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1 General information
AJ Bell plc (the \u2018Company\u2019) is the Parent Company of the AJ Bell group of companies (together the \u2018Group\u2019). The Group provides
investment administration, dealing and custody services. The nature of the Group\u2019s operations and its principal activities are set out
in the Strategic report and the Directors\u2019 report.
The Company is a public limited company which is listed on the Main Market of the London Stock Exchange and incorporated and
domiciled in the United Kingdom. The Company\u2019s number is 04503206 and the registered office is 4 Exchange Quay, Salford Quays,
Manchester, M5 3EE. A list of investments in subsidiaries, including the name, country of incorporation, registered office, and proportion
of ownership is given in note 6 of the Company\u2019s separate financial statements.
The consolidated financial statements were approved by the Board on 6 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-4": { "value": "AJ Bell plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-243": { "value": "AJ Bell plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-5": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-244": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-6": { "value": "4 Exchange Quay, Salford Quays, Manchester, M5 3EE", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-245": { "value": "2 Significant accounting policies Basis of accounting The consolidated financial statements of AJ Bell plc have been prepared in accordance with UK-adopted International Financial Reporting Standards. The financial statements are prepared on the historical cost basis and prepared on a going concern basis. They are presented in sterling, which is the currency of the primary economic environment in which the Group operates, rounded to the nearest thousand. The accounting policies have been applied consistently to all periods presented in these financial statements and by all Group entities, unless otherwise stated. Changes to International Reporting Standards Interpretations and standards which became effective during the year: The following amendments and interpretations became effective during the year. Their adoption has not had any significant impact on the Group. Effective from IAS 37 Onerous Contracts: Cost of Fulfilling a Contract (Amendments) 1 January 2022 IAS 16 Property, Plant and Equipment: Proceeds before intended use (Amendments) 1 January 2022 Annual Improvements to IFRS Standards 2018-2020 1 January 2022 IFRS 3 Reference to the Conceptual Framework (Amendments) 1 January 2022 Interpretations and standards in issue but not yet effective The Group has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries) made up to 30 September each year. The Group controls an entity when it is exposed to, or it 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. The Group reassesses whether it controls an entity if facts and circumstances indicate there are changes to one or more elements of control. The results of a subsidiary undertaking are included in the consolidated financial statements from the date the control commences until the date that control ceases. All intercompany transactions, balances, income and expenses are eliminated on consolidation. 2.1 Going concern The Group\u2019s business activities, together with its financial position and the factors likely to affect its future development and performance are set out in the Strategic report on pages 1 to 69 and the Directors\u2019 report on pages 122 to 124. Note 25 includes the Group\u2019s policies and processes for managing exposure to credit and liquidity risk. The Group\u2019s forecasts and objectives, considering a number of potential changes in trading conditions, show that the Group should be able to operate at adequate levels of both liquidity and capital for at least 12 months from the date of signing this report. The Directors have performed a number of stress tests, covering a significant reduction in equity market values, a fall in the Bank of England base interest rate leading to a lower interest rate retained on customer cash balances, and a further Group-specific idiosyncratic stress relating to a scenario whereby prolonged IT issues cause a reduction in customers. Further detail of the forecasts and stress test scenarios are set out in the Viability statement on page 69. These scenarios provide assurance that the Group has sufficient capital and liquidity to operate under stressed conditions. Consequently, after making reasonable enquiries, the Directors are satisfied that the Group has sufficient financial resources to continue in business for at least 12 months from the date of signing the report and therefore have continued to adopt the going concern basis in preparing the financial statements. 2.2 Business combinations A business combination is recognised where separate entities or businesses have been acquired by the Group. The acquisition method of accounting is used to account for the business combinations made by the Group. The cost of a business combination is measured at the aggregate of the fair values (at the date of exchange), of assets given, liabilities incurred or assumed and equity instruments issued by the Group in exchange for control of the acquired entity. Where the consideration includes a contingent consideration arrangement, the contingent consideration is measured at its acquisition date fair value and included as part of the cost of the acquisition. 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 are charged to the income statement, except for obligations that are classified as equity, which are not re-measured. Where consideration is dependent on continued employment within the business this is treated as a separate transaction as post-acquisition remuneration. Acquisition related costs are expensed as incurred in the income statement, except if related to the issue of debt or equity securities. Identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair values at the acquisition date. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets acquired is recorded as goodwill. If this is less than the fair value of the Group\u2019s share of the identifiable net assets of the subsidiary acquired, the difference is taken immediately to the income statement. 2.3 Segmental reporting The Group determines and presents operating segments based on the information that is provided internally to the Board, which is the Group\u2019s Chief Operating Decision Maker (CODM). In assessing the Group\u2019s operating segments the Directors have considered the nature of the services provided, product offerings, customer bases, operating model and distribution channels amongst other factors. The Directors concluded there is a single segment as it operates with a single operating model; operations, support and technology costs are managed and reported centrally to the CODM. A description of the services provided is given within note 4. 2.4 Revenue recognition Revenue represents fees receivable from investment administration and dealing and custody services for both client assets and client money. Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when it transfers control over a good or service to a customer. Recurring fixed Recurring fixed revenue comprises recurring administration fees and media revenue. Administration fees include fees charged in relation to the administration services provided by the Group and are recognised over time as the related service is provided. Included within administration fees are annual pension administration fees. The Group recognises revenue from such fees over time, using an input method to measure progress towards complete satisfaction of a single performance obligation. The Group determined that the input method is the best method in measuring progress of the services relating to these fees because there is a direct relationship between the Group\u2019s effort (i.e. labour hours incurred) and the transfer of service to the customer. The Group recognises revenue on the basis of the labour hours expended relative to the total expected labour hours to complete the service. Certain pension administration fees are received in arrears or in advance. Where revenue is received in arrears for an ongoing service, the proportion of the income relating to services provided but not yet received is accrued. This is recognised as accrued income until the revenue is received. Where revenue is received in advance for an ongoing service, the proportion of the income relating to services that have not yet been provided is deferred. This is recognised as deferred income until the services have been provided. Media revenue includes advertising, subscriptions, events and award ceremony and corporate solutions contracts. Subscriptions and corporate solutions revenue is recognised evenly over the period in which the related service is provided. Advertising, event and award ceremony revenue is recognised in the period in which the publication is made available to customers or the event or award ceremony takes place. Recurring ad valorem Recurring ad valorem revenue comprises custody fees, retained interest income and investment management fees provided by the Group and is recognised evenly over the period in which the related service is provided. Ad valorem fees include custody fees charged in relation to the holding of client assets and interest received on client money balances. Custody fees and investment management fees are accrued on a time basis by reference to the AUA. Transactional fees Transactional revenue comprises dealing fees and pension scheme activity fees. Transaction-based fees are recognised when received in accordance with the date of settlement of the underlying transaction. Other non-recurring fees are recognised in the period to which the service is rendered. Customer incentives Customer incentives paid to new retail customers are considered to be a reduction in revenue under IFRS 15. In line with IFRS 15, customer incentives to acquire new customers are offset against recurring ad valorem revenue and spread over the period which the customer is required to remain a customer in order to be eligible for the incentive. Customer incentives are paid in cash. 2.5 Share-based payments The Group operates a number of share-based payment arrangements for its employees and non-employees. These generally involve an award of share options (equity-settled share-based payments) which are measured at the fair value of the equity instrument at the date of grant. The share-based payment arrangements have conditions attached before the beneficiary becomes entitled to the award. These can be performance and/or service conditions. The total cost is recognised, together with a corresponding increase in the equity reserves, over the period in which the performance and/or service conditions are fulfilled. Costs relating to the development of internally generated intangible assets are capitalised in accordance with IAS 38. The cumulative cost recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and management\u2019s estimate of shares that will eventually vest. At the end of each reporting period, the entity revises its estimates of the number of share options expected to vest based on the non-market vesting conditions. It recognises any revision to original estimates in the income statement and to intangible assets where appropriate, with a corresponding adjustment to equity reserves. No cost is recognised for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon a market or non-vesting condition. These are treated as vested irrespective of whether or not the market or non-vesting condition is satisfied, provided that all other performance and/or service conditions are satisfied. The cost of equity-settled awards is determined by the fair value at the date when the grant is made using an appropriate valuation model or the market value discounted to its net present value, further details of which are given in note 24. The expected life applied in the model has been adjusted based on management\u2019s best estimate for the effects of non-transferability, exercise restrictions and behavioural considerations. 2.6 Investment income Investment income comprises the returns generated on corporate cash at banks and short-term highly-liquid investments. Investment income is recognised in the income statement as it accrues, using the effective interest rate method . 2.7 Finance costs Finance costs comprise interest incurred on lease liabilities recognised under IFRS 16. Finance costs are recognised in the income statement using the effective interest rate method. 2.8 Taxation The tax expense represents the sum of the current tax payable and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years, using tax rates enacted or substantively enacted at the reporting date. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised if the temporary difference arises from: \u2022 the initial recognition of goodwill; or \u2022 investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable they will not reverse in the foreseeable future; or \u2022 the initial recognition of an asset and liability in a transaction other than a business combination that, at the time of the transaction, affects neither the accounting nor taxable profit or loss. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that taxable profits will be available in the future, against which deductible temporary differences can be utilised. Recognised and unrecognised deferred tax assets are reassessed at each reporting date. The principal temporary differences arise from accelerated capital allowances, provisions for share-based payments and unutilised losses. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and 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. 2.9 Dividends Dividend distributions to the Company\u2019s shareholders are recognised in the period in which the dividends are declared and paid. The final dividend is approved by the Company\u2019s shareholders at the Annual General Meeting. 2.10 Goodwill Goodwill arising on consolidation represents the difference between the consideration transferred and the fair value of net assets acquired of the subsidiary at the date of acquisition. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately through the income statement and is not subsequently reversed. For the purposes of impairment testing goodwill acquired in a business combination is allocated to the cash generating unit (CGU) expecting to benefit from the synergies of the combination. CGUs to which goodwill has been allocated are reviewed annually or more frequently when there is an indication that the goodwill relating to that CGU may have been impaired. If the recoverable amount from the CGU is less than the carrying amount of the assets present on the consolidated statement of financial position forming that CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the assets forming that CGU and then to the assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. 2.11 Intangible assets (excluding goodwill) Intangible assets comprise computer software and mobile applications, and the Group\u2019s Key Operating Systems (KOS). These are stated at cost less amortisation and any recognised impairment loss. Amortisation is charged on all intangible assets excluding goodwill and assets under construction at rates to write off the cost or valuation, less estimated residual value, of each asset evenly using a straight- line method over its estimated useful economic life as follows: Computer software and mobile applications 3-4 years KOS 15 years KOS enhancements Over the remaining life of the KOS The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than the recoverable amount. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement immediately. 2.12 Internally-generated intangible assets An internally-generated asset arising from work performed by the Group is recognised only when the following criteria can be demonstrated: \u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale; \u2022 the intention to complete the intangible asset and use or sell it; \u2022 the ability to use or sell the intangible asset; \u2022 how the intangible asset will generate probable future economic benefits; \u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and \u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development. The amount initially recognised for internally-generated intangible assets is the sum of expenditure incurred from the date when the asset first meets the recognition criteria listed above. Development expenditure that does not meet the criteria is recognised as an expense in the period which it is incurred. Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Assets under construction are not amortised until the asset is operational and available for use. Expenditure on research activities is recognised as an expense in the period in which it is incurred. 2.13 Property, plant and equipment All property, plant and equipment is stated at cost, which includes directly attributable acquisition costs, less accumulated depreciation and any recognised impairment losses. Depreciation is charged on all property, plant and equipment, except assets under construction, at rates to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful economic life as follows: Leasehold improvements Over the life of the lease Office equipment 4 years Computer equipment 3-5 years The assets\u2019 estimated useful lives, depreciation rates and residual values are reviewed, and adjusted if appropriate at the end of each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than the recoverable amount. Assets under construction relate to capital expenditure on assets not yet in use by the Group and are therefore not depreciated. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement immediately. 2.14 Leased assets and lease liabilities Leases (i) Right-of-use assets The Group recognises right-of-use assets at the commencement date of the leases. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Depreciation is applied in accordance with IAS 16: Property, Plant and Equipment. Right-of-use assets are depreciated over the lease term. Right-of-use assets are subject to impairment. (ii) Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments less any lease incentives receivable. In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the addition of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is re-measured if there is a modification, a change in the lease term, a change in the fixed lease payments or a change in the assessment to purchase the underlying asset. 2.15 Impairment of intangible assets (excluding goodwill), property, plant and equipment and leased assets At each reporting date the Group reviews the carrying amount of its intangible assets, property, plant and equipment and leased assets to determine whether there is any indication that those assets have suffered impairment. If such an indication exists then the recoverable amount of that particular asset is estimated. An impairment test is performed for an individual asset unless it belongs to a CGU, in which case the present value of the net future cash flows generated by the CGU is tested. A CGU is the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or of groups of other assets. An intangible asset with an indefinite useful life or an intangible asset not yet available for use is tested for impairment annually and whenever there is an indication that the asset may be impaired. The recoverable amount is the higher of its fair value less costs to sell and its value-in-use. In assessing its value-in-use, the estimated net future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU in which the asset sits is estimated to be lower than the carrying value, then the carrying amount is reduced to the recoverable amount. An impairment loss is recognised immediately in the income statement as an expense. An impairment loss is reversed only if subsequent events reverse the effect of the original event which caused the recognition of the impairment. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment reversal is recognised in the income statement immediately . 2.16 Retirement benefit costs The Group makes payments into the personal pension schemes of certain employees as part of their overall remuneration package. Contributions are recognised in the income statement as they are payable. The Group also contributes to employees\u2019 stakeholder pension schemes. The assets of the scheme are held separately from those of the Group in independently-administered funds. Any amount charged to the income statement represents the contribution payable to the scheme in respect of the period to which it relates. 2.17 Provisions 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 the Group will be required to settle that obligation. The amount recognised as a provision is the Directors\u2019 best estimate of the consideration required to settle that obligation at the reporting date and is discounted to present value where the effect is material. 2.18 Levies The Group applies the guidance provided in IFRIC 21 to levies issued under the Financial Services Compensation Scheme. The interpretation clarifies that an entity should recognise a liability when it conducts the activity that triggers the payment of the levy under law or regulation. 2.19 Financial instruments Financial assets and liabilities are recognised in the statement of financial position when a member of the Group becomes party to the contractual provisions of the instrument. Financial assets Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow characteristics of the asset. All financial assets are classified at amortised cost. Financial assets at amortised cost The Group\u2019s financial assets at amortised cost comprise trade receivables, loans, other receivables and cash and cash equivalents. Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial assets measured at amortised cost, with the exception of cash and cash equivalents, as all financial assets at amortised cost are short- term receivables and the recognition of interest would be immaterial. Financial assets are derecognised when the contractual right to the cash flows from the asset expire. Trade and other receivables Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to meet settlement obligations. Cash and cash equivalents Cash and cash equivalents include cash in hand, on demand deposits with banks and other short-term highly-liquid investments with original maturities of three months or less, or those over which the Group has an immediate right of recall. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position. Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past due by more than 90 days, or when the value of a client\u2019s receivable balance exceeds the value of the assets they hold with AJ Bell. The expected loss rates are based on the payment profiles of sales over a period of 12 months before 30 September 2023 and the corresponding historical credit losses experienced within this period. The carrying amount of the financial assets is reduced by the use of a provision. When a trade receivable is considered uncollectable, it is written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the provision are recognised in the income statement. Financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into. Lease liabilities Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the lease term. Other financial liabilities The Group\u2019s other financial liabilities comprised borrowings and trade and other payables. Other financial liabilities are initially measured at fair value, net of transaction costs. They are subsequently carried at amortised cost using the effective interest rate method. A financial liability is derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. Trade and other payables Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at amortised cost using the effective interest method. 2.20 Employee benefit trust The employee benefit trusts provide for the granting of shares, principally under share option schemes. AJ Bell plc is considered to have control of the trusts and so the assets and liabilities of the trusts are recognised as those of AJ Bell plc. Shares of AJ Bell plc held by the trusts are treated as \u2018own shares\u2019 held and shown as a deduction from equity. Subsequent consideration received for the sale of such shares is also recognised in equity, with any difference between the sales proceeds and original cost being taken to equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-247": { "value": "
Basis of accounting
The consolidated financial statements of AJ Bell plc have been prepared in accordance with UK-adopted International Financial
Reporting Standards.
