
2.7
\u2014 other debtors
1.9
1.6
Investment securities:
\u2014 unlisted debt securities
1,278.3
1,294.6
Other financial assets
211.9
191.3
Credit risk relating to off-balance-sheet exposures:
Loan commitments
14.8
15.4
3,188.8
3,087.9
The above table represents the Group\u02bcs gross credit risk exposure at 31 December 2024 and 2023, without taking account of any associated collateral held or other credit enhancements. For on- balance-sheet assets, the exposures set out above are based on gross carrying amounts. Of the total maximum exposure, 12.2% is derived from loans and advances to banks and customers (2023: 14.2%) and 40.1% represents investment securities (2023: 41.1%). Impairment of financial instruments The Group\u02bcs 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.
2024
2023
\u00a3m
\u00a3m
Impairment losses/(reversals) arising from:
\u2014 treasury book
\u2013
\u2013
\u2014 investment management loan book
\u2013
\u2013
\u2014 trust and financial planning debtors
\u2013
0.1
\u2013
0.1
Expected Credit Loss (ECL) 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\u02bcs ECL model was calibrated during a time of benign inflation, and thus inflation was historically negatively correlated with the Probability of Default (PD). 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 \u02bbstage 2\u02bc, 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 \u02bb30 days past due\u02bc 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\u02bcs investment balance and investment income, which is in turn held as collateral under the Group\u02bcs custody. Materially all exposures in both the treasury book and investment management loan book follow a bullet repayment structure; therefore, the exposure at any point in time reflects the outstanding balance of the instrument at that point in time. Definition of default The Group considers an investment management loan book exposure to be in default when a client fails to respond to three sets of default notices (every 30 days for a period of 90 days). A treasury book exposure is deemed to be in default when a payment is past due by more than one working day (grace period). Probability of default (PD) The Group uses a lifetime PD for each exposure, which is the probability-weighted result of considering three economic scenarios: a base case, an upside scenario and a downside scenario. These scenarios include the forecast of the macroeconomic factors that have been identified as relevant to the Group\u02bcs 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\u02bcs, 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 (\u02bbPiT\u02bc) 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\u02bcs 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\u02bcs 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:
2024
2023
At amortised cost
Fair value Lifetime ECL \u2013 Lifetime ECL \u2013
through profit not credit- Lifetime ECL \u2013 Fair value through not credit- Lifetime ECL \u2013
or loss 12-month ECL impaired credit-impaired profit or loss 12-month ECL impaired credit-impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
AA+ to AA-
\u2013
1,842.0
\u2013
\u2013
\u2013
1,666.2
\u2013
\u2013
A+ to A-
\u2013
648.0
\u2013
\u2013
\u2013
681.3
\u2013
\u2013
Gross carrying amounts
\u2013
2,490.0
\u2013
\u2013
\u2013
2,347.5
\u2013
\u2013
Loss allowance
\u2013
(0.1)
\u2013
\u2013
\u2013
(0.1)
\u2013
\u2013
Carrying amount
\u2013
2,489.9
\u2013
\u2013
\u2013
2,347.4
\u2013
\u2013
Cash and balances with central banks
\u2013
1,166.0
\u2013
\u2013
\u2013
1,038.3
\u2013
\u2013
Loans and advances to banks
\u2013
45.7
\u2013
\u2013
\u2013
14.5
\u2013
\u2013
Unlisted debt securities
\u2013
1,278.2
\u2013
\u2013
\u2013
1,294.6
\u2013
\u2013
Carrying amount
\u2013
2,489.9
\u2013
\u2013
\u2013
2,347.4
\u2013
\u2013
The movement in allowance for impairment for the treasury book during the year was as follows.
Lifetime ECL \u2013 Lifetime ECL
12-month not credit- \u2013 credit- Total
ECL impaired impaired ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
0.1
\u2013
\u2013
0.1
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
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\u02bcs lending portfolio, namely UK GDP (\u02bbGDP\u02bc) 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\u02bcs 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\u02bcs 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. \u02bbHigh\u02bc is an indication the client poses a high risk in terms of being able to afford repayment of the loan facility. \u02bbMedium\u02bc is an indication of a possibility the client may pose a risk in terms of being able to afford repayment of the loan facility. \u02bbLow\u02bc is where the risk of a client not being able to repay the loan facility is considered reasonably low. \u02bbVery low\u02bc is where the risk of a client not being able to repay the loan facility is considered extremely low.
2024
2023
At amortised cost
Lifetime Lifetime
ECL \u2013 not ECL \u2013 Lifetime ECL Lifetime ECL
12-month credit- credit- 12-month \u2013 not credit- \u2013 credit-
ECL impaired impaired ECL impaired impaired
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Very low
24.5
\u2013
\u2013
23.1
\u2013
\u2013
Low
45.5
\u2013
\u2013
70.2
\u2013
\u2013
Medium
5.1
\u2013
\u2013
6.9
\u2013
\u2013
High
0.9
\u2013
\u2013
1.5
\u2013
\u2013
Gross carrying amounts
76.0
\u2013
\u2013
101.7
\u2013
\u2013
Loss allowance
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Carrying amount
76.0
\u2013
\u2013
101.7
\u2013
\u2013
The movement in allowance for impairment of the investment management loan book during the year was as follows.
