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"value": "Introduction
Accounting policies are contained within relevant notes, with the basis of preparation and general policies collected in Note 28. An explanation of the use
of alternative performance measures (APMs) is provided on pages 195 to 197.
The impact of exceptional items on the financial statements
The Group has presented certain items as exceptional in 2021 and 2022. These items principally relate to the acquisition of Merian in 2020. Further details
of all items that are deemed exceptional are explained below, as well as within the relevant notes to the financial statements and in the Chief Financial
Officer\u2019s Review on page 26.
The use of exceptional items and underlying profit measures in the Strategic report
In the Strategic report of this document, the Group makes use of a number of APMs, including \u2018Underlying profit before tax\u2019. The use of such measures
means that financial results referred to in the Strategic report section of this document may not be equal to the statutory results reported in the financial
statements. Guidelines issued by the FRC require such differences to be reconciled. As a result of the 2020 Merian acquisition, there was a significant
difference between \u2018Underlying profit before tax\u2019 and the statutory profit before tax in 2021 due to the recognition of amortisation and compensation
costs where the relevant accounting charges were required to be recognised over multiple accounting periods. These charges have continued into 2022.
Further detail can be found on page 27.
In addition, in 2021, the Group earned significant levels of performance fee income and incurred related costs. These items have been included in Revenue
and Administrative expenses in the Group\u2019s results. Such income is not exceptional as it is likely to recur, although the amounts earned can vary from being
extremely significant in size to being immaterial. In their analysis of the results, professional users of the Group\u2019s accounts generally assign different values
to recurring management fees than to potentially non-recurring net performance fees. Similarly, due to their inherent variability, results are presented
both before and after net performance fees for internal management information purposes.
\u2018Underlying profit before tax\u2019 is equal to the statutory profit before tax less exceptional items. Exceptional items are defined on page 26. The financial
statements do not refer to or use such measures, but the table below provides a reconciliation, indicating in which note or notes to the statutory financial
statements the exceptional items are recorded. Further detail on these items can be found in the relevant notes.
Notes
2022
\u00a3m
2021
\u00a3m
Underlying profit before tax (page 28) 77.6 216.7
Exceptional items included within the following notes:
Administrative expenses 3 (0.8) (14.2)
Amortisation of intangible assets 12 (18.8) (18.8)
Statutory profit before tax 58.0 183.7
Disclosure of relevant accounting information relating to the acquisition
Disclosures relating to the Merian acquisition in 2020 can be found in Note 5.4 of the Group\u2019s 2020 Annual Report and Accounts.
Other disclosures
Disclosure of items treated as exceptional that are not related to the Merian acquisition in respect of 2021 are reported in Note 4.
1. Revenue
The Group\u2019s primary source of recurring revenue is management fees. Management fees are charged for investment management or administrative
services and are normally based on an agreed percentage of the assets under management (AUM). Initial charges and commissions are for additional
administrative services at the beginning of a client relationship, as well as ongoing administrative costs. Performance fees may be earned from some funds
when agreed performance conditions are met. Net revenue is stated after fee and commission expenses to intermediaries for ongoing services under
distribution agreements.
Revenue
Revenue comprises the fair value of the consideration received or receivable for the provision of investment management services. Revenue is shown net
of any value added tax, rebates and discounts. Our revenue components are accounted for as follows:
\u2022 management fees are earned over a period of time, and revenue is recognised in the same period in which the service is performed. Management fees
are normally calculated as a percentage of net fund assets managed in accordance with individual management agreements and are billed to the client
each period shortly after the relevant asset data is available, with settlement terms commonly being 30 days or fewer;
\u2022 initial charges and commissions on sales of unit trusts are deferred and amortised over the anticipated period of the provision of investment
management services. Revenue for initial charges and commissions is recognised over a period of time, but payment is taken upfront resulting in the
recognition of contract liabilities; and
\u2022 performance fees are calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle and are recognised when
the fee amount can be estimated reliably and it is highly probable that it will not be subject to significant reversal. Such fees are normally recognised at
the end of the relevant reporting period of the fund (or other defined crystallisation date) and payment is collected shortly after.
Management fees and performance fees are both forms of variable consideration, however there is no significant judgement or estimation. The
transaction price is determined at the end of each measurement period and is normally equal to the relevant measure of AUM adjusted by a factor set out
in the investment management agreement. In the case of performance fees, the adjustment is a defined hurdle rate of return before the performance fee
is due. The amount is billed to the customer as per contractual arrangements for each of the separate components of revenue listed above.
All components of the Group\u2019s revenue are performance obligations satisfied over time, and are generally not subject to returns or refunds. For
management fees, the Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in
the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to the customer of the entity\u2019s
performance completed to date. This is appropriate because investment management services are generally satisfied over time with either the customer
simultaneously receiving and consuming the benefits provided by the fund manager as the fund manager performs the service, or with the fund manager\u2019s
performance enhancing the assets that the fund controls.
Fee and commission expenses
These are paid to third parties for ongoing services under distribution agreements and are charged to the income statement over the period in which the
service is expected to be provided. The services provided include the provision of access to a basket of fund products, information on financial products,
promotional materials, ongoing services to clients and transaction processing.
2022
\u00a3m
2021
\u00a3m
Management fees 430.1 501.5
Initial charges and commissions 3.1 3.3
Performance fees 10.3 113.0
Revenue 443.5 617.8
Fee and commission expenses relating to management fees (45.3) (47.8)
Fee and commission expenses relating to initial charges and commissions (0.9) (1.4)
Net revenue 397.3 568.6
In 2022, performance fee revenue was mainly generated through a number of funds (2021: through the Chrysalis Investment Trust, along with a number of
smaller fees from other funds).
Disaggregation of revenue
The Group disaggregates revenue from contracts with customers on the basis of product type and geographical region, as this best depicts how the
nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors.
The Group\u2019s product types can be broadly categorised into pooled funds and segregated mandates. Pooled funds, which include both mutual funds and
investment trusts, are established by the Group, with the risks, exposures and investment approach defined via a prospectus which is provided to potential
investors. In contrast, segregated mandates are generally established in accordance with the requirements of a specific institutional investor. Institutional
clients may invest in segregated mandates or pooled vehicles.
Revenue by product type
2022
\u00a3m
2021
\u00a3m
Pooled funds 417.2 591.9
Segregated mandates 26.3 25.9
Revenue 443.5 617.8
2. Segmental reporting
The Group offers a range of investment products and services through different distribution channels. All financial, business and strategic decisions are
made centrally by the Board of Directors (the Board), which determines the KPIs of the Group. Information is reported to the chief operating decision
maker, the Board, on a single-segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by
product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers
itself to be a single-segment investment management business.
Management monitors operating profit for the purpose of making decisions about resource allocation and performance assessment.
Geographical information
Revenue by location of clients
2022
\u00a3m
2021
\u00a3m
UK 334.4 495.6
EMEA
1
77.7 88.6
Asia 18.2 22.9
Rest of the world 13.2 10.7
Revenue by location 443.5 617.8
The location of clients is based on management information received from distribution partners. Where management information is not available, the
location of the distribution partner is used as a proxy for the location of the client.
Non-current assets for the Group (excluding financial instruments and deferred tax assets) are domiciled as set out below:
Non-current assets for the Group
2022
\u00a3m
2021
\u00a3m
UK 644.3 664.5
EMEA
1
1.1 1.4
Asia 1.0 0.6
Rest of the world 0.3 0.3
Non-current assets by location 646.7 666.8
1. In order to align to the Group\u2019s reporting throughout the Annual Report, EMEA (Europe, Middle East and Africa) has been inserted as a new region in 2022, replacing Continental Europe.
Prior year amounts have been amended to reflect this change.
3. Administrative expenses
The largest administrative expense is staff costs. Other administrative expenses include administration fees, expenditure relating to non-capitalisable
investment in the business, marketing and IT costs.
Administrative expenses comprise:
2022
\u00a3m
2021
\u00a3m
Staff costs (Note 4) 187.7 227.2
Depreciation of property, plant and equipment (Note 13) 5.8 5.6
Auditors\u2019 remuneration (see below) 1.6 1.4
Other administrative expenses 107.2 118.9
Total administrative expenses 302.3 353.1
Auditors\u2019 remuneration
2022
\u00a3m
2021
\u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company
and consolidated financial statements 0.4 0.3
Fees payable to the Company\u2019s auditors and their associates for other services to the Group:
Audit of the Company\u2019s subsidiaries pursuant to legislation 0.9 0.8
Audit-related assurance services 0.3 0.3
Total auditors\u2019 remuneration 1.6 1.4
The Chief Financial Officer\u2019s review on page 26 provides details of exceptional items of \u00a30.8m (2021: \u00a314.2m) within staff costs. The staff costs are described
further in Note 4.
4. Staff costs
Staff costs include wages and salaries, share-based payments, pension costs and redundancy costs, along with associated social security costs, and are
recognised on an accruals basis as services are provided to the Group.
2022
\u00a3m
2021
\u00a3m
Wages and salaries 98.3 166.0
Share-based payments (Note 5) 13.6 25.5
Social security costs 11.1 26.2
Pension costs 6.2 5.7
Redundancy costs 3.4 6.5
Staff costs before losses/(gains) arising from the economic hedging of fund awards 132.6 229.9
Net losses/(gains) on instruments held to provide an economic hedge for fund awards
1
55.1 (2.7)
Staff costs 187.7 227.2
1. The gains and losses relates to equity holdings in instruments held as an economic hedge against compensation awards to employees, the value of which is linked to those equity
holdings. As a result, any gain or loss relating to such holdings are ultimately borne by the awardees rather than the Group. Over the vesting period of the awards, any gains or losses
made on such instruments will be offset by increases or decreases in the accounting charge in respect of the awards, which are included in \u2018Wages and salaries\u2019 (see also Note 6 for
details).
Note 3 refers to \u00a30.8m (2021: \u00a314.2m) of staff costs that are described as exceptional items within the Chief Financial Officer\u2019s review, comprising \u00a30.8m
(2021: \u00a37.7m) relating to the acquisition of Merian and \u00a3nil (2021: \u00a36.5m) relating to a redundancy programme. In 2022, the costs chiefly comprise cash and
share-based deferred earn out (DEO) awards (2021: cash and share-based DEO awards, and redundancy costs). The redundancy costs in 2021 related to a
restructuring programme of the Jupiter business post-integration which started in 2020 and redundancies relating specifically to the Merian acquisition.
Pension costs
The Group contributes to a number of defined contribution pension schemes for the benefit of its employees. Contributions in respect of the UK
employees (at the rate of up to 15% of gross salary) are made into the Jupiter Pension Scheme whose financial statements are available from the trustees at
the registered office of the Company. Contributions made by the Group are charged to the consolidated income statement as they become payable in
accordance with the rules of the schemes.
Average number of employees
The monthly average number of persons employed by the Group during the year, including Executive Directors, by activity is:
2022
Number
2021
Number
Fund management 140 139
Distribution and marketing 140 143
Infrastructure and operations 292 302
572 584
Information regarding Executive Directors\u2019 aggregate emoluments of \u00a32.2m (2021: \u00a33.6m) is set out in the Remuneration report on page 119.
5. Share-based payments
The Group engages in share-based payment transactions in respect of services receivable from certain employees by granting the right to either shares
or options over shares, subject to certain vesting conditions and exercise prices. These have been accounted for as equity-settled share-based payments.
The fair value of the awards granted in the form of shares or share options is recognised as an expense over the appropriate performance and vesting
period. The corresponding credit is recognised in retained earnings within total equity. The fair value of the awards is calculated using an option pricing
model, the principal inputs being the market value on the date of award, discounted for any dividends forgone over the holding period of the award,
and an adjustment for expected and actual levels of vesting, which includes estimating the number of eligible employees leaving the Group and the
number of employees satisfying the relevant performance conditions. Shares and options vest on the occurrence of a specified event under the rules
of the relevant plan.
A summary of the charge taken to the income statement (excluding social security) for each share-based payment arrangement is shown below:
2022
\u00a3m
2021
\u00a3m
Deferred Bonus Plan (DBP) 14.3 20.4
Long-Term Incentive Plan (LTIP) 1.2 1.6
Deferred Earn Out (DEO) (3.4) 2.3
Sharesave Plan (SAYE) 0.7 0.3
Share Incentive Plan (SIP) 0.1 0.4
Free Share Awards (FSA) 0.7 0.5
Total (Note 4) 13.6 25.5
The fair value of the services provided by employees has been calculated indirectly by reference to the fair value of the equity instruments granted. Fair
value amounts for the options granted under the DBP, LTIP and SAYE schemes were determined using a Black-Scholes option-pricing method and the
following assumptions:
2022 2021
DBP 2021 LTIP 2022 SAYE 2022 DBP 2020 LTIP 2021 SAYE 2021
Weighted average share price \u00a31.88 \u00a31.91 \u00a30.99 \u00a32.81 \u00a32.81 \u00a32.51
Weighted average exercise price \u2013 \u2013 \u00a30.79 \u2013 \u2013 \u00a32.15
Weighted average expected volatility 33.0% 33.3% 37.0% 35.4% 32.1% 33.7%
Weighted average option life (years) 2.4 4.2 3.7 1.7 4.2 4.1
Weighted average dividend yield \u2013 \u2013 17.3% \u2013 \u2013 6.8%
Weighted average risk-free interest rate 3.3% 3.2% \u2013 0.8% 1.1% \u2013
Expected volatility for options granted in 2022 and 2021 has been calculated using the historical volatility of the Group.
The numbers above in relation to the LTIP include Joiner Plans as both schemes have a similar structure.
The Group provides a sensitivity analysis to show the impact to the Group\u2019s profit before taxation in the event that forfeiture and performance condition
assumptions exceed or are below the Group\u2019s estimations on share-based payments by the stated percentages:
Impact on the income statement of a change in leaver assumptions
2022
\u00a3m
2021
\u00a3m
+5% (2.0) (1.8)
-5% 1.1 1.2
Impact on the income statement of a change in performance condition vesting assumptions
2022
\u00a3m
2021
\u00a3m
+25% 3.6 1.9
-25% (2.2) (2.0)
The use of estimation in the calculation of share-based payments
At the year end, the Group had approximately 37.2m share-based awards in issue. Each year, existing awards vest and new awards are made. Around
13.6m share-based awards were issued in 2022 in the form of deferred bonus and LTIP awards. Given their significance as a form of employee
remuneration for the Group, share-based payments have been included as an area where the use of estimation is important in Note 28. The principal
estimations made relate to:
\u2022 forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u2018good\u2019
leavers and their awards continue to vest but there is no longer an extended service period condition); and
\u2022 the satisfaction of performance conditions attached to certain LTIP awards and to share-based DEO awards.
These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a
minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of changes to our estimations in respect of granted
awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material.
(i) Deferred Bonus Plan (DBP)
All employees of the Group who are eligible for a bonus over a certain level, as determined by the Remuneration Committee, are required to participate in
the DBP. The DBP provides for compulsory deferral of a proportion of bonus. Deferrals are made into either options over the Company\u2019s shares or a cash
amount equivalent to the value of units in the Group\u2019s funds (see Note 6 for information on the treatment of fund units). The awards in respect of DBP are
granted after the year end to which they relate. The awards made in 2021 and 2022, in relation to 2020 and 2021 performance respectively, were granted in
the form of nil-cost options over the Company\u2019s shares, at a price calculated as the market price immediately prior to the date of the award. Awards will
also be made in 2023 in relation to 2022 performance, thus a charge for these awards has been taken to the income statement in 2022.
The following table illustrates the number and weighted average exercise price (WAEP) of, and movement in, share options during the year:
Options outstanding
2022 2021
Number m WAEP \u00a3 Number m WAEP \u00a3
At 1 January 14.3 \u2013 10.7 \u2013
Granted 11.0 \u2013 9.5 \u2013
Exercised (6.3) \u2013 (5.8) \u2013
Forfeited (0.2) \u2013 (0.1) \u2013
At 31 December 18.8 \u2013 14.3 \u2013
Exercisable at 31 December 1.7 \u2013 0.8 \u2013
There were 6.3m options exercised under this plan in 2022 (2021: 5.8m). The weighted average share price at the date of exercise of these options was \u00a31.25
(2021: \u00a32.65).
The weighted average fair value of options granted under this plan during the year was \u00a31.88 (2021: \u00a32.81).
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2022 was 1.3 years (31 December 2021:
1.5 years).
(ii) Long-Term Incentive Plan (LTIP)
All employees are eligible to participate in the LTIP. Awards are made at the discretion of the Remuneration Committee and may be granted in the form
of options (either at market value, nominal value or nil cost), restricted shares or conditional share awards over the Company\u2019s shares, or a cash amount
equivalent to the value of units in the Group\u2019s funds. The table below illustrates the number and weighted average exercise price (WAEP) of, and
movement in, awards in the form of share options during the year. Cash awards linked to the value of funds are included in Note 6.
Options outstanding
2022 2021
Number m WAEP \u00a3 Number m WAEP \u00a3
At 1 January 9.6 \u2013 8.3 0.12
Granted 6.3 \u2013 4.4 \u2013
Exercised (0.6) \u2013 (0.5) 0.01
Forfeited (2.0) 0.01 (2.6) 0.38
At 31 December 13.3 \u2013 9.6 \u2013
Exercisable at 31 December 0.5 \u2013 1.3 0.02
There were 0.6m options exercised under this plan in 2022 (2021: 0.5m). The weighted average share price at the date of exercise of these options was \u00a31.58
(2021: \u00a32.70).
The weighted average fair value of options granted under this plan during the year was \u00a31.91 (2021: \u00a32.81).
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2022 was 2.5 years (31 December 2021:
2.5 years).
(iii) Deferred Earn Out (DEO)
As part of the sale and purchase agreement on the acquisition of Merian, certain former Merian shareholders, who continued in employment with Jupiter
post-completion, were granted nil-cost options over the Company\u2019s shares up to a maximum value of \u00a320.0m. For these awards to vest, the awardees
must meet certain performance conditions, based on net revenues, on 1 July 2023. On this date, the awards will be converted to a number of shares,
corresponding to the average closing price of a Company share over the three dealing days ending immediately before 1 July 2023 and the fulfilment of the
performance conditions. Should performance conditions be fulfilled, the awards will be exercisable on 1 July 2024 and 1 July 2025. Exercise of these options
will be dependent on the awardees remaining in the employment of the Group until these dates. As at 31 December 2022, it is expected that the
performance conditions will not be met.
(iv) Sharesave Plan
All eligible UK employees may participate in the Group\u2019s Sharesave Plan, which was introduced in 2010. Under the terms of this plan, employees may enter
into contracts to save up to the maximum amount permitted under legislation and, at the expiry of a fixed three- or five-year term, have the option to use
these savings to acquire shares in the Company at a discounted price, calculated under the rules of the plan (currently a 20% discount to the market price
at the date of award). Participants in the plan have six months from the date of vesting to exercise their option.
Options outstanding
2022 2021
Number m WAEP \u00a3 Number m WAEP \u00a3
At 1 January 2.7 1.82 3.1 1.83
Granted 4.9 0.79 0.4 2.15
Exercised \u2013 \u2013 (0.1) 1.67
Forfeited (2.6) 1.72 (0.7) 2.05
At 31 December 5.0 1.06 2.7 1.82
Exercisable at 31 December 0.1 2.10 0.1 3.35
The weighted average share price at the date of exercise of these options in 2022 was \u00a31.03 (2021: \u00a32.61) per ordinary share.
The weighted average fair value of the options granted under this plan during the year was \u00a30.20 (2021: \u00a30.44).
The range of exercise prices of options granted under this plan is between \u00a30.79 and \u00a34.29.
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2022 was 3.3 years (31 December 2021:
3.1 years).
(v) Share Incentive Plan (SIP)
All eligible UK employees may participate in the Group\u2019s Share Incentive Plan, which was introduced in 2013. Under the terms of this plan, employees may
contribute from pre-tax salary up to the maximum amount permitted under legislation in any tax year, to be used to acquire shares in the Company at
the market price on the relevant date. Matching shares are then awarded by the Company on a one matching share for each share purchased basis.
The matching shares are subject to forfeiture where the employee leaves employment with the Group within three years of their award.
The number of matching shares purchased under this scheme during the year was 0.1m (2021: 0.1m).
(vi) International Share Award (ISA)
All non-UK employees may participate in the Group\u2019s International Share Award, which was introduced in 2017 to create a non-UK plan similar to the
Sharesave Plan. Under the terms of this award, international employees are offered the opportunity to be granted a share option which is exercisable after
three years and three months. The exercise price is set at the same level as for the Sharesave Plan. Participants in the plan have six months from the date
of vesting to exercise their option.
The number of awards made during the year was 0.1m (2021: 0.1m).
(vii) Free Share Award (FSA)
All eligible employees may participate in the Free Share Award which was introduced in 2020. Eligible employees in the UK receive their award through the
UK Approved SIP. Non-UK eligible employees receive a nil-cost option which will vest over a three-year period.
The number of awards made during the year was 0.5m (2021: 0.4m).
6. Fund-based deferred compensation awards
As described in Note 5(i) and (ii), deferred bonuses and LTIP awards can be deferred into either options over the Company\u2019s shares or a cash amount
equivalent to the value of units in the Group\u2019s funds. The expense included within wages and salaries in the income statement in relation to fund-based
awards was:
2022
\u00a3m
2021
\u00a3m
(Credit)/charge in respect of fund-based awards before losses/(gains) arising from hedging (2.5) 59.4
Net losses/(gains) on instruments held to provide an economic hedge for fund awards 55.1 (2.7)
Net charge arising from fund-based awards 52.6 56.7
Where bonuses are deferred into fund units, the fair value of the award is expensed over the appropriate performance and vesting period and included
within staff costs. The liability is revalued at each balance sheet date to the expected settlement amount, being the current market value of the underlying
fund units adjusted for the proportion of the vesting period that has passed. Any increase or decrease in value is recognised in the income statement
within staff costs. The liability is included in the balance sheet as part of accrued expenses within trade and other payables (see Note 19).
The Group hedges its exposure to price fluctuations in the underlying fund units by purchasing the fund units at the date of grant. These are included
within financial assets at FVTPL in the balance sheet. Changes in the fair value of the units are recognised in the income statement within staff costs in
order to match the gains and losses of both the hedging instrument and the hedged item within the same line item of the income statement.
The Group provides a sensitivity analysis to show the impact on the Group\u2019s profit before taxation in the event that forfeiture and performance condition
assumptions (in the case of LTIP awards) exceed or are below the Group\u2019s estimations on fund unit awards by the stated percentages:
Impact on the income statement of a change in leaver assumptions
2022
\u00a3m
2021
\u00a3m
+5% (1.9) (2.1)
-5% 0.6 0.6
Impact on the income statement of a change in performance condition vesting assumptions
2022
\u00a3m
2021
\u00a3m
+25% 0.3 0.2
-25% (0.5) (0.2)
Volatility in the net charge arising from fund-based awards
In addition to the sensitivities shown above, the Group is also exposed to volatility in its income statement arising from its hedging policy. Although the
policy ensures that overall there is no net gain or loss arising from movements in the value of fund-based awards from the date the hedge is purchased
until the vesting date, it may result in short-term income statement mismatches that subsequently reverse.
Under the relevant accounting standards, where the Group purchases units or shares in funds to hedge the market risk exposure arising from a fund-based
award, any movements in the value of those assets are recorded as gains or losses from the point that the asset is purchased. However, the related liability
is initially recorded at zero and is recognised over the period service is provided by the awardee. Only at the vesting date are the asset and liability equal
and, therefore, only from this point are nil net gains and losses made from the revaluation of the asset and liability.
Until this point is reached, the impact of movements in the value of fund units held for hedging purposes on asset values may be significantly different to
the impact on the fund award liability, resulting effectively in either an acceleration of the compensation charge (where net losses are recorded) or a
deferral of charge until future years (where net gains are recorded). These are timing differences that will fully reverse by the vesting date.
In 2022, decreases in the value in the Group\u2019s hedging assets of \u00a355.1m (2021: increases of \u00a32.7m) led to a net loss (2021: gain) arising from this timing
difference on asset and liability treatment of fund-based awards. Further details of these movements, and the consequent impact on future years\u2019 charges,
can be found in the Chief Financial Officer\u2019s report on page 26.
The use of estimation in the calculation of fund unit awards
At the year end, the Group had accrued \u00a346.8m (2021: \u00a379.6m) of deferred fund unit awards. Each year, existing awards vest and new awards are made.
Given their significance as a form of employee remuneration for the Group, fund unit awards have been included as an area where the use of estimation
is important in Note 28. The principal estimations made relate to:
\u2022 Forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u2018good\u2019
leavers and their awards continue to vest but there is no longer an extended service period condition); and
\u2022 The satisfaction of performance conditions attached to LTIP awards.
These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a
minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of reasonable changes to our estimations in respect of
granted awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material.
7. Other losses
Other losses relate principally to net losses (2021: net losses) made on the Group\u2019s seed investment portfolio and derivative instruments held to provide
economic hedges against that portfolio. The portfolio and derivatives are held at FVTPL (see Note 15). Gains and losses comprise both realised and
unrealised amounts.
2022
\u00a3m
2021
\u00a3m
Dividend income 1.0 1.1
(Losses)/gains on financial instruments designated at FVTPL upon initial recognition (24.7) 9.7
Gains/(losses) on financial instruments at FVTPL 14.0 (15.2)
Other losses (9.7) (4.4)
8. Net finance costs
Net finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities (see
Notes 18 and 13 respectively for further details). Net finance costs also include ancillary charges for commitment fees and arrangement fees associated
with the RCF. Interest payable is charged on an accrual basis using the effective interest method.
2022
\u00a3m
2021
\u00a3m
Interest on subordinated debt 4.7 4.7
Interest on lease liabilities 1.6 1.6
Finance cost on the RCF 0.3 0.3
Interest (income)/cost on bank deposits (0.3) 0.2
6.3 6.8
In 2021, the Group incurred interest charges of \u00a30.2m on bank deposits; in 2022, increases in interest rates in the jurisdictions in which the Group holds bank
deposits resulted in the recognition of interest income of \u00a30.3m. As a result of the insignificant nature of this income, it has been presented as part of the
Group\u2019s net finance costs above.
9. Income tax expense
The Group pays taxes according to the rates applicable in the countries in which it operates. The Group\u2019s headquarters are in the UK. Most taxes are
recorded in the income statement and relate to taxes payable for the reporting period (current tax), but there is also a charge or credit relating to tax
payable for future periods due to income or expenses being recognised in a different period for tax and accounting purposes (deferred tax). Tax is charged
to equity when the tax benefit exceeds the cumulative income statement expense on share plans.
The Group provides for current tax according to the tax laws of each jurisdiction in which it operates using tax rates that have been enacted or
substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns in respect of situations in which
applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to
the tax authorities.
Deferred tax is provided, using the liability method, on temporary differences at the reporting date between the tax bases of assets and liabilities and their
carrying amounts for financial reporting purposes. Deferred tax is recognised in respect of all temporary differences that have originated but not reversed
at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future
have occurred at the balance sheet date. A deferred tax asset is recognised when it is considered recoverable and therefore recognised only when, on the
basis of all available evidence, it can be regarded as probable that there will be suitable taxable profits against which to recover carried forward tax losses
and from which the future reversal of underlying temporary differences can be deducted.
Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary differences are expected to reverse,
based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax that has arisen in respect of equity
items, such as tax credits in respect of share-based payments where the fair value of awards exceeds the accounting charge, are recognised directly in
equity and not in the income statement.
2022
\u00a3m
2021
\u00a3m
Current tax
Tax on profits for the year 9.5 45.0
Adjustments in respect of prior years (3.8) (1.3)
Total current tax 5.7 43.7
Deferred tax
Origination and reversal of temporary differences 3.8 (9.8)
Adjustments in respect of prior years 0.6 0.2
Total deferred tax (Note 14) 4.4 (9.6)
Income tax expense 10.1 34.1
Total tax expense
The corporation tax rate for 2022 was 19% (2021: 19%). The tax charge in the year is lower (2021: lower) than the standard rate of corporation tax in the UK
and the differences are explained below:
Factors affecting tax expense for the year
2022
\u00a3m
2021
\u00a3m
Profit before taxation 58.0 183.7
Taxation at the standard corporation tax rate (19%; 2021: 19%) 11.0 34.9
Non-taxable expenditure 0.4 \u2013
Other permanent differences 1.6 (1.4)
Adjustments in respect of prior years (3.2) (1.1)
Effect of differences in overseas tax rates 0.3 0.3
Impact of substantively enacted tax rate change on deferred tax balances \u2013 1.4
Total tax expense 10.1 34.1
10. Earnings per share
Basic earnings per share (EPS) is calculated by dividing the profit attributable to equity shareholders of Jupiter Fund Management plc (the parent company
of the Group) for the year by the weighted average number of ordinary shares outstanding and contingently issuable during the year, less the weighted
average number of own shares held. Own shares are shares held in an EBT for the benefit of employees under the vesting, lock-in and other incentive
arrangements in place.
Diluted EPS is calculated by dividing the profit for the year (as used in the calculation of basic EPS) by the weighted average number of ordinary shares
outstanding during the year for the purpose of basic EPS plus the weighted average number of ordinary shares that would be issued on the conversion of
all the dilutive potential ordinary shares into ordinary shares.
The weighted average number of ordinary shares used in the calculation of EPS is as follows:
Weighted average number of shares
2022
Number
m
2021
Number
m
Issued share capital
1
552.4 553.1
Add contingently issuable shares
2
1.7 \u2013
Less time apportioned own shares held (24.5) (10.6)
Weighted average number of ordinary shares for the purpose of basic EPS 529.6 542.5
Add back weighted average number of dilutive potential shares 9.3 12.9
Weighted average number of ordinary shares for the purpose of diluted EPS 538.9 555.4
1. The Group purchased and cancelled 6.7m ordinary shares during 2022 (see Note 20), resulting in a weighted average issued share capital of 552.4m.
2. Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.
Earnings per share
2022
p
2021
p
Basic 8.9 27.6
Diluted 8.8 26.9
11. Goodwill
Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and
contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value
of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to
cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit
from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed.
Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) (\u00a3341.2m) and the 2020 acquisition of Merian (\u00a3229.4m).
2022
\u00a3m
2021
\u00a3m
Goodwill 570.6 570.6
The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds. The Group\u2019s
goodwill originally arose in 2007 through KAML and was increased in 2020 through the acquisition of Merian. The Merian acquisition largely comprised revenues
and incremental costs and therefore increased the scale of the existing business, improving the headroom over goodwill arising on acquisitions. Both businesses
are fully integrated and are not separately measured or monitored. It is not possible to assign the reduction in the Group\u2019s profitability in 2022 between KAML and
Merian, and therefore we adopt a single CGU and consider our impairment test based on Group-wide cash generation to calculate the recoverable amount of the
goodwill, using the higher of the value in use and fair value less costs of disposal, and comparing this to the carrying value of the asset.
For the impairment test, the recoverable amount for the goodwill asset was calculated using a value in use approach, based on the net present value of
the Group\u2019s future earnings. The net present value was calculated using a discounted cash flow model, with the following key assumptions:
\u2022 The Group\u2019s projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue growth based on our
expectations of AUM growth, client fee rates and performance fees. The data is taken from the five-year plan, which was approved by the Board in
December 2022 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s Review on pages 10 to 13;
\u2022 Long-term growth rates of 2% (2021: 3%) were used to calculate terminal value; and
\u2022 A cost of capital of 12.8% (2021: 10.7%) was calculated using the capital asset pricing model, weighted to take into account the Group\u2019s subordinated
debt.