The financial statements are prepared on the historical cost basis and prepared on a going concern basis. They are presented in sterling,
which is the currency of the primary economic environment in which the Group operates, rounded to the nearest thousand.
The accounting policies have been applied consistently to all periods presented in these financial statements and by all Group entities,
unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-291": { "value": "The consolidated financial statements of AJ Bell plc have been prepared in accordance with UK-adopted International Financial Reporting Standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-292": { "value": "The financial statements are prepared on the historical cost basis and prepared on a going concern basis. They are presented in sterling, which is the currency of the primary economic environment in which the Group operates, rounded to the nearest thousand. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-293": { "value": "
Interpretations and standards which became effective during the year:
The following amendments and interpretations became effective during the year. Their adoption has not had any significant impact on
the Group.
Effective from
IAS 37 Onerous Contracts: Cost of Fulfilling a Contract (Amendments) 1 January 2022
IAS 16 Property, Plant and Equipment: Proceeds before intended use (Amendments) 1 January 2022
Annual Improvements to IFRS Standards 2018-2020 1 January 2022
IFRS 3 Reference to the Conceptual Framework (Amendments) 1 January 2022
", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-248": { "value": "
Basis of consolidation
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its
subsidiaries) made up to 30 September each year. The Group controls an entity when it is exposed to, or it 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. The Group reassesses
whether it controls an entity if facts and circumstances indicate there are changes to one or more elements of control. The results of a
subsidiary undertaking are included in the consolidated financial statements from the date the control commences until the date that
control ceases.
All intercompany transactions, balances, income and expenses are eliminated on consolidation.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-249": { "value": "
2.1 Going concern
The Group\u2019s business activities, together with its financial position and the factors likely to affect its future development and performance
are set out in the Strategic report on pages 1 to 69 and the Directors\u2019 report on pages 122 to 124. Note 25 includes the Group\u2019s policies
and processes for managing exposure to credit and liquidity risk.
The Group\u2019s forecasts and objectives, considering a number of potential changes in trading conditions, show that the Group should be
able to operate at adequate levels of both liquidity and capital for at least 12 months from the date of signing this report. The Directors
have performed a number of stress tests, covering a significant reduction in equity market values, a fall in the Bank of England base
interest rate leading to a lower interest rate retained on customer cash balances, and a further Group-specific idiosyncratic stress relating
to a scenario whereby prolonged IT issues cause a reduction in customers. Further detail of the forecasts and stress test scenarios are set
out in the Viability statement on page 69. These scenarios provide assurance that the Group has sufficient capital and liquidity to operate
under stressed conditions.
Consequently, after making reasonable enquiries, the Directors are satisfied that the Group has sufficient financial resources to continue
in business for at least 12 months from the date of signing the report and therefore have continued to adopt the going concern basis in
preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-250": { "value": "
2.2 Business combinations
A business combination is recognised where separate entities or businesses have been acquired by the Group. The acquisition method of
accounting is used to account for the business combinations made by the Group. The cost of a business combination is measured at the
aggregate of the fair values (at the date of exchange), of assets given, liabilities incurred or assumed and equity instruments issued by the
Group in exchange for control of the acquired entity. Where the consideration includes a contingent consideration arrangement, the
contingent consideration is measured at its acquisition date fair value and included as part of the cost of the acquisition. 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 are charged to the income statement, except for obligations that are
classified as equity, which are not re-measured. Where consideration is dependent on continued employment within the business this is
treated as a separate transaction as post-acquisition remuneration.
Acquisition related costs are expensed as incurred in the income statement, except if related to the issue of debt or equity securities.
Identifiable assets acquired and liabilities and contingent liabilities assumed in the business combination are measured initially at their fair
values at the acquisition date. The excess of the cost of acquisition over the fair value of the Group\u2019s share of the identifiable net assets
acquired is recorded as goodwill. If this is less than the fair value of the Group\u2019s share of the identifiable net assets of the subsidiary
acquired, the difference is taken immediately to the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-251": { "value": "
2.3 Segmental reporting
The Group determines and presents operating segments based on the information that is provided internally to the Board, which is the
Group\u2019s Chief Operating Decision Maker (CODM). In assessing the Group\u2019s operating segments the Directors have considered the nature
of the services provided, product offerings, customer bases, operating model and distribution channels amongst other factors. The
Directors concluded there is a single segment as it operates with a single operating model; operations, support and technology costs
are managed and reported centrally to the CODM. A description of the services provided is given within note 4.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-252": { "value": "
2.4 Revenue recognition
Revenue represents fees receivable from investment administration and dealing and custody services for both client assets and client
money. Revenue is measured based on the consideration specified in a contract with a customer. The Group recognises revenue when
it transfers control over a good or service to a customer.
Recurring fixed
Recurring fixed revenue comprises recurring administration fees and media revenue.
Administration fees include fees charged in relation to the administration services provided by the Group and are recognised over time
as the related service is provided.
Included within administration fees are annual pension administration fees. The Group recognises revenue from such fees over time,
using an input method to measure progress towards complete satisfaction of a single performance obligation. The Group determined
that the input method is the best method in measuring progress of the services relating to these fees because there is a direct
relationship between the Group\u2019s effort (i.e. labour hours incurred) and the transfer of service to the customer.
The Group recognises revenue on the basis of the labour hours expended relative to the total expected labour hours to complete
the service.
Certain pension administration fees are received in arrears or in advance. Where revenue is received in arrears for an ongoing service,
the proportion of the income relating to services provided but not yet received is accrued. This is recognised as accrued income until the
revenue is received. Where revenue is received in advance for an ongoing service, the proportion of the income relating to services that
have not yet been provided is deferred. This is recognised as deferred income until the services have been provided.
Media revenue includes advertising, subscriptions, events and award ceremony and corporate solutions contracts. Subscriptions and
corporate solutions revenue is recognised evenly over the period in which the related service is provided. Advertising, event and award
ceremony revenue is recognised in the period in which the publication is made available to customers or the event or award ceremony
takes place.
Recurring ad valorem
Recurring ad valorem revenue comprises custody fees, retained interest income and investment management fees provided by the
Group and is recognised evenly over the period in which the related service is provided.
Ad valorem fees include custody fees charged in relation to the holding of client assets and interest received on client money balances.
Custody fees and investment management fees are accrued on a time basis by reference to the AUA.
Transactional fees
Transactional revenue comprises dealing fees and pension scheme activity fees.
Transaction-based fees are recognised when received in accordance with the date of settlement of the underlying transaction.
Other non-recurring fees are recognised in the period to which the service is rendered.
Customer incentives
Customer incentives paid to new retail customers are considered to be a reduction in revenue under IFRS 15. In line with IFRS 15,
customer incentives to acquire new customers are offset against recurring ad valorem revenue and spread over the period which the
customer is required to remain a customer in order to be eligible for the incentive. Customer incentives are paid in cash.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-253": { "value": "
2.5 Share-based payments
The Group operates a number of share-based payment arrangements for its employees and non-employees. These generally involve an
award of share options (equity-settled share-based payments) which are measured at the fair value of the equity instrument at the date
of grant.
The share-based payment arrangements have conditions attached before the beneficiary becomes entitled to the award. These can be
performance and/or service conditions.
The total cost is recognised, together with a corresponding increase in the equity reserves, over the period in which the performance
and/or service conditions are fulfilled. Costs relating to the development of internally generated intangible assets are capitalised in
accordance with IAS 38. The cumulative cost recognised for equity-settled transactions at each reporting date until the vesting date
reflects the extent to which the vesting period has expired and management\u2019s estimate of shares that will eventually vest. At the end of
each reporting period, the entity revises its estimates of the number of share options expected to vest based on the non-market vesting
conditions. It recognises any revision to original estimates in the income statement and to intangible assets where appropriate, with a
corresponding adjustment to equity reserves.
No cost is recognised for awards that do not ultimately vest, except for equity-settled transactions for which vesting is conditional upon
a market or non-vesting condition. These are treated as vested irrespective of whether or not the market or non-vesting condition is
satisfied, provided that all other performance and/or service conditions are satisfied.
The cost of equity-settled awards is determined by the fair value at the date when the grant is made using an appropriate valuation
model or the market value discounted to its net present value, further details of which are given in note 24. The expected life applied
in the model has been adjusted based on management\u2019s best estimate for the effects of non-transferability, exercise restrictions and
behavioural considerations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-258": { "value": "2.6 Investment income Investment income comprises the returns generated on corporate cash at banks and short-term highly-liquid investments. Investment income is recognised in the income statement as it accrues, using the effective interest rate method ", "dimensions": { "concept": "ajbellplc:DescriptionOfAccountingPolicyForInvestmentIncome", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-254": { "value": "
2.7 Finance costs
Finance costs comprise interest incurred on lease liabilities recognised under IFRS 16. Finance costs are recognised in the income
statement using the effective interest rate method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-294": { "value": "2.7 Finance costs Finance costs comprise interest incurred on lease liabilities recognised under IFRS 16. Finance costs are recognised in the income statement using the effective interest rate method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-255": { "value": "
2.8 Taxation
The tax expense represents the sum of the current tax payable and deferred tax. Tax is recognised in the income statement except to the
extent that it relates to items recognised directly in equity, in which case it is recognised in equity.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or
receivable in respect of previous years, using tax rates enacted or substantively enacted at the reporting date.
Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes
and the amounts used for taxation purposes. Deferred tax is not recognised if the temporary difference arises from:
\u2022 the initial recognition of goodwill; or
\u2022 investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it
is probable they will not reverse in the foreseeable future; or
\u2022 the initial recognition of an asset and liability in a transaction other than a business combination that, at the time of the transaction,
affects neither the accounting nor taxable profit or loss.
Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is
probable that taxable profits will be available in the future, against which deductible temporary differences can be utilised. Recognised
and unrecognised deferred tax assets are reassessed at each reporting date.
The principal temporary differences arise from accelerated capital allowances, provisions for share-based payments and unutilised losses.
Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates
enacted or substantively enacted at the reporting date.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax
liabilities and 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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-295": { "value": "2.8 Taxation The tax expense represents the sum of the current tax payable and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to tax payable or receivable in respect of previous years, using tax rates enacted or substantively enacted at the reporting date. Deferred tax is provided on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised if the temporary difference arises from: \u2022 the initial recognition of goodwill; or \u2022 investments in subsidiaries to the extent that the Group is able to control the timing of the reversal of the temporary differences and it is probable they will not reverse in the foreseeable future; or \u2022 the initial recognition of an asset and liability in a transaction other than a business combination that, at the time of the transaction, affects neither the accounting nor taxable profit or loss. Deferred tax assets are recognised for unused tax losses, unused tax credits and deductible temporary differences to the extent that it is probable that taxable profits will be available in the future, against which deductible temporary differences can be utilised. Recognised and unrecognised deferred tax assets are reassessed at each reporting date. The principal temporary differences arise from accelerated capital allowances, provisions for share-based payments and unutilised losses. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, using tax rates enacted or substantively enacted at the reporting date. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-256": { "value": "
2.9 Dividends
Dividend distributions to the Company\u2019s shareholders are recognised in the period in which the dividends are declared and paid.
The final dividend is approved by the Company\u2019s shareholders at the Annual General Meeting.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-257": { "value": "
2.10 Goodwill
Goodwill arising on consolidation represents the difference between the consideration transferred and the fair value of net assets
acquired of the subsidiary at the date of acquisition. Goodwill is not amortised, but is reviewed at least annually for impairment.
Any impairment is recognised immediately through the income statement and is not subsequently reversed.
For the purposes of impairment testing goodwill acquired in a business combination is allocated to the cash generating unit (CGU)
expecting to benefit from the synergies of the combination. CGUs to which goodwill has been allocated are reviewed annually or more
frequently when there is an indication that the goodwill relating to that CGU may have been impaired. If the recoverable amount from
the CGU is less than the carrying amount of the assets present on the consolidated statement of financial position forming that CGU, the
impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the assets forming that CGU and then to the
assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU.
On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
2.11 Intangible assets (excluding goodwill)
Intangible assets comprise computer software and mobile applications, and the Group\u2019s Key Operating Systems (KOS). These are stated
at cost less amortisation and any recognised impairment loss. Amortisation is charged on all intangible assets excluding goodwill and
assets under construction at rates to write off the cost or valuation, less estimated residual value, of each asset evenly using a straight-
line method over its estimated useful economic life as follows:
Computer software and mobile applications 3-4 years
KOS 15 years
KOS enhancements Over the remaining life of the KOS
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than the
recoverable amount.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in the income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-296": { "value": "2.10 Goodwill Goodwill arising on consolidation represents the difference between the consideration transferred and the fair value of net assets acquired of the subsidiary at the date of acquisition. Goodwill is not amortised, but is reviewed at least annually for impairment. Any impairment is recognised immediately through the income statement and is not subsequently reversed. For the purposes of impairment testing goodwill acquired in a business combination is allocated to the cash generating unit (CGU) expecting to benefit from the synergies of the combination. CGUs to which goodwill has been allocated are reviewed annually or more frequently when there is an indication that the goodwill relating to that CGU may have been impaired. If the recoverable amount from the CGU is less than the carrying amount of the assets present on the consolidated statement of financial position forming that CGU, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the assets forming that CGU and then to the assets of the CGU pro-rata on the basis of the carrying amount of each asset in the CGU. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-297": { "value": "2.11 Intangible assets (excluding goodwill) Intangible assets comprise computer software and mobile applications, and the Group\u2019s Key Operating Systems (KOS). These are stated at cost less amortisation and any recognised impairment loss. Amortisation is charged on all intangible assets excluding goodwill and assets under construction at rates to write off the cost or valuation, less estimated residual value, of each asset evenly using a straight- line method over its estimated useful economic life as follows: Computer software and mobile applications 3-4 years KOS 15 years KOS enhancements Over the remaining life of the KOS The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than the recoverable amount. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement immediately.
2.12 Internally-generated intangible assets
An internally-generated asset arising from work performed by the Group is recognised only when the following criteria can be
demonstrated:
\u2022 the technical feasibility of completing the intangible asset so that it will be available for use or sale;
\u2022 the intention to complete the intangible asset and use or sell it;
\u2022 the ability to use or sell the intangible asset;
\u2022 how the intangible asset will generate probable future economic benefits;
\u2022 the availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible
asset; and
\u2022 the ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognised for internally-generated intangible assets is the sum of expenditure incurred from the date when the
asset first meets the recognition criteria listed above. Development expenditure that does not meet the criteria is recognised as an
expense in the period which it is incurred.