Lifetime
Lifetime ECL ECL \u2013
12-month \u2013 not credit- credit-
ECL impaired impaired Total ECL
\u00a3m \u00a3m \u00a3m \u00a3m
Balance at 1 January 2024
\u2013
\u2013
\u2013
\u2013
Net remeasurement of loss allowance
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2024
\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 ageing category at the time of default. The current period of assessment for the provision is five years. The following table provides information about the exposure to credit risk and ECLs for trust and financial planning debtors as at 31 December 2024:
2024
2023
\u00a3m
\u00a3m
Rathbones Trust Company
1.6
1.3
Rathbones Trust & Legal Services
0.2
0.2
Rathbone Financial Planning
0.7
0.7
Saunderson House
\u2013
0.7
Gross carrying amounts
2.5
2.9
Loss allowance
(0.1)
(0.2)
Carrying amount
2.4
2.7
Loss allowance
Gross carrying Not credit-
Weighted amount impaired Credit-impaired Total
Rathbones Trust Company
average loss rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.3%
0.7
\u2013
\u2013
\u2013
90-180 days overdue
1.4%
0.2
\u2013
\u2013
\u2013
180-270 days overdue
2.6%
0.4
\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)
1.6
(0.1)
\u2013
(0.1)
At the prior year end, \u00a3(0.1) million was recognised as an expected credit loss provision for Rathbones Trust Company.
Loss allowance
Gross carrying Not credit-
Rathbones Trust & Legal
Weighted amount impaired Credit-impaired Total
Services
average loss 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, \u00a3nil was recognised as an expected credit loss provision for Rathbones Trust & Legal Services.
Loss allowance
Gross carrying Not credit-
Weighted amount impaired Credit-impaired Total
Rathbone Financial Planning
average loss rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
0.4
\u2013
\u2013
\u2013
90-180 days overdue
0.0%
0.2
\u2013
\u2013
\u2013
180-270 days overdue
0.0%
0.1
\u2013
\u2013
\u2013
270-365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
>365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
0.7
\u2013
\u2013
\u2013
At the prior year end \u00a3nil was recognised as an expected credit loss provision for Rathbone Financial Planning.
Loss allowance
Gross carrying Not credit-
Weighted amount impaired Credit-impaired Total
Saunderson House
average loss rate \u00a3m \u00a3m \u00a3m \u00a3m
<90 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
90-180 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
180-270 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
270-365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
>365 days overdue
0.0%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
At the prior year end, \u00a3(0.1) 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
 0.2
Amounts written off
 (0.1)
Change in credit risk
 \u2013
At 31 December 2024
 0.1
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\u02bcs rating downgrade. This may happen in relation to specific banks or banks within a particular country or sector. (a) Geographical sectors The following table analyses the Group\u02bcs 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,166.0
\u2013
\u2013
1,166.0
Settlement balances
115.1
5.6
7.6
128.3
Loans and advances to banks
271.2
7.2
14.8
293.2
Loans and advances to customers:
\u2013
\u2013
\u2013
\u2013
\u2014 overdrafts
15.1
0.2
0.5
15.8
\u2014 investment management loan book
60.6
0.1
15.3
76.0
\u2014 trust and financial planning debtors
2.4
\u2013
\u2013
2.4
\u2014 other debtors
1.9
\u2013
\u2013
1.9
Investment securities:
\u2014 unlisted debt securities
293.0
484.7
500.5
1,278.2
Other financial assets
185.2
11.8
14.9
211.9
2,110.5
509.6
553.6
3,173.7
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:
\u2013
\u2013
\u2013
\u2013
\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:
 \u2013
\u2014 unlisted debt securities and money
market funds
415.9
366.8
511.9
1,294.6
Other financial assets
164.4
10.9
16.0
191.3
2,095.7
391.3
585.4
3,072.4
At 31 December 2024, materially all eurozone exposures were to counterparties based in the Netherlands, France, Denmark and Finland (2023: Netherlands, France and Finland) and materially all rest of the world exposures were to counterparties based in Sweden, Norway, Canada, Japan, United States of America and Australia (2023: Switzerland, Sweden, Norway, Canada, Japan. United States of America and Australia). At 31 December 2024, the Group had exposure to the UK government through the holding of treasury bills (2023: UK government through the holding of treasury bill). (b) Industry sectors The Group\u02bcs 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,166.0
\u2013
\u2013
1,166.0
Settlement balances
\u2013
90.5
37.8
128.3
Loans and advances to banks
\u2013
293.2
\u2013
293.2
Loans and advances to customers:
\u2013
\u2013
\u2013
\u2013
\u2014 overdrafts
\u2013
\u2013
15.8
15.8
\u2014 investment management loan book
\u2013
\u2013
76.0
76.0
\u2014 trust and financial planning debtors
\u2013
\u2013
2.4
2.4
\u2014 other debtors
\u2013
\u2013
1.9
1.9
Investment securities:
 \u2013
\u2014 unlisted debt securities
53.2
1,225.0
\u2013
1,278.2
Other financial assets
2.0
52.2
157.7
211.9
1,221.2
1,660.9
291.6
3,173.7
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:
\u2013
\u2013
\u2013
\u2013
\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:
 \u2013
\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
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-459": { "value": "Expected Credit Loss (ECL) 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\u02bcs ECL model was calibrated during a time of benign inflation, and thus inflation was historically negatively correlated with the Probability of Default (PD). 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-438": { "value": "(ii)\u2001LIQUIDITY 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\u02bcs treasury policy is to manage short- to medium-term liquidity requirements. In addition to setting the treasury policy, Rathbones Investment Management (the Bank) 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash and balances with central banks
