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"2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-323": { "value": "-6000000", "decimals": -5, "dimensions": { "concept": "jupiter:CashMovementFromFundsNoLongerConsolidatedClassifiedAsInvestingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-324": { "value": "500000", "decimals": -5, "dimensions": { "concept": "jupiter:CashMovementFromFundsReconsolidatedClassifiedAsInvestingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-325": { "value": "300000", "decimals": -5, "dimensions": { "concept": "jupiter:CashMovementFromFundsReconsolidatedClassifiedAsInvestingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-326": { "value": "5400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-327": { "value": "1000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsReceivedClassifiedAsInvestingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-328": { "value": "-56600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-329": { "value": "35100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-330": { "value": "35200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-331": { "value": "90200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-332": { "value": "24500000", "decimals": -5, "dimensions": { "concept": "jupiter:PurchaseOfSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-333": { "value": "21400000", "decimals": -5, "dimensions": { "concept": "jupiter:PurchaseOfSharesByEBTClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-334": { "value": "2000000", "decimals": -5, "dimensions": { "concept": "jupiter:PurchaseOfSharesForCancellationClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-335": { "value": "8000000", "decimals": -5, "dimensions": { "concept": "jupiter:PurchaseOfSharesForCancellationClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-336": { "value": "4600000", "decimals": -5, "dimensions": { "concept": "jupiter:FinanceCostsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-337": { "value": "4500000", "decimals": -5, "dimensions": { "concept": "jupiter:FinanceCostsPaidClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-338": { "value": "4900000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-339": { "value": "7800000", "decimals": -5, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-340": { "value": "63000000", "decimals": -5, "dimensions": { "concept": "jupiter:ThirdPartySubscriptionsIntoConsolidatedFundsClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-341": { "value": "31700000", "decimals": -5, "dimensions": { "concept": "jupiter:ThirdPartySubscriptionsIntoConsolidatedFundsClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-342": { "value": "34100000", "decimals": -5, "dimensions": { "concept": "jupiter:ThirdPartyRedemptionsFromConsolidatedFundsClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-343": { "value": "13000000", "decimals": -5, "dimensions": { "concept": "jupiter:ThirdPartyRedemptionsFromConsolidatedFundsClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-344": { "value": "100000", "decimals": -5, "dimensions": { "concept": "jupiter:DistributionsPaidByConsolidatedFundsClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-345": { "value": "3800000", "decimals": -5, "dimensions": { "concept": "jupiter:DistributionsPaidByConsolidatedFundsClassifiedAsFinancingActivities", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-346": { "value": "-42400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-347": { "value": "-117000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-348": { "value": "-11000000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-349": { "value": "80400000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-350": { "value": "280300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-351": { "value": "197300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-352": { "value": "-1100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "2600000", "decimals": -5, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "268200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-355": { "value": "280300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-360": { "value": "
INTRODUCTION
Accounting policies are contained within relevant notes, with the basis of preparation and general policies collected in Note 30.
An explanation of the use of APMs is provided on pages 213 to 215.
", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-359": { "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 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 and segregated mandate contracts 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 the value of assets managed in accordance with individual management
agreements and are billed to the client each period shortly after the relevant asset data is available;
\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, estimated to be between one and four years. 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 or segregated mandate 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 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,
if necessary, 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 investment manager as the
investment manager performs the service, or with the investment manager\u2019s performance enhancing the assets that the fund or, in the case
of a segregated mandate, the client 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 investment products,
information on financial products, promotional materials, ongoing services to clients and transaction processing.
2023 2022
\u00a3m \u00a3m
Management fees
389.9
430.1
Initial charges and commissions
2.5
3.1
Performance fees
13.2
10.3
Revenue
405.6
443.5
Fee and commission expenses relating to management fees
(35.9)
(45.3)
Fee and commission expenses relating to initial charges and commissions
(0.9)
(0.9)
Net revenue
368.8
397.3
Disaggregation of revenue The Group disaggregates revenue 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.
2023 2022
Revenue by product type \u00a3m \u00a3m
Pooled funds
373.7
417.2
Segregated mandates
31.9
26.3
Revenue
405.6
443.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-393": { "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 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 and segregated mandate contracts 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 the value of assets managed in accordance with individual management agreements and are billed to the client each period shortly after the relevant asset data is available; \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, estimated to be between one and four years. 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 or segregated mandate 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 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, if necessary, 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 investment manager as the investment manager performs the service, or with the investment manager\u2019s performance enhancing the assets that the fund or, in the case of a segregated mandate, the client 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 investment products, information on financial products, promotional materials, ongoing services to clients and transaction processing.
2023 2022
\u00a3m \u00a3m
Management fees
389.9
430.1
Initial charges and commissions
2.5
3.1
Performance fees
13.2
10.3
Revenue
405.6
443.5
Fee and commission expenses relating to management fees
(35.9)
(45.3)
Fee and commission expenses relating to initial charges and commissions
(0.9)
(0.9)
Net revenue
368.8
397.3
Disaggregation of revenue The Group disaggregates revenue 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.
2023 2022
Revenue by product type \u00a3m \u00a3m
Pooled funds
373.7
417.2
Segregated mandates
31.9
26.3
Revenue
405.6
443.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-425": { "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 investment products, information on financial products, promotional materials, ongoing services to clients and transaction processing.
2023 2022
\u00a3m \u00a3m
Management fees
389.9
430.1
Initial charges and commissions
2.5
3.1
Performance fees
13.2
10.3
Revenue
405.6
443.5
Fee and commission expenses relating to management fees
(35.9)
(45.3)
Fee and commission expenses relating to initial charges and commissions
(0.9)
(0.9)
Net revenue
368.8
397.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-426": { "value": "
Disaggregation of revenue
The Group disaggregates revenue 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.
2023 2022
Revenue by product type \u00a3m \u00a3m
Pooled funds
373.7
417.2
Segregated mandates
31.9
26.3
Revenue
405.6
443.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfDisaggregationOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-361": { "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, which determines the KPIs of the Group. Information is reported to the chief operating
decision maker, collectively the Executive Directors, 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
2023 2022
Revenue by location of clients \u00a3m \u00a3m
UK
299.6
334.4
EMEA
72.3
77.7
Asia
15.0
18.2
Rest of the world
18.7
13.2
Revenue by location
405.6
443.5
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:
2023 2022
Non-current assets for the Group \u00a3m \u00a3m
UK
547.1
644.3
EMEA
1.1
1.1
Asia
1.1
1.0
Rest of the world
0.1
0.3
Non-current assets by location
549.4
646.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-394": { "value": "Geographical information
2023 2022
Revenue by location of clients \u00a3m \u00a3m
UK
299.6
334.4
EMEA
72.3
77.7
Asia
15.0
18.2
Rest of the world
18.7
13.2
Revenue by location
405.6
443.5
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:
2023 2022
Non-current assets for the Group \u00a3m \u00a3m
UK
547.1
644.3
EMEA
1.1
1.1
Asia
1.1
1.0
Rest of the world
0.1
0.3
Non-current assets by location
549.4
646.7
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-362": { "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:
2023 2022
\u00a3m \u00a3m
Staff costs (Note 4)
158.1
187.7
Depreciation of property, plant and equipment (Note 13)
5.2
5.8
Auditors\u2019 remuneration (see below)
1.9
1.6
Other administrative expenses
100.2
107.2
Total administrative expenses
265.4
302.3
2023 2022
Auditors\u2019 remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company
and consolidated financial statements
0.4
0.4
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
0.9
Audit-related assurance services
0.3
0.3
Other assurance services
0.3
\u2013
Total auditors\u2019 remuneration
1.9
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-395": { "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:
2023 2022
\u00a3m \u00a3m
Staff costs (Note 4)
158.1
187.7
Depreciation of property, plant and equipment (Note 13)
5.2
5.8
Auditors\u2019 remuneration (see below)
1.9
1.6
Other administrative expenses
100.2
107.2
Total administrative expenses
265.4
302.3
2023 2022
Auditors\u2019 remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company
and consolidated financial statements
0.4
0.4
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
0.9
Audit-related assurance services
0.3
0.3
Other assurance services
0.3
\u2013
Total auditors\u2019 remuneration
1.9
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-428": { "value": "Administrative expenses comprise:
2023 2022
\u00a3m \u00a3m
Staff costs (Note 4)
158.1
187.7
Depreciation of property, plant and equipment (Note 13)
5.2
5.8
Auditors\u2019 remuneration (see below)
1.9
1.6
Other administrative expenses
100.2
107.2
Total administrative expenses
265.4
302.3
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-427": { "value": "
2023 2022
Auditors\u2019 remuneration \u00a3m \u00a3m
Fees payable to the Company\u2019s auditors and their associates for the audit of the parent company
and consolidated financial statements
0.4
0.4
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
0.9
Audit-related assurance services
0.3
0.3
Other assurance services
0.3
\u2013
Total auditors\u2019 remuneration
1.9
1.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-396": { "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.
2023 2022
\u00a3m \u00a3m
Wages and salaries
116.8
98.3
Share-based payments (Note 5)
18.5
13.6
Social security costs
15.8
11.1
Pension costs
6.3
6.2
Redundancy costs
2.2
3.4
Staff costs before net (gains)/losses arising from the economic hedging of fund awards
159.6
132.6
Net (gains)/losses on instruments held to provide an economic hedge for fund awards
(1.5)
55.1
Staff costs
158.1
187.7
1
1. The gains and losses relate 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 is 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).
The Financial review refers to \u00a30.8m (2022: \u00a30.8m) of staff costs that are described as exceptional items. These costs relate to the acquisition
of Merian in 2020 and chiefly comprise cash-based (2022: cash and share-based) deferred earn out awards which vested in July 2023.
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:
2023 2022
\u00a3m \u00a3m
Investment management
125
140
Client Group, including marketing
139
140
Infrastructure and operations
263
292
527
572
Information regarding Executive Directors\u2019 aggregate emoluments of \u00a33.2m (2022: \u00a32.2m) is set out in the Remuneration report on page 129.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-363": { "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.
2023 2022
\u00a3m \u00a3m
Wages and salaries
116.8
98.3
Share-based payments (Note 5)
18.5
13.6
Social security costs
15.8
11.1
Pension costs
6.3
6.2
Redundancy costs
2.2
3.4
Staff costs before net (gains)/losses arising from the economic hedging of fund awards
159.6
132.6
Net (gains)/losses on instruments held to provide an economic hedge for fund awards
(1.5)
55.1
Staff costs
158.1
187.7
1 1. The gains and losses relate 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 is 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). The Financial review refers to \u00a30.8m (2022: \u00a30.8m) of staff costs that are described as exceptional items. These costs relate to the acquisition of Merian in 2020 and chiefly comprise cash-based (2022: cash and share-based) deferred earn out awards which vested in July 2023. 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:
2023 2022
\u00a3m \u00a3m
Investment management
125
140
Client Group, including marketing
139
140
Infrastructure and operations
263
292
527
572
Information regarding Executive Directors\u2019 aggregate emoluments of \u00a33.2m (2022: \u00a32.2m) is set out in the Remuneration report on page 129.", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-364": { "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:
2023 2022
\u00a3m \u00a3m
Deferred Bonus Plan (DBP)
14.3
14.3
Long-Term Incentive Plan (LTIP)
2.9
1.2
Deferred Earn Out (DEO)
\u2013
(3.4)
Sharesave Plan (SAYE)
0.4
0.7
Share Incentive Plan (SIP)
0.2
0.1
Free Share Awards (FSA)
0.7
0.7
Total (Note 4)
18.5
13.6
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:
2023
2022
DBP 2022
LTIP 2023
SAYE 2023
DBP 2021
LTIP 2022
SAYE 2022
Weighted average share price
\u00a31.48
\u00a31.48
\u00a30.99
\u00a31.88
\u00a31.91
\u00a30.99
Weighted average exercise price
\u2013
\u2013
\u00a30.79
\u2013
\u2013
\u00a30.79
Weighted average expected volatility
32.1%
32.0%
40.1%
33.0%
33.3%
37.0%
Weighted average option life (years)
9.5
10.4
3.7
2.4
4.2
3.7
Weighted average dividend yield
\u2013
\u2013
7.0%
\u2013
\u2013
17.3%
Weighted average risk-free interest rate
3.9%
3.9%
\u2013
3.3%
3.2%
\u2013
2
2
1
1.
1
Expected volatility for options granted in 2023 and 2022 has been calculated using the historical volatility of the Group.
2.
2
Includes Joiner Plans, which have a similar structure.
In respect of DBP and LTIP awards, the Group initially estimates that 2% of recipients per annum will leave prior to the vesting dates and forfeit their
awards. This estimate is updated each reporting period to reflect the current position. Additionally, for performance-based LTIP awards, the Group
estimates that 50% of such awards will vest. This forecast is updated when the Group has a reasonable basis for concluding that the forecast may be
under- or over-stated. 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:
2023 2022
Impact on the income statement of a change in forfeiture assumptions \u00a3m \u00a3m
+5%
(1.8)
(2.0)
-5%
1.2
1.1
2023 2022
Impact on the income statement of a change in performance condition vesting assumptions \u00a3m \u00a3m
+25%
1.6
3.6
-25%
(1.8)
(2.2)
THE USE OF ESTIMATION IN THE CALCULATION OF SHARE-BASED PAYMENTS
At the year end, the Group had approximately 44.2m share-based awards in issue. Each year, existing awards vest and new awards are made.
Around 17.6m share-based awards were issued in 2023 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 30. The principal estimations made relate to:
\u2022 forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards); and
\u2022 the satisfaction of performance conditions attached to certain 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 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 may be made into either options over the Company\u2019s shares as well as
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 2022 and 2023, in relation to 2021 and 2022 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 2024 in relation to 2023 performance, thus a charge for these awards has been taken to the income statement in 2023.
The following table illustrates the number and weighted average exercise price (WAEP) of, and movement in, share options during the year:
2023
2022
Options outstanding
Number m
WAEP \u00a3
Number m
WAEP \u00a3
At 1 January
18.8
\u2013
14.3
\u2013
Granted
10.2
\u2013
11.0
\u2013
Exercised
(6.8)
\u2013
(6.3)
\u2013
Forfeited
(0.3)
\u2013
(0.2)
\u2013
At 31 December
21.9
\u2013
18.8
\u2013
Exercisable at 31 December
3.1
\u2013
1.7
\u2013
The weighted average share price at the date of exercise of these options was \u00a31.15 (2022: \u00a31.25).
The weighted average fair value of options granted under this plan during the year was \u00a31.48 (2022: \u00a31.88).
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2023 was 8.5 years
(31 December 2022: 1.3 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, a cash amount
equivalent to the value of units in the Group\u2019s funds, or in cash. 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 and cash awards linked to the value of funds are included in Note 6.
2023
2022
Options outstanding
Number m
WAEP \u00a3
Number m
WAEP \u00a3
At 1 January
13.3
\u2013
9.6
\u2013
Granted
9.4
\u2013
6.3
\u2013
Exercised
(0.5)
\u2013
(0.6)
\u2013
Forfeited
(5.0)
\u2013
(2.0)
0.01
At 31 December
17.2
\u2013
13.3
\u2013
Exercisable at 31 December
0.3
\u2013
0.5
\u2013
The weighted average share price at the date of exercise of these options was \u00a31.29 (2022: \u00a31.58).
The weighted average fair value of options granted under this plan during the year was \u00a31.48 (2022: \u00a31.91).
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2023 was 8.8 years
(31 December 2022: 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, certain performance
conditions, based on net revenues, were required to be met on 1 July 2023. As the conditions were not met on this date, the options expired unexercised.
(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.
2023
2022
Options outstanding
Number m
WAEP \u00a3
Number m
WAEP \u00a3
At 1 January
5.0
1.06
2.7
1.82
Granted
0.9
0.79
4.9
0.79
Forfeited
(1.0)
1.21
(2.6)
1.72
At 31 December
4.9
0.98
5.0
1.06
Exercisable at 31 December
0.1
1.39
0.1
2.10
The weighted average share price at the date of exercise of these options in 2023 was \u00a31.05 (2022: \u00a31.03) per ordinary share.
The weighted average fair value of the options granted under this plan during the year was \u00a30.20 (2022: \u00a30.20).
The range of exercise prices of options granted under this plan is between \u00a30.79 and \u00a32.75.