Subsequent to initial recognition, internally-generated intangible assets are reported at cost less accumulated amortisation and
accumulated impairment losses, on the same basis as intangible assets that are acquired separately. Assets under construction are not
amortised until the asset is operational and available for use.
Expenditure on research activities is recognised as an expense in the period in which it is incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-298": { "value": "
2.13 Property, plant and equipment
All property, plant and equipment is stated at cost, which includes directly attributable acquisition costs, less accumulated depreciation
and any recognised impairment losses. Depreciation is charged on all property, plant and equipment, except assets under construction,
at rates to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful
economic life as follows:
Leasehold improvements Over the life of the lease
Office equipment 4 years
Computer equipment 3-5 years
The assets\u2019 estimated useful lives, depreciation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than the
recoverable amount.
Assets under construction relate to capital expenditure on assets not yet in use by the Group and are therefore not depreciated.
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the
carrying amount of the asset and is recognised in the income statement immediately.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-259": { "value": "2.13 Property, plant and equipment All property, plant and equipment is stated at cost, which includes directly attributable acquisition costs, less accumulated depreciation and any recognised impairment losses. Depreciation is charged on all property, plant and equipment, except assets under construction, at rates to write off the cost, less estimated residual value, of each asset evenly using a straight-line method over its estimated useful economic life as follows: Leasehold improvements Over the life of the lease Office equipment 4 years Computer equipment 3-5 years The assets\u2019 estimated useful lives, depreciation rates and residual values are reviewed, and adjusted if appropriate at the end of each reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than the recoverable amount. Assets under construction relate to capital expenditure on assets not yet in use by the Group and are therefore not depreciated. The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognised in the income statement immediately. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-260": { "value": "
2.14 Leased assets and lease liabilities
Leases
(i) Right-of-use assets
The Group recognises right-of-use assets at the commencement date of the leases. Right-of-use assets are measured at cost, less any
accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use
assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the
commencement date less any lease incentives received.
Depreciation is applied in accordance with IAS 16: Property, Plant and Equipment. Right-of-use assets are depreciated over the lease term.
Right-of-use assets are subject to impairment.
(ii) Lease liabilities
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be
made over the lease term. The lease payments include fixed payments less any lease incentives receivable.
In calculating the present value of lease payments, the Group uses the incremental borrowing rate at the lease commencement date if
the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased
to reflect the addition of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is
re-measured if there is a modification, a change in the lease term, a change in the fixed lease payments or a change in the assessment to
purchase the underlying asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-261": { "value": "
2.15 Impairment of intangible assets (excluding goodwill), property, plant and equipment
and leased assets
At each reporting date the Group reviews the carrying amount of its intangible assets, property, plant and equipment and leased assets
to determine whether there is any indication that those assets have suffered impairment. If such an indication exists then the recoverable
amount of that particular asset is estimated.
An impairment test is performed for an individual asset unless it belongs to a CGU, in which case the present value of the net future cash
flows generated by the CGU is tested. A CGU is the smallest group of assets that generates cash inflows from continuing use that are
largely independent of the cash inflows of other assets or of groups of other assets. An intangible asset with an indefinite useful life or
an intangible asset not yet available for use is tested for impairment annually and whenever there is an indication that the asset may
be impaired.
The recoverable amount is the higher of its fair value less costs to sell and its value-in-use. In assessing its value-in-use, the estimated
net future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments
of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset or CGU in which the asset sits is estimated to be lower than the carrying value, then the carrying
amount is reduced to the recoverable amount. An impairment loss is recognised immediately in the income statement as an expense.
An impairment loss is reversed only if subsequent events reverse the effect of the original event which caused the recognition of the
impairment. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that
would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment reversal is
recognised in the income statement immediately .
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-325": { "value": "2.15 Impairment of intangible assets (excluding goodwill), property, plant and equipment and leased assets At each reporting date the Group reviews the carrying amount of its intangible assets, property, plant and equipment and leased assets to determine whether there is any indication that those assets have suffered impairment. If such an indication exists then the recoverable amount of that particular asset is estimated. An impairment test is performed for an individual asset unless it belongs to a CGU, in which case the present value of the net future cash flows generated by the CGU is tested. A CGU is the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or of groups of other assets. An intangible asset with an indefinite useful life or an intangible asset not yet available for use is tested for impairment annually and whenever there is an indication that the asset may be impaired. The recoverable amount is the higher of its fair value less costs to sell and its value-in-use. In assessing its value-in-use, the estimated net future pre-tax cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU in which the asset sits is estimated to be lower than the carrying value, then the carrying amount is reduced to the recoverable amount. An impairment loss is recognised immediately in the income statement as an expense. An impairment loss is reversed only if subsequent events reverse the effect of the original event which caused the recognition of the impairment. An impairment loss is reversed only to the extent that the asset\u2019s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. An impairment reversal is recognised in the income statement immediately ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-262": { "value": "
2.16 Retirement benefit costs
The Group makes payments into the personal pension schemes of certain employees as part of their overall remuneration package.
Contributions are recognised in the income statement as they are payable.
The Group also contributes to employees\u2019 stakeholder pension schemes. The assets of the scheme are held separately from those of the
Group in independently-administered funds. Any amount charged to the income statement represents the contribution payable to the
scheme in respect of the period to which it relates.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-263": { "value": "
2.17 Provisions
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 the Group will be required to settle that obligation.
The amount recognised as a provision is the Directors\u2019 best estimate of the consideration required to settle that obligation at the
reporting date and is discounted to present value where the effect is material.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-264": { "value": "
2.18 Levies
The Group applies the guidance provided in IFRIC 21 to levies issued under the Financial Services Compensation Scheme. The
interpretation clarifies that an entity should recognise a liability when it conducts the activity that triggers the payment of the levy
under law or regulation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-265": { "value": "
2.19 Financial instruments
Financial assets and liabilities are recognised in the statement of financial position when a member of the Group becomes party to the
contractual provisions of the instrument.
Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset. All financial assets are classified at amortised cost.
Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise trade receivables, loans, other receivables and cash and cash equivalents.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents, as all financial assets at amortised cost are short-
term receivables and the recognition of interest would be immaterial. Financial assets are derecognised when the contractual right to the
cash flows from the asset expire.
Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised cost
using the effective interest method, less any provision for impairment. Other receivables also represent client money required to meet
settlement obligations.
Cash and cash equivalents
Cash and cash equivalents include cash in hand, on demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less, or those over which the Group has an immediate right of recall. Where appropriate, bank
overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position.
Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for
all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on shared
credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past due by
more than 90 days, or when the value of a client\u2019s receivable balance exceeds the value of the assets they hold with AJ Bell.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 30 September 2023 and the
corresponding historical credit losses experienced within this period.
The carrying amount of the financial assets is reduced by the use of a provision. When a trade receivable is considered uncollectable, it is
written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision. Changes in
the carrying amount of the provision are recognised in the income statement.
Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the lease term.
Other financial liabilities
The Group\u2019s other financial liabilities comprised borrowings and trade and other payables. Other financial liabilities are initially measured
at fair value, net of transaction costs. They are subsequently carried at amortised cost using the effective interest rate method. A financial
liability is derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire.
Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods and
services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at
amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-299": { "value": "Financial assets at amortised cost The Group\u2019s financial assets at amortised cost comprise trade receivables, loans, other receivables and cash and cash equivalents. Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial assets measured at amortised cost, with the exception of cash and cash equivalents, as all financial assets at amortised cost are short- term receivables and the recognition of interest would be immaterial. Financial assets are derecognised when the contractual right to the cash flows from the asset expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-300": { "value": "Trade and other receivables Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to meet settlement obligations. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-301": { "value": "Cash and cash equivalents Cash and cash equivalents include cash in hand, on demand deposits with banks and other short-term highly-liquid investments with original maturities of three months or less, or those over which the Group has an immediate right of recall. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement of financial position. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-302": { "value": "Impairment of financial assets The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default when it is past due by more than 90 days, or when the value of a client\u2019s receivable balance exceeds the value of the assets they hold with AJ Bell. The expected loss rates are based on the payment profiles of sales over a period of 12 months before 30 September 2023 and the corresponding historical credit losses experienced within this period. The carrying amount of the financial assets is reduced by the use of a provision. When a trade receivable is considered uncollectable, it is written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision. Changes in the carrying amount of the provision are recognised in the income statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-303": { "value": "Financial liabilities Financial liabilities are classified according to the substance of the contractual arrangements entered into. Lease liabilities Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the lease term. Other financial liabilities The Group\u2019s other financial liabilities comprised borrowings and trade and other payables. Other financial liabilities are initially measured at fair value, net of transaction costs. They are subsequently carried at amortised cost using the effective interest rate method. A financial liability is derecognised when, and only when, the Group\u2019s obligations are discharged, cancelled or they expire. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-304": { "value": "Trade and other payables Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured at amortised cost using the effective interest method. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-270": { "value": "2.20 Employee benefit trust The employee benefit trusts provide for the granting of shares, principally under share option schemes. AJ Bell plc is considered to have control of the trusts and so the assets and liabilities of the trusts are recognised as those of AJ Bell plc. Shares of AJ Bell plc held by the trusts are treated as \u2018own shares\u2019 held and shown as a deduction from equity. Subsequent consideration received for the sale of such shares is also recognised in equity, with any difference between the sales proceeds and original cost being taken to equity.", "dimensions": { "concept": "ajbellplc:DescriptionOfAccountingPolicyForEmployeeBenefitTrust", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-266": { "value": "
3 Critical accounting adjustments and key sources of estimation uncertainty
In the application of the Group\u2019s accounting policies, which are described in note 2, the Directors are required to make judgements,
estimates and assumptions to determine the carrying amounts of certain assets and liabilities. The estimates and associated assumptions
are based on the Group\u2019s historical experience and other relevant factors. Actual results may differ from the estimates applied.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period
in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision
affects both current and future periods.
There are no judgements made, in applying the accounting policies, about the future, or any other major sources of estimation
uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts
of assets and liabilities within the next financial year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-267": { "value": "
4 Segmental reporting
It is the view of the Directors that the Group has a single operating segment being investment services in the advised and D2C space
administering investments in SIPPs, ISAs and General Investment/Dealing accounts. Details of the Group\u2019s revenue, results and assets
and liabilities for the reportable segment are shown within the consolidated income statement and consolidated statement of financial
position on pages 134 and 135 respectively.
The Group operates in one geographical segment, being the UK.
Due to the nature of its activities, the Group is not reliant on any one customer or group of customers for generation of revenues.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-268": { "value": "
5 Revenue
The analysis of the consolidated revenue is as follows:
2023
\u00a3000
2022
\u00a3000
Recurring fixed 30,666 29,787
Recurring ad valorem 161,152 102,184
Transactional 26,416 31,876
218,234 163,847
Recurring ad valorem fees include custody fees. These recurring charges are derived from the market value of retail customer assets,
based on asset mix and portfolio size, and are therefore subject to market and economic risks. The rate charged is variable dependent
on the product, portfolio size and asset mix within the portfolio. The risks associated with this revenue stream in terms of its nature and
uncertainty is discussed further within the financial instruments and risk management note 25 on page 160.
Recurring ad valorem fees also include retained interest income earned on the level of customer cash balances, which are based on
product type, customers\u2019 asset mix and portfolio size and are therefore subject to market and economic risks. The risks associated with
this revenue stream in terms of its nature and uncertainty is discussed further within the financial instruments and risk management
note 25 on page 160.
The total revenue for the Group has been derived from its principal activities undertaken in the United Kingdom.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-269": { "value": "
6 Operating profit
Profit for the financial year has been arrived at after charging:
2023
\u00a3000
2022
\u00a3000
Amortisation and impairment of intangible assets 2,055 1,034
Depreciation of property, plant and equipment 1,079 1,019
Depreciation of right-of-use assets 1,654 1,590
Loss on the disposal of property, plant and equipment 16 21
Auditor\u2019s remuneration (see below) 1,093 496
Staff costs (see note 7) 64,758 54,887
During the year there was no expenditure in relation to research and development expensed to the income statement (2022: \u00a3nil).
Auditor\u2019s remuneration
The analysis of auditor\u2019s remuneration is as follows:
2023
\u00a3000
2022
\u00a3000
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 329 155
Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries\u2019 accounts, pursuant
to legislation 589 204
Audit-related assurance services 115 89
Other assurance services 60 48
1,093
1
496
1. Of which \u00a3215,000 relates to the audit for the year ended 2022.
Of the above, audit-related services for the year totalled \u00a31,063,000 (2022: \u00a3473,000) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-326": { "value": "6 Operating profit Profit for the financial year has been arrived at after charging: 2023 \u00a3000 2022 \u00a3000 Amortisation and impairment of intangible assets 2,055 1,034 Depreciation of property, plant and equipment 1,079 1,019 Depreciation of right-of-use assets 1,654 1,590 Loss on the disposal of property, plant and equipment 16 21 Auditor\u2019s remuneration (see below) 1,093 496 Staff costs (see note 7) 64,758 54,887 During the year there was no expenditure in relation to research and development expensed to the income statement (2022: \u00a3nil). Auditor\u2019s remuneration The analysis of auditor\u2019s remuneration is as follows: 2023 \u00a3000 2022 \u00a3000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 329 155 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries\u2019 accounts, pursuant to legislation 589 204 Audit-related assurance services 115 89 Other assurance services 60 48 1,093 1 496 1. Of which \u00a3215,000 relates to the audit for the year ended 2022. Of the above, audit-related services for the year totalled \u00a31,063,000 (2022: \u00a3473,000) ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-335": { "value": "6 Operating profit Profit for the financial year has been arrived at after charging: 2023 \u00a3000 2022 \u00a3000 Amortisation and impairment of intangible assets 2,055 1,034 Depreciation of property, plant and equipment 1,079 1,019 Depreciation of right-of-use assets 1,654 1,590 Loss on the disposal of property, plant and equipment 16 21 Auditor\u2019s remuneration (see below) 1,093 496 Staff costs (see note 7) 64,758 54,887 During the year there was no expenditure in relation to research and development expensed to the income statement (2022: \u00a3nil). Auditor\u2019s remuneration The analysis of auditor\u2019s remuneration is as follows: 2023 \u00a3000 2022 \u00a3000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 329 155 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries\u2019 accounts, pursuant to legislation 589 204 Audit-related assurance services 115 89 Other assurance services 60 48 1,093 1 496 1. Of which \u00a3215,000 relates to the audit for the year ended 2022. Of the above, audit-related services for the year totalled \u00a31,063,000 (2022: \u00a3473,000) .", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-330": { "value": "6 Operating profit Profit for the financial year has been arrived at after charging: 2023 \u00a3000 2022 \u00a3000 Amortisation and impairment of intangible assets 2,055 1,034 Depreciation of property, plant and equipment 1,079 1,019 Depreciation of right-of-use assets 1,654 1,590 Loss on the disposal of property, plant and equipment 16 21 Auditor\u2019s remuneration (see below) 1,093 496 Staff costs (see note 7) 64,758 54,887 During the year there was no expenditure in relation to research and development expensed to the income statement (2022: \u00a3nil). Auditor\u2019s remuneration The analysis of auditor\u2019s remuneration is as follows: 2023 \u00a3000 2022 \u00a3000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 329 155 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries\u2019 accounts, pursuant to legislation 589 204 Audit-related assurance services 115 89 Other assurance services 60 48 1,093 1 496 1. Of which \u00a3215,000 relates to the audit for the year ended 2022. Of the above, audit-related services for the year totalled \u00a31,063,000 (2022: \u00a3473,000) .", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-305": { "value": "Profit for the financial year has been arrived at after charging: 2023 \u00a3000 2022 \u00a3000 Amortisation and impairment of intangible assets 2,055 1,034 Depreciation of property, plant and equipment 1,079 1,019 Depreciation of right-of-use assets 1,654 1,590 Loss on the disposal of property, plant and equipment 16 21 Auditor\u2019s remuneration (see below) 1,093 496 Staff costs (see note 7) 64,758 54,887 During the year there was no expenditure in relation to research and development expensed to the income statement (2022: \u00a3nil). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-306": { "value": "Auditor\u2019s remuneration The analysis of auditor\u2019s remuneration is as follows: 2023 \u00a3000 2022 \u00a3000 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s annual accounts 329 155 Fees payable to the Company\u2019s auditor for the audit of the Company\u2019s subsidiaries\u2019 accounts, pursuant to legislation 589 204 Audit-related assurance services 115 89 Other assurance services 60 48 1,093 1 496 1. Of which \u00a3215,000 relates to the audit for the year ended 2022. Of the above, audit-related services for the year totalled \u00a31,063,000 (2022: \u00a3473,000) .", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-271": { "value": "
7 Staff costs
The average monthly number of employees (including Executive Directors) of the Group was:
2023
No.