1,166.0
2.0
\u2013
\u2013
\u2013
\u2013
1,168.0
Settlement balances
3.9
124.4
\u2013
\u2013
\u2013
\u2013
128.3
Loans and advances to banks
247.5
45.7
\u2013
\u2013
\u2013
\u2013
293.2
Loans and advances to customers
18.2
10.0
33.2
43.7
\u2013
\u2013
105.1
Debt securities
\u2013
365.7
970.0
\u2013
\u2013
\u2013
1,335.7
Other financial assets
0.6
178.3
1.6
1.5
\u2013
\u2013
182.0
Cash flows arising from financial assets
1,436.2
726.1
1,004.8
45.2
\u2013
\u2013
3,212.3
Deposits by banks
3.8
\u2013
\u2013
\u2013
\u2013
\u2013
3.8
Settlement balances
4.3
129.3
\u2013
\u2013
\u2013
\u2013
133.6
Due to customers
1,810.6
496.5
50.5
\u2013
\u2013
\u2013
2,357.6
Subordinated loan notes
\u2013
\u2013
2.3
42.2
\u2013
\u2013
44.5
Lease liabilities
\u2013
2.9
9.6
30.7
10.0
\u2013
53.2
Other financial liabilities
2.0
43.1
19.0
11.5
2.5
\u2013
78.1
Cash flows arising from financial liabilities
1,820.7
671.8
81.4
84.4
12.5
\u2013
2,670.8
Net liquidity gap
(384.5)
54.3
923.4
(39.2)
(12.5)
\u2013
541.5
Cumulative net liquidity gap
(384.5)
(330.2)
593.2
554.0
541.5
541.5
\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 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
\u2013
5.0
9.1
41.6
36.6
\u2013
92.3
Other financial liabilities
1.6
45.7
11.5
6.5
5.9
\u2013
71.2
Cash flows arising from financial liabilities
1,673.9
721.9
125.9
92.6
42.5
\u2013
2,656.8
Net liquidity gap
(373.5)
35.3
824.0
22.7
(42.5)
1.2
467.2
Cumulative net liquidity gap
(373.5)
(338.2)
485.8
508.5
466.0
467.2
\u2013
Liabilities which do not have a contractual maturity date are categorised as \u02bbon demand\u02bc. 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. Off-balance-sheet items Cash flows arising from the Group\u02bcs off-balance-sheet financial liabilities (note 35) are summarised in the table below. The contractual value of the Group\u02bcs 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
Not more months but year but
than 3 not more not more After
months than 1 year than 5 years 5 years Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loan commitments
\u2013
14.8
\u2013
\u2013
14.8
Capital commitments
\u2013
1.1
\u2013
\u2013
1.1
Total off-balance-sheet items
\u2013
15.9
\u2013
\u2013
15.9
After 3 After 1
Not more months but year but
than 3 not more not more After
months than 1 year than 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
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 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cash flows arising from
financial liabilities
1,820.7
671.8
81.4
84.4
12.5
2,670.8
Total off-balance-sheet items
\u2013
\u2013
15.9
\u2013
\u2013
15.9
Total liquidity requirement
1,820.7
671.8
97.3
84.4
12.5
2,686.7
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
721.9
125.9
92.6
42.5
2,656.8
Total off-balance-sheet items
\u2013
23.9
5.5
\u2013
\u2013
29.4
Total liquidity requirement
1,673.9
745.8
131.4
92.6
42.5
2,686.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-439": { "value": "(iii)\u2001MARKET 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\u02bcs 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\u02bcs interest- bearing assets is correlated to the future expectation of base rates and varies depending on the maturity profile of the Group\u02bcs 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\u02bcs 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,166.0
\u2013
\u2013
\u2013
\u2013
\u2013
1,166.0
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
128.3
128.3
Loans and advances to banks
237.9
38.7
\u2013
\u2013
\u2013
16.6
293.2
Loans and advances to customers
92.8
\u2013
0.3
\u2013
\u2013
3.0
96.1
Investment securities:
\u2014 equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014 unlisted debt securities
351.8
352.4
574.0
\u2013
\u2013
\u2013
1,278.2
Other financial assets
0.5
\u2013
\u2013
\u2013
\u2013
211.4
211.9
Total financial assets
1,849.0
391.1
574.3
\u2013
\u2013
359.3
3,173.7
Liabilities
Deposits by banks
3.8
\u2013
\u2013
\u2013
\u2013
\u2013
3.8
Settlement balances
\u2013
\u2013
\u2013
\u2013
\u2013
133.6
133.6
Due to customers
2,267.6
49.3
\u2013
\u2013
\u2013
35.2
2,352.1
Subordinated loan notes
\u2013
\u2013
\u2013
39.9
\u2013
\u2013
39.9
Other financial liabilities
2.3
3.0
5.6
27.1
9.0
77.8
124.8
Total financial liabilities
2,273.7
52.3
5.6
67.0
9.0
246.6
2,654.2
Interest rate repricing gap
(424.7)
338.8
568.7
(67.0)
(9.0)
112.7
519.5
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:
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\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
The banking committee has set an overall pre-tax interest rate exposure tolerance of \u00a38.0 million (2023: \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 2024, the Bank had a net present value sensitivity of \u00a38.1 million (2023: \u00a37.5 million) for an upward 2% shift in rates. The year end exposure was \u00a30.1 million above the banking committee tolerance due to a temporary lengthening of the maturity profile as a result of investment in marketable securities which reversed in January 2025 to be within tolerance. The Group held no forward rate agreements at 31 December 2024 (2023: 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\u02bcs exposure to foreign currency translation risk at 31 December 2024. Included in the table are the Group\u02bcs financial assets and liabilities, at carrying amounts, categorised by currency.