The weighted average remaining contractual life of the share options outstanding under this plan at 31 December 2023 was 2.6 years
(31 December 2022: 3.3 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 0.4m (2022: 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 0.2m (2022: 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 0.8m (2022: 0.5m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-448": { "value": "THE USE OF ESTIMATION IN THE CALCULATION OF SHARE-BASED PAYMENTS At the year end, the Group had approximately 44.2m share-based awards in issue. Each year, existing awards vest and new awards are made. Around 17.6m share-based awards were issued in 2023 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 30. The principal estimations made relate to: \u2022 forfeitures (where awardees leave the Group as \u2018bad\u2019 leavers and therefore forfeit unvested awards); and \u2022 the satisfaction of performance conditions attached to certain 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 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 cash and fund-based awards At the year end, the Group had accrued \u00a337.1m (2022: \u00a346.8m) of deferred cash and fund-based awards. Each year, existing awards vest and new awards are made. Given their significance as a form of employee remuneration for the Group, cash and fund-based awards have been included as an area where the use of estimation is important in Note 30. 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 cash and fund-based 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 significant estimation uncertainty exists (see Note 30). Major elements of the plan are subject to factors such as market sentiment and index levels which are beyond the Group\u2019s control and, if forecasts are not met, further impairment of the asset could result. In view of the low headroom experienced in 2022 and the deterioration in the market environment since that time, the Group has engaged third-party valuation specialists to provide an opinion in relation to the value in use of the Group as at 31 December 2023 to allow the Group to ensure that inputs into the valuation process are reasonable and based on supportable management assumptions. The Group has also applied judgement in concluding that it operates as a single CGU for the purposes of goodwill impairment assessment. SIGNIFICANT AREA OF ESTIMATION AND JUDGEMENT Calculation of leased assets and liabilities requires the use of both estimation and judgement and is therefore referred to in Note 30. 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. In addition, determination of the discount rate is estimated by using a build-up approach that starts with a risk-free interest rate adjusted for credit risk and makes adjustments specific to the lease, for example, term, country, currency and security. This methodology is judged by the Group to be an appropriate approximation of the Group\u2019s incremental borrowing rate.
SIGNIFICANT AREA OF JUDGEMENT
In determining the level of control for seed investments, additional judgement is required and consolidation of seed investments is therefore
referred to in Note 30. 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.
The Group has seed investments in its unit trusts, ICVCs and 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 control may have changed.
Significant 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 is a reasonable level of risk that the use of estimates and judgements could lead to a material change within the next financial year
in respect of the valuation of the Group\u2019s goodwill asset, as set out in Note 11.
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
16. Consolidation of seed investments.
Areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant,
are discussed in the following notes:
5. Share-based payments;
6. Cash and fund-based deferred compensation awards;
13. Calculation of lease assets and liabilities; and
21. Provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-365": { "value": "
6. CASH AND 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, a cash amount
equivalent to the value of units in the Group\u2019s funds, or cash. The expense included within wages and salaries in the income statement in relation
to cash and fund-based awards was:
2023
2022
Fund-based Fund-based
awards
Cash awards
Total
awards
Cash awards
Total
Charge/(credit) in respect of cash and fund-based
awards before net (gains)/losses arising from hedging
12.1
3.6
15.7
(5.9)
3.4
(2.5)
Net (gains)/losses on instruments held to provide an
economic hedge for fund awards
(1.5)
\u2013
(1.5)
55.1
\u2013
55.1
Net charge arising from cash and fund-based
awards
10.6
3.6
14.2
49.2
3.4
52.6
Where bonuses are deferred into cash or fund-based awards, the fair value of the award is expensed over the appropriate performance
and vesting period and included within staff costs. For fund-based awards, 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.
For cash awards, there is no variability in the fair value of the awards once granted, and the liability is equal to the amount granted, including any
interest payable over the vesting period, discounted to allow for the time value of money, and adjusted to reflect the proportion of the vesting
period that has passed. The liabilities are included in the balance sheet as part of accrued expenses within non-current trade and other payables
and current trade and other payables (see Note 20).
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 (for all awards)
and performance condition assumptions (in the case of LTIP awards only) exceed or are below the Group\u2019s estimations on cash and fund-based
awards by the stated percentages:
2023 2022
Impact on the income statement of a change in forfeiture assumptions \u00a3m \u00a3m
+5%
(1.9)
(1.9)
-5%
1.0
0.6
2023 2022
Impact on the income statement of a change in performance condition vesting assumptions \u00a3m \u00a3m
+25%
0.5
0.3
-25%
(1.8)
(0.5)
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 IAS 19, 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). Where awards vest and are exercised, these timing
differences will fully reverse by the vesting date.
The use of estimation in the calculation of cash and fund-based awards
At the year end, the Group had accrued \u00a337.1m (2022: \u00a346.8m) of deferred cash and fund-based awards. Each year, existing awards vest and new
awards are made. Given their significance as a form of employee remuneration for the Group, cash and fund-based awards have been included
as an area where the use of estimation is important in Note 30. 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 cash and fund-based 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:DisclosureOfCashAndFundbasedDeferredCompensatio", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-366": { "value": "
7. OTHER GAINS/(LOSSES)
Other gains/(losses) relate principally to net gains (2022: net losses) made on the Group\u2019s seed investment portfolio and derivative instruments
held to provide economic hedges against that portfolio. The portfolio is designated at FVTPL upon initial recognition, and derivatives are held
at FVTPL (see Note 16). Gains and losses comprise both realised and unrealised amounts.
2023 2022
\u00a3m \u00a3m
Dividend income on seed investments
0.6
1.0
Gains/(losses) on financial instruments designated at FVTPL upon initial recognition
8.2
(24.7)
(Losses)/gains on financial instruments at FVTPL
(5.6)
14.0
Other gains/(losses)
3.2
(9.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-429": { "value": "7. OTHER GAINS/(LOSSES) Other gains/(losses) relate principally to net gains (2022: net losses) made on the Group\u2019s seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio is designated at FVTPL upon initial recognition, and derivatives are held at FVTPL (see Note 16). Gains and losses comprise both realised and unrealised amounts.
2023 2022
\u00a3m \u00a3m
Dividend income on seed investments
0.6
1.0
Gains/(losses) on financial instruments designated at FVTPL upon initial recognition
8.2
(24.7)
(Losses)/gains on financial instruments at FVTPL
(5.6)
14.0
Other gains/(losses)
3.2
(9.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-397": { "value": "7. OTHER GAINS/(LOSSES) Other gains/(losses) relate principally to net gains (2022: net losses) made on the Group\u2019s seed investment portfolio and derivative instruments held to provide economic hedges against that portfolio. The portfolio is designated at FVTPL upon initial recognition, and derivatives are held at FVTPL (see Note 16). Gains and losses comprise both realised and unrealised amounts.
2023 2022
\u00a3m \u00a3m
Dividend income on seed investments
0.6
1.0
Gains/(losses) on financial instruments designated at FVTPL upon initial recognition
8.2
(24.7)
(Losses)/gains on financial instruments at FVTPL
(5.6)
14.0
Other gains/(losses)
3.2
(9.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-398": { "value": "
8. FINANCE INCOME AND FINANCE COSTS
Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money
market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on bank deposits
3.5
0.3
Interest on short-term money market fund investments
2.3
\u2013
Finance income
5.8
0.3
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 19 and 13 respectively for further details). Finance costs also include ancillary charges for commitment fees and arrangement fees
associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on subordinated debt
4.5
4.7
Interest on lease liabilities
1.5
1.6
Finance cost on the RCF
0.2
0.3
Finance costs
6.2
6.6
As returns on cash and cash equivalents have increased in 2023, items of income and cost have been disaggregated in the above tables
and in the consolidated income statement in respect of both current and prior year data. In 2022, because of the insignificant nature
of such income, the Group presented finance income and costs on a net basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-368": { "value": "8. FINANCE INCOME AND FINANCE COSTS Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on bank deposits
3.5
0.3
Interest on short-term money market fund investments
2.3
\u2013
Finance income
5.8
0.3
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 19 and 13 respectively for further details). Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on subordinated debt
4.5
4.7
Interest on lease liabilities
1.5
1.6
Finance cost on the RCF
0.2
0.3
Finance costs
6.2
6.6
As returns on cash and cash equivalents have increased in 2023, items of income and cost have been disaggregated in the above tables and in the consolidated income statement in respect of both current and prior year data. In 2022, because of the insignificant nature of such income, the Group presented finance income and costs on a net basis. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-446": { "value": "8. FINANCE INCOME AND FINANCE COSTS Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on bank deposits
3.5
0.3
Interest on short-term money market fund investments
2.3
\u2013
Finance income
5.8
0.3
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 19 and 13 respectively for further details). Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on subordinated debt
4.5
4.7
Interest on lease liabilities
1.5
1.6
Finance cost on the RCF
0.2
0.3
Finance costs
6.2
6.6
As returns on cash and cash equivalents have increased in 2023, items of income and cost have been disaggregated in the above tables and in the consolidated income statement in respect of both current and prior year data. In 2022, because of the insignificant nature of such income, the Group presented finance income and costs on a net basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-443": { "value": "8. FINANCE INCOME AND FINANCE COSTS Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on bank deposits
3.5
0.3
Interest on short-term money market fund investments
2.3
\u2013
Finance income
5.8
0.3
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 19 and 13 respectively for further details). Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on subordinated debt
4.5
4.7
Interest on lease liabilities
1.5
1.6
Finance cost on the RCF
0.2
0.3
Finance costs
6.2
6.6
As returns on cash and cash equivalents have increased in 2023, items of income and cost have been disaggregated in the above tables and in the consolidated income statement in respect of both current and prior year data. In 2022, because of the insignificant nature of such income, the Group presented finance income and costs on a net basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-440": { "value": "8. FINANCE INCOME AND FINANCE COSTS Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on bank deposits
3.5
0.3
Interest on short-term money market fund investments
2.3
\u2013
Finance income
5.8
0.3
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 19 and 13 respectively for further details). Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on subordinated debt
4.5
4.7
Interest on lease liabilities
1.5
1.6
Finance cost on the RCF
0.2
0.3
Finance costs
6.2
6.6
As returns on cash and cash equivalents have increased in 2023, items of income and cost have been disaggregated in the above tables and in the consolidated income statement in respect of both current and prior year data. In 2022, because of the insignificant nature of such income, the Group presented finance income and costs on a net basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-430": { "value": "8. FINANCE INCOME AND FINANCE COSTS Finance income comprises income earned on the Group\u2019s cash and cash equivalents, being bank deposits and investments in short-term money market funds. Interest on cash and cash equivalents is recognised on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on bank deposits
3.5
0.3
Interest on short-term money market fund investments
2.3
\u2013
Finance income
5.8
0.3
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 19 and 13 respectively for further details). Finance costs also include ancillary charges for commitment fees and arrangement fees associated with the RCF (see Note 19). Interest payable is charged on an accrual basis using the effective interest method.
2023 2022
\u00a3m \u00a3m
Interest on subordinated debt
4.5
4.7
Interest on lease liabilities
1.5
1.6
Finance cost on the RCF
0.2
0.3
Finance costs
6.2
6.6
As returns on cash and cash equivalents have increased in 2023, items of income and cost have been disaggregated in the above tables and in the consolidated income statement in respect of both current and prior year data. In 2022, because of the insignificant nature of such income, the Group presented finance income and costs on a net basis.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-367": { "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 estimated
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.
2023 2022
\u00a3m \u00a3m
Current tax
Tax on profits for the year
24.1
9.5
Adjustments in respect of prior years
(0.7)
(3.8)
Total current tax
23.4
5.7
Deferred tax
Origination and reversal of temporary differences
0.1
3.8
Adjustments in respect of prior years
(1.2)
0.6
Total deferred tax (Note 15)
(1.1)
4.4
Income tax expense
22.3
10.1
Total tax expense
The corporation tax rate for 2023 increased to 25% on 1 April 2023, giving a hybrid rate for the year of 23.5% (2022: 19%). The tax charge in the year
is higher (2022: lower) than the standard rate of corporation tax in the UK and the differences are explained below:
2023 2022
Factors affecting tax expense for the year \u00a3m \u00a3m
Profit before taxation
9.4
58.0
Taxation at the standard corporation tax rate (23.5%; 2022: 19%)
2.2
11.0
Non-taxable expenditure
17.9
0.4
Other permanent differences
4.3
1.6
Adjustments in respect of prior years
(1.9)
(3.2)
Effect of differences in overseas tax rates
(0.2)
0.3
Total tax expense
22.3
10.1
1
1. Principally relating to the impairment of goodwill (see Note 11).
15. DEFERRED TAX
Analysis of the Group\u2019s deferred tax assets and liabilities is shown below:
Other deferred Intangible assets
Share-based Accelerated Employee Other temporary compensation arising upon
payments capital allowances benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Assets
6.3
0.5
\u2013
0.3
9.0
\u2013
16.1
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(2.3)
(2.3)
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
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:
Other deferred Intangible assets
Share-based Accelerated Other temporary compensation arising upon
payments capital allowances Employee benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
(Charged)/credited to the income
statement
(0.8)
(0.1)
(0.1)
\u2013
(2.3)
4.4
1.1
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
The other temporary differences balances at 31 December 2022 and 2023 include short-term timing differences and temporary differences
between depreciation and capital allowances.
The rate of corporation tax increased to 25% on 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 or were expected to be realised
or settled.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-399": { "value": "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 estimated 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.
2023 2022
\u00a3m \u00a3m
Current tax
Tax on profits for the year
24.1
9.5
Adjustments in respect of prior years
(0.7)
(3.8)
Total current tax
23.4
5.7
Deferred tax
Origination and reversal of temporary differences
0.1
3.8
Adjustments in respect of prior years
(1.2)
0.6
Total deferred tax (Note 15)
(1.1)
4.4
Income tax expense
22.3
10.1
15. DEFERRED TAX Analysis of the Group\u2019s deferred tax assets and liabilities is shown below:
Other deferred Intangible assets
Share-based Accelerated Employee Other temporary compensation arising upon
payments capital allowances benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Assets
6.3
0.5
\u2013
0.3
9.0
\u2013
16.1
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(2.3)
(2.3)
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
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:
Other deferred Intangible assets
Share-based Accelerated Other temporary compensation arising upon
payments capital allowances Employee benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
(Charged)/credited to the income
statement
(0.8)
(0.1)
(0.1)
\u2013
(2.3)
4.4
1.1
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
The other temporary differences balances at 31 December 2022 and 2023 include short-term timing differences and temporary differences between depreciation and capital allowances. The rate of corporation tax increased to 25% on 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 or were expected to be realised or settled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-370": { "value": "
10. EARNINGS PER SHARE
Basic earnings per share (EPS) is calculated by dividing the profit or loss 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.
Diluted EPS is calculated by dividing the profit or loss 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 arising from the award of share options into ordinary shares. In 2023,
as a result of the loss for the year, both basic and diluted EPS are calculated using the same weighted average number of ordinary shares
as potential ordinary shares cannot be treated as dilutive if their inclusion in the calculation reduces the Group\u2019s loss per share.
The weighted average number of ordinary shares used in the calculation of EPS is as follows:
Weighted average number of shares
2023 2022
Number Number
m m
Issued share capital
545.0
552.4
Add: Contingently issuable shares
6.2
1.7
Less: Time-apportioned own shares held
(31.9)
(24.5)
Weighted average number of ordinary shares for the purpose of basic EPS
519.3
529.6
Add: Weighted average number of dilutive potential shares arising from share options
\u2013
9.3
Weighted average number of ordinary shares for the purpose of diluted EPS
519.3
538.9
1
2
3
1. The Group purchased and cancelled 1.4m ordinary shares during 2023 and 6.7m ordinary shares during 2022 (see Note 22).
2. Contingently issuable shares relate to vested but unexercised share-based payment awards at the balance sheet date.
3. Potential shares can only be treated as dilutive if their conversion to ordinary shares increases the loss per share. As the impact of including potential shares in the calculation
of 2023 EPS would be to decrease the loss per share, they have been excluded from the calculation.
Earnings per share
2023 2022
p p
Basic
(2.5)
8.9
Diluted
(2.5)
8.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-369": { "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).
2023 2022
\u00a3m \u00a3m
Cost
At 1 January and at 31 December
570.6
570.6
Accumulated impairment
At 1 January
\u2013
\u2013
Charge for the year
(76.2)
\u2013
At 31 December
(76.2)
\u2013
Net book value
At 31 December
494.4
570.6
The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds.
The 2020 Merian acquisition largely comprised revenues and incremental costs and therefore increased the scale of the existing business, improving
at the time 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 any reduction in the Group\u2019s profitability 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 (VIU)
and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU.
For the impairment test, the recoverable amount for the goodwill asset was calculated using a VIU 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 included an assumption of annual revenue growth based
on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved
by the Board in February 2024 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s review on pages 8 to 11;
\u2022 Long-term growth rates of 2% (2022: 2%) were used to calculate terminal value; and
\u2022 A post-tax discount rate of 13.2% (2022: 12.8%) was calculated using the capital asset pricing model. Using a pre-tax discount rate of 17.0% (2022:
15.8%) on pre-tax profitability and cash flows does not produce a materially different result.
The impairment test indicated that the VIU of the CGU of \u00a3549.4m (2022: \u00a3859.2m) was less than its carrying value of \u00a3625.6m (2022: \u00a3646.7m).
As a result, our conclusion is that the Group\u2019s goodwill asset is impaired and, accordingly, an impairment charge of \u00a376.2m has been recognised.
This charge is recorded as a separate line item in the consolidated income statement.
The year-on-year movement in the headroom was as follows:
\u00a3m
Headroom at 1 January 2023 212.5
Decrease in VIU of CGU in 2023
(309.8)
Decrease in carrying value of CGU in 2023
21.1
Impairment at 31 December 2023
(76.2)
1
1. Headroom (i.e. the surplus of the VIU over the carrying value of the CGU) calculated in the Group\u2019s impairment testing as at 31 December 2022.