2022
No.
Operational and support 856 761
Technology 279 225
Distribution 140 109
1,275 1,095
Employee benefit expense for the Group during the year:
2023
\u00a3000
2022
\u00a3000
Wages and salaries 51,854 41,427
Social security costs 5,846 4,808
Retirement benefit costs 5,937 3,857
Termination benefits 18 67
Share-based payments (note 24) 1,103 4,728
64,758 54,887
In addition to the above, \u00a31,919,000 staff costs (2022: \u00a31,315,000) have been capitalised as an internally generated intangible asset
(see note 14).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-331": { "value": "
8 Investment income
2023
\u00a3000
2022
\u00a3000
Interest income on cash balances 2,393 198
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-276": { "value": "8 Investment income 2023 \u00a3000 2022 \u00a3000 Interest income on cash balances 2,393 198 ", "dimensions": { "concept": "ajbellplc:DisclosureOfInvestmentIncome", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-327": { "value": "8 Investment income 2023 \u00a3000 2022 \u00a3000 Interest income on cash balances 2,393 198 9 Finance costs 2023 \u00a3000 2022 \u00a3000 Interest on lease liabilities 952 768", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-272": { "value": "
9 Finance costs
2023
\u00a3000
2022
\u00a3000
Interest on lease liabilities 952 768
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-332": { "value": "9 Finance costs 2023 \u00a3000 2022 \u00a3000 Interest on lease liabilities 952 768", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-307": { "value": "9 Finance costs 2023 \u00a3000 2022 \u00a3000 Interest on lease liabilities 952 768", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-333": { "value": "10 Taxation Tax charged in the income statement: 2023 \u00a3000 2022 \u00a3000 Current taxation UK Corporation Tax 19,750 11,855 Adjustment to current tax in respect of prior periods (346) (238) 19,404 11,617 Deferred taxation Origination and reversal of temporary differences (170) 62 Adjustment to deferred tax in respect of prior periods 341 45 Effect of changes in tax rates (133) (52) 38 55 Total tax expense 19,442 11,672 Corporation Tax is calculated at 22% of the estimated assessable profit for the year to 30 September 2023 (2022: 19%). In addition to the amount charged to the income statement, certain tax amounts have been credited directly to equity as follows 2023 \u00a3000 2022 \u00a3000 Deferred tax relating to share-based payments (note 18) 88 275 Current tax relief on exercise of share options (123) (171) (35) 104 The charge for the year can be reconciled to the profit per the income statement as follows: 2023 \u00a3000 2022 \u00a3000 Profit before tax 87,661 58,411 UK Corporation Tax at 22% (2022: 19%): 19,293 11,098 Effects of: Expenses not deductible for tax purposes (22) 669 Income not taxable in determining taxable profit (16) (86) Amounts not recognised 325 236 Effect of rate changes to deferred tax (133) (52) Adjustments to current and deferred tax in respect of prior periods (5) (193) 19,442 11,672 Effective tax rate 22.2% 20.0% Deferred tax has been recognised at 25%, being the rate expected to be in force at the time of the reversal of the temporary difference (2022: 19% or 25%). A deferred tax asset in respect of future share option deductions has been recognised based on the Company\u2019s share price at 30 September 2023
18 Deferred tax asset
2023
\u00a3000
2022
\u00a3000
Deferred tax asset 999 906
Deferred tax liability (515) (296)
484 610
The movement on the deferred tax account and movement between deferred tax assets and liabilities is as follows:
Accelerated
capital
allowances
\u00a3000
Share-based
payments
\u00a3000
Short-term
timing
differences
\u00a3000
Losses
\u00a3000
Total
\u00a3000
At 1 October 2021 (199) 990 149 \u2014 940
(Charge)/credit to income statement (97) 31 11 \u2014 (55)
Charge to equity \u2014 (275) \u2014 \u2014 (275)
At 30 September 2022 (296) 746 160 \u2014 610
(Charge)/credit to income statement (219) 80 101 \u2014 (38)
Charge to equity \u2014 (88) \u2014 \u2014 (88)
At 30 September 2023 (515) 738 261 \u2014 484
The current year deferred tax adjustment relating to share-based payments reflects the estimated total future tax relief associated with
the cumulative share-based payment benefit arising in respect of share options granted but unexercised as at 30 September 2023.
Deferred tax assets have been recognised in respect of other temporary differences giving rise to deferred tax assets where it is probable
that these assets will be recovered. As at 30 September 2023, deferred tax assets have not been recognised on trading losses of
\u00a35,524,000 (2022: \u00a34,051,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-273": { "value": "10 Taxation Tax charged in the income statement: 2023 \u00a3000 2022 \u00a3000 Current taxation UK Corporation Tax 19,750 11,855 Adjustment to current tax in respect of prior periods (346) (238) 19,404 11,617 Deferred taxation Origination and reversal of temporary differences (170) 62 Adjustment to deferred tax in respect of prior periods 341 45 Effect of changes in tax rates (133) (52) 38 55 Total tax expense 19,442 11,672 Corporation Tax is calculated at 22% of the estimated assessable profit for the year to 30 September 2023 (2022: 19%). In addition to the amount charged to the income statement, certain tax amounts have been credited directly to equity as follows : 2023 \u00a3000 2022 \u00a3000 Deferred tax relating to share-based payments (note 18) 88 275 Current tax relief on exercise of share options (123) (171) (35) 104 The charge for the year can be reconciled to the profit per the income statement as follows: 2023 \u00a3000 2022 \u00a3000 Profit before tax 87,661 58,411 UK Corporation Tax at 22% (2022: 19%): 19,293 11,098 Effects of: Expenses not deductible for tax purposes (22) 669 Income not taxable in determining taxable profit (16) (86) Amounts not recognised 325 236 Effect of rate changes to deferred tax (133) (52) Adjustments to current and deferred tax in respect of prior periods (5) (193) 19,442 11,672 Effective tax rate 22.2% 20.0% Deferred tax has been recognised at 25%, being the rate expected to be in force at the time of the reversal of the temporary difference (2022: 19% or 25%). A deferred tax asset in respect of future share option deductions has been recognised based on the Company\u2019s share price at 30 September 2023 .", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-274": { "value": "
11 Dividends
2023
\u00a3000
2022
\u00a3000
Amounts recognised as distributions to equity holders during the year:
Final dividend for the year ended 30 September 2022 of 4. 59p (2021: 4. 5 0p per share) 18,893 18,460
Special dividend for the year ended 30 September 2022 of nil (2021: 5.00p per share) \u2014 20,511
Interim dividend for the year ended 30 September 2023 of 3.50p (2022: 2.78p per share) 14,401 11,412
Total dividends paid on equity shares 33,294 50,383
Proposed final dividend for the year ended 30 September 2023 of 7.25p (2022: 4. 59p) per share 29,807 18,843
A final dividend declared of 7.25p per share is payable on 9 February 2024 to shareholders on the register on 12 January 2024. The
ex-dividend date will be 11 January 2024. The final dividend is subject to approval by the shareholders at the Annual General Meeting
on 30 January 2024 and has not been included as a liability within these financial statements.
Dividends are payable on all ordinary shares as disclosed in note 23.
The employee benefit trusts, which held 1,082,343 ordinary shares (2022: 567,100) in AJ Bell plc at 30 September 2023, have agreed to
waive all dividends. This represented 0.3% (2022: 0.1%) of the Company\u2019s called-up share capital. The maximum amount held by the
trusts during the year was 1,082,343.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-308": { "value": "4.59", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-309": { "value": "4.5", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-310": { "value": "7.25", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-311": { "value": "4.59", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-312": { "value": "29807000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-313": { "value": "18843000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2021-10-01T00:00:00/2022-10-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-275": { "value": "
12 Earnings per share
Basic earnings per share is calculated by dividing the profit attributable to the owners of the Parent Company by the weighted average
number of ordinary shares, excluding own shares, in issue during the year.
Diluted earnings per share is calculated by adjusting the weighted average number of shares to assume exercise of all potentially dilutive
share options.
The weighted average number of anti-dilutive share options and awards excluded from the calculation of diluted earnings per share was
148,995 as at 30 September 2023 (FY22: 201,774).
The calculation of basic and diluted earnings per share is based on the following data:
2023
\u00a3000
2022
\u00a3000
Earnings
Earnings for the purposes of basic and diluted earnings per share being profit attributable to the owners
of the Parent Company 68,219 46,739
2023
No.
2022
No.
Number of shares
Weighted average number of ordinary shares for the purposes of basic EPS in issue during the year 411,242,458 410,248,095
Effect of potentially dilutive share options 1,405,191 1,485,721
Weighted average number of ordinary shares for the purposes of fully diluted EPS 412,647,649 411,733,816
2023 2022
Earnings per share (EPS)
Basic (pence) 16.59 11.39
Diluted (pence) 16.53 11.35
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-277": { "value": "
13 Goodwill
2023
\u00a3000
2022
\u00a3000
Cost
As at 1 October and 30 September 7,103 7,103
Impairment
As at 1 October and 30 September (112) (112)
Carrying value at 30 September 6,991 6,991
Goodwill relates to acquisitions allocated to the Group\u2019s single cash generating unit (CGU).
The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired.
The recoverable amount of the assets within the CGU is determined using value-in-use calculations. In assessing the value-in-use the
estimated future cash flows of the CGU are discounted to their present value using a pre-tax discount rate. Cash flows are based upon
the most recent forecasts, approved by the Board, covering a two-year period.
The key assumptions for value-in-use calculations are those regarding discount rate, growth rates and expected changes to revenues
and costs in the period, as follows:
\u2022 a compound rate of 9.5% (2022: 20%) has been used to assess the expected growth in revenue for the two-year forecast period.
This is based on a combination of historical and expected future performance;
\u2022 benefits realised from our economies of scale are passed onto customers in the form of price reductions; and
\u2022 modest ongoing maintenance expenditure is required on the assets within the CGU in order to generate the expected level of
cash flows.
The Directors have made these assumptions based upon past experience and future expectations in the light of anticipated market
conditions and the results of streamlining processes through implementation of the target operating model for customer services.
Cash flows have been discounted using a pre-tax discount rate of 8.6% (2022: 8.1%).
The pre-tax discount rate has been calculated using an independent external source. The Directors have performed sensitivity analysis
on their calculations, with key assumptions being revised adversely to reflect the potential for future performance being below expected
levels. Changes to revenue are the most sensitive as they would have the greatest impact on future cash flows. However, even with nil
growth in revenue, there would still be sufficient headroom to support the carrying value of the assets under the CGU.
Based upon the review above the estimated value-in-use of the CGU comfortably supports the carrying value of the assets held within it,
and so the Directors are satisfied that for the period ended 30 September 2023 goodwill is not impaired.
14 Other intangible assets
Key operating
system
\u00a3000
Contractual
customer
relationships
\u00a3000
Computer
software and
mobile
applications
\u00a3000
Total
\u00a3000
Cost
At 1 October 2021 11,681 2,135 6,469 20,285
Additions 2,749 \u2014 1,050 3,799
Disposals \u2014 (2,135) (483) (2,618)
At 30 September 2022 14,430 \u2014 7,036 21,466
Additions 706 \u2014 7 713
Disposals \u2014 \u2014 (36) (36)
At 30 September 2023 15,136 \u2014 7,007 22,143
Amortisation
As at 1 October 2021 7,191 2,135 4,945 14,271
Amortisation charge 337 \u2014 697 1,034
Eliminated on disposal \u2014 (2,135) (483) (2,618)
At 30 September 2022 7,528 \u2014 5,159 12,687
Amortisation and impairment 337 \u2014 1,718 2,055
Eliminated on disposal \u2014 \u2014 (32) (32)
At 30 September 2023 7,865 \u2014 6,845 14,710
Carrying amount
At 30 September 2023 7,271 \u2014 162 7,433
At 30 September 2022 6,902 \u2014 1,877 8,779
At 30 September 2021 4,490 \u2014 1,524 6,014
Average remaining amortisation period 2 years Nil
The amortisation and impairment charge above is included within administrative expenses in the income statement.
Additions include an amount of \u00a3706,000 relating to internally generated assets for the year ended 30 September 2023 (2022: \u00a33,556,000).
Total additions in the period are net of a credit of \u00a31,213,000 related to the reversal of capitalised share-based payment expenses
(2022: additions of \u00a31,434,000). The reversal recognised in the period is due to a change in estimate regarding the expected vesting
of milestones relating to the earn-out arrangement (note 24).