Sterling US dollar Euro Other Total
At 31 December 2024
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Assets
Cash and balances with central banks
1,166.0
\u2013
\u2013
\u2013
1,166.0
Settlement balances
109.1
14.5
1.1
3.6
128.3
Loans and advances to banks
260.4
14.2
14.6
4.0
293.2
Loans and advances to customers
89.3
5.4
1.4
\u2013
96.1
Investment securities:
\u2013
\u2013
\u2013
\u2013
\u2013
\u2014 unlisted debt securities
1,250.5
27.7
\u2013
\u2013
1,278.2
Other financial assets
210.4
0.9
0.4
0.2
211.9
Total financial assets
3,085.7
62.7
17.5
7.8
3,173.7
Liabilities
Deposits by banks
3.8
\u2013
\u2013
\u2013
3.8
Settlement balances
105.7
17.9
4.2
5.8
133.6
Due to customers
2,291.8
45.3
12.4
2.6
2,352.1
Subordinated loan notes
39.9
\u2013
\u2013
\u2013
39.9
Other financial liabilities
124.7
0.1
\u2013
\u2013
124.8
Total financial liabilities
2,565.9
63.3
16.6
8.4
2,654.2
Net on-balance-sheet position
519.8
(0.6)
0.9
(0.6)
519.5
Loan commitments
14.8
\u2013
\u2013
\u2013
14.8
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:
\u2013
\u2013
\u2013
\u2013
\u2013
\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
A 10% weakening of the US dollar against sterling, occurring on 31 December 2024, would have increased equity and profit after tax by \u00a30.5 million (2023: increased by \u00a30.7 million). In addition, a 10% weakening of the euro against sterling, occurring on 31 December 2024, would have reduced equity and profit after tax by \u00a30.6 million (2023: reduced by \u00a30.4 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). 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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014 equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
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 (2023: none). The fair values of the Group\u02bcs 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 2024 was \u00a31,249.4 million (2023: \u00a31,296.8 million) and the carrying value was \u00a31,278.2 million (2023: \u00a31,294.6 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 2024 was \u00a334.2 million (2023: \u00a337.4 million) and the carrying value was \u00a339.9 million (2023: \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 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at \u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shares during 2023. During the current year, the Group sold its total remaining shares in Euroclear at the same price used to value its shareholding at 31 December 2023. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
1.2
3.1
Total unrealised gains/(losses) recognised in profit or loss
\u2013
1.0
Total disposals
(1.2)
(2.9)
At 31 December
\u2013
1.2
The gains or losses relating to the fair value through profit or loss equity securities is included within \u02bbother operating income\u02bc 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-460": { "value": "A 10% weakening of the US dollar against sterling, occurring on 31 December 2024, would have increased equity and profit after tax by \u00a30.5 million (2023: increased by \u00a30.7 million). In addition, a 10% weakening of the euro against sterling, occurring on 31 December 2024, would have reduced equity and profit after tax by \u00a30.6 million (2023: reduced by \u00a30.4 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. ", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-478": { "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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014 equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
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 (2023: none). The fair values of the Group\u02bcs 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 2024 was \u00a31,249.4 million (2023: \u00a31,296.8 million) and the carrying value was \u00a31,278.2 million (2023: \u00a31,294.6 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 2024 was \u00a334.2 million (2023: \u00a337.4 million) and the carrying value was \u00a339.9 million (2023: \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 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at \u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shares during 2023. During the current year, the Group sold its total remaining shares in Euroclear at the same price used to value its shareholding at 31 December 2023. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
1.2
3.1
Total unrealised gains/(losses) recognised in profit or loss
\u2013
1.0
Total disposals
(1.2)
(2.9)
At 31 December
\u2013
1.2
The gains or losses relating to the fair value through profit or loss equity securities is included within \u02bbother operating income\u02bc 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-461": { "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 2024
\u00a3m \u00a3m \u00a3m \u00a3m
Assets
Fair value through profit or loss:
\u2014 equity securities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
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
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 (2023: none). The fair values of the Group\u02bcs 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 2024 was \u00a31,249.4 million (2023: \u00a31,296.8 million) and the carrying value was \u00a31,278.2 million (2023: \u00a31,294.6 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 2024 was \u00a334.2 million (2023: \u00a337.4 million) and the carrying value was \u00a339.9 million (2023: \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 31 December 2023, the Group held 517 shares in Euroclear Holdings SA, which were valued at \u00a31.2 million by reference to the price secured from the sale of 1,292 of the Group's shares during 2023. During the current year, the Group sold its total remaining shares in Euroclear at the same price used to value its shareholding at 31 December 2023. Changes in the fair values of financial instruments categorised as level 3 within the fair value hierarchy were as follows:
2024 2023
\u00a3m \u00a3m
At 1 January
1.2
3.1
Total unrealised gains/(losses) recognised in profit or loss
\u2013
1.0
Total disposals
(1.2)
(2.9)
At 31 December
\u2013
1.2
The gains or losses relating to the fair value through profit or loss equity securities is included within \u02bbother operating income\u02bc 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-440": { "value": "(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": "rathbonesgroupplc:DisclosureOfPensionRisk", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-396": { "value": "34 CAPITAL MANAGEMENT Rathbones Group Plc\u02bcs capital is defined for accounting purposes as total equity. As at 31 December 2024 this totalled \u00a31,359.4 million (2023: \u00a31,350.2 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 2024, the carrying value of the notes was \u00a339.9 million (2023: \u00a339.9 million). From time to time, the Group also runs small overnight overdraft balances as part of working capital. The Group\u02bcs objectives when managing capital are to: \u2014 safeguard the Group\u02bcs 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\u02bcs 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 2024 the Group\u02bcs regulatory capital resources, including retained earnings for 2024, were \u00a3520.4 million (2023: \u00a3471.4 million). The increase in reserves during 2024 is due to an increase in the Group\u02bcs 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 2023 and 2024. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-462": { "value": "35 CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2024 but not provided in the financial statements amounted to \u00a31.1 million relating to expenditure on fixtures and fittings and software (2023: \u00a314.0 million). (b) The contractual amounts of the Group\u02bcs commitments to extend credit to its clients are as follows:
2024
2023
\u00a3m
\u00a3m
Undrawn commitments to lend of 1 year or less
11.5
11.8
Undrawn commitments to lend of more than 1 year
3.3
3.6
14.8
15.4