The reduction in the VIU of the CGU year-on-year was \u00a3309.8m, arising from lower demand from retail clients in the short term, lower
market valuations, and an increase in the cost of capital used by the Group in its testing. The impact of these factors is particularly significant
in calculating the terminal value (i.e. the value of the Group beyond the period when future cash flows can be estimated), which contributes
the majority of the reduction in VIU. The decrease in the carrying value of the CGU was largely due to the amortisation of intangible assets.
As at the end of 2023, the Group has no headroom in respect of the VIU of its goodwill. The sensitivity of any possible re-establishment
of headroom, or further impairment charges, to changes in key metrics and assumptions is shown in the table below which sets out the
impacts of reasonably possible changes in key assumptions used in the VIU calculation:
Reasonably possible Decrease in valuation
Key variable adverse movement \u00a3m
Discount rate
+1%
48
Terminal growth rate movement
-1%
34
Decrease in revenue
-10%
183
1
1. The decrease in revenue represents a modelled percentage reduction in each year projected in the Group\u2019s base case forecast cash flows.
The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management
would take to reduce costs should the Group experience future reductions in AUM or profitability.
Neither the Group\u2019s regulatory capital or liquidity resources nor its regulatory requirements are 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 significant estimation uncertainty exists (see Note 30). Major elements of the plan are subject to factors such as market sentiment and
index levels which are beyond the Group\u2019s control and, if forecasts are not met, further impairment of the asset could result. In view of the low
headroom experienced in 2022 and the deterioration in the market environment since that time, the Group has engaged third-party valuation
specialists to provide an opinion in relation to the value in use of the Group as at 31 December 2023 to allow the Group to ensure that inputs
into the valuation process are reasonable and based on supportable management assumptions.
The Group has also applied judgement in concluding that it operates as a single CGU for the purposes of goodwill impairment assessment.
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 recorded as a separate line
item in the consolidated income statement and is recognised 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). As set out in Note 11, the Group has
concluded that it operates as a single CGU and bases impairment testing on Group-wide cash generation to calculate the recoverable
amount of its intangible assets.
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 between 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 2023 and 31 December 2022 and have concluded there are no indicators
of impairment.
2023
2022
Investment Investment
Computer management Computer management
software contracts Total software contracts Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
16.3
75.0
91.3
20.1
75.0
95.1
Additions
2.9
\u2013
2.9
4.1
\u2013
4.1
Retiring assets
\u2013
\u2013
\u2013
(7.9)
\u2013
(7.9)
At 31 December
19.2
75.0
94.2
16.3
75.0
91.3
Accumulated amortisation
At 1 January
(9.1)
(47.0)
(56.1)
(14.8)
(28.2)
(43.0)
Charge for the year
(1.8)
(18.8)
(20.6)
(2.2)
(18.8)
(21.0)
Retiring assets
\u2013
\u2013
\u2013
7.9
\u2013
7.9
At 31 December
(10.9)
(65.8)
(76.7)
(9.1)
(47.0)
(56.1)
Net book value
At 31 December
8.3
9.2
17.5
7.2
28.0
35.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-431": { "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).
2023 2022
\u00a3m \u00a3m
Cost
At 1 January and at 31 December
570.6
570.6
Accumulated impairment
At 1 January
\u2013
\u2013
Charge for the year
(76.2)
\u2013
At 31 December
(76.2)
\u2013
Net book value
At 31 December
494.4
570.6
The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds. The 2020 Merian acquisition largely comprised revenues and incremental costs and therefore increased the scale of the existing business, improving at the time 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 any reduction in the Group\u2019s profitability 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 (VIU) and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU. For the impairment test, the recoverable amount for the goodwill asset was calculated using a VIU 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 included an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved by the Board in February 2024 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s review on pages 8 to 11; \u2022 Long-term growth rates of 2% (2022: 2%) were used to calculate terminal value; and \u2022 A post-tax discount rate of 13.2% (2022: 12.8%) was calculated using the capital asset pricing model. Using a pre-tax discount rate of 17.0% (2022: 15.8%) on pre-tax profitability and cash flows does not produce a materially different result. The impairment test indicated that the VIU of the CGU of \u00a3549.4m (2022: \u00a3859.2m) was less than its carrying value of \u00a3625.6m (2022: \u00a3646.7m). As a result, our conclusion is that the Group\u2019s goodwill asset is impaired and, accordingly, an impairment charge of \u00a376.2m has been recognised. This charge is recorded as a separate line item in the consolidated income statement. The year-on-year movement in the headroom was as follows:
\u00a3m
Headroom at 1 January 2023 212.5
Decrease in VIU of CGU in 2023
(309.8)
Decrease in carrying value of CGU in 2023
21.1
Impairment at 31 December 2023
(76.2)
1 1. Headroom (i.e. the surplus of the VIU over the carrying value of the CGU) calculated in the Group\u2019s impairment testing as at 31 December 2022. The reduction in the VIU of the CGU year-on-year was \u00a3309.8m, arising from lower demand from retail clients in the short term, lower market valuations, and an increase in the cost of capital used by the Group in its testing. The impact of these factors is particularly significant in calculating the terminal value (i.e. the value of the Group beyond the period when future cash flows can be estimated), which contributes the majority of the reduction in VIU. The decrease in the carrying value of the CGU was largely due to the amortisation of intangible assets. As at the end of 2023, the Group has no headroom in respect of the VIU of its goodwill. The sensitivity of any possible re-establishment of headroom, or further impairment charges, to changes in key metrics and assumptions is shown in the table below which sets out the impacts of reasonably possible changes in key assumptions used in the VIU calculation:
Reasonably possible Decrease in valuation
Key variable adverse movement \u00a3m
Discount rate
+1%
48
Terminal growth rate movement
-1%
34
Decrease in revenue
-10%
183
1 1. The decrease in revenue represents a modelled percentage reduction in each year projected in the Group\u2019s base case forecast cash flows. The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability. Neither the Group\u2019s regulatory capital or liquidity resources nor its regulatory requirements are 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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-400": { "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).
2023 2022
\u00a3m \u00a3m
Cost
At 1 January and at 31 December
570.6
570.6
Accumulated impairment
At 1 January
\u2013
\u2013
Charge for the year
(76.2)
\u2013
At 31 December
(76.2)
\u2013
Net book value
At 31 December
494.4
570.6
The Group operates as a single asset management business segment and does not allocate costs between investment strategies or individual funds. The 2020 Merian acquisition largely comprised revenues and incremental costs and therefore increased the scale of the existing business, improving at the time 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 any reduction in the Group\u2019s profitability 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 (VIU) and fair value less costs of disposal of the CGU, and comparing this to the carrying value of the CGU. For the impairment test, the recoverable amount for the goodwill asset was calculated using a VIU 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 included an assumption of annual revenue growth based on our expectations of AUM growth, client fee rates and performance fees. The data was taken from the five-year plan, which was approved by the Board in February 2024 and is aligned with the strategic focus set out in the Chief Executive Officer\u2019s review on pages 8 to 11; \u2022 Long-term growth rates of 2% (2022: 2%) were used to calculate terminal value; and \u2022 A post-tax discount rate of 13.2% (2022: 12.8%) was calculated using the capital asset pricing model. Using a pre-tax discount rate of 17.0% (2022: 15.8%) on pre-tax profitability and cash flows does not produce a materially different result. The impairment test indicated that the VIU of the CGU of \u00a3549.4m (2022: \u00a3859.2m) was less than its carrying value of \u00a3625.6m (2022: \u00a3646.7m). As a result, our conclusion is that the Group\u2019s goodwill asset is impaired and, accordingly, an impairment charge of \u00a376.2m has been recognised. This charge is recorded as a separate line item in the consolidated income statement. The year-on-year movement in the headroom was as follows:
\u00a3m
Headroom at 1 January 2023 212.5
Decrease in VIU of CGU in 2023
(309.8)
Decrease in carrying value of CGU in 2023
21.1
Impairment at 31 December 2023
(76.2)
1 1. Headroom (i.e. the surplus of the VIU over the carrying value of the CGU) calculated in the Group\u2019s impairment testing as at 31 December 2022. The reduction in the VIU of the CGU year-on-year was \u00a3309.8m, arising from lower demand from retail clients in the short term, lower market valuations, and an increase in the cost of capital used by the Group in its testing. The impact of these factors is particularly significant in calculating the terminal value (i.e. the value of the Group beyond the period when future cash flows can be estimated), which contributes the majority of the reduction in VIU. The decrease in the carrying value of the CGU was largely due to the amortisation of intangible assets. As at the end of 2023, the Group has no headroom in respect of the VIU of its goodwill. The sensitivity of any possible re-establishment of headroom, or further impairment charges, to changes in key metrics and assumptions is shown in the table below which sets out the impacts of reasonably possible changes in key assumptions used in the VIU calculation:
Reasonably possible Decrease in valuation
Key variable adverse movement \u00a3m
Discount rate
+1%
48
Terminal growth rate movement
-1%
34
Decrease in revenue
-10%
183
1 1. The decrease in revenue represents a modelled percentage reduction in each year projected in the Group\u2019s base case forecast cash flows. The sensitivities modelled above represent the estimated impact on each metric in isolation and make no allowance for actions management would take to reduce costs should the Group experience future reductions in AUM or profitability. Neither the Group\u2019s regulatory capital or liquidity resources nor its regulatory requirements are 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 significant estimation uncertainty exists (see Note 30). Major elements of the plan are subject to factors such as market sentiment and index levels which are beyond the Group\u2019s control and, if forecasts are not met, further impairment of the asset could result. In view of the low headroom experienced in 2022 and the deterioration in the market environment since that time, the Group has engaged third-party valuation specialists to provide an opinion in relation to the value in use of the Group as at 31 December 2023 to allow the Group to ensure that inputs into the valuation process are reasonable and based on supportable management assumptions. The Group has also applied judgement in concluding that it operates as a single CGU for the purposes of goodwill impairment assessment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-401": { "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 recorded as a separate line item in the consolidated income statement and is recognised 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). As set out in Note 11, the Group has concluded that it operates as a single CGU and bases impairment testing on Group-wide cash generation to calculate the recoverable amount of its intangible assets. 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 between 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 2023 and 31 December 2022 and have concluded there are no indicators of impairment.
2023
2022
Investment Investment
Computer management Computer management
software contracts Total software contracts Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
16.3
75.0
91.3
20.1
75.0
95.1
Additions
2.9
\u2013
2.9
4.1
\u2013
4.1
Retiring assets
\u2013
\u2013
\u2013
(7.9)
\u2013
(7.9)
At 31 December
19.2
75.0
94.2
16.3
75.0
91.3
Accumulated amortisation
At 1 January
(9.1)
(47.0)
(56.1)
(14.8)
(28.2)
(43.0)
Charge for the year
(1.8)
(18.8)
(20.6)
(2.2)
(18.8)
(21.0)
Retiring assets
\u2013
\u2013
\u2013
7.9
\u2013
7.9
At 31 December
(10.9)
(65.8)
(76.7)
(9.1)
(47.0)
(56.1)
Net book value
At 31 December
8.3
9.2
17.5
7.2
28.0
35.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-371": { "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.
2023
2022
Office Office
Right-of-use Leasehold furniture and Right-of-use Leasehold furniture and
assets improvements equipment Total assets improvements equipment Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 January
50.1
5.4
6.4
61.9
49.2
5.7
14.9
69.8
Additions
0.6
\u2013
0.6
1.2
1.4
\u2013
1.2
2.6
Disposals
(1.6)
\u2013
\u2013
(1.6)
\u2013
\u2013
\u2013
\u2013
Retirement of fully-depreciated
assets
\u2013
\u2013
\u2013
\u2013
(0.5)
(0.3)
(9.7)
(10.5)
Lease modifications
0.2
\u2013
\u2013
0.2
\u2013
\u2013
\u2013
\u2013
At 31 December
49.3
5.4
7.0
61.7
50.1
5.4
6.4
61.9
Accumulated depreciation
At 1 January
(14.5)
(2.1)
(4.4)
(21.0)
(11.0)
(2.0)
(12.7)
(25.7)
Charge for the year
(3.9)
(0.3)
(1.0)
(5.2)
(4.0)
(0.4)
(1.4)
(5.8)
Disposals
1.6
\u2013
\u2013
1.6
\u2013
\u2013
\u2013
\u2013
Retirement of fully-depreciated
assets
\u2013
\u2013
\u2013
\u2013
0.5
0.3
9.7
10.5
Lease modifications
0.4
\u2013
\u2013
0.4
\u2013
\u2013
\u2013
\u2013
At 31 December
(16.4)
(2.4)
(5.4)
(24.2)
(14.5)
(2.1)
(4.4)
(21.0)
Net book value
At 31 December
32.9
3.0
1.6
37.5
35.6
3.3
2.0
40.9
Leases
(i) Amounts recognised in the balance sheet
The balance sheet shows the following amounts relating to leases:
2023 2022
Notes \u00a3m \u00a3m
Right-of-use assets
Buildings
32.8
35.4
Equipment
\u2013
0.1
Motor vehicles
0.1
0.1
32.9
35.6
Lease liabilities
Current
20
4.3
3.2
Non-current
20
39.8
43.1
26
44.1
46.3
A maturity analysis of the Group\u2019s lease liabilities is presented in Note 27.
(ii) Amounts recognised in the income statement
The income statement shows the following amounts relating to leases:
2023 2022
\u00a3m \u00a3m
Depreciation charge of right-of-use assets (included in administrative expenses)
Buildings
3.7
3.8
Equipment
0.1
0.1
Motor vehicles
0.1
0.1
3.9
4.0
Interest expense (included in finance costs)
1.5
1.6
Expense relating to short-term leases (included in administrative expenses)
0.2
0.4
The total cash outflow for leases in 2023 was \u00a34.9m (2022: \u00a37.8m).
(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 between 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.
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 and is therefore referred to in Note 30. 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. In addition, determination of the discount rate is
estimated by using a build-up approach that starts with a risk-free interest rate adjusted for credit risk and makes adjustments specific to the
lease, for example, term, country, currency and security. This methodology is judged by the Group to be an appropriate approximation of the
Group\u2019s incremental borrowing rate.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-402": { "value": "Leases (i) Amounts recognised in the balance sheet The balance sheet shows the following amounts relating to leases:
2023 2022
Notes \u00a3m \u00a3m
Right-of-use assets
Buildings
32.8
35.4
Equipment
\u2013
0.1
Motor vehicles
0.1
0.1
32.9
35.6
Lease liabilities
Current
20
4.3
3.2
Non-current
20
39.8
43.1
26
44.1
46.3
A maturity analysis of the Group\u2019s lease liabilities is presented in Note 27. (ii) Amounts recognised in the income statement The income statement shows the following amounts relating to leases:
2023 2022
\u00a3m \u00a3m
Depreciation charge of right-of-use assets (included in administrative expenses)
Buildings
3.7
3.8
Equipment
0.1
0.1
Motor vehicles
0.1
0.1
3.9
4.0
Interest expense (included in finance costs)
1.5
1.6
Expense relating to short-term leases (included in administrative expenses)
0.2
0.4
The total cash outflow for leases in 2023 was \u00a34.9m (2022: \u00a37.8m). (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 between 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. 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 and is therefore referred to in Note 30. 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. In addition, determination of the discount rate is estimated by using a build-up approach that starts with a risk-free interest rate adjusted for credit risk and makes adjustments specific to the lease, for example, term, country, currency and security. This methodology is judged by the Group to be an appropriate approximation of the Group\u2019s incremental borrowing rate. 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-441": { "value": "
14. INVESTMENTS IN ASSOCIATES
Investments in associates comprises entities over which the Group has significant influence, but not control or joint control, through participation
in the financial and operating policy decisions of the investee.
As a result of changes to the Group\u2019s commercial contracts with NZS Capital LLC (NZS), effective from 31 December 2023, the Group reclassified
its investment in its subsidiary undertaking NZS as an investment in an associate, reflecting the Group\u2019s judgement that its ability to exercise
control over NZS had been diluted by the changes. The Group\u2019s ownership of 25% of the capital of NZS, and its entitlement to 25% of its profits,
were not impacted by the changes. On reclassification, the Group recognised nil gain/nil loss on deemed disposal of the investment in subsidiary.
The carrying value of the investment in associate represents the Group\u2019s estimate of the fair value of its 25% ownership share and profit
entitlement at the date of reclassification.
The movements during the year were:
2023
2022
At 1 January
\u2013
\u2013
Additions
1.8
\u2013
At 31 December
1.8
\u2013
From 31 December 2023, the Group will equity account for NZS, recognising its share of NZS\u2019s profits and net assets as single line items
in the Group\u2019s income statement and balance sheet respectively.