The net carrying amount of key operating systems includes \u00a36,430,000 (2022: \u00a35,724,000), relating to assets in development which are
currently not amortised. At the year end, the Group had not entered into any contractual commitments (2022: \u00a3103,000) for the
acquisition of intangible assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-314": { "value": "13 Goodwill 2023 \u00a3000 2022 \u00a3000 Cost As at 1 October and 30 September 7,103 7,103 Impairment As at 1 October and 30 September (112) (112) Carrying value at 30 September 6,991 6,991 Goodwill relates to acquisitions allocated to the Group\u2019s single cash generating unit (CGU). The Group tests goodwill annually for impairment or more frequently if there are indications that goodwill might be impaired. The recoverable amount of the assets within the CGU is determined using value-in-use calculations. In assessing the value-in-use the estimated future cash flows of the CGU are discounted to their present value using a pre-tax discount rate. Cash flows are based upon the most recent forecasts, approved by the Board, covering a two-year period. The key assumptions for value-in-use calculations are those regarding discount rate, growth rates and expected changes to revenues and costs in the period, as follows: \u2022 a compound rate of 9.5% (2022: 20%) has been used to assess the expected growth in revenue for the two-year forecast period. This is based on a combination of historical and expected future performance; \u2022 benefits realised from our economies of scale are passed onto customers in the form of price reductions; and \u2022 modest ongoing maintenance expenditure is required on the assets within the CGU in order to generate the expected level of cash flows. The Directors have made these assumptions based upon past experience and future expectations in the light of anticipated market conditions and the results of streamlining processes through implementation of the target operating model for customer services. Cash flows have been discounted using a pre-tax discount rate of 8.6% (2022: 8.1%). The pre-tax discount rate has been calculated using an independent external source. The Directors have performed sensitivity analysis on their calculations, with key assumptions being revised adversely to reflect the potential for future performance being below expected levels. Changes to revenue are the most sensitive as they would have the greatest impact on future cash flows. However, even with nil growth in revenue, there would still be sufficient headroom to support the carrying value of the assets under the CGU. Based upon the review above the estimated value-in-use of the CGU comfortably supports the carrying value of the assets held within it, and so the Directors are satisfied that for the period ended 30 September 2023 goodwill is not impaired. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-315": { "value": "14 Other intangible assets Key operating system \u00a3000 Contractual customer relationships \u00a3000 Computer software and mobile applications \u00a3000 Total \u00a3000 Cost At 1 October 2021 11,681 2,135 6,469 20,285 Additions 2,749 \u2014 1,050 3,799 Disposals \u2014 (2,135) (483) (2,618) At 30 September 2022 14,430 \u2014 7,036 21,466 Additions 706 \u2014 7 713 Disposals \u2014 \u2014 (36) (36) At 30 September 2023 15,136 \u2014 7,007 22,143 Amortisation As at 1 October 2021 7,191 2,135 4,945 14,271 Amortisation charge 337 \u2014 697 1,034 Eliminated on disposal \u2014 (2,135) (483) (2,618) At 30 September 2022 7,528 \u2014 5,159 12,687 Amortisation and impairment 337 \u2014 1,718 2,055 Eliminated on disposal \u2014 \u2014 (32) (32) At 30 September 2023 7,865 \u2014 6,845 14,710 Carrying amount At 30 September 2023 7,271 \u2014 162 7,433 At 30 September 2022 6,902 \u2014 1,877 8,779 At 30 September 2021 4,490 \u2014 1,524 6,014 Average remaining amortisation period 2 years Nil The amortisation and impairment charge above is included within administrative expenses in the income statement. Additions include an amount of \u00a3706,000 relating to internally generated assets for the year ended 30 September 2023 (2022: \u00a33,556,000). Total additions in the period are net of a credit of \u00a31,213,000 related to the reversal of capitalised share-based payment expenses (2022: additions of \u00a31,434,000). The reversal recognised in the period is due to a change in estimate regarding the expected vesting of milestones relating to the earn-out arrangement (note 24). The net carrying amount of key operating systems includes \u00a36,430,000 (2022: \u00a35,724,000), relating to assets in development which are currently not amortised. At the year end, the Group had not entered into any contractual commitments (2022: \u00a3103,000) for the acquisition of intangible assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-278": { "value": "
15 Property, plant and equipment
Leasehold
improvements
\u00a3000
Office
equipment
\u00a3000
Computer
equipment
\u00a3000
Total
\u00a3000
Cost
At 1 October 2021 2,192 954 5,610 8,756
Additions 9 22 983 1,014
Disposals \u2014 (1) (324) (325)
At 30 September 2022 2,201 975 6,269 9,445
Additions 186 42 1,346 1,574
Disposals \u2014 (9) (241) (250)
At 30 September 2023 2,387 1,008 7,374 10,769
Depreciation
At 1 October 2021 655 797 3,953 5,405
Charge for the year 167 72 780 1,019
Eliminated on disposal \u2014 (1) (303) (304)
At 30 September 2022 822 868 4,430 6,120
Charge for the year 174 58 847 1,079
Eliminated on disposal \u2014 (9) (230) (239)
At 30 September 2023 996 917 5,047 6,960
Carrying amount
At 30 September 2023 1,391 91 2,327 3,809
At 30 September 2022 1,379 107 1,839 3,325
At 30 September 2021 1,537 157 1,657 3,351
The depreciation charge above is included within administrative expenses in the income statement.
At the year end, the Group had not entered into contractual commitments for the acquisition of property, plant and equipment
(2022: \u00a3471,000).
Computer equipment includes assets under construction of \u00a368,000 (2022: \u00a337,000) which are currently not depreciated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-279": { "value": "
16 Leases
i) Right-of-use assets
Property
\u00a3000
Computer
and office
equipment
\u00a3000
Total
\u00a3000
Cost
At 1 October 2021 16,158 252 16,410
Additions 538 \u2014 538
At 30 September 2022 16,696 252 16,948
Additions 161 21 182
Disposals \u2014 (6) (6)
At 30 September 2023 16,857 267 17,124
Depreciation
At 1 October 2021 2,940 145 3,085
Charge for the year 1,541 49 1,590
At 30 September 2022 4,481 194 4,675
Charge for the year 1,617 37 1,654
Disposals \u2014 (5) (5)
At 30 September 2023 6,098 226 6,324
Carrying amount
At 30 September 2023 10,759 41 10,800
At 30 September 2022 12,215 58 12,273
At 30 September 2021 13,218 107 13,325
The depreciation charge above is included within administrative expenses in the income statement.
The Group has entered into various leases in respect of property and computer and office equipment as a lessee. Lease terms are
negotiated on an individual basis and contain a range of different terms and conditions. Property leases typically run for a period of
six to fifteen years and computer and office equipment for a period of one to six years.
Additions include \u00a3161,000 relating to the increase in the Group\u2019s dilapidation provision (2022: \u00a3455,000) (see note 22).
Other than property and computer and office equipment there are no further classes of assets leased by the Group.
ii) Lease liabilities
2023
\u00a3000
2022
\u00a3000
Current 1,540 1,566
Non-current 10,866 12,395
12,406 13,961
The undiscounted maturity analysis of lease liabilities is shown below:
2023
\u00a3000
2022
\u00a3000
Within one year 2,384 2,517
In the second to fifth years inclusive 8,216 8,579
After five years 5,525 7,533
Total minimum lease payments 16,125 18,629
The total lease interest expense for the year ended 30 September 2023 was \u00a3952,000 (2022: \u00a3768,000). Principal cash outflow for leases
accounted for under IFRS 16 for the year ended 30 September 2023 was \u00a31,576,000 (2022: \u00a31,716,000).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-280": { "value": "
17 Subsidiaries
The Group consists of a Parent Company, AJ Bell plc incorporated within the UK, and a number of subsidiaries held directly and
indirectly by AJ Bell plc which operate and are incorporated in the UK. Note 6 to the Company\u2019s separate financial statements lists
details of the interests in subsidiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-281": { "value": "
19 Trade and other receivables
2023
\u00a3000
2022
\u00a3000
Trade receivables 2,613 2,207
Prepayments 8,861 6,824
Accrued income 33,662 21,960
Other receivables 13,365 18,445
58,501 49,436
The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Included within other
receivables is client money required to meet settlement obligations and are payable on demand.
Included within accrued income is \u00a31,081,000 (2022: \u00a3984,000) relating to contract assets, a movement of \u00a397,000 (2022: \u00a36,000)
during the year due to increased revenues.
The ageing profile of trade receivables was as follows:
2023
\u00a3000
2022
\u00a3000
Current \u2013 not past due 1,137 747
Past due:
0 to 30 days 476 886
31 to 60 days 279 116
61 to 90 days 173 39
91 days and over 1,341 1,024
3,406 2,812
Provision for impairment (793) (605)
2,613 2,207
The movement in the provision for impairment of trade receivables is as follows:
2023
\u00a3000
2022
\u00a3000
Opening loss allowance as at 1 October 605 524
Loss allowance recognised 254 174
Receivables written off during the year as uncollectable (8) (21)
Unused amount reversed (58) (72)
Balance at end of year 793 605
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-316": { "value": "19 Trade and other receivables 2023 \u00a3000 2022 \u00a3000 Trade receivables 2,613 2,207 Prepayments 8,861 6,824 Accrued income 33,662 21,960 Other receivables 13,365 18,445 58,501 49,436 The Directors consider that the carrying amount of trade and other receivables approximates their fair value. Included within other receivables is client money required to meet settlement obligations and are payable on demand. Included within accrued income is \u00a31,081,000 (2022: \u00a3984,000) relating to contract assets, a movement of \u00a397,000 (2022: \u00a36,000) during the year due to increased revenues. The ageing profile of trade receivables was as follows: 2023 \u00a3000 2022 \u00a3000 Current \u2013 not past due 1,137 747 Past due: 0 to 30 days 476 886 31 to 60 days 279 116 61 to 90 days 173 39 91 days and over 1,341 1,024 3,406 2,812 Provision for impairment (793) (605) 2,613 2,207 The movement in the provision for impairment of trade receivables is as follows: 2023 \u00a3000 2022 \u00a3000 Opening loss allowance as at 1 October 605 524 Loss allowance recognised 254 174 Receivables written off during the year as uncollectable (8) (21) Unused amount reversed (58) (72) Balance at end of year 793 605 ", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-282": { "value": "
20 Cash and cash equivalents
2023
\u00a3000
2022
\u00a3000
Group cash and cash equivalent balances 146,304 84,030
Cash and cash equivalents at 30 September 2023 and 30 September 2022 are considered to be holdings of less than one month, or
those over which the Group has an immediate right of recall.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-283": { "value": "
21 Trade and other payables
2023
\u00a3000
2022
\u00a3000
Trade payables 960 138
Social security and other taxes 3,453 2,151
Other payables 859 678
Accruals 45,043 10,428
Deferred income 2,122 2,209
52,437 15,604
Trade payables, accruals and deferred income principally comprise amounts outstanding for trade purposes including payment of
interest to customers and ongoing costs of the business. The Directors consider that the carrying amount of trade payables
approximates their fair value.
Deferred income in the current and prior year relates to contract liabilities. The prior year deferred income balance has now all been
recognised as revenue and the current year balance all relates to cash received in the current period. Total deferred income as at
30 September 2023 is expected to be recognised as revenue in the coming year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-284": { "value": "
22 Provisions
Office
dilapidations
\u00a3000
Other
provision
\u00a3000
Total
\u00a3000
At 1 October 2022 2,004 519 2,523
Additional provisions 161 778 939
Provisions used \u2014 (171) (171)
At 30 September 2023 2,165 1,126 3,291
Included in current liabilities \u2014 1,126 1,126
Included in non-current liabilities 2,165 \u2014 2,165
Office dilapidations
The Group is contractually obliged to reinstate its leased properties to their original state and layout at the end of the lease terms. During
the year, management reviewed the Group\u2019s dilapidation provision and the assumptions on which the provision is based. The estimate is
based upon property location, size of property and an estimate of the charge per square foot. A further charge of \u00a3161,000 has been
recognised in relation to an increase in the estimated charge per square foot. The office dilapidations provision represents management\u2019s
best estimate of the costs which will ultimately be incurred in settling these obligations.
Other provisions
The other provisions relate to the settlement of an operational tax dispute, the costs associated with defending a legal case and
compensation required to settle a small number of disputed claims. There is some uncertainty regarding the amount and timing of
the outflows required to settle the obligations; therefore a best estimate has been made by assessing a number of different outcomes
considering the potential areas and time periods at risk and any associated interest. The timings of the outflows are uncertain and
could be paid within 12 months of the date of the statement of financial position, subject to the timing of a final resolution.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-285": { "value": "
23 Share capital
Issued, fully-called and paid:
2023
Number
2022
Number
2023
\u00a3
2022
\u00a3
Ordinary shares of 0.0125p each 412,211,306 411,091,634 51,526 51,386
All ordinary shares have full voting and dividend rights.
The following transactions have taken place during the year:
Transaction type Share class
Number of
shares
Share
premium
\u00a3000
Exercise of CSOP options Ordinary shares of 0.0125p each 31,462 33
Exercise of EIP options Ordinary shares of 0.0125p each 530,303 \u2014
Free shares Ordinary shares of 0.0125p each 557,907 \u2014
1,119,672 33
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
general meetings of the Company. They are entitled to share in the proceeds on the return of capital, or upon the winding up of the
Company in proportion to the number of and amounts paid on shares held. The shares are non-redeemable.
Own shares
As at 30 September 2023, the Group held 1,082,343 in own shares in employee benefit trusts to satisfy future share incentive plans.
Shares held by the Trust are held at \u00a32,377,000 (2022: \u00a3473,000) being the price paid to repurchase, and the carrying value is shown
as a reduction within shareholders\u2019 equity.
During the year, 631,151 ordinary own shares were purchased through AJ Bell\u2019s employee benefit trust in exchange for consideration
of \u00a32,000,000 (2022: \u00a3nil). 115,908 EIP options were exercised and issued from the employee benefit trusts in the year.
The costs of operating the trusts are borne by the Group but are not material. The trusts waived the right to receive dividends on
these shares.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-317": { "value": "Issued, fully-called and paid: 2023 Number 2022 Number 2023 \u00a3 2022 \u00a3 Ordinary shares of 0.0125p each 412,211,306 411,091,634 51,526 51,386 All ordinary shares have full voting and dividend rights. The following transactions have taken place during the year: Transaction type Share class Number of shares Share premium \u00a3000 Exercise of CSOP options Ordinary shares of 0.0125p each 31,462 33 Exercise of EIP options Ordinary shares of 0.0125p each 530,303 \u2014 Free shares Ordinary shares of 0.0125p each 557,907 \u2014 1,119,672 33 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 general meetings of the Company. They are entitled to share in the proceeds on the return of capital, or upon the winding up of the Company in proportion to the number of and amounts paid on shares held. The shares are non-redeemable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-318": { "value": "Own shares As at 30 September 2023, the Group held 1,082,343 in own shares in employee benefit trusts to satisfy future share incentive plans. Shares held by the Trust are held at \u00a32,377,000 (2022: \u00a3473,000) being the price paid to repurchase, and the carrying value is shown as a reduction within shareholders\u2019 equity. During the year, 631,151 ordinary own shares were purchased through AJ Bell\u2019s employee benefit trust in exchange for consideration of \u00a32,000,000 (2022: \u00a3nil). 115,908 EIP options were exercised and issued from the employee benefit trusts in the year. The costs of operating the trusts are borne by the Group but are not material. The trusts waived the right to receive dividends on these shares.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-286": { "value": "
24 Share-based payments
Company Share Option Plan (CSOP)
The CSOP is a HMRC approved scheme in which the Board, at their discretion, grant options to employees to purchase ordinary shares.
Each participating employee can be granted options up to the value of \u00a360,000. Options granted under the CSOP can be exercised
between the third and tenth anniversary after the date of grant and are usually forfeited if the employee leaves the Group before the
option expires. The expense for share-based payments under the CSOP is recognised over the respective vesting period of these options.
Option To Buy Scheme (OTB) \u2013 Growth shares
The OTB scheme is a historical award scheme whereby the Board at its discretion granted growth shares to employees. Growth shares
entitled the holder to participate in the growth value of the Group above a certain threshold level, set above the current market value
of the Group at the time the shares were issued. Growth shares granted under the OTB scheme had different vesting conditions.
The vesting condition attached to all growth shares granted is that the threshold level needs to be met and an exit event needs to
have occurred. As part of the AJ Bell listing process all awards were converted into ordinary shares and those awards granted with
an additional employment condition of four or six years after the date of grant, continue to be recognised as a share-based payment.
Awards that were issued subject to employment conditions are subject to buy back options under which the Group can buy back
the shares for their issue price if the employee leaves the Group before the expiry of the employment condition period.
Buy As You Earn plan (BAYE)
The BAYE plan is an all-employee share plan under which shares can be issued to employees as either free shares or partnership shares.
The Company may grant free shares up to a maximum of \u00a33,600 per employee in a tax year. During the year, free shares up to a
maximum value of \u00a32,000 have been offered to all employees who were employed by the Company at 30 September 2022 (2022: nil).