(c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss 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\u02bcs control as they result from other industry failures. There is uncertainty over the level of future levies from the Financial Services Compensation Scheme (FSCS) as the annual levy is set each year by the FSCS and is dependent on their assessment of the ultimate cost to the FSCS of industry failures. The FSCS levy comprises differing classes which relate to specific types of service activity. The Group contributes to the deposit class, investment fund management class and investment intermediation levy classes and recognises the cost of the levy at the point the obligation arises to pay the levy for any given year.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-474": { "value": "35 CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2024 but not provided in the financial statements amounted to \u00a31.1 million relating to expenditure on fixtures and fittings and software (2023: \u00a314.0 million). (b) The contractual amounts of the Group\u02bcs commitments to extend credit to its clients are as follows:
2024
2023
\u00a3m
\u00a3m
Undrawn commitments to lend of 1 year or less
11.5
11.8
Undrawn commitments to lend of more than 1 year
3.3
3.6
14.8
15.4
(c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss 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\u02bcs control as they result from other industry failures. There is uncertainty over the level of future levies from the Financial Services Compensation Scheme (FSCS) as the annual levy is set each year by the FSCS and is dependent on their assessment of the ultimate cost to the FSCS of industry failures. The FSCS levy comprises differing classes which relate to specific types of service activity. The Group contributes to the deposit class, investment fund management class and investment intermediation levy classes and recognises the cost of the levy at the point the obligation arises to pay the levy for any given year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-397": { "value": "35 CONTINGENT LIABILITIES AND COMMITMENTS (a) Capital expenditure authorised and contracted for at 31 December 2024 but not provided in the financial statements amounted to \u00a31.1 million relating to expenditure on fixtures and fittings and software (2023: \u00a314.0 million). (b) The contractual amounts of the Group\u02bcs commitments to extend credit to its clients are as follows:
2024
2023
\u00a3m
\u00a3m
Undrawn commitments to lend of 1 year or less
11.5
11.8
Undrawn commitments to lend of more than 1 year
3.3
3.6
14.8
15.4
(c) The arrangements put in place by the Financial Services Compensation Scheme (FSCS) to protect depositors and investors from loss 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\u02bcs control as they result from other industry failures. There is uncertainty over the level of future levies from the Financial Services Compensation Scheme (FSCS) as the annual levy is set each year by the FSCS and is dependent on their assessment of the ultimate cost to the FSCS of industry failures. The FSCS levy comprises differing classes which relate to specific types of service activity. The Group contributes to the deposit class, investment fund management class and investment intermediation levy classes and recognises the cost of the levy at the point the obligation arises to pay the levy for any given year.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-463": { "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\u02bcs directors and other members of senior management who are responsible for planning, directing and controlling the activities of the Group, is set out below. In the current year, as part of a review of individuals defined as senior management for the group, the prior year disclosure has been restated. The result of the restatement has been to decrease short-term employee benefits by \u00a35.6 million, decrease other long-term benefits by \u00a31.5 million and decrease share based payments by \u00a30.1 million for 2023. Gains on options exercised by directors during the year totalled \u00a3nil (2023: \u00a3nil). Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u02bc remuneration report on page 127.
2024
2023 (restated)
\u00a3m
\u00a3m
Short-term employee benefits
8.4
7.6
Other long-term benefits
(0.1)
(0.2)
Share-based payments
2.4
2.5
10.7
9.9
Dividends totalling \u00a30.2 million were paid in the year (2023: \u00a30.3 million) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2024, key management personnel and their close family members had gross outstanding deposits of \u00a30.9 million (2023: \u00a31.0 million) and gross outstanding banking loans of \u00a3nil (2023: \u00a30.1 million). A number of the Group\u02bcs 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\u02bcs transactions with the pension funds are described in note 29. At 31 December 2024, no amounts were outstanding with either the Laurence Keen Scheme or the Rathbone 1987 Scheme (2023: none). As a result of the IW&I transaction on 21 September 2023, Rathbones Group Plc is an associate of Investec Bank plc. Investec Bank plc currently provide services to Rathbones Group Plc under a Transitional Services Agreement (TSA), entered into on acquisition of IW&I. In April 2024 an Outsourced Service Agreement (OSA) was established. As at 31 December 2024 there was a gross payable balance with Investec Bank plc of \u00a312.6 million (2023: \u00a38.3 million) which is predominately related to IW&I employee salary costs and associated payroll taxes which are outsourced to Investec Bank plc under the TSA. A gross receivable of \u00a36.4 million has been recognised at year-end, predominately attributable to the recognition of \u00a35.1 million of consideration receivable by the Group from Investec Bank plc under the terms of the acquisition agreement (note 2). IW&I also has a small number of legacy client related arrangements with Investec Bank plc. The total expense recognised with respect to Investec Bank plc in the period is as follows:
2024
2023
\u00a3m
\u00a3m
Expense incurred under TSA
10.7
4.8
Expense incurred under OSA
13.4
\u2013
Expenses incurred on behalf of clients
0.5
\u2013
24.6
4.8
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 at 31 December 2024 are as follows;
2024
2023
\u00a3m
\u00a3m
Research fees
0.2
0.3
Property fees
0.4
0.1
0.6
0.4
One Group subsidiary, Rathbones Asset Management Limited, has authority to manage the investments within a number of unit trusts. During 2024, the Group managed 28 unit trusts, Soci\u00e9t\u00e9s d\u02bcInvestissement \u00e0 Capital Variable (SICAVs) and open-ended investment companies (OEICs) (together, \u02bbcollectives\u02bc) (2023: 28 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\u02bcs interest in the unit trusts:
2024
2023
Year ended 31 December
Note
\u00a3m
\u00a3m
Total management fees
82.7
69.6
2024
2023
As at 31 December
\u00a3m
\u00a3m
Management fees owed to the Group
7.2
6.5
7.2
6.5
Total management fees are included within \u02bbfee and commission income\u02bc in the consolidated statement of comprehensive income. Management fees owed to the Group are included within \u02bbaccrued income\u02bc. 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-441": { "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\u02bcs directors and other members of senior management who are responsible for planning, directing and controlling the activities of the Group, is set out below. In the current year, as part of a review of individuals defined as senior management for the group, the prior year disclosure has been restated. The result of the restatement has been to decrease short-term employee benefits by \u00a35.6 million, decrease other long-term benefits by \u00a31.5 million and decrease share based payments by \u00a30.1 million for 2023. Gains on options exercised by directors during the year totalled \u00a3nil (2023: \u00a3nil). Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u02bc remuneration report on page 127.