28. 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:
Investment
Financial management/ Management/
Net AUM assets performance performance
Number of funds at FVTPL fees in the year fees receivable
of funds \u00a3bn \u00a3m \u00a3m \u00a3m
As at 31 December 2023
66
34.3
232.8
293.8
24.0
As at 31 December 2022
77
32.2
167.8
318.1
14.5
Subsidiaries and associates
Information about seed investments judged to be subsidiaries and associates at 31 December 2023 is given below:
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter European Smaller Companies
Subsidiary
England &
Unit Trust
13.8
57%
I GBP Acc
30-Aug
Wales G GBP Acc
and
G GBP Dist
Jupiter Global Emerging Markets
Subsidiary
Ireland
ICVC
5.5
100%
F EUR Acc
31-Dec
Focus ex China Fund sub-fund F GBP Acc
F USD Acc
I EUR Acc
I GBP Acc
I USD Acc
and
L USD Acc
Jupiter Global Fund SICAV: Europe
Subsidiary
Luxembourg
SICAV
25.3
57%
I EUR Acc
30-Sep
ex-UK Equity sub-fund and
I GBP Acc
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
77.6
22%
A USD Acc HSC
30-Sep
High Yield Short Duration Bond sub-fund A USD Q Inc HSC
A USD Q Inc IRD
D EUR ACC
D EUR Q Inc Dist
D HSC Acc USD
D USD Acc
F EUR Acc
G EUR Acc
G GBP Acc HSC
G GBP Q Dist HSC
G USD Acc
G USD Inc HSC
I EUR Acc
I GBP Acc HSC
I GBP Q Inc Dist
I USD Acc HSC
I USD Acc HSC Cap
L EUR Acc
L USD Acc
L USD Acc HSC
L USD Acc HSC Dist
N USD Acc
N USD Acc HSC
and
N USD Q Inc IRD
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
9.9
88%
A USD Acc
30-Sep
Sustainable Equities sub-fund D EUR Acc
D EUR A Inc
D USD Acc
G EUR Acc
G USD Acc
I EUR Acc
I USD Acc
L EUR Acc
L EUR A Inc
L USD Acc
N USD Acc
T EUR Acc
and
T USD Acc
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter Merlin Moderate Select
Subsidiary
England &
Unit Trust
5.1
100%
I Acc
31-May
Wales I Inc
J Acc
and
J Inc
Jupiter Systematic Consumer Trends
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
Jupiter Systematic Demographic
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Opportunities Fund sub-fund
Jupiter Systematic Disruptive
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Technology Fund sub-fund
Jupiter Systematic Healthcare
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Innovation Fund sub-fund
Jupiter Systematic Physical World
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
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:
Percentage Date of the
of share end of the
Financial class held Percentage fund's
Share class held by Country of assets at by the of total reporting
Name the Group
incorporation
Principal activities
FVTPL \u00a3m Group shares held period
Jupiter Asset Management Series Plc: Strategic Absolute
I GBP Acc
Ireland
ICVC sub-fund
0.8
41%
0%
31-Dec
Return Bond Fund
Jupiter Asset Management Series Plc: Strategic Absolute
I JPY Acc HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Return Bond Fund
Jupiter Asset Management Series Plc: Strategic Absolute
U3 SEK Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Return Bond Fund
Jupiter Asset Management Series Plc: Financial
F USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Contingent Capital Fund
Jupiter Asset Management Series Plc: Global Emerging
N USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Markets Focus Fund
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 UK
I GBP Acc
Ireland
ICVC sub-fund
0.7
71%
3%
31-Dec
Specialist Equity Fund
Jupiter Asset Management Series Plc: Merian North
I GBP INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian North
I USD INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian North
L USD INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian North
U2 GBP INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian World
I EUR Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
I GBP Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
I GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
L GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
L GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
L USD Dist
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
U1 GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Global Emerging Markets Fund
L GBP INC
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Global Fund SICAV: Asia Pacific Income
I EUR Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
I USD Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
L EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
L EUR Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
L USD Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Dynamic Bond
C Q HSC USD
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Inc
Jupiter Global Fund SICAV: Dynamic Bond
L JPY Hsc Acc
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
D EUR Q Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Dist
Jupiter Global Fund SICAV: Dynamic Bond ESG
D SGD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Asia Pacific Income
L SGD Q Inc
Luxembourg
SICAV sub-fund
\u2013
100%
10%
30-Sep
Dist HSC
Jupiter Global Fund SICAV: Dynamic Bond ESG
D SGD M Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
IRD HSC
Percentage Date of the
of share end of the
Financial class held Percentage fund's
Share class held by Country of assets at by the of total reporting
Name the Group
incorporation
Principal activities
FVTPL \u00a3m Group shares held period
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
K EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Dynamic Bond ESG
L EUR Q Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Dist
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
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: European Growth
D SGD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: European Growth
D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: European Growth
FIA IE
Brazil
SICAV sub-fund
1.5
100%
0%
30-Sep
Jupiter Global Fund SICAV: European Growth
N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: European Growth
USD FC FIA IE
Brazil
SICAV sub-fund
1.1
100%
0%
30-Sep
Jupiter Global Fund SICAV: Financial Innovation
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Financial Innovation
D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
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
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Global Convertibles
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Global Convertibles
C USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Global Ecology Growth
D EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Global Ecology Growth
U2 GBP Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Global Emerging Markets
A USD Q Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond
Jupiter Global Fund SICAV: Global Emerging Markets D GBP A Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond HSC
Jupiter Global Fund SICAV: Global Emerging Markets
I CHF Acc HSC
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond
Jupiter Global Fund SICAV: Global Emerging Markets L EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond HSC
Jupiter Global Fund SICAV: Global Emerging Markets
C USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Short Duration Bond
Jupiter Global Fund SICAV: Global Emerging Markets I USD A Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Short Duration Bond Dist
Jupiter Global Fund SICAV: Global Equity Growth D EUR Hedged
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Unconstrained Acc HSC
Jupiter Global Fund SICAV: Global Equity Growth
G EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Unconstrained
Jupiter Global Fund SICAV: Global Equity Growth
N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Unconstrained
Jupiter Global Fund SICAV: Global Value
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Global Value
U2 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 Acc
Luxembourg
SICAV sub-fund
0.8
49%
0%
30-Sep
Phsc
Jupiter Global Fund SICAV: Japan Select
D GBP S Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
PHSC
Percentage Date of the
of share end of the
Financial class held Percentage fund's
Share class held by Country of assets at by the of total reporting
Name the Group
incorporation
Principal activities
FVTPL \u00a3m Group shares held period
Jupiter Global Fund SICAV: Jupiter Global Sovereign
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign
D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities HSC
Jupiter Global Fund SICAV: Jupiter Global Sovereign
I EUR Acc HSC
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign L EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities HSC
Jupiter Global Fund SICAV: Jupiter Global Sovereign
L USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign
L USD Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign
N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Pan European Smaller A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller C USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller D GBP Acc
Luxembourg
SICAV sub-fund
\u2013
36%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller L USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Value Equity Fund
U2 GBP Acc
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
P GBP Acc
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
P GBP Dist
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
U1 GBP Acc
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
U1 GBP Dist
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-403": { "value": "14. INVESTMENTS IN ASSOCIATES Investments in associates comprises entities over which the Group has significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. As a result of changes to the Group\u2019s commercial contracts with NZS Capital LLC (NZS), effective from 31 December 2023, the Group reclassified its investment in its subsidiary undertaking NZS as an investment in an associate, reflecting the Group\u2019s judgement that its ability to exercise control over NZS had been diluted by the changes. The Group\u2019s ownership of 25% of the capital of NZS, and its entitlement to 25% of its profits, were not impacted by the changes. On reclassification, the Group recognised nil gain/nil loss on deemed disposal of the investment in subsidiary. The carrying value of the investment in associate represents the Group\u2019s estimate of the fair value of its 25% ownership share and profit entitlement at the date of reclassification. The movements during the year were:
2023
2022
At 1 January
\u2013
\u2013
Additions
1.8
\u2013
At 31 December
1.8
\u2013
From 31 December 2023, the Group will equity account for NZS, recognising its share of NZS\u2019s profits and net assets as single line items in the Group\u2019s income statement and balance sheet respectively. Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2023 is given below:
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter European Smaller Companies
Subsidiary
England &
Unit Trust
13.8
57%
I GBP Acc
30-Aug
Wales G GBP Acc
and
G GBP Dist
Jupiter Global Emerging Markets
Subsidiary
Ireland
ICVC
5.5
100%
F EUR Acc
31-Dec
Focus ex China Fund sub-fund F GBP Acc
F USD Acc
I EUR Acc
I GBP Acc
I USD Acc
and
L USD Acc
Jupiter Global Fund SICAV: Europe
Subsidiary
Luxembourg
SICAV
25.3
57%
I EUR Acc
30-Sep
ex-UK Equity sub-fund and
I GBP Acc
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
77.6
22%
A USD Acc HSC
30-Sep
High Yield Short Duration Bond sub-fund A USD Q Inc HSC
A USD Q Inc IRD
D EUR ACC
D EUR Q Inc Dist
D HSC Acc USD
D USD Acc
F EUR Acc
G EUR Acc
G GBP Acc HSC
G GBP Q Dist HSC
G USD Acc
G USD Inc HSC
I EUR Acc
I GBP Acc HSC
I GBP Q Inc Dist
I USD Acc HSC
I USD Acc HSC Cap
L EUR Acc
L USD Acc
L USD Acc HSC
L USD Acc HSC Dist
N USD Acc
N USD Acc HSC
and
N USD Q Inc IRD
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
9.9
88%
A USD Acc
30-Sep
Sustainable Equities sub-fund D EUR Acc
D EUR A Inc
D USD Acc
G EUR Acc
G USD Acc
I EUR Acc
I USD Acc
L EUR Acc
L EUR A Inc
L USD Acc
N USD Acc
T EUR Acc
and
T USD Acc
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter Merlin Moderate Select
Subsidiary
England &
Unit Trust
5.1
100%
I Acc
31-May
Wales I Inc
J Acc
and
J Inc
Jupiter Systematic Consumer Trends
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
Jupiter Systematic Demographic
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Opportunities Fund sub-fund
Jupiter Systematic Disruptive
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Technology Fund sub-fund
Jupiter Systematic Healthcare
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Innovation Fund sub-fund
Jupiter Systematic Physical World
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-372": { "value": "14. INVESTMENTS IN ASSOCIATES Investments in associates comprises entities over which the Group has significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee. As a result of changes to the Group\u2019s commercial contracts with NZS Capital LLC (NZS), effective from 31 December 2023, the Group reclassified its investment in its subsidiary undertaking NZS as an investment in an associate, reflecting the Group\u2019s judgement that its ability to exercise control over NZS had been diluted by the changes. The Group\u2019s ownership of 25% of the capital of NZS, and its entitlement to 25% of its profits, were not impacted by the changes. On reclassification, the Group recognised nil gain/nil loss on deemed disposal of the investment in subsidiary. The carrying value of the investment in associate represents the Group\u2019s estimate of the fair value of its 25% ownership share and profit entitlement at the date of reclassification. The movements during the year were:
2023
2022
At 1 January
\u2013
\u2013
Additions
1.8
\u2013
At 31 December
1.8
\u2013
From 31 December 2023, the Group will equity account for NZS, recognising its share of NZS\u2019s profits and net assets as single line items in the Group\u2019s income statement and balance sheet respectively. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-447": { "value": "15. DEFERRED TAX Analysis of the Group\u2019s deferred tax assets and liabilities is shown below:
Other deferred Intangible assets
Share-based Accelerated Employee Other temporary compensation arising upon
payments capital allowances benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Assets
6.3
0.5
\u2013
0.3
9.0
\u2013
16.1
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(2.3)
(2.3)
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
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:
Other deferred Intangible assets
Share-based Accelerated Other temporary compensation arising upon
payments capital allowances Employee benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
(Charged)/credited to the income
statement
(0.8)
(0.1)
(0.1)
\u2013
(2.3)
4.4
1.1
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
The other temporary differences balances at 31 December 2022 and 2023 include short-term timing differences and temporary differences between depreciation and capital allowances. The rate of corporation tax increased to 25% on 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 or were expected to be realised or settled. 20. 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 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 19) 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.
2023 2022
Non-current \u00a3m \u00a3m
Lease liabilities
39.8
43.1
Accrued expenses
16.0
34.1
Social security and other taxes
3.9
10.3
59.7
87.5
2023 2022
Current \u00a3m \u00a3m
Accrued expenses
112.6
114.3
Trade payables
81.6
62.7
Social security and other taxes
12.5
16.5
Other payables
10.4
5.4
Lease liabilities
4.3
3.2
Contract liabilities
\u2013
0.3
221.4
202.4
Accrued expenses of \u00a315.8m (2022: \u00a333.6m) included within non-current trade and other payables and \u00a321.3m (2022: \u00a313.2m) 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 \u00a30.1m (2022: \u00a30.7m). The Group expects to recognise revenue of \u00a3nil for the remaining performance obligations within one year (2022: \u00a30.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-444": { "value": "15. DEFERRED TAX Analysis of the Group\u2019s deferred tax assets and liabilities is shown below:
Other deferred Intangible assets
Share-based Accelerated Employee Other temporary compensation arising upon
payments capital allowances benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Assets
6.3
0.5
\u2013
0.3
9.0
\u2013
16.1
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(2.3)
(2.3)
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
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:
Other deferred Intangible assets
Share-based Accelerated Other temporary compensation arising upon
payments capital allowances Employee benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
(Charged)/credited to the income
statement
(0.8)
(0.1)
(0.1)
\u2013
(2.3)
4.4
1.1
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
The other temporary differences balances at 31 December 2022 and 2023 include short-term timing differences and temporary differences between depreciation and capital allowances. The rate of corporation tax increased to 25% on 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 or were expected to be realised or settled. 17. 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. based on actual historic credit loss experience, adjusted for forward-looking estimates. The Group considers a trade receivable to be impaired when one or more detrimental credit events have occurred. 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 (2022: \u00a3nil) (see Note 27). 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.
2023 2022
Non-current \u00a3m \u00a3m
Rent deposits
0.4
0.4
0.4
0.4
2023 2022
Current \u00a3m \u00a3m
Trade receivables
89.5
68.9
Prepayments
10.1
9.0
Accrued income
37.6
45.0
Contract assets
0.4
1.2
137.6
124.1
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 27. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3114.0m (2022: \u00a3104.8m). 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 (2022: \u00a30.9m). The Group expects to recognise expenses for the remaining performance services received over the following durations:
2023 2022
Contract assets \u00a3m \u00a3m
< 1 year
0.4
0.8
1-5 years
\u2013
0.4
0.4
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-432": { "value": "15. DEFERRED TAX Analysis of the Group\u2019s deferred tax assets and liabilities is shown below:
Other deferred Intangible assets
Share-based Accelerated Employee Other temporary compensation arising upon
payments capital allowances benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
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
Assets
6.3
0.5
\u2013
0.3
9.0
\u2013
16.1
Liabilities
\u2013
\u2013
\u2013
\u2013
\u2013
(2.3)
(2.3)
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
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:
Other deferred Intangible assets
Share-based Accelerated Other temporary compensation arising upon
payments capital allowances Employee benefits differences payments consolidation Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 January 2022
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
(Charged)/credited to the income
statement
(0.8)
(0.1)
(0.1)
\u2013
(2.3)
4.4
1.1
At 31 December 2023
6.3
0.5
\u2013
0.3
9.0
(2.3)
13.8
The other temporary differences balances at 31 December 2022 and 2023 include short-term timing differences and temporary differences between depreciation and capital allowances. The rate of corporation tax increased to 25% on 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 or were expected to be realised or settled. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-373": { "value": "
16. FINANCIAL INSTRUMENTS
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, derivative
financial instruments and UK government bonds. 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 principally comprise 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 27). 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 assets at amortised cost
Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred
compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash
flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded
within Trade and other receivables and, in the Income statement, within Finance income. At 31 December 2023, financial assets at amortised cost
had a fair value of \u00a313.7m (2022: N/A).
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:
2023 2022
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
87.5
72.6
Additional financial assets due to consolidation of funds
76.8
44.0
Derivatives and fund unit hedges
55.1
51.2
Financial assets at FVTPL
219.4
167.8
Financial assets at amortised cost
13.4
\u2013
232.8
167.8
2023 2022
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(80.2)
(48.6)
Other financial liabilities at FVTPL
(0.1)
(0.6)
(80.3)
(49.2)
SIGNIFICANT AREA OF JUDGEMENT In determining the level of control for seed investments, additional judgement is required and consolidation of seed investments is therefore referred to in Note 30. 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. The Group has seed investments in its unit trusts, ICVCs and 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 control may have changed.
19. 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 20. The Group
has the option to redeem all of the notes from 27 April 2025 onwards and has accounted for the debt on the basis that the option to redeem
will be exercised at the earliest possible date. The fair value of the notes as at 31 December 2023 was \u00a350.2m (2022: \u00a351.0m).
2023 2022
\u00a3m \u00a3m
Non-current subordinated debt in issue
49.7
49.5
The Group\u2019s RCF enables it to borrow up to \u00a340.0m (2022: \u00a380.0m). The facility expires in April 2026 and was undrawn throughout 2022 and 2023.
Interest on the RCF is payable at a rate per annum of SONIA (sterling overnight index average) reference rate plus a margin determined by the
Group\u2019s credit rating (currently 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 0.1% per annum when up to 33% of the facility is drawn, 0.2% per annum when 33% to 66% of the facility is drawn,
and 0.4% per annum when more than 66% of the facility is drawn.