The impairment test performed indicates positive headroom of recoverable amount over carrying value of \u00a3212m at 31 December 2022, down from \u00a3422m
at 30 June 2022 and \u00a31.5bn at 31 December 2021. The headroom has declined as the scale of the Group has reduced, decreasing the overall profitability of
the business, primarily through a 15% decrease in the Group\u2019s net revenues (before performance fees) resulting from lower average AUM in the year. The
value in use of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group\u2019s goodwill asset is not currently
impaired.
The sensitivity of the Group\u2019s current headroom position to changes in key metrics and assumptions is shown in the tables below. The first table discloses
the stresses that would have to be applied to the value in use calculation in order for the headroom to be completely removed. The second table sets out
the impacts of reasonably possible changes in key assumptions used in the value in use calculation.
Measure Assumption used in base case
Movement required to
remove all headroom
Compound average annualised revenue
growth over a five-year period Board-approved 5-year strategic plan Decrease by 3.2%
1
Discount rate movement (post tax)
2
12.8% Increase to 16.1%
Terminal growth rate movement 2.0% Decrease to -3.1%
1. This percentage is a reduction in average annual revenue growth over a five-year period; it does not imply a linear year-on-year reduction.
2. Using pre-tax discount rates on pre-tax profitability and cash flows does not produce a materially different result.
The impact on headroom of reasonably possible adverse movements in key inputs to the Group\u2019s impairment testing is as follows:
Key variable
Reasonably possible
adverse movement
Reduction in headroom
\u00a3m
Discount rate +1% 77
Terminal growth rate movement -1% 55
Decrease in revenue -10% 87
The sensitivities modelled make no allowance for actions management would take should the Group experience future reductions in AUM or profitability.
Neither the Group\u2019s regulatory capital or liquidity resources nor its regulatory requirements would be directly impacted by impairment charges relating to
the Group\u2019s goodwill asset.
The Group continues to monitor its market capitalisation against implied internal valuations and adjust its internal models on a regular basis to reflect the
impacts of market information and its own profitability levels.
The use of estimation and judgement in valuing goodwill
The impairment testing described above requires estimation and judgement, principally concerning future levels of profitability.
Given the size of the asset and the potential impact of impairment losses on the Group\u2019s financial position, this has been included as an area where the
use of estimation is important in Note 28. Although the headroom resulting from the impairment test has reduced significantly in the year, our five-year
plan and a reasonable range of sensitivities imply that no impairment is required. However, elements of the plan are subject to factors such as market
sentiment and index levels which are beyond the Group\u2019s control. If forecasts are not met, as set out in the first table above, impairment of the asset
could result. No impairment losses have been recognised in the current or preceding years.
The Group has also applied judgement in determining CGU levels within its business for the purposes of impairment testing of goodwill and in
concluding that the whole Group operates as a single CGU.
12. Intangible assets
Intangible assets principally comprise the expected value of investment management contracts acquired as part of the Merian acquisition, based on the premise
that their value is equal to the present value of the earnings they are expected to generate. The cost of intangible assets acquired in the business combination is
the fair value as at the date of acquisition. In relation to the investment management contracts, the useful lives were assessed as being finite and they are
amortised over their useful economic lives. The useful economic lives of the investment management contracts acquired were assessed as a maximum of four
years. The amortisation expense on intangible assets with finite lives has been recognised in the consolidated income statement on a straight-line basis.
Following initial recognition, intangible assets are held at cost less any accumulated amortisation and any provision for impairment. Assets that are subject
to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An
impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher
of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there
are separately identifiable cash flows (CGUs).
Other intangible assets acquired separately are measured on initial recognition at cost.
Other intangible assets recognised are computer software. Software licences acquired are capitalised at the cost incurred to bring the software into use
and are amortised on a straight-line basis over their estimated useful lives, which are estimated as being five and ten years. Costs associated with
developing or maintaining computer software programs that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred.
An assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. If any such indication exists and
the carrying values exceed the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable
amount is measured as the greater of fair value less costs to sell and value in use. Non-financial assets that have suffered impairment are reviewed for
possible reversal of the impairment at each reporting date.
The Directors have reviewed the intangible assets as at 31 December 2022 and 31 December 2021 and have concluded there are no indicators of impairment.
2022 2021
Computer
software
\u00a3m
Investment
management
contracts
\u00a3m
Total
\u00a3m
Computer
software
\u00a3m
Investment
management
contracts
\u00a3m
Total
\u00a3m
Cost
At 1 January 20.1 75.0 95.1 18.2 75.0 93.2
Additions 4.1 \u2013 4.1 2.1 \u2013 2.1
Disposals \u2013 \u2013 \u2013 (0.2) \u2013 (0.2)
Retiring assets (7.9) \u2013 (7.9) \u2013 \u2013 \u2013
At 31 December 16.3 75.0 91.3 20.1 75.0 95.1
Accumulated amortisation
At 1 January (14.8) (28.2) (43.0) (13.0) (9.4) (22.4)
Charge for the year (2.2) (18.8) (21.0) (1.8) (18.8) (20.6)
Retiring assets 7.9 \u2013 7.9 \u2013 \u2013 \u2013
At 31 December (9.1) (47.0) (56.1) (14.8) (28.2) (43.0)
Net book value
At 31 December 7.2 28.0 35.2 5.3 46.8 52.1
13. Property, plant and equipment
Property, plant and equipment is made up of leasehold improvements, office furniture and equipment and right-of-use lease assets and is stated at cost,
less accumulated depreciation and any provision for impairment. Cost includes expenditure that is directly attributable to the acquisition of the assets.
Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance
expenditures are charged to the income statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis to
allocate the cost of each asset over its estimated useful life as follows:
Leasehold improvements 19 years
Office furniture and equipment 5 years
Right-of-use assets Shorter of the asset\u2019s useful life and the lease term
The assets\u2019 useful economic lives and residual values are reviewed at each financial year end and adjusted if appropriate. An item of property, plant and
equipment is derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on the disposal of the
asset, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the income statement in the year
the item is sold or retired.
2022 2021
Right-of-use
assets
\u00a3m
Leasehold
improvements
\u00a3m
Office
furniture and
equipment
\u00a3m
Total
\u00a3m
Right-of-use
assets
\u00a3m
Leasehold
improvements
\u00a3m
Office
furniture and
equipment
\u00a3m
Total
\u00a3m
Cost
At 1 January 49.2 5.7 14.9 69.8 48.3 5.4 13.8 67.5
Additions 1.4 \u2013 1.2 2.6 0.9 0.3 1.1 2.3
Retirement of fully-depreciated assets (0.5) (0.3) (9.7) (10.5) \u2013 \u2013 \u2013 \u2013
At 31 December 50.1 5.4 6.4 61.9 49.2 5.7 14.9 69.8
Accumulated depreciation
At 1 January (11.0) (2.0) (12.7) (25.7) (7.1) (1.7) (11.3) (20.1)
Charge for the year (4.0) (0.4) (1.4) (5.8) (3.9) (0.3) (1.4) (5.6)
Retirement of fully-depreciated assets 0.5 0.3 9.7 10.5 \u2013 \u2013 \u2013 \u2013
At 31 December (14.5) (2.1) (4.4) (21.0) (11.0) (2.0) (12.7) (25.7)
Net book value
At 31 December 35.6 3.3 2.0 40.9 38.2 3.7 2.2 44.1
Leases
(i) Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
Notes
2022
\u00a3m
2021
\u00a3m
Right-of-use assets
Buildings 35.4 38.0
Equipment 0.1 0.1
Motor vehicles 0.1 0.1
35.6 38.2
Lease liabilities
Current 19 3.2 4.0
Non-current 19 43.1 47.1
46.3 51.1
(ii) Amounts recognised in the income statement
The income statement shows the following amounts relating to leases:
2022
\u00a3m
2021
\u00a3m
Depreciation charge of right-of-use assets
Buildings 3.8 3.6
Equipment 0.1 0.2
Vehicles 0.1 0.1
4.0 3.9
Interest expense (included in net finance costs) 1.6 1.6
Expense relating to short-term leases (included in administrative expenses) 0.4 0.5
The total cash outflow for leases in 2022 was \u00a37.8m (2021: \u00a35.2m).
(iii) The Group\u2019s leasing activities and how these are accounted for
The Group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of 2 to 20 years but may have extension
options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease
agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.
Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease
payments:
\u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date;
\u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and
\u2022 Payments to be made under reasonably certain extension options.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for
leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to
obtain an asset of similar value in a similar economic environment with similar terms and conditions.
To determine the incremental borrowing rate, the Group:
\u2022 Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk; and
\u2022 Makes adjustments specific to the lease, for example, term, country, currency and security.
The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until
they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the
right-of-use asset.
Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to
produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Significant area of estimation and judgement
Calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves
the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will
be exercised. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being
exercised.
Right-of-use assets are measured at cost comprising the following:
\u2022 The amount of the initial measurement of lease liability;
\u2022 Any lease payments made at or before the commencement date less any lease incentives received;
\u2022 Any initial direct costs; and
\u2022 Restoration costs.
The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis.
Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases
with a lease term of 12 months or less.
Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational
flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by
the Group and not by the respective lessor.
14. Deferred tax
Analysis of the Group\u2019s deferred tax assets and liabilities is shown below:
Share-based
payments
\u00a3m
Accelerated
capital allowances
\u00a3m
Employee
benefits
\u00a3m
Other temporary
differences
\u00a3m
Other deferred
compensation
payments
\u00a3m
Intangible assets
arising upon
consolidation
\u00a3m
Total
\u00a3m
Assets 10.6 1.3 0.1 (0.4) 16.0 \u2013 27.6
Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (10.3) (10.3)
At 31 December 2021 10.6 1.3 0.1 (0.4) 16.0 (10.3) 17.3
Assets 7.1 0.6 0.1 0.3 11.3 \u2013 19.4
Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (6.7) (6.7)
At 31 December 2022 7.1 0.6 0.1 0.3 11.3 (6.7) 12.7
Movements in temporary differences between the balance sheet dates have been reflected in the income statement and the statement of changes in
equity as follows:
Share-based
payments
\u00a3m
Accelerated
capital allowances
\u00a3m
Employee
benefits
\u00a3m
Other temporary
differences
\u00a3m
Other deferred
compensation
payments
\u00a3m
Intangible assets
arising upon
consolidation
\u00a3m
Total
\u00a3m
At 1 January 2021 7.4 0.5 0.1 0.2 11.8 (12.5) 7.5
Credited to the income statement 3.1 0.8 \u2013 (0.7) 4.2 2.2 9.6
Credited to equity 0.1 \u2013 \u2013 0.1 \u2013 \u2013 0.2
At 31 December 2021 10.6 1.3 0.1 (0.4) 16.0 (10.3) 17.3
(Charged)/Credited to the income statement (3.3) (0.7) \u2013 0.7 (4.7) 3.6 (4.4)
Charged to equity (0.2) \u2013 \u2013 \u2013 \u2013 \u2013 (0.2)
At 31 December 2022 7.1 0.6 0.1 0.3 11.3 (6.7) 12.7
The other temporary differences balances at 31 December 2021 and 2022 include short-term timing differences and temporary differences between
depreciation and capital allowances.
The rate of corporation tax will increase to 25% from 1 April 2023. Deferred taxes at the balance sheet date reflected in these financial statements have
been measured using the relevant enacted or substantively enacted tax rate for the year in which they are expected to be realised or settled.
15. Financial instruments held at fair value
Financial instruments
Financial assets and liabilities are recognised when the Group becomes party to the contractual provisions of an instrument. They are initially measured at
fair value adjusted for transaction costs, except for financial assets classified at FVTPL where transaction costs are immediately recognised in the income
statement. Financial assets are derecognised when the rights to receive cash flows from the assets have expired or where they have been transferred and
the Group has also transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability
has been discharged, cancelled or has expired.
Financial assets
The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds and derivative financial
instruments. Financial assets are classified as being at FVTPL or at amortised cost. The classification adopted by the Group depends on the Group\u2019s
business model for managing the financial assets and their contractual cash flow characteristics.
Financial assets at FVTPL
Financial assets at FVTPL include seed investments in pooled funds which are managed and evaluated on a fair value basis, in accordance with the
documented strategy, as well as units or shares in funds managed by the Group which have been acquired for the purposes of hedging deferred
compensation awards. Financial assets are classified in this category if they have been acquired principally for the purpose of selling in the short term or if
they serve as economic hedges to fund-linked liabilities. Other financial assets at FVTPL comprise derivative instruments which are held to provide an
economic hedge in respect of specific risk exposures (see Note 25). Financial assets at FVTPL are carried at fair value, with gains and losses recognised
in the income statement in the period in which they arise either in other gains/losses or in administrative expenses for instruments held to provide an
economic hedge against fund unit awards. Assets in this category are classified as current assets.
Financial liabilities
The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the non-controlling interests
in funds that have been consolidated as subsidiaries.
Financial liabilities at FVTPL
Financial liabilities at FVTPL are carried at fair value, with gains and losses recognised in the income statement within other gains/losses in the period in
which they arise. Financial liabilities at FVTPL comprise non-controlling interests in consolidated funds.
As at 31 December, the Group held the following financial instruments measured at fair value:
2022
\u00a3m
2021
\u00a3m
Financial assets
Financial assets at FVTPL 167.8 302.5
Other financial assets at FVTPL - 1.0
167.8 303.5
2022
\u00a3m
2021
\u00a3m
Financial liabilities
Financial liabilities at FVTPL (48.6) (52.3)
Other financial liabilities at FVTPL (0.6) \u2013
(49.2) (52.3)
A further analysis of the Group\u2019s financial assets is provided below:
2022
\u00a3m
2021
\u00a3m
Direct seed investment at fair value 72.6 142.3
Additional financial assets due to consolidation of funds 44.0 44.3
Derivatives and fund unit hedges 51.2 61.4
Fees receivable in shares - 55.5
Total financial assets 167.8 303.5
16. Trade and other receivables
Trade and other receivables are recognised initially at fair value. The Group holds trade and other receivables to collect contractual cash flows, which are
solely payments of principal and interest, and are therefore subsequently measured at amortised cost using the effective interest method, less loss
allowances.
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an amount equal to lifetime ECLs.
The ECLs on trade receivables are calculated based on actual historic credit loss experience over the preceding three to five years and are adjusted for
forward-looking estimates. ECLs are applied to the total balance of non-credit impaired trade receivables.
The Group considers a trade receivable to be credit impaired when one or more detrimental events have occurred, such as significant financial difficulty
of the client or it becoming probable that the client will enter bankruptcy or other financial reorganisation.
When a trade receivable is credit impaired, it is written off against trade receivables and the amount of the loss is recognised in the income statement.
Subsequent recoveries of amounts previously written off are credited to the income statement. In line with the Group\u2019s historical experience, and after
consideration of current credit exposures, the Group does not expect to incur any credit losses and has not recognised any ECLs in the current year (2021:
\u00a3nil) (see Note 25).
Trade and other receivables, including loans to employees, are included in current assets except where they have maturities greater than 12 months after
the balance sheet date. These are classified as non-current assets.
Accrued income relates to accrued interest and accrued management, performance and registration fees. It is based on the latest available information
and therefore involves a degree of estimation relating to the valuation of underlying AUM.
Contract assets represent deferred acquisition and commission costs paid upfront to distributors that are unsatisfied or partially unsatisfied as at the end of
the reporting period. The costs are recognised over the expected lives of the contracts, which are estimated to be up to six years, on a straight-line basis.
Non-current
2022
\u00a3m
2021
\u00a3m
Rent deposits 0.4 0.5
0.4 0.5
Current
2022
\u00a3m
2021
\u00a3m
Trade receivables 68.9 53.8
Prepayments 9.0 8.1
Accrued income 45.0 81.6
Contract assets 1.2 1.5
124.1 145.0
Trade receivables are non-interest bearing and are generally collected within four working days. An analysis of the ageing profile of trade receivables is
disclosed in Note 25. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3104.8m (2021: \u00a3126.9m).
The amount of fee and commission expenses recognised in the current reporting period that was included in the contract asset balance at the beginning of the
period was \u00a30.9m (2021: \u00a31.4m). The Group expects to recognise expenses for the remaining performance services received over the following durations:
Contract assets
2022
\u00a3m
2021
\u00a3m
< 1 year 0.8 0.9
1-5 years 0.4 0.6
1.2 1.5
17. Cash and cash equivalents
2022
\u00a3m
2021
\u00a3m
Cash at bank and in hand 276.8 193.5
Cash held by EBT and seed investment subsidiaries (see Note 28) 3.5 3.8
280.3 197.3
Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing daily bank rates.
Cash held by the EBT and seed investment subsidiaries is not available for use by the Group.
18. Loans and borrowings
On 27 April 2020 the Group issued \u00a350.0m of Tier 2 subordinated debt notes at a discount of \u00a30.5m. Issue costs were \u00a30.5m and the net proceeds were
therefore \u00a349.0m. These notes will mature on 27 July 2030 and bear interest at a rate of 8.875% per annum to 27 July 2025, and at a reset rate thereafter.
Interest accrued but not yet paid on the subordinated debt is recorded within \u2018Trade and other payables\u2019 in Note 19. The Group has the option to redeem
all of the notes from 27 April 2025 onwards. The fair value of the notes as at 31 December 2022 was \u00a351.0m (2021: \u00a358.8m).
2022
\u00a3m
2021
\u00a3m
Non-current subordinated debt in issue 49.5 49.3
The Group\u2019s RCF enables it to borrow up to \u00a380.0m (2021: \u00a380.0m). The facility expires in April 2023 and was undrawn throughout 2021 and 2022. The Group
expects to renew the facility at the same level.
Interest on the RCF is payable at a rate per annum of SONIA (sterling overnight index average) reference rate plus a margin of 0.6%. A commitment fee is
payable on the RCF at a rate of 0.21% per annum on the undrawn balance. A utilisation fee is also payable at a rate of 0.08% per annum when up to 33% of
the facility is drawn, 0.15% per annum when 33% to 66% of the facility is drawn, and 0.3% per annum when more than 66% of the facility is drawn.
19. Trade and other payables
Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost using the effective interest rate method.
Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement.
The Group may from time to time be exposed to potential legal claims, regulatory action and related costs arising from its activities through the normal
course of its business. Where such claims and costs arise, there is often uncertainty over whether a payment will be required and the quantum and timing
of that payment. The Directors are not currently aware of any probable legal claims or regulatory proceedings which would lead to a material liability.
The most significant accruals at the year end relate to cash and fund award bonuses. At the end of each financial year, the Group recognises accrued
expenses for bonuses accrued but not yet paid in respect of service attributable to that year. Accrued interest on the Group\u2019s subordinated debt (see
Note 18) is included as an accrued expense.
Contract liabilities represent performance obligations that are unsatisfied or partially unsatisfied as at the end of the reporting period. The Group\u2019s
contract liabilities relate to initial charges and commissions where payment has been received upfront but revenue is recognised over the expected lives
of the contracts, which are estimated to be up to six years, on a straight-line basis.
Non-current
2022
\u00a3m
2021
\u00a3m
Lease liabilities 43.1 47.1
Accrued expenses 34.1 41.9
Social security and other taxes 10.3 13.2
Contract liabilities - 0.1
87.5 102.3
Current
2022
\u00a3m
2021
\u00a3m
Accrued expenses 114.3 156.4
Trade payables 65.5 38.4
Social security and other taxes 16.5 18.2
Other payables 5.4 4.6
Lease liabilities 3.2 4.0
Contract liabilities 0.3 0.6
205.2 222.2
Accrued expenses of \u00a333.6m (2021: \u00a336.8m) included within non-current trade and other payables and \u00a313.2m (2021: \u00a342.8m) included within current trade
and other payables relate to deferred bonus awards whose settlement amounts will be based on the value of units in the Group\u2019s funds (see Note 6).
The amount of revenue recognised in the current reporting period that was included in the contract liability balance at the beginning of the period was
\u00a30.7m (2021: \u00a30.8m). The Group expects to recognise revenue of \u00a30.3m for the remaining performance obligations within one year (2021: \u00a30.6m within one
year, \u00a30.1m within 1-5 years).
20. Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a
deduction, net of tax, from the proceeds.
Authorised, issued, allotted, called-up and fully paid
2022
Number of shares
m
2021
Number of shares
m
2022
\u00a3m
2021
\u00a3m
Share capital
Ordinary shares of 2p each 546.4 553.1 10.9 11.1
546.4 553.1 10.9 11.1
Number of shares Par value
2022
m
2021
m
2022
\u00a3m
2021
\u00a3m
Movements in ordinary shares
At 1 January 553.1 553.1 11.1 11.1
Shares cancelled (6.7) \u2013 (0.2) \u2013
At 31 December 546.4 553.1 10.9 11.1
During the year, the Group announced a \u00a310.0m share buyback and cancellation programme. At 31 December 2022, the Group had purchased and cancelled
6.7m ordinary shares at a cost of \u00a38.0m, and had irrevocably committed to \u00a32.0m of further purchases. The programme was completed in January 2023,
with the additional purchase and cancellation of 1.4m shares. On cancellation of the shares, an amount equal to their nominal value was transferred to a
capital redemption reserve which forms part of \u2019Other reserves\u2019, as detailed in Note 21.
21. Reserves
(i) Own share reserve
The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by
the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are
classified as own shares. The shares are used to settle obligations that arise from the granting of share-based awards.
During the year, the Group purchased 10.4m (2021: 18.2m) ordinary shares with a par value of \u00a30.2m (2021: \u00a30.4m) for the purpose of satisfying share option
obligations to employees. The full cost of the purchases was \u00a321.4m (2021: \u00a348.5m). The Group disposed of 7.2m (2021: 6.6m) own shares to employees in
satisfaction of share-based awards with a nominal value of \u00a30.1m (2021: \u00a30.2m). At 31 December 2022, 22.9m (2021: 19.7m; 2020: 8.7m) ordinary shares, with a
par value of \u00a30.5m (2021: \u00a30.4m; 2020: \u00a30.2m), were held as own shares within the Group\u2019s EBT.
(ii) Other reserves
Other reserves of \u00a3250.3m (2021: \u00a3250.1m) comprise the merger relief reserve of \u00a3242.1m (2021: \u00a3242.1m) formed on the acquisition of Merian in 2020, \u00a38.0m
(2021: \u00a38.0m) that relates to the conversion of Tier 2 preference shares in 2010 and \u00a30.2m (2021: \u00a3nil) of capital redemption reserve that was transferred
from share capital on the cancellation of shares that had been repurchased in 2022 (see Note 20).
(iii) Foreign currency translation reserve
The foreign currency translation reserve of \u00a33.7m (2021: \u00a30.3m) is used to record exchange differences arising from the translation of the financial
statements of foreign subsidiaries.
(iv) Retained earnings
Retained earnings of \u00a3578.9m (2021: \u00a3639.7m) are the amount of earnings that are retained within the Group after dividend payments and other transactions
with owners.
22. Dividends
Dividend distributions to the Company\u2019s shareholders are recognised in the accounting period in which the dividends are paid.
2022
\u00a3m
2021
\u00a3m
Final dividend (9.2p per ordinary share) (2021: 9.2p per ordinary share) 48.6 50.4
Interim dividend (7.9p per ordinary share) (2021: 7.9p per ordinary share) 41.6 42.9
Special dividend (nil) (2021: 3.0p per ordinary share) - 16.5
90.2 109.8
Final dividends and special dividends are paid out of profits recognised in the year prior to the year in which the dividends are proposed, declared
and reported.
The EBT has waived its right to receive future dividends on shares held in the trust. Dividends waived on shares held in the EBT in 2022 were \u00a34.3m
(2021: \u00a31.4m).
A final dividend for 2022 of 0.5p per share (2021: 9.2p) has been proposed by the Directors. This dividend amounts to \u00a32.7m (before adjusting for any
dividends waived on shares in the EBT) and will be accounted for in 2023. Including the interim dividend for 2022 of 7.9p per share (2021: 7.9p), this gives
a total dividend per share of 8.4p (2021: 17.1p).
23. Cash flows from operating activities
Notes
2022
\u00a3m
2021
\u00a3m
Operating profit 64.3 190.5
Adjustments for:
Amortisation of intangible assets 12 21.0 20.6
Depreciation of property, plant and equipment 13 5.8 5.6
Other net losses/(gains)
1
28.2 (9.4)
Losses/(gains) on fund unit hedges
2
55.1 (7.7)
Share-based payments 13.6 25.5
Cash inflows on exercise of share options \u2013 0.1
Performance fee receivable in shares
3
\u2013 (55.5)
Decrease in trade and other receivables
4
12.2 39.1
(Decrease)/increase in trade and other payables
4
(25.1) 28.7
Cash generated from operations 175.1 237.5
1. Comprises the reversal of items included in 'Other losses' in the income statement that relate to either unrealised gains and losses, or to cash flows relating to the disposal of financial
assets other than derivative contracts. Cash flows relating to disposals are included in the Cash flow statement on page 149 within 'Proceeds from disposals of financial assets at FVTPL'.
2. Comprises the reversal of net losses/(gains) on financial instruments held to provide an economic hedge for funds awards that are recognised within Staff costs (Note 4). Cash flows
arising from the disposal of such instruments are included in the Cash flow statement, in line with footnote 1 above.
3. The performance fee receivable in shares was settled as a non-cash transaction in 2022.
4. Amounts reported in these lines can differ from the movement in the balance sheet where cash flows that form part of that movement are separately reported in a different line of the
Cash flow statement or its notes. In 2021 and 2022, these differences are principally in respect of cash flow movements relating to consolidated funds. For trade and other payables,
additionally, cash flows arising from movements in lease liabilities are presented on the face of the Cash flow statement.
24. Changes in liabilities arising from financing activities
2022 2021
Financial
liabilities at
FVTPL
\u00a3m
Loans and
borrowings
1
\u00a3m
Leases
\u00a3m
Total
\u00a3m
Financial
liabilities at
FVTPL
\u00a3m
Loans and
borrowings
1
\u00a3m
Leases
\u00a3m
Total
\u00a3m
Brought forward at 1 January 52.3 49.3 51.1 152.7 89.2 49.2 54.2 192.6
New leases \u2013 \u2013 1.4 1.4 \u2013 \u2013 0.2 0.2
Changes from financing cash flows 18.7
2
\u2013 (7.8) 10.9 2.8
2
\u2013 (5.2) (2.4)
Changes arising from obtaining or losing control
of consolidated funds (14.4) \u2013 \u2013 (14.4) (47.0) \u2013 \u2013 (47.0)
Changes in fair value (8.0) \u2013 \u2013 (8.0) 7.3 \u2013 \u2013 7.3
Interest expense \u2013 0.2 1.6 1.8 \u2013 0.1 1.6 1.7
Lease reassignment and modifications \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 0.3
Liabilities arising from financing activities
carried forward at 31 December 48.6 49.5 46.3 144.4 52.3 49.3 51.1 152.7
Notes 15 18 19 15 18 19
1. Accrued interest on loans and borrowings is recorded within \u2018Trade and other payables\u2019 (Note 19) and is therefore not included in this analysis. The interest expense above comprises the
charge arising from unwinding the discount that has been applied in calculating the amortised cost of the Group\u2019s subordinated debt.
2. Comprises cash flows from third-party subscriptions redemptions into consolidated funds, net of redemptions (see Cash flow statement).
25. Financial risk management
Financial instruments by category
The carrying value of the financial instruments of the Group at 31 December is shown below:
2022
Financial assets
at FVTPL
\u00a3m
Financial
assets held at
amortised cost
\u00a3m
Financial
liabilities
at FVTPL
\u00a3m
Other financial
liabilities
\u00a3m
Total financial
instruments
\u00a3m
Non-financial
instruments
\u00a3m
Total
\u00a3m
Goodwill \u2013 \u2013 \u2013 \u2013 \u2013 570.6 570.6
Intangible assets \u2013 \u2013 \u2013 \u2013 \u2013 35.2 35.2
Property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 40.9 40.9
Deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 19.4 19.4
Non-current trade and other receivables
1
\u2013 0.4 \u2013 \u2013 0.4 \u2013 0.4
Financial assets at FVTPL 167.8 \u2013 \u2013 \u2013 167.8 \u2013 167.8
Current trade and other receivables
1
\u2013 113.9 \u2013 \u2013 113.9 10.2 124.1
Cash and cash equivalents \u2013 280.3 \u2013 \u2013 280.3 \u2013 280.3
Current tax assets
1
\u2013 \u2013 \u2013 \u2013 \u2013 3.3 3.3
Non-current loans and borrowings \u2013 \u2013 \u2013 (49.5) (49.5) \u2013 (49.5)
Non-current trade and other payables
1
\u2013 \u2013 \u2013 (77.2) (77.2) (10.3) (87.5)
Deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (6.7) (6.7)
Financial liabilities at FVTPL \u2013 \u2013 (49.2) \u2013 (49.2) \u2013 (49.2)
Current trade and other payables
1
\u2013 \u2013 \u2013 (188.4) (188.4) (16.8) (205.2)
Total 167.8 394.6 (49.2) (315.1) 198.1 645.8 843.9
2021
Financial assets
at FVTPL
\u00a3m
Financial
assets held at
amortised cost
\u00a3m
Financial
liabilities
at FVTPL
\u00a3m
Other financial
liabilities
\u00a3m
Total financial
instruments
\u00a3m
Non-financial
instruments
\u00a3m
Total
\u00a3m
Goodwill \u2013 \u2013 \u2013 \u2013 \u2013 570.6 570.6
Intangible assets \u2013 \u2013 \u2013 \u2013 \u2013 52.1 52.1
Property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 44.1 44.1
Deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 27.6 27.6
Non-current trade and other receivables
1
\u2013 0.5 \u2013 \u2013 0.5 \u2013 0.5
Financial assets at FVTPL 303.5 \u2013 \u2013 \u2013 303.5 \u2013 303.5
Current trade and other receivables
1
\u2013 135.4 \u2013 \u2013 135.4 9.6 145.0
Cash and cash equivalents \u2013 197.3 \u2013 \u2013 197.3 \u2013 197.3
Non-current loans and borrowings \u2013 \u2013 \u2013 (49.3) (49.3) \u2013 (49.3)
Non-current trade and other payables
1
\u2013 \u2013 \u2013 (89.0) (89.0) (13.3) (102.3)
Deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (10.3) (10.3)
Financial liabilities at FVTPL \u2013 \u2013 (52.3) \u2013 (52.3) \u2013 (52.3)
Current trade and other payables
1
\u2013 \u2013 \u2013 (203.4) (203.4) (18.8) (222.2)
Current income tax liability
1
\u2013 \u2013 \u2013 \u2013 \u2013 (3.5) (3.5)
Total 303.5 333.2 (52.3) (341.7) 242.7 658.1 900.8
1. Prepayments, contract assets, contract liabilities, current tax assets and social security and other taxes do not meet the definition of financial instruments.
For financial instruments held at 31 December 2022, issued subordinated debt, recorded within non-current loans and borrowings above, had a fair value of
\u00a351.0m (2021: \u00a358.8m), less unamortised expenses of \u00a30.2m (2021: \u00a30.3m).