2024
2023 (restated)
\u00a3m
\u00a3m
Short-term employee benefits
8.4
7.6
Other long-term benefits
(0.1)
(0.2)
Share-based payments
2.4
2.5
10.7
9.9
Dividends totalling \u00a30.2 million were paid in the year (2023: \u00a30.3 million) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2024, key management personnel and their close family members had gross outstanding deposits of \u00a30.9 million (2023: \u00a31.0 million) and gross outstanding banking loans of \u00a3nil (2023: \u00a30.1 million). A number of the Group\u02bcs 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-398": { "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\u02bcs directors and other members of senior management who are responsible for planning, directing and controlling the activities of the Group, is set out below. In the current year, as part of a review of individuals defined as senior management for the group, the prior year disclosure has been restated. The result of the restatement has been to decrease short-term employee benefits by \u00a35.6 million, decrease other long-term benefits by \u00a31.5 million and decrease share based payments by \u00a30.1 million for 2023. Gains on options exercised by directors during the year totalled \u00a3nil (2023: \u00a3nil). Further information about the remuneration of individual Directors is provided in the audited part of the Directors\u02bc remuneration report on page 127.
2024
2023 (restated)
\u00a3m
\u00a3m
Short-term employee benefits
8.4
7.6
Other long-term benefits
(0.1)
(0.2)
Share-based payments
2.4
2.5
10.7
9.9
Dividends totalling \u00a30.2 million were paid in the year (2023: \u00a30.3 million) in respect of ordinary shares held by key management personnel and their close family members. At 31 December 2024, key management personnel and their close family members had gross outstanding deposits of \u00a30.9 million (2023: \u00a31.0 million) and gross outstanding banking loans of \u00a3nil (2023: \u00a30.1 million). A number of the Group\u02bcs 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\u02bcs transactions with the pension funds are described in note 29. At 31 December 2024, no amounts were outstanding with either the Laurence Keen Scheme or the Rathbone 1987 Scheme (2023: none). As a result of the IW&I transaction on 21 September 2023, Rathbones Group Plc is an associate of Investec Bank plc. Investec Bank plc currently provide services to Rathbones Group Plc under a Transitional Services Agreement (TSA), entered into on acquisition of IW&I. In April 2024 an Outsourced Service Agreement (OSA) was established. As at 31 December 2024 there was a gross payable balance with Investec Bank plc of \u00a312.6 million (2023: \u00a38.3 million) which is predominately related to IW&I employee salary costs and associated payroll taxes which are outsourced to Investec Bank plc under the TSA. A gross receivable of \u00a36.4 million has been recognised at year-end, predominately attributable to the recognition of \u00a35.1 million of consideration receivable by the Group from Investec Bank plc under the terms of the acquisition agreement (note 2). IW&I also has a small number of legacy client related arrangements with Investec Bank plc. The total expense recognised with respect to Investec Bank plc in the period is as follows:
2024
2023
\u00a3m
\u00a3m
Expense incurred under TSA
10.7
4.8
Expense incurred under OSA
13.4
\u2013
Expenses incurred on behalf of clients
0.5
\u2013
24.6
4.8
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 at 31 December 2024 are as follows;
2024
2023
\u00a3m
\u00a3m
Research fees
0.2
0.3
Property fees
0.4
0.1
0.6
0.4
One Group subsidiary, Rathbones Asset Management Limited, has authority to manage the
investments within a number of unit trusts. During 2024, the Group managed 28 unit trusts,
Soci\u00e9t\u00e9s d\u02bcInvestissement \u00e0 Capital Variable (SICAVs) and open-ended investment companies
(OEICs) (together, \u02bbcollectives\u02bc) (2023: 28 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\u02bcs interest in the unit trusts:
2024
2023
Year ended 31 December
Note
\u00a3m
\u00a3m
Total management fees
82.7
69.6
2024
2023
As at 31 December
\u00a3m
\u00a3m
Management fees owed to the Group
7.2
6.5
7.2
6.5
Total management fees are included within \u02bbfee and commission income\u02bc in the consolidated
statement of comprehensive income.
Management fees owed to the Group are included within \u02bbaccrued income\u02bc.
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-399": { "value": "37 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:
2024
2023
Note
\u00a3m
\u00a3m
Cash and balances at central banks
14
1,166.0
1,036.0
Loans and advances to banks
15
293.2
266.9
At 31 December
1,459.2
1,302.9
Mandatory reserve deposits of \u00a3nil (2023: \u00a32.3 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:
2024
2023
Note
\u00a3m
\u00a3m
Share capital issued
30
0.1
2.2
Share premium on shares issued
30
5.5
2.3
Merger reserve on shares issued
30
\u2013
747.4
Shares issued in relation to share-based schemes and business
combinations for which no cash consideration was received
\u2013
(751.9)
Proceeds from issue of share capital
5.6
\u2013
Shares repurchased and placed into own shares
31
(22.0)
(16.0)
Net issue/(repurchase) of ordinary shares
(16.4)
(16.0)
During the year, \u00a322.0 million (2023: \u00a316.0 million) of shares were repurchased and recognised within the Group\u02bcs own shares.