Financial instruments by category The carrying value of the financial instruments of the Group at 31 December is shown below:
Financial
assets held at Financial
Financial assets amortised cost liabilities Other financial Non-financial
at FVTPL and other at FVTPL liabilities instruments Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
494.4
494.4
Intangible assets
\u2013
\u2013
\u2013
\u2013
17.5
17.5
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
37.5
37.5
Investment in associates
\u2013
1.8
\u2013
\u2013
\u2013
1.8
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
16.1
16.1
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets
219.4
13.4
\u2013
\u2013
\u2013
232.8
Current trade and other receivables
\u2013
127.1
\u2013
\u2013
10.5
137.6
Cash and cash equivalents
\u2013
268.2
\u2013
\u2013
\u2013
268.2
Current tax assets
\u2013
\u2013
\u2013
\u2013
1.3
1.3
Non-current loans and borrowings
\u2013
\u2013
\u2013
(49.7)
\u2013
(49.7)
Non-current trade and other payables
\u2013
\u2013
\u2013
(55.8)
(3.9)
(59.7)
Deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
(2.3)
(2.3)
Financial liabilities at FVTPL
\u2013
\u2013
(80.3)
\u2013
\u2013
(80.3)
Current trade and other payables
\u2013
\u2013
\u2013
(208.9)
(12.5)
(221.4)
Provisions
\u2013
\u2013
\u2013
(4.7)
\u2013
(4.7)
Total
219.4
410.9
(80.3)
(319.1)
558.6
789.5
2 1 1 1 1
Financial Financial
Financial assets assets held at liabilities Other financial Non-financial
at FVTPL amortised cost at FVTPL liabilities instruments Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
570.6
570.6
Intangible assets
\u2013
\u2013
\u2013
\u2013
35.2
35.2
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
40.9
40.9
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
19.4
19.4
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets at FVTPL
167.8
\u2013
\u2013
\u2013
\u2013
167.8
Current trade and other receivables
\u2013
113.9
\u2013
\u2013
10.2
124.1
Cash and cash equivalents
\u2013
280.3
\u2013
\u2013
\u2013
280.3
Current tax assets
\u2013
\u2013
\u2013
\u2013
3.3
3.3
Non-current loans and borrowings
\u2013
\u2013
\u2013
(49.5)
\u2013
(49.5)
Non-current trade and other payables
\u2013
\u2013
\u2013
(77.2)
(10.3)
(87.5)
Deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
(6.7)
(6.7)
Financial liabilities at FVTPL
\u2013
\u2013
(49.2)
\u2013
\u2013
(49.2)
Current trade and other payables
\u2013
\u2013
\u2013
(185.6)
(16.8)
(202.4)
Provisions
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Total
167.8
394.6
(49.2)
(315.1)
645.8
843.9
1 1 1 1 1. Prepayments, contract assets, contract liabilities, current tax assets and social security and other taxes do not meet the definition of financial instruments. 2. Includes investments in associates, which are initially recognised at cost and are adjusted subsequently to reflect any changes to the Group\u2019s share of the investee\u2019s net assets. At 31 December 2023, the fair value of issued subordinated debt, recorded within non-current loans and borrowings, was \u00a350.2m (2022: \u00a351.0m), less unamortised expenses of \u00a30.1m (2022: \u00a30.2m). The fair value of financial assets at amortised costs was \u00a313.7m (2022: N/A). Gains and losses recognised in the income statement by category are shown below:
2023
2022
Financial assets Other income Financial assets Other income
at FVTPL
1
and expense Total at FVTPL and expense Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
405.6
405.6
\u2013
443.5
443.5
Fee and commission expenses
\u2013
(36.8)
(36.8)
\u2013
(46.2)
(46.2)
Administrative expenses
1.5
(266.9)
(265.4)
(55.1)
(247.2)
(302.3)
Other gains/(losses)
3.2
\u2013
3.2
(9.7)
\u2013
(9.7)
Amortisation of intangible assets
\u2013
(20.6)
(20.6)
\u2013
(21.0)
(21.0)
Impairment of goodwill
\u2013
(76.2)
(76.2)
\u2013
\u2013
\u2013
Finance income
\u2013
5.8
5.8
\u2013
0.3
0.3
Finance costs
\u2013
(6.2)
(6.2)
\u2013
(6.6)
(6.6)
Income tax expense
\u2013
(22.3)
(22.3)
\u2013
(10.1)
(10.1)
Profit for the year
4.7
(17.6)
(12.9)
(64.8)
112.7
47.9
1 1. 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 2023, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at FVTPL \u2013 funds
141.7
77.7
\u2013
219.4
Financial liabilities at FVTPL
(80.2)
\u2013
\u2013
(80.2)
Other financial liabilities at FVTPL \u2013 derivatives
\u2013
(0.1)
\u2013
(0.1)
61.5
77.6
\u2013
139.1
As at 31 December 2022, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2022 \u00a3m \u00a3m \u00a3m \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
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. Financial liabilities at FVTPL These relate to non-controlling interests in funds that have been consolidated as subsidiaries.
Level 2 financial instruments
The fair values of financial instruments are 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,
principally comprising daily-priced corporate and government bonds where the pricing source may use a valuation including an adjustment to
market data.
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 foreign exchange contracts is recorded
within financial assets or liabilities at FVTPL, as appropriate.
At 31 December 2023, the notional value of the swaps was \u00a383.3m (2022: \u00a367.0m) and the foreign exchange forward contracts was \u00a340.1m (2022:
\u00a347.5m). The settlement amount of the swaps at 31 December 2023 was a payable of \u00a33.5m (2022: payable of \u00a30.9m) 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
(\u00a30.2m (2022: \u00a30.6m)).
Level 3 financial instruments
The Group held an immaterial amount of assets meeting the definition of level 3 financial instruments in 2022. These assets were held within
a fund consolidated as a subsidiary.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-442": { "value": "16. FINANCIAL INSTRUMENTS 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, derivative financial instruments and UK government bonds. 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 principally comprise 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 27). 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 assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the Income statement, within Finance income. At 31 December 2023, financial assets at amortised cost had a fair value of \u00a313.7m (2022: N/A). 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:
2023 2022
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
87.5
72.6
Additional financial assets due to consolidation of funds
76.8
44.0
Derivatives and fund unit hedges
55.1
51.2
Financial assets at FVTPL
219.4
167.8
Financial assets at amortised cost
13.4
\u2013
232.8
167.8
2023 2022
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(80.2)
(48.6)
Other financial liabilities at FVTPL
(0.1)
(0.6)
(80.3)
(49.2)
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 2023, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at FVTPL \u2013 funds
141.7
77.7
\u2013
219.4
Financial liabilities at FVTPL
(80.2)
\u2013
\u2013
(80.2)
Other financial liabilities at FVTPL \u2013 derivatives
\u2013
(0.1)
\u2013
(0.1)
61.5
77.6
\u2013
139.1
As at 31 December 2022, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2022 \u00a3m \u00a3m \u00a3m \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
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. Financial liabilities at FVTPL These relate to non-controlling interests in funds that have been consolidated as subsidiaries. Level 2 financial instruments The fair values of financial instruments are 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, principally comprising daily-priced corporate and government bonds where the pricing source may use a valuation including an adjustment to market data. 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 foreign exchange contracts is recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2023, the notional value of the swaps was \u00a383.3m (2022: \u00a367.0m) and the foreign exchange forward contracts was \u00a340.1m (2022: \u00a347.5m). The settlement amount of the swaps at 31 December 2023 was a payable of \u00a33.5m (2022: payable of \u00a30.9m) 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 (\u00a30.2m (2022: \u00a30.6m)). Level 3 financial instruments The Group held an immaterial amount of assets meeting the definition of level 3 financial instruments in 2022. These assets were held within a fund consolidated as a subsidiary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-445": { "value": "16. FINANCIAL INSTRUMENTS 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, derivative financial instruments and UK government bonds. 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 principally comprise 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 27). 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 assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the Income statement, within Finance income. At 31 December 2023, financial assets at amortised cost had a fair value of \u00a313.7m (2022: N/A). 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:
2023 2022
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
87.5
72.6
Additional financial assets due to consolidation of funds
76.8
44.0
Derivatives and fund unit hedges
55.1
51.2
Financial assets at FVTPL
219.4
167.8
Financial assets at amortised cost
13.4
\u2013
232.8
167.8
2023 2022
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(80.2)
(48.6)
Other financial liabilities at FVTPL
(0.1)
(0.6)
(80.3)
(49.2)
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 2023, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at FVTPL \u2013 funds
141.7
77.7
\u2013
219.4
Financial liabilities at FVTPL
(80.2)
\u2013
\u2013
(80.2)
Other financial liabilities at FVTPL \u2013 derivatives
\u2013
(0.1)
\u2013
(0.1)
61.5
77.6
\u2013
139.1
As at 31 December 2022, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2022 \u00a3m \u00a3m \u00a3m \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
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. Financial liabilities at FVTPL These relate to non-controlling interests in funds that have been consolidated as subsidiaries. Level 2 financial instruments The fair values of financial instruments are 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, principally comprising daily-priced corporate and government bonds where the pricing source may use a valuation including an adjustment to market data. 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 foreign exchange contracts is recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2023, the notional value of the swaps was \u00a383.3m (2022: \u00a367.0m) and the foreign exchange forward contracts was \u00a340.1m (2022: \u00a347.5m). The settlement amount of the swaps at 31 December 2023 was a payable of \u00a33.5m (2022: payable of \u00a30.9m) 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 (\u00a30.2m (2022: \u00a30.6m)). Level 3 financial instruments The Group held an immaterial amount of assets meeting the definition of level 3 financial instruments in 2022. These assets were held within a fund consolidated as a subsidiary. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-433": { "value": "16. FINANCIAL INSTRUMENTS 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, derivative financial instruments and UK government bonds. 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 principally comprise 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 27). 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 assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the Income statement, within Finance income. At 31 December 2023, financial assets at amortised cost had a fair value of \u00a313.7m (2022: N/A). 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:
2023 2022
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
87.5
72.6
Additional financial assets due to consolidation of funds
76.8
44.0
Derivatives and fund unit hedges
55.1
51.2
Financial assets at FVTPL
219.4
167.8
Financial assets at amortised cost
13.4
\u2013
232.8
167.8
2023 2022
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(80.2)
(48.6)
Other financial liabilities at FVTPL
(0.1)
(0.6)
(80.3)
(49.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-405": { "value": "Financial assets The Group\u2019s financial assets include cash and short-term deposits, trade and other receivables, investments in pooled funds, derivative financial instruments and UK government bonds. 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 principally comprise 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 27). 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 assets at amortised cost Financial assets at amortised cost comprises UK government bonds acquired for the purpose of hedging interest payable on cash-based deferred compensation awards. Investments are classified in this category if they have been acquired with the objective of collecting contractual cash flows, being solely payments of principal and interest. Interest is recognised using the effective interest method. Interest receivable is recorded within Trade and other receivables and, in the Income statement, within Finance income. At 31 December 2023, financial assets at amortised cost had a fair value of \u00a313.7m (2022: N/A). ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-404": { "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. 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:
2023 2022
\u00a3m \u00a3m
Financial assets
Direct seed investment at fair value
87.5
72.6
Additional financial assets due to consolidation of funds
76.8
44.0
Derivatives and fund unit hedges
55.1
51.2
Financial assets at FVTPL
219.4
167.8
Financial assets at amortised cost
13.4
\u2013
232.8
167.8
2023 2022
\u00a3m \u00a3m
Financial liabilities
Financial liabilities at FVTPL
(80.2)
(48.6)
Other financial liabilities at FVTPL
(0.1)
(0.6)
(80.3)
(49.2)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-374": { "value": "
17. 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.
based on actual historic credit loss experience, adjusted for forward-looking estimates. The Group considers a trade receivable to be impaired when
one or more detrimental credit events have occurred. 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 (2022: \u00a3nil) (see Note 27).
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.
2023 2022
Non-current \u00a3m \u00a3m
Rent deposits
0.4
0.4
0.4
0.4
2023 2022
Current \u00a3m \u00a3m
Trade receivables
89.5
68.9
Prepayments
10.1
9.0
Accrued income
37.6
45.0
Contract assets
0.4
1.2
137.6
124.1
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 27. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3114.0m
(2022: \u00a3104.8m).
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 (2022: \u00a30.9m). The Group expects to recognise expenses for the remaining performance services received over the following
durations:
2023 2022
Contract assets \u00a3m \u00a3m
< 1 year
0.4
0.8
1-5 years
\u2013
0.4
0.4
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-406": { "value": "17. 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. based on actual historic credit loss experience, adjusted for forward-looking estimates. The Group considers a trade receivable to be impaired when one or more detrimental credit events have occurred. 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 (2022: \u00a3nil) (see Note 27). 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.
2023 2022
Non-current \u00a3m \u00a3m
Rent deposits
0.4
0.4
0.4
0.4
2023 2022
Current \u00a3m \u00a3m
Trade receivables
89.5
68.9
Prepayments
10.1
9.0
Accrued income
37.6
45.0
Contract assets
0.4
1.2
137.6
124.1
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 27. Within trade and other receivables, the amount receivable from contracts with customers is \u00a3114.0m (2022: \u00a3104.8m). 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 (2022: \u00a30.9m). The Group expects to recognise expenses for the remaining performance services received over the following durations:
2023 2022
Contract assets \u00a3m \u00a3m
< 1 year
0.4
0.8
1-5 years
\u2013
0.4
0.4
1.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-375": { "value": "
18. CASH AND CASH EQUIVALENTS
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand
137.5
276.8
Cash equivalents
128.4
\u2013
Cash held by EBT and seed investment subsidiaries (see Note 30)
2.3
3.5
268.2
280.3
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 equivalents comprise units in short-term money market funds that can readily be converted into known amounts of cash and which are
subject to an insignificant risk of changes in value.
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-407": { "value": "18. CASH AND CASH EQUIVALENTS
2023 2022
\u00a3m \u00a3m
Cash at bank and in hand
137.5
276.8
Cash equivalents
128.4
\u2013
Cash held by EBT and seed investment subsidiaries (see Note 30)
2.3
3.5
268.2
280.3
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 equivalents comprise units in short-term money market funds that can readily be converted into known amounts of cash and which are subject to an insignificant risk of changes in value. Cash held by the EBT and seed investment subsidiaries is not available for use by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-434": { "value": "19. 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 20. The Group has the option to redeem all of the notes from 27 April 2025 onwards and has accounted for the debt on the basis that the option to redeem will be exercised at the earliest possible date. The fair value of the notes as at 31 December 2023 was \u00a350.2m (2022: \u00a351.0m).
2023 2022
\u00a3m \u00a3m
Non-current subordinated debt in issue
49.7
49.5
The Group\u2019s RCF enables it to borrow up to \u00a340.0m (2022: \u00a380.0m). The facility expires in April 2026 and was undrawn throughout 2022 and 2023. Interest on the RCF is payable at a rate per annum of SONIA (sterling overnight index average) reference rate plus a margin determined by the Group\u2019s credit rating (currently 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 0.1% per annum when up to 33% of the facility is drawn, 0.2% per annum when 33% to 66% of the facility is drawn, and 0.4% per annum when more than 66% of the facility is drawn. ", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-409": { "value": "19. 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 20. The Group has the option to redeem all of the notes from 27 April 2025 onwards and has accounted for the debt on the basis that the option to redeem will be exercised at the earliest possible date. The fair value of the notes as at 31 December 2023 was \u00a350.2m (2022: \u00a351.0m).
2023 2022
\u00a3m \u00a3m
Non-current subordinated debt in issue
49.7
49.5
The Group\u2019s RCF enables it to borrow up to \u00a340.0m (2022: \u00a380.0m). The facility expires in April 2026 and was undrawn throughout 2022 and 2023. Interest on the RCF is payable at a rate per annum of SONIA (sterling overnight index average) reference rate plus a margin determined by the Group\u2019s credit rating (currently 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 0.1% per annum when up to 33% of the facility is drawn, 0.2% per annum when 33% to 66% of the facility is drawn, and 0.4% per annum when more than 66% of the facility is drawn. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-376": { "value": "
20. 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 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 19) 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.
2023 2022
Non-current \u00a3m \u00a3m
Lease liabilities
39.8
43.1
Accrued expenses
16.0
34.1
Social security and other taxes
3.9
10.3
59.7
87.5
2023 2022
Current \u00a3m \u00a3m
Accrued expenses
112.6
114.3
Trade payables
81.6
62.7
Social security and other taxes
12.5
16.5
Other payables
10.4
5.4
Lease liabilities
4.3
3.2
Contract liabilities
\u2013
0.3
221.4
202.4
Accrued expenses of \u00a315.8m (2022: \u00a333.6m) included within non-current trade and other payables and \u00a321.3m (2022: \u00a313.2m) 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 \u00a30.1m (2022: \u00a30.7m). The Group expects to recognise revenue of \u00a3nil for the remaining performance obligations within one year (2022: \u00a30.3m).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-408": { "value": "20. 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 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 19) 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.