Gains and losses recognised in the income statement by category are shown below:
2022 2021
Financial assets
at FVTPL
2
\u00a3m
Other income
and expense
\u00a3m
Total
\u00a3m
Financial assets
at FVTPL
2
\u00a3m
Other income
and expense
\u00a3m
Total
\u00a3m
Revenue \u2013 443.5 443.5 \u2013 617.8 617.8
Fee and commission expenses \u2013 (46.2) (46.2) \u2013 (49.2) (49.2)
Administrative expenses (55.1) (247.2) (302.3) 2.7 (355.8) (353.1)
Other losses (9.7) \u2013 (9.7) (4.4) \u2013 (4.4)
Amortisation of intangible assets \u2013 (21.0) (21.0) \u2013 (20.6) (20.6)
Net finance costs \u2013 (6.3) (6.3) \u2013 (6.8) (6.8)
Income tax expense \u2013 (10.1) (10.1) \u2013 (34.1) (34.1)
Profit for the year (64.8) 112.7 47.9 (1.7) 151.3 149.6
2. See Notes 4 and 7 for further details.
The Group used the following hierarchy for determining and disclosing the fair value of financial instruments:
Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly.
Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data
(unobservable inputs).
As at 31 December 2022, the Group held the following financial instruments measured at fair value:
2022
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at FVTPL \u2013 funds 116.5 51.0 0.3 167.8
Financial liabilities at FVTPL (48.6) \u2013 \u2013 (48.6)
Other financial liabilities at FVTPL \u2013 derivatives \u2013 (0.6) \u2013 (0.6)
67.9 50.4 0.3 118.6
As at 31 December 2021, the Group held the following financial instruments measured at fair value:
2021
Level 1
\u00a3m
Level 2
\u00a3m
Level 3
\u00a3m
Total
\u00a3m
Financial assets at FVTPL \u2013 funds 194.6 52.4 \u2013 247.0
Financial assets at FVTPL \u2013 fees receivable in shares 55.5 \u2013 \u2013 55.5
Other financial assets at FVTPL \u2013 derivatives \u2013 1.0 \u2013 1.0
Financial liabilities at FVTPL (52.3) \u2013 \u2013 (52.3)
197.8 53.4 \u2013 251.2
Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions above. Where funds
are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of these funds are quoted in active markets.
Level 1 financial instruments
The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the
balance sheet date.
Financial assets at FVTPL
Financial assets at FVTPL \u2013 funds relates to non-consolidated seed investments and hedges of awards in fund units in mutual funds. It also includes the
underlying holdings in consolidated funds that meet the definition of level 1 financial instruments. In 2021, the Group also held Financial assets at FVTPL in
the form of performance fees receivable for which the consideration was to be paid in the equity shares of a third-party investment trust.
Financial liabilities at FVTPL
These relate to non-controlling interests in funds that have been consolidated as subsidiaries.
Level 2 financial instruments
The fair value of financial instruments are valued based on observable market data from readily available external sources.
Financial assets at FVTPL
Financial assets at FVTPL \u2013 funds relates to underlying holdings in consolidated funds that meet the definition of level 2 financial instruments.
Derivative financial instruments
These are held to hedge specific seed-related exposures and have maturities designed to match the exposures they are hedging. The derivatives are held
at fair value, being the price to exit the instruments at the balance sheet date. Movements in the fair value are recorded in the income statement.
The Group enters into swap arrangements and foreign exchange forward contracts to provide an economic hedge of certain of its seed investments.
Gains and losses arising from fair value movements in the swap and forward contracts are recognised in the consolidated income statement within other
gains/losses and are settled periodically, in accordance with the terms of the contract. Any cash settlements due from or to the counterparty in relation
to the swap arrangements, which are required to be settled at the end of each month, are recorded within current assets or current liabilities as trade
receivables or other payables, as appropriate. The fair value of the foreign exchange contracts, which are required to be settled at periods other than
month end, are recorded within financial assets or liabilities at FVTPL, as appropriate.
At 31 December 2022, the notional value of the swaps was \u00a367.0m (2021: \u00a3131.0m) and the foreign exchange forward contracts was \u00a347.5m (2021: \u00a3106.7m).
The settlement amount of the swaps at 31 December 2022 was a payable of \u00a30.9m (2021: payable of \u00a32.5m) which is included within trade and other
payables. The fair value of the foreign exchange forward contracts is included within Other financial liabilities at FVTPL \u2013 derivatives (\u00a30.6m (2021: \u00a3nil)) and
Other financial assets at FVTPL \u2013 derivatives (\u00a3nil (2021: \u00a31.0m)).
Level 3 financial instruments
The Group holds a small amount of assets that meet the definition of level 3 financial instruments within a fund that has been consolidated as a subsidiary.
Financial risk management objectives and policies
The Group is subject to a number of financial risks throughout its business, the principal risks being market risk (including price, foreign exchange and
interest rate risk), credit risk and liquidity risk. The Board is accountable for risk and is responsible for oversight of the risk management process. The Board
has ultimate responsibility for the risk strategy of the Group, and for determining an appropriate risk appetite and tolerance levels within which the Group
must operate. By defining these, the Board demonstrates that it is aware of and, where appropriate, has taken steps to mitigate the impact of risks that
may have a material impact on the Group.
The Executive Committee reviews the key corporate risks facing the Group. The Chief Executive Officer has ultimate responsibility for the governance of
the risk management of the firm, but delegated responsibility for the risk and control framework lies with the Head of Risk, who has responsibility for the
monitoring and reporting of risk and controls and, through the Risk, Compliance and Capital Committee, manages the ongoing development of the
Group\u2019s risk and control framework. Jupiter embeds risk management within the business, with independent oversight and challenge being provided by the
risk and compliance function.
Price risk
Price risk is the risk that a decline in the value of assets will adversely impact the profitability of the Group. Management has identified price risk as the
exposure to unfavourable movements in the value of financial assets held by the Group which would result in a loss recognised in the consolidated
income statement. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impacts on revenue that are determined on the
basis of a percentage of AUM, and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This price risk
analysis deals only with our primary exposure of the risks from the Group\u2019s direct holdings. The Group is not exposed to commodity price risk.
The Group holds listed equity investments in its seed investments portfolio which are exposed to the risk of changes in equity markets. At 31 December
2022, the fair value, and therefore maximum exposure to listed securities, was \u00a372.6m (2021: \u00a3142.3m).
The Group\u2019s policy is to hedge the equity market and currency exposure of its seed investments depending on the fund mandate and whether available
transactions are cost effective. As at 31 December 2021 and 31 December 2022, the Group held swap instruments to act as hedges against risk exposures
arising from certain holdings in seed fund investments.
Price risk sensitivity analysis on financial assets
The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to price risk. An increase or decrease of 10% in equity markets would
have the impact shown below on the Group\u2019s profit before taxation. This reflects estimated gains and losses on the Group\u2019s listed investments at the
balance sheet date and not any likely impact on the Group\u2019s revenue or costs. There is no further impact on the Group\u2019s equity.
Impact on the income statement of change in equity markets
2022
\u00a3m
2021
\u00a3m
+10% 0.6 1.1
-10% (0.6) (1.1)
The analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such movements.
Foreign exchange risk
Foreign exchange risk is the risk that the Group will sustain losses through adverse movements in currency exchange rates. The Group predominantly
operates in the UK, with some transactions from overseas third parties in foreign currencies, which create exposure to non-Sterling income and expenses.
The Group\u2019s policy is to hold the minimum amount of foreign currency required to cover operational needs and to convert foreign currency on receipt.
Direct exposures are limited to operational cash held in overseas subsidiaries, short-term outstanding foreign currency fee debtors and investments in
seed denominated in a foreign currency. The Group does not normally hedge these exposures, other than in the case of certain seed investments, which
are hedged using foreign exchange forward contracts. These contracts are measured at fair value at the balance sheet date. Foreign currency risk is
monitored closely and managed by the finance function.
Foreign exchange rate sensitivity analysis
The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to foreign exchange risk. The following table demonstrates the
sensitivity to a possible change in foreign exchange rates, with all other variables held constant, on the Group\u2019s profit before tax. This reflects estimated
gains and losses on retranslating the Group\u2019s foreign currency assets and liabilities at the balance sheet date and not any likely impact on the Group\u2019s
revenue or costs. The exposure to foreign exchange risk arises principally through operational cash balances held in foreign currencies and seed
investments held in non-Sterling share classes. There is no further impact on the Group\u2019s equity.
Impact on the income statement of change in exchange rates
2022 2021
+10%
\u00a3m
-10%
\u00a3m
+10%
\u00a3m
-10%
\u00a3m
Sterling against Euro (7.2) 8.8 (6.2) 7.6
Sterling against US Dollar (3.6) 4.4 (0.9) 1.1
Sterling against Singaporean Dollar (0.3) 0.3 (0.2) 0.2
Sterling against Swiss Franc (0.3) 0.3 (0.2) 0.3
Sterling against Hong Kong Dollar (1.2) 1.4 (1.2) 1.4
The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such exposures.
Interest rate risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.
The Group\u2019s exposure to interest rate risk relates primarily to the Group\u2019s cash balances (Note 17). The Group manages interest rate risk via the finance
function monitoring of the interest rate cash flow risks and returns. The Group puts cash on deposit at fixed rates of interest for periods of up to three
months. The Group\u2019s Tier 2 subordinated debt was issued at a fixed interest rate, and therefore has no interest rate risk exposure.
Interest rate sensitivity analysis
The Directors believe that a movement in interest rates of 100bps gives a reasonable measure of the Group\u2019s sensitivity to interest rate risk. The following
table demonstrates the sensitivity to a possible change in interest rates, with all other variables held constant, on the Group\u2019s profit before tax (mainly
through the impact on floating rate cash deposits). There is no further impact on the Group\u2019s equity.
Impact on the income statement of change in interest rates
2022
\u00a3m
2021
\u00a3m
+100 bps 2.8 1.0
-100 bps (2.8) (0.2)
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract leading to a financial loss in the
Group\u2019s operating activities.
The Group is exposed to credit risk primarily from its treasury activities, including deposits with banks and financial institutions, but also from its trade
receivables and, in certain circumstances, financial assets at FVTPL. Trade receivables are monitored regularly. Historically, default levels have been
insignificant. Financial assets at FVTPL expose the Group to credit risk where seed investments in funds are consolidated and those funds hold investments
in debt instruments or derivative positions with a positive fair value.
The Group\u2019s maximum exposure to credit risk is \u00a3391.6m (2021: \u00a3354.0m), represented by the carrying value of its non-equity financial assets at FVTPL
(\u00a342.4m (2021: \u00a347.4m)), performance fee receivables included in financial assets at FVTPL (\u00a3nil (2021: \u00a355.5m)), trade receivables (\u00a368.9m (2021: \u00a353.8m)) and
cash and cash equivalents (\u00a3280.3m (2021: \u00a3197.3m)).
The fair values of the Group\u2019s financial liabilities at FVTPL are not affected by changes in the Group\u2019s credit risk. There is no difference between the
carrying amount of financial liabilities at FVTPL and the amount the Group would be contractually required to pay at maturity.
With regard to credit risk related to financial instruments, the Group\u2019s policy is to place deposits only with financial institutions which satisfy minimum
counterparty ratings and other criteria. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. The limits are set to minimise the concentration of risks and thereby mitigate the possibility of financial loss through counterparty failure.
The Group monitors any decrease in the creditworthiness of its counterparties.
The table below contains an ageing analysis of current and overdue trade receivables:
2022
\u00a3m
2021
\u00a3m
Neither past due nor impaired 63.0 53.7
Days past due:
< 30 4.0 \u2013
30-60 0.1 0.1
61-90 \u2013 \u2013
> 90 1.8 \u2013
68.9 53.8
None of the receivables past due were considered to be impaired (2021: \u00a3nil).
The table below contains an analysis of financial assets held by the Group for which credit ratings are available:
2022 2021
Financial assets
at FVTPL
\u00a3m
Trade
receivables
\u00a3m
Cash and cash
equivalents
\u00a3m
Total
\u00a3m
Financial assets
at FVTPL
\u00a3m
Trade
receivables
\u00a3m
Cash and cash
equivalents
\u00a3m
Total
\u00a3m
AAA 5.0 \u2013 \u2013 5.0 0.1 \u2013 \u2013 0.1
AA 0.7 \u2013 \u2013 0.7 0.7 \u2013 \u2013 0.7
A 2.6 0.4 163.8 166.8 \u2013 3.5 75.0 78.5
BBB 11.0 \u2013 116.5 127.5 4.9 \u2013 122.3 127.2
BB 15.7 \u2013 \u2013 15.7 13.8 \u2013 \u2013 13.8
B 8.3 \u2013 \u2013 8.3 20.1 \u2013 \u2013 20.1
CCC 4.1 \u2013 \u2013 4.1 7.7 \u2013 \u2013 7.7
C \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1
Not rated 120.4 68.5 \u2013 188.9 256.1 50.3 \u2013 306.4
Total 167.8 68.9 280.3 517.0 303.5 53.8 197.3 554.6
Financial assets at FVTPL which are not rated comprise equity investments.
Trade and other receivables which are not rated comprise cancellations of units in unit trusts and sales of units in unit trusts, title to which is not
transferred until settlement is received.
Liquidity risk
Liquidity risk is the risk that the Group may be unable to meet its payment obligations as they fall due or only at a significantly higher cost. The Group
produces cash flow forecasts to assist in the efficient management of the collection and payment of liquid assets and liabilities.
The Group\u2019s objectives in respect of liquidity are:
\u2022 to ensure that both the Group as a whole and individual entities within the Group have access to sufficient liquid funds to trade solvently and meet
trading liabilities as they fall due;
\u2022 to allow the Group to maintain a flexible dividend policy, taking reference to prior year and prospective profitability, capital requirements and cash
flow; and
\u2022 to provide the Group with appropriate flexibility over the transferability of its capital and cash balances.
Surplus cash held by the operating entities over and above the balances required for working capital management is held in interest-bearing accounts.
Regulated companies ensure that sufficient capital is maintained to meet regulatory requirements.
The Group has access to an RCF of \u00a380.0m (2021: \u00a380.0m) which was unutilised at 31 December 2022 (2021: same). The facility expires in 2023, but it is
anticipated that a new facility will be in place for the same amount on expiration of the current facility.
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2021 and 31 December 2022 based on contractual
undiscounted payments:
Financial liabilities
2022 2021
Within 1 year
or repayable
on demand
\u00a3m
1-5 years
\u00a3m
> 5 years
\u00a3m
Total
\u00a3m
Within 1 year
or repayable
on demand
\u00a3m
1-5 years
\u00a3m
> 5 years
\u00a3m
Total
\u00a3m
Loans and borrowings\u00b9 4.4 58.9 \u2013 63.3 4.4 63.3 \u2013 67.7
Lease liabilities 6.0 19.4 32.1 57.5 5.7 19.3 36.6 61.6
Trade and other payables 182.5 34.0 \u2013 216.5 196.4 41.9 \u2013 238.3
Financial liabilities at FVTPL 49.2 \u2013 \u2013 49.2 52.3 \u2013 \u2013 52.3
Total 242.1 112.3 32.1 386.5 258.8 124.5 36.6 419.9
1. Includes contractual payments of interest .
Capital management
The Group\u2019s objectives when managing its capital and funding structure are to safeguard the Group\u2019s ability to continue as a going concern, maintain
appropriate financial resources, maximise shareholder value, maintain an optimal capital structure to reduce the cost of capital and to meet working
capital requirements.
2022
\u00a3m
2021
\u00a3m
Cash and short-term deposits 280.3 197.3
Loans and borrowings (49.5) (49.3)
Net cash and cash equivalents 230.8 148.0
Equity\u00b9 260.7 260.8
Retained earnings, foreign currency translation reserve and non-controlling interests 583.2 640.0
Equity attributable to shareholders 843.9 900.8
1. Share capital, own share reserve and other reserves.
Regulatory capital requirements
The Group considers its share capital, reserves and subordinated debt, which was issued in 2020 and which qualifies as lower Tier 2 capital, to constitute its
total capital. The subsidiaries within the Group which are regulated are required to maintain capital resources to comply with the regulatory capital
requirements of the FCA and certain overseas financial regulators. Headroom over regulatory capital is discussed by the Risk, Compliance and Capital
Committee.
In addition to the capital held to meet regulatory capital requirements, the Group maintains sufficient cash resources to meet its liabilities as and when
they fall due, based on regularly produced cash forecasts, modelling both normal and stressed conditions. Liquidity risk is mitigated by the availability of
the RCF and the high level of cash in the business.
26. Interests in structured entities
IFRS 12 requires certain disclosures in respect of interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities.
A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the
entity, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual
arrangements. The Group has assessed whether the funds it manages are structured entities and concluded that mutual funds and investment trusts
managed by the Group are structured entities unless substantive removal or liquidation rights exist.
The Group has interests in these funds through the receipt of management and other fees and, in certain funds, through ownership of fund units or shares.
The Group\u2019s investments in these funds are subject to the terms and conditions of the respective fund\u2019s offering documentation and are susceptible to
market price risk. The investments are included in financial assets at FVTPL in the balance sheet.
Where the Group has no equity holding in a fund it manages, the investment risk is borne by the external investors and therefore the Group\u2019s maximum
exposure to loss relates to future management fees and any uncollected fees at the balance sheet date. Where the Group does have an equity holding,
the maximum exposure to loss constitutes the future and uncollected management fees plus the fair value of the Group\u2019s investment in that fund.
The Group does not sponsor any of the structured entities and there are no guarantees or commitments.
Direct holdings in unconsolidated structured entities
Direct investments in unconsolidated structured entities comprise seed investments and hedges of awards in fund units or shares in mutual funds and
investment trusts, details of which are given below:
Number
of funds
Net AUM
of funds
\u00a3bn
Financial
assets
at FVTPL
\u00a3m
Investment
management/
performance
fees in the year
\u00a3m
Management/
performance
fees receivable
\u00a3m
As at 31 December 2022 77 32.2 167.8 318.1 14.5
As at 31 December 2021 78 44.1 247.0 502.7 134.0
Subsidiaries and associates
Information about seed investments judged to be subsidiaries and associates at 31 December 2022 is given below:
Name Category
Country of
Incorporation Principal Activities
Financial assets at
FVTPL \u00a3m
Percentage of
total AUM held Share class held by the Group
Date of the end
of the fund's
reporting period
Jupiter European Smaller Companies Subsidiary England &
Wales
Unit Trust 17.9 38% I Acc GBP 30-Aug
Jupiter Global Emerging Markets Focus
Fund
Subsidiary United
States
Limited
Partnership
4.1 100% N/A
1
31-Dec
Jupiter Global Fund SICAV: Europe
ex-UK Equity
Subsidiary Luxembourg SICAV
sub-fund
20.0 61% I EUR Acc
and
I GBP Acc
30-Sep
Jupiter Global Fund SICAV: Global
Ecology Bond
Subsidiary Luxembourg SICAV
sub-fund
12.4 99% I EUR Acc
G EUR Acc
D EUR Acc
I USD Acc HSC
G GBP Acc HSC
and
D GBP ACC HSC
30-Sep
Jupiter Global Fund SICAV: Global High
Yield Short Duration Bond
Subsidiary Luxembourg SICAV
sub-fund
39.2 38% F EUR Acc
D EUR Q Inc Dist
L EUR Acc
I EUR Acc
D EUR Acc
D USD Acc HSC
I GBP Acc HSC
I GBP Q Inc Dist
I USD Acc HSC
and
L USD Acc HSC Dist
30-Sep
Jupiter Global Fund SICAV: Global
Sustainable Equities
Subsidiary Luxembourg SICAV
sub-fund
9.9 87% A USD Acc
D USD Acc
G USD Acc
I USD Acc
L USD Acc
N USD Acc
T USD Acc
D EUR Acc
D EUR A Inc
G EUR Acc
I EUR Acc
L EUR Acc
L EUR A Inc
and
T EUR Acc
30-Sep
Jupiter Global Sustainable Equities Fund Subsidiary United
States
Limited
Partnership
4.1 100% N/A
1
31-Dec
Jupiter Merlin Real Return Subsidiary England &
Wales
Unit Trust 6.4 82% I Class Acc 31-May
1. The subsidiary is a limited partnership where the Group is the sole limited partner.
Related undertakings other than subsidiaries and associates
Entities in which the Group holds more than 20% of the shares in any single share class, but over which the Group has neither control nor significant
influence, are summarised below:
Name Share class held by the Group
Country of
Incorporation Principal Activities
Financial
assets at
FVTPL \u00a3m
Percentage
of share
class held
by the
Group
Percentage
of total
shares held
Date of the
end of the
fund's
reporting
period
Jupiter Asset Management Series Plc: Europe (ex UK)
Smaller Companies Fund
U2 GBP Acc Ireland ICVC sub-fund \u2013 99% 0% 31-Dec
Jupiter Asset Management Series Plc: Financial
Contingent Capital Fund
F USD Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Global Emerging
Markets Focus Fund
N USD Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Gold & Silver Fund N USD Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Jupiter Emerging
Market Debt Income Fund
U2 GBP Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian Global
Dynamic Bond
L EUR Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian North
American Equity Fund
I GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian North
American Equity Fund
I USD INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian North
American Equity Fund
L USD INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian North
American Equity Fund
U2 GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian World
Equity Fund
I EUR INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian World
Equity Fund
I GBP Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian World
Equity Fund
I GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian World
Equity Fund
I USD INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian World
Equity Fund
L GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian World
Equity Fund
L USD DIS Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: Merian World
Equity Fund
U1 GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec
Jupiter Asset Management Series Plc: North American
Equity Fund (IRL)
P2 GBP Acc Ireland ICVC sub-fund 0.6 39% 0% 31-Dec
Jupiter Asset Management Series Plc: North American
Equity Fund (IRL)
U2 GBP Acc Ireland ICVC sub-fund 0.9 36% 0% 31-Dec
Jupiter Asset Management Series Plc: Strategic Absolute
Return Bond Fund
I GBP Acc Ireland ICVC sub-fund 0.1 32% 0% 31-Dec
Jupiter Asset Management Series Plc: UK Specialist
Equity Fund
I GBP Acc Ireland ICVC sub-fund 0.4 67% 0% 31-Dec
Jupiter Global Emerging Markets Fund L GBP INC England &
Wales
Unit Trust \u2013 100% 0% 31-May
Jupiter Global Fund SICAV: Asia Pacific Income C USD Acc Luxembourg SICAV sub-fund 0.7 100% 10% 30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income L SGD Q Inc Dist HSC Luxembourg SICAV sub-fund \u2013 100% 10% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond C USD HSC Q Inc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond L JPY Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond ESG I EUR Q Inc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond ESG I SEK Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond ESG L EUR Q Inc Dist Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond ESG L SEK Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Dynamic Bond ESG Y EUR Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: European Growth C USD Acc HSC Brazil SICAV sub-fund 1.0 80% 0% 30-Sep
Jupiter Global Fund SICAV: European Growth E USD Acc Brazil SICAV sub-fund 1.2 63% 0% 30-Sep
Jupiter Global Fund SICAV: European Growth FIA IE Luxembourg SICAV sub-fund \u2013 32% 0% 30-Sep
Jupiter Global Fund SICAV: European Growth C USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: European Growth N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Name Share class held by the Group
Country of
Incorporation Principal Activities
Financial
assets at
FVTPL \u00a3m
Percentage
of share
class held
by the
Group
Percentage
of total
shares held
Date of the
end of the
fund's
reporting
period
Jupiter Global Fund SICAV: European Growth USD FC FIA IE Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Financial Innovation A USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Financial Innovation D USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Financial Innovation N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Financial Innovation N USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Convertibles A USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Convertibles C USD Acc HSC Luxembourg SICAV sub-fund \u2013 35% 0% 30-Sep
Jupiter Global Fund SICAV: Global Convertibles N USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Ecology Growth D EUR Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Emerging Markets
Corporate Bond
A USD Q INC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Emerging Markets
Corporate Bond
D GBP A INC HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Emerging Markets
Corporate Bond
I CHF Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Emerging Markets
Short Duration Bond
C USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Equity Growth
Unconstrained
D EUR Hedged Acc
HSC
Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Equity Growth
Unconstrained
G EUR Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Global Equity Growth
Unconstrained
N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Japan Select A USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Japan Select D GBP S Inc PHSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Jupiter Global Sovereign
Opportunities
A USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Jupiter Global Sovereign
Opportunities
D EUR Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Jupiter Global Sovereign
Opportunities
D USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Jupiter Global Sovereign
Opportunities
I EUR Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Jupiter Global Sovereign
Opportunities
L USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Jupiter Global Sovereign
Opportunities
N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Pan European Smaller
Companies
A USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Pan European Smaller
Companies
C USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Pan European Smaller
Companies
D GBP Acc HSC Luxembourg SICAV sub-fund \u2013 31% 0% 30-Sep
Jupiter Global Fund SICAV: Pan European Smaller
Companies
L USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Global Fund SICAV: Pan European Smaller
Companies
N USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep
Jupiter Investment Funds Series II: Global Strategic
Bond Fund
U2 GBP Inc England &
Wales
OEIC sub-fund \u2013 100% 0% 31-Oct
Jupiter Investment Management Series I: Monthly
Income Bond Fund
U2 GBP Inc England &
Wales
OEIC sub-fund \u2013 100% 0% 31-Jul
Jupiter Investment Management Series I: UK
Opportunities Fund
I GBP Acc England &
Wales
OEIC sub-fund \u2013 21% 1% 31-Jul
Jupiter Investment Management Series I: UK Smaller
Companies Fund
I GBP Acc England &
Wales
OEIC sub-fund 0.5 24% 0% 31-Jul
Jupiter Responsible Income Fund GBP U2 Acc England &
Wales
Unit Trust \u2013 100% 0% 30-Sep
27. Related parties
The Group manages a number of investment trusts, unit trusts, OEICs, SICAVs, ICVCs, an ICAV (closed in 2021), a hedge fund (closed in 2022) and Delaware
LPs and receives management and, in some instances, performance fees for providing this service. The precise fee arrangements are disclosed within the
financial statements of each investment management subsidiary of the Group or within other publicly available information. By virtue of the investment
management agreements in place between the Group and the collective investment vehicles it manages, such funds may be considered to be related
parties. Investment management and performance fees are disclosed in Note 1.
The Group acts as manager for 34 (2021: 38) authorised unit trusts and 12 (2021: 12) OEICs. Each unit trust is jointly administered with the trustees, Northern
Trust Global Services SE. The aggregate total value of transactions for the year was \u00a32,714m (2021: \u00a31,912m) for unit trust creations and \u00a33,570m (2021:
\u00a33,692m) for unit trust redemptions/liquidations. The actual aggregate amount due from (2021: from) the trustees at the end of the accounting year
in respect of transactions awaiting settlement was \u00a324.0m (2021: \u00a32.6m). The Group also acts as the management company for the Jupiter Global Fund and
Jupiter Investment (formally Merlin) Fund SICAVs, made up of 20 sub-funds (2021: 19) and four sub-funds (2021: four) respectively as well as the Jupiter
Investment Management Series II (previously known as the Merian Investment Fund Series II) and the Jupiter Asset Management Series plc (previously
known as the Merian Global Investors Series plc), made up of 12 (2021: 12) and 18 (2021: 21) sub-funds respectively.
The amounts received in respect of gross management, registration and performance fee charges were \u00a3254.8m (2021: \u00a3283.6m) for unit trusts, \u00a360.9m
(2021: \u00a387.0m) for OEICs, \u00a3100.8m (2021: \u00a3122.8m) for SICAVs, \u00a349.9m (2021: \u00a348.2m) for ICVCs, \u00a36.4m (2021: \u00a3119.5m) for investment trusts and \u00a327.0m (2021:
\u00a325.9m) for segregated mandates. At the end of the year, there was \u00a328.9m (2021: \u00a331.2m) accrued for annual management fees, \u00a31.4m (2021: \u00a33.2m) in
respect of registration fees and \u00a39.7m (2021: \u00a3113.0m) in respect of performance fees.
Included within financial instruments (see Note 15) are seed investments and hedges of awards in fund units in mutual funds and investment trusts
managed, but not controlled, by the Group. At 31 December 2022, the Group had a total net investment in such funds of \u00a353.1m (2021: \u00a3131.6m) and received
distributions of \u00a31.0m (2021: \u00a31.1m). During 2022, it invested \u00a324.1m (2021: \u00a357.5m) in these funds and made disposals of \u00a386.6m (2021: \u00a366.2m).
At 31 December 2022, none of the Group\u2019s key management personnel had invested in the Group\u2019s subordinated debt issued in 2020. In 2021, three
members of key management personnel had invested in the sum of \u00a31.6m. The investments were made on terms equivalent to those that prevail in arm\u2019s
length transactions.
Key management compensation
Transactions with key management personnel also constitute related party transactions. Key management personnel are defined as the Directors, together
with other members of the Executive Committee. The aggregate compensation paid or payable to key management for employee services is shown
below:
2022
\u00a3m
2021
\u00a3m
Short-term employee benefits 3.8 5.5
Share-based payments 1.6 6.9
Other long-term employee benefits 1.7 0.4
7.1 12.8
28. Basis of preparation and other accounting policies
Basis of preparation
The consolidated financial statements have been prepared in accordance with UK-adopted IAS and with the requirements of the Companies Act 2006 as
applicable to companies reporting under those standards.
The financial statements have been prepared on a going concern basis using the historical cost convention modified by the revaluation of certain financial
assets and financial liabilities (including derivatives) that have been measured at fair value. After reviewing the Group\u2019s current plans and forecasts and
financing arrangements, as well as the current trading activities of the Group, the Directors consider that the Group has adequate resources to continue
operating for a period of at least 12 months from the date of signing.
In preparing the financial statements, we have considered the impact of climate change, particularly in the context of the disclosures included on
Sustainability woven through the fabric of our firm this year on pages 36 to 51. There has not been a material impact on the financial reporting judgements
and estimates arising from our considerations. We have specifically considered the impact of climate change in our goodwill assessment (see Note 11).
Basis of accounting
The consolidated financial statements for the year ended 31 December 2022 include the consolidated financial information of the Company and its
subsidiaries. The accounting policies set out those policies that have been applied consistently in preparing the Group financial statements. No Standards
or Interpretations have been issued that have had or are expected to have an impact on the Group\u2019s financial statements. The preparation of financial
statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the
process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and
estimates are significant to the consolidated financial statements, are disclosed later in this note within the section Critical accounting estimates,
judgements and assumptions.
Business combinations
The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of
the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration
includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the
acquisition date.
Basis of consolidation
Subsidiaries
Subsidiaries are those entities over which the Group has control. The Group controls an entity if it is judged to have all of the following:
\u2022 power over the investee;
\u2022 exposure, or rights, to variable returns from its involvement with the investee; and
\u2022 the ability to use its power over the investee to affect its returns.
The Group\u2019s subsidiaries comprise operating and holding companies, and those funds where the Group acts as fund manager which are consolidated as a
result of additional exposure to the variable returns of the funds through seed investment. Where we own 100% of an operating or holding company, our
judgement is that the above elements of control are immediately satisfied and that the companies are therefore subsidiaries of the Group.
Seed investments are accounted for as subsidiaries, associates or other financial investments depending on the holdings of the Group and on the level of
influence and control that the Group is judged to have.
Significant area of judgement
In determining the level of control for seed investments, additional judgement is required. The Group considers all relevant facts and circumstances in
assessing whether it has power over an investee, including the purpose and design of an investee, relevant activities, substantive and protective rights,
and voting rights and potential voting rights. Exposure to variable returns is usually determined by the earning of management fees, and the percentage
investment in the funds\u2019 net assets. Where the value of the Group\u2019s holding exceeds 50% of the total value of the fund, the Group deems control to
automatically exist. Where ownership is under 50%, the Group applies a rebuttable presumption that interests amounting to 30% or more are
consolidated, subject to review of the facts and circumstances of each individual investment relevant to establishing whether the Group is acting as
principal or agent to the fund. These include the potential for large performance fees to be earned, an assessment of kick-out rights and the existence of
any other large investors in the fund. Kick-out rights rarely vary between the different types of funds that the Group manages; the percentage
investment in a fund is therefore the primary means for determining whether control exists for the Group, and the determination of the threshold to be
used as the rebuttable presumption is a key area of judgement for the Group. This judgement determines the extent to which the Group\u2019s balance sheet
is grossed up to reflect additional financial instruments under the Group\u2019s control and, as the value of such instruments is material to the Group, this
has been included as a significant area of judgement as set out below.
The Group has seed investments in both its unit trusts and its SICAV sub-funds. The Group\u2019s judgement is that control can exist in a sub-fund, even if it
does not exist in the whole of the umbrella fund, as the sub-funds have no cross-liability risk to other sub-funds or to the SICAV umbrella fund and thus
should be accounted for as separate entities.
The Group reassesses whether or not it controls an entity if facts or circumstances indicate that there are changes to one or more of the three elements
of control.
A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 31. Consistent accounting policies are applied
across all Group companies. Intra-group transactions, balances, income and expenses are eliminated on consolidation. The transactions and balances of
subsidiaries are consolidated in these financial statements from the date that control commences until the date that control ceases. Where external
investors hold shares in funds controlled by the Group, the portion of profit or loss and net assets held by these non-controlling interests is included
within other gains/losses in the consolidated income statement and as liabilities at FVTPL in the consolidated balance sheet respectively.
Foreign currency
(i) Functional and presentational currency
Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which
the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is both the Company\u2019s functional and
presentational currency as well as the currency in which the majority of the Group\u2019s revenue streams, assets and liabilities are denominated.
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange
gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities
denominated in foreign currencies are recognised in the consolidated income statement within administrative expenses. Translation differences on non-
monetary financial assets and liabilities, such as equities held at FVTPL, are recognised in the consolidated income statement as part of other gains/losses.
(iii) Group companies
The assets and liabilities of Group entities that have a functional currency different from the presentational currency are translated at the closing rate
at the balance sheet date, with income and expenses translated at average monthly exchange rates. Resulting exchange differences are recognised
as a separate component of other comprehensive income and are recycled to the income statement on disposal or liquidation of the relevant branch
or subsidiary.
New standards and interpretations not applied
The International Accounting Standards Board and IFRS Interpretations Committee (IFRS IC) have issued a number of new accounting standards,
interpretations, and amendments to existing standards and interpretations. There are no IFRSs or IFRS IC interpretations that are not yet effective that
would be expected to have a material impact on the Group.
Critical accounting estimates, judgements and assumptions
The preparation of the financial information requires management to make judgements, estimates and assumptions that affect the reported amount of
revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If such estimates and assumptions, which are based on management\u2019s
best judgement at the date of preparation of the financial information, deviate from actual circumstances, the original estimates and assumptions are
modified as appropriate in the period in which the circumstances change.
There are no instances in these financial statements where there is a reasonable level of risk that the use of estimates could lead to a material change
within the next financial year. However, there are areas of the financial statements where the use of estimation is important, but where the risk of material
adjustment is not significant, being:
Note
5 Share-based payments;
6 Fund-based deferred compensation awards;
11 Goodwill; and
13 Calculation of lease assets and liabilities.
The areas where judgements are significant to the Group financial statements are discussed in the following notes:
11 Goodwill;
13 Calculation of lease assets and liabilities; and
28 Consolidation of seed investments.
",
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},
"fact-353": {
"value": "Introduction Accounting policies are contained within relevant notes, with the basis of preparation and general policies collected in Note 28. An explanation of the use of alternative performance measures (APMs) is provided on pages 195 to 197. The impact of exceptional items on the financial statements The Group has presented certain items as exceptional in 2021 and 2022. These items principally relate to the acquisition of Merian in 2020. Further details of all items that are deemed exceptional are explained below, as well as within the relevant notes to the financial statements and in the Chief Financial Officer\u2019s Review on page 26. The use of exceptional items and underlying profit measures in the Strategic report In the Strategic report of this document, the Group makes use of a number of APMs, including \u2018Underlying profit before tax\u2019. The use of such measures means that financial results referred to in the Strategic report section of this document may not be equal to the statutory results reported in the financial statements. Guidelines issued by the FRC require such differences to be reconciled. As a result of the 2020 Merian acquisition, there was a significant difference between \u2018Underlying profit before tax\u2019 and the statutory profit before tax in 2021 due to the recognition of amortisation and compensation costs where the relevant accounting charges were required to be recognised over multiple accounting periods. These charges have continued into 2022. Further detail can be found on page 27. In addition, in 2021, the Group earned significant levels of performance fee income and incurred related costs. These items have been included in Revenue and Administrative expenses in the Group\u2019s results. Such income is not exceptional as it is likely to recur, although the amounts earned can vary from being extremely significant in size to being immaterial. In their analysis of the results, professional users of the Group\u2019s accounts generally assign different values to recurring management fees than to potentially non-recurring net performance fees. Similarly, due to their inherent variability, results are presented both before and after net performance fees for internal management information purposes. \u2018Underlying profit before tax\u2019 is equal to the statutory profit before tax less exceptional items. Exceptional items are defined on page 26. The financial statements do not refer to or use such measures, but the table below provides a reconciliation, indicating in which note or notes to the statutory financial statements the exceptional items are recorded. Further detail on these items can be found in the relevant notes. Notes 2022 \u00a3m 2021 \u00a3m Underlying profit before tax (page 28) 77.6 216.7 Exceptional items included within the following notes: Administrative expenses 3 (0.8) (14.2) Amortisation of intangible assets 12 (18.8) (18.8) Statutory profit before tax 58.0 183.7 Disclosure of relevant accounting information relating to the acquisition Disclosures relating to the Merian acquisition in 2020 can be found in Note 5.4 of the Group\u2019s 2020 Annual Report and Accounts. Other disclosures Disclosure of items treated as exceptional that are not related to the Merian acquisition in respect of 2021 are reported in Note 4. ",
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"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-354": {
"value": "1. Revenue The Group\u2019s primary source of recurring revenue is management fees. Management fees are charged for investment management or administrative services and are normally based on an agreed percentage of the assets under management (AUM). Initial charges and commissions are for additional administrative services at the beginning of a client relationship, as well as ongoing administrative costs. Performance fees may be earned from some funds when agreed performance conditions are met. Net revenue is stated after fee and commission expenses to intermediaries for ongoing services under distribution agreements. Revenue Revenue comprises the fair value of the consideration received or receivable for the provision of investment management services. Revenue is shown net of any value added tax, rebates and discounts. Our revenue components are accounted for as follows: \u2022 management fees are earned over a period of time, and revenue is recognised in the same period in which the service is performed. Management fees are normally calculated as a percentage of net fund assets managed in accordance with individual management agreements and are billed to the client each period shortly after the relevant asset data is available, with settlement terms commonly being 30 days or fewer; \u2022 initial charges and commissions on sales of unit trusts are deferred and amortised over the anticipated period of the provision of investment management services. Revenue for initial charges and commissions is recognised over a period of time, but payment is taken upfront resulting in the recognition of contract liabilities; and \u2022 performance fees are calculated as a percentage of the appreciation in the net asset value of a fund above a defined hurdle and are recognised when the fee amount can be estimated reliably and it is highly probable that it will not be subject to significant reversal. Such fees are normally recognised at the end of the relevant reporting period of the fund (or other defined crystallisation date) and payment is collected shortly after. Management fees and performance fees are both forms of variable consideration, however there is no significant judgement or estimation. The transaction price is determined at the end of each measurement period and is normally equal to the relevant measure of AUM adjusted by a factor set out in the investment management agreement. In the case of performance fees, the adjustment is a defined hurdle rate of return before the performance fee is due. The amount is billed to the customer as per contractual arrangements for each of the separate components of revenue listed above. All components of the Group\u2019s revenue are performance obligations satisfied over time, and are generally not subject to returns or refunds. For management fees, the Group uses the output method to recognise revenue, applying the practical expedient that allows an entity to recognise revenue in the amount to which the entity has a right to invoice if that consideration corresponds directly with the value to the customer of the entity\u2019s performance completed to date. This is appropriate because investment management services are generally satisfied over time with either the customer simultaneously receiving and consuming the benefits provided by the fund manager as the fund manager performs the service, or with the fund manager\u2019s performance enhancing the assets that the fund controls. Fee and commission expenses These are paid to third parties for ongoing services under distribution agreements and are charged to the income statement over the period in which the service is expected to be provided. The services provided include the provision of access to a basket of fund products, information on financial products, promotional materials, ongoing services to clients and transaction processing. 2022 \u00a3m 2021 \u00a3m Management fees 430.1 501.5 Initial charges and commissions 3.1 3.3 Performance fees 10.3 113.0 Revenue 443.5 617.8 Fee and commission expenses relating to management fees (45.3) (47.8) Fee and commission expenses relating to initial charges and commissions (0.9) (1.4) Net revenue 397.3 568.6 In 2022, performance fee revenue was mainly generated through a number of funds (2021: through the Chrysalis Investment Trust, along with a number of smaller fees from other funds). Disaggregation of revenue The Group disaggregates revenue from contracts with customers on the basis of product type and geographical region, as this best depicts how the nature, amount, timing and uncertainty of the Group\u2019s revenue and cash flows are affected by economic factors. The Group\u2019s product types can be broadly categorised into pooled funds and segregated mandates. Pooled funds, which include both mutual funds and investment trusts, are established by the Group, with the risks, exposures and investment approach defined via a prospectus which is provided to potential investors. In contrast, segregated mandates are generally established in accordance with the requirements of a specific institutional investor. Institutional clients may invest in segregated mandates or pooled vehicles. Revenue by product type 2022 \u00a3m 2021 \u00a3m Pooled funds 417.2 591.9 Segregated mandates 26.3 25.9 Revenue 443.5 617.8 ",
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"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
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"fact-381": {
"value": "Fee and commission expenses These are paid to third parties for ongoing services under distribution agreements and are charged to the income statement over the period in which the service is expected to be provided. The services provided include the provision of access to a basket of fund products, information on financial products, promotional materials, ongoing services to clients and transaction processing. 2022 \u00a3m 2021 \u00a3m Management fees 430.1 501.5 Initial charges and commissions 3.1 3.3 Performance fees 10.3 113.0 Revenue 443.5 617.8 Fee and commission expenses relating to management fees (45.3) (47.8) Fee and commission expenses relating to initial charges and commissions (0.9) (1.4) Net revenue 397.3 568.6 In 2022, performance fee revenue was mainly generated through a number of funds (2021: through the Chrysalis Investment Trust, along with a number of smaller fees from other funds). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-355": {
"value": "2. Segmental reporting The Group offers a range of investment products and services through different distribution channels. All financial, business and strategic decisions are made centrally by the Board of Directors (the Board), which determines the KPIs of the Group. Information is reported to the chief operating decision maker, the Board, on a single-segment basis. While the Group has the ability to analyse its underlying information in different ways, for example by product type, this information is only used to allocate resources and assess performance for the Group as a whole. On this basis, the Group considers itself to be a single-segment investment management business. Management monitors operating profit for the purpose of making decisions about resource allocation and performance assessment. Geographical information Revenue by location of clients 2022 \u00a3m 2021 \u00a3m UK 334.4 495.6 EMEA 1 77.7 88.6 Asia 18.2 22.9 Rest of the world 13.2 10.7 Revenue by location 443.5 617.8 The location of clients is based on management information received from distribution partners. Where management information is not available, the location of the distribution partner is used as a proxy for the location of the client. Non-current assets for the Group (excluding financial instruments and deferred tax assets) are domiciled as set out below: Non-current assets for the Group 2022 \u00a3m 2021 \u00a3m UK 644.3 664.5 EMEA 1 1.1 1.4 Asia 1.0 0.6 Rest of the world 0.3 0.3 Non-current assets by location 646.7 666.8 1. In order to align to the Group\u2019s reporting throughout the Annual Report, EMEA (Europe, Middle East and Africa) has been inserted as a new region in 2022, replacing Continental Europe. Prior year amounts have been amended to reflect this change. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-382": {
"value": "Geographical information Revenue by location of clients 2022 \u00a3m 2021 \u00a3m UK 334.4 495.6 EMEA 1 77.7 88.6 Asia 18.2 22.9 Rest of the world 13.2 10.7 Revenue by location 443.5 617.8 The location of clients is based on management information received from distribution partners. Where management information is not available, the location of the distribution partner is used as a proxy for the location of the client. Non-current assets for the Group (excluding financial instruments and deferred tax assets) are domiciled as set out below: Non-current assets for the Group 2022 \u00a3m 2021 \u00a3m UK 644.3 664.5 EMEA 1 1.1 1.4 Asia 1.0 0.6 Rest of the world 0.3 0.3 Non-current assets by location 646.7 666.8 1. In order to align to the Group\u2019s reporting throughout the Annual Report, EMEA (Europe, Middle East and Africa) has been inserted as a new region in 2022, replacing Continental Europe. Prior year amounts have been amended to reflect this change. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-383": {
"value": "3. Administrative expenses The largest administrative expense is staff costs. Other administrative expenses include administration fees, expenditure relating to non-capitalisable investment in the business, marketing and IT costs. Administrative expenses comprise: 2022 \u00a3m 2021 \u00a3m Staff costs (Note 4) 187.7 227.2 Depreciation of property, plant and equipment (Note 13) 5.8 5.6 Auditors\u2019 remuneration (see below) 1.6 1.4 Other administrative expenses 107.2 118.9 Total administrative expenses 302.3 353.1 Auditors\u2019 remuneration 2022 \u00a3m 2021 \u00a3m Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company and consolidated financial statements 0.4 0.3 Fees payable to the Company\u2019s auditors and their associates for other services to the Group: Audit of the Company\u2019s subsidiaries pursuant to legislation 0.9 0.8 Audit-related assurance services 0.3 0.3 Total auditors\u2019 remuneration 1.6 1.4 The Chief Financial Officer\u2019s review on page 26 provides details of exceptional items of \u00a30.8m (2021: \u00a314.2m) within staff costs. The staff costs are described further in Note 4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-356": {
"value": "3. Administrative expenses The largest administrative expense is staff costs. Other administrative expenses include administration fees, expenditure relating to non-capitalisable investment in the business, marketing and IT costs. Administrative expenses comprise: 2022 \u00a3m 2021 \u00a3m Staff costs (Note 4) 187.7 227.2 Depreciation of property, plant and equipment (Note 13) 5.8 5.6 Auditors\u2019 remuneration (see below) 1.6 1.4 Other administrative expenses 107.2 118.9 Total administrative expenses 302.3 353.1 Auditors\u2019 remuneration 2022 \u00a3m 2021 \u00a3m Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company and consolidated financial statements 0.4 0.3 Fees payable to the Company\u2019s auditors and their associates for other services to the Group: Audit of the Company\u2019s subsidiaries pursuant to legislation 0.9 0.8 Audit-related assurance services 0.3 0.3 Total auditors\u2019 remuneration 1.6 1.4 The Chief Financial Officer\u2019s review on page 26 provides details of exceptional items of \u00a30.8m (2021: \u00a314.2m) within staff costs. The staff costs are described further in Note 4. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-407": {
"value": "Auditors\u2019 remuneration 2022 \u00a3m 2021 \u00a3m Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company and consolidated financial statements 0.4 0.3 Fees payable to the Company\u2019s auditors and their associates for other services to the Group: Audit of the Company\u2019s subsidiaries pursuant to legislation 0.9 0.8 Audit-related assurance services 0.3 0.3 Total auditors\u2019 remuneration 1.6 1.4 ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-384": {
"value": "4. Staff costs Staff costs include wages and salaries, share-based payments, pension costs and redundancy costs, along with associated social security costs, and are recognised on an accruals basis as services are provided to the Group. 2022 \u00a3m 2021 \u00a3m Wages and salaries 98.3 166.0 Share-based payments (Note 5) 13.6 25.5 Social security costs 11.1 26.2 Pension costs 6.2 5.7 Redundancy costs 3.4 6.5 Staff costs before losses/(gains) arising from the economic hedging of fund awards 132.6 229.9 Net losses/(gains) on instruments held to provide an economic hedge for fund awards1 55.1 (2.7) Staff costs 187.7 227.2 1. The gains and losses relates to equity holdings in instruments held as an economic hedge against compensation awards to employees, the value of which is linked to those equity holdings. As a result, any gain or loss relating to such holdings are ultimately borne by the awardees rather than the Group. Over the vesting period of the awards, any gains or losses made on such instruments will be offset by increases or decreases in the accounting charge in respect of the awards, which are included in \u2018Wages and salaries\u2019 (see also Note 6 for details). Note 3 refers to \u00a30.8m (2021: \u00a314.2m) of staff costs that are described as exceptional items within the Chief Financial Officer\u2019s review, comprising \u00a30.8m (2021: \u00a37.7m) relating to the acquisition of Merian and \u00a3nil (2021: \u00a36.5m) relating to a redundancy programme. In 2022, the costs chiefly comprise cash and share-based deferred earn out (DEO) awards (2021: cash and share-based DEO awards, and redundancy costs). The redundancy costs in 2021 related to a restructuring programme of the Jupiter business post-integration which started in 2020 and redundancies relating specifically to the Merian acquisition. Pension costs The Group contributes to a number of defined contribution pension schemes for the benefit of its employees. Contributions in respect of the UK employees (at the rate of up to 15% of gross salary) are made into the Jupiter Pension Scheme whose financial statements are available from the trustees at the registered office of the Company. Contributions made by the Group are charged to the consolidated income statement as they become payable in accordance with the rules of the schemes. Average number of employees The monthly average number of persons employed by the Group during the year, including Executive Directors, by activity is: 2022 Number 2021 Number Fund management 140 139 Distribution and marketing 140 143 Infrastructure and operations 292 302 572 584 Information regarding Executive Directors\u2019 aggregate emoluments of \u00a32.2m (2021: \u00a33.6m) is set out in the Remuneration report on page 119. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-357": {
"value": "4. Staff costs Staff costs include wages and salaries, share-based payments, pension costs and redundancy costs, along with associated social security costs, and are recognised on an accruals basis as services are provided to the Group. 2022 \u00a3m 2021 \u00a3m Wages and salaries 98.3 166.0 Share-based payments (Note 5) 13.6 25.5 Social security costs 11.1 26.2 Pension costs 6.2 5.7 Redundancy costs 3.4 6.5 Staff costs before losses/(gains) arising from the economic hedging of fund awards 132.6 229.9 Net losses/(gains) on instruments held to provide an economic hedge for fund awards1 55.1 (2.7) Staff costs 187.7 227.2 1. The gains and losses relates to equity holdings in instruments held as an economic hedge against compensation awards to employees, the value of which is linked to those equity holdings. As a result, any gain or loss relating to such holdings are ultimately borne by the awardees rather than the Group. Over the vesting period of the awards, any gains or losses made on such instruments will be offset by increases or decreases in the accounting charge in respect of the awards, which are included in \u2018Wages and salaries\u2019 (see also Note 6 for details). Note 3 refers to \u00a30.8m (2021: \u00a314.2m) of staff costs that are described as exceptional items within the Chief Financial Officer\u2019s review, comprising \u00a30.8m (2021: \u00a37.7m) relating to the acquisition of Merian and \u00a3nil (2021: \u00a36.5m) relating to a redundancy programme. In 2022, the costs chiefly comprise cash and share-based deferred earn out (DEO) awards (2021: cash and share-based DEO awards, and redundancy costs). The redundancy costs in 2021 related to a restructuring programme of the Jupiter business post-integration which started in 2020 and redundancies relating specifically to the Merian acquisition. Pension costs The Group contributes to a number of defined contribution pension schemes for the benefit of its employees. Contributions in respect of the UK employees (at the rate of up to 15% of gross salary) are made into the Jupiter Pension Scheme whose financial statements are available from the trustees at the registered office of the Company. Contributions made by the Group are charged to the consolidated income statement as they become payable in accordance with the rules of the schemes. Average number of employees The monthly average number of persons employed by the Group during the year, including Executive Directors, by activity is: 2022 Number 2021 Number Fund management 140 139 Distribution and marketing 140 143 Infrastructure and operations 292 302 572 584 Information regarding Executive Directors\u2019 aggregate emoluments of \u00a32.2m (2021: \u00a33.6m) is set out in the Remuneration report on page 119",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-358": {
"value": "5. Share-based payments The Group engages in share-based payment transactions in respect of services receivable from certain employees by granting the right to either shares or options over shares, subject to certain vesting conditions and exercise prices. These have been accounted for as equity-settled share-based payments. The fair value of the awards granted in the form of shares or share options is recognised as an expense over the appropriate performance and vesting period. The corresponding credit is recognised in retained earnings within total equity. The fair value of the awards is calculated using an option pricing model, the principal inputs being the market value on the date of award, discounted for any dividends forgone over the holding period of the award, and an adjustment for expected and actual levels of vesting, which includes estimating the number of eligible employees leaving the Group and the number of employees satisfying the relevant performance conditions. Shares and options vest on the occurrence of a specified event under the rules of the relevant plan. A summary of the charge taken to the income statement (excluding social security) for each share-based payment arrangement is shown below: 2022 \u00a3m 2021 \u00a3m Deferred Bonus Plan (DBP) 14.3 20.4 Long-Term Incentive Plan (LTIP) 1.2 1.6 Deferred Earn Out (DEO) (3.4) 2.3 Sharesave Plan (SAYE) 0.7 0.3 Share Incentive Plan (SIP) 0.1 0.4 Free Share Awards (FSA) 0.7 0.5 Total (Note 4) 13.6 25.5 The fair value of the services provided by employees has been calculated indirectly by reference to the fair value of the equity instruments granted. Fair value amounts for the options granted under the DBP, LTIP and SAYE schemes were determined using a Black-Scholes option-pricing method and the following assumptions: 2022 2021 DBP 2021 LTIP 2022 SAYE 2022 DBP 2020 LTIP 2021 SAYE 2021 Weighted average share price \u00a31.88 \u00a31.91 \u00a30.99 \u00a32.81 \u00a32.81 \u00a32.51 Weighted average exercise price \u2013 \u2013 \u00a30.79 \u2013 \u2013 \u00a32.15 Weighted average expected volatility 33.0% 33.3% 37.0% 35.4% 32.1% 33.7% Weighted average option life (years) 2.4 4.2 3.7 1.7 4.2 4.1 Weighted average dividend yield \u2013 \u2013 17.3% \u2013 \u2013 6.8% Weighted average risk-free interest rate 3.3% 3.2% \u2013 0.8% 1.1% \u2013 Expected volatility for options granted in 2022 and 2021 has been calculated using the historical volatility of the Group. The numbers above in relation to the LTIP include Joiner Plans as both schemes have a similar structure. The Group provides a sensitivity analysis to show the impact to the Group\u2019s profit before taxation in the event that forfeiture and performance condition assumptions exceed or are below the Group\u2019s estimations on share-based payments by the stated percentages: Impact on the income statement of a change in leaver assumptions 2022 \u00a3m 2021 \u00a3m +5% (2.0) (1.8) -5% 1.1 1.2 Impact on the income statement of a change in performance condition vesting assumptions 2022 \u00a3m 2021 \u00a3m +25% 3.6 1.9 -25% (2.2) (2.0) The use of estimation in the calculation of share-based payments At the year end, the Group had approximately 37.2m share-based awards in issue. Each year, existing awards vest and new awards are made. Around 13.6m share-based awards were issued in 2022 in the form of deferred bonus and LTIP awards. Given their significance as a form of employee remuneration for the Group, share-based payments have been included as an area where the use of estimation is important in Note 28. The principal estimations made relate to: \u2022 forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u2018good\u2019 leavers and their awards continue to vest but there is no longer an extended service period condition); and \u2022 the satisfaction of performance conditions attached to certain LTIP awards and to share-based DEO awards. These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material. (i) Deferred Bonus Plan (DBP) All employees of the Group who are eligible for a bonus over a certain level, as determined by the Remuneration Committee, are required to participate in the DBP. The DBP provides for compulsory deferral of a proportion of bonus. Deferrals are made into either options over the Company\u2019s shares or a cash amount equivalent to the value of units in the Group\u2019s funds (see Note 6 for information on the treatment of fund units). The awards in respect of DBP are granted after the year end to which they relate. The awards made in 2021 and 2022, in relation to 2020 and 2021 performance respectively, were granted in the form of nil-cost options over the Company\u2019s shares, at a price calculated as the market price immediately prior to the date of the award. Awards will also be made in 2023 in relation to 2022 performance, thus a charge for these awards has been taken to the income statement in 2022. The following table illustrates the number and weighted average exercise price (WAEP) of, and movement in, share options during the year: Options outstanding 2022 2021 Number m WAEP \u00a3 Number m WAEP \u00a3 At 1 January 14.3 \u2013 10.7 \u2013 Granted 11.0 \u2013 9.5 \u2013 Exercised (6.3) \u2013 (5.8) \u2013 Forfeited (0.2) \u2013 (0.1) \u2013 At 31 December 18.8 \u2013 14.3 \u2013 Exercisable at 31 December 1.7 \u2013 0.8 \u2013 There were 6.3m options exercised under this plan in 2022 (2021: 5.8m). The weighted average share price at the date of exercise of these options was \u00a31.25 (2021: \u00a32.65). The weighted average fair value of options granted under this plan during the year was \u00a31.88 (2021: \u00a32.81). The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2022 was 1.3 years (31 December 2021: 1.5 years). (ii) Long-Term Incentive Plan (LTIP) All employees are eligible to participate in the LTIP. Awards are made at the discretion of the Remuneration Committee and may be granted in the form of options (either at market value, nominal value or nil cost), restricted shares or conditional share awards over the Company\u2019s shares, or a cash amount equivalent to the value of units in the Group\u2019s funds. The table below illustrates the number and weighted average exercise price (WAEP) of, and movement in, awards in the form of share options during the year. Cash awards linked to the value of funds are included in Note 6. Options outstanding 2022 2021 Number m WAEP \u00a3 Number m WAEP \u00a3 At 1 January 9.6 \u2013 8.3 0.12 Granted 6.3 \u2013 4.4 \u2013 Exercised (0.6) \u2013 (0.5) 0.01 Forfeited (2.0) 0.01 (2.6) 0.38 At 31 December 13.3 \u2013 9.6 \u2013 Exercisable at 31 December 0.5 \u2013 1.3 0.02 There were 0.6m options exercised under this plan in 2022 (2021: 0.5m). The weighted average share price at the date of exercise of these options was \u00a31.58 (2021: \u00a32.70). The weighted average fair value of options granted under this plan during the year was \u00a31.91 (2021: \u00a32.81). The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2022 was 2.5 years (31 December 2021: 2.5 years). (iii) Deferred Earn Out (DEO) As part of the sale and purchase agreement on the acquisition of Merian, certain former Merian shareholders, who continued in employment with Jupiter post-completion, were granted nil-cost options over the Company\u2019s shares up to a maximum value of \u00a320.0m. For these awards to vest, the awardees must meet certain performance conditions, based on net revenues, on 1 July 2023. On this date, the awards will be converted to a number of shares, corresponding to the average closing price of a Company share over the three dealing days ending immediately before 1 July 2023 and the fulfilment of the performance conditions. Should performance conditions be fulfilled, the awards will be exercisable on 1 July 2024 and 1 July 2025. Exercise of these options will be dependent on the awardees remaining in the employment of the Group until these dates. As at 31 December 2022, it is expected that the performance conditions will not be met. (iv) Sharesave Plan All eligible UK employees may participate in the Group\u2019s Sharesave Plan, which was introduced in 2010. Under the terms of this plan, employees may enter into contracts to save up to the maximum amount permitted under legislation and, at the expiry of a fixed three- or five-year term, have the option to use these savings to acquire shares in the Company at a discounted price, calculated under the rules of the plan (currently a 20% discount to the market price at the date of award). Participants in the plan have six months from the date of vesting to exercise their option. Options outstanding 2022 2021 Number m WAEP \u00a3 Number m WAEP \u00a3 At 1 January 2.7 1.82 3.1 1.83 Granted 4.9 0.79 0.4 2.15 Exercised \u2013 \u2013 (0.1) 1.67 Forfeited (2.6) 1.72 (0.7) 2.05 At 31 December 5.0 1.06 2.7 1.82 Exercisable at 31 December 0.1 2.10 0.1 3.35 The weighted average share price at the date of exercise of these options in 2022 was \u00a31.03 (2021: \u00a32.61) per ordinary share. The weighted average fair value of the options granted under this plan during the year was \u00a30.20 (2021: \u00a30.44). The range of exercise prices of options granted under this plan is between \u00a30.79 and \u00a34.29. The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2022 was 3.3 years (31 December 2021: 3.1 years). (v) Share Incentive Plan (SIP) All eligible UK employees may participate in the Group\u2019s Share Incentive Plan, which was introduced in 2013. Under the terms of this plan, employees may contribute from pre-tax salary up to the maximum amount permitted under legislation in any tax year, to be used to acquire shares in the Company at the market price on the relevant date. Matching shares are then awarded by the Company on a one matching share for each share purchased basis. The matching shares are subject to forfeiture where the employee leaves employment with the Group within three years of their award. The number of matching shares purchased under this scheme during the year was 0.1m (2021: 0.1m). (vi) International Share Award (ISA) All non-UK employees may participate in the Group\u2019s International Share Award, which was introduced in 2017 to create a non-UK plan similar to the Sharesave Plan. Under the terms of this award, international employees are offered the opportunity to be granted a share option which is exercisable after three years and three months. The exercise price is set at the same level as for the Sharesave Plan. Participants in the plan have six months from the date of vesting to exercise their option. The number of awards made during the year was 0.1m (2021: 0.1m). (vii) Free Share Award (FSA) All eligible employees may participate in the Free Share Award which was introduced in 2020. Eligible employees in the UK receive their award through the UK Approved SIP. Non-UK eligible employees receive a nil-cost option which will vest over a three-year period. The number of awards made during the year was 0.5m (2021: 0.4m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-412": {
"value": "The use of estimation in the calculation of share-based payments At the year end, the Group had approximately 37.2m share-based awards in issue. Each year, existing awards vest and new awards are made. Around 13.6m share-based awards were issued in 2022 in the form of deferred bonus and LTIP awards. Given their significance as a form of employee remuneration for the Group, share-based payments have been included as an area where the use of estimation is important in Note 28. The principal estimations made relate to: \u2022 forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u2018good\u2019 leavers and their awards continue to vest but there is no longer an extended service period condition); and \u2022 the satisfaction of performance conditions attached to certain LTIP awards and to share-based DEO awards. These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material. The use of estimation in the calculation of fund unit awards At the year end, the Group had accrued \u00a346.8m (2021: \u00a379.6m) of deferred fund unit awards. Each year, existing awards vest and new awards are made. Given their significance as a form of employee remuneration for the Group, fund unit awards have been included as an area where the use of estimation is important in Note 28. The principal estimations made relate to: \u2022 Forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u2018good\u2019 leavers and their awards continue to vest but there is no longer an extended service period condition); and \u2022 The satisfaction of performance conditions attached to LTIP awards. These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of reasonable changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material. The use of estimation and judgement in valuing goodwill The impairment testing described above requires estimation and judgement, principally concerning future levels of profitability. Given the size of the asset and the potential impact of impairment losses on the Group\u2019s financial position, this has been included as an area where the use of estimation is important in Note 28. Although the headroom resulting from the impairment test has reduced significantly in the year, our five-year plan and a reasonable range of sensitivities imply that no impairment is required. However, elements of the plan are subject to factors such as market sentiment and index levels which are beyond the Group\u2019s control. If forecasts are not met, as set out in the first table above, impairment of the asset could result. No impairment losses have been recognised in the current or preceding years. The Group has also applied judgement in determining CGU levels within its business for the purposes of impairment testing of goodwill and in concluding that the whole Group operates as a single CGU. Significant area of estimation and judgement Calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will be exercised. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Significant area of judgement In determining the level of control for seed investments, additional judgement is required. The Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including the purpose and design of an investee, relevant activities, substantive and protective rights, and voting rights and potential voting rights. Exposure to variable returns is usually determined by the earning of management fees, and the percentage investment in the funds\u2019 net assets. Where the value of the Group\u2019s holding exceeds 50% of the total value of the fund, the Group deems control to automatically exist. Where ownership is under 50%, the Group applies a rebuttable presumption that interests amounting to 30% or more are consolidated, subject to review of the facts and circumstances of each individual investment relevant to establishing whether the Group is acting as principal or agent to the fund. These include the potential for large performance fees to be earned, an assessment of kick-out rights and the existence of any other large investors in the fund. Kick-out rights rarely vary between the different types of funds that the Group manages; the percentage investment in a fund is therefore the primary means for determining whether control exists for the Group, and the determination of the threshold to be used as the rebuttable presumption is a key area of judgement for the Group. This judgement determines the extent to which the Group\u2019s balance sheet is grossed up to reflect additional financial instruments under the Group\u2019s control and, as the value of such instruments is material to the Group, this has been included as a significant area of judgement as set out below. Critical accounting estimates, judgements and assumptions The preparation of the financial information requires management to make judgements, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If such estimates and assumptions, which are based on management\u2019s best judgement at the date of preparation of the financial information, deviate from actual circumstances, the original estimates and assumptions are modified as appropriate in the period in which the circumstances change. There are no instances in these financial statements where there is a reasonable level of risk that the use of estimates could lead to a material change within the next financial year. However, there are areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant, being: Note 5 Share-based payments; 6 Fund-based deferred compensation awards; 11 Goodwill; and 13 Calculation of lease assets and liabilities. The areas where judgements are significant to the Group financial statements are discussed in the following notes: 11 Goodwill; 13 Calculation of lease assets and liabilities; and 28 Consolidation of seed investments.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-359": {
"value": "6. Fund-based deferred compensation awards As described in Note 5(i) and (ii), deferred bonuses and LTIP awards can be deferred into either options over the Company\u2019s shares or a cash amount equivalent to the value of units in the Group\u2019s funds. The expense included within wages and salaries in the income statement in relation to fund-based awards was: 2022 \u00a3m 2021 \u00a3m (Credit)/charge in respect of fund-based awards before losses/(gains) arising from hedging (2.5) 59.4 Net losses/(gains) on instruments held to provide an economic hedge for fund awards 55.1 (2.7) Net charge arising from fund-based awards 52.6 56.7 Where bonuses are deferred into fund units, the fair value of the award is expensed over the appropriate performance and vesting period and included within staff costs. The liability is revalued at each balance sheet date to the expected settlement amount, being the current market value of the underlying fund units adjusted for the proportion of the vesting period that has passed. Any increase or decrease in value is recognised in the income statement within staff costs. The liability is included in the balance sheet as part of accrued expenses within trade and other payables (see Note 19). The Group hedges its exposure to price fluctuations in the underlying fund units by purchasing the fund units at the date of grant. These are included within financial assets at FVTPL in the balance sheet. Changes in the fair value of the units are recognised in the income statement within staff costs in order to match the gains and losses of both the hedging instrument and the hedged item within the same line item of the income statement. The Group provides a sensitivity analysis to show the impact on the Group\u2019s profit before taxation in the event that forfeiture and performance condition assumptions (in the case of LTIP awards) exceed or are below the Group\u2019s estimations on fund unit awards by the stated percentages: Impact on the income statement of a change in leaver assumptions 2022 \u00a3m 2021 \u00a3m +5% (1.9) (2.1) -5% 0.6 0.6 Impact on the income statement of a change in performance condition vesting assumptions 2022 \u00a3m 2021 \u00a3m +25% 0.3 0.2 -25% (0.5) (0.2) Volatility in the net charge arising from fund-based awards In addition to the sensitivities shown above, the Group is also exposed to volatility in its income statement arising from its hedging policy. Although the policy ensures that overall there is no net gain or loss arising from movements in the value of fund-based awards from the date the hedge is purchased until the vesting date, it may result in short-term income statement mismatches that subsequently reverse. Under the relevant accounting standards, where the Group purchases units or shares in funds to hedge the market risk exposure arising from a fund-based award, any movements in the value of those assets are recorded as gains or losses from the point that the asset is purchased. However, the related liability is initially recorded at zero and is recognised over the period service is provided by the awardee. Only at the vesting date are the asset and liability equal and, therefore, only from this point are nil net gains and losses made from the revaluation of the asset and liability. Until this point is reached, the impact of movements in the value of fund units held for hedging purposes on asset values may be significantly different to the impact on the fund award liability, resulting effectively in either an acceleration of the compensation charge (where net losses are recorded) or a deferral of charge until future years (where net gains are recorded). These are timing differences that will fully reverse by the vesting date. In 2022, decreases in the value in the Group\u2019s hedging assets of \u00a355.1m (2021: increases of \u00a32.7m) led to a net loss (2021: gain) arising from this timing difference on asset and liability treatment of fund-based awards. Further details of these movements, and the consequent impact on future years\u2019 charges, can be found in the Chief Financial Officer\u2019s report on page 26. The use of estimation in the calculation of fund unit awards At the year end, the Group had accrued \u00a346.8m (2021: \u00a379.6m) of deferred fund unit awards. Each year, existing awards vest and new awards are made. Given their significance as a form of employee remuneration for the Group, fund unit awards have been included as an area where the use of estimation is important in Note 28. The principal estimations made relate to: \u2022 Forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards) and accelerations (where awardees are \u2018good\u2019 leavers and their awards continue to vest but there is no longer an extended service period condition); and \u2022 The satisfaction of performance conditions attached to LTIP awards. These estimates are reviewed regularly and the charge to the income statement is adjusted appropriately (at the end of the relevant scheme as a minimum). The sensitivity analysis demonstrates that the risk of material adjustment as a result of reasonable changes to our estimations in respect of granted awards by 5% for leavers and 25% for performance condition assumptions is not considered to be significant or material. ",
"dimensions": {
"concept": "jupiter:DisclosureOfFundbasedDeferredCompensatio",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-360": {
"value": "7. Other losses Other losses relate principally to net losses (2021: net losses) made on the Group\u2019s seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio and derivatives are held at FVTPL (see Note 15). Gains and losses comprise both realised and unrealised amounts. 2022 \u00a3m 2021 \u00a3m Dividend income 1.0 1.1 (Losses)/gains on financial instruments designated at FVTPL upon initial recognition (24.7) 9.7 Gains/(losses) on financial instruments at FVTPL 14.0 (15.2) Other losses (9.7) (4.4) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-415": {
"value": "8. Net finance costs Net finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities (see Notes 18 and 13 respectively for further details). Net finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF. Interest payable is charged on an accrual basis using the effective interest method. 2022 \u00a3m 2021 \u00a3m Interest on subordinated debt 4.7 4.7 Interest on lease liabilities 1.6 1.6 Finance cost on the RCF 0.3 0.3 Interest (income)/cost on bank deposits (0.3) 0.2 6.3 6.8 In 2021, the Group incurred interest charges of \u00a30.2m on bank deposits; in 2022, increases in interest rates in the jurisdictions in which the Group holds bank deposits resulted in the recognition of interest income of \u00a30.3m. As a result of the insignificant nature of this income, it has been presented as part of the Group\u2019s net finance costs above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-414": {
"value": "8. Net finance costs Net finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities (see Notes 18 and 13 respectively for further details). Net finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF. Interest payable is charged on an accrual basis using the effective interest method. 2022 \u00a3m 2021 \u00a3m Interest on subordinated debt 4.7 4.7 Interest on lease liabilities 1.6 1.6 Finance cost on the RCF 0.3 0.3 Interest (income)/cost on bank deposits (0.3) 0.2 6.3 6.8 In 2021, the Group incurred interest charges of \u00a30.2m on bank deposits; in 2022, increases in interest rates in the jurisdictions in which the Group holds bank deposits resulted in the recognition of interest income of \u00a30.3m. As a result of the insignificant nature of this income, it has been presented as part of the Group\u2019s net finance costs above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-413": {
"value": "8. Net finance costs Net finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities (see Notes 18 and 13 respectively for further details). Net finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF. Interest payable is charged on an accrual basis using the effective interest method. 2022 \u00a3m 2021 \u00a3m Interest on subordinated debt 4.7 4.7 Interest on lease liabilities 1.6 1.6 Finance cost on the RCF 0.3 0.3 Interest (income)/cost on bank deposits (0.3) 0.2 6.3 6.8 In 2021, the Group incurred interest charges of \u00a30.2m on bank deposits; in 2022, increases in interest rates in the jurisdictions in which the Group holds bank deposits resulted in the recognition of interest income of \u00a30.3m. As a result of the insignificant nature of this income, it has been presented as part of the Group\u2019s net finance costs above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-408": {
"value": "8. Net finance costs Net finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities (see Notes 18 and 13 respectively for further details). Net finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF. Interest payable is charged on an accrual basis using the effective interest method. 2022 \u00a3m 2021 \u00a3m Interest on subordinated debt 4.7 4.7 Interest on lease liabilities 1.6 1.6 Finance cost on the RCF 0.3 0.3 Interest (income)/cost on bank deposits (0.3) 0.2 6.3 6.8 In 2021, the Group incurred interest charges of \u00a30.2m on bank deposits; in 2022, increases in interest rates in the jurisdictions in which the Group holds bank deposits resulted in the recognition of interest income of \u00a30.3m. As a result of the insignificant nature of this income, it has been presented as part of the Group\u2019s net finance costs above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-385": {
"value": "8. Net finance costs Net finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities (see Notes 18 and 13 respectively for further details). Net finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF. Interest payable is charged on an accrual basis using the effective interest method. 2022 \u00a3m 2021 \u00a3m Interest on subordinated debt 4.7 4.7 Interest on lease liabilities 1.6 1.6 Finance cost on the RCF 0.3 0.3 Interest (income)/cost on bank deposits (0.3) 0.2 6.3 6.8 In 2021, the Group incurred interest charges of \u00a30.2m on bank deposits; in 2022, increases in interest rates in the jurisdictions in which the Group holds bank deposits resulted in the recognition of interest income of \u00a30.3m. As a result of the insignificant nature of this income, it has been presented as part of the Group\u2019s net finance costs above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-361": {
"value": "8. Net finance costs Net finance costs principally relate to interest payable on Tier 2 subordinated debt notes and the unwinding of the discount applied to lease liabilities (see Notes 18 and 13 respectively for further details). Net finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF. Interest payable is charged on an accrual basis using the effective interest method. 2022 \u00a3m 2021 \u00a3m Interest on subordinated debt 4.7 4.7 Interest on lease liabilities 1.6 1.6 Finance cost on the RCF 0.3 0.3 Interest (income)/cost on bank deposits (0.3) 0.2 6.3 6.8 In 2021, the Group incurred interest charges of \u00a30.2m on bank deposits; in 2022, increases in interest rates in the jurisdictions in which the Group holds bank deposits resulted in the recognition of interest income of \u00a30.3m. As a result of the insignificant nature of this income, it has been presented as part of the Group\u2019s net finance costs above. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-362": {
"value": "9. Income tax expense The Group pays taxes according to the rates applicable in the countries in which it operates. The Group\u2019s headquarters are in the UK. Most taxes are recorded in the income statement and relate to taxes payable for the reporting period (current tax), but there is also a charge or credit relating to tax payable for future periods due to income or expenses being recognised in a different period for tax and accounting purposes (deferred tax). Tax is charged to equity when the tax benefit exceeds the cumulative income statement expense on share plans. The Group provides for current tax according to the tax laws of each jurisdiction in which it operates using tax rates that have been enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns in respect of situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred tax is provided, using the liability method, on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax is recognised in respect of all temporary differences that have originated but not reversed at the balance sheet date, where transactions or events that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. A deferred tax asset is recognised when it is considered recoverable and therefore recognised only when, on the basis of all available evidence, it can be regarded as probable that there will be suitable taxable profits against which to recover carried forward tax losses and from which the future reversal of underlying temporary differences can be deducted. Deferred tax is measured at the average tax rates that are expected to apply in the periods in which the temporary differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax that has arisen in respect of equity items, such as tax credits in respect of share-based payments where the fair value of awards exceeds the accounting charge, are recognised directly in equity and not in the income statement. 2022 \u00a3m 2021 \u00a3m Current tax Tax on profits for the year 9.5 45.0 Adjustments in respect of prior years (3.8) (1.3) Total current tax 5.7 43.7 Deferred tax Origination and reversal of temporary differences 3.8 (9.8) Adjustments in respect of prior years 0.6 0.2 Total deferred tax (Note 14) 4.4 (9.6) Income tax expense 10.1 34.1 Total tax expense The corporation tax rate for 2022 was 19% (2021: 19%). The tax charge in the year is lower (2021: lower) than the standard rate of corporation tax in the UK and the differences are explained below: Factors affecting tax expense for the year 2022 \u00a3m 2021 \u00a3m Profit before taxation 58.0 183.7 Taxation at the standard corporation tax rate (19%; 2021: 19%) 11.0 34.9 Non-taxable expenditure 0.4 \u2013 Other permanent differences 1.6 (1.4) Adjustments in respect of prior years (3.2) (1.1) Effect of differences in overseas tax rates 0.3 0.3 Impact of substantively enacted tax rate change on deferred tax balances \u2013 1.4 Total tax expense 10.1 34.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-363": {
"value": "10. Earnings per share Basic earnings per share (EPS) is calculated by dividing the profit attributable to equity shareholders of Jupiter Fund Management plc (the parent company of the Group) for the year by the weighted average number of ordinary shares outstanding and contingently issuable during the year, less the weighted average number of own shares held. Own shares are shares held in an EBT for the benefit of employees under the vesting, lock-in and other incentive arrangements in place. Diluted EPS is calculated by dividing the profit for the year (as used in the calculation of basic EPS) by the weighted average number of ordinary shares outstanding during the year for the purpose of basic EPS plus the weighted average number of ordinary shares that would be issued on the conversion of all the dilutive potential ordinary shares into ordinary shares. The weighted average number of ordinary shares used in the calculation of EPS is as follows: Weighted average number of shares 2022 Number m 2021 Number m Issued share capital 1 552.4 553.1 Add contingently issuable shares2 1.7 \u2013 Less time apportioned own shares held (24.5) (10.6) Weighted average number of ordinary shares for the purpose of basic EPS 529.6 542.5 Add back weighted average number of dilutive potential shares 9.3 12.9 Weighted average number of ordinary shares for the purpose of diluted EPS 538.9 555.4 1. The Group purchased and cancelled 6.7m ordinary shares during 2022 (see Note 20), resulting in a weighted average issued share capital of 552.4m. 2. Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date. Earnings per share 2022 p 2021 p Basic 8.9 27.6 Diluted 8.8 26.9 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-386": {
"value": "11. Goodwill Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed. Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) (\u00a3341.2m) and the 2020 acquisition of Merian (\u00a3229.4m). 2022 \u00a3m 2021 \u00a3m Goodwill 570.6 570.6 The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds. The Group\u2019s goodwill originally arose in 2007 through KAML and was increased in 2020 through the acquisition of Merian. The Merian acquisition largely comprised revenues and incremental costs and therefore increased the scale of the existing business, improving the headroom over goodwill arising on acquisitions. Both businesses are fully integrated and are not separately measured or monitored. It is not possible to assign the reduction in the Group\u2019s profitability in 2022 between KAML and Merian, and therefore we adopt a single CGU and consider our impairment test based on Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use and fair value less costs of disposal, and comparing this to the carrying value of the asset. For the impairment test, the recoverable amount for the goodwill asset was calculated using a value in use approach, based on the net present value of the Group\u2019s future earnings. The net present value was calculated using a discounted cash flow model, with the following key assumptions: \u2022 The Group\u2019s projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data is taken from the five-year plan, which was approved by the Board in December 2022 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s Review on pages 10 to 13; \u2022 Long-term growth rates of 2% (2021: 3%) were used to calculate terminal value; and \u2022 A cost of capital of 12.8% (2021: 10.7%) was calculated using the capital asset pricing model, weighted to take into account the Group\u2019s subordinated debt. The impairment test performed indicates positive headroom of recoverable amount over carrying value of \u00a3212m at 31 December 2022, down from \u00a3422m at 30 June 2022 and \u00a31.5bn at 31 December 2021. The headroom has declined as the scale of the Group has reduced, decreasing the overall profitability of the business, primarily through a 15% decrease in the Group\u2019s net revenues (before performance fees) resulting from lower average AUM in the year. The value in use of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group\u2019s goodwill asset is not currently impaired. The sensitivity of the Group\u2019s current headroom position to changes in key metrics and assumptions is shown in the tables below. The first table discloses the stresses that would have to be applied to the value in use calculation in order for the headroom to be completely removed. The second table sets out the impacts of reasonably possible changes in key assumptions used in the value in use calculation. Measure Assumption used in base case Movement required to remove all headroom Compound average annualised revenue growth over a five-year period Board-approved 5-year strategic plan Decrease by 3.2%1 Discount rate movement (post tax) 2 12.8% Increase to 16.1% Terminal growth rate movement 2.0% Decrease to -3.1% 1. This percentage is a reduction in average annual revenue growth over a five-year period; it does not imply a linear year-on-year reduction. 2. Using pre-tax discount rates on pre-tax profitability and cash flows does not produce a materially different result. The impact on headroom of reasonably possible adverse movements in key inputs to the Group\u2019s impairment testing is as follows: Key variable Reasonably possible adverse movement Reduction in headroom \u00a3m Discount rate +1% 77 Terminal growth rate movement -1% 55 Decrease in revenue -10% 87 The sensitivities modelled make no allowance for actions management would take should the Group experience future reductions in AUM or profitability. Neither the Group\u2019s regulatory capital or liquidity resources nor its regulatory requirements would be directly impacted by impairment charges relating to the Group\u2019s goodwill asset. The Group continues to monitor its market capitalisation against implied internal valuations and adjust its internal models on a regular basis to reflect the impacts of market information and its own profitability levels. The use of estimation and judgement in valuing goodwill The impairment testing described above requires estimation and judgement, principally concerning future levels of profitability. Given the size of the asset and the potential impact of impairment losses on the Group\u2019s financial position, this has been included as an area where the use of estimation is important in Note 28. Although the headroom resulting from the impairment test has reduced significantly in the year, our five-year plan and a reasonable range of sensitivities imply that no impairment is required. However, elements of the plan are subject to factors such as market sentiment and index levels which are beyond the Group\u2019s control. If forecasts are not met, as set out in the first table above, impairment of the asset could result. No impairment losses have been recognised in the current or preceding years. The Group has also applied judgement in determining CGU levels within its business for the purposes of impairment testing of goodwill and in concluding that the whole Group operates as a single CGU. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-364": {
"value": "11. Goodwill Goodwill arising on acquisitions, being the excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired, is capitalised in the consolidated balance sheet. Goodwill is carried at cost less provision for impairment. The carrying value of goodwill is not amortised but is tested annually for impairment or more frequently if any indicators of impairment arise. Goodwill is allocated to cash-generating units (CGUs) for the purpose of impairment testing, with the allocation to those CGUs or groups of CGUs that are expected to benefit from the business combination in which the goodwill arose. Impairment losses on goodwill are not reversed. Goodwill relates to the 2007 acquisition of Knightsbridge Asset Management Limited (KAML) (\u00a3341.2m) and the 2020 acquisition of Merian (\u00a3229.4m). 2022 \u00a3m 2021 \u00a3m Goodwill 570.6 570.6 The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds. The Group\u2019s goodwill originally arose in 2007 through KAML and was increased in 2020 through the acquisition of Merian. The Merian acquisition largely comprised revenues and incremental costs and therefore increased the scale of the existing business, improving the headroom over goodwill arising on acquisitions. Both businesses are fully integrated and are not separately measured or monitored. It is not possible to assign the reduction in the Group\u2019s profitability in 2022 between KAML and Merian, and therefore we adopt a single CGU and consider our impairment test based on Group-wide cash generation to calculate the recoverable amount of the goodwill, using the higher of the value in use and fair value less costs of disposal, and comparing this to the carrying value of the asset. For the impairment test, the recoverable amount for the goodwill asset was calculated using a value in use approach, based on the net present value of the Group\u2019s future earnings. The net present value was calculated using a discounted cash flow model, with the following key assumptions: \u2022 The Group\u2019s projected base case forecast cash flows over a period of five years, which include an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data is taken from the five-year plan, which was approved by the Board in December 2022 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s Review on pages 10 to 13; \u2022 Long-term growth rates of 2% (2021: 3%) were used to calculate terminal value; and \u2022 A cost of capital of 12.8% (2021: 10.7%) was calculated using the capital asset pricing model, weighted to take into account the Group\u2019s subordinated debt. The impairment test performed indicates positive headroom of recoverable amount over carrying value of \u00a3212m at 31 December 2022, down from \u00a3422m at 30 June 2022 and \u00a31.5bn at 31 December 2021. The headroom has declined as the scale of the Group has reduced, decreasing the overall profitability of the business, primarily through a 15% decrease in the Group\u2019s net revenues (before performance fees) resulting from lower average AUM in the year. The value in use of the asset is higher than its fair value less costs of disposal. Our conclusion therefore is that the Group\u2019s goodwill asset is not currently impaired. The sensitivity of the Group\u2019s current headroom position to changes in key metrics and assumptions is shown in the tables below. The first table discloses the stresses that would have to be applied to the value in use calculation in order for the headroom to be completely removed. The second table sets out the impacts of reasonably possible changes in key assumptions used in the value in use calculation. Measure Assumption used in base case Movement required to remove all headroom Compound average annualised revenue growth over a five-year period Board-approved 5-year strategic plan Decrease by 3.2%1 Discount rate movement (post tax) 2 12.8% Increase to 16.1% Terminal growth rate movement 2.0% Decrease to -3.1% 1. This percentage is a reduction in average annual revenue growth over a five-year period; it does not imply a linear year-on-year reduction. 2. Using pre-tax discount rates on pre-tax profitability and cash flows does not produce a materially different result. The impact on headroom of reasonably possible adverse movements in key inputs to the Group\u2019s impairment testing is as follows: Key variable Reasonably possible adverse movement Reduction in headroom \u00a3m Discount rate +1% 77 Terminal growth rate movement -1% 55 Decrease in revenue -10% 87 The sensitivities modelled make no allowance for actions management would take should the Group experience future reductions in AUM or profitability. Neither the Group\u2019s regulatory capital or liquidity resources nor its regulatory requirements would be directly impacted by impairment charges relating to the Group\u2019s goodwill asset. The Group continues to monitor its market capitalisation against implied internal valuations and adjust its internal models on a regular basis to reflect the impacts of market information and its own profitability levels. The use of estimation and judgement in valuing goodwill The impairment testing described above requires estimation and judgement, principally concerning future levels of profitability. Given the size of the asset and the potential impact of impairment losses on the Group\u2019s financial position, this has been included as an area where the use of estimation is important in Note 28. Although the headroom resulting from the impairment test has reduced significantly in the year, our five-year plan and a reasonable range of sensitivities imply that no impairment is required. However, elements of the plan are subject to factors such as market sentiment and index levels which are beyond the Group\u2019s control. If forecasts are not met, as set out in the first table above, impairment of the asset could result. No impairment losses have been recognised in the current or preceding years. The Group has also applied judgement in determining CGU levels within its business for the purposes of impairment testing of goodwill and in concluding that the whole Group operates as a single CGU. 12. Intangible assets Intangible assets principally comprise the expected value of investment management contracts acquired as part of the Merian acquisition, based on the premise that their value is equal to the present value of the earnings they are expected to generate. The cost of intangible assets acquired in the business combination is the fair value as at the date of acquisition. In relation to the investment management contracts, the useful lives were assessed as being finite and they are amortised over their useful economic lives. The useful economic lives of the investment management contracts acquired were assessed as a maximum of four years. The amortisation expense on intangible assets with finite lives has been recognised in the consolidated income statement on a straight-line basis. Following initial recognition, intangible assets are held at cost less any accumulated amortisation and any provision for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Other intangible assets acquired separately are measured on initial recognition at cost. Other intangible assets recognised are computer software. Software licences acquired are capitalised at the cost incurred to bring the software into use and are amortised on a straight-line basis over their estimated useful lives, which are estimated as being five and ten years. Costs associated with developing or maintaining computer software programs that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. An assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. If any such indication exists and the carrying values exceed the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. Non-financial assets that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. The Directors have reviewed the intangible assets as at 31 December 2022 and 31 December 2021 and have concluded there are no indicators of impairment. 2022 2021 Computer software \u00a3m Investment management contracts \u00a3m Total \u00a3m Computer software \u00a3m Investment management contracts \u00a3m Total \u00a3m Cost At 1 January 20.1 75.0 95.1 18.2 75.0 93.2 Additions 4.1 \u2013 4.1 2.1 \u2013 2.1 Disposals \u2013 \u2013 \u2013 (0.2) \u2013 (0.2) Retiring assets (7.9) \u2013 (7.9) \u2013 \u2013 \u2013 At 31 December 16.3 75.0 91.3 20.1 75.0 95.1 Accumulated amortisation At 1 January (14.8) (28.2) (43.0) (13.0) (9.4) (22.4) Charge for the year (2.2) (18.8) (21.0) (1.8) (18.8) (20.6) Retiring assets 7.9 \u2013 7.9 \u2013 \u2013 \u2013 At 31 December (9.1) (47.0) (56.1) (14.8) (28.2) (43.0) Net book value At 31 December 7.2 28.0 35.2 5.3 46.8 52.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-387": {
"value": "12. Intangible assets Intangible assets principally comprise the expected value of investment management contracts acquired as part of the Merian acquisition, based on the premise that their value is equal to the present value of the earnings they are expected to generate. The cost of intangible assets acquired in the business combination is the fair value as at the date of acquisition. In relation to the investment management contracts, the useful lives were assessed as being finite and they are amortised over their useful economic lives. The useful economic lives of the investment management contracts acquired were assessed as a maximum of four years. The amortisation expense on intangible assets with finite lives has been recognised in the consolidated income statement on a straight-line basis. Following initial recognition, intangible assets are held at cost less any accumulated amortisation and any provision for impairment. Assets that are subject to amortisation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value less costs to sell and value in use. For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Other intangible assets acquired separately are measured on initial recognition at cost. Other intangible assets recognised are computer software. Software licences acquired are capitalised at the cost incurred to bring the software into use and are amortised on a straight-line basis over their estimated useful lives, which are estimated as being five and ten years. Costs associated with developing or maintaining computer software programs that do not meet the capitalisation criteria under IAS 38 are recognised as an expense as incurred. An assessment is made at each reporting date as to whether there is any indication that an asset in use may be impaired. If any such indication exists and the carrying values exceed the estimated recoverable amount at that time, the assets are written down to their recoverable amount. The recoverable amount is measured as the greater of fair value less costs to sell and value in use. Non-financial assets that have suffered impairment are reviewed for possible reversal of the impairment at each reporting date. The Directors have reviewed the intangible assets as at 31 December 2022 and 31 December 2021 and have concluded there are no indicators of impairment. 2022 2021 Computer software \u00a3m Investment management contracts \u00a3m Total \u00a3m Computer software \u00a3m Investment management contracts \u00a3m Total \u00a3m Cost At 1 January 20.1 75.0 95.1 18.2 75.0 93.2 Additions 4.1 \u2013 4.1 2.1 \u2013 2.1 Disposals \u2013 \u2013 \u2013 (0.2) \u2013 (0.2) Retiring assets (7.9) \u2013 (7.9) \u2013 \u2013 \u2013 At 31 December 16.3 75.0 91.3 20.1 75.0 95.1 Accumulated amortisation At 1 January (14.8) (28.2) (43.0) (13.0) (9.4) (22.4) Charge for the year (2.2) (18.8) (21.0) (1.8) (18.8) (20.6) Retiring assets 7.9 \u2013 7.9 \u2013 \u2013 \u2013 At 31 December (9.1) (47.0) (56.1) (14.8) (28.2) (43.0) Net book value At 31 December 7.2 28.0 35.2 5.3 46.8 52.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-365": {
"value": "13. Property, plant and equipment Property, plant and equipment is made up of leasehold improvements, office furniture and equipment and right-of-use lease assets and is stated at cost, less accumulated depreciation and any provision for impairment. Cost includes expenditure that is directly attributable to the acquisition of the assets. Subsequent costs are included in an asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. All other repair and maintenance expenditures are charged to the income statement during the financial year in which they are incurred. Depreciation is calculated on a straight-line basis to allocate the cost of each asset over its estimated useful life as follows: Leasehold improvements 19 years Office furniture and equipment 5 years Right-of-use assets Shorter of the asset\u2019s useful life and the lease term The assets\u2019 useful economic lives and residual values are reviewed at each financial year end and adjusted if appropriate. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on the disposal of the asset, calculated as the difference between the net disposal proceeds and the carrying amount of the item, is included in the income statement in the year the item is sold or retired. 2022 2021 Right-of-use assets \u00a3m Leasehold improvements \u00a3m Office furniture and equipment \u00a3m Total \u00a3m Right-of-use assets \u00a3m Leasehold improvements \u00a3m Office furniture and equipment \u00a3m Total \u00a3m Cost At 1 January 49.2 5.7 14.9 69.8 48.3 5.4 13.8 67.5 Additions 1.4 \u2013 1.2 2.6 0.9 0.3 1.1 2.3 Retirement of fully-depreciated assets (0.5) (0.3) (9.7) (10.5) \u2013 \u2013 \u2013 \u2013 At 31 December 50.1 5.4 6.4 61.9 49.2 5.7 14.9 69.8 Accumulated depreciation At 1 January (11.0) (2.0) (12.7) (25.7) (7.1) (1.7) (11.3) (20.1) Charge for the year (4.0) (0.4) (1.4) (5.8) (3.9) (0.3) (1.4) (5.6) Retirement of fully-depreciated assets 0.5 0.3 9.7 10.5 \u2013 \u2013 \u2013 \u2013 At 31 December (14.5) (2.1) (4.4) (21.0) (11.0) (2.0) (12.7) (25.7) Net book value At 31 December 35.6 3.3 2.0 40.9 38.2 3.7 2.2 44.1 Leases (i) Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Notes 2022 \u00a3m 2021 \u00a3m Right-of-use assets Buildings 35.4 38.0 Equipment 0.1 0.1 Motor vehicles 0.1 0.1 35.6 38.2 Lease liabilities Current 19 3.2 4.0 Non-current 19 43.1 47.1 46.3 51.1 (ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases: 2022 \u00a3m 2021 \u00a3m Depreciation charge of right-of-use assets Buildings 3.8 3.6 Equipment 0.1 0.2 Vehicles 0.1 0.1 4.0 3.9 Interest expense (included in net finance costs) 1.6 1.6 Expense relating to short-term leases (included in administrative expenses) 0.4 0.5 The total cash outflow for leases in 2022 was \u00a37.8m (2021: \u00a35.2m). (iii) The Group\u2019s leasing activities and how these are accounted for The Group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of 2 to 20 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and \u2022 Payments to be made under reasonably certain extension options. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. To determine the incremental borrowing rate, the Group: \u2022 Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk; and \u2022 Makes adjustments specific to the lease, for example, term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Significant area of estimation and judgement Calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will be exercised. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-388": {
"value": "Leases (i) Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases: Notes 2022 \u00a3m 2021 \u00a3m Right-of-use assets Buildings 35.4 38.0 Equipment 0.1 0.1 Motor vehicles 0.1 0.1 35.6 38.2 Lease liabilities Current 19 3.2 4.0 Non-current 19 43.1 47.1 46.3 51.1 (ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases: 2022 \u00a3m 2021 \u00a3m Depreciation charge of right-of-use assets Buildings 3.8 3.6 Equipment 0.1 0.2 Vehicles 0.1 0.1 4.0 3.9 Interest expense (included in net finance costs) 1.6 1.6 Expense relating to short-term leases (included in administrative expenses) 0.4 0.5 The total cash outflow for leases in 2022 was \u00a37.8m (2021: \u00a35.2m). (iii) The Group\u2019s leasing activities and how these are accounted for The Group leases various offices, equipment and cars. Rental contracts are typically made for fixed periods of 2 to 20 years but may have extension options as described below. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable; \u2022 Variable lease payments that are based on an index or a rate, initially measured using the index or rate as at the commencement date; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option; and \u2022 Payments to be made under reasonably certain extension options. The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be readily determined, which is generally the case for leases in the Group, the lessee\u2019s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. To determine the incremental borrowing rate, the Group: \u2022 Uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk; and \u2022 Makes adjustments specific to the lease, for example, term, country, currency and security. The Group is exposed to potential future increases in variable lease payments based on an index or rate which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between principal and finance cost. The finance cost is charged to the income statement over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. Significant area of estimation and judgement Calculation of leased assets and liabilities requires the use of both estimation and judgement. The determination of the lease term for each lease involves the Group assessing any extension and termination options, the enforceability of such options, and judging whether it is reasonably certain that they will be exercised. Several of the Group\u2019s leases contain such clauses. For each lease, a conclusion was reached on the overall likelihood of the option being exercised. Right-of-use assets are measured at cost comprising the following: \u2022 The amount of the initial measurement of lease liability; \u2022 Any lease payments made at or before the commencement date less any lease incentives received; \u2022 Any initial direct costs; and \u2022 Restoration costs. The right-of-use asset is depreciated over the shorter of the asset\u2019s useful life and the lease term on a straight-line basis. Payments associated with short-term leases are recognised on a straight-line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less. Extension and termination options are included in a number of property and equipment leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-366": {
"value": "14. Deferred tax Analysis of the Group\u2019s deferred tax assets and liabilities is shown below: Share-based payments \u00a3m Accelerated capital allowances \u00a3m Employee benefits \u00a3m Other temporary differences \u00a3m Other deferred compensation payments \u00a3m Intangible assets arising upon consolidation \u00a3m Total \u00a3m Assets 10.6 1.3 0.1 (0.4) 16.0 \u2013 27.6 Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (10.3) (10.3) At 31 December 2021 10.6 1.3 0.1 (0.4) 16.0 (10.3) 17.3 Assets 7.1 0.6 0.1 0.3 11.3 \u2013 19.4 Liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (6.7) (6.7) At 31 December 2022 7.1 0.6 0.1 0.3 11.3 (6.7) 12.7 Movements in temporary differences between the balance sheet dates have been reflected in the income statement and the statement of changes in equity as follows: Share-based payments \u00a3m Accelerated capital allowances \u00a3m Employee benefits \u00a3m Other temporary differences \u00a3m Other deferred compensation payments \u00a3m Intangible assets arising upon consolidation \u00a3m Total \u00a3m At 1 January 2021 7.4 0.5 0.1 0.2 11.8 (12.5) 7.5 Credited to the income statement 3.1 0.8 \u2013 (0.7) 4.2 2.2 9.6 Credited to equity 0.1 \u2013 \u2013 0.1 \u2013 \u2013 0.2 At 31 December 2021 10.6 1.3 0.1 (0.4) 16.0 (10.3) 17.3 (Charged)/Credited to the income statement (3.3) (0.7) \u2013 0.7 (4.7) 3.6 (4.4) Charged to equity (0.2) \u2013 \u2013 \u2013 \u2013 \u2013 (0.2) At 31 December 2022 7.1 0.6 0.1 0.3 11.3 (6.7) 12.7 The other temporary differences balances at 31 December 2021 and 2022 include short-term timing differences and temporary differences between depreciation and capital allowances. The rate of corporation tax will increase to 25% from 1 April 2023. Deferred taxes at the balance sheet date reflected in these financial statements have been measured using the relevant enacted or substantively enacted tax rate for the year in which they are expected to be realised or settled. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-389": {
"value": "15. Financial instruments held at fair value Financial instruments Financial assets and liabilities are recognised when the Group becomes party to the contractual provisions of an instrument. They are initially measured at fair value adjusted for transaction costs, except for financial assets classified at FVTPL where transaction costs are immediately recognised in the income statement. Financial assets are derecognised when the rights to receive cash flows from the assets have expired or where they have been transferred and the Group has also transferred substantially all risks and rewards of ownership. Financial liabilities are derecognised when the obligation under the liability has been discharged, cancelled or has expired. Financial assets The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds and derivative financial instruments. Financial assets are classified as being at FVTPL or at amortised cost. The classification adopted by the Group depends on the Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. Financial assets at FVTPL Financial assets at FVTPL include seed investments in pooled funds which are managed and evaluated on a fair value basis, in accordance with the documented strategy, as well as units or shares in funds managed by the Group which have been acquired for the purposes of hedging deferred compensation awards. Financial assets are classified in this category if they have been acquired principally for the purpose of selling in the short term or if they serve as economic hedges to fund-linked liabilities. Other financial assets at FVTPL comprise derivative instruments which are held to provide an economic hedge in respect of specific risk exposures (see Note 25). Financial assets at FVTPL are carried at fair value, with gains and losses recognised in the income statement in the period in which they arise either in other gains/losses or in administrative expenses for instruments held to provide an economic hedge against fund unit awards. Assets in this category are classified as current assets. Financial liabilities The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the non-controlling interests in funds that have been consolidated as subsidiaries. Financial liabilities at FVTPL Financial liabilities at FVTPL are carried at fair value, with gains and losses recognised in the income statement within other gains/losses in the period in which they arise. Financial liabilities at FVTPL comprise non-controlling interests in consolidated funds. As at 31 December, the Group held the following financial instruments measured at fair value: 2022 \u00a3m 2021 \u00a3m Financial assets Financial assets at FVTPL 167.8 302.5 Other financial assets at FVTPL - 1.0 167.8 303.5 2022 \u00a3m 2021 \u00a3m Financial liabilities Financial liabilities at FVTPL (48.6) (52.3) Other financial liabilities at FVTPL (0.6) \u2013 (49.2) (52.3) A further analysis of the Group\u2019s financial assets is provided below: 2022 \u00a3m 2021 \u00a3m Direct seed investment at fair value 72.6 142.3 Additional financial assets due to consolidation of funds 44.0 44.3 Derivatives and fund unit hedges 51.2 61.4 Fees receivable in shares - 55.5 Total financial assets 167.8 303.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-367": {
"value": "Financial assets The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds and derivative financial instruments. Financial assets are classified as being at FVTPL or at amortised cost. The classification adopted by the Group depends on the Group\u2019s business model for managing the financial assets and their contractual cash flow characteristics. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-368": {
"value": "Financial liabilities The Group\u2019s financial liabilities include loans and borrowings, trade and other payables, derivative financial instruments and the non-controlling interests in funds that have been consolidated as subsidiaries. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-390": {
"value": "16. Trade and other receivables Trade and other receivables are recognised initially at fair value. The Group holds trade and other receivables to collect contractual cash flows, which are solely payments of principal and interest, and are therefore subsequently measured at amortised cost using the effective interest method, less loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are calculated based on actual historic credit loss experience over the preceding three to five years and are adjusted for forward-looking estimates. ECLs are applied to the total balance of non-credit impaired trade receivables. The Group considers a trade receivable to be credit impaired when one or more detrimental events have occurred, such as significant financial difficulty of the client or it becoming probable that the client will enter bankruptcy or other financial reorganisation. When a trade receivable is credit impaired, it is written off against trade receivables and the amount of the loss is recognised in the income statement. Subsequent recoveries of amounts previously written off are credited to the income statement. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any credit losses and has not recognised any ECLs in the current year (2021: \u00a3nil) (see Note 25). Trade and other receivables, including loans to employees, are included in current assets except where they have maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Accrued income relates to accrued interest and accrued management, performance and registration fees. It is based on the latest available information and therefore involves a degree of estimation relating to the valuation of underlying AUM. Contract assets represent deferred acquisition and commission costs paid upfront to distributors that are unsatisfied or partially unsatisfied as at the end of the reporting period. The costs are recognised over the expected lives of the contracts, which are estimated to be up to six years, on a straight-line basis. Non-current 2022 \u00a3m 2021 \u00a3m Rent deposits 0.4 0.5 0.4 0.5 Current 2022 \u00a3m 2021 \u00a3m Trade receivables 68.9 53.8 Prepayments 9.0 8.1 Accrued income 45.0 81.6 Contract assets 1.2 1.5 124.1 145.0 Trade receivables are non-interest bearing and are generally collected within four working days. An analysis of the ageing profile of trade receivables is disclosed in Note 25. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3104.8m (2021: \u00a3126.9m). The amount of fee and commission expenses recognised in the current reporting period that was included in the contract asset balance at the beginning of the period was \u00a30.9m (2021: \u00a31.4m). The Group expects to recognise expenses for the remaining performance services received over the following durations: Contract assets 2022 \u00a3m 2021 \u00a3m < 1 year 0.8 0.9 1-5 years 0.4 0.6 1.2 1.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-369": {
"value": "16. Trade and other receivables Trade and other receivables are recognised initially at fair value. The Group holds trade and other receivables to collect contractual cash flows, which are solely payments of principal and interest, and are therefore subsequently measured at amortised cost using the effective interest method, less loss allowances. The Group applies the IFRS 9 simplified approach to measuring expected credit losses (ECLs) for trade receivables at an amount equal to lifetime ECLs. The ECLs on trade receivables are calculated based on actual historic credit loss experience over the preceding three to five years and are adjusted for forward-looking estimates. ECLs are applied to the total balance of non-credit impaired trade receivables. The Group considers a trade receivable to be credit impaired when one or more detrimental events have occurred, such as significant financial difficulty of the client or it becoming probable that the client will enter bankruptcy or other financial reorganisation. When a trade receivable is credit impaired, it is written off against trade receivables and the amount of the loss is recognised in the income statement. Subsequent recoveries of amounts previously written off are credited to the income statement. In line with the Group\u2019s historical experience, and after consideration of current credit exposures, the Group does not expect to incur any credit losses and has not recognised any ECLs in the current year (2021: \u00a3nil) (see Note 25). Trade and other receivables, including loans to employees, are included in current assets except where they have maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Accrued income relates to accrued interest and accrued management, performance and registration fees. It is based on the latest available information and therefore involves a degree of estimation relating to the valuation of underlying AUM. Contract assets represent deferred acquisition and commission costs paid upfront to distributors that are unsatisfied or partially unsatisfied as at the end of the reporting period. The costs are recognised over the expected lives of the contracts, which are estimated to be up to six years, on a straight-line basis. Non-current 2022 \u00a3m 2021 \u00a3m Rent deposits 0.4 0.5 0.4 0.5 Current 2022 \u00a3m 2021 \u00a3m Trade receivables 68.9 53.8 Prepayments 9.0 8.1 Accrued income 45.0 81.6 Contract assets 1.2 1.5 124.1 145.0 Trade receivables are non-interest bearing and are generally collected within four working days. An analysis of the ageing profile of trade receivables is disclosed in Note 25. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3104.8m (2021: \u00a3126.9m). The amount of fee and commission expenses recognised in the current reporting period that was included in the contract asset balance at the beginning of the period was \u00a30.9m (2021: \u00a31.4m). The Group expects to recognise expenses for the remaining performance services received over the following durations: Contract assets 2022 \u00a3m 2021 \u00a3m < 1 year 0.8 0.9 1-5 years 0.4 0.6 1.2 1.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-370": {
"value": "17. Cash and cash equivalents 2022 \u00a3m 2021 \u00a3m Cash at bank and in hand 276.8 193.5 Cash held by EBT and seed investment subsidiaries (see Note 28) 3.5 3.8 280.3 197.3 Cash and cash equivalents have an original maturity of three months or less. Cash at bank earns interest at the current prevailing daily bank rates. Cash held by the EBT and seed investment subsidiaries is not available for use by the Group. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-371": {
"value": "18. Loans and borrowings On 27 April 2020 the Group issued \u00a350.0m of Tier 2 subordinated debt notes at a discount of \u00a30.5m. Issue costs were \u00a30.5m and the net proceeds were therefore \u00a349.0m. These notes will mature on 27 July 2030 and bear interest at a rate of 8.875% per annum to 27 July 2025, and at a reset rate thereafter. Interest accrued but not yet paid on the subordinated debt is recorded within \u2018Trade and other payables\u2019 in Note 19. The Group has the option to redeem all of the notes from 27 April 2025 onwards. The fair value of the notes as at 31 December 2022 was \u00a351.0m (2021: \u00a358.8m). 2022 \u00a3m 2021 \u00a3m Non-current subordinated debt in issue 49.5 49.3 The Group\u2019s RCF enables it to borrow up to \u00a380.0m (2021: \u00a380.0m). The facility expires in April 2023 and was undrawn throughout 2021 and 2022. The Group expects to renew the facility at the same level. Interest on the RCF is payable at a rate per annum of SONIA (sterling overnight index average) reference rate plus a margin of 0.6%. A commitment fee is payable on the RCF at a rate of 0.21% per annum on the undrawn balance. A utilisation fee is also payable at a rate of 0.08% per annum when up to 33% of the facility is drawn, 0.15% per annum when 33% to 66% of the facility is drawn, and 0.3% per annum when more than 66% of the facility is drawn. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-391": {
"value": "19. Trade and other payables Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement. The Group may from time to time be exposed to potential legal claims, regulatory action and related costs arising from its activities through the normal course of its business. Where such claims and costs arise, there is often uncertainty over whether a payment will be required and the quantum and timing of that payment. The Directors are not currently aware of any probable legal claims or regulatory proceedings which would lead to a material liability. The most significant accruals at the year end relate to cash and fund award bonuses. At the end of each financial year, the Group recognises accrued expenses for bonuses accrued but not yet paid in respect of service attributable to that year. Accrued interest on the Group\u2019s subordinated debt (see Note 18) is included as an accrued expense. Contract liabilities represent performance obligations that are unsatisfied or partially unsatisfied as at the end of the reporting period. The Group\u2019s contract liabilities relate to initial charges and commissions where payment has been received upfront but revenue is recognised over the expected lives of the contracts, which are estimated to be up to six years, on a straight-line basis. Non-current 2022 \u00a3m 2021 \u00a3m Lease liabilities 43.1 47.1 Accrued expenses 34.1 41.9 Social security and other taxes 10.3 13.2 Contract liabilities - 0.1 87.5 102.3 Current 2022 \u00a3m 2021 \u00a3m Accrued expenses 114.3 156.4 Trade payables 65.5 38.4 Social security and other taxes 16.5 18.2 Other payables 5.4 4.6 Lease liabilities 3.2 4.0 Contract liabilities 0.3 0.6 205.2 222.2 Accrued expenses of \u00a333.6m (2021: \u00a336.8m) included within non-current trade and other payables and \u00a313.2m (2021: \u00a342.8m) included within current trade and other payables relate to deferred bonus awards whose settlement amounts will be based on the value of units in the Group\u2019s funds (see Note 6). The amount of revenue recognised in the current reporting period that was included in the contract liability balance at the beginning of the period was \u00a30.7m (2021: \u00a30.8m). The Group expects to recognise revenue of \u00a30.3m for the remaining performance obligations within one year (2021: \u00a30.6m within one year, \u00a30.1m within 1-5 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-372": {
"value": "19. Trade and other payables Trade and other payables are recognised initially at fair value and are subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any issue costs and any discount or premium on settlement. The Group may from time to time be exposed to potential legal claims, regulatory action and related costs arising from its activities through the normal course of its business. Where such claims and costs arise, there is often uncertainty over whether a payment will be required and the quantum and timing of that payment. The Directors are not currently aware of any probable legal claims or regulatory proceedings which would lead to a material liability. The most significant accruals at the year end relate to cash and fund award bonuses. At the end of each financial year, the Group recognises accrued expenses for bonuses accrued but not yet paid in respect of service attributable to that year. Accrued interest on the Group\u2019s subordinated debt (see Note 18) is included as an accrued expense. Contract liabilities represent performance obligations that are unsatisfied or partially unsatisfied as at the end of the reporting period. The Group\u2019s contract liabilities relate to initial charges and commissions where payment has been received upfront but revenue is recognised over the expected lives of the contracts, which are estimated to be up to six years, on a straight-line basis. Non-current 2022 \u00a3m 2021 \u00a3m Lease liabilities 43.1 47.1 Accrued expenses 34.1 41.9 Social security and other taxes 10.3 13.2 Contract liabilities - 0.1 87.5 102.3 Current 2022 \u00a3m 2021 \u00a3m Accrued expenses 114.3 156.4 Trade payables 65.5 38.4 Social security and other taxes 16.5 18.2 Other payables 5.4 4.6 Lease liabilities 3.2 4.0 Contract liabilities 0.3 0.6 205.2 222.2 Accrued expenses of \u00a333.6m (2021: \u00a336.8m) included within non-current trade and other payables and \u00a313.2m (2021: \u00a342.8m) included within current trade and other payables relate to deferred bonus awards whose settlement amounts will be based on the value of units in the Group\u2019s funds (see Note 6). The amount of revenue recognised in the current reporting period that was included in the contract liability balance at the beginning of the period was \u00a30.7m (2021: \u00a30.8m). The Group expects to recognise revenue of \u00a30.3m for the remaining performance obligations within one year (2021: \u00a30.6m within one year, \u00a30.1m within 1-5 years). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-392": {
"value": "20. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Authorised, issued, allotted, called-up and fully paid 2022 Number of shares m 2021 Number of shares m 2022 \u00a3m 2021 \u00a3m Share capital Ordinary shares of 2p each 546.4 553.1 10.9 11.1 546.4 553.1 10.9 11.1 Number of shares Par value 2022 m 2021 m 2022 \u00a3m 2021 \u00a3m Movements in ordinary shares At 1 January 553.1 553.1 11.1 11.1 Shares cancelled (6.7) \u2013 (0.2) \u2013 At 31 December 546.4 553.1 10.9 11.1 During the year, the Group announced a \u00a310.0m share buyback and cancellation programme. At 31 December 2022, the Group had purchased and cancelled 6.7m ordinary shares at a cost of \u00a38.0m, and had irrevocably committed to \u00a32.0m of further purchases. The programme was completed in January 2023, with the additional purchase and cancellation of 1.4m shares. On cancellation of the shares, an amount equal to their nominal value was transferred to a capital redemption reserve which forms part of \u2019Other reserves\u2019, as detailed in Note 21. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-373": {
"value": "20. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. Authorised, issued, allotted, called-up and fully paid 2022 Number of shares m 2021 Number of shares m 2022 \u00a3m 2021 \u00a3m Share capital Ordinary shares of 2p each 546.4 553.1 10.9 11.1 546.4 553.1 10.9 11.1 Number of shares Par value 2022 m 2021 m 2022 \u00a3m 2021 \u00a3m Movements in ordinary shares At 1 January 553.1 553.1 11.1 11.1 Shares cancelled (6.7) \u2013 (0.2) \u2013 At 31 December 546.4 553.1 10.9 11.1 During the year, the Group announced a \u00a310.0m share buyback and cancellation programme. At 31 December 2022, the Group had purchased and cancelled 6.7m ordinary shares at a cost of \u00a38.0m, and had irrevocably committed to \u00a32.0m of further purchases. The programme was completed in January 2023, with the additional purchase and cancellation of 1.4m shares. On cancellation of the shares, an amount equal to their nominal value was transferred to a capital redemption reserve which forms part of \u2019Other reserves\u2019, as detailed in Note 21. 21. Reserves (i) Own share reserve The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares. The shares are used to settle obligations that arise from the granting of share-based awards. During the year, the Group purchased 10.4m (2021: 18.2m) ordinary shares with a par value of \u00a30.2m (2021: \u00a30.4m) for the purpose of satisfying share option obligations to employees. The full cost of the purchases was \u00a321.4m (2021: \u00a348.5m). The Group disposed of 7.2m (2021: 6.6m) own shares to employees in satisfaction of share-based awards with a nominal value of \u00a30.1m (2021: \u00a30.2m). At 31 December 2022, 22.9m (2021: 19.7m; 2020: 8.7m) ordinary shares, with a par value of \u00a30.5m (2021: \u00a30.4m; 2020: \u00a30.2m), were held as own shares within the Group\u2019s EBT. (ii) Other reserves Other reserves of \u00a3250.3m (2021: \u00a3250.1m) comprise the merger relief reserve of \u00a3242.1m (2021: \u00a3242.1m) formed on the acquisition of Merian in 2020, \u00a38.0m (2021: \u00a38.0m) that relates to the conversion of Tier 2 preference shares in 2010 and \u00a30.2m (2021: \u00a3nil) of capital redemption reserve that was transferred from share capital on the cancellation of shares that had been repurchased in 2022 (see Note 20). (iii) Foreign currency translation reserve The foreign currency translation reserve of \u00a33.7m (2021: \u00a30.3m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. (iv) Retained earnings Retained earnings of \u00a3578.9m (2021: \u00a3639.7m) are the amount of earnings that are retained within the Group after dividend payments and other transactions with owners. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-393": {
"value": "21. Reserves (i) Own share reserve The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares. The shares are used to settle obligations that arise from the granting of share-based awards. During the year, the Group purchased 10.4m (2021: 18.2m) ordinary shares with a par value of \u00a30.2m (2021: \u00a30.4m) for the purpose of satisfying share option obligations to employees. The full cost of the purchases was \u00a321.4m (2021: \u00a348.5m). The Group disposed of 7.2m (2021: 6.6m) own shares to employees in satisfaction of share-based awards with a nominal value of \u00a30.1m (2021: \u00a30.2m). At 31 December 2022, 22.9m (2021: 19.7m; 2020: 8.7m) ordinary shares, with a par value of \u00a30.5m (2021: \u00a30.4m; 2020: \u00a30.2m), were held as own shares within the Group\u2019s EBT. (ii) Other reserves Other reserves of \u00a3250.3m (2021: \u00a3250.1m) comprise the merger relief reserve of \u00a3242.1m (2021: \u00a3242.1m) formed on the acquisition of Merian in 2020, \u00a38.0m (2021: \u00a38.0m) that relates to the conversion of Tier 2 preference shares in 2010 and \u00a30.2m (2021: \u00a3nil) of capital redemption reserve that was transferred from share capital on the cancellation of shares that had been repurchased in 2022 (see Note 20). (iii) Foreign currency translation reserve The foreign currency translation reserve of \u00a33.7m (2021: \u00a30.3m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. (iv) Retained earnings Retained earnings of \u00a3578.9m (2021: \u00a3639.7m) are the amount of earnings that are retained within the Group after dividend payments and other transactions with owners. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-409": {
"value": "(i) Own share reserve The Group operates an EBT for the purpose of satisfying certain retention awards to employees. The holdings of this trust, which is funded by the Group, include shares in the Company that have not vested unconditionally to employees of the Group. These shares are recorded at cost and are classified as own shares. The shares are used to settle obligations that arise from the granting of share-based awards. During the year, the Group purchased 10.4m (2021: 18.2m) ordinary shares with a par value of \u00a30.2m (2021: \u00a30.4m) for the purpose of satisfying share option obligations to employees. The full cost of the purchases was \u00a321.4m (2021: \u00a348.5m). The Group disposed of 7.2m (2021: 6.6m) own shares to employees in satisfaction of share-based awards with a nominal value of \u00a30.1m (2021: \u00a30.2m). At 31 December 2022, 22.9m (2021: 19.7m; 2020: 8.7m) ordinary shares, with a par value of \u00a30.5m (2021: \u00a30.4m; 2020: \u00a30.2m), were held as own shares within the Group\u2019s EBT. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-374": {
"value": "22. Dividends Dividend distributions to the Company\u2019s shareholders are recognised in the accounting period in which the dividends are paid. 2022 \u00a3m 2021 \u00a3m Final dividend (9.2p per ordinary share) (2021: 9.2p per ordinary share) 48.6 50.4 Interim dividend (7.9p per ordinary share) (2021: 7.9p per ordinary share) 41.6 42.9 Special dividend (nil) (2021: 3.0p per ordinary share) - 16.5 90.2 109.8 Final dividends and special dividends are paid out of profits recognised in the year prior to the year in which the dividends are proposed, declared and reported. The EBT has waived its right to receive future dividends on shares held in the trust. Dividends waived on shares held in the EBT in 2022 were \u00a34.3m (2021: \u00a31.4m). A final dividend for 2022 of 0.5p per share (2021: 9.2p) has been proposed by the Directors. This dividend amounts to \u00a32.7m (before adjusting for any dividends waived on shares in the EBT) and will be accounted for in 2023. Including the interim dividend for 2022 of 7.9p per share (2021: 7.9p), this gives a total dividend per share of 8.4p (2021: 17.1p). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-394": {
"value": "0.005",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"fact-395": {
"value": "2700000",
"decimals": -5,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"fact-375": {
"value": "23. Cash flows from operating activities Notes 2022 \u00a3m 2021 \u00a3m Operating profit 64.3 190.5 Adjustments for: Amortisation of intangible assets 12 21.0 20.6 Depreciation of property, plant and equipment 13 5.8 5.6 Other net losses/(gains) 1 28.2 (9.4) Losses/(gains) on fund unit hedges2 55.1 (7.7) Share-based payments 13.6 25.5 Cash inflows on exercise of share options \u2013 0.1 Performance fee receivable in shares3 \u2013 (55.5) Decrease in trade and other receivables4 12.2 39.1 (Decrease)/increase in trade and other payables4 (25.1) 28.7 Cash generated from operations 175.1 237.5 1. Comprises the reversal of items included in 'Other losses' in the income statement that relate to either unrealised gains and losses, or to cash flows relating to the disposal of financial assets other than derivative contracts. Cash flows relating to disposals are included in the Cash flow statement on page 149 within 'Proceeds from disposals of financial assets at FVTPL'. 2. Comprises the reversal of net losses/(gains) on financial instruments held to provide an economic hedge for funds awards that are recognised within Staff costs (Note 4). Cash flows arising from the disposal of such instruments are included in the Cash flow statement, in line with footnote 1 above. 3. The performance fee receivable in shares was settled as a non-cash transaction in 2022. 4. Amounts reported in these lines can differ from the movement in the balance sheet where cash flows that form part of that movement are separately reported in a different line of the Cash flow statement or its notes. In 2021 and 2022, these differences are principally in respect of cash flow movements relating to consolidated funds. For trade and other payables, additionally, cash flows arising from movements in lease liabilities are presented on the face of the Cash flow statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-376": {
"value": "24. Changes in liabilities arising from financing activities 2022 2021 Financial liabilities at FVTPL \u00a3m Loans and borrowings 1 \u00a3m Leases \u00a3m Total \u00a3m Financial liabilities at FVTPL \u00a3m Loans and borrowings1 \u00a3m Leases \u00a3m Total \u00a3m Brought forward at 1 January 52.3 49.3 51.1 152.7 89.2 49.2 54.2 192.6 New leases \u2013 \u2013 1.4 1.4 \u2013 \u2013 0.2 0.2 Changes from financing cash flows 18.7 2 \u2013 (7.8) 10.9 2.82 \u2013 (5.2) (2.4) Changes arising from obtaining or losing control of consolidated funds (14.4) \u2013 \u2013 (14.4) (47.0) \u2013 \u2013 (47.0) Changes in fair value (8.0) \u2013 \u2013 (8.0) 7.3 \u2013 \u2013 7.3 Interest expense \u2013 0.2 1.6 1.8 \u2013 0.1 1.6 1.7 Lease reassignment and modifications \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 0.3 0.3 Liabilities arising from financing activities carried forward at 31 December 48.6 49.5 46.3 144.4 52.3 49.3 51.1 152.7 Notes 15 18 19 15 18 19 1. Accrued interest on loans and borrowings is recorded within \u2018Trade and other payables\u2019 (Note 19) and is therefore not included in this analysis. The interest expense above comprises the charge arising from unwinding the discount that has been applied in calculating the amortised cost of the Group\u2019s subordinated debt. 2. Comprises cash flows from third-party subscriptions redemptions into consolidated funds, net of redemptions (see Cash flow statement). ",
"dimensions": {
"concept": "jupiter:DisclosureOfChangesInLiabilitiesArisingFromFinancingActivities",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-377": {
"value": "25. Financial risk management Financial instruments by category The carrying value of the financial instruments of the Group at 31 December is shown below: 2022 Financial assets at FVTPL \u00a3m Financial assets held at amortised cost \u00a3m Financial liabilities at FVTPL \u00a3m Other financial liabilities \u00a3m Total financial instruments \u00a3m Non-financial instruments \u00a3m Total \u00a3m Goodwill \u2013 \u2013 \u2013 \u2013 \u2013 570.6 570.6 Intangible assets \u2013 \u2013 \u2013 \u2013 \u2013 35.2 35.2 Property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 40.9 40.9 Deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 19.4 19.4 Non-current trade and other receivables 1 \u2013 0.4 \u2013 \u2013 0.4 \u2013 0.4 Financial assets at FVTPL 167.8 \u2013 \u2013 \u2013 167.8 \u2013 167.8 Current trade and other receivables1 \u2013 113.9 \u2013 \u2013 113.9 10.2 124.1 Cash and cash equivalents \u2013 280.3 \u2013 \u2013 280.3 \u2013 280.3 Current tax assets1 \u2013 \u2013 \u2013 \u2013 \u2013 3.3 3.3 Non-current loans and borrowings \u2013 \u2013 \u2013 (49.5) (49.5) \u2013 (49.5) Non-current trade and other payables 1 \u2013 \u2013 \u2013 (77.2) (77.2) (10.3) (87.5) Deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (6.7) (6.7) Financial liabilities at FVTPL \u2013 \u2013 (49.2) \u2013 (49.2) \u2013 (49.2) Current trade and other payables 1 \u2013 \u2013 \u2013 (188.4) (188.4) (16.8) (205.2) Total 167.8 394.6 (49.2) (315.1) 198.1 645.8 843.9 2021 Financial assets at FVTPL \u00a3m Financial assets held at amortised cost \u00a3m Financial liabilities at FVTPL \u00a3m Other financial liabilities \u00a3m Total financial instruments \u00a3m Non-financial instruments \u00a3m Total \u00a3m Goodwill \u2013 \u2013 \u2013 \u2013 \u2013 570.6 570.6 Intangible assets \u2013 \u2013 \u2013 \u2013 \u2013 52.1 52.1 Property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 44.1 44.1 Deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 27.6 27.6 Non-current trade and other receivables 1 \u2013 0.5 \u2013 \u2013 0.5 \u2013 0.5 Financial assets at FVTPL 303.5 \u2013 \u2013 \u2013 303.5 \u2013 303.5 Current trade and other receivables1 \u2013 135.4 \u2013 \u2013 135.4 9.6 145.0 Cash and cash equivalents \u2013 197.3 \u2013 \u2013 197.3 \u2013 197.3 Non-current loans and borrowings \u2013 \u2013 \u2013 (49.3) (49.3) \u2013 (49.3) Non-current trade and other payables 1 \u2013 \u2013 \u2013 (89.0) (89.0) (13.3) (102.3) Deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (10.3) (10.3) Financial liabilities at FVTPL \u2013 \u2013 (52.3) \u2013 (52.3) \u2013 (52.3) Current trade and other payables 1 \u2013 \u2013 \u2013 (203.4) (203.4) (18.8) (222.2) Current income tax liability 1 \u2013 \u2013 \u2013 \u2013 \u2013 (3.5) (3.5) Total 303.5 333.2 (52.3) (341.7) 242.7 658.1 900.8 1. Prepayments, contract assets, contract liabilities, current tax assets and social security and other taxes do not meet the definition of financial instruments. For financial instruments held at 31 December 2022, issued subordinated debt, recorded within non-current loans and borrowings above, had a fair value of \u00a351.0m (2021: \u00a358.8m), less unamortised expenses of \u00a30.2m (2021: \u00a30.3m). Gains and losses recognised in the income statement by category are shown below: 2022 2021 Financial assets at FVTPL2 \u00a3m Other income and expense \u00a3m Total \u00a3m Financial assets at FVTPL2 \u00a3m Other income and expense \u00a3m Total \u00a3m Revenue \u2013 443.5 443.5 \u2013 617.8 617.8 Fee and commission expenses \u2013 (46.2) (46.2) \u2013 (49.2) (49.2) Administrative expenses (55.1) (247.2) (302.3) 2.7 (355.8) (353.1) Other losses (9.7) \u2013 (9.7) (4.4) \u2013 (4.4) Amortisation of intangible assets \u2013 (21.0) (21.0) \u2013 (20.6) (20.6) Net finance costs \u2013 (6.3) (6.3) \u2013 (6.8) (6.8) Income tax expense \u2013 (10.1) (10.1) \u2013 (34.1) (34.1) Profit for the year (64.8) 112.7 47.9 (1.7) 151.3 149.6 2. See Notes 4 and 7 for further details. The Group used the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs). As at 31 December 2022, the Group held the following financial instruments measured at fair value: 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets at FVTPL \u2013 funds 116.5 51.0 0.3 167.8 Financial liabilities at FVTPL (48.6) \u2013 \u2013 (48.6) Other financial liabilities at FVTPL \u2013 derivatives \u2013 (0.6) \u2013 (0.6) 67.9 50.4 0.3 118.6 As at 31 December 2021, the Group held the following financial instruments measured at fair value: 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets at FVTPL \u2013 funds 194.6 52.4 \u2013 247.0 Financial assets at FVTPL \u2013 fees receivable in shares 55.5 \u2013 \u2013 55.5 Other financial assets at FVTPL \u2013 derivatives \u2013 1.0 \u2013 1.0 Financial liabilities at FVTPL (52.3) \u2013 \u2013 (52.3) 197.8 53.4 \u2013 251.2 Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions above. Where funds are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of these funds are quoted in active markets. Level 1 financial instruments The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the balance sheet date. Financial assets at FVTPL Financial assets at FVTPL \u2013 funds relates to non-consolidated seed investments and hedges of awards in fund units in mutual funds. It also includes the underlying holdings in consolidated funds that meet the definition of level 1 financial instruments. In 2021, the Group also held Financial assets at FVTPL in the form of performance fees receivable for which the consideration was to be paid in the equity shares of a third-party investment trust. Financial liabilities at FVTPL These relate to non-controlling interests in funds that have been consolidated as subsidiaries. Level 2 financial instruments The fair value of financial instruments are valued based on observable market data from readily available external sources. Financial assets at FVTPL Financial assets at FVTPL \u2013 funds relates to underlying holdings in consolidated funds that meet the definition of level 2 financial instruments. Derivative financial instruments These are held to hedge specific seed-related exposures and have maturities designed to match the exposures they are hedging. The derivatives are held at fair value, being the price to exit the instruments at the balance sheet date. Movements in the fair value are recorded in the income statement. The Group enters into swap arrangements and foreign exchange forward contracts to provide an economic hedge of certain of its seed investments. Gains and losses arising from fair value movements in the swap and forward contracts are recognised in the consolidated income statement within other gains/losses and are settled periodically, in accordance with the terms of the contract. Any cash settlements due from or to the counterparty in relation to the swap arrangements, which are required to be settled at the end of each month, are recorded within current assets or current liabilities as trade receivables or other payables, as appropriate. The fair value of the foreign exchange contracts, which are required to be settled at periods other than month end, are recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2022, the notional value of the swaps was \u00a367.0m (2021: \u00a3131.0m) and the foreign exchange forward contracts was \u00a347.5m (2021: \u00a3106.7m). The settlement amount of the swaps at 31 December 2022 was a payable of \u00a30.9m (2021: payable of \u00a32.5m) which is included within trade and other payables. The fair value of the foreign exchange forward contracts is included within Other financial liabilities at FVTPL \u2013 derivatives (\u00a30.6m (2021: \u00a3nil)) and Other financial assets at FVTPL \u2013 derivatives (\u00a3nil (2021: \u00a31.0m)). Level 3 financial instruments The Group holds a small amount of assets that meet the definition of level 3 financial instruments within a fund that has been consolidated as a subsidiary. Financial risk management objectives and policies The Group is subject to a number of financial risks throughout its business, the principal risks being market risk (including price, foreign exchange and interest rate risk), credit risk and liquidity risk. The Board is accountable for risk and is responsible for oversight of the risk management process. The Board has ultimate responsibility for the risk strategy of the Group, and for determining an appropriate risk appetite and tolerance levels within which the Group must operate. By defining these, the Board demonstrates that it is aware of and, where appropriate, has taken steps to mitigate the impact of risks that may have a material impact on the Group. The Executive Committee reviews the key corporate risks facing the Group. The Chief Executive Officer has ultimate responsibility for the governance of the risk management of the firm, but delegated responsibility for the risk and control framework lies with the Head of Risk, who has responsibility for the monitoring and reporting of risk and controls and, through the Risk, Compliance and Capital Committee, manages the ongoing development of the Group\u2019s risk and control framework. Jupiter embeds risk management within the business, with independent oversight and challenge being provided by the risk and compliance function. Price risk Price risk is the risk that a decline in the value of assets will adversely impact the profitability of the Group. Management has identified price risk as the exposure to unfavourable movements in the value of financial assets held by the Group which would result in a loss recognised in the consolidated income statement. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impacts on revenue that are determined on the basis of a percentage of AUM, and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This price risk analysis deals only with our primary exposure of the risks from the Group\u2019s direct holdings. The Group is not exposed to commodity price risk. The Group holds listed equity investments in its seed investments portfolio which are exposed to the risk of changes in equity markets. At 31 December 2022, the fair value, and therefore maximum exposure to listed securities, was \u00a372.6m (2021: \u00a3142.3m). The Group\u2019s policy is to hedge the equity market and currency exposure of its seed investments depending on the fund mandate and whether available transactions are cost effective. As at 31 December 2021 and 31 December 2022, the Group held swap instruments to act as hedges against risk exposures arising from certain holdings in seed fund investments. Price risk sensitivity analysis on financial assets The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to price risk. An increase or decrease of 10% in equity markets would have the impact shown below on the Group\u2019s profit before taxation. This reflects estimated gains and losses on the Group\u2019s listed investments at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. There is no further impact on the Group\u2019s equity. Impact on the income statement of change in equity markets 2022 \u00a3m 2021 \u00a3m +10% 0.6 1.1 -10% (0.6) (1.1) The analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such movements. Foreign exchange risk Foreign exchange risk is the risk that the Group will sustain losses through adverse movements in currency exchange rates. The Group predominantly operates in the UK, with some transactions from overseas third parties in foreign currencies, which create exposure to non-Sterling income and expenses. The Group\u2019s policy is to hold the minimum amount of foreign currency required to cover operational needs and to convert foreign currency on receipt. Direct exposures are limited to operational cash held in overseas subsidiaries, short-term outstanding foreign currency fee debtors and investments in seed denominated in a foreign currency. The Group does not normally hedge these exposures, other than in the case of certain seed investments, which are hedged using foreign exchange forward contracts. These contracts are measured at fair value at the balance sheet date. Foreign currency risk is monitored closely and managed by the finance function. Foreign exchange rate sensitivity analysis The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to foreign exchange risk. The following table demonstrates the sensitivity to a possible change in foreign exchange rates, with all other variables held constant, on the Group\u2019s profit before tax. This reflects estimated gains and losses on retranslating the Group\u2019s foreign currency assets and liabilities at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. The exposure to foreign exchange risk arises principally through operational cash balances held in foreign currencies and seed investments held in non-Sterling share classes. There is no further impact on the Group\u2019s equity. Impact on the income statement of change in exchange rates 2022 2021 +10% \u00a3m -10% \u00a3m +10% \u00a3m -10% \u00a3m Sterling against Euro (7.2) 8.8 (6.2) 7.6 Sterling against US Dollar (3.6) 4.4 (0.9) 1.1 Sterling against Singaporean Dollar (0.3) 0.3 (0.2) 0.2 Sterling against Swiss Franc (0.3) 0.3 (0.2) 0.3 Sterling against Hong Kong Dollar (1.2) 1.4 (1.2) 1.4 The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such exposures. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to interest rate risk relates primarily to the Group\u2019s cash balances (Note 17). The Group manages interest rate risk via the finance function monitoring of the interest rate cash flow risks and returns. The Group puts cash on deposit at fixed rates of interest for periods of up to three months. The Group\u2019s Tier 2 subordinated debt was issued at a fixed interest rate, and therefore has no interest rate risk exposure. Interest rate sensitivity analysis The Directors believe that a movement in interest rates of 100bps gives a reasonable measure of the Group\u2019s sensitivity to interest rate risk. The following table demonstrates the sensitivity to a possible change in interest rates, with all other variables held constant, on the Group\u2019s profit before tax (mainly through the impact on floating rate cash deposits). There is no further impact on the Group\u2019s equity. Impact on the income statement of change in interest rates 2022 \u00a3m 2021 \u00a3m +100 bps 2.8 1.0 -100 bps (2.8) (0.2) Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract leading to a financial loss in the Group\u2019s operating activities. The Group is exposed to credit risk primarily from its treasury activities, including deposits with banks and financial institutions, but also from its trade receivables and, in certain circumstances, financial assets at FVTPL. Trade receivables are monitored regularly. Historically, default levels have been insignificant. Financial assets at FVTPL expose the Group to credit risk where seed investments in funds are consolidated and those funds hold investments in debt instruments or derivative positions with a positive fair value. The Group\u2019s maximum exposure to credit risk is \u00a3391.6m (2021: \u00a3354.0m), represented by the carrying value of its non-equity financial assets at FVTPL (\u00a342.4m (2021: \u00a347.4m)), performance fee receivables included in financial assets at FVTPL (\u00a3nil (2021: \u00a355.5m)), trade receivables (\u00a368.9m (2021: \u00a353.8m)) and cash and cash equivalents (\u00a3280.3m (2021: \u00a3197.3m)). The fair values of the Group\u2019s financial liabilities at FVTPL are not affected by changes in the Group\u2019s credit risk. There is no difference between the carrying amount of financial liabilities at FVTPL and the amount the Group would be contractually required to pay at maturity. With regard to credit risk related to financial instruments, the Group\u2019s policy is to place deposits only with financial institutions which satisfy minimum counterparty ratings and other criteria. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks and thereby mitigate the possibility of financial loss through counterparty failure. The Group monitors any decrease in the creditworthiness of its counterparties. The table below contains an ageing analysis of current and overdue trade receivables: 2022 \u00a3m 2021 \u00a3m Neither past due nor impaired 63.0 53.7 Days past due: < 30 4.0 \u2013 30-60 0.1 0.1 61-90 \u2013 \u2013 > 90 1.8 \u2013 68.9 53.8 None of the receivables past due were considered to be impaired (2021: \u00a3nil). The table below contains an analysis of financial assets held by the Group for which credit ratings are available: 2022 2021 Financial assets at FVTPL \u00a3m Trade receivables \u00a3m Cash and cash equivalents \u00a3m Total \u00a3m Financial assets at FVTPL \u00a3m Trade receivables \u00a3m Cash and cash equivalents \u00a3m Total \u00a3m AAA 5.0 \u2013 \u2013 5.0 0.1 \u2013 \u2013 0.1 AA 0.7 \u2013 \u2013 0.7 0.7 \u2013 \u2013 0.7 A 2.6 0.4 163.8 166.8 \u2013 3.5 75.0 78.5 BBB 11.0 \u2013 116.5 127.5 4.9 \u2013 122.3 127.2 BB 15.7 \u2013 \u2013 15.7 13.8 \u2013 \u2013 13.8 B 8.3 \u2013 \u2013 8.3 20.1 \u2013 \u2013 20.1 CCC 4.1 \u2013 \u2013 4.1 7.7 \u2013 \u2013 7.7 C \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 Not rated 120.4 68.5 \u2013 188.9 256.1 50.3 \u2013 306.4 Total 167.8 68.9 280.3 517.0 303.5 53.8 197.3 554.6 Financial assets at FVTPL which are not rated comprise equity investments. Trade and other receivables which are not rated comprise cancellations of units in unit trusts and sales of units in unit trusts, title to which is not transferred until settlement is received. Liquidity risk Liquidity risk is the risk that the Group may be unable to meet its payment obligations as they fall due or only at a significantly higher cost. The Group produces cash flow forecasts to assist in the efficient management of the collection and payment of liquid assets and liabilities. The Group\u2019s objectives in respect of liquidity are: \u2022 to ensure that both the Group as a whole and individual entities within the Group have access to sufficient liquid funds to trade solvently and meet trading liabilities as they fall due; \u2022 to allow the Group to maintain a flexible dividend policy, taking reference to prior year and prospective profitability, capital requirements and cash flow; and \u2022 to provide the Group with appropriate flexibility over the transferability of its capital and cash balances. Surplus cash held by the operating entities over and above the balances required for working capital management is held in interest-bearing accounts. Regulated companies ensure that sufficient capital is maintained to meet regulatory requirements. The Group has access to an RCF of \u00a380.0m (2021: \u00a380.0m) which was unutilised at 31 December 2022 (2021: same). The facility expires in 2023, but it is anticipated that a new facility will be in place for the same amount on expiration of the current facility. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2021 and 31 December 2022 based on contractual undiscounted payments: Financial liabilities 2022 2021 Within 1 year or repayable on demand \u00a3m 1-5 years \u00a3m > 5 years \u00a3m Total \u00a3m Within 1 year or repayable on demand \u00a3m 1-5 years \u00a3m > 5 years \u00a3m Total \u00a3m Loans and borrowings\u00b9 4.4 58.9 \u2013 63.3 4.4 63.3 \u2013 67.7 Lease liabilities 6.0 19.4 32.1 57.5 5.7 19.3 36.6 61.6 Trade and other payables 182.5 34.0 \u2013 216.5 196.4 41.9 \u2013 238.3 Financial liabilities at FVTPL 49.2 \u2013 \u2013 49.2 52.3 \u2013 \u2013 52.3 Total 242.1 112.3 32.1 386.5 258.8 124.5 36.6 419.9 1. Includes contractual payments of interest . Capital management The Group\u2019s objectives when managing its capital and funding structure are to safeguard the Group\u2019s ability to continue as a going concern, maintain appropriate financial resources, maximise shareholder value, maintain an optimal capital structure to reduce the cost of capital and to meet working capital requirements. 2022 \u00a3m 2021 \u00a3m Cash and short-term deposits 280.3 197.3 Loans and borrowings (49.5) (49.3) Net cash and cash equivalents 230.8 148.0 Equity\u00b9 260.7 260.8 Retained earnings, foreign currency translation reserve and non-controlling interests 583.2 640.0 Equity attributable to shareholders 843.9 900.8 1. Share capital, own share reserve and other reserves. Regulatory capital requirements The Group considers its share capital, reserves and subordinated debt, which was issued in 2020 and which qualifies as lower Tier 2 capital, to constitute its total capital. The subsidiaries within the Group which are regulated are required to maintain capital resources to comply with the regulatory capital requirements of the FCA and certain overseas financial regulators. Headroom over regulatory capital is discussed by the Risk, Compliance and Capital Committee. In addition to the capital held to meet regulatory capital requirements, the Group maintains sufficient cash resources to meet its liabilities as and when they fall due, based on regularly produced cash forecasts, modelling both normal and stressed conditions. Liquidity risk is mitigated by the availability of the RCF and the high level of cash in the business. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-396": {
"value": "Financial instruments by category The carrying value of the financial instruments of the Group at 31 December is shown below: 2022 Financial assets at FVTPL \u00a3m Financial assets held at amortised cost \u00a3m Financial liabilities at FVTPL \u00a3m Other financial liabilities \u00a3m Total financial instruments \u00a3m Non-financial instruments \u00a3m Total \u00a3m Goodwill \u2013 \u2013 \u2013 \u2013 \u2013 570.6 570.6 Intangible assets \u2013 \u2013 \u2013 \u2013 \u2013 35.2 35.2 Property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 40.9 40.9 Deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 19.4 19.4 Non-current trade and other receivables 1 \u2013 0.4 \u2013 \u2013 0.4 \u2013 0.4 Financial assets at FVTPL 167.8 \u2013 \u2013 \u2013 167.8 \u2013 167.8 Current trade and other receivables1 \u2013 113.9 \u2013 \u2013 113.9 10.2 124.1 Cash and cash equivalents \u2013 280.3 \u2013 \u2013 280.3 \u2013 280.3 Current tax assets1 \u2013 \u2013 \u2013 \u2013 \u2013 3.3 3.3 Non-current loans and borrowings \u2013 \u2013 \u2013 (49.5) (49.5) \u2013 (49.5) Non-current trade and other payables 1 \u2013 \u2013 \u2013 (77.2) (77.2) (10.3) (87.5) Deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (6.7) (6.7) Financial liabilities at FVTPL \u2013 \u2013 (49.2) \u2013 (49.2) \u2013 (49.2) Current trade and other payables 1 \u2013 \u2013 \u2013 (188.4) (188.4) (16.8) (205.2) Total 167.8 394.6 (49.2) (315.1) 198.1 645.8 843.9 2021 Financial assets at FVTPL \u00a3m Financial assets held at amortised cost \u00a3m Financial liabilities at FVTPL \u00a3m Other financial liabilities \u00a3m Total financial instruments \u00a3m Non-financial instruments \u00a3m Total \u00a3m Goodwill \u2013 \u2013 \u2013 \u2013 \u2013 570.6 570.6 Intangible assets \u2013 \u2013 \u2013 \u2013 \u2013 52.1 52.1 Property, plant and equipment \u2013 \u2013 \u2013 \u2013 \u2013 44.1 44.1 Deferred tax assets \u2013 \u2013 \u2013 \u2013 \u2013 27.6 27.6 Non-current trade and other receivables 1 \u2013 0.5 \u2013 \u2013 0.5 \u2013 0.5 Financial assets at FVTPL 303.5 \u2013 \u2013 \u2013 303.5 \u2013 303.5 Current trade and other receivables1 \u2013 135.4 \u2013 \u2013 135.4 9.6 145.0 Cash and cash equivalents \u2013 197.3 \u2013 \u2013 197.3 \u2013 197.3 Non-current loans and borrowings \u2013 \u2013 \u2013 (49.3) (49.3) \u2013 (49.3) Non-current trade and other payables 1 \u2013 \u2013 \u2013 (89.0) (89.0) (13.3) (102.3) Deferred tax liabilities \u2013 \u2013 \u2013 \u2013 \u2013 (10.3) (10.3) Financial liabilities at FVTPL \u2013 \u2013 (52.3) \u2013 (52.3) \u2013 (52.3) Current trade and other payables 1 \u2013 \u2013 \u2013 (203.4) (203.4) (18.8) (222.2) Current income tax liability 1 \u2013 \u2013 \u2013 \u2013 \u2013 (3.5) (3.5) Total 303.5 333.2 (52.3) (341.7) 242.7 658.1 900.8 1. Prepayments, contract assets, contract liabilities, current tax assets and social security and other taxes do not meet the definition of financial instruments. For financial instruments held at 31 December 2022, issued subordinated debt, recorded within non-current loans and borrowings above, had a fair value of \u00a351.0m (2021: \u00a358.8m), less unamortised expenses of \u00a30.2m (2021: \u00a30.3m). Gains and losses recognised in the income statement by category are shown below: 2022 2021 Financial assets at FVTPL2 \u00a3m Other income and expense \u00a3m Total \u00a3m Financial assets at FVTPL2 \u00a3m Other income and expense \u00a3m Total \u00a3m Revenue \u2013 443.5 443.5 \u2013 617.8 617.8 Fee and commission expenses \u2013 (46.2) (46.2) \u2013 (49.2) (49.2) Administrative expenses (55.1) (247.2) (302.3) 2.7 (355.8) (353.1) Other losses (9.7) \u2013 (9.7) (4.4) \u2013 (4.4) Amortisation of intangible assets \u2013 (21.0) (21.0) \u2013 (20.6) (20.6) Net finance costs \u2013 (6.3) (6.3) \u2013 (6.8) (6.8) Income tax expense \u2013 (10.1) (10.1) \u2013 (34.1) (34.1) Profit for the year (64.8) 112.7 47.9 (1.7) 151.3 149.6 2. See Notes 4 and 7 for further details. The Group used the following hierarchy for determining and disclosing the fair value of financial instruments: Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2: other techniques, for which all inputs which have a significant effect on the recorded fair value are observable, either directly or indirectly. Level 3: techniques which use inputs which have a significant effect on the recorded fair value that are not based on observable market data (unobservable inputs). As at 31 December 2022, the Group held the following financial instruments measured at fair value: 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets at FVTPL \u2013 funds 116.5 51.0 0.3 167.8 Financial liabilities at FVTPL (48.6) \u2013 \u2013 (48.6) Other financial liabilities at FVTPL \u2013 derivatives \u2013 (0.6) \u2013 (0.6) 67.9 50.4 0.3 118.6 As at 31 December 2021, the Group held the following financial instruments measured at fair value: 2021 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Financial assets at FVTPL \u2013 funds 194.6 52.4 \u2013 247.0 Financial assets at FVTPL \u2013 fees receivable in shares 55.5 \u2013 \u2013 55.5 Other financial assets at FVTPL \u2013 derivatives \u2013 1.0 \u2013 1.0 Financial liabilities at FVTPL (52.3) \u2013 \u2013 (52.3) 197.8 53.4 \u2013 251.2 Where funds are consolidated, we look through to the underlying instruments and assign a level in accordance with the definitions above. Where funds are not consolidated, we do not apply a look through and these funds are classified as level 1 as the prices of these funds are quoted in active markets. Level 1 financial instruments The fair value of financial instruments that are actively traded in organised financial markets is determined by reference to quoted market prices at the balance sheet date. Financial assets at FVTPL Financial assets at FVTPL \u2013 funds relates to non-consolidated seed investments and hedges of awards in fund units in mutual funds. It also includes the underlying holdings in consolidated funds that meet the definition of level 1 financial instruments. In 2021, the Group also held Financial assets at FVTPL in the form of performance fees receivable for which the consideration was to be paid in the equity shares of a third-party investment trust. Financial liabilities at FVTPL These relate to non-controlling interests in funds that have been consolidated as subsidiaries. Level 2 financial instruments The fair value of financial instruments are valued based on observable market data from readily available external sources. Financial assets at FVTPL Financial assets at FVTPL \u2013 funds relates to underlying holdings in consolidated funds that meet the definition of level 2 financial instruments. Derivative financial instruments These are held to hedge specific seed-related exposures and have maturities designed to match the exposures they are hedging. The derivatives are held at fair value, being the price to exit the instruments at the balance sheet date. Movements in the fair value are recorded in the income statement. The Group enters into swap arrangements and foreign exchange forward contracts to provide an economic hedge of certain of its seed investments. Gains and losses arising from fair value movements in the swap and forward contracts are recognised in the consolidated income statement within other gains/losses and are settled periodically, in accordance with the terms of the contract. Any cash settlements due from or to the counterparty in relation to the swap arrangements, which are required to be settled at the end of each month, are recorded within current assets or current liabilities as trade receivables or other payables, as appropriate. The fair value of the foreign exchange contracts, which are required to be settled at periods other than month end, are recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2022, the notional value of the swaps was \u00a367.0m (2021: \u00a3131.0m) and the foreign exchange forward contracts was \u00a347.5m (2021: \u00a3106.7m). The settlement amount of the swaps at 31 December 2022 was a payable of \u00a30.9m (2021: payable of \u00a32.5m) which is included within trade and other payables. The fair value of the foreign exchange forward contracts is included within Other financial liabilities at FVTPL \u2013 derivatives (\u00a30.6m (2021: \u00a3nil)) and Other financial assets at FVTPL \u2013 derivatives (\u00a3nil (2021: \u00a31.0m)). Level 3 financial instruments The Group holds a small amount of assets that meet the definition of level 3 financial instruments within a fund that has been consolidated as a subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-397": {
"value": "Financial risk management objectives and policies The Group is subject to a number of financial risks throughout its business, the principal risks being market risk (including price, foreign exchange and interest rate risk), credit risk and liquidity risk. The Board is accountable for risk and is responsible for oversight of the risk management process. The Board has ultimate responsibility for the risk strategy of the Group, and for determining an appropriate risk appetite and tolerance levels within which the Group must operate. By defining these, the Board demonstrates that it is aware of and, where appropriate, has taken steps to mitigate the impact of risks that may have a material impact on the Group. The Executive Committee reviews the key corporate risks facing the Group. The Chief Executive Officer has ultimate responsibility for the governance of the risk management of the firm, but delegated responsibility for the risk and control framework lies with the Head of Risk, who has responsibility for the monitoring and reporting of risk and controls and, through the Risk, Compliance and Capital Committee, manages the ongoing development of the Group\u2019s risk and control framework. Jupiter embeds risk management within the business, with independent oversight and challenge being provided by the risk and compliance function. Capital management The Group\u2019s objectives when managing its capital and funding structure are to safeguard the Group\u2019s ability to continue as a going concern, maintain appropriate financial resources, maximise shareholder value, maintain an optimal capital structure to reduce the cost of capital and to meet working capital requirements. 2022 \u00a3m 2021 \u00a3m Cash and short-term deposits 280.3 197.3 Loans and borrowings (49.5) (49.3) Net cash and cash equivalents 230.8 148.0 Equity\u00b9 260.7 260.8 Retained earnings, foreign currency translation reserve and non-controlling interests 583.2 640.0 Equity attributable to shareholders 843.9 900.8 1. Share capital, own share reserve and other reserves. Regulatory capital requirements The Group considers its share capital, reserves and subordinated debt, which was issued in 2020 and which qualifies as lower Tier 2 capital, to constitute its total capital. The subsidiaries within the Group which are regulated are required to maintain capital resources to comply with the regulatory capital requirements of the FCA and certain overseas financial regulators. Headroom over regulatory capital is discussed by the Risk, Compliance and Capital Committee. In addition to the capital held to meet regulatory capital requirements, the Group maintains sufficient cash resources to meet its liabilities as and when they fall due, based on regularly produced cash forecasts, modelling both normal and stressed conditions. Liquidity risk is mitigated by the availability of the RCF and the high level of cash in the business. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-398": {
"value": "Price risk Price risk is the risk that a decline in the value of assets will adversely impact the profitability of the Group. Management has identified price risk as the exposure to unfavourable movements in the value of financial assets held by the Group which would result in a loss recognised in the consolidated income statement. In addition, due to the nature of the business, the Group\u2019s exposure extends to the impacts on revenue that are determined on the basis of a percentage of AUM, and are therefore impacted by the financial instrument risk exposure of our clients \u2013 the secondary exposure. This price risk analysis deals only with our primary exposure of the risks from the Group\u2019s direct holdings. The Group is not exposed to commodity price risk. The Group holds listed equity investments in its seed investments portfolio which are exposed to the risk of changes in equity markets. At 31 December 2022, the fair value, and therefore maximum exposure to listed securities, was \u00a372.6m (2021: \u00a3142.3m). The Group\u2019s policy is to hedge the equity market and currency exposure of its seed investments depending on the fund mandate and whether available transactions are cost effective. As at 31 December 2021 and 31 December 2022, the Group held swap instruments to act as hedges against risk exposures arising from certain holdings in seed fund investments. Price risk sensitivity analysis on financial assets The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to price risk. An increase or decrease of 10% in equity markets would have the impact shown below on the Group\u2019s profit before taxation. This reflects estimated gains and losses on the Group\u2019s listed investments at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. There is no further impact on the Group\u2019s equity. Impact on the income statement of change in equity markets 2022 \u00a3m 2021 \u00a3m +10% 0.6 1.1 -10% (0.6) (1.1) The analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such movements. Foreign exchange risk Foreign exchange risk is the risk that the Group will sustain losses through adverse movements in currency exchange rates. The Group predominantly operates in the UK, with some transactions from overseas third parties in foreign currencies, which create exposure to non-Sterling income and expenses. The Group\u2019s policy is to hold the minimum amount of foreign currency required to cover operational needs and to convert foreign currency on receipt. Direct exposures are limited to operational cash held in overseas subsidiaries, short-term outstanding foreign currency fee debtors and investments in seed denominated in a foreign currency. The Group does not normally hedge these exposures, other than in the case of certain seed investments, which are hedged using foreign exchange forward contracts. These contracts are measured at fair value at the balance sheet date. Foreign currency risk is monitored closely and managed by the finance function. Foreign exchange rate sensitivity analysis The Directors believe that 10% gives a reasonable measure of the Group\u2019s sensitivity to foreign exchange risk. The following table demonstrates the sensitivity to a possible change in foreign exchange rates, with all other variables held constant, on the Group\u2019s profit before tax. This reflects estimated gains and losses on retranslating the Group\u2019s foreign currency assets and liabilities at the balance sheet date and not any likely impact on the Group\u2019s revenue or costs. The exposure to foreign exchange risk arises principally through operational cash balances held in foreign currencies and seed investments held in non-Sterling share classes. There is no further impact on the Group\u2019s equity. Impact on the income statement of change in exchange rates 2022 2021 +10% \u00a3m -10% \u00a3m +10% \u00a3m -10% \u00a3m Sterling against Euro (7.2) 8.8 (6.2) 7.6 Sterling against US Dollar (3.6) 4.4 (0.9) 1.1 Sterling against Singaporean Dollar (0.3) 0.3 (0.2) 0.2 Sterling against Swiss Franc (0.3) 0.3 (0.2) 0.3 Sterling against Hong Kong Dollar (1.2) 1.4 (1.2) 1.4 The sensitivity analysis takes account of the relevant derivative transactions the Group has entered into to hedge against such exposures. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group\u2019s exposure to interest rate risk relates primarily to the Group\u2019s cash balances (Note 17). The Group manages interest rate risk via the finance function monitoring of the interest rate cash flow risks and returns. The Group puts cash on deposit at fixed rates of interest for periods of up to three months. The Group\u2019s Tier 2 subordinated debt was issued at a fixed interest rate, and therefore has no interest rate risk exposure. Interest rate sensitivity analysis The Directors believe that a movement in interest rates of 100bps gives a reasonable measure of the Group\u2019s sensitivity to interest rate risk. The following table demonstrates the sensitivity to a possible change in interest rates, with all other variables held constant, on the Group\u2019s profit before tax (mainly through the impact on floating rate cash deposits). There is no further impact on the Group\u2019s equity. Impact on the income statement of change in interest rates 2022 \u00a3m 2021 \u00a3m +100 bps 2.8 1.0 -100 bps (2.8) (0.2) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-399": {
"value": "Credit risk Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument or customer contract leading to a financial loss in the Group\u2019s operating activities. The Group is exposed to credit risk primarily from its treasury activities, including deposits with banks and financial institutions, but also from its trade receivables and, in certain circumstances, financial assets at FVTPL. Trade receivables are monitored regularly. Historically, default levels have been insignificant. Financial assets at FVTPL expose the Group to credit risk where seed investments in funds are consolidated and those funds hold investments in debt instruments or derivative positions with a positive fair value. The Group\u2019s maximum exposure to credit risk is \u00a3391.6m (2021: \u00a3354.0m), represented by the carrying value of its non-equity financial assets at FVTPL (\u00a342.4m (2021: \u00a347.4m)), performance fee receivables included in financial assets at FVTPL (\u00a3nil (2021: \u00a355.5m)), trade receivables (\u00a368.9m (2021: \u00a353.8m)) and cash and cash equivalents (\u00a3280.3m (2021: \u00a3197.3m)). The fair values of the Group\u2019s financial liabilities at FVTPL are not affected by changes in the Group\u2019s credit risk. There is no difference between the carrying amount of financial liabilities at FVTPL and the amount the Group would be contractually required to pay at maturity. With regard to credit risk related to financial instruments, the Group\u2019s policy is to place deposits only with financial institutions which satisfy minimum counterparty ratings and other criteria. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each counterparty. The limits are set to minimise the concentration of risks and thereby mitigate the possibility of financial loss through counterparty failure. The Group monitors any decrease in the creditworthiness of its counterparties. The table below contains an ageing analysis of current and overdue trade receivables: 2022 \u00a3m 2021 \u00a3m Neither past due nor impaired 63.0 53.7 Days past due: < 30 4.0 \u2013 30-60 0.1 0.1 61-90 \u2013 \u2013 > 90 1.8 \u2013 68.9 53.8 None of the receivables past due were considered to be impaired (2021: \u00a3nil). The table below contains an analysis of financial assets held by the Group for which credit ratings are available: 2022 2021 Financial assets at FVTPL \u00a3m Trade receivables \u00a3m Cash and cash equivalents \u00a3m Total \u00a3m Financial assets at FVTPL \u00a3m Trade receivables \u00a3m Cash and cash equivalents \u00a3m Total \u00a3m AAA 5.0 \u2013 \u2013 5.0 0.1 \u2013 \u2013 0.1 AA 0.7 \u2013 \u2013 0.7 0.7 \u2013 \u2013 0.7 A 2.6 0.4 163.8 166.8 \u2013 3.5 75.0 78.5 BBB 11.0 \u2013 116.5 127.5 4.9 \u2013 122.3 127.2 BB 15.7 \u2013 \u2013 15.7 13.8 \u2013 \u2013 13.8 B 8.3 \u2013 \u2013 8.3 20.1 \u2013 \u2013 20.1 CCC 4.1 \u2013 \u2013 4.1 7.7 \u2013 \u2013 7.7 C \u2013 \u2013 \u2013 \u2013 0.1 \u2013 \u2013 0.1 Not rated 120.4 68.5 \u2013 188.9 256.1 50.3 \u2013 306.4 Total 167.8 68.9 280.3 517.0 303.5 53.8 197.3 554.6 Financial assets at FVTPL which are not rated comprise equity investments. Trade and other receivables which are not rated comprise cancellations of units in unit trusts and sales of units in unit trusts, title to which is not transferred until settlement is received. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-400": {
"value": "Liquidity risk Liquidity risk is the risk that the Group may be unable to meet its payment obligations as they fall due or only at a significantly higher cost. The Group produces cash flow forecasts to assist in the efficient management of the collection and payment of liquid assets and liabilities. The Group\u2019s objectives in respect of liquidity are: \u2022 to ensure that both the Group as a whole and individual entities within the Group have access to sufficient liquid funds to trade solvently and meet trading liabilities as they fall due; \u2022 to allow the Group to maintain a flexible dividend policy, taking reference to prior year and prospective profitability, capital requirements and cash flow; and \u2022 to provide the Group with appropriate flexibility over the transferability of its capital and cash balances. Surplus cash held by the operating entities over and above the balances required for working capital management is held in interest-bearing accounts. Regulated companies ensure that sufficient capital is maintained to meet regulatory requirements. The Group has access to an RCF of \u00a380.0m (2021: \u00a380.0m) which was unutilised at 31 December 2022 (2021: same). The facility expires in 2023, but it is anticipated that a new facility will be in place for the same amount on expiration of the current facility. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2021 and 31 December 2022 based on contractual undiscounted payments: Financial liabilities 2022 2021 Within 1 year or repayable on demand \u00a3m 1-5 years \u00a3m > 5 years \u00a3m Total \u00a3m Within 1 year or repayable on demand \u00a3m 1-5 years \u00a3m > 5 years \u00a3m Total \u00a3m Loans and borrowings\u00b9 4.4 58.9 \u2013 63.3 4.4 63.3 \u2013 67.7 Lease liabilities 6.0 19.4 32.1 57.5 5.7 19.3 36.6 61.6 Trade and other payables 182.5 34.0 \u2013 216.5 196.4 41.9 \u2013 238.3 Financial liabilities at FVTPL 49.2 \u2013 \u2013 49.2 52.3 \u2013 \u2013 52.3 Total 242.1 112.3 32.1 386.5 258.8 124.5 36.6 419.9 1. Includes contractual payments of interest ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-378": {
"value": "26. Interests in structured entities IFRS 12 requires certain disclosures in respect of interests in subsidiaries, joint arrangements, associates and unconsolidated structured entities. A structured entity is defined as an entity that has been designed so that voting or similar rights are not the dominant factor in deciding who controls the entity, such as when any voting rights relate to administrative tasks only, or when the relevant activities are directed by means of contractual arrangements. The Group has assessed whether the funds it manages are structured entities and concluded that mutual funds and investment trusts managed by the Group are structured entities unless substantive removal or liquidation rights exist. The Group has interests in these funds through the receipt of management and other fees and, in certain funds, through ownership of fund units or shares. The Group\u2019s investments in these funds are subject to the terms and conditions of the respective fund\u2019s offering documentation and are susceptible to market price risk. The investments are included in financial assets at FVTPL in the balance sheet. Where the Group has no equity holding in a fund it manages, the investment risk is borne by the external investors and therefore the Group\u2019s maximum exposure to loss relates to future management fees and any uncollected fees at the balance sheet date. Where the Group does have an equity holding, the maximum exposure to loss constitutes the future and uncollected management fees plus the fair value of the Group\u2019s investment in that fund. The Group does not sponsor any of the structured entities and there are no guarantees or commitments. Direct holdings in unconsolidated structured entities Direct investments in unconsolidated structured entities comprise seed investments and hedges of awards in fund units or shares in mutual funds and investment trusts, details of which are given below: Number of funds Net AUM of funds \u00a3bn Financial assets at FVTPL \u00a3m Investment management/ performance fees in the year \u00a3m Management/ performance fees receivable \u00a3m As at 31 December 2022 77 32.2 167.8 318.1 14.5 As at 31 December 2021 78 44.1 247.0 502.7 134.0 Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2022 is given below: Name Category Country of Incorporation Principal Activities Financial assets at FVTPL \u00a3m Percentage of total AUM held Share class held by the Group Date of the end of the fund's reporting period Jupiter European Smaller Companies Subsidiary England & Wales Unit Trust 17.9 38% I Acc GBP 30-Aug Jupiter Global Emerging Markets Focus Fund Subsidiary United States Limited Partnership 4.1 100% N/A1 31-Dec Jupiter Global Fund SICAV: Europe ex-UK Equity Subsidiary Luxembourg SICAV sub-fund 20.0 61% I EUR Acc and I GBP Acc 30-Sep Jupiter Global Fund SICAV: Global Ecology Bond Subsidiary Luxembourg SICAV sub-fund 12.4 99% I EUR Acc G EUR Acc D EUR Acc I USD Acc HSC G GBP Acc HSC and D GBP ACC HSC 30-Sep Jupiter Global Fund SICAV: Global High Yield Short Duration Bond Subsidiary Luxembourg SICAV sub-fund 39.2 38% F EUR Acc D EUR Q Inc Dist L EUR Acc I EUR Acc D EUR Acc D USD Acc HSC I GBP Acc HSC I GBP Q Inc Dist I USD Acc HSC and L USD Acc HSC Dist 30-Sep Jupiter Global Fund SICAV: Global Sustainable Equities Subsidiary Luxembourg SICAV sub-fund 9.9 87% A USD Acc D USD Acc G USD Acc I USD Acc L USD Acc N USD Acc T USD Acc D EUR Acc D EUR A Inc G EUR Acc I EUR Acc L EUR Acc L EUR A Inc and T EUR Acc 30-Sep Jupiter Global Sustainable Equities Fund Subsidiary United States Limited Partnership 4.1 100% N/A1 31-Dec Jupiter Merlin Real Return Subsidiary England & Wales Unit Trust 6.4 82% I Class Acc 31-May 1. The subsidiary is a limited partnership where the Group is the sole limited partner. Related undertakings other than subsidiaries and associates Entities in which the Group holds more than 20% of the shares in any single share class, but over which the Group has neither control nor significant influence, are summarised below: Name Share class held by the Group Country of Incorporation Principal Activities Financial assets at FVTPL \u00a3m Percentage of share class held by the Group Percentage of total shares held Date of the end of the fund's reporting period Jupiter Asset Management Series Plc: Europe (ex UK) Smaller Companies Fund U2 GBP Acc Ireland ICVC sub-fund \u2013 99% 0% 31-Dec Jupiter Asset Management Series Plc: Financial Contingent Capital Fund F USD Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Global Emerging Markets Focus Fund N USD Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Gold & Silver Fund N USD Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Jupiter Emerging Market Debt Income Fund U2 GBP Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian Global Dynamic Bond L EUR Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian North American Equity Fund I GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian North American Equity Fund I USD INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian North American Equity Fund L USD INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian North American Equity Fund U2 GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian World Equity Fund I EUR INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian World Equity Fund I GBP Acc Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian World Equity Fund I GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian World Equity Fund I USD INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian World Equity Fund L GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian World Equity Fund L USD DIS Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: Merian World Equity Fund U1 GBP INC Ireland ICVC sub-fund \u2013 100% 0% 31-Dec Jupiter Asset Management Series Plc: North American Equity Fund (IRL) P2 GBP Acc Ireland ICVC sub-fund 0.6 39% 0% 31-Dec Jupiter Asset Management Series Plc: North American Equity Fund (IRL) U2 GBP Acc Ireland ICVC sub-fund 0.9 36% 0% 31-Dec Jupiter Asset Management Series Plc: Strategic Absolute Return Bond Fund I GBP Acc Ireland ICVC sub-fund 0.1 32% 0% 31-Dec Jupiter Asset Management Series Plc: UK Specialist Equity Fund I GBP Acc Ireland ICVC sub-fund 0.4 67% 0% 31-Dec Jupiter Global Emerging Markets Fund L GBP INC England & Wales Unit Trust \u2013 100% 0% 31-May Jupiter Global Fund SICAV: Asia Pacific Income C USD Acc Luxembourg SICAV sub-fund 0.7 100% 10% 30-Sep Jupiter Global Fund SICAV: Asia Pacific Income L SGD Q Inc Dist HSC Luxembourg SICAV sub-fund \u2013 100% 10% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond C USD HSC Q Inc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond L JPY Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond ESG I EUR Q Inc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond ESG I SEK Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond ESG L EUR Q Inc Dist Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond ESG L SEK Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Dynamic Bond ESG Y EUR Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: European Growth C USD Acc HSC Brazil SICAV sub-fund 1.0 80% 0% 30-Sep Jupiter Global Fund SICAV: European Growth E USD Acc Brazil SICAV sub-fund 1.2 63% 0% 30-Sep Jupiter Global Fund SICAV: European Growth FIA IE Luxembourg SICAV sub-fund \u2013 32% 0% 30-Sep Jupiter Global Fund SICAV: European Growth C USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: European Growth N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Name Share class held by the Group Country of Incorporation Principal Activities Financial assets at FVTPL \u00a3m Percentage of share class held by the Group Percentage of total shares held Date of the end of the fund's reporting period Jupiter Global Fund SICAV: European Growth USD FC FIA IE Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Financial Innovation A USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Financial Innovation D USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Financial Innovation N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Financial Innovation N USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Convertibles A USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Convertibles C USD Acc HSC Luxembourg SICAV sub-fund \u2013 35% 0% 30-Sep Jupiter Global Fund SICAV: Global Convertibles N USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Ecology Growth D EUR Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Emerging Markets Corporate Bond A USD Q INC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Emerging Markets Corporate Bond D GBP A INC HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Emerging Markets Corporate Bond I CHF Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Emerging Markets Short Duration Bond C USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Equity Growth Unconstrained D EUR Hedged Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Equity Growth Unconstrained G EUR Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Global Equity Growth Unconstrained N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Japan Select A USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Japan Select D GBP S Inc PHSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Jupiter Global Sovereign Opportunities A USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Jupiter Global Sovereign Opportunities D EUR Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Jupiter Global Sovereign Opportunities D USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Jupiter Global Sovereign Opportunities I EUR Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Jupiter Global Sovereign Opportunities L USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Jupiter Global Sovereign Opportunities N USD Acc Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Pan European Smaller Companies A USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Pan European Smaller Companies C USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Pan European Smaller Companies D GBP Acc HSC Luxembourg SICAV sub-fund \u2013 31% 0% 30-Sep Jupiter Global Fund SICAV: Pan European Smaller Companies L USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Global Fund SICAV: Pan European Smaller Companies N USD Acc HSC Luxembourg SICAV sub-fund \u2013 100% 0% 30-Sep Jupiter Investment Funds Series II: Global Strategic Bond Fund U2 GBP Inc England & Wales OEIC sub-fund \u2013 100% 0% 31-Oct Jupiter Investment Management Series I: Monthly Income Bond Fund U2 GBP Inc England & Wales OEIC sub-fund \u2013 100% 0% 31-Jul Jupiter Investment Management Series I: UK Opportunities Fund I GBP Acc England & Wales OEIC sub-fund \u2013 21% 1% 31-Jul Jupiter Investment Management Series I: UK Smaller Companies Fund I GBP Acc England & Wales OEIC sub-fund 0.5 24% 0% 31-Jul Jupiter Responsible Income Fund GBP U2 Acc England & Wales Unit Trust \u2013 100% 0% 30-Sep ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-401": {
"value": "Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2022 is given below: Name Category Country of Incorporation Principal Activities Financial assets at FVTPL \u00a3m Percentage of total AUM held Share class held by the Group Date of the end of the fund's reporting period Jupiter European Smaller Companies Subsidiary England & Wales Unit Trust 17.9 38% I Acc GBP 30-Aug Jupiter Global Emerging Markets Focus Fund Subsidiary United States Limited Partnership 4.1 100% N/A1 31-Dec Jupiter Global Fund SICAV: Europe ex-UK Equity Subsidiary Luxembourg SICAV sub-fund 20.0 61% I EUR Acc and I GBP Acc 30-Sep Jupiter Global Fund SICAV: Global Ecology Bond Subsidiary Luxembourg SICAV sub-fund 12.4 99% I EUR Acc G EUR Acc D EUR Acc I USD Acc HSC G GBP Acc HSC and D GBP ACC HSC 30-Sep Jupiter Global Fund SICAV: Global High Yield Short Duration Bond Subsidiary Luxembourg SICAV sub-fund 39.2 38% F EUR Acc D EUR Q Inc Dist L EUR Acc I EUR Acc D EUR Acc D USD Acc HSC I GBP Acc HSC I GBP Q Inc Dist I USD Acc HSC and L USD Acc HSC Dist 30-Sep Jupiter Global Fund SICAV: Global Sustainable Equities Subsidiary Luxembourg SICAV sub-fund 9.9 87% A USD Acc D USD Acc G USD Acc I USD Acc L USD Acc N USD Acc T USD Acc D EUR Acc D EUR A Inc G EUR Acc I EUR Acc L EUR Acc L EUR A Inc and T EUR Acc 30-Sep Jupiter Global Sustainable Equities Fund Subsidiary United States Limited Partnership 4.1 100% N/A1 31-Dec Jupiter Merlin Real Return Subsidiary England & Wales Unit Trust 6.4 82% I Class Acc 31-May 1. The subsidiary is a limited partnership where the Group is the sole limited partner. ",
"dimensions": {
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"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-379": {
"value": "27. Related parties The Group manages a number of investment trusts, unit trusts, OEICs, SICAVs, ICVCs, an ICAV (closed in 2021), a hedge fund (closed in 2022) and Delaware LPs and receives management and, in some instances, performance fees for providing this service. The precise fee arrangements are disclosed within the financial statements of each investment management subsidiary of the Group or within other publicly available information. By virtue of the investment management agreements in place between the Group and the collective investment vehicles it manages, such funds may be considered to be related parties. Investment management and performance fees are disclosed in Note 1. The Group acts as manager for 34 (2021: 38) authorised unit trusts and 12 (2021: 12) OEICs. Each unit trust is jointly administered with the trustees, Northern Trust Global Services SE. The aggregate total value of transactions for the year was \u00a32,714m (2021: \u00a31,912m) for unit trust creations and \u00a33,570m (2021: \u00a33,692m) for unit trust redemptions/liquidations. The actual aggregate amount due from (2021: from) the trustees at the end of the accounting year in respect of transactions awaiting settlement was \u00a324.0m (2021: \u00a32.6m). The Group also acts as the management company for the Jupiter Global Fund and Jupiter Investment (formally Merlin) Fund SICAVs, made up of 20 sub-funds (2021: 19) and four sub-funds (2021: four) respectively as well as the Jupiter Investment Management Series II (previously known as the Merian Investment Fund Series II) and the Jupiter Asset Management Series plc (previously known as the Merian Global Investors Series plc), made up of 12 (2021: 12) and 18 (2021: 21) sub-funds respectively. The amounts received in respect of gross management, registration and performance fee charges were \u00a3254.8m (2021: \u00a3283.6m) for unit trusts, \u00a360.9m (2021: \u00a387.0m) for OEICs, \u00a3100.8m (2021: \u00a3122.8m) for SICAVs, \u00a349.9m (2021: \u00a348.2m) for ICVCs, \u00a36.4m (2021: \u00a3119.5m) for investment trusts and \u00a327.0m (2021: \u00a325.9m) for segregated mandates. At the end of the year, there was \u00a328.9m (2021: \u00a331.2m) accrued for annual management fees, \u00a31.4m (2021: \u00a33.2m) in respect of registration fees and \u00a39.7m (2021: \u00a3113.0m) in respect of performance fees. Included within financial instruments (see Note 15) are seed investments and hedges of awards in fund units in mutual funds and investment trusts managed, but not controlled, by the Group. At 31 December 2022, the Group had a total net investment in such funds of \u00a353.1m (2021: \u00a3131.6m) and received distributions of \u00a31.0m (2021: \u00a31.1m). During 2022, it invested \u00a324.1m (2021: \u00a357.5m) in these funds and made disposals of \u00a386.6m (2021: \u00a366.2m). At 31 December 2022, none of the Group\u2019s key management personnel had invested in the Group\u2019s subordinated debt issued in 2020. In 2021, three members of key management personnel had invested in the sum of \u00a31.6m. The investments were made on terms equivalent to those that prevail in arm\u2019s length transactions. Key management compensation Transactions with key management personnel also constitute related party transactions. Key management personnel are defined as the Directors, together with other members of the Executive Committee. The aggregate compensation paid or payable to key management for employee services is shown below: 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 3.8 5.5 Share-based payments 1.6 6.9 Other long-term employee benefits 1.7 0.4 7.1 12.8 ",
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"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-402": {
"value": "Key management compensation Transactions with key management personnel also constitute related party transactions. Key management personnel are defined as the Directors, together with other members of the Executive Committee. The aggregate compensation paid or payable to key management for employee services is shown below: 2022 \u00a3m 2021 \u00a3m Short-term employee benefits 3.8 5.5 Share-based payments 1.6 6.9 Other long-term employee benefits 1.7 0.4 7.1 12.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-380": {
"value": "28. Basis of preparation and other accounting policies Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted IAS and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on a going concern basis using the historical cost convention modified by the revaluation of certain financial assets and financial liabilities (including derivatives) that have been measured at fair value. After reviewing the Group\u2019s current plans and forecasts and financing arrangements, as well as the current trading activities of the Group, the Directors consider that the Group has adequate resources to continue operating for a period of at least 12 months from the date of signing. In preparing the financial statements, we have considered the impact of climate change, particularly in the context of the disclosures included on Sustainability woven through the fabric of our firm this year on pages 36 to 51. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. We have specifically considered the impact of climate change in our goodwill assessment (see Note 11). Basis of accounting The consolidated financial statements for the year ended 31 December 2022 include the consolidated financial information of the Company and its subsidiaries. The accounting policies set out those policies that have been applied consistently in preparing the Group financial statements. No Standards or Interpretations have been issued that have had or are expected to have an impact on the Group\u2019s financial statements. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group\u2019s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed later in this note within the section Critical accounting estimates, judgements and assumptions. Business combinations The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Basis of consolidation Subsidiaries Subsidiaries are those entities over which the Group has control. The Group controls an entity if it is judged to have all of the following: \u2022 power over the investee; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. The Group\u2019s subsidiaries comprise operating and holding companies, and those funds where the Group acts as fund manager which are consolidated as a result of additional exposure to the variable returns of the funds through seed investment. Where we own 100% of an operating or holding company, our judgement is that the above elements of control are immediately satisfied and that the companies are therefore subsidiaries of the Group. Seed investments are accounted for as subsidiaries, associates or other financial investments depending on the holdings of the Group and on the level of influence and control that the Group is judged to have. Significant area of judgement In determining the level of control for seed investments, additional judgement is required. The Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including the purpose and design of an investee, relevant activities, substantive and protective rights, and voting rights and potential voting rights. Exposure to variable returns is usually determined by the earning of management fees, and the percentage investment in the funds\u2019 net assets. Where the value of the Group\u2019s holding exceeds 50% of the total value of the fund, the Group deems control to automatically exist. Where ownership is under 50%, the Group applies a rebuttable presumption that interests amounting to 30% or more are consolidated, subject to review of the facts and circumstances of each individual investment relevant to establishing whether the Group is acting as principal or agent to the fund. These include the potential for large performance fees to be earned, an assessment of kick-out rights and the existence of any other large investors in the fund. Kick-out rights rarely vary between the different types of funds that the Group manages; the percentage investment in a fund is therefore the primary means for determining whether control exists for the Group, and the determination of the threshold to be used as the rebuttable presumption is a key area of judgement for the Group. This judgement determines the extent to which the Group\u2019s balance sheet is grossed up to reflect additional financial instruments under the Group\u2019s control and, as the value of such instruments is material to the Group, this has been included as a significant area of judgement as set out below. The Group has seed investments in both its unit trusts and its SICAV sub-funds. The Group\u2019s judgement is that control can exist in a sub-fund, even if it does not exist in the whole of the umbrella fund, as the sub-funds have no cross-liability risk to other sub-funds or to the SICAV umbrella fund and thus should be accounted for as separate entities. The Group reassesses whether or not it controls an entity if facts or circumstances indicate that there are changes to one or more of the three elements of control. A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 31. Consistent accounting policies are applied across all Group companies. Intra-group transactions, balances, income and expenses are eliminated on consolidation. The transactions and balances of subsidiaries are consolidated in these financial statements from the date that control commences until the date that control ceases. Where external investors hold shares in funds controlled by the Group, the portion of profit or loss and net assets held by these non-controlling interests is included within other gains/losses in the consolidated income statement and as liabilities at FVTPL in the consolidated balance sheet respectively. Foreign currency (i) Functional and presentational currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is both the Company\u2019s functional and presentational currency as well as the currency in which the majority of the Group\u2019s revenue streams, assets and liabilities are denominated. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement within administrative expenses. Translation differences on non- monetary financial assets and liabilities, such as equities held at FVTPL, are recognised in the consolidated income statement as part of other gains/losses. (iii) Group companies The assets and liabilities of Group entities that have a functional currency different from the presentational currency are translated at the closing rate at the balance sheet date, with income and expenses translated at average monthly exchange rates. Resulting exchange differences are recognised as a separate component of other comprehensive income and are recycled to the income statement on disposal or liquidation of the relevant branch or subsidiary. New standards and interpretations not applied The International Accounting Standards Board and IFRS Interpretations Committee (IFRS IC) have issued a number of new accounting standards, interpretations, and amendments to existing standards and interpretations. There are no IFRSs or IFRS IC interpretations that are not yet effective that would be expected to have a material impact on the Group. Critical accounting estimates, judgements and assumptions The preparation of the financial information requires management to make judgements, estimates and assumptions that affect the reported amount of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities. If such estimates and assumptions, which are based on management\u2019s best judgement at the date of preparation of the financial information, deviate from actual circumstances, the original estimates and assumptions are modified as appropriate in the period in which the circumstances change. There are no instances in these financial statements where there is a reasonable level of risk that the use of estimates could lead to a material change within the next financial year. However, there are areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant, being: Note 5 Share-based payments; 6 Fund-based deferred compensation awards; 11 Goodwill; and 13 Calculation of lease assets and liabilities. The areas where judgements are significant to the Group financial statements are discussed in the following notes: 11 Goodwill; 13 Calculation of lease assets and liabilities; and 28 Consolidation of seed investments.",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-403": {
"value": "Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted IAS and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The financial statements have been prepared on a going concern basis using the historical cost convention modified by the revaluation of certain financial assets and financial liabilities (including derivatives) that have been measured at fair value. After reviewing the Group\u2019s current plans and forecasts and financing arrangements, as well as the current trading activities of the Group, the Directors consider that the Group has adequate resources to continue operating for a period of at least 12 months from the date of signing. In preparing the financial statements, we have considered the impact of climate change, particularly in the context of the disclosures included on Sustainability woven through the fabric of our firm this year on pages 36 to 51. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. We have specifically considered the impact of climate change in our goodwill assessment (see Note 11). ",
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"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-410": {
"value": "The financial statements have been prepared on a going concern basis using the historical cost convention modified by the revaluation of certain financial assets and financial liabilities (including derivatives) that have been measured at fair value.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
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"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-405": {
"value": "Business combinations The Group applies the acquisition method to account for business combinations. The consideration for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and any equity interests issued by the Group. The consideration includes the fair value of any asset or liability resulting from contingent or deferred consideration arrangements. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. ",
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"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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"fact-404": {
"value": "Basis of consolidation Subsidiaries Subsidiaries are those entities over which the Group has control. The Group controls an entity if it is judged to have all of the following: \u2022 power over the investee; \u2022 exposure, or rights, to variable returns from its involvement with the investee; and \u2022 the ability to use its power over the investee to affect its returns. The Group\u2019s subsidiaries comprise operating and holding companies, and those funds where the Group acts as fund manager which are consolidated as a result of additional exposure to the variable returns of the funds through seed investment. Where we own 100% of an operating or holding company, our judgement is that the above elements of control are immediately satisfied and that the companies are therefore subsidiaries of the Group. Seed investments are accounted for as subsidiaries, associates or other financial investments depending on the holdings of the Group and on the level of influence and control that the Group is judged to have. Significant area of judgement In determining the level of control for seed investments, additional judgement is required. The Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including the purpose and design of an investee, relevant activities, substantive and protective rights, and voting rights and potential voting rights. Exposure to variable returns is usually determined by the earning of management fees, and the percentage investment in the funds\u2019 net assets. Where the value of the Group\u2019s holding exceeds 50% of the total value of the fund, the Group deems control to automatically exist. Where ownership is under 50%, the Group applies a rebuttable presumption that interests amounting to 30% or more are consolidated, subject to review of the facts and circumstances of each individual investment relevant to establishing whether the Group is acting as principal or agent to the fund. These include the potential for large performance fees to be earned, an assessment of kick-out rights and the existence of any other large investors in the fund. Kick-out rights rarely vary between the different types of funds that the Group manages; the percentage investment in a fund is therefore the primary means for determining whether control exists for the Group, and the determination of the threshold to be used as the rebuttable presumption is a key area of judgement for the Group. This judgement determines the extent to which the Group\u2019s balance sheet is grossed up to reflect additional financial instruments under the Group\u2019s control and, as the value of such instruments is material to the Group, this has been included as a significant area of judgement as set out below. The Group has seed investments in both its unit trusts and its SICAV sub-funds. The Group\u2019s judgement is that control can exist in a sub-fund, even if it does not exist in the whole of the umbrella fund, as the sub-funds have no cross-liability risk to other sub-funds or to the SICAV umbrella fund and thus should be accounted for as separate entities. The Group reassesses whether or not it controls an entity if facts or circumstances indicate that there are changes to one or more of the three elements of control. A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 31. Consistent accounting policies are applied across all Group companies. Intra-group transactions, balances, income and expenses are eliminated on consolidation. The transactions and balances of subsidiaries are consolidated in these financial statements from the date that control commences until the date that control ceases. Where external investors hold shares in funds controlled by the Group, the portion of profit or loss and net assets held by these non-controlling interests is included within other gains/losses in the consolidated income statement and as liabilities at FVTPL in the consolidated balance sheet respectively. ",
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"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
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},
"fact-411": {
"value": "Foreign currency (i) Functional and presentational currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is both the Company\u2019s functional and presentational currency as well as the currency in which the majority of the Group\u2019s revenue streams, assets and liabilities are denominated. (ii) Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the consolidated income statement within administrative expenses. Translation differences on non- monetary financial assets and liabilities, such as equities held at FVTPL, are recognised in the consolidated income statement as part of other gains/losses. (iii) Group companies The assets and liabilities of Group entities that have a functional currency different from the presentational currency are translated at the closing rate at the balance sheet date, with income and expenses translated at average monthly exchange rates. Resulting exchange differences are recognised as a separate component of other comprehensive income and are recycled to the income statement on disposal or liquidation of the relevant branch or subsidiary. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-406": {
"value": "(i) Functional and presentational currency Items included in the financial information of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Sterling, which is both the Company\u2019s functional and presentational currency as well as the currency in which the majority of the Group\u2019s revenue streams, assets and liabilities are denominated. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-3": {
"value": "plc ",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-4": {
"value": "The Zig Zag Building 70 Victoria Street London SW1E 6SQ",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"fact-5": {
"value": "The ZigZag Building 70 Victoria Street London SWE 6SQ",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:5493003DJ1G01IMQ7S28",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}