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 2024
39.9
74.9
114.8
317.7
768.8
263.7
1,350.2
1,465.0
Changes from financing cash flows
Proceeds from issue of share capital
\u2013
\u2013
\u2013
5.6
\u2013
\u2013
5.6
5.6
Payments for share repurchases
\u2013
\u2013
\u2013
\u2013
(22.0)
\u2013
(22.0)
(22.0)
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(56.9)
(56.9)
(56.9)
Interest charge
(2.3)
(2.8)
(5.1)
\u2013
\u2013
\u2013
\u2013
(5.1)
Payment for lease liabilities
\u2013
(9.7)
(9.7)
\u2013
\u2013
\u2013
\u2013
(9.7)
Payment on exit of property leases
\u2013
(11.2)
(11.2)
\u2013
\u2013
\u2013
\u2013
(11.2)
Total financing cash flows
(2.3)
(23.7)
(26.0)
5.6
(22.0)
(56.9)
(73.3)
(99.3)
Total non-cash movements
2.3
(6.4)
(4.1)
\u2013
9.5
73.0
82.5
78.4
At 31 December 2024
39.9
44.8
84.7
323.3
756.3
279.8
1,359.4
1,444.1
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
297.2
634.8
725.2
\u2013
Changes from financing cash flows
 \u2013
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
317.7
768.8
263.7
1,350.2
1,465.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-442": { "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 2024
39.9
74.9
114.8
317.7
768.8
263.7
1,350.2
1,465.0
Changes from financing cash flows
Proceeds from issue of share capital
\u2013
\u2013
\u2013
5.6
\u2013
\u2013
5.6
5.6
Payments for share repurchases
\u2013
\u2013
\u2013
\u2013
(22.0)
\u2013
(22.0)
(22.0)
Dividends paid
\u2013
\u2013
\u2013
\u2013
\u2013
(56.9)
(56.9)
(56.9)
Interest charge
(2.3)
(2.8)
(5.1)
\u2013
\u2013
\u2013
\u2013
(5.1)
Payment for lease liabilities
\u2013
(9.7)
(9.7)
\u2013
\u2013
\u2013
\u2013
(9.7)
Payment on exit of property leases
\u2013
(11.2)
(11.2)
\u2013
\u2013
\u2013
\u2013
(11.2)
Total financing cash flows
(2.3)
(23.7)
(26.0)
5.6
(22.0)
(56.9)
(73.3)
(99.3)
Total non-cash movements
2.3
(6.4)
(4.1)
\u2013
9.5
73.0
82.5
78.4
At 31 December 2024
39.9
44.8
84.7
323.3
756.3
279.8
1,359.4
1,444.1
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
297.2
634.8
725.2
\u2013
Changes from financing cash flows
 \u2013
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
317.7
768.8
263.7
1,350.2
1,465.0
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-400": { "value": "
38 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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-443": { "value": "44 INVESTMENTS IN SUBSIDIARIES
Equities
\u00a3m
At 1 January 2023
 421.5
Additions
 751.9
At 1 January 2024
 1,173.4
Additions
 54.8
At 31 December 2024
 1,228.2
The additions in the current year of \u00a354.8 million relate to two separate share subscriptions of one ordinary share of 1p each by the company in its subsidiary, CastleCo Limited. The additions in the prior year of \u00a3751.9 million relate to the acquisition of Investec Wealth & Investment (see note 8). During the year, the company\u02bcs subsidiary, Rathbones Investment Management Limited (RIM), acquired the trade and assets of its sister company, Saunderson House Limited (SHL) at the carrying values in the transferor\u02bcs financial statements. This led to a transfer of the company\u02bcs investment in SHL of \u00a3140.9 million to an investment in RIM. The net impact on the company\u02bcs total cost of investment in subsidiaries from this transaction was \u00a3nil. 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 (2023: \u00a3nil).
EQUITIES
At 31 December 2024, the company\u02bcs subsidiary undertakings, which have all been included in the
Group\u02bcs financial statements, were as follows:
Company
registration
Subsidiary undertaking
Activity and operation number
Rathbones Investment Management Limited
Investment management and 1448919
banking services
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
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 940473
investment management
CastleCo Limited
Non-trading
130602
Company
registration
Subsidiary undertaking
Activity and operation number
HouseCo Limited
Non-trading
130603
CabinCo Limited
Non-trading
130601
CottageCo Limited
Non-trading
131144
Investec Wealth & Investment Limited
Investment management
2122340
Bell Nominees Limited (In Liquidation)
Non-trading
00625232
Investment Administration Nominees Limited (In
Liquidation)
Non-trading
02075505
R. & R. Nominees Limited (In Liquidation)
Non-trading
00790828
Tudor Nominees Limited (In Liquidation)
Non-trading
02016278
Carr PEP Nominees Limited (In Liquidation)
Non-trading
02560336
Ferlim Nominees Limited
Corporate nominee
01022478
Murray Asset Management UK Limited
Non-trading
09447298
Castle Street Nominees UK Limited
Corporate nominee
09329323
Murray Asset Nominees UK Limited
Corporate nominee
09329081
Click Nominees Limited (In Liquidation)
Non-trading
03276308
PEP Services (Nominees) Limited (In Liquidation)
Non-trading
02368386
Murray Asset Management Limited
Non-trading
SC173493
Murray Investment Management Limited
Non-trading
SC173492
Murray Asset Nominees Limited
Corporate nominee
SC196715
Spring Nominees Limited
Non-trading
01747036
Anston Trustees Limited
Non-trading
02826318
Carr Investment Services Nominees Limited (In
Liquidation)
Non-trading
02620560
Investec Wealth & Investment Trustees Limited
Trustee Company
02243919
Rensburg Client Nominees Limited
Corporate nominee
02020824
Scarwood Nominees Limited (In Liquidation)
Non-trading
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 2024
The registered office for all subsidiary undertakings is 30 Gresham Street, London, England EC2V
7QN except for the following:
Subsidiary undertaking
Registered office
Rathbones Investment Management Limited
Port of Liverpool Building, Pier Head, Liverpool L3 1NW
Rathbones Investment Management
25-26 Esplanade, St Helier, Jersey JE1 2RB
International 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
CastleCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
HouseCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
CabinCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
CottageCo Limited
Aztec Group House, IFC6, The Esplanade, 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
Bell Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Investment Administration Nominees Limited
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
(In Liquidation)
R. & R. Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Tudor Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Carr PEP Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Subsidiary undertaking
Registered office
Click Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
PEP Services (Nominees) Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Murray Asset Management Limited
10 George Street, Edinburgh EH2 2PF
Murray Investment Management Limited
10 George Street, Edinburgh EH2 2PF
Murray Asset Nominees Limited
10 George Street, Edinburgh EH2 2PF
Carr Investment Services Nominees Limited (In
Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Scarwood Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Castle Street Nominees Limited
10 George Street, Edinburgh EH2 2PF
Hero Nominees Limited
Unit 2, Upper House, 16-20 Smith Street, St Peter
Port, GY1 2JQ, Guernsey
Investec Wealth & Investment (Channel Islands)
Upper House, 16-20 Smith Street, St Peter Port, GY1
Limited
2JQ, Guernsey
Torch Nominees Limited
Upper House, 16-20 Smith Street, St Peter Port, GY1
2JQ, Guernsey
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-464": { "value": "44 INVESTMENTS IN SUBSIDIARIES
Equities
\u00a3m
At 1 January 2023
 421.5
Additions
 751.9
At 1 January 2024
 1,173.4
Additions
 54.8
At 31 December 2024
 1,228.2
The additions in the current year of \u00a354.8 million relate to two separate share subscriptions of one ordinary share of 1p each by the company in its subsidiary, CastleCo Limited. The additions in the prior year of \u00a3751.9 million relate to the acquisition of Investec Wealth & Investment (see note 8). During the year, the company\u02bcs subsidiary, Rathbones Investment Management Limited (RIM), acquired the trade and assets of its sister company, Saunderson House Limited (SHL) at the carrying values in the transferor\u02bcs financial statements. This led to a transfer of the company\u02bcs investment in SHL of \u00a3140.9 million to an investment in RIM. The net impact on the company\u02bcs total cost of investment in subsidiaries from this transaction was \u00a3nil. 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 (2023: \u00a3nil). EQUITIES At 31 December 2024, the company\u02bcs subsidiary undertakings, which have all been included in the Group\u02bcs financial statements, were as follows:
Company
registration
Subsidiary undertaking
Activity and operation number
Rathbones Investment Management Limited
Investment management and 1448919
banking services
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
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 940473
investment management
CastleCo Limited
Non-trading
130602
Company
registration
Subsidiary undertaking
Activity and operation number
HouseCo Limited
Non-trading
130603
CabinCo Limited
Non-trading
130601
CottageCo Limited
Non-trading
131144
Investec Wealth & Investment Limited
Investment management
2122340
Bell Nominees Limited (In Liquidation)
Non-trading
00625232
Investment Administration Nominees Limited (In
Liquidation)
Non-trading
02075505
R. & R. Nominees Limited (In Liquidation)
Non-trading
00790828
Tudor Nominees Limited (In Liquidation)
Non-trading
02016278
Carr PEP Nominees Limited (In Liquidation)
Non-trading
02560336
Ferlim Nominees Limited
Corporate nominee
01022478
Murray Asset Management UK Limited
Non-trading
09447298
Castle Street Nominees UK Limited
Corporate nominee
09329323
Murray Asset Nominees UK Limited
Corporate nominee
09329081
Click Nominees Limited (In Liquidation)
Non-trading
03276308
PEP Services (Nominees) Limited (In Liquidation)
Non-trading
02368386
Murray Asset Management Limited
Non-trading
SC173493
Murray Investment Management Limited
Non-trading
SC173492
Murray Asset Nominees Limited
Corporate nominee
SC196715
Spring Nominees Limited
Non-trading
01747036
Anston Trustees Limited
Non-trading
02826318
Carr Investment Services Nominees Limited (In
Liquidation)
Non-trading
02620560
Investec Wealth & Investment Trustees Limited
Trustee Company
02243919
Rensburg Client Nominees Limited
Corporate nominee
02020824
Scarwood Nominees Limited (In Liquidation)
Non-trading
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 2024 The registered office for all subsidiary undertakings is 30 Gresham Street, London, England EC2V 7QN except for the following:
Subsidiary undertaking
Registered office
Rathbones Investment Management Limited
Port of Liverpool Building, Pier Head, Liverpool L3 1NW
Rathbones Investment Management
25-26 Esplanade, St Helier, Jersey JE1 2RB
International 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
CastleCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
HouseCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
CabinCo Limited
Aztec Group House, IFC6, The Esplanade, Jersey, JE4
0QH
CottageCo Limited
Aztec Group House, IFC6, The Esplanade, 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
Bell Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Investment Administration Nominees Limited
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
(In Liquidation)
R. & R. Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Tudor Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Carr PEP Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Subsidiary undertaking
Registered office
Click Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
PEP Services (Nominees) Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Murray Asset Management Limited
10 George Street, Edinburgh EH2 2PF
Murray Investment Management Limited
10 George Street, Edinburgh EH2 2PF
Murray Asset Nominees Limited
10 George Street, Edinburgh EH2 2PF
Carr Investment Services Nominees Limited (In
Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Scarwood Nominees Limited (In Liquidation)
The Wooden Barn, Little Baldon, Oxford, OX44 9PU
Castle Street Nominees Limited
10 George Street, Edinburgh EH2 2PF
Hero Nominees Limited
Unit 2, Upper House, 16-20 Smith Street, St Peter
Port, GY1 2JQ, Guernsey
Investec Wealth & Investment (Channel Islands)
Upper House, 16-20 Smith Street, St Peter Port, GY1
Limited
2JQ, Guernsey
Torch Nominees Limited
Upper House, 16-20 Smith Street, St Peter Port, GY1
2JQ, Guernsey
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": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-346": { "value": "Rathbones Group Plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } }, "fact-9": { "value": "Rathbones Group Plc 30 Gresham Street London EC2V 7QN", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800MBTHM6UE8ZQP29", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00" } } } }