2023 2022
Non-current \u00a3m \u00a3m
Lease liabilities
39.8
43.1
Accrued expenses
16.0
34.1
Social security and other taxes
3.9
10.3
59.7
87.5
2023 2022
Current \u00a3m \u00a3m
Accrued expenses
112.6
114.3
Trade payables
81.6
62.7
Social security and other taxes
12.5
16.5
Other payables
10.4
5.4
Lease liabilities
4.3
3.2
Contract liabilities
\u2013
0.3
221.4
202.4
Accrued expenses of \u00a315.8m (2022: \u00a333.6m) included within non-current trade and other payables and \u00a321.3m (2022: \u00a313.2m) 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 \u00a30.1m (2022: \u00a30.7m). The Group expects to recognise revenue of \u00a3nil for the remaining performance obligations within one year (2022: \u00a30.3m).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-378": { "value": "
21. PROVISIONS
Provisions are liabilities of uncertain timing or amount. 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. Where a potential claim exists, it may either be recognised as a liability
or disclosed as a possible obligation. Provisions for liabilities are recognised when, in the Group\u2019s judgement, it has a present legal or constructive
obligation arising from a past event and it is probable that settlement will result in the recognition of a loss. Provisions are only recognised when
a reliable estimate can be made of the amount of the obligation. Amounts recognised as provisions are included within \u2018Administrative expenses\u2019
and are based on the Group\u2019s best estimates of the expenditure required to settle the obligation. Differences between estimated amounts and
final settlement amounts are recognised in the income statement.
2023
\u00a3m
At 1 January
2.8
Charge for the year
3.3
Provisions utilised
(0.9)
Provisions released
(0.5)
At 31 December
4.7
Settlement of provisions is expected to occur within one year. The provisions relate to various obligations arising from the Group\u2019s ongoing
operating activities.
SIGNIFICANT AREA OF ESTIMATION
The timing and amount of settlement of the Group\u2019s provisions is uncertain and is therefore referred to in Note 30. The Group makes
an assessment at each reporting date of the timing and quantum of its possible obligations which are based on estimates of reasonable ranges
of likely outcomes and the probability that payments become due. Liabilities recognised in respect of provisions may be covered by insurance
arrangements, subject to payments of excess. Any relevant insurance receivables are recognised separately as contingent assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-412": { "value": "21. PROVISIONS Provisions are liabilities of uncertain timing or amount. 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. Where a potential claim exists, it may either be recognised as a liability or disclosed as a possible obligation. Provisions for liabilities are recognised when, in the Group\u2019s judgement, it has a present legal or constructive obligation arising from a past event and it is probable that settlement will result in the recognition of a loss. Provisions are only recognised when a reliable estimate can be made of the amount of the obligation. Amounts recognised as provisions are included within \u2018Administrative expenses\u2019 and are based on the Group\u2019s best estimates of the expenditure required to settle the obligation. Differences between estimated amounts and final settlement amounts are recognised in the income statement.
2023
\u00a3m
At 1 January
2.8
Charge for the year
3.3
Provisions utilised
(0.9)
Provisions released
(0.5)
At 31 December
4.7
Settlement of provisions is expected to occur within one year. The provisions relate to various obligations arising from the Group\u2019s ongoing operating activities. SIGNIFICANT AREA OF ESTIMATION The timing and amount of settlement of the Group\u2019s provisions is uncertain and is therefore referred to in Note 30. The Group makes an assessment at each reporting date of the timing and quantum of its possible obligations which are based on estimates of reasonable ranges of likely outcomes and the probability that payments become due. Liabilities recognised in respect of provisions may be covered by insurance arrangements, subject to payments of excess. Any relevant insurance receivables are recognised separately as contingent assets.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-411": { "value": "
22. 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.
2023
Number of shares
2022
Number of shares
2023 2022
Authorised, issued, allotted, called-up and fully paid m m \u00a3m \u00a3m
Share capital
Ordinary shares of 2p each
545.0
546.4
10.9
10.9
545.0
546.4
10.9
10.9
Number of shares
Par value
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Movements in ordinary shares
At 1 January
546.4
553.1
10.9
11.1
Shares cancelled
(1.4)
(6.7)
-
(0.2)
At 31 December
545.0
546.4
10.9
10.9
In 2022 and early 2023, the Group carried out a \u00a310.0m share buyback and cancellation programme, purchasing and cancelling 6.7m ordinary
shares at a cost of \u00a38.0m in 2022, with a further purchase and cancellation of 1.4m shares in 2023 at a cost of \u00a32.0m. On cancellation of the shares,
an amount equal to their nominal value was transferred to a capital redemption reserve which forms part of \u2018Other reserves\u2019, as detailed
in Note 23. Shares cancelled represented 1.5% of the previously issued share capital.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-377": { "value": "22. 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.
2023
Number of shares
2022
Number of shares
2023 2022
Authorised, issued, allotted, called-up and fully paid m m \u00a3m \u00a3m
Share capital
Ordinary shares of 2p each
545.0
546.4
10.9
10.9
545.0
546.4
10.9
10.9
Number of shares
Par value
2023 2022 2023 2022
\u00a3m \u00a3m \u00a3m \u00a3m
Movements in ordinary shares
At 1 January
546.4
553.1
10.9
11.1
Shares cancelled
(1.4)
(6.7)
-
(0.2)
At 31 December
545.0
546.4
10.9
10.9
In 2022 and early 2023, the Group carried out a \u00a310.0m share buyback and cancellation programme, purchasing and cancelling 6.7m ordinary shares at a cost of \u00a38.0m in 2022, with a further purchase and cancellation of 1.4m shares in 2023 at a cost of \u00a32.0m. On cancellation of the shares, an amount equal to their nominal value was transferred to a capital redemption reserve which forms part of \u2018Other reserves\u2019, as detailed in Note 23. Shares cancelled represented 1.5% of the previously issued share capital. 23. 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 18.7m (2022: 10.4m) ordinary shares with a par value of \u00a30.4m (2022: \u00a30.2m) for the purpose of satisfying share option obligations to employees. The full cost of the purchases was \u00a324.5m (2022: \u00a321.4m). The Group disposed of 7.7m (2022: 7.2m) own shares to employees in satisfaction of share-based awards with a nominal value of \u00a30.2m (2022: \u00a30.1m). At 31 December 2023, 33.9m (2022: 22.9m) ordinary shares, with a par value of \u00a30.7m (2022: \u00a30.5m), were held as own shares within the Group\u2019s EBT. (ii) Other reserves Other reserves of \u00a3250.3m (2022: \u00a3250.3m) comprise the merger relief reserve of \u00a3242.1m (2022: \u00a3242.1m) formed on the acquisition of Merian in 2020, \u00a38.0m (2022: \u00a38.0m) that relates to the conversion of Tier 2 preference shares in 2010 and \u00a30.2m (2022: \u00a30.2m) of capital redemption reserve that was transferred from share capital on the cancellation of shares repurchased in 2022 and 2023 (see Note 22). (iii) Foreign currency translation reserve The foreign currency translation reserve of \u00a32.0m (2022: \u00a33.7m) is used to record exchange differences arising from the translation of the financial statements of foreign subsidiaries. (iv) Retained earnings Retained earnings of \u00a3527.0m (2022: \u00a3578.9m) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-410": { "value": "
23. 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 18.7m (2022: 10.4m) ordinary shares with a par value of \u00a30.4m (2022: \u00a30.2m) for the purpose of satisfying
share option obligations to employees. The full cost of the purchases was \u00a324.5m (2022: \u00a321.4m). The Group disposed of 7.7m (2022: 7.2m)
own shares to employees in satisfaction of share-based awards with a nominal value of \u00a30.2m (2022: \u00a30.1m). At 31 December 2023,
33.9m (2022: 22.9m) ordinary shares, with a par value of \u00a30.7m (2022: \u00a30.5m), were held as own shares within the Group\u2019s EBT.
(ii) Other reserves
Other reserves of \u00a3250.3m (2022: \u00a3250.3m) comprise the merger relief reserve of \u00a3242.1m (2022: \u00a3242.1m) formed on the acquisition
of Merian in 2020, \u00a38.0m (2022: \u00a38.0m) that relates to the conversion of Tier 2 preference shares in 2010 and \u00a30.2m (2022: \u00a30.2m) of capital
redemption reserve that was transferred from share capital on the cancellation of shares repurchased in 2022 and 2023 (see Note 22).
(iii) Foreign currency translation reserve
The foreign currency translation reserve of \u00a32.0m (2022: \u00a33.7m) is used to record exchange differences arising from the translation
of the financial statements of foreign subsidiaries.
(iv) Retained earnings
Retained earnings of \u00a3527.0m (2022: \u00a3578.9m) 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-435": { "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 18.7m (2022: 10.4m) ordinary shares with a par value of \u00a30.4m (2022: \u00a30.2m) for the purpose of satisfying share option obligations to employees. The full cost of the purchases was \u00a324.5m (2022: \u00a321.4m). The Group disposed of 7.7m (2022: 7.2m) own shares to employees in satisfaction of share-based awards with a nominal value of \u00a30.2m (2022: \u00a30.1m). At 31 December 2023, 33.9m (2022: 22.9m) ordinary shares, with a par value of \u00a30.7m (2022: \u00a30.5m), were held as own shares within the Group\u2019s EBT. ", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-381": { "value": "
24. DIVIDENDS
Dividend distributions to the Company\u2019s shareholders are recognised in the accounting period in which the dividends are paid.
2023 2022
\u00a3m \u00a3m
Prior year final dividend (0.5p per ordinary share) (2022: 9.2p per ordinary share)
2.6
48.6
Current year interim dividend (3.5p per ordinary share) (2022: 7.9p per ordinary share)
17.8
41.6
Special dividend (2.9p per ordinary share) (2022: nil)
14.8
\u2013
35.2
90.2
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 2023 were \u00a32.4m
(2022: \u00a34.3m).
A final dividend for 2023 of 3.4p per share (2022: 0.5p) has been proposed by the Directors. This dividend amounts to \u00a318.5m (before adjusting
for any dividends waived on shares in the EBT) and will be accounted for in 2024. Including the interim and special dividends for 2023 of 6.4p
per share (2022: 7.9p), this gives a total dividend per share of 9.8p (2022: 8.4p).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-414": { "value": "0.034", "decimals": 3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-413": { "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-415": { "value": "18500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-380": { "value": "
25. CASH FLOWS FROM OPERATING ACTIVITIES
2023 2022
Notes \u00a3m \u00a3m
Operating profit
86.0
64.3
Adjustments for:
Amortisation of intangible assets
12
20.6
21.0
Depreciation of property, plant and equipment
13
5.2
5.8
Other net (gains)/losses
(5.0)
28.2
(Gains)/losses on fund unit hedges
(1.5)
55.1
Share-based payments
18.5
13.6
(Increase)/decrease in trade and other receivables
(14.4)
12.2
Decrease in trade and other payables
(0.3)
(25.1)
Cash generated from operations
109.1
175.1
1
2
3
3
1. Comprises the reversal of items included in 'Other gains/(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 160 within 'Proceeds from
disposals of financial assets at FVTPL'.
2. Comprises the reversal of net (gains)/losses 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. 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 2022 and 2023, 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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-379": { "value": "
26. CHANGES IN LIABILITIES ARISING FROM FINANCING ACTIVITIES
2023
2022
Financial Financial
liabilities at Loans and liabilities at Loans and
FVTPL
borrowings
1
Leases Total FVTPL borrowings Leases Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Brought forward at 1 January
48.6
49.5
46.3
144.4
52.3
49.3
51.1
152.7
New leases
\u2013
\u2013
0.6
0.6
\u2013
\u2013
1.4
1.4
Changes from financing cash flows
28.9
\u2013
(4.9)
24.0
18.7
\u2013
(7.8)
10.9
Changes arising from obtaining or losing
control of consolidated funds
(1.2)
\u2013
\u2013
(1.2)
(14.4)
\u2013
\u2013
(14.4)
Changes in fair value
3.9
\u2013
\u2013
3.9
(8.0)
\u2013
\u2013
(8.0)
Interest expense
\u2013
0.2
1.5
1.7
\u2013
0.2
1.6
1.8
Lease reassignment and modifications
\u2013
\u2013
0.6
0.6
\u2013
\u2013
\u2013
\u2013
Liabilities arising from financing activities
carried forward at 31 December
80.2
49.7
44.1
174.0
48.6
49.5
46.3
144.4
Notes
16
19
20
16
19
20
1
2
2
1. Accrued interest on loans and borrowings is recorded within \u2018Trade and other payables\u2019 (Note 20) 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 into consolidated funds, net of redemptions (see Cash flow statement).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReconciliationOfLiabilitiesArisingFromFinancingActivitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-416": { "value": "
27. FINANCIAL RISK MANAGEMENT
Financial instruments by category
The carrying value of the financial instruments of the Group at 31 December is shown below:
Financial
assets held at Financial
Financial assets amortised cost liabilities Other financial Non-financial
at FVTPL and other at FVTPL liabilities instruments Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
494.4
494.4
Intangible assets
\u2013
\u2013
\u2013
\u2013
17.5
17.5
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
37.5
37.5
Investment in associates
\u2013
1.8
\u2013
\u2013
\u2013
1.8
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
16.1
16.1
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets
219.4
13.4
\u2013
\u2013
\u2013
232.8
Current trade and other receivables
\u2013
127.1
\u2013
\u2013
10.5
137.6
Cash and cash equivalents
\u2013
268.2
\u2013
\u2013
\u2013
268.2
Current tax assets
\u2013
\u2013
\u2013
\u2013
1.3
1.3
Non-current loans and borrowings
\u2013
\u2013
\u2013
(49.7)
\u2013
(49.7)
Non-current trade and other payables
\u2013
\u2013
\u2013
(55.8)
(3.9)
(59.7)
Deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
(2.3)
(2.3)
Financial liabilities at FVTPL
\u2013
\u2013
(80.3)
\u2013
\u2013
(80.3)
Current trade and other payables
\u2013
\u2013
\u2013
(208.9)
(12.5)
(221.4)
Provisions
\u2013
\u2013
\u2013
(4.7)
\u2013
(4.7)
Total
219.4
410.9
(80.3)
(319.1)
558.6
789.5
2
1
1
1
1
Financial Financial
Financial assets assets held at liabilities Other financial Non-financial
at FVTPL amortised cost at FVTPL liabilities instruments Total
2022 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Goodwill
\u2013
\u2013
\u2013
\u2013
570.6
570.6
Intangible assets
\u2013
\u2013
\u2013
\u2013
35.2
35.2
Property, plant and equipment
\u2013
\u2013
\u2013
\u2013
40.9
40.9
Deferred tax assets
\u2013
\u2013
\u2013
\u2013
19.4
19.4
Non-current trade and other receivables
\u2013
0.4
\u2013
\u2013
\u2013
0.4
Financial assets at FVTPL
167.8
\u2013
\u2013
\u2013
\u2013
167.8
Current trade and other receivables
\u2013
113.9
\u2013
\u2013
10.2
124.1
Cash and cash equivalents
\u2013
280.3
\u2013
\u2013
\u2013
280.3
Current tax assets
\u2013
\u2013
\u2013
\u2013
3.3
3.3
Non-current loans and borrowings
\u2013
\u2013
\u2013
(49.5)
\u2013
(49.5)
Non-current trade and other payables
\u2013
\u2013
\u2013
(77.2)
(10.3)
(87.5)
Deferred tax liabilities
\u2013
\u2013
\u2013
\u2013
(6.7)
(6.7)
Financial liabilities at FVTPL
\u2013
\u2013
(49.2)
\u2013
\u2013
(49.2)
Current trade and other payables
\u2013
\u2013
\u2013
(185.6)
(16.8)
(202.4)
Provisions
\u2013
\u2013
\u2013
(2.8)
\u2013
(2.8)
Total
167.8
394.6
(49.2)
(315.1)
645.8
843.9
1
1
1
1
1. Prepayments, contract assets, contract liabilities, current tax assets and social security and other taxes do not meet the definition of financial instruments.
2. Includes investments in associates, which are initially recognised at cost and are adjusted subsequently to reflect any changes to the Group\u2019s share of the investee\u2019s net assets.
At 31 December 2023, the fair value of issued subordinated debt, recorded within non-current loans and borrowings, was \u00a350.2m (2022: \u00a351.0m),
less unamortised expenses of \u00a30.1m (2022: \u00a30.2m). The fair value of financial assets at amortised costs was \u00a313.7m (2022: N/A).