Employees have been offered the opportunity to participate in the partnership plan to enable such employees to use part of their pre-tax
salary to acquire shares. The limit to the pre-tax salary deduction is \u00a31,800 or, if lower, 10% of salary each year.
The plan entitles employees to use this deduction to buy shares in the Company on a monthly basis at the current market value.
Employees are able to withdraw their shares from the plan at any time but may be subject to income tax and national insurance charges
if withdrawn within three years of purchasing the shares. Therefore the monthly partnership plan does not give rise to a share-based
payment charge.
Executive Incentive Plan (EIP)
The EIP is a performance share plan that involves the award of nominal cost options to participants conditional on the achievement of
specified performance targets and continuous employment over a certain period of time. Individual grants will be dependent on the
assessment of performance against a range of financial and non-financial targets set at the beginning of the financial year.
Senior Manager Incentive Plan (SMIP)
The SMIP is a performance share plan that involves the award of nominal cost options to participants conditional on the achievement of
specified performance targets and continuous employment over a certain period of time. Individual grants will be dependent on the
assessment of performance against a range of financial and non-financial targets set at the beginning of the financial year.
CSR initiative
A CSR initiative was introduced in December 2019 with the intention of giving an additional contribution to charity through the donation
of share options should a number of stretching targets be met by the Group. The awards made are equity-settled awards and involved
the grant of market value options to the AJ Bell Trust conditional on the achievement of diluted earnings per share (DEPS) targets for the
financial years 2022, 2023 and 2024 (Performance Period).
The exercise of each tranche will be conditional upon the DEPS having increased in relation to the 7.47 pence DEPS for the year ended
30 September 2019, by more than:
\u2022 90% for September 2022;
\u2022 115% for September 2023; and
\u2022 140% for 30 September 2024.
These are considered to be the lower DEPS targets. The upper DEPS target for each performance period is 10% above the lower
DEPS target.
The percentage of shares granted that will vest in each performance period is determined as follows:
\u2022 If actual DEPS is below the lower DEPS target, the vesting percentage is equal to zero;
\u2022 If actual DEPS is above the upper DEPS target, the vesting percentage is equal to 100%; and
\u2022 If actual DEPS is between the lower and upper target, then the vesting percentage is determined by linear interpolation on a straight-
line basis and rounded down to the nearest 10%.
As no service is being provided by the AJ Bell Trust, all conditions involved in the arrangement are considered to be non-vesting
conditions. Non-vesting conditions should be taken into account when estimating the fair value of the equity instrument granted.
The fair value has been estimated using the Monte Carlo simulation model.
Earn-out arrangement
The acquisition of Adalpha gave rise to an earn-out arrangement whereby share awards will be made should a number of operational
and financial milestones, relating to AUA targets and the development of a simplified proposition for financial advisers, be met. The
awards will be equity-settled and will vest in several tranches in line with the agreed milestones.
Under the terms of the acquisition agreement, shares will be awarded to eligible employees conditional upon the successful completion
of certain performance milestones and their continued employment with the Group during the vesting period. There is no exercise price
attached to the share award.
The fair value of the earn-out arrangement is estimated as at the date of grant calculated by reference to the quantum of the earn-out
payment for each performance milestone and an estimated time to proposition completion, discounted to net present value. The
performance conditions included within the arrangement are not considered market conditions and therefore the expected vesting
is reviewed at each reporting date.
Movements during the year
The tables below summarise the outstanding options for each share-based payment scheme.
CSOP
2023 2022
Number
Weighted
Average
Exercise Price
\u00a3 Number
Weighted
Average
Exercise Price
\u00a3
Outstanding at the beginning of the year 1,101,893 3.90 1,015,763 3.23
Granted during the year 223,167 3.73 461,744 3.73
Forfeited during the year (1,111,523) 3.94 (108,611) 4.05
Exercised during the year (31,462) 1.04 (267,003) 1.02
Outstanding at the end of the year 182,075 3.91 1,101,893 3.90
Exercisable at the end of the year 39,339 3.94 31,462 1.04
The lowest exercise price for share options outstanding at the end of the period was 298p (2022: 104p) and the highest exercise price
was 434p (2022: 434p). The weighted average remaining contractual life of share options outstanding at the end of the period was
7.6 years (2022: 8.3 years).
OTB \u2013 Growth Shares
2023 2022
Number
Weighted
Average
Exercise Price
\u00a3 Number
Weighted
Average
Exercise Price
\u00a3
Outstanding at the beginning of the year 1,166,131 0.63 3,192,268 0.63
Vested \u2014 \u2014 (2,026,137) 0.63
Outstanding at the end of the year 1,166,131 0.63 1,166,131 0.63
Upon listing to the London Stock Exchange, all growth shares were converted to ordinary shares and therefore no exercise price exists
for growth shares outstanding at the end of the period. The weighted average remaining contractual life of growth shares converted to
ordinary shares under a call option agreement at the end of the period was 0.2 years (2022: 1.2 years).
EIP
2023 2022
Number
Weighted
Average
Exercise Price
\u00a3 Number
Weighted
Average
Exercise Price
\u00a3
Outstanding at beginning of the year 1,615,868 0.000125 1,487,313 0.000125
Granted during the year 912,833 0.000125 736,015 0.000125
Exercised during the year (646,211) 0.000125 (495,550) 0.000125
Lapsed during the year (207,298) 0.000125 (111,910) 0.000125
Outstanding at the end of the year 1,675,192 0.000125 1,615,868 0.000125
Exercisable at the end of the year 349,055 0.000125 565,636 0.000125
The weighted average remaining contractual life of EIP shares outstanding at the end of the period was 8.3 years (2022: 8 years).
SMIP initiative
2023
Number
Weighted
Average
Exercise Price
\u00a3
Outstanding at beginning of the year \u2014 \u2014
Granted during the year 3,999 0.000125
Outstanding at the end of the year 3,999 0.000125
Exercisable at the end of the year \u2014 \u2014
CSR initiative
2023 2022
Number
Weighted
Average
Exercise Price
\u00a3 Number
Weighted
Average
Exercise Price
\u00a3
Outstanding at the beginning of the year 1,662,510 4.01 2,493,766 4.01
Forfeited during the year (332,502) 4.01 (831,256) 4.01
Outstanding at the end of the year 1,330,008 4.01 1,662,510 4.01
Exercisable at the end of the year 498,753 4.01 \u2014 \u2014
The weighted average remaining contractual life of CSR options outstanding at the end of the period was 6.2 years (2022: 7.2 years).
Weighted average share price of options exercised
The weighted average share price of all options exercised during the year was \u00a33.46 (2022: \u00a33.67).
Earn-out arrangement
2023 2022
Number
Weighted
Average
Exercise Price
\u00a3 Number
Weighted
Average
Exercise Price
\u00a3
Shares granted during the year \u2014 \u2014 155,974 3.15
Measurement
The fair value of equity-settled share options granted is estimated as at the date of grant using the Black-Scholes model, taking into
account the terms upon which the options and awards were granted.
The inputs into the Black-Scholes model and assumptions used in the calculations are as follows:
EIP
Grant date 09/12/2022 09/12/2022 09/12/2022
Number of shares under option 425,873 121,478 365,482
Fair value of share from generally accepted business model (\u00a3) 3.54 3.40 3.33
Share price (\u00a3) 3.61 3.61 3.61
Exercise price of an option (\u00a3) 0.000125 0.000125 0.000125
Expected volatility 36.90% 35.09% 35.09%
Expected dividend yield 2.04% 2.04% 2.04%
Risk-free interest rate 3.15% 3.18% 3.22%
Expected option life to exercise (months) 12 36 48
CSOP
Grant date 08/12/2022
Number of shares under option 223,167
Fair value of share option from generally accepted business model (\u00a3) 0.82
Share price (\u00a3) 3.61
Exercise price of an option (\u00a3) 3.73
Expected volatility 35.09%
Expected dividend yield 2.04%
Risk-free interest rate 3.18%
Expected option life to exercise (months) 36
SMIP
Grant date 08/02/2023
Number of shares under option 3,999
Fair value of share option from generally accepted business model (\u00a3) 3.25
Share price (\u00a3) 3.46
Exercise price of an option (\u00a3) 0.000125
Expected volatility 14.79%
Expected dividend yield 2.13%
Risk-free interest rate 3.15%
Expected option life to exercise (months) 36
Expected volatility is estimated by considering historic average share price volatility at the grant date.
The expected life of the options is based on the minimum period between the grant of the option, the earliest possible exercise date and
an analysis of the historical exercise data that is not necessarily indicative of exercise patterns that may occur. The expected volatility
reflects the assumption that historical volatility is indicative of future trends, which may also not necessarily be the case.
During the year, the Group recognised a total share-based payment expense of \u00a31,103,000 (2022: \u00a34,728,000), inclusive of a \u00a31,213,000
reversal of capitalised share-based payment expense (2022: capitalised \u00a31,434,000) within the statement of financial position.
The reversal recognised in the period is due to a change in estimate regarding the expected vesting dates of milestones relating to the
earn-out arrangement. Under the terms of the earn-out arrangement, shares will be awarded to eligible employees conditional upon the
successful completion of certain performance milestones and their continued employment with the Group during the vesting period.
The performance condition included within the arrangement is not considered a market condition and therefore the expected vesting
will be reviewed at each reporting date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-287": { "value": "
25 Financial instruments and risk management
The Group\u2019s activities expose it to a variety of financial instrument risks; market risk (including interest rate and foreign exchange),
credit risk and liquidity risk. Information is presented below regarding the exposure to each of these risks, including the procedures for
measuring and managing them.
Financial instruments include both financial assets and financial liabilities. Financial assets principally comprise trade and other
receivables and cash and cash equivalents. Financial liabilities comprise trade and other payables, accruals and obligations under
leases. The Group does not have any derivative financial instruments.
Risk management objectives
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. The Board of Directors has overall responsibility for establishing
and overseeing the Group\u2019s risk management framework and risk appetite.
The Group\u2019s financial risk management policies are intended to ensure that risks are identified, evaluated and subject to ongoing
monitoring and mitigation (where appropriate). These policies also serve to set the appropriate control framework and promote a robust
risk culture within the business.
The Group regularly reviews its financial risk management policies and systems to reflect changes in the business, counterparties,
markets and range of financial instruments that it uses.
The Group\u2019s Treasury Committee has principal responsibility for monitoring exposure to the risks associated with cash and cash
equivalents. Policies and procedures are in place to ensure the management and monitoring of each type of risk. The primary objective
of the Group\u2019s treasury policy is to manage short-term liquidity requirements whilst maintaining an appropriate level of exposure to other
financial risks in accordance with the Group\u2019s risk appetite.
Significant accounting policies
Details of the significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which
income and expenses are recognised, in respect of each financial asset and financial liability, are disclosed within note 2 to the financial
statements.
Categories of financial instrument
The financial assets and liabilities of the Group are detailed below:
2023 2022
Amortised
cost
\u00a3000
Financial
liabilities
\u00a3000
Carrying
value
\u00a3000
Amortised
cost
\u00a3000
Financial
liabilities
\u00a3000
Carrying
value
\u00a3000
Financial assets
Trade receivables 2,613 \u2014 2,613 2,207 \u2014 2,207
Accrued income 33,662 \u2014 33,662 21,960 \u2014 21,960
Other receivables 13,365 \u2014 13,365 18,445 \u2014 18,445
Cash and cash equivalents 146,304 \u2014 146,304 84,030 \u2014 84,030
195,944 \u2014 195,944 126,642 \u2014 126,642
Financial liabilities
Trade and other payables \u2014 46,030 46,030 \u2014 10,598 10,598
Lease liabilities \u2014 12,406 12,406 \u2014 13,961 13,961
\u2014 58,436 58,436 \u2014 24,559 24,559
The carrying amount of all financial assets and liabilities is approximate to their fair value due to their short-term nature .
Market risk
Interest rate risk
The Group holds interest bearing assets in the form of cash and cash deposits. Cash at bank earns interest at floating rates based on daily
bank deposit rates. Term deposits can also be made for varying periods depending on the immediate cash requirements of the Group,
and interest is earned at the respective fixed-term rate. Based on the cash balances shown in the Group\u2019s statement of financial position
at the reporting date, if interest rates were to move by 25bps it would change profit before tax by approximately:
2023
\u00a3000
2022
\u00a3000
+ 25 bps (0.25%) 293 191
- 25 bps (0.25%) (293) (154)
As at the year end the Group had no borrowings, and therefore was not exposed to a material interest rate risk related to debt as the
interest rate is fixed at the inception of the lease.
The Group retains a proportion of the interest income generated from the pooling of customer cash balances and as a result, the Group
revenue has an indirect exposure to interest rate risk. The cash balances are held with a variety of banks and are placed in a range of
fixed-term, notice and call deposit accounts with due regard for counterparty credit risk, capacity risk, concentration risk and liquidity
risk requirements. The spread of rate retained by the Group is variable dependent on rates received by banks (disclosed to customers at
between 1.15% below and 0.15% above the prevailing base rate) and amounts paid away to customers.
The impact of a 50bps increase or decrease in UK base interest rates on the Group\u2019s revenue has been calculated and shown below.
This has been modelled on a historical basis for each year separately assuming that the UK base rate was 50bps higher or lower for the year.
2023
\u00a3000
2022
\u00a3000
+ 50 bps (0.50%) \u2014 11,827
- 50 bps (0.50%) \u2014 (12,759)
In FY23, movements in the UK base interest rate would not have impacted the retained interest income earned by the Group, as any
increases or decreases to the UK base interest rate when it is at higher levels would be passed to customers in the form of higher or
lower pay away rates respectively.
Conversely, in FY22 a 50bps increase would result in an additional \u00a311.8m retained interest income, as the majority of the increased gross
interest income earned would be retained by the Group to rebuild revenue margins when UK base is at low levels. A 50bps decrease
would result in a reduction of \u00a312.8m with the reduction in gross interest income earned being absorbed by the Group. At low levels
of UK base rate it would not be possible to reduce the pay away rates significantly as they would already be at low levels.
Customer cash balances are not a financial asset of the Group and so are not included in the statement of financial position.
Market movement sensitivity
The Group\u2019s custody fees are derived from the market value of the underlying assets held by the retail customer in their account, based
on product type, mix and portfolio size which are charged on an ad valorem basis. As a result, the Group has an indirect exposure to
market risks, as the value of the underlying customers\u2019 assets may rise or fall. The impact of a 10% increase or reduction in the value of
the customers\u2019 underlying assets subject to the custody fees on the Group\u2019s revenue has been calculated and shown below. This has
been modelled on a historical basis for each year separately assuming that the value of the customers\u2019 assets were 10% higher or lower
than the actual position at the time.
2023
\u00a3000
2022
\u00a3000
+ 10% higher 6,341 5,846
- 10% lower (6,341) (5,846)
Foreign exchange risk
The Group is not exposed to significant foreign exchange translation or transaction risk as the Group\u2019s activities are primarily within the
UK. Foreign exchange risk is therefore not considered material.
Credit risk
The Group\u2019s exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due, arises principally
from its cash balances held with banks and trade and other receivables.
Trade receivables are presented net of expected credit losses within the statement of financial position. The Group applies the IFRS 9
simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To
measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and number of days
past due. Details of those trade receivables that are past due are shown within note 19.
The Group has implemented procedures that require appropriate credit or alternative checks on potential customers before business is
undertaken. This minimises credit risk in this area.
The credit and concentration risk on liquid funds, cash and cash equivalents is limited as deposits are held across a number of major
banks. The Directors continue to monitor the strength of the banks used by the Group. The principal banks currently used by the Group
are Bank of Scotland plc, Barclays Bank plc, Lloyds Bank plc, Lloyds Bank Corporate Markets plc, HSBC Bank plc, NatWest Markets plc,
Santander UK plc, Clearstream Banking SA and Qatar National Bank (Q.P.S.C). Bank of Scotland plc, the Group\u2019s principal banker, is
substantial and is 100% owned by Lloyds Banking Group plc. All these banks currently have long-term credit ratings of at least A (Fitch).
Where the services of other banks are used, the Group follows a rigorous due diligence process prior to selection. This results in the
Group retaining the ability to further mitigate the counterparty risk on its own behalf and that of its customers.
The Group has no significant concentration of credit risk as exposure is spread over a large number of counterparties and customers.
The maximum exposure to credit risk is represented by the carrying amount of each financial asset at the reporting date. In relation to
dealing services, the Group operates as agent on behalf of its underlying customers and in accordance with London Stock Exchange Rules.
Any settlement risk during the period between trade date and the ultimate settlement date is substantially mitigated as a result of the
Group\u2019s agency status, its settlement terms and the delivery versus payment mechanism whereby if a counterparty fails to make
payment, the securities would not be delivered to the counterparty. Therefore any risk exposure is to an adverse movement in market
prices between the time of trade and settlement. Conversely, if a counterparty fails to deliver securities, no payment would be made.
There has been no material change to the Group\u2019s exposure to credit risk during the year.
Liquidity risk
This is the risk that the Group may be unable to meet its liabilities as and when they fall due. These liabilities arise from the day-to-day
activities of the Group and from its obligations to customers. The Group is a highly cash-generative business and maintains sufficient
cash and standby banking facilities to fund its foreseeable trading requirements.
There has been no change to the Group\u2019s exposure to liquidity risk or the manner in which it manages and measures the risk during
the year.
The following table shows the undiscounted cash flows relating to non-derivative financial liabilities of the Group based upon the
remaining period to the contractual maturity date at the end of the reporting period.
2023
Due within
1 year
\u00a3000
1 to 5 years
\u00a3000
After 5 years
\u00a3000
Total
\u00a3000
Trade and other payables 46,030 \u2014 \u2014 46,030
Lease liabilities 2,384 8,216 5,525 16,125
48,414 8,216 5,525 62,155
2022
Trade and other payables 10,598 \u2014 \u2014 10,598
Lease liabilities 2,517 8,579 7,533 18,629
13,115 8,579 7,533 29,227
Capital management
The Group\u2019s objectives in managing capital are to:
\u2022 safeguard the Group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders, security for
our customers and benefits for other stakeholders;
\u2022 maintain a strong capital base to support the development of its business; and
\u2022 comply with regulatory requirements at all times.
The capital structure of the Group consists of share capital, share premium and retained earnings. As at the reporting date the Group had
capital of \u00a3166,037,000 (2022: \u00a3133,394,000).
Capital generated from the business is both reinvested in the business to generate future growth and returned to shareholders principally
in the form of dividends. The capital adequacy of the business is monitored on an ongoing basis and as part of the business planning
process by the Board. It is also reviewed before any distributions are made to shareholders to ensure it does not fall below the agreed
surplus as outlined in the Group\u2019s capital management policy. The liquidity of the business is monitored by management on a daily basis
to ensure sufficient funding exists to meet the Group\u2019s liabilities as they fall due. The Group is highly cash-generative and maintains
sufficient cash and standby banking facilities to fund its foreseeable trading requirements.
The Group conducts an ICARA, as required by the FCA to assess the appropriate amount of regulatory capital and liquid resources to be
held by the Group. Regulatory capital and liquid resources for ICARA are calculated in accordance with published rules.
The ICARA compares the Group\u2019s financial resources against regulatory capital and liquidity requirements as specified by the relevant
regulatory authorities. Our current financial resources, regulatory capital and liquidity requirements can be found on page 59.
The Group maintained a surplus of regulatory capital and liquid resources throughout the year. The disclosures required under
MIFIDPRU 8 of the Investment Firms Prudential Regime are available on the Group\u2019s website at ajbell.co.uk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-328": { "value": "Risk management objectives 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. The Board of Directors has overall responsibility for establishing and overseeing the Group\u2019s risk management framework and risk appetite. The Group\u2019s financial risk management policies are intended to ensure that risks are identified, evaluated and subject to ongoing monitoring and mitigation (where appropriate). These policies also serve to set the appropriate control framework and promote a robust risk culture within the business. The Group regularly reviews its financial risk management policies and systems to reflect changes in the business, counterparties, markets and range of financial instruments that it uses. The Group\u2019s Treasury Committee has principal responsibility for monitoring exposure to the risks associated with cash and cash equivalents. Policies and procedures are in place to ensure the management and monitoring of each type of risk. The primary objective of the Group\u2019s treasury policy is to manage short-term liquidity requirements whilst maintaining an appropriate level of exposure to other financial risks in accordance with the Group\u2019s risk appetite. Significant accounting policies Details of the significant accounting policies, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each financial asset and financial liability, are disclosed within note 2 to the financial statements. Categories of financial instrument The financial assets and liabilities of the Group are detailed below: 2023 2022 Amortised cost \u00a3000 Financial liabilities \u00a3000 Carrying value \u00a3000 Amortised cost \u00a3000 Financial liabilities \u00a3000 Carrying value \u00a3000 Financial assets Trade receivables 2,613 \u2014 2,613 2,207 \u2014 2,207 Accrued income 33,662 \u2014 33,662 21,960 \u2014 21,960 Other receivables 13,365 \u2014 13,365 18,445 \u2014 18,445 Cash and cash equivalents 146,304 \u2014 146,304 84,030 \u2014 84,030 195,944 \u2014 195,944 126,642 \u2014 126,642 Financial liabilities Trade and other payables \u2014 46,030 46,030 \u2014 10,598 10,598 Lease liabilities \u2014 12,406 12,406 \u2014 13,961 13,961 \u2014 58,436 58,436 \u2014 24,559 24,559 The carrying amount of all financial assets and liabilities is approximate to their fair value due to their short-term nature . Market risk Interest rate risk The Group holds interest bearing assets in the form of cash and cash deposits. Cash at bank earns interest at floating rates based on daily bank deposit rates. Term deposits can also be made for varying periods depending on the immediate cash requirements of the Group, and interest is earned at the respective fixed-term rate. Based on the cash balances shown in the Group\u2019s statement of financial position at the reporting date, if interest rates were to move by 25bps it would change profit before tax by approximately: 2023 \u00a3000 2022 \u00a3000 + 25 bps (0.25%) 293 191 - 25 bps (0.25%) (293) (154) As at the year end the Group had no borrowings, and therefore was not exposed to a material interest rate risk related to debt as the interest rate is fixed at the inception of the lease. The Group retains a proportion of the interest income generated from the pooling of customer cash balances and as a result, the Group revenue has an indirect exposure to interest rate risk. The cash balances are held with a variety of banks and are placed in a range of fixed-term, notice and call deposit accounts with due regard for counterparty credit risk, capacity risk, concentration risk and liquidity risk requirements. The spread of rate retained by the Group is variable dependent on rates received by banks (disclosed to customers at between 1.15% below and 0.15% above the prevailing base rate) and amounts paid away to customers. The impact of a 50bps increase or decrease in UK base interest rates on the Group\u2019s revenue has been calculated and shown below. This has been modelled on a historical basis for each year separately assuming that the UK base rate was 50bps higher or lower for the year. 2023 \u00a3000 2022 \u00a3000 + 50 bps (0.50%) \u2014 11,827 - 50 bps (0.50%) \u2014 (12,759) In FY23, movements in the UK base interest rate would not have impacted the retained interest income earned by the Group, as any increases or decreases to the UK base interest rate when it is at higher levels would be passed to customers in the form of higher or lower pay away rates respectively. Conversely, in FY22 a 50bps increase would result in an additional \u00a311.8m retained interest income, as the majority of the increased gross interest income earned would be retained by the Group to rebuild revenue margins when UK base is at low levels. A 50bps decrease would result in a reduction of \u00a312.8m with the reduction in gross interest income earned being absorbed by the Group. At low levels of UK base rate it would not be possible to reduce the pay away rates significantly as they would already be at low levels. Customer cash balances are not a financial asset of the Group and so are not included in the statement of financial position. Market movement sensitivity The Group\u2019s custody fees are derived from the market value of the underlying assets held by the retail customer in their account, based on product type, mix and portfolio size which are charged on an ad valorem basis. As a result, the Group has an indirect exposure to market risks, as the value of the underlying customers\u2019 assets may rise or fall. The impact of a 10% increase or reduction in the value of the customers\u2019 underlying assets subject to the custody fees on the Group\u2019s revenue has been calculated and shown below. This has been modelled on a historical basis for each year separately assuming that the value of the customers\u2019 assets were 10% higher or lower than the actual position at the time. 2023 \u00a3000 2022 \u00a3000 + 10% higher 6,341 5,846 - 10% lower (6,341) (5,846) Foreign exchange risk The Group is not exposed to significant foreign exchange translation or transaction risk as the Group\u2019s activities are primarily within the UK. Foreign exchange risk is therefore not considered material. Credit risk The Group\u2019s exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due, arises principally from its cash balances held with banks and trade and other receivables. Trade receivables are presented net of expected credit losses within the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and number of days past due. Details of those trade receivables that are past due are shown within note 19. The Group has implemented procedures that require appropriate credit or alternative checks on potential customers before business is undertaken. This minimises credit risk in this area. The credit and concentration risk on liquid funds, cash and cash equivalents is limited as deposits are held across a number of major banks. The Directors continue to monitor the strength of the banks used by the Group. The principal banks currently used by the Group are Bank of Scotland plc, Barclays Bank plc, Lloyds Bank plc, Lloyds Bank Corporate Markets plc, HSBC Bank plc, NatWest Markets plc, Santander UK plc, Clearstream Banking SA and Qatar National Bank (Q.P.S.C). Bank of Scotland plc, the Group\u2019s principal banker, is substantial and is 100% owned by Lloyds Banking Group plc. All these banks currently have long-term credit ratings of at least A (Fitch). Where the services of other banks are used, the Group follows a rigorous due diligence process prior to selection. This results in the Group retaining the ability to further mitigate the counterparty risk on its own behalf and that of its customers. The Group has no significant concentration of credit risk as exposure is spread over a large number of counterparties and customers. The maximum exposure to credit risk is represented by the carrying amount of each financial asset at the reporting date. In relation to dealing services, the Group operates as agent on behalf of its underlying customers and in accordance with London Stock Exchange Rules. Any settlement risk during the period between trade date and the ultimate settlement date is substantially mitigated as a result of the Group\u2019s agency status, its settlement terms and the delivery versus payment mechanism whereby if a counterparty fails to make payment, the securities would not be delivered to the counterparty. Therefore any risk exposure is to an adverse movement in market prices between the time of trade and settlement. Conversely, if a counterparty fails to deliver securities, no payment would be made. There has been no material change to the Group\u2019s exposure to credit risk during the year. Liquidity risk This is the risk that the Group may be unable to meet its liabilities as and when they fall due. These liabilities arise from the day-to-day activities of the Group and from its obligations to customers. The Group is a highly cash-generative business and maintains sufficient cash and standby banking facilities to fund its foreseeable trading requirements. There has been no change to the Group\u2019s exposure to liquidity risk or the manner in which it manages and measures the risk during the year. The following table shows the undiscounted cash flows relating to non-derivative financial liabilities of the Group based upon the remaining period to the contractual maturity date at the end of the reporting period. 2023 Due within 1 year \u00a3000 1 to 5 years \u00a3000 After 5 years \u00a3000 Total \u00a3000 Trade and other payables 46,030 \u2014 \u2014 46,030 Lease liabilities 2,384 8,216 5,525 16,125 48,414 8,216 5,525 62,155 2022 Trade and other payables 10,598 \u2014 \u2014 10,598 Lease liabilities 2,517 8,579 7,533 18,629 13,115 8,579 7,533 29,227 Capital management The Group\u2019s objectives in managing capital are to: \u2022 safeguard the Group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders, security for our customers and benefits for other stakeholders; \u2022 maintain a strong capital base to support the development of its business; and \u2022 comply with regulatory requirements at all times. The capital structure of the Group consists of share capital, share premium and retained earnings. As at the reporting date the Group had capital of \u00a3166,037,000 (2022: \u00a3133,394,000). Capital generated from the business is both reinvested in the business to generate future growth and returned to shareholders principally in the form of dividends. The capital adequacy of the business is monitored on an ongoing basis and as part of the business planning process by the Board. It is also reviewed before any distributions are made to shareholders to ensure it does not fall below the agreed surplus as outlined in the Group\u2019s capital management policy. The liquidity of the business is monitored by management on a daily basis to ensure sufficient funding exists to meet the Group\u2019s liabilities as they fall due. The Group is highly cash-generative and maintains sufficient cash and standby banking facilities to fund its foreseeable trading requirements. The Group conducts an ICARA, as required by the FCA to assess the appropriate amount of regulatory capital and liquid resources to be held by the Group. Regulatory capital and liquid resources for ICARA are calculated in accordance with published rules. The ICARA compares the Group\u2019s financial resources against regulatory capital and liquidity requirements as specified by the relevant regulatory authorities. Our current financial resources, regulatory capital and liquidity requirements can be found on page 59. The Group maintained a surplus of regulatory capital and liquid resources throughout the year. The disclosures required under MIFIDPRU 8 of the Investment Firms Prudential Regime are available on the Group\u2019s website at ajbell.co.uk.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-334": { "value": "The financial assets and liabilities of the Group are detailed below: 2023 2022 Amortised cost \u00a3000 Financial liabilities \u00a3000 Carrying value \u00a3000 Amortised cost \u00a3000 Financial liabilities \u00a3000 Carrying value \u00a3000 Financial assets Trade receivables 2,613 \u2014 2,613 2,207 \u2014 2,207 Accrued income 33,662 \u2014 33,662 21,960 \u2014 21,960 Other receivables 13,365 \u2014 13,365 18,445 \u2014 18,445 Cash and cash equivalents 146,304 \u2014 146,304 84,030 \u2014 84,030 195,944 \u2014 195,944 126,642 \u2014 126,642 Financial liabilities Trade and other payables \u2014 46,030 46,030 \u2014 10,598 10,598 Lease liabilities \u2014 12,406 12,406 \u2014 13,961 13,961 \u2014 58,436 58,436 \u2014 24,559 24,559 The carrying amount of all financial assets and liabilities is approximate to their fair value due to their short-term nature
27 Reconciliation of liabilities arising from financing activities
2023
1 October
2022
\u00a3000
Cashflows
\u00a3000
Change in
lease liability
\u00a3000
30 September
2023
\u00a3000
Lease liabilities 13,961 (1,576) 21 12,406
Total liabilities from financing activities 13,961 (1,576) 21 12,406
2022
1 October
2021
\u00a3000
Cashflows
\u00a3000
Change in
lease liability
\u00a3000
30 September
2022
\u00a3000
Lease liabilities 15,594 (1,716) 83 13,961
Total liabilities from financing activities 15,594 (1,716) 83 13,961
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-319": { "value": "2023 2022 Amortised cost \u00a3000 Financial liabilities \u00a3000 Carrying value \u00a3000 Amortised cost \u00a3000 Financial liabilities \u00a3000 Carrying value \u00a3000 Financial assets Trade receivables 2,613 \u2014 2,613 2,207 \u2014 2,207 Accrued income 33,662 \u2014 33,662 21,960 \u2014 21,960 Other receivables 13,365 \u2014 13,365 18,445 \u2014 18,445 Cash and cash equivalents 146,304 \u2014 146,304 84,030 \u2014 84,030 195,944 \u2014 195,944 126,642 \u2014 126,642 Financial liabilities Trade and other payables \u2014 46,030 46,030 \u2014 10,598 10,598 Lease liabilities \u2014 12,406 12,406 \u2014 13,961 13,961 \u2014 58,436 58,436 \u2014 24,559 24,559 ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-320": { "value": "Market risk Interest rate risk The Group holds interest bearing assets in the form of cash and cash deposits. Cash at bank earns interest at floating rates based on daily bank deposit rates. Term deposits can also be made for varying periods depending on the immediate cash requirements of the Group, and interest is earned at the respective fixed-term rate. Based on the cash balances shown in the Group\u2019s statement of financial position at the reporting date, if interest rates were to move by 25bps it would change profit before tax by approximately: 2023 \u00a3000 2022 \u00a3000 + 25 bps (0.25%) 293 191 - 25 bps (0.25%) (293) (154) As at the year end the Group had no borrowings, and therefore was not exposed to a material interest rate risk related to debt as the interest rate is fixed at the inception of the lease. The Group retains a proportion of the interest income generated from the pooling of customer cash balances and as a result, the Group revenue has an indirect exposure to interest rate risk. The cash balances are held with a variety of banks and are placed in a range of fixed-term, notice and call deposit accounts with due regard for counterparty credit risk, capacity risk, concentration risk and liquidity risk requirements. The spread of rate retained by the Group is variable dependent on rates received by banks (disclosed to customers at between 1.15% below and 0.15% above the prevailing base rate) and amounts paid away to customers. The impact of a 50bps increase or decrease in UK base interest rates on the Group\u2019s revenue has been calculated and shown below. This has been modelled on a historical basis for each year separately assuming that the UK base rate was 50bps higher or lower for the year. 2023 \u00a3000 2022 \u00a3000 + 50 bps (0.50%) \u2014 11,827 - 50 bps (0.50%) \u2014 (12,759) In FY23, movements in the UK base interest rate would not have impacted the retained interest income earned by the Group, as any increases or decreases to the UK base interest rate when it is at higher levels would be passed to customers in the form of higher or lower pay away rates respectively. Conversely, in FY22 a 50bps increase would result in an additional \u00a311.8m retained interest income, as the majority of the increased gross interest income earned would be retained by the Group to rebuild revenue margins when UK base is at low levels. A 50bps decrease would result in a reduction of \u00a312.8m with the reduction in gross interest income earned being absorbed by the Group. At low levels of UK base rate it would not be possible to reduce the pay away rates significantly as they would already be at low levels. Customer cash balances are not a financial asset of the Group and so are not included in the statement of financial position. Market movement sensitivity The Group\u2019s custody fees are derived from the market value of the underlying assets held by the retail customer in their account, based on product type, mix and portfolio size which are charged on an ad valorem basis. As a result, the Group has an indirect exposure to market risks, as the value of the underlying customers\u2019 assets may rise or fall. The impact of a 10% increase or reduction in the value of the customers\u2019 underlying assets subject to the custody fees on the Group\u2019s revenue has been calculated and shown below. This has been modelled on a historical basis for each year separately assuming that the value of the customers\u2019 assets were 10% higher or lower than the actual position at the time. 2023 \u00a3000 2022 \u00a3000 + 10% higher 6,341 5,846 - 10% lower (6,341) (5,846) Foreign exchange risk The Group is not exposed to significant foreign exchange translation or transaction risk as the Group\u2019s activities are primarily within the UK. Foreign exchange risk is therefore not considered material. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-321": { "value": "Credit risk The Group\u2019s exposure to credit risk, which is the risk that a counterparty will be unable to pay amounts in full when due, arises principally from its cash balances held with banks and trade and other receivables. Trade receivables are presented net of expected credit losses within the statement of financial position. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and number of days past due. Details of those trade receivables that are past due are shown within note 19. The Group has implemented procedures that require appropriate credit or alternative checks on potential customers before business is undertaken. This minimises credit risk in this area. The credit and concentration risk on liquid funds, cash and cash equivalents is limited as deposits are held across a number of major banks. The Directors continue to monitor the strength of the banks used by the Group. The principal banks currently used by the Group are Bank of Scotland plc, Barclays Bank plc, Lloyds Bank plc, Lloyds Bank Corporate Markets plc, HSBC Bank plc, NatWest Markets plc, Santander UK plc, Clearstream Banking SA and Qatar National Bank (Q.P.S.C). Bank of Scotland plc, the Group\u2019s principal banker, is substantial and is 100% owned by Lloyds Banking Group plc. All these banks currently have long-term credit ratings of at least A (Fitch). Where the services of other banks are used, the Group follows a rigorous due diligence process prior to selection. This results in the Group retaining the ability to further mitigate the counterparty risk on its own behalf and that of its customers. The Group has no significant concentration of credit risk as exposure is spread over a large number of counterparties and customers. The maximum exposure to credit risk is represented by the carrying amount of each financial asset at the reporting date. In relation to dealing services, the Group operates as agent on behalf of its underlying customers and in accordance with London Stock Exchange Rules. Any settlement risk during the period between trade date and the ultimate settlement date is substantially mitigated as a result of the Group\u2019s agency status, its settlement terms and the delivery versus payment mechanism whereby if a counterparty fails to make payment, the securities would not be delivered to the counterparty. Therefore any risk exposure is to an adverse movement in market prices between the time of trade and settlement. Conversely, if a counterparty fails to deliver securities, no payment would be made. There has been no material change to the Group\u2019s exposure to credit risk during the year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-322": { "value": "Liquidity risk This is the risk that the Group may be unable to meet its liabilities as and when they fall due. These liabilities arise from the day-to-day activities of the Group and from its obligations to customers. The Group is a highly cash-generative business and maintains sufficient cash and standby banking facilities to fund its foreseeable trading requirements. There has been no change to the Group\u2019s exposure to liquidity risk or the manner in which it manages and measures the risk during the year. The following table shows the undiscounted cash flows relating to non-derivative financial liabilities of the Group based upon the remaining period to the contractual maturity date at the end of the reporting period. 2023 Due within 1 year \u00a3000 1 to 5 years \u00a3000 After 5 years \u00a3000 Total \u00a3000 Trade and other payables 46,030 \u2014 \u2014 46,030 Lease liabilities 2,384 8,216 5,525 16,125 48,414 8,216 5,525 62,155 2022 Trade and other payables 10,598 \u2014 \u2014 10,598 Lease liabilities 2,517 8,579 7,533 18,629 13,115 8,579 7,533 29,227 ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-323": { "value": "Capital management The Group\u2019s objectives in managing capital are to: \u2022 safeguard the Group\u2019s ability to continue as a going concern so that it can continue to provide returns for shareholders, security for our customers and benefits for other stakeholders; \u2022 maintain a strong capital base to support the development of its business; and \u2022 comply with regulatory requirements at all times. The capital structure of the Group consists of share capital, share premium and retained earnings. As at the reporting date the Group had capital of \u00a3166,037,000 (2022: \u00a3133,394,000). Capital generated from the business is both reinvested in the business to generate future growth and returned to shareholders principally in the form of dividends. The capital adequacy of the business is monitored on an ongoing basis and as part of the business planning process by the Board. It is also reviewed before any distributions are made to shareholders to ensure it does not fall below the agreed surplus as outlined in the Group\u2019s capital management policy. The liquidity of the business is monitored by management on a daily basis to ensure sufficient funding exists to meet the Group\u2019s liabilities as they fall due. The Group is highly cash-generative and maintains sufficient cash and standby banking facilities to fund its foreseeable trading requirements. The Group conducts an ICARA, as required by the FCA to assess the appropriate amount of regulatory capital and liquid resources to be held by the Group. Regulatory capital and liquid resources for ICARA are calculated in accordance with published rules. The ICARA compares the Group\u2019s financial resources against regulatory capital and liquidity requirements as specified by the relevant regulatory authorities. Our current financial resources, regulatory capital and liquidity requirements can be found on page 59. The Group maintained a surplus of regulatory capital and liquid resources throughout the year. The disclosures required under MIFIDPRU 8 of the Investment Firms Prudential Regime are available on the Group\u2019s website at ajbell.co.uk.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-288": { "value": "
26 Interests in unconsolidated structure entities
The Group manages a number of investment funds (open-ended investments) acting as agent of the Authorised Corporate Director.
The dominant factor in deciding who controls these entities is the contractual arrangement in place between the Authorised Corporate
Director and the Group, rather than voting or similar rights. As the Group directs the investing activities through its investment
management agreement with the Authorised Corporate Director, the investment funds are deemed to be structured entities. The
investment funds are not consolidated into the Group\u2019s financial statements as the Group is judged to act as an agent rather than having
control under IFRS 10.
The purpose of the investment funds is to invest capital received from investors in a portfolio of assets in order to generate a return in the
form of capital appreciation, income from the assets, or both. The Group\u2019s interest in the investment funds is in the form of management
fees received for its role as investment manager. These fees are variable depending on the value of the assets under management.
The funds do not have any debt or borrowings and are financed through the issue of units to investors.
The following table shows the details of unconsolidated structured entities in which the Group has an interest at the reporting date:
Year Type
Number of
funds
Net AUM of
funds
\u00a3m
Annual
management
charge
\u00a3000
Management
charge
receivable at
30 September
\u00a3000
2023 OEIC 9 2,426.6 2,859 280
2022 OEIC 9 1,465.5 1,816 369
The annual management charge is included within recurring ad valorem fees within revenue in the consolidated income statement.
The annual management charge receivable is included within trade and other receivables in the consolidated statement of
financial position.
The maximum exposure to loss relates to a reduction in future management fees should the market value of the investment
funds decrease.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-289": { "value": "
28 Related party transactions
Transactions between the Parent Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are
not disclosed.
Transactions with key management personnel:
Key management personnel is represented by the Board of Directors as shown on pages 74 to 77 and the ExCo as shown on pages 78
and 79.
The remuneration expense of key management personnel is as follows:
2023
\u00a3000
2022
\u00a3000
Short-term employee benefits (excluding NI) 2,893 2,779
Retirement benefits 66 114
Share-based payment 1,484 2,389
4,443 5,282
During the year there were no material transactions or balances between the Group and its key management personnel or members
of their close families, other than noted below.
Transactions with directors:
The remuneration of individual directors is provided in the Directors\u2019 Remuneration report on pages 111 to 113.
Dividends totalling \u00a3163,000 (2022: \u00a311,743,000) were paid in the year in respect of ordinary shares held by the Company\u2019s directors.
The aggregate gains made by the Directors on the exercise of share options during the year were \u00a3469,000 (2022: \u00a3772,000).
During the year Directors and their families received beneficial staff rates in relation to personal portfolios. The discount is not material
to the Directors or to AJ Bell.
Other related party transactions:
Charitable donations
During the year the Group made donations of nil (2022: \u00a3298,000) to the AJ Bell Trust, a registered charity of which Mr A J Bell is a trustee.
EQ Property Services Limited
The Group is party to three leases with EQ Property Services Limited for rental of the Head Office premises, 4 Exchange Quay, Salford
Quays, Manchester, M5 3EE. Mr M T Summersgill and Mr R Stott are directors and shareholders of both AJ Bell plc and EQ Property
Services Limited, Mr A J Bell is a shareholder of both AJ Bell plc and EQ Property Services Limited. The leases for the rental of the
building were entered into on 17 August 2016 for terms which expire on 30 September 2031, at an aggregate market rent of \u00a32,009,000
(2022: \u00a31,826,000 per annum).
At the reporting date, there is no payable outstanding (2022: \u00a3nil) with EQ Property Services Limited.
Andy Bell consultancy
On 1 October 2022 Andy Bell stepped down as CEO into a consultancy role for the Group, and remains a significant shareholder of
AJ Bell plc. In his capacity as a consultant, he was paid \u00a3157,000 (2022: \u00a3nil).
Any amounts outstanding with related parties are unsecured and will be settled in cash. No guarantees have been given or received.
No provision has been made for doubtful debts in respect of amounts owed by related parties.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-324": { "value": "28 Related party transactions Transactions between the Parent Company and its subsidiaries, which are related parties, have been eliminated on consolidation and are not disclosed. Transactions with key management personnel: Key management personnel is represented by the Board of Directors as shown on pages 74 to 77 and the ExCo as shown on pages 78 and 79. The remuneration expense of key management personnel is as follows: 2023 \u00a3000 2022 \u00a3000 Short-term employee benefits (excluding NI) 2,893 2,779 Retirement benefits 66 114 Share-based payment 1,484 2,389 4,443 5,282 During the year there were no material transactions or balances between the Group and its key management personnel or members of their close families, other than noted below. Transactions with directors: The remuneration of individual directors is provided in the Directors\u2019 Remuneration report on pages 111 to 113. Dividends totalling \u00a3163,000 (2022: \u00a311,743,000) were paid in the year in respect of ordinary shares held by the Company\u2019s directors. The aggregate gains made by the Directors on the exercise of share options during the year were \u00a3469,000 (2022: \u00a3772,000). During the year Directors and their families received beneficial staff rates in relation to personal portfolios. The discount is not material to the Directors or to AJ Bell. Other related party transactions: Charitable donations During the year the Group made donations of nil (2022: \u00a3298,000) to the AJ Bell Trust, a registered charity of which Mr A J Bell is a trustee. EQ Property Services Limited The Group is party to three leases with EQ Property Services Limited for rental of the Head Office premises, 4 Exchange Quay, Salford Quays, Manchester, M5 3EE. Mr M T Summersgill and Mr R Stott are directors and shareholders of both AJ Bell plc and EQ Property Services Limited, Mr A J Bell is a shareholder of both AJ Bell plc and EQ Property Services Limited. The leases for the rental of the building were entered into on 17 August 2016 for terms which expire on 30 September 2031, at an aggregate market rent of \u00a32,009,000 (2022: \u00a31,826,000 per annum). At the reporting date, there is no payable outstanding (2022: \u00a3nil) with EQ Property Services Limited. Andy Bell consultancy On 1 October 2022 Andy Bell stepped down as CEO into a consultancy role for the Group, and remains a significant shareholder of AJ Bell plc. In his capacity as a consultant, he was paid \u00a3157,000 (2022: \u00a3nil). Any amounts outstanding with related parties are unsecured and will be settled in cash. No guarantees have been given or received. No provision has been made for doubtful debts in respect of amounts owed by related parties.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-329": { "value": "Transactions with key management personnel: Key management personnel is represented by the Board of Directors as shown on pages 74 to 77 and the ExCo as shown on pages 78 and 79. The remuneration expense of key management personnel is as follows: 2023 \u00a3000 2022 \u00a3000 Short-term employee benefits (excluding NI) 2,893 2,779 Retirement benefits 66 114 Share-based payment 1,484 2,389 4,443 5,282 During the year there were no material transactions or balances between the Group and its key management personnel or members of their close families, other than noted below. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } }, "fact-290": { "value": "
29 Subsequent events
There have been no material events occurring between the reporting date and the date of approval of these consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800VNKA7DPWXWJJ36", "period": "2022-10-01T00:00:00/2023-10-01T00:00:00" } } } }