Gains and losses recognised in the income statement by category are shown below:
2023
2022
Financial assets Other income Financial assets Other income
at FVTPL
1
and expense Total at FVTPL and expense Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Revenue
\u2013
405.6
405.6
\u2013
443.5
443.5
Fee and commission expenses
\u2013
(36.8)
(36.8)
\u2013
(46.2)
(46.2)
Administrative expenses
1.5
(266.9)
(265.4)
(55.1)
(247.2)
(302.3)
Other gains/(losses)
3.2
\u2013
3.2
(9.7)
\u2013
(9.7)
Amortisation of intangible assets
\u2013
(20.6)
(20.6)
\u2013
(21.0)
(21.0)
Impairment of goodwill
\u2013
(76.2)
(76.2)
\u2013
\u2013
\u2013
Finance income
\u2013
5.8
5.8
\u2013
0.3
0.3
Finance costs
\u2013
(6.2)
(6.2)
\u2013
(6.6)
(6.6)
Income tax expense
\u2013
(22.3)
(22.3)
\u2013
(10.1)
(10.1)
Profit for the year
4.7
(17.6)
(12.9)
(64.8)
112.7
47.9
1
1. 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 2023, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets at FVTPL \u2013 funds
141.7
77.7
\u2013
219.4
Financial liabilities at FVTPL
(80.2)
\u2013
\u2013
(80.2)
Other financial liabilities at FVTPL \u2013 derivatives
\u2013
(0.1)
\u2013
(0.1)
61.5
77.6
\u2013
139.1
As at 31 December 2022, the Group held the following financial instruments measured at fair value:
Level 1 Level 2 Level 3 Total
2022 \u00a3m \u00a3m \u00a3m \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
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.
Financial liabilities at FVTPL
These relate to non-controlling interests in funds that have been consolidated as subsidiaries.
Level 2 financial instruments The fair values of financial instruments are 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, principally comprising daily-priced corporate and government bonds where the pricing source may use a valuation including an adjustment to market data. 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 foreign exchange contracts is recorded within financial assets or liabilities at FVTPL, as appropriate. At 31 December 2023, the notional value of the swaps was \u00a383.3m (2022: \u00a367.0m) and the foreign exchange forward contracts was \u00a340.1m (2022: \u00a347.5m). The settlement amount of the swaps at 31 December 2023 was a payable of \u00a33.5m (2022: payable of \u00a30.9m) 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 (\u00a30.2m (2022: \u00a30.6m)). Level 3 financial instruments The Group held an immaterial amount of assets meeting the definition of level 3 financial instruments in 2022. These assets were held within a fund 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 Board has ultimate responsibility for oversight of the risks of the Group and for determining the risk appetite limits within which the Group must operate. It delegates day-to-day responsibility for risk management and control activities to the Chief Executive Officer, supported by the Risk and Compliance Committee, with oversight from the Audit and Risk Committee. 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 2023, the fair value, and therefore maximum exposure, was \u00a387.5m (2022: \u00a372.6m). 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 2022 and 31 December 2023, the Group held swap instruments to act as hedges against risk exposures arising from certain holdings in seed fund investments. The Group also holds units or shares in funds managed by the Group as part of its strategy to hedge against pricing risk inherent in fund-based awards (see Note 6). Once purchased, these assets provide an economic hedge against the pricing risk exposures created by the grant of fund-based awards. However, differences between accounting for the liability created by the award, which accrues over the vesting period of the awards, and the hedging asset, which is recognised in its entirety on purchase, mean that it is unlikely that the hedge would result in net nil gain/nil loss in any individual accounting period within the vesting period. As a result of this accounting mismatch, the Group\u2019s results are exposed to some residual elements of pricing risk through the grant of fund-based compensation awards.
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.
2023 2022
Impact on the income statement of change in equity markets \u00a3m \u00a3m
+10%
0.3
0.6
-10%
(0.3)
(0.6)
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, but has operations in a number of overseas locations and transacts in foreign currencies, thereby creating
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 the seed portfolio 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.
2023
2022
+10% -10% +10% -10%
Impact on the income statement of change in exchange rates \u00a3m \u00a3m \u00a3m \u00a3m
Sterling against Euro
(9.1)
11.1
(7.2)
8.8
Sterling against US Dollar
(5.5)
6.7
(3.6)
4.4
Sterling against Singaporean Dollar
(0.4)
0.5
(0.3)
0.3
Sterling against Swiss Franc
(0.3)
0.3
(0.3)
0.3
Sterling against Hong Kong Dollar
(1.4)
1.8
(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 holdings in cash and cash equivalents (Note 18). The Group puts cash
on deposit at fixed rates of interest for periods of up to three months. Investments in money market funds are exposed to interest rate risk
via the underlying holdings of the funds, which include instruments that earn interest at variable rates. The Group\u2019s Tier 2 subordinated debt
was issued at a fixed interest rate, and therefore has no interest rate risk exposure. The Group manages interest rate risk via the finance function
monitoring of interest rate cash flow risks and returns.
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.
2023 2022
Impact on the income statement of change in interest rates \u00a3m \u00a3m
+100 bps
2.7
2.8
-100 bps
(2.7)
(2.8)
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 and investments in money market funds, but also from its trade receivables and, in certain circumstances, financial assets at FVTPL. Trade receivables are monitored regularly. The Group manages its credit (and concentration) risk exposure by setting individual counterparty limits based on credit ratings. Historically, default levels on both treasury activities and trade receivables 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 \u00a3443.9m (2022: \u00a3396.6m), represented by the carrying value of its non-equity financial assets at FVTPL (\u00a372.8m (2022: \u00a347.4m)), other financial assets held at amortised cost (\u00a3102.9m (2022: \u00a368.9m)) and cash and cash equivalents (\u00a3268.2m (2022: \u00a3280.3m)). The fair values of the Group\u2019s financial liabilities at FVTPL are not affected by changes in the Group\u2019s credit risk. 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:
2023 2022
\u00a3m \u00a3m
Neither past due nor impaired
87.1
63.0
Days past due:
< 30
1.1
4.0
30-60
0.1
0.1
61-90
0.5
\u2013
> 90
0.7
1.8
89.5
68.9
None of the receivables past due were considered to be impaired (2022: \u00a3nil). The table below contains an analysis of financial assets held by the Group for which credit ratings are available:
2023
2022
Other financial Other financial
Financial assets Cash and cash assets held at Financial assets Cash and cash assets held at
at FVTPL equivalents amortised cost Total at FVTPL equivalents amortised cost Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
4.6
\u2013
\u2013
4.6
5.0
\u2013
\u2013
5.0
AA
3.9
\u2013
13.4
17.3
0.7
\u2013
\u2013
0.7
A
\u2013
201.6
3.5
205.1
2.6
163.8
0.4
166.8
BBB
6.7
66.6
\u2013
73.3
11.0
116.5
\u2013
127.5
BB
25.1
\u2013
\u2013
25.1
15.7
\u2013
\u2013
15.7
B
27.4
\u2013
\u2013
27.4
8.3
\u2013
\u2013
8.3
CCC
5.1
\u2013
\u2013
5.1
4.1
\u2013
\u2013
4.1
Not rated
146.6
\u2013
86.0
232.6
120.4
\u2013
68.5
188.9
Total
219.4
268.2
102.9
590.5
167.8
280.3
68.9
517.0
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 \u00a340.0m (2022: \u00a380.0m) which was unutilised at 31 December 2023 (2022: same). The facility expires in 2026.
The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 and 31 December 2023 based on
contractual undiscounted payments:
2023
2022
Within 1 year Within 1 year
or repayable or repayable
on demand 1-5 years > 5 years Total on demand 1-5 years > 5 years Total
Financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings\u00b9
4.5
54.4
\u2013
58.9
4.4
58.9
\u2013
63.3
Lease liabilities
5.8
19.0
27.6
52.4
6.0
19.4
32.1
57.5
Trade and other
payables
200.0
15.9
\u2013
215.9
179.7
34.0
\u2013
213.7
Provisions
4.7
\u2013
\u2013
4.7
2.8
\u2013
\u2013
2.8
Financial liabilities at
FVTPL
80.3
\u2013
\u2013
80.3
49.2
\u2013
\u2013
49.2
Total
295.3
89.3
27.6
412.2
242.1
112.3
32.1
386.5
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. The Group defines its capital as being equal to its share capital and reserves.
2023 2022
\u00a3m \u00a3m
Cash and short-term deposits
268.2
280.3
Loans and borrowings
(49.7)
(49.5)
Net cash and cash equivalents
218.5
230.8
Equity\u00b9
260.5
260.7
Retained earnings, foreign currency translation reserve and non-controlling interests
529.0
583.2
Total equity
789.5
843.9
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 and Compliance Committee and the Board.
In addition to the capital held to meet regulatory capital requirements, the Group maintains sufficient cash and liquid asset 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 and cash equivalents in the business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-383": { "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 Board has ultimate responsibility for oversight of the risks of the Group and for determining the risk appetite limits within which the Group must operate. It delegates day-to-day responsibility for risk management and control activities to the Chief Executive Officer, supported by the Risk and Compliance Committee, with oversight from the Audit and Risk Committee. 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. The Group defines its capital as being equal to its share capital and reserves.
2023 2022
\u00a3m \u00a3m
Cash and short-term deposits
268.2
280.3
Loans and borrowings
(49.7)
(49.5)
Net cash and cash equivalents
218.5
230.8
Equity\u00b9
260.5
260.7
Retained earnings, foreign currency translation reserve and non-controlling interests
529.0
583.2
Total equity
789.5
843.9
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 and Compliance Committee and the Board. In addition to the capital held to meet regulatory capital requirements, the Group maintains sufficient cash and liquid asset 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 and cash equivalents in the business.", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-382": { "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 2023, the fair value, and therefore maximum exposure, was \u00a387.5m (2022: \u00a372.6m).
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 2022 and 31 December 2023, the Group held swap instruments to act as hedges against
risk exposures arising from certain holdings in seed fund investments.
The Group also holds units or shares in funds managed by the Group as part of its strategy to hedge against pricing risk inherent in fund-based
awards (see Note 6). Once purchased, these assets provide an economic hedge against the pricing risk exposures created by the grant of
fund-based awards. However, differences between accounting for the liability created by the award, which accrues over the vesting period of the
awards, and the hedging asset, which is recognised in its entirety on purchase, mean that it is unlikely that the hedge would result in net nil gain/nil
loss in any individual accounting period within the vesting period. As a result of this accounting mismatch, the Group\u2019s results are exposed to
some residual elements of pricing risk through the grant of fund-based compensation awards.
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.
2023 2022
Impact on the income statement of change in equity markets \u00a3m \u00a3m
+10%
0.3
0.6
-10%
(0.3)
(0.6)
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, but has operations in a number of overseas locations and transacts in foreign currencies, thereby creating 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 the seed portfolio 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.
2023
2022
+10% -10% +10% -10%
Impact on the income statement of change in exchange rates \u00a3m \u00a3m \u00a3m \u00a3m
Sterling against Euro
(9.1)
11.1
(7.2)
8.8
Sterling against US Dollar
(5.5)
6.7
(3.6)
4.4
Sterling against Singaporean Dollar
(0.4)
0.5
(0.3)
0.3
Sterling against Swiss Franc
(0.3)
0.3
(0.3)
0.3
Sterling against Hong Kong Dollar
(1.4)
1.8
(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 holdings in cash and cash equivalents (Note 18). The Group puts cash on deposit at fixed rates of interest for periods of up to three months. Investments in money market funds are exposed to interest rate risk via the underlying holdings of the funds, which include instruments that earn interest at variable rates. The Group\u2019s Tier 2 subordinated debt was issued at a fixed interest rate, and therefore has no interest rate risk exposure. The Group manages interest rate risk via the finance function monitoring of interest rate cash flow risks and returns. 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.
2023 2022
Impact on the income statement of change in interest rates \u00a3m \u00a3m
+100 bps
2.7
2.8
-100 bps
(2.7)
(2.8)
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-436": { "value": "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.
2023 2022
Impact on the income statement of change in equity markets \u00a3m \u00a3m
+10%
0.3
0.6
-10%
(0.3)
(0.6)
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.
2023
2022
+10% -10% +10% -10%
Impact on the income statement of change in exchange rates \u00a3m \u00a3m \u00a3m \u00a3m
Sterling against Euro
(9.1)
11.1
(7.2)
8.8
Sterling against US Dollar
(5.5)
6.7
(3.6)
4.4
Sterling against Singaporean Dollar
(0.4)
0.5
(0.3)
0.3
Sterling against Swiss Franc
(0.3)
0.3
(0.3)
0.3
Sterling against Hong Kong Dollar
(1.4)
1.8
(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 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.
2023 2022
Impact on the income statement of change in interest rates \u00a3m \u00a3m
+100 bps
2.7
2.8
-100 bps
(2.7)
(2.8)
", "dimensions": { "concept": "ifrs-full:SensitivityAnalysisForEachTypeOfMarketRisk", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-384": { "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 and investments
in money market funds, but also from its trade receivables and, in certain circumstances, financial assets at FVTPL. Trade receivables are monitored
regularly. The Group manages its credit (and concentration) risk exposure by setting individual counterparty limits based on credit ratings.
Historically, default levels on both treasury activities and trade receivables 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 \u00a3443.9m (2022: \u00a3396.6m), represented by the carrying value of its non-equity financial assets at
FVTPL (\u00a372.8m (2022: \u00a347.4m)), other financial assets held at amortised cost (\u00a3102.9m (2022: \u00a368.9m)) and cash and cash equivalents (\u00a3268.2m (2022:
\u00a3280.3m)).
The fair values of the Group\u2019s financial liabilities at FVTPL are not affected by changes in the Group\u2019s credit risk.
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:
2023 2022
\u00a3m \u00a3m
Neither past due nor impaired
87.1
63.0
Days past due:
< 30
1.1
4.0
30-60
0.1
0.1
61-90
0.5
\u2013
> 90
0.7
1.8
89.5
68.9
None of the receivables past due were considered to be impaired (2022: \u00a3nil).
The table below contains an analysis of financial assets held by the Group for which credit ratings are available:
2023
2022
Other financial Other financial
Financial assets Cash and cash assets held at Financial assets Cash and cash assets held at
at FVTPL equivalents amortised cost Total at FVTPL equivalents amortised cost Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
AAA
4.6
\u2013
\u2013
4.6
5.0
\u2013
\u2013
5.0
AA
3.9
\u2013
13.4
17.3
0.7
\u2013
\u2013
0.7
A
\u2013
201.6
3.5
205.1
2.6
163.8
0.4
166.8
BBB
6.7
66.6
\u2013
73.3
11.0
116.5
\u2013
127.5
BB
25.1
\u2013
\u2013
25.1
15.7
\u2013
\u2013
15.7
B
27.4
\u2013
\u2013
27.4
8.3
\u2013
\u2013
8.3
CCC
5.1
\u2013
\u2013
5.1
4.1
\u2013
\u2013
4.1
Not rated
146.6
\u2013
86.0
232.6
120.4
\u2013
68.5
188.9
Total
219.4
268.2
102.9
590.5
167.8
280.3
68.9
517.0
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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-385": { "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 \u00a340.0m (2022: \u00a380.0m) which was unutilised at 31 December 2023 (2022: same). The facility expires in 2026. The table below summarises the maturity profile of the Group\u2019s financial liabilities at 31 December 2022 and 31 December 2023 based on contractual undiscounted payments:
2023
2022
Within 1 year Within 1 year
or repayable or repayable
on demand 1-5 years > 5 years Total on demand 1-5 years > 5 years Total
Financial liabilities \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Loans and borrowings\u00b9
4.5
54.4
\u2013
58.9
4.4
58.9
\u2013
63.3
Lease liabilities
5.8
19.0
27.6
52.4
6.0
19.4
32.1
57.5
Trade and other
payables
200.0
15.9
\u2013
215.9
179.7
34.0
\u2013
213.7
Provisions
4.7
\u2013
\u2013
4.7
2.8
\u2013
\u2013
2.8
Financial liabilities at
FVTPL
80.3
\u2013
\u2013
80.3
49.2
\u2013
\u2013
49.2
Total
295.3
89.3
27.6
412.2
242.1
112.3
32.1
386.5
1. Includes contractual payments of interest. ", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-386": { "value": "
28. 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:
Investment
Financial management/ Management/
Net AUM assets performance performance
Number of funds at FVTPL fees in the year fees receivable
of funds \u00a3bn \u00a3m \u00a3m \u00a3m
As at 31 December 2023
66
34.3
232.8
293.8
24.0
As at 31 December 2022
77
32.2
167.8
318.1
14.5
Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2023 is given below:
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter European Smaller Companies
Subsidiary
England &
Unit Trust
13.8
57%
I GBP Acc
30-Aug
Wales G GBP Acc
and
G GBP Dist
Jupiter Global Emerging Markets
Subsidiary
Ireland
ICVC
5.5
100%
F EUR Acc
31-Dec
Focus ex China Fund sub-fund F GBP Acc
F USD Acc
I EUR Acc
I GBP Acc
I USD Acc
and
L USD Acc
Jupiter Global Fund SICAV: Europe
Subsidiary
Luxembourg
SICAV
25.3
57%
I EUR Acc
30-Sep
ex-UK Equity sub-fund and
I GBP Acc
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
77.6
22%
A USD Acc HSC
30-Sep
High Yield Short Duration Bond sub-fund A USD Q Inc HSC
A USD Q Inc IRD
D EUR ACC
D EUR Q Inc Dist
D HSC Acc USD
D USD Acc
F EUR Acc
G EUR Acc
G GBP Acc HSC
G GBP Q Dist HSC
G USD Acc
G USD Inc HSC
I EUR Acc
I GBP Acc HSC
I GBP Q Inc Dist
I USD Acc HSC
I USD Acc HSC Cap
L EUR Acc
L USD Acc
L USD Acc HSC
L USD Acc HSC Dist
N USD Acc
N USD Acc HSC
and
N USD Q Inc IRD
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
9.9
88%
A USD Acc
30-Sep
Sustainable Equities sub-fund D EUR Acc
D EUR A Inc
D USD Acc
G EUR Acc
G USD Acc
I EUR Acc
I USD Acc
L EUR Acc
L EUR A Inc
L USD Acc
N USD Acc
T EUR Acc
and
T USD Acc
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter Merlin Moderate Select
Subsidiary
England &
Unit Trust
5.1
100%
I Acc
31-May
Wales I Inc
J Acc
and
J Inc
Jupiter Systematic Consumer Trends
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
Jupiter Systematic Demographic
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Opportunities Fund sub-fund
Jupiter Systematic Disruptive
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Technology Fund sub-fund
Jupiter Systematic Healthcare
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Innovation Fund sub-fund
Jupiter Systematic Physical World
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
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:
Percentage Date of the
of share end of the
Financial class held Percentage fund's
Share class held by Country of assets at by the of total reporting
Name the Group
incorporation
Principal activities
FVTPL \u00a3m Group shares held period
Jupiter Asset Management Series Plc: Strategic Absolute
I GBP Acc
Ireland
ICVC sub-fund
0.8
41%
0%
31-Dec
Return Bond Fund
Jupiter Asset Management Series Plc: Strategic Absolute
I JPY Acc HSC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Return Bond Fund
Jupiter Asset Management Series Plc: Strategic Absolute
U3 SEK Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Return Bond Fund
Jupiter Asset Management Series Plc: Financial
F USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Contingent Capital Fund
Jupiter Asset Management Series Plc: Global Emerging
N USD Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Markets Focus Fund
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 UK
I GBP Acc
Ireland
ICVC sub-fund
0.7
71%
3%
31-Dec
Specialist Equity Fund
Jupiter Asset Management Series Plc: Merian North
I GBP INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian North
I USD INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian North
L USD INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian North
U2 GBP INC
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
American Equity Fund
Jupiter Asset Management Series Plc: Merian World
I EUR Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
I GBP Acc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
I GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
L GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
L GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
L USD Dist
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Asset Management Series Plc: Merian World
U1 GBP Inc
Ireland
ICVC sub-fund
\u2013
100%
0%
31-Dec
Equity Fund
Jupiter Global Emerging Markets Fund
L GBP INC
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Global Fund SICAV: Asia Pacific Income
I EUR Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
I USD Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
L EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
L EUR Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Asia Pacific Income
L USD Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Dynamic Bond
C Q HSC USD
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Inc
Jupiter Global Fund SICAV: Dynamic Bond
L JPY Hsc Acc
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
D EUR Q Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Dist
Jupiter Global Fund SICAV: Dynamic Bond ESG
D SGD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Asia Pacific Income
L SGD Q Inc
Luxembourg
SICAV sub-fund
\u2013
100%
10%
30-Sep
Dist HSC
Jupiter Global Fund SICAV: Dynamic Bond ESG
D SGD M Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
IRD HSC
Percentage Date of the
of share end of the
Financial class held Percentage fund's
Share class held by Country of assets at by the of total reporting
Name the Group
incorporation
Principal activities
FVTPL \u00a3m Group shares held period
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
K EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Dynamic Bond ESG
L EUR Q Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Dist
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
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: European Growth
D SGD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: European Growth
D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: European Growth
FIA IE
Brazil
SICAV sub-fund
1.5
100%
0%
30-Sep
Jupiter Global Fund SICAV: European Growth
N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: European Growth
USD FC FIA IE
Brazil
SICAV sub-fund
1.1
100%
0%
30-Sep
Jupiter Global Fund SICAV: Financial Innovation
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Financial Innovation
D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
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
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Global Convertibles
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Global Convertibles
C USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
HSC
Jupiter Global Fund SICAV: Global Ecology Growth
D EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Global Ecology Growth
U2 GBP Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Global Emerging Markets
A USD Q Dist
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond
Jupiter Global Fund SICAV: Global Emerging Markets D GBP A Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond HSC
Jupiter Global Fund SICAV: Global Emerging Markets
I CHF Acc HSC
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond
Jupiter Global Fund SICAV: Global Emerging Markets L EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Corporate Bond HSC
Jupiter Global Fund SICAV: Global Emerging Markets
C USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Short Duration Bond
Jupiter Global Fund SICAV: Global Emerging Markets I USD A Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Short Duration Bond Dist
Jupiter Global Fund SICAV: Global Equity Growth D EUR Hedged
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Unconstrained Acc HSC
Jupiter Global Fund SICAV: Global Equity Growth
G EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Unconstrained
Jupiter Global Fund SICAV: Global Equity Growth
N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Unconstrained
Jupiter Global Fund SICAV: Global Value
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Jupiter Global Fund SICAV: Global Value
U2 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 Acc
Luxembourg
SICAV sub-fund
0.8
49%
0%
30-Sep
Phsc
Jupiter Global Fund SICAV: Japan Select
D GBP S Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
PHSC
Percentage Date of the
of share end of the
Financial class held Percentage fund's
Share class held by Country of assets at by the of total reporting
Name the Group
incorporation
Principal activities
FVTPL \u00a3m Group shares held period
Jupiter Global Fund SICAV: Jupiter Global Sovereign
A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign
D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign D USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities HSC
Jupiter Global Fund SICAV: Jupiter Global Sovereign
I EUR Acc HSC
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign L EUR Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities HSC
Jupiter Global Fund SICAV: Jupiter Global Sovereign
L USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign
L USD Inc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Jupiter Global Sovereign
N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Opportunities
Jupiter Global Fund SICAV: Pan European Smaller A USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller C USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller D GBP Acc
Luxembourg
SICAV sub-fund
\u2013
36%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller L USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Fund SICAV: Pan European Smaller N USD Acc
Luxembourg
SICAV sub-fund
\u2013
100%
0%
30-Sep
Companies HSC
Jupiter Global Value Equity Fund
U2 GBP Acc
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
P GBP Acc
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
P GBP Dist
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
U1 GBP Acc
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
Jupiter Responsible Income Fund
U1 GBP Dist
England &
Unit Trust
\u2013
100%
0%
31-May
Wales
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutInterestsInStructuredEntityExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-417": { "value": "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:
Investment
Financial management/ Management/
Net AUM assets performance performance
Number of funds at FVTPL fees in the year fees receivable
of funds \u00a3bn \u00a3m \u00a3m \u00a3m
As at 31 December 2023
66
34.3
232.8
293.8
24.0
As at 31 December 2022
77
32.2
167.8
318.1
14.5
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInUnconsolidatedStructuredEntitiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-437": { "value": "Subsidiaries and associates Information about seed investments judged to be subsidiaries and associates at 31 December 2023 is given below:
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter European Smaller Companies
Subsidiary
England &
Unit Trust
13.8
57%
I GBP Acc
30-Aug
Wales G GBP Acc
and
G GBP Dist
Jupiter Global Emerging Markets
Subsidiary
Ireland
ICVC
5.5
100%
F EUR Acc
31-Dec
Focus ex China Fund sub-fund F GBP Acc
F USD Acc
I EUR Acc
I GBP Acc
I USD Acc
and
L USD Acc
Jupiter Global Fund SICAV: Europe
Subsidiary
Luxembourg
SICAV
25.3
57%
I EUR Acc
30-Sep
ex-UK Equity sub-fund and
I GBP Acc
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
77.6
22%
A USD Acc HSC
30-Sep
High Yield Short Duration Bond sub-fund A USD Q Inc HSC
A USD Q Inc IRD
D EUR ACC
D EUR Q Inc Dist
D HSC Acc USD
D USD Acc
F EUR Acc
G EUR Acc
G GBP Acc HSC
G GBP Q Dist HSC
G USD Acc
G USD Inc HSC
I EUR Acc
I GBP Acc HSC
I GBP Q Inc Dist
I USD Acc HSC
I USD Acc HSC Cap
L EUR Acc
L USD Acc
L USD Acc HSC
L USD Acc HSC Dist
N USD Acc
N USD Acc HSC
and
N USD Q Inc IRD
Jupiter Global Fund SICAV: Global
Subsidiary
Luxembourg
SICAV
9.9
88%
A USD Acc
30-Sep
Sustainable Equities sub-fund D EUR Acc
D EUR A Inc
D USD Acc
G EUR Acc
G USD Acc
I EUR Acc
I USD Acc
L EUR Acc
L EUR A Inc
L USD Acc
N USD Acc
T EUR Acc
and
T USD Acc
Date of the end of
Country of Principal Financial assets Percentage of the fund's
Name
Category
incorporation activities at FVTPL \u00a3m
total AUM held
Share class held by the Group
reporting period
Jupiter Merlin Moderate Select
Subsidiary
England &
Unit Trust
5.1
100%
I Acc
31-May
Wales I Inc
J Acc
and
J Inc
Jupiter Systematic Consumer Trends
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
Jupiter Systematic Demographic
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Opportunities Fund sub-fund
Jupiter Systematic Disruptive
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Technology Fund sub-fund
Jupiter Systematic Healthcare
Subsidiary
Ireland
ICVC
5.1
100%
I USD Acc
31-Dec
Innovation Fund sub-fund
Jupiter Systematic Physical World
Subsidiary
Ireland
ICVC
5.0
100%
I USD Acc
31-Dec
Fund sub-fund
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-387": { "value": "
29. RELATED PARTIES
The Group manages a number of investment trusts, unit trusts, OEICs, SICAVs, ICVCs, a hedge fund (closed in 2022) and Delaware LPs and receives
management and, in some instances, registration (Aggregate Operating Fee) and 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 investment manager for 30 (2022: 34) authorised unit trusts and 9 (2022: 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 \u00a32,223m (2022: \u00a32,714m) for unit trust
creations and \u00a34,052m (2022: \u00a33,570m) for unit trust liquidations. The actual aggregate amount due to (2022: from) the trustees at the end of the
accounting year in respect of transactions awaiting settlement was \u00a37.5m (2022: \u00a324.0m). The Group also acts as the management company for the
Jupiter Global Fund and Jupiter Investment Fund SICAVs, made up of 17 sub-funds (2022: 20) and 3 sub-funds (2022: 4) respectively, as well as the
Jupiter Investment Management Series II and the Jupiter Asset Management Series plc, made up of 9 (2022: 12) and 23 (2022: 18) sub-funds
respectively. The administrator is Citibank Europe plc, Luxembourg Branch.
The amounts received in respect of gross management, registration and performance fee charges split by investment vehicle were \u00a3237.1m (2022:
\u00a3254.8m) for unit trusts, \u00a343.2m (2022: \u00a360.9m) for OEICs, \u00a389.7m (2022: \u00a3100.8m) for SICAVs, \u00a346.5m (2022: \u00a349.9m) for ICVCs, \u00a34.3m (2022: \u00a36.4m)
for investment trusts and \u00a331.9m (2022: \u00a327.0m) for segregated mandates. At the end of the year, there was \u00a323.4m (2022: \u00a328.9m) accrued for
annual management fees, \u00a31.2m (2022: \u00a31.4m) in respect of registration fees and \u00a312.7m (2022: \u00a39.7m) in respect of performance fees.
Included within financial instruments (see Note 16) are seed investments, hedges of awards in fund units in mutual funds and investment trusts,
and proprietary investments in an investment trust, all managed, but not controlled, by the Group. At 31 December 2023, the Group had a total
net investment in such funds of \u00a356.5m (2022: \u00a353.1m) and received distributions of \u00a30.5m (2022: \u00a31.0m). During 2023, it invested \u00a336.4m
(2022: \u00a324.1m) in these funds and made disposals of \u00a30.3m (2022: \u00a386.6m).
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, and the Strategy and Management Committee. The aggregate compensation paid
or payable to key management for employee services is shown below:
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
3.7
3.8
Share-based payments
1.3
1.6
Other long-term employee benefits
1.2
1.7
6.2
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-438": { "value": "29. RELATED PARTIES The Group manages a number of investment trusts, unit trusts, OEICs, SICAVs, ICVCs, a hedge fund (closed in 2022) and Delaware LPs and receives management and, in some instances, registration (Aggregate Operating Fee) and 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 investment manager for 30 (2022: 34) authorised unit trusts and 9 (2022: 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 \u00a32,223m (2022: \u00a32,714m) for unit trust creations and \u00a34,052m (2022: \u00a33,570m) for unit trust liquidations. The actual aggregate amount due to (2022: from) the trustees at the end of the accounting year in respect of transactions awaiting settlement was \u00a37.5m (2022: \u00a324.0m). The Group also acts as the management company for the Jupiter Global Fund and Jupiter Investment Fund SICAVs, made up of 17 sub-funds (2022: 20) and 3 sub-funds (2022: 4) respectively, as well as the Jupiter Investment Management Series II and the Jupiter Asset Management Series plc, made up of 9 (2022: 12) and 23 (2022: 18) sub-funds respectively. The administrator is Citibank Europe plc, Luxembourg Branch. The amounts received in respect of gross management, registration and performance fee charges split by investment vehicle were \u00a3237.1m (2022: \u00a3254.8m) for unit trusts, \u00a343.2m (2022: \u00a360.9m) for OEICs, \u00a389.7m (2022: \u00a3100.8m) for SICAVs, \u00a346.5m (2022: \u00a349.9m) for ICVCs, \u00a34.3m (2022: \u00a36.4m) for investment trusts and \u00a331.9m (2022: \u00a327.0m) for segregated mandates. At the end of the year, there was \u00a323.4m (2022: \u00a328.9m) accrued for annual management fees, \u00a31.2m (2022: \u00a31.4m) in respect of registration fees and \u00a312.7m (2022: \u00a39.7m) in respect of performance fees. Included within financial instruments (see Note 16) are seed investments, hedges of awards in fund units in mutual funds and investment trusts, and proprietary investments in an investment trust, all managed, but not controlled, by the Group. At 31 December 2023, the Group had a total net investment in such funds of \u00a356.5m (2022: \u00a353.1m) and received distributions of \u00a30.5m (2022: \u00a31.0m). During 2023, it invested \u00a336.4m (2022: \u00a324.1m) in these funds and made disposals of \u00a30.3m (2022: \u00a386.6m). 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, and the Strategy and Management Committee. The aggregate compensation paid or payable to key management for employee services is shown below:
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
3.7
3.8
Share-based payments
1.3
1.6
Other long-term employee benefits
1.2
1.7
6.2
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-418": { "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, and the Strategy and Management Committee. The aggregate compensation paid or payable to key management for employee services is shown below:
2023 2022
\u00a3m \u00a3m
Short-term employee benefits
3.7
3.8
Share-based payments
1.3
1.6
Other long-term employee benefits
1.2
1.7
6.2
7.1
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-358": { "value": "6.2 7.1 30. BASIS OF PREPARATION AND OTHER ACCOUNTING POLICIES Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (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 of these financial statements. In preparing the financial statements, we have considered the impact of climate change, particularly in the context of the disclosures included on Sustainability on pages 36 to 47. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations.
Basis of accounting
The consolidated financial statements for the year ended 31 December 2023 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 IAS requires the use of 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 Significant 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.
Associates are those entities over which the Group has significant influence. Such entities are not consolidated, but are accounted for using
the equity method.
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.
A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 33. 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. Significant 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 is a reasonable level of risk that the use of estimates and judgements could lead to a material change within the next financial year in respect of the valuation of the Group\u2019s goodwill asset, as set out in Note 11. 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 16. Consolidation of seed investments. Areas of the financial statements where the use of estimation is important, but where the risk of material adjustment is not significant, are discussed in the following notes: 5. Share-based payments; 6. Cash and fund-based deferred compensation awards; 13. Calculation of lease assets and liabilities; and 21. Provisions.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-388": { "value": "Basis of preparation The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (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 of these financial statements. In preparing the financial statements, we have considered the impact of climate change, particularly in the context of the disclosures included on Sustainability on pages 36 to 47. There has not been a material impact on the financial reporting judgements and estimates arising from our considerations. Basis of accounting The consolidated financial statements for the year ended 31 December 2023 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 IAS requires the use of 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 Significant accounting estimates, judgements and assumptions. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-419": { "value": "
The consolidated financial statements have been prepared in accordance with UK-adopted International Accounting Standards (IAS) and with the
requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-420": { "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", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-421": { "value": "No standards or interpretations have been issued that have had or are expected to have an impact on the Group\u2019s financial statements.", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-422": { "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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-390": { "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.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-389": { "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. Associates are those entities over which the Group has significant influence. Such entities are not consolidated, but are accounted for using the equity method. 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.
A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 33. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-423": { "value": "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. Associates are those entities over which the Group has significant influence. Such entities are not consolidated, but are accounted for using the equity method. 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. A list of subsidiaries, split into operating and holding companies and consolidated funds, is provided in Note 33. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-392": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-424": { "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": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-391": { "value": "
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.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-439": { "value": "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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-7": { "value": "plc", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-357": { "value": "
The Zig Zag Building
70 Victoria Street
London SW1E 6SQ
", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "fact-6": { "value": "The Zig Zag Building 70 Victoria Street London SW1E 6SQ", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:5493003DJ1G01IMQ7S28", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }