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The consolidated Financial Statements were approved and authorised by the Directors of the Company o n 26 March 2024 an d were
signed on its behalf by:
Alvaro Perera
Chief Financial Officer
Allfunds Group plc
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"decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-281": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromChangesInOwnershipInterestsInSubsidiaries", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-282": { "value": "53618000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-283": { "value": "-92805000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-284": { "value": "-2153000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-285": { "value": "-2211000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-286": { "value": "477631000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-287": { "value": "-569289000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-288": { "value": "1623341000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-289": { "value": "2192630000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-290": { "value": "2100972000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-291": { "value": "1623341000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-292": { "value": "
1.\u00a0 General Information
Allfunds Group plc, (the \u201cCompany\u201d) is a public limited company domiciled in England and Wales, United Kingdom . The address of the
registered office is at 2 Fitzroy Place, 8 Mortimer Street, London, United Kingdom, W1T 3JJ.
The Company was formerly named Allfunds (UK) Limited, until 14 April 2021 when the name was changed to Allfunds Group Limited.
Following the admission to listing and trading on Euronext Amsterdam on 23 April 2021, the Company was converted into a public
company with limited liability with the name Allfunds Group plc.
The activities that the Company (the ultimate parent company) and its subsidiaries (the \u201cAllfunds Group\u201d) ultimately undertake are as
follows:
\u2022 The performance of all kinds of activities, transactions and services of the banking business in general, related thereto or permitted
under current legislation and financial reporting framework applicable to the Bank of Spain;
\u2022 The acquisition, holding, use, administration, and disposal of Spanish and foreign marketable securities, shares and equity interests
in companies, in accordance with current legislation; and
\u2022 The provision of investment services and any applicable supplementary activity under current legislation.
As at 31 December 2023, the Company is 34.8% owned by LHC3 Limited (formerly LHC3 Plc), 5.9% by BNP Paribas S.A., 6.4% by
BNP Paribas Asset Management Holding (\u201cBNPP AM\u201d), 0.2% by the Company through Treasury Shares, while the remaining 52.7% of
the ordinary shares of the Company are listed on the Euronext Amsterdam exchange.\u00a0
The largest shareholder, LHC3 Limited, is in turn wholly owned by LHC2 Limited having its registered address at Third Floor, 37
Esplanade, St. Helier, Jersey, JE1 1AD. Similarly LHC2 Limited is wholly owned by LHC1 Limited which indirectly holds its share of the
Company through LHC2 Limited and LHC3 Limited. LHC1 Limited is ultimately jointly controlled by Hellman & Friedman LLC and its
affiliates (\u201cH&F\u201d), and Eiffel Investment Pte Ltd, a nominated investment vehicle of GIC Special Investments Pte Ltd, a direct
subsidiary of GIC (Ventures) Pte Ltd (\u201cEiffel\u201d), with a minority holding held by LHC Manco Limited, a company owned by certain
members of senior management of the Allfunds Group.
2.b. Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial assets and liabilities
at fair value through profit and loss.
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d), rounded to the nearest thousand.
The Directors have made enquiries and, having considered the current economic climate at the time of approving the consolidated
financial statements, as well as the expected working capital requirements that the Group will have for the 12 months from the date
that these financial statements are signed and issued, they have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-293": { "value": "Allfunds Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-294": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-295": { "value": "England and Wales,", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-296": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-297": { "value": "2 Fitzroy Place, 8 Mortimer Street", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-298": { "value": "The Company was formerly named Allfunds (UK) Limited, until 14 April 2021 when the name was changed to Allfunds Group Limited. Following the admission to listing and trading on Euronext Amsterdam on 23 April 2021, the Company was converted into a public company with limited liability with the name Allfunds Group plc.", "dimensions": { "concept": "ifrs-full:ExplanationOfChangeInNameOfReportingEntityOrOtherMeansOfIdentificationFromEndOfPrecedingReportingPeriod", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-299": { "value": "The activities that the Company (the ultimate parent company) and its subsidiaries (the \u201cAllfunds Group\u201d) ultimately undertake are as follows:\u2022 The performance of all kinds of activities, transactions and services of the banking business in general, related thereto or permitted under current legislation and financial reporting framework applicable to the Bank of Spain;\u2022 The acquisition, holding, use, administration, and disposal of Spanish and foreign marketable securities, shares and equity interests in companies, in accordance with current legislation; and\u2022 The provision of investment services and any applicable supplementary activity under current legislation.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-300": { "value": "
2.\u00a0 Basis of Accounting
2.a. Statement of compliance
The consolidated and individual financial statements for the year ended 31 December 2023 (the \u201cFinancial Statements\u201d) have been
prepared on a going concern basis and in accordance with International Accounting Standards in conformity with the requirements of
the United Kingdom (UK) Companies Act 2006 and International Financial Reporting Standards (IFRS) as adopted by the European
Union (EU).", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-301": { "value": "
The consolidated and individual financial statements for the year ended 31 December 2023 (the \u201cFinancial Statements\u201d) have been
prepared on a going concern basis
The Directors have made enquiries and, having considered the current economic climate at the time of approving the consolidated
financial statements, as well as the expected working capital requirements that the Group will have for the 12 months from the date
that these financial statements are signed and issued, they have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
40.\u00a0 Going Concern
The directors have made enquiries and having considered the current economic climate, including the impact of both the Ukrainian-
Russian and Israeli - Palestine Wars, at the time of approving the financial statements, they have no knowledge of any material
uncertainties. Furthermore, there are sufficient resources for at least the next 12 months to cover the expected working capital
requirements for both the Allfunds Group individual Company and the consolidated Group. Cash and highly liquid assets held by the
Group would be sufficient to cover a total cash outflow of the balances held on demand accounts of the counterparties (see Notes
12, 16 and 17).
As a consequence, the Directors have a reasonable expectation that the Allfunds Group and Company have adequate resources to
continue in operational existence for the foreseeable future. Accordingly, they have continued to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-302": { "value": "
2.b. Basis of preparation
The financial statements have been prepared on the historical cost basis, except for the revaluation of financial assets and liabilities
at fair value through profit and loss.
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d), rounded to the nearest thousand.
The Directors have made enquiries and, having considered the current economic climate at the time of approving the consolidated
financial statements, as well as the expected working capital requirements that the Group will have for the 12 months from the date
that these financial statements are signed and issued, they have a reasonable expectation that the Group will have adequate
resources to continue in operational existence for the foreseeable future. Thus, they continue to adopt the going concern basis of
accounting in preparing the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-303": { "value": "
The financial statements are presented in Euros, which is the currency of the primary economic environment in which the Group
operates (the \u201cfunctional currency\u201d),", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-304": { "value": "
2.c. Basis of Consolidation
Subsidiaries are all entities over which the parent company has control (see Note 42). The investor (parent company) controls an
investee if and only if the investor has all of the following: a) power over the investee; b) exposure, or rights, to variable returns from
its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor's returns.
Subsidiaries are fully consolidated from the date on which control is transferred to the parent company. They are derecognised from
the date that control ceases. The acquisition method is used by the Group to account for business combinations.
When the parent company has less than a majority of the voting rights of an investee, they consider that they have power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the
Group.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the
Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction process evidence of an
impairment of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-305": { "value": "
Subsidiaries are all entities over which the parent company has control (see Note 42). The investor (parent company) controls an
investee if and only if the investor has all of the following: a) power over the investee; b) exposure, or rights, to variable returns from
its involvement with the investee; and c) the ability to use its power over the investee to affect the amount of the investor's returns.
Subsidiaries are fully consolidated from the date on which control is transferred to the parent company. They are derecognised from
the date that control ceases. The acquisition method is used by the Group to account for business combinations.
When the parent company has less than a majority of the voting rights of an investee, they consider that they have power over the
investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally.
Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the
Group.
All intragroup assets and liabilities, equity, income, expenses and cash flows relating to transactions between the members of the
Group are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction process evidence of an
impairment of the transferred asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-309": { "value": "
2.d. New standards interpretations and amendments adopted by the Group
The following amendments and interpretations became effective during the year. Their adoption has not had any significant impact
on the Group:
Effective from
IFRS 17 \u2013 Insurance contracts and Amendments to IFRS 17
1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
1 January 2023
Definition of Accounting Estimates (Amendment to IAS 8)
1 January 2023
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
1 January 2023
Classification of Liabilities as Current or Non-Current (Amendment to IAS 1)
1 January 2023
International Tax Reform - Pillar Two Model Rules (Amendment to IAS 12)
1 January 2023
The following amendments and interpretations became effective after the 31 December 2023:
Effective from
Amendments to IFRS 16 \u2013Leases on Sale and Leaseback
1 January 2024
Amendments to IAS 1 \u2013 Non Current Liabilities and Covenants
1 January 2024
The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not yet
effective. Management believe that any early adoption of these standards would not have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-307": { "value": "
2.d. New standards interpretations and amendments adopted by the Group
The following amendments and interpretations became effective during the year. Their adoption has not had any significant impact
on the Group:
Effective from
IFRS 17 \u2013 Insurance contracts and Amendments to IFRS 17
1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
1 January 2023
Definition of Accounting Estimates (Amendment to IAS 8)
1 January 2023
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
1 January 2023
Classification of Liabilities as Current or Non-Current (Amendment to IAS 1)
1 January 2023
International Tax Reform - Pillar Two Model Rules (Amendment to IAS 12)
1 January 2023
The following amendments and interpretations became effective after the 31 December 2023:
Effective from
Amendments to IFRS 16 \u2013Leases on Sale and Leaseback
1 January 2024
Amendments to IAS 1 \u2013 Non Current Liabilities and Covenants
1 January 2024
The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not yet
effective. Management believe that any early adoption of these standards would not have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-306": { "value": "
2.d. New standards interpretations and amendments adopted by the Group
The following amendments and interpretations became effective during the year. Their adoption has not had any significant impact
on the Group:
Effective from
IFRS 17 \u2013 Insurance contracts and Amendments to IFRS 17
1 January 2023
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)
1 January 2023
Definition of Accounting Estimates (Amendment to IAS 8)
1 January 2023
Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2)
1 January 2023
Classification of Liabilities as Current or Non-Current (Amendment to IAS 1)
1 January 2023
International Tax Reform - Pillar Two Model Rules (Amendment to IAS 12)
1 January 2023
The following amendments and interpretations became effective after the 31 December 2023:
Effective from
Amendments to IFRS 16 \u2013Leases on Sale and Leaseback
1 January 2024
Amendments to IAS 1 \u2013 Non Current Liabilities and Covenants
1 January 2024
The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not yet
effective. Management believe that any early adoption of these standards would not have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-308": { "value": "2.d. New standards interpretations and amendments adopted by the GroupThe following amendments and interpretations became effective during the year. Their adoption has not had any significant impact on the Group:Effective fromIFRS 17 \u2013 Insurance contracts and Amendments to IFRS 171 January 2023Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to IAS 12)1 January 2023Definition of Accounting Estimates (Amendment to IAS 8)1 January 2023Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) 1 January 2023Classification of Liabilities as Current or Non-Current (Amendment to IAS 1)1 January 2023International Tax Reform - Pillar Two Model Rules (Amendment to IAS 12)1 January 2023 The following amendments and interpretations became effective after the 31 December 2023:Effective fromAmendments to IFRS 16 \u2013Leases on Sale and Leaseback1 January 2024Amendments to IAS 1 \u2013 Non Current Liabilities and Covenants 1 January 2024The Group has not early adopted any of these or any other standard, interpretation or amendment that has been issued but is not yet effective. Management believe that any early adoption of these standards would not have a significant impact on the Group.", "dimensions": { "concept": "ifrs-full:ExplanationOfNotAppliedNewStandardsOrInterpretations", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-310": { "value": "
3.\u00a0 Significant Accounting Policies
The Group's accounting policies have been applied consistently by all Group entities and for all periods presented herein.
3.a. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at
the reporting date, with the foreign currency difference recognised in other operating income/(expense).
Differences arising on the translation of investments measured at fair value through OCI are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the Euro
functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency
that are measured based on historical cost are translated using the exchange rate at the date of the transaction.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into
euros at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at the
exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and presented in the other reserves (translation reserve)
of equity.
3.b. Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes a
party to the contractual provisions of the instrument.
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers, the
balances required to be held at central banks, and debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents and debt securities, as all financial assets at
amortised cost are short-term receivables and the recognition of interest would be immaterial. Financial assets are derecognised
when the contractual right to the cash flows from the asset expired or have been transferred.
iii. Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments but the contractual cash flows do not comply with the requirements of the SPPI
test. These assets are recognised in the consolidated balance sheet and measured upon acquisition at fair value\u00a0 and changes in the
fair value are recognised as their net value, when applicable, under the heading gains or losses on financial assets at fair value
through profit and loss within the other operating income expense. Please see Note 31.\u00a0
iv. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
v. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
vi. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\"ECL\") which uses a lifetime expected loss
allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default
when it is past due by more than 90 days since agreement. This approach is consistent with the expectations and requirements of
the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The carrying amount of the financial assets is
reduced by the use of a provision, in general terms, two years past due. When a trade receivable is considered uncollectible, it is
written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision.
Changes in the carrying amount of the provision are recognised in the income statement. Please see Note 6.b.
vii. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
viii. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other financial
liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other
payment obligations.
Financial liabilities are initially recorded at fair value, net of transaction costs. They are subsequently measured at amortised cost
using the effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are
discharged, cancelled or they expire.
ix. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the
lease term. Please see Note 3.i.
x. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured
at amortised cost using the effective interest method.
xi. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised
as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-
date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date
amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is
recognised immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit
involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each
of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on
the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a
subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the
gain or loss on disposal.
3.d. Property, Plant and Equipment
Items of property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditures that are directly attributable to the acquisition of the items.
Subsequent costs are included in the 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 repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2023 and 31
December 2022, over the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction or
which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated objectively and
from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with clients
through cooperation agreements, current relations with clients through exclusivity agreements, brand name, and sub-distribution
agreement. These are stated at cost less amortisation or fair value less any recognised impairment loss. Amortisation is provided on
all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each
asset evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2023 and 31
December 2022, are as follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.
3.f. Revenue recognition
Fee, commission and service revenue
The Group identifies revenue to be recognised in accordance with the provisions of the agreements signed with customers. The
services can be differentiated according to the type of service, as detailed further below. The Group recognises contract assets and
liabilities in accordance with IFRS 15 as a result of the balances generated for accrued fee, commission and service revenues. See
Notes 13 and 18 for further information regarding the contract assets and liabilities, respectively.
Platform revenue:
Includes those directly related to the total market value of the volume of Assets under Administration (\"AuA\"). Platform Revenues can
be divided into Asset-Based Revenues, Transaction-Based Revenues and Net Treasury Income.
The Group considers that the service is provided, and the performance obligation satisfied, when subscription and redemption of
UCIs are settled and accordingly the positions are allocated in the clients' securities accounts, or when the services are rendered and
completed in the case of Transaction- Based Revenues.
Asset-Based Revenues: Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance
with the volume of activity and the contractual price, according to two models, described below:
\u2022 Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services, and
\u2022 Rebate Model: Under the Rebate Model, applicable primarily for retail share classes, Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these
fees are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Net Treasury Income: consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a variety
of financial instruments in a held to collect business model. The contractual characteristics of these financial instruments meet the
SPPI test whereby the contractual terms of the financial asset give rise to cash-flows that are solely payments of principal and
interest on the principal amounts outstanding.\u00a0
In 2023, the Group has set-up the \"Treasury activities\" business area with the aim of generating recurring revenues managing
liquidity originated by the intermediation and distribution activities of UCIs with Distributors and Fund Houses. The area has been
provided with material and human resources, established procedures and controls, provides regular reporting to the Executive
Committee and has expanded the variety of financial instruments and counterparties, and renegotiated conditions to maximize
returns. Currently, the business model is defined as \"Held to collect\" (the assets under this category are subsequently measured at
amortized cost, after initial recognition, using the \"effective interest rate\" method) although the implementation of other business
models is not ruled out in the future.
Subscription and other revenues:
These include:
\u2022 Financial, legal or banking services: the service is provided and the performance obligation satisfied at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022 Information delivery services: the service is provided and the performance obligation satisfied over a period of time in accordance
with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract - monthly, quarterly
or annually. The performance obligation is satisfied over a period of time as defined in the contract, and the revenue is recognised
pro-rata over this same period.
\u2022 Environmental, Social and Governance (\"ESG\") related services: providing investment strategies via model portfolios and
empowered reporting.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund Houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting
period as the income associated with the assets under intermediation/distribution (see\u00a0above).
The Group assesses whether it acts as a principal or an agent with regard to income earned from its platform and Allfunds has
concluded that it acts as a principal for this income. This conclusion is primarily based on the fact that Allfunds controls the services
and goods (that is, financial products) due to its primary responsibility for the services rendered through the platform, through the
risk it assumes through executing transactions, and having discretion in establishing pricing (see IFRS 15.B37). Based on these facts
and the analysis, the Group has concluded that it acts as principal and, furthermore, this being the manner in which Allfunds
Management runs the business.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service
expense, plus the interest income from treasury activities. Net revenue includes the results of all the principal products and services
offered by Allfunds for the Wealth Management industry, reflecting the integral interrelationship between revenue generated and the
expenses concurrently incurred.
3.g. Employee Benefits
3.g. i. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated sick leave that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service, are recognised in respect of
employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented within other liabilities in the consolidated statement of financial position, as long as there in
no right to deferral.
3.g. ii. Post-employment obligations \u2013 defined contribution plans
The Group\u2019s post-employment obligations to its employees are deemed to be \u201cdefined contribution plans\u201d where the Group makes
pre-determined contributions to a separate entity and will have no legal or effective obligation to make further contributions if the
separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset
to the extent that a cash refund or a reduction in the future payments is available.
3.g. iii. Post-employment obligations \u2013 defined benefit plans
As of 31 December 2023, the Group maintains pension commitments with respect to certain employees of the Italian and Swiss
branches of the Group's indirect subsidiary, Allfunds Bank, S.A.U. which,\u00a0 in accordance with the provisions of the applicable
regulations, meet the conditions to be considered defined benefit. The Group records within provisions in the consolidated balance
sheet the present value of these post-employment defined benefit obligations.
3.g. iv. Long-Term Incentive Plan (\u201cLTIP\u201d)
In 2021, 2022 and 2023, the Board of Directors of the Company approved the launch of Long-Term Incentive Plans (LTIPs) as share-
based payment schemes of Allfunds Group plc applicable to executive directors, senior management, and other employees of the
Group. Two cycles of the LTIP are granted (one in October 2021 and the other in April 2022), and both are divided into two types of
incentives:
a. A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's permanence
in Allfunds until the payment date and the degree of achievement of two metrics:
a. The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a group of
comparable companies, and
b. The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance period.
The first incentive has been divided into two equal tranches, the first of which was executed at the beginning of 2023, and the
second tranche at the beginning of 2024 (for the second incentive plan the date is at the beginning of 2025 and for the third
incentive plan in 2026).
b. A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which will also be executed in two equal instalments at the beginning of 2023 and 2024 for the first
cycle and the beginning of 2025 for the second one.
The incentives are subject to standard malus and clawback clauses normal in this type of remuneration plan.
As of 31 December 2023, both cycles of the LTIP are pending execution as no shares had either been acquired by the Company or
granted to any individual member of the scheme.
Included in these consolidated financial statements for the year ending 31 December 2023 is an accrual of EUR 8,015 thousand
(EUR 7,926 thousand for the year ending 31 December 2022) for the estimated costs of the share-based payment schemes in
acquiring the required shares at a future date. This calculation has been made assuming that 100% of the performance targets will
be met, for both the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from grant
dates to 31 December 2023. The estimated cost will be reviewed in subsequent reporting periods.
During the year to 31 December 2023 the Company delivered 157,384 ordinary shares to the beneficiaries of the 2021 Employee
share scheme. These shares were delivered at no cost for the receiving beneficiaries. (See Statement of Consolidated cashflows non
cash transactions).
In addition, in February 2023 the Company approved a LTIP award applicable to executive director, senior management and other
employees of the Group. The grant date was\u00a0 11 April 2023. The award will vest in early 2026.
3.g. v. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made
to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept
the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
3.h. Income Tax
Current tax expense or benefit is based on the taxable profit for that year. Taxable profit differs from the profit as reported in the
consolidated statement of comprehensive income because it excludes items of income or expenses that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible. Furthermore, the accrual for current tax includes
provisions for uncertain tax positions which require estimates for each matter and the exercise of judgement in respect of the
interpretation of tax laws and the likelihood of challenge of historical tax positions.
Current tax assets and liabilities are measured as the amount expected to be paid to tax authorities, net of recoveries based on the
tax rates and laws enacted or substantively enacted at the date of the statement of financial position. The Group periodically
evaluates positions taken in the tax returns for situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the
extent that it is probable that the deductions and tax losses can be utilised. The carrying amount of deferred tax assets is reviewed
at each date of the statements of financial position and reduced to the extent it is no longer probable that the deferred or current tax
assets will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent
that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and
liabilities are measured at the tax rates that are expected to prevail in the period when the asset is realised or the liability settled,
based on the tax rates and laws that have been enacted or substantively enacted at the dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability simultaneously.
3.i. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. In accordance with IFRS 16, the Group applies
a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The
Group applies the short-term lease recognition exemption to its short-term leases (that is, those leases that have a lease term of 12
months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value
assets are recognised as expense on a straight-line basis over the lease term.
In all other cases the lessee is required to recognise a right-of-use asset representing its right to use the leased asset under
\u201cProperty, plant and equipment\u201d in the consolidated statement of financial position (see Note 9), and a lease liability representing its
obligation to make lease payments under \u201cLease liabilities\u201d in the consolidated statement of financial position (see Note 37). The
depreciation of the right-of-use asset is recognised under \u201cAmortisation and depreciation relating to other intangible assets and
property, plant and equipment\" (see Notes 9 and 10), and the finance cost associated with the lease liability under \u201cInterest
expense\" (see Note 32).
The Group recognises right-of-use assets at the commencement date of the lease, that is, the date the underlying asset is available
for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities recognised, adjusted
for any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful
lives of the assets for both the year ended 31 December 2023 and 31 December 2022 are as follows:
Vehicles
4 years
Computer hardware
5 years
Buildings
2\u201310 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease liabilities also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option
to terminate. There are no variable lease payments or expected payments under residual value guarantees.
The lease liabilities are measured at amortised cost using the effective interest method.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate has been constructed as
the country risk-free rate for a period similar to the term of the lease, plus an adjustment for the lessee's credit risk (spread), plus an
adjustment for the exchange rate, in the event that the currency of the lease contract is different from the reference currency of the
country in which the lessee operates, and finally the possibility of making an adjustment for the risk associated with the type of asset
being leased is analysed.
The Group has established individual fees for each jurisdiction, following this methodology. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term as a result of a change in the
Group\u2019s assessment of whether it will exercise an extension or termination option, a change in the future lease payments arising from
a change in an index or rate or if there is a revised in-substance future lease payment, or a change in the assessment of an option to
purchase the underlying asset.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in comprehensive income if the carrying amount of the right-of-use asset has been reduced to zero.
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity
interest issued by the Group in exchange for control of the\u00a0acquiree. Acquisition-related costs are recognised in comprehensive
income as incurred and included in \"Legal and professional costs\" within other expenses (see Note 30).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (being no longer than one year from the acquisition date), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised as of that date.
The Group has realised a business combination whereby exists put and call options between the Group and the non-controlling
interest (See Note 11 Business Combinations for further details about the applied accounting policy).
3.k. Provisions
Provisions are recognised when the Group has a present obligation, legal or constructive, as a result of a past event, and it is
probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows, where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can
be measured reliably.
3.l. Treasury Shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Group`s own equity instruments. Any gains or losses
arising on their disposal are credited or debited, as appropriate, to the header Retained Earnings in the consolidated balance sheet.
During the year ended 31 December 2023 Treasury shares acquired and subsequently cancelled to the value of Eur 50,000
thousand. (No own shares were disposed of during the year ended 31 December 2022).
In January 2024, the Company delivered 94,859 own shares to the beneficiaries of the 2021 LTIP Award that had vested on 1
January 2024. These shares were delivered at no cost for the receiving beneficiaries. (In January 2023, the Company delivered
96,029 own shares to the beneficiaries of the 2021 LTIP Award that had vested on 1 January 2023 and 61,355 in April 2023). These
shares were delivered at no cost for the receiving beneficiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-311": { "value": "
3.a. Foreign currency translation
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions.
Monetary assets and liabilities denominated in foreign currencies are translated into the functional currency at the exchange rate at
the reporting date, with the foreign currency difference recognised in other operating income/(expense).
Differences arising on the translation of investments measured at fair value through OCI are recognised in other comprehensive
income.
Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated into the Euro
functional currency at the exchange rate at the date that the fair value was determined. Non-monetary items in a foreign currency
that are measured based on historical cost are translated using the exchange rate at the date of the transaction.
The assets and liabilities of foreign operations, including goodwill and fair value adjustments arising on acquisition, are translated into
euros at the exchange rates at the reporting date. The income and expenses of foreign operations are translated to euros at the
exchange rates at the dates of the transactions.
Foreign currency differences are recognised in other comprehensive income and presented in the other reserves (translation reserve)
of equity.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-312": { "value": "
3.b. Financial Instruments
Financial assets and financial liabilities are recognised in the consolidated statement of financial position when the Group becomes a
party to the contractual provisions of the instrument.
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers, the
balances required to be held at central banks, and debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents and debt securities, as all financial assets at
amortised cost are short-term receivables and the recognition of interest would be immaterial. Financial assets are derecognised
when the contractual right to the cash flows from the asset expired or have been transferred.
iii. Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments but the contractual cash flows do not comply with the requirements of the SPPI
test. These assets are recognised in the consolidated balance sheet and measured upon acquisition at fair value\u00a0 and changes in the
fair value are recognised as their net value, when applicable, under the heading gains or losses on financial assets at fair value
through profit and loss within the other operating income expense. Please see Note 31.\u00a0
iv. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
v. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
vi. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\"ECL\") which uses a lifetime expected loss
allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default
when it is past due by more than 90 days since agreement. This approach is consistent with the expectations and requirements of
the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The carrying amount of the financial assets is
reduced by the use of a provision, in general terms, two years past due. When a trade receivable is considered uncollectible, it is
written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision.
Changes in the carrying amount of the provision are recognised in the income statement. Please see Note 6.b.
vii. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
viii. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other financial
liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other
payment obligations.
Financial liabilities are initially recorded at fair value, net of transaction costs. They are subsequently measured at amortised cost
using the effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are
discharged, cancelled or they expire.
ix. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the
lease term. Please see Note 3.i.
x. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured
at amortised cost using the effective interest method.
xi. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised
as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-313": { "value": "
i. Financial assets
Financial assets are classified according to the business model within which the asset is held and the contractual cash-flow
characteristics of the asset.
ii. Financial assets at amortised cost
The Group\u2019s financial assets at amortised cost comprise time deposits from credit institutions, receivables from customers, the
balances required to be held at central banks, and debt securities.
Financial assets at amortised cost are initially recognised at fair value including any directly attributable costs. They are subsequently
measured at amortised cost using the effective interest method, less any impairment. No interest income is recognised on financial
assets measured at amortised cost, with the exception of cash and cash equivalents and debt securities, as all financial assets at
amortised cost are short-term receivables and the recognition of interest would be immaterial. Financial assets are derecognised
when the contractual right to the cash flows from the asset expired or have been transferred.
iii. Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments but the contractual cash flows do not comply with the requirements of the SPPI
test. These assets are recognised in the consolidated balance sheet and measured upon acquisition at fair value\u00a0 and changes in the
fair value are recognised as their net value, when applicable, under the heading gains or losses on financial assets at fair value
through profit and loss within the other operating income expense. Please see Note 31.\u00a0
iv. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
v. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
vi. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\"ECL\") which uses a lifetime expected loss
allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default
when it is past due by more than 90 days since agreement. This approach is consistent with the expectations and requirements of
the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The carrying amount of the financial assets is
reduced by the use of a provision, in general terms, two years past due. When a trade receivable is considered uncollectible, it is
written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision.
Changes in the carrying amount of the provision are recognised in the income statement. Please see Note 6.b.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-314": { "value": "Financial assets are derecognised
when the contractual right to the cash flows from the asset expired or have been transferred.
iii. Financial assets at fair value through profit and loss
Financial assets at fair value through profit and loss are assets derived from a business model where the objective is to obtain
contractual cash flows and to sell those instruments but the contractual cash flows do not comply with the requirements of the SPPI
test. These assets are recognised in the consolidated balance sheet and measured upon acquisition at fair value\u00a0 and changes in the
fair value are recognised as their net value, when applicable, under the heading gains or losses on financial assets at fair value
through profit and loss within the other operating income expense. Please see Note 31.\u00a0
Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are discharged, cancelled or they expire.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-315": { "value": "
iv. Trade and other receivables
Trade and other receivables are initially recorded at the fair value of the amount receivable and subsequently measured at amortised
cost using the effective interest method, less any provision for impairment. Other receivables also represent client money required to
meet settlement obligations.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-316": { "value": "
v. Cash and cash equivalents
Cash and cash equivalents include cash in hand, on-demand deposits with banks and other short-term highly-liquid investments with
original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of
changes in value. Where appropriate, bank overdrafts are shown within borrowings in current liabilities in the consolidated statement
of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-318": { "value": "
vi. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\"ECL\") which uses a lifetime expected loss
allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default
when it is past due by more than 90 days since agreement. This approach is consistent with the expectations and requirements of
the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The carrying amount of the financial assets is
reduced by the use of a provision, in general terms, two years past due. When a trade receivable is considered uncollectible, it is
written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision.
Changes in the carrying amount of the provision are recognised in the income statement. Please see Note 6.b.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit
involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each
of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on
the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a
subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the
gain or loss on disposal.
Impairment of non-financial assets - Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm`s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the
Discounted Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to
calculate the fair value less cost of disposal was the income approach.\u00a0 Forecast performance figures do not include future
investments that will enhance the performance of the assets of the CGU being tested. The recoverable\u00a0 amount is sensitive to the
discount rate used to calculate the present terminal value of the investment and the growth rate used for extrapolation purposes.
These estimates are most relevant to goodwill and the other intangibles with indefinite useful lives recognised by the Group. The
key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed
and further explained in Note 10.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-317": { "value": "
vi. Impairment of financial assets
The Group applies the IFRS 9 simplified approach to measuring expected credit losses (\"ECL\") which uses a lifetime expected loss
allowance for all trade receivables and contract assets. To measure the expected credit losses, trade receivables have been grouped
based on shared credit risk characteristics and number of days past due. The Group considers a trade receivable to be in default
when it is past due by more than 90 days since agreement. This approach is consistent with the expectations and requirements of
the Banking Regulator for the Group\u00b4s most significant subsidiary, Allfunds Bank, S.A.U. The carrying amount of the financial assets is
reduced by the use of a provision, in general terms, two years past due. When a trade receivable is considered uncollectible, it is
written off against the provision. Subsequent recoveries of amounts previously written off are credited against the provision.
Changes in the carrying amount of the provision are recognised in the income statement. Please see Note 6.b.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-319": { "value": "
vii. Financial liabilities
Financial liabilities are classified according to the substance of the contractual arrangements entered into.
viii. Financial liabilities at amortised cost
The Group\u2019s financial liabilities at amortised cost comprise of cash held in demand accounts from both credit and non-credit
institutions, amounts owed regarding the revolving credit facility, which is classified as a long-term liability, as well as other financial
liabilities. These other financial liabilities include funds temporarily held on behalf of Distributors due to orders of transfers of
investments in UCIs received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other
payment obligations.
Financial liabilities are initially recorded at fair value, net of transaction costs. They are subsequently measured at amortised cost
using the effective interest rate. Financial liabilities at amortised cost are derecognised when the Group's contractual obligations are
discharged, cancelled or they expire.
ix. Lease liabilities
Lease liabilities consist of amounts payable by the Group measured at the present value of lease payments to be made over the
lease term. Please see Note 3.i.
x. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured
at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-320": { "value": "
x. Trade and other payables
Trade and other payables consist of amounts payable to clients and other counterparties and obligations to pay suppliers for goods
and services in the ordinary course of business, including amounts recognised as accruals. Trade and other payables are measured
at amortised cost using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-323": { "value": "
xi. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised
as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-322": { "value": "
xi. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised
as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-321": { "value": "
xi. Derivative financial instruments
The Group enters into derivative financial instruments, mainly for foreign exchange spot and forward contracts, to manage its
exposure to foreign exchange rate risk.
Derivatives are initially recognised at fair value at the date the contract is entered into and are subsequently remeasured to fair value
at each statement of financial position date, with the resulting gain or loss being recognised in comprehensive income.
A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised
as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the
instrument is more than 12 months and it is not expected to be realised or settled within 12 months from the reporting date. Other
derivatives are presented as current assets or current liabilities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-327": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-
date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date
amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is
recognised immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit
involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each
of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on
the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a
subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the
gain or loss on disposal.
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction or
which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated objectively and
from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with clients
through cooperation agreements, current relations with clients through exclusivity agreements, brand name, and sub-distribution
agreement. These are stated at cost less amortisation or fair value less any recognised impairment loss. Amortisation is provided on
all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each
asset evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2023 and 31
December 2022, are as follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-326": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-
date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date
amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is
recognised immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit
involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each
of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on
the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a
subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the
gain or loss on disposal.
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity
interest issued by the Group in exchange for control of the\u00a0acquiree. Acquisition-related costs are recognised in comprehensive
income as incurred and included in \"Legal and professional costs\" within other expenses (see Note 30).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (being no longer than one year from the acquisition date), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised as of that date.
The Group has realised a business combination whereby exists put and call options between the Group and the non-controlling
interest (See Note 11 Business Combinations for further details about the applied accounting policy).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-325": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-
date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date
amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is
recognised immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit
involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each
of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on
the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a
subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the
gain or loss on disposal.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-324": { "value": "
3.c. Goodwill
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the
acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-
date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date
amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the excess is
recognised immediately in comprehensive income as a bargain purchase gain.
Goodwill is not amortised but is reviewed for impairment, as part of the cash-generating unit (\u201cCGU\u201d) to which it belongs, at least
annually. The cash-generating unit is the smallest group of assets that includes the goodwill and generates cash inflows that are
largely independent of the cash inflows from other assets or groups of assets. Identification of an asset\u2019s cash-generating unit
involves judgement. For the purpose of impairment testing, goodwill acquired as part of a business combination is allocated to each
of the Group\u2019s cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which
goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be
impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is
allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on
the basis of the carrying amount of each asset in the unit. An impairment loss recognised for goodwill cannot be reversed in a
subsequent period. On\u00a0disposal of a cash-generating unit, the attributable amount of goodwill is included in the determination of the
gain or loss on disposal.
Impairment of non-financial assets - Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm`s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the
Discounted Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to
calculate the fair value less cost of disposal was the income approach.\u00a0 Forecast performance figures do not include future
investments that will enhance the performance of the assets of the CGU being tested. The recoverable\u00a0 amount is sensitive to the
discount rate used to calculate the present terminal value of the investment and the growth rate used for extrapolation purposes.
These estimates are most relevant to goodwill and the other intangibles with indefinite useful lives recognised by the Group. The
key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed
and further explained in Note 10.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-329": { "value": "
Subsequent costs are included in the 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 repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-328": { "value": "
Subsequent costs are included in the 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 repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-330": { "value": "
The Group depreciates property, plant and equipment on a straight-line basis for both years ended 31 December 2023 and 31
December 2022, over the following periods:
Furniture and fixtures
3-10 years
Computer hardware
3-4 years
The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-331": { "value": "
3.e. Intangible Assets (other than goodwill)
Intangible assets are identifiable non-monetary assets without physical substance which arise as a result of a legal transaction or
which are developed internally by the Group, where applicable. Only assets whose cost can be reasonably estimated objectively and
from which the Group considers it probable that future economic benefits will be generated are recognised.
Intangible assets comprise IT developments, IT technological platforms, current relations with clients, current relations with clients
through cooperation agreements, current relations with clients through exclusivity agreements, brand name, and sub-distribution
agreement. These are stated at cost less amortisation or fair value less any recognised impairment loss. Amortisation is provided on
all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each
asset evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2023 and 31
December 2022, are as follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.
An intangible asset is derecognised upon disposal (that is at the date the recipient obtains control) or when no future economic
benefits are expected from its use or disposal. Any gain or loss arising upon derecognition of the asset (calculated as the difference
between the net disposal proceeds and the carrying amount of the asset) is included in the statement of profit or loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-332": { "value": "Amortisation is provided on
all intangible assets excluding goodwill at rates calculated to write off the cost or valuation, less estimated residual value, of each
asset evenly using a straight-line method over its estimated useful economic life for both years ended 31 December 2023 and 31
December 2022, are as follows:
IT developments
3-10 years
IT technological platform
5-5.1 years
Current relations with clients
13.6-20 years
Current relations with clients through cooperation agreements
12-16.5 years
Brand names
16.5 years
Exclusivity agreements
2-10 years
The assets\u2019 estimated useful lives, amortisation rates and residual values are reviewed, and adjusted if appropriate at the end of each
reporting period. An asset\u2019s carrying value is written down immediately to its recoverable amount if its carrying value is greater than
the recoverable amount.
9.\u00a0 Property, Plant and Equipment
31 Dec 2023
Furniture and
fixtures
Computer
Hardware
Right-of-use
Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2023
12,731
4,048
41,798
58,577
Additions
1,133
266
14,027
15,426
Disposals
\u2014
\u2014
(9,955)
(9,955)
Other
\u2014
\u2014
(183)
(183)
Carried forward 31 Dec 2023
13,864
4,314
45,687
63,865
Accumulated depreciation:
Brought forward 1 Jan 2023
(5,627)
(2,759)
(24,347)
(32,733)
Charge for the year
(1,606)
(756)
(7,396)
(9,758)
Disposals
\u2014
\u2014
9,905
9,905
Other
\u2014
\u2014
\u2014
\u2014
Carried forward 31 Dec 2023
(7,233)
(3,515)
(21,838)
(32,586)
Net Book Value
6,631
799
23,849
31,279
Fully depreciated assets
4,124
\u2014
\u2014
4,124
1. Right-of-use assets are further detailed in Note 37
31 Dec 2022
Furniture and
fixtures
Computer
Hardware
Right-of-use
Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2022
12,668
3,512
37,951
54,131
Additions
1,698
544
5,167
7,409
Incorporated by business combinations
1
195
187
383
Disposals
(1,086)
(918)
(1,164)
(3,168)
Other
(550)
715
(343)
(178)
Carried forward 31 Dec 2022
12,731
4,048
41,798
58,577
Accumulated depreciation:
Brought forward 1 Jan 2022
(5,203)
(2,839)
(18,043)
(26,085)
Charge for the year
(1,510)
(838)
(7,597)
(9,945)
Disposals
1,086
918
1,164
3,168
Other
\u2014
\u2014
129
129
Carried forward 31 Dec 2022
(5,627)
(2,759)
(24,347)
(32,733)
Net Book Value
7,104
1,289
17,451
25,844
Fully depreciated assets
5,539
\u2014
\u2014
5,539
1. Right-of-use assets are further detailed in Note 37
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated useful
lives of the assets.
There were impairment losses for property, plant and equipment for the year ended 31 December 2023 of EUR 50 thousand (EUR 1
thousand for year ended 31 December 2022). Please see Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-333": { "value": "
Development costs that are directly attributable to the design and testing of identifiable and unique software products controlled by
the Group are recognised as intangible assets when the following criteria are met:
\u2022 it is technically feasible to complete the software so that it will be available for use;
\u2022 management intends to complete the software and use or sell it;
\u2022 there is an ability to use or sell the software;
\u2022 it can be demonstrated how the software will generate probable future economic developments;
\u2022 adequate technical, financial and other resources to complete the development and to use or sell the software are available; and
\u2022 the expenditure attributable to the software during its development can be reliably measured.
Directly attributable costs that are capitalised as part of the software include employee costs and an appropriate portion of relevant
overheads.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-334": { "value": "
3.f. Revenue recognition
Fee, commission and service revenue
The Group identifies revenue to be recognised in accordance with the provisions of the agreements signed with customers. The
services can be differentiated according to the type of service, as detailed further below. The Group recognises contract assets and
liabilities in accordance with IFRS 15 as a result of the balances generated for accrued fee, commission and service revenues. See
Notes 13 and 18 for further information regarding the contract assets and liabilities, respectively.
Platform revenue:
Includes those directly related to the total market value of the volume of Assets under Administration (\"AuA\"). Platform Revenues can
be divided into Asset-Based Revenues, Transaction-Based Revenues and Net Treasury Income.
The Group considers that the service is provided, and the performance obligation satisfied, when subscription and redemption of
UCIs are settled and accordingly the positions are allocated in the clients' securities accounts, or when the services are rendered and
completed in the case of Transaction- Based Revenues.
Asset-Based Revenues: Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance
with the volume of activity and the contractual price, according to two models, described below:
\u2022 Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services, and
\u2022 Rebate Model: Under the Rebate Model, applicable primarily for retail share classes, Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these
fees are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Net Treasury Income: consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a variety
of financial instruments in a held to collect business model. The contractual characteristics of these financial instruments meet the
SPPI test whereby the contractual terms of the financial asset give rise to cash-flows that are solely payments of principal and
interest on the principal amounts outstanding.\u00a0
In 2023, the Group has set-up the \"Treasury activities\" business area with the aim of generating recurring revenues managing
liquidity originated by the intermediation and distribution activities of UCIs with Distributors and Fund Houses. The area has been
provided with material and human resources, established procedures and controls, provides regular reporting to the Executive
Committee and has expanded the variety of financial instruments and counterparties, and renegotiated conditions to maximize
returns. Currently, the business model is defined as \"Held to collect\" (the assets under this category are subsequently measured at
amortized cost, after initial recognition, using the \"effective interest rate\" method) although the implementation of other business
models is not ruled out in the future.
Subscription and other revenues:
These include:
\u2022 Financial, legal or banking services: the service is provided and the performance obligation satisfied at a point in time. The
commissions and fees are invoiced at the time the service is rendered in accordance with the economic terms fixed in the
agreement. The performance obligation is satisfied once the service has been performed, and revenue is recognised accordingly.
\u2022 Information delivery services: the service is provided and the performance obligation satisfied over a period of time in accordance
with the contract. The service is invoiced according to the conditions and fixed pricing included in the contract - monthly, quarterly
or annually. The performance obligation is satisfied over a period of time as defined in the contract, and the revenue is recognised
pro-rata over this same period.
\u2022 Environmental, Social and Governance (\"ESG\") related services: providing investment strategies via model portfolios and
empowered reporting.
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund Houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting
period as the income associated with the assets under intermediation/distribution (see\u00a0above).
The Group assesses whether it acts as a principal or an agent with regard to income earned from its platform and Allfunds has
concluded that it acts as a principal for this income. This conclusion is primarily based on the fact that Allfunds controls the services
and goods (that is, financial products) due to its primary responsibility for the services rendered through the platform, through the
risk it assumes through executing transactions, and having discretion in establishing pricing (see IFRS 15.B37). Based on these facts
and the analysis, the Group has concluded that it acts as principal and, furthermore, this being the manner in which Allfunds
Management runs the business.
Net revenue
Net revenue is comprised of fee, commission and service revenue recognised under IFRS 15 less fee, commission and service
expense, plus the interest income from treasury activities. Net revenue includes the results of all the principal products and services
offered by Allfunds for the Wealth Management industry, reflecting the integral interrelationship between revenue generated and the
expenses concurrently incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-337": { "value": "
Platform revenue:
Includes those directly related to the total market value of the volume of Assets under Administration (\"AuA\"). Platform Revenues can
be divided into Asset-Based Revenues, Transaction-Based Revenues and Net Treasury Income.
The Group considers that the service is provided, and the performance obligation satisfied, when subscription and redemption of
UCIs are settled and accordingly the positions are allocated in the clients' securities accounts, or when the services are rendered and
completed in the case of Transaction- Based Revenues.
Asset-Based Revenues: Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance
with the volume of activity and the contractual price, according to two models, described below:
\u2022 Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services, and
\u2022 Rebate Model: Under the Rebate Model, applicable primarily for retail share classes, Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these
fees are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Net Treasury Income: consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a variety
of financial instruments in a held to collect business model. The contractual characteristics of these financial instruments meet the
SPPI test whereby the contractual terms of the financial asset give rise to cash-flows that are solely payments of principal and
interest on the principal amounts outstanding.\u00a0
In 2023, the Group has set-up the \"Treasury activities\" business area with the aim of generating recurring revenues managing
liquidity originated by the intermediation and distribution activities of UCIs with Distributors and Fund Houses. The area has been
provided with material and human resources, established procedures and controls, provides regular reporting to the Executive
Committee and has expanded the variety of financial instruments and counterparties, and renegotiated conditions to maximize
returns. Currently, the business model is defined as \"Held to collect\" (the assets under this category are subsequently measured at
amortized cost, after initial recognition, using the \"effective interest rate\" method) although the implementation of other business
models is not ruled out in the future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-336": { "value": "
Platform revenue:
Includes those directly related to the total market value of the volume of Assets under Administration (\"AuA\"). Platform Revenues can
be divided into Asset-Based Revenues, Transaction-Based Revenues and Net Treasury Income.
The Group considers that the service is provided, and the performance obligation satisfied, when subscription and redemption of
UCIs are settled and accordingly the positions are allocated in the clients' securities accounts, or when the services are rendered and
completed in the case of Transaction- Based Revenues.
Asset-Based Revenues: Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance
with the volume of activity and the contractual price, according to two models, described below:
\u2022 Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services, and
\u2022 Rebate Model: Under the Rebate Model, applicable primarily for retail share classes, Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these
fees are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Net Treasury Income: consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a variety
of financial instruments in a held to collect business model. The contractual characteristics of these financial instruments meet the
SPPI test whereby the contractual terms of the financial asset give rise to cash-flows that are solely payments of principal and
interest on the principal amounts outstanding.\u00a0
In 2023, the Group has set-up the \"Treasury activities\" business area with the aim of generating recurring revenues managing
liquidity originated by the intermediation and distribution activities of UCIs with Distributors and Fund Houses. The area has been
provided with material and human resources, established procedures and controls, provides regular reporting to the Executive
Committee and has expanded the variety of financial instruments and counterparties, and renegotiated conditions to maximize
returns. Currently, the business model is defined as \"Held to collect\" (the assets under this category are subsequently measured at
amortized cost, after initial recognition, using the \"effective interest rate\" method) although the implementation of other business
models is not ruled out in the future.
the finance cost associated with the lease liability under \u201cInterest
expense\" (see Note 32).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-335": { "value": "
Platform revenue:
Includes those directly related to the total market value of the volume of Assets under Administration (\"AuA\"). Platform Revenues can
be divided into Asset-Based Revenues, Transaction-Based Revenues and Net Treasury Income.
The Group considers that the service is provided, and the performance obligation satisfied, when subscription and redemption of
UCIs are settled and accordingly the positions are allocated in the clients' securities accounts, or when the services are rendered and
completed in the case of Transaction- Based Revenues.
Asset-Based Revenues: Revenue is recognised in the period in which the performance obligation is being satisfied, in accordance
with the volume of activity and the contractual price, according to two models, described below:
\u2022 Non-Rebate Model: Under the Non-Rebate Model, a Platform Service Fee is charged to the Fund House as a fee margin on the
volume of the Fund House\u2019s AuA on the Allfunds Platform in exchange for bundled services provided by Allfunds to the Fund
House, comprising of, but not limited to, intermediation and execution services, distribution channel access and the provision of
digital services, and
\u2022 Rebate Model: Under the Rebate Model, applicable primarily for retail share classes, Allfunds similarly receives a Platform Service
Fee for the services it provides, in line with the Non-Rebate Model. In addition, Allfunds, in certain circumstances, retains a
percentage of the gross rebate paid to the Distributor, based on agreements in place with each Fund House and individual
Distributor. The gross rebate is calculated based on the Fund House\u2019s annual management charge for each UCI.
In both the Rebate Model and the Non-Rebate Model, the Group charges fees on a quarterly basis for all the services it provides. The
Group calculates and accrues these fees daily based on daily AuA.
Transaction-Based Revenues: consists of transaction charges related to number of transactions. While correlated with AuA, these
fees are charged on a transactional basis and are driven by both the volume and the value of the transactions. Transaction-based net
platform revenue includes, but is not limited to, fees earned from the Group\u2019s local paying agent services, its foreign exchange
services, and ETF services.
Net Treasury Income: consists mainly of accrued interest originated from investing the liquidity generated on the Platform in a variety
of financial instruments in a held to collect business model. The contractual characteristics of these financial instruments meet the
SPPI test whereby the contractual terms of the financial asset give rise to cash-flows that are solely payments of principal and
interest on the principal amounts outstanding.\u00a0
In 2023, the Group has set-up the \"Treasury activities\" business area with the aim of generating recurring revenues managing
liquidity originated by the intermediation and distribution activities of UCIs with Distributors and Fund Houses. The area has been
provided with material and human resources, established procedures and controls, provides regular reporting to the Executive
Committee and has expanded the variety of financial instruments and counterparties, and renegotiated conditions to maximize
returns. Currently, the business model is defined as \"Held to collect\" (the assets under this category are subsequently measured at
amortized cost, after initial recognition, using the \"effective interest rate\" method) although the implementation of other business
models is not ruled out in the future.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-338": { "value": "
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund Houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting
period as the income associated with the assets under intermediation/distribution (see\u00a0above).
The Group assesses whether it acts as a principal or an agent with regard to income earned from its platform and Allfunds has
concluded that it acts as a principal for this income. This conclusion is primarily based on the fact that Allfunds controls the services
and goods (that is, financial products) due to its primary responsibility for the services rendered through the platform, through the
risk it assumes through executing transactions, and having discretion in establishing pricing (see IFRS 15.B37). Based on these facts
and the analysis, the Group has concluded that it acts as principal and, furthermore, this being the manner in which Allfunds
Management runs the business.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-339": { "value": "
Fee, commission and service expenses
Fee, commission and service expenses comprise expenses for third parties, Distributors, and other parties. These expenses are
generated as a result of a type of fee contract generally referred to as the rebate model. Under this model, the Fund Houses pay a
portion of the management or distribution fee of the CIU, which is calculated as a margin on the volume of AuA, as a distribution fee,
or rebate, to Allfunds. Allfunds then passes this rebate on to the Distributor. The expense is recognised in the same accounting
period as the income associated with the assets under intermediation/distribution (see\u00a0above).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-340": { "value": "
3.g. Employee Benefits
3.g. i. Short-term obligations
Liabilities for wages and salaries, including non-monetary benefits and accumulated sick leave that are expected to be settled wholly
within 12 months after the end of the period in which the employees render the related service, are recognised in respect of
employees\u2019 services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented within other liabilities in the consolidated statement of financial position, as long as there in
no right to deferral.
3.g. ii. Post-employment obligations \u2013 defined contribution plans
The Group\u2019s post-employment obligations to its employees are deemed to be \u201cdefined contribution plans\u201d where the Group makes
pre-determined contributions to a separate entity and will have no legal or effective obligation to make further contributions if the
separate entity cannot pay the employee benefits relating to the service rendered in the current and prior periods.
The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset
to the extent that a cash refund or a reduction in the future payments is available.
3.g. iii. Post-employment obligations \u2013 defined benefit plans
As of 31 December 2023, the Group maintains pension commitments with respect to certain employees of the Italian and Swiss
branches of the Group's indirect subsidiary, Allfunds Bank, S.A.U. which,\u00a0 in accordance with the provisions of the applicable
regulations, meet the conditions to be considered defined benefit. The Group records within provisions in the consolidated balance
sheet the present value of these post-employment defined benefit obligations.
3.g. iv. Long-Term Incentive Plan (\u201cLTIP\u201d)
In 2021, 2022 and 2023, the Board of Directors of the Company approved the launch of Long-Term Incentive Plans (LTIPs) as share-
based payment schemes of Allfunds Group plc applicable to executive directors, senior management, and other employees of the
Group. Two cycles of the LTIP are granted (one in October 2021 and the other in April 2022), and both are divided into two types of
incentives:
a. A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's permanence
in Allfunds until the payment date and the degree of achievement of two metrics:
a. The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a group of
comparable companies, and
b. The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance period.
The first incentive has been divided into two equal tranches, the first of which was executed at the beginning of 2023, and the
second tranche at the beginning of 2024 (for the second incentive plan the date is at the beginning of 2025 and for the third
incentive plan in 2026).
b. A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which will also be executed in two equal instalments at the beginning of 2023 and 2024 for the first
cycle and the beginning of 2025 for the second one.
The incentives are subject to standard malus and clawback clauses normal in this type of remuneration plan.
As of 31 December 2023, both cycles of the LTIP are pending execution as no shares had either been acquired by the Company or
granted to any individual member of the scheme.
Included in these consolidated financial statements for the year ending 31 December 2023 is an accrual of EUR 8,015 thousand
(EUR 7,926 thousand for the year ending 31 December 2022) for the estimated costs of the share-based payment schemes in
acquiring the required shares at a future date. This calculation has been made assuming that 100% of the performance targets will
be met, for both the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from grant
dates to 31 December 2023. The estimated cost will be reviewed in subsequent reporting periods.
During the year to 31 December 2023 the Company delivered 157,384 ordinary shares to the beneficiaries of the 2021 Employee
share scheme. These shares were delivered at no cost for the receiving beneficiaries. (See Statement of Consolidated cashflows non
cash transactions).
In addition, in February 2023 the Company approved a LTIP award applicable to executive director, senior management and other
employees of the Group. The grant date was\u00a0 11 April 2023. The award will vest in early 2026.
3.g. v. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made
to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept
the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-341": { "value": "
3.g. iv. Long-Term Incentive Plan (\u201cLTIP\u201d)
In 2021, 2022 and 2023, the Board of Directors of the Company approved the launch of Long-Term Incentive Plans (LTIPs) as share-
based payment schemes of Allfunds Group plc applicable to executive directors, senior management, and other employees of the
Group. Two cycles of the LTIP are granted (one in October 2021 and the other in April 2022), and both are divided into two types of
incentives:
a. A share incentive granted to executive directors, senior management and key employees, linked to the beneficiary's permanence
in Allfunds until the payment date and the degree of achievement of two metrics:
a. The evolution of the Total Shareholder Return (TSR) of Allfunds Group plc compared to the evolution of the TSR of a group of
comparable companies, and
b. The ratio of the Group`s Adjusted EBITDA compared to the budgeted Adjusted EBITDA over an agreed performance period.
The first incentive has been divided into two equal tranches, the first of which was executed at the beginning of 2023, and the
second tranche at the beginning of 2024 (for the second incentive plan the date is at the beginning of 2025 and for the third
incentive plan in 2026).
b. A share incentive granted to other LTIP beneficiaries, linked solely to the employee's permanence in Allfunds until the date of
payment of the incentive, which will also be executed in two equal instalments at the beginning of 2023 and 2024 for the first
cycle and the beginning of 2025 for the second one.
The incentives are subject to standard malus and clawback clauses normal in this type of remuneration plan.
As of 31 December 2023, both cycles of the LTIP are pending execution as no shares had either been acquired by the Company or
granted to any individual member of the scheme.
Included in these consolidated financial statements for the year ending 31 December 2023 is an accrual of EUR 8,015 thousand
(EUR 7,926 thousand for the year ending 31 December 2022) for the estimated costs of the share-based payment schemes in
acquiring the required shares at a future date. This calculation has been made assuming that 100% of the performance targets will
be met, for both the TSR and the Adjusted EBITDA, and in addition to reflect any leavers of the Group during the period from grant
dates to 31 December 2023. The estimated cost will be reviewed in subsequent reporting periods.
During the year to 31 December 2023 the Company delivered 157,384 ordinary shares to the beneficiaries of the 2021 Employee
share scheme. These shares were delivered at no cost for the receiving beneficiaries. (See Statement of Consolidated cashflows non
cash transactions).
In addition, in February 2023 the Company approved a LTIP award applicable to executive director, senior management and other
employees of the Group. The grant date was\u00a0 11 April 2023. The award will vest in early 2026.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-342": { "value": "
3.g. v. Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an
employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of
the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs
for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made
to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept
the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-343": { "value": "
3.h. Income Tax
Current tax expense or benefit is based on the taxable profit for that year. Taxable profit differs from the profit as reported in the
consolidated statement of comprehensive income because it excludes items of income or expenses that are taxable or deductible in
other years and it further excludes items that are never taxable or deductible. Furthermore, the accrual for current tax includes
provisions for uncertain tax positions which require estimates for each matter and the exercise of judgement in respect of the
interpretation of tax laws and the likelihood of challenge of historical tax positions.
Current tax assets and liabilities are measured as the amount expected to be paid to tax authorities, net of recoveries based on the
tax rates and laws enacted or substantively enacted at the date of the statement of financial position. The Group periodically
evaluates positions taken in the tax returns for situations in which applicable tax regulations are subject to interpretation and
establishes provisions where appropriate.
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the
extent that it is probable that the deductions and tax losses can be utilised. The carrying amount of deferred tax assets is reviewed
at each date of the statements of financial position and reduced to the extent it is no longer probable that the deferred or current tax
assets will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent
that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and
liabilities are measured at the tax rates that are expected to prevail in the period when the asset is realised or the liability settled,
based on the tax rates and laws that have been enacted or substantively enacted at the dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on
a net basis, or to realise the asset and settle the liability simultaneously.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-344": { "value": "
Deferred tax liabilities are provided for using the liability method on temporary differences between carrying amounts of assets and
liabilities for financial reporting purposes and the amounts used for taxation purposes. However, deferred tax liabilities are not
recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a business combination that, at the time of the transaction, affects
neither accounting nor taxable profit or loss.
Deferred tax assets are recognised for all deductible temporary differences and are carried forward as unused tax losses, to the
extent that it is probable that the deductions and tax losses can be utilised. The carrying amount of deferred tax assets is reviewed
at each date of the statements of financial position and reduced to the extent it is no longer probable that the deferred or current tax
assets will be recovered. Unrecognised deferred tax assets are reassessed at each reporting date and are recognised to the extent
that it has become probable that future taxable income will allow the deferred tax asset to be recovered. Deferred tax assets and
liabilities are measured at the tax rates that are expected to prevail in the period when the asset is realised or the liability settled,
based on the tax rates and laws that have been enacted or substantively enacted at the dates of the statements of financial position.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in
equity, respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-345": { "value": "
3.i. Leases
The Group assesses at contract inception whether a contract is, or contains, a lease, that is, if the contract conveys the right to
control the use of an identified asset for a period of time in exchange for consideration. In accordance with IFRS 16, the Group applies
a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The
Group applies the short-term lease recognition exemption to its short-term leases (that is, those leases that have a lease term of 12
months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets
recognition exemption to leases that are considered to be low value. Lease payments on short-term leases and leases of low-value
assets are recognised as expense on a straight-line basis over the lease term.
In all other cases the lessee is required to recognise a right-of-use asset representing its right to use the leased asset under
\u201cProperty, plant and equipment\u201d in the consolidated statement of financial position (see Note 9), and a lease liability representing its
obligation to make lease payments under \u201cLease liabilities\u201d in the consolidated statement of financial position (see Note 37). The
depreciation of the right-of-use asset is recognised under \u201cAmortisation and depreciation relating to other intangible assets and
property, plant and equipment\" (see Notes 9 and 10), and the finance cost associated with the lease liability under \u201cInterest
expense\" (see Note 32).
The Group recognises right-of-use assets at the commencement date of the lease, that is, the date the underlying asset is available
for use. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
remeasurement of lease liabilities. The cost of right-of-use assets includes the initial amount of lease liabilities recognised, adjusted
for any initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives
received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful
lives of the assets for both the year ended 31 December 2023 and 31 December 2022 are as follows:
Vehicles
4 years
Computer hardware
5 years
Buildings
2\u201310 years
If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase
option, depreciation is calculated using the estimated useful life of the asset.
At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to
be made over the lease term. The lease liabilities also include the exercise price of a purchase option reasonably certain to be
exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option
to terminate. There are no variable lease payments or expected payments under residual value guarantees.
The lease liabilities are measured at amortised cost using the effective interest method.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date
because the interest rate implicit in the lease is not readily determinable. The incremental borrowing rate has been constructed as
the country risk-free rate for a period similar to the term of the lease, plus an adjustment for the lessee's credit risk (spread), plus an
adjustment for the exchange rate, in the event that the currency of the lease contract is different from the reference currency of the
country in which the lessee operates, and finally the possibility of making an adjustment for the risk associated with the type of asset
being leased is analysed.
The Group has established individual fees for each jurisdiction, following this methodology. After the commencement date, the
amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the
carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term as a result of a change in the
Group\u2019s assessment of whether it will exercise an extension or termination option, a change in the future lease payments arising from
a change in an index or rate or if there is a revised in-substance future lease payment, or a change in the assessment of an option to
purchase the underlying asset.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use
asset or is recorded in comprehensive income if the carrying amount of the right-of-use asset has been reduced to zero.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-346": { "value": "
3.j. Business Combinations
Acquisitions of subsidiaries and businesses are accounted for using the acquisition method of accounting pursuant to IFRS 3. The
consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date
fair values of assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity
interest issued by the Group in exchange for control of the\u00a0acquiree. Acquisition-related costs are recognised in comprehensive
income as incurred and included in \"Legal and professional costs\" within other expenses (see Note 30).
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs,
the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted
during the measurement period (being no longer than one year from the acquisition date), or additional assets or liabilities are
recognised, to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known,
would have affected the amounts recognised as of that date.
The Group has realised a business combination whereby exists put and call options between the Group and the non-controlling
interest (See Note 11 Business Combinations for further details about the applied accounting policy).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-347": { "value": "
3.k. Provisions
Provisions are recognised when the Group has a present obligation, legal or constructive, as a result of a past event, and it is
probable that the Group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the
statement of financial position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is
measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash
flows, where the effect of the time value of money is material.
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a
receivable is recognised as an asset if it is virtually certain that reimbursement will be received, and the amount of the receivable can
be measured reliably.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-348": { "value": "
3.l. Treasury Shares
Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is
recognised in profit or loss on the purchase, sale, issue or cancellation of the Group`s own equity instruments. Any gains or losses
arising on their disposal are credited or debited, as appropriate, to the header Retained Earnings in the consolidated balance sheet.
During the year ended 31 December 2023 Treasury shares acquired and subsequently cancelled to the value of Eur 50,000
thousand. (No own shares were disposed of during the year ended 31 December 2022).
In January 2024, the Company delivered 94,859 own shares to the beneficiaries of the 2021 LTIP Award that had vested on 1
January 2024. These shares were delivered at no cost for the receiving beneficiaries. (In January 2023, the Company delivered
96,029 own shares to the beneficiaries of the 2021 LTIP Award that had vested on 1 January 2023 and 61,355 in April 2023). These
shares were delivered at no cost for the receiving beneficiaries.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-349": { "value": "
4.\u00a0 Critical Accounting Judgements and Key Sources of Estimation Uncertainty
The preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual
results. Management also exercises judgement in applying the Allfunds Group's accounting policies. Detailed below is an overview of
the areas that involve a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to
estimates and assumptions being revised based on actual experience.
4.a. Critical judgements in applying the Group's accounting policies
\u2022 Useful lives of intangible assets with finite lives \u2013 The determination of the useful economic life of intangible assets is considered a
management judgment. Adjustments to the financial statements could occur as a result of changes in the expected useful life or
the expected pattern of consumption of future economic benefits of the asset. See further information in Note 10.
\u2022 The Group has exclusivity agreements with certain counterparties, which have an extension option, which allows the Group access
to their underlying clients. The Group amortises the relationships with the underlying customers over a useful economic life
whereby an applicable churn rate is applied. Management has made judgements in considering these useful economic life periods
and the churn rate. Please see Note 10.
\u2022 Taxes \u2013 Deferred tax assets are recognised for unused tax losses to the extent that it is probable that taxable profit will be
available against which the losses can be utilised. Significant management judgement is required to determine the amount of
deferred tax assets that can be recognised, based upon the likely timing and the level of future taxable profits, together with future
tax planning strategies. Please see Note 14.
4.b. Key sources of estimation uncertainty
\u2022 Business Combinations - The Company accounts for business combinations under the acquisition method. The cost of an acquired
business is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair value at the
date of acquisition. Any excess of purchase prices over their fair value of the net tangible and intangibles assets is allocated to
goodwill. The determination of fair values acquired and liabilities assumed required management to make estimates and use
valuation techniques when market values are not readily available. See further information in Note 11.
\u2022 Impairment of non-financial assets - Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm`s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the
Discounted Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to
calculate the fair value less cost of disposal was the income approach.\u00a0 Forecast performance figures do not include future
investments that will enhance the performance of the assets of the CGU being tested. The recoverable\u00a0 amount is sensitive to the
discount rate used to calculate the present terminal value of the investment and the growth rate used for extrapolation purposes.
These estimates are most relevant to goodwill and the other intangibles with indefinite useful lives recognised by the Group. The
key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed
and further explained in Note 10. \u00a0
\u2022 Revenue Recognition - The Group recognised revenue as per IFRS 15 Revenue from contracts with customer, using complex
calculation models which incorporate amongst others, data including the net asset values, exchange rates and the number of
transactions performed. However, when counterparties settle their pending balances, which usually occurs on a monthly or
quarterly basis, differences may arise between the accounting recorded and the amounts actually collected as per the current
contractual terms of the counterparties. As such, any such differences between the accounting recorded and the cash received
should be recognised in the Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-350": { "value": "
4.b. Key sources of estimation uncertainty
\u2022 Business Combinations - The Company accounts for business combinations under the acquisition method. The cost of an acquired
business is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair value at the
date of acquisition. Any excess of purchase prices over their fair value of the net tangible and intangibles assets is allocated to
goodwill. The determination of fair values acquired and liabilities assumed required management to make estimates and use
valuation techniques when market values are not readily available. See further information in Note 11.
\u2022 Impairment of non-financial assets - Impairment exists when the carrying value of an asset or cash generating unit exceeds its
recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of
disposal calculation is based on available data from binding sales transactions, conducted at arm`s length, for similar assets or
observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the
Discounted Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to
calculate the fair value less cost of disposal was the income approach.\u00a0 Forecast performance figures do not include future
investments that will enhance the performance of the assets of the CGU being tested. The recoverable\u00a0 amount is sensitive to the
discount rate used to calculate the present terminal value of the investment and the growth rate used for extrapolation purposes.
These estimates are most relevant to goodwill and the other intangibles with indefinite useful lives recognised by the Group. The
key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed
and further explained in Note 10. \u00a0
\u2022 Revenue Recognition - The Group recognised revenue as per IFRS 15 Revenue from contracts with customer, using complex
calculation models which incorporate amongst others, data including the net asset values, exchange rates and the number of
transactions performed. However, when counterparties settle their pending balances, which usually occurs on a monthly or
quarterly basis, differences may arise between the accounting recorded and the amounts actually collected as per the current
contractual terms of the counterparties. As such, any such differences between the accounting recorded and the cash received
should be recognised in the Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-351": { "value": "4.b. Key sources of estimation uncertainty\u2022 Business Combinations - The Company accounts for business combinations under the acquisition method. The cost of an acquired business is assigned to the tangible and intangible assets acquired and the liabilities assumed on the basis of their fair value at the date of acquisition. Any excess of purchase prices over their fair value of the net tangible and intangibles assets is allocated to goodwill. The determination of fair values acquired and liabilities assumed required management to make estimates and use valuation techniques when market values are not readily available. See further information in Note 11.\u2022 Impairment of non-financial assets - Impairment exists when the carrying value of an asset or cash generating unit exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The fair value less costs of disposal calculation is based on available data from binding sales transactions, conducted at arm`s length, for similar assets or observable market prices less incremental costs of disposing of the asset. The value in use calculations are based on the Discounted Cash Flow (\"DCF\") and Dividend Discount Model (\"DDM\"), depending on the CGU, and the methodology used to calculate the fair value less cost of disposal was the income approach.\u00a0 Forecast performance figures do not include future investments that will enhance the performance of the assets of the CGU being tested. The recoverable\u00a0 amount is sensitive to the discount rate used to calculate the present terminal value of the investment and the growth rate used for extrapolation purposes. These estimates are most relevant to goodwill and the other intangibles with indefinite useful lives recognised by the Group. The key assumptions used to determine the recoverable amount for the different CGUs, including a sensitivity analysis, are disclosed and further explained in Note 10. \u00a0 \u2022 Revenue Recognition - The Group recognised revenue as per IFRS 15 Revenue from contracts with customer, using complex calculation models which incorporate amongst others, data including the net asset values, exchange rates and the number of transactions performed. However, when counterparties settle their pending balances, which usually occurs on a monthly or quarterly basis, differences may arise between the accounting recorded and the amounts actually collected as per the current contractual terms of the counterparties. As such, any such differences between the accounting recorded and the cash received should be recognised in the Statement of Comprehensive Income.", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-352": { "value": "
5.\u00a0 Operating Segments
The Allfunds Group's revenues are generated through its global operations, primarily in Europe and Asia . The Allfunds Group reports
its results of operations through the following two reportable segments: net platform revenue and net subscription and other
revenues.
\u2022 Net platform revenue is generated from Asset-based revenues, Transaction-based revenues and Treasury revenues.
\u2022 Asset-based revenues are generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA in
UCIs on the platform, according to the Service fee model or the Rebate Commission fee model.
\u2022 Transaction-based revenues are related to AuA but are charged on a per-transaction basis rather than based on the underlying
AuA volume.
\u2022 Net treasury income consist mainly of accrued interest originated from investing the liquidity generated on the Platform in a
variety of types of financial instruments (the contractual characteristics of these financial instruments meet the \u201cSPPI\u201d test\u201d) in a
\"Held to collect\" business model.
\u2022 Net subscription and other revenues include Allfunds Connect (including both annual licence fees and annual membership fees)
and digital add-on solutions through among others Allfunds Tech Solutions and Allfunds Data Analytics, as well as the Allfunds
Group\u2019s fund research and investment services and legal and compliance services. Allfunds generates income from subscription
and other services based on fixed membership fees and licences and charges for its digital solutions and tools and other
investment and legal solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct revenue-
generating services, and the Company has determined that these represent the operating segments of the Group. On a segment
basis, the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments. Interest expense,
interest income, segment assets and segment liabilities are consistent with those included in these financial statements and no
adjustments are required to arrive at the relevant totals for the segments; it is impracticable to split these amounts and balances
between the two segments. No additional profitability or balance sheet metrics are reviewed at the segment level by the chief
operating decision makers. The operating segments have not been aggregated; thus, the reportable segments are equivalent to the
operating segments. Revenues, and their associated expenses for each segment, are recognised in accordance with the same
accounting principles and policies as those used to prepare the consolidated financial statements.
The information in the following tables is derived from the Allfunds Group\u2019s internal financial reporting used for corporate
management purposes:
For the year ended
31 December
2023
31 December
2022
EUR (\u2018000s)
EUR (\u2018000s)
Platform revenue
2,799,738
2,701,905
Asset-based revenue
2,640,499
2,603,596
Transaction-based revenue
82,511
98,309
Net Treasury Income
76,728
\u2014
Platform expense
(2,313,034)
(2,247,361)
Asset-based expense
(2,312,681)
(2,247,361)
Transaction-based expense
\u2014
\u2014
Net Treasury expense
(353)
\u2014
Net platform revenue
486,704
454,544
Subscription and other revenues
58,800
40,107
Subscription and other expenses
\u2014
\u2014
Net subscription and other revenues
58,800
40,107
Total Net Revenue
545,504
494,651
No single customer contributed 10% or more to the Allfunds Group\u2019s revenue in either the year to 31 December 2023 or 31 December
2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-353": { "value": "
The Allfunds Group's revenues are generated through its global operations, primarily in Europe and Asia . The Allfunds Group reports
its results of operations through the following two reportable segments: net platform revenue and net subscription and other
revenues.
\u2022 Net platform revenue is generated from Asset-based revenues, Transaction-based revenues and Treasury revenues.
\u2022 Asset-based revenues are generated based on a daily fee calculated on the amount of each Fund House's outstanding AuA in
UCIs on the platform, according to the Service fee model or the Rebate Commission fee model.
\u2022 Transaction-based revenues are related to AuA but are charged on a per-transaction basis rather than based on the underlying
AuA volume.
\u2022 Net treasury income consist mainly of accrued interest originated from investing the liquidity generated on the Platform in a
variety of types of financial instruments (the contractual characteristics of these financial instruments meet the \u201cSPPI\u201d test\u201d) in a
\"Held to collect\" business model.
\u2022 Net subscription and other revenues include Allfunds Connect (including both annual licence fees and annual membership fees)
and digital add-on solutions through among others Allfunds Tech Solutions and Allfunds Data Analytics, as well as the Allfunds
Group\u2019s fund research and investment services and legal and compliance services. Allfunds generates income from subscription
and other services based on fixed membership fees and licences and charges for its digital solutions and tools and other
investment and legal solutions.
The chief operating decision makers (the Executive Committee), regularly review the performance of each of these distinct revenue-
generating services, and the Company has determined that these represent the operating segments of the Group. On a segment
basis, the Executive Committee is solely reviewing net revenue in order to steer each of the operating segments. Interest expense,
interest income, segment assets and segment liabilities are consistent with those included in these financial statements and no
adjustments are required to arrive at the relevant totals for the segments; it is impracticable to split these amounts and balances
between the two segments. No additional profitability or balance sheet metrics are reviewed at the segment level by the chief
operating decision makers. The operating segments have not been aggregated; thus, the reportable segments are equivalent to the
operating segments. Revenues, and their associated expenses for each segment, are recognised in accordance with the same
accounting principles and policies as those used to prepare the consolidated financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-354": { "value": "
6.\u00a0 Financial Risk Management
This Note explains the Group's exposure to financial risks and how these risks could affect the Group's future financial performance.
Current year profit and loss information has been included where relevant to add further context.
The Group's risk management is carried out by the Directors of the Company and each of the Company's subsidiaries. As such, this
risk management function has been delegated to the relevant department within a specific Group company. The Directors or the
relevant department identify, evaluate and hedge financial risks.
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated statement
of comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of instruments
included in the Group's trading portfolio, where they exist.
The Group does not have significant positions on or off the consolidated statement of financial position that might be affected by fair
value risk relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory
requirements in connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to
which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not
the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank Group which
forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily reports on the
exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency fluctuations and any
measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-reporting
currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
Cash, and cash equivalents
400,012
72,479
54,618
64,672
303,147
77,838
68,690
40,162
Financial assets held at amortised
cost
72,681
12,887
4,687
35,082
165,672
5,928
3,581
65,678
Financial assets at fair value through
profit and loss
2,270
7,992
\u2014
15
\u2014
\u2014
\u2014
\u2014
Other assets\u00b9
99,190
12,061
378,277
77,412
95,867
13,277
375,046
67,981
Liabilities
Financial liabilities held at amortised
cost
(396,619)
(83,207)
(20,381)
(57,174)
(447,404)
(100,478)
(22,310)
(72,253)
Other liabilities
(88,286)
(10,759)
(46,366)
(55,842)
(80,226)
(10,541)
(52,849)
(41,795)
89,248
11,453
370,835
64,165
37,056
(13,976)
372,158
59,773
1. Other assets CHF includes EUR 308,612 thousand related to intangibles assets and goodwill (31 December 2022 EUR 305,224 thousand).
As shown in the table above, the Group is exposed to USD, GBP, CHF and several other currencies which result in a foreign currency
risk.This can be seen through a number of different asset and liability types that are held in currencies other than Euros. In any case,
the Group made use of FX spot and forward transactions to reduce exposures to foreign currencies.
Should the net asset value subject to currency risk be subject to a 1% increase/decrease, a movement deemed reasonably possible,
the impact on the Statement of Financial Position and Statement of Comprehensive Income would be an increase/decrease in the
value of EUR 5,357 thousand (2022: EUR 4,550 thousand).
6.a.ii. Interest rate risk
Interest rate risk is defined as the risk that the value or the future cash flows of a financial instrument will fluctuate due to changes in
interest rates.
The Group does not deem its exposure to interest rate risk to be significant as its main balance sheet aggregates are either
repayable on demand, have a short maturity or are variable interest rate risk instruments (except for time deposits).\u00a0 As a result, no
sensitivity analysis is provided.
6.a.iii. Price risk
The Group is exposed to equity securities price risk which arises from investments held by the Group and classified in the statement
of financial position as financial assets at fair value through profit or loss.
As the Group's exposure to equity securities is not material or its core business, the Group does not manage its price risk as it does
not deem the exposures to be significant.
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations to the
Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of third-party
collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and financial
assets at amortised cost balances. Specifically, the material exposure is to regulated institutions (which are the only authorised
customers of Allfunds Bank Group) to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk Control
Unit has implemented a system of counterparty limits by the counterparty based on an internal rating assignment methodology which
results in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so
that the limits can be adjusted to each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line for each counterparty.
Expected Credit Loss Model
Per IFRS 9, the expected credit loss model has been applied as at 31 December 2023 and 31 December 2022. The expected credit
loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial assets at
amortised cost (mainly trade receivables and contract assets) are grouped into three categories based on the impairment
methodology applied, in accordance with the following structure:
\u2022 Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022 Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has increased
significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be equal to the
lifetime expected credit losses.
\u2022 Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has occurred
or receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss allowance will be equal
to the expected credit losses.
All financial assets measured at amortised cost other than trade receivables are classified as Stage 1.
The Allfunds Group uses a provision matrix to calculate the ECL and this estimate was made on the basis of industry-specific
information and accumulated experience and uses a combination of past-due days and the credit quality of counterparties. Since
these assets mature in the short term, and the Group has applied the simplified approach for trade receivables under IFRS 9, this
eliminates the need to calculate a 12-month expected credit loss or to measure increases in credit risk for the instrument.
Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an impairment
provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables which are known to be uncollectible (or with more than two years past-due) are written off by reducing their
carrying amount directly; however, the Group recognised no individually impaired trade receivables during the year.
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Group's exposure to liquidity risk at the end of the reporting period as at 31 December 2023, expressed in Euros, was as follows:
On demand
EUR (`000s)
Less than 6
months EUR
(`000s)
6 to 12
months EUR
(`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
\u00a0 Cash balances at Central Banks and in hand
1,337,242
\u2014
\u2014
\u2014
\u2014
1,337,242
\u00a0 Other demand deposits
763,730
\u2014
\u2014
\u2014
\u2014
763,730
Financial assets at amortised cost:
\u00a0 Time deposits from credit institutions
\u2014
90,755
36,199
\u2014
\u2014
126,954
\u00a0 Receivables from customers
132,426
508
195
843
413
134,385
\u00a0 Balances held at Central Banks
\u2014
12,807
\u2014
\u2014
\u2014
12,807
\u00a0 Debt securities
\u2014
14,386
\u2014
\u2014
\u2014
14,386
Total assets
2,233,398
118,456
36,394
843
413
2,389,504
Liabilities
Financial liabilities at amortised cost:
\u00a0 Demand accounts from credit institutions
431,090
2,722
\u2014
366,946
\u2014
800,758
\u00a0 Demand accounts from non credit institutions
1,121,857
\u2014
\u2014
\u2014
\u2014
1,121,857
\u00a0 Other financial liabilities
340,054
63,083
\u2014
24,093
\u2014
427,230
Lease liabilities
\u2014
3,664
3,372
15,507
1,005
23,548
Total liabilities
1,893,001
69,469
3,372
406,546
1,005
2,373,393
Within assets are Cash and cash equivalents which comprise both Cash balances at Central Banks and Other demand deposits that
have no restrictions and are all available on demand. Please see Note 16.
Financial assets at amortised cost include time deposits from credit institutions and receivable balances from customers, mainly
derived from the intermediation business, and both are of a short-term nature with the majority due either on demand or in a period
of three months or less. Please see Note 12.
Liabilities contain Demand accounts from credit institutions which include the revolving credit facility (\"RCF\") due for repayment of
EUR 366,946 in the period of 1 to 5 years. The interest expense payable regarding the RCF was EUR 2,722 thousand and this is
included in the time period of less than 6 months. For details of the RCF, please see Note 17.
All other balances included within demand accounts from credit institutions and non-credit institutions are both are of a short-term
nature being due on demand.
Non current other financial liabilities relate to the M&A consideration transferred pending payment of EUR 24,093 thousand which is
included in the time period of 1 to 5 years. For further details please see Note 11.
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and dynamic
ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and uses back-testing
to measure these scenarios. Additionally, Allfunds Bank, S.A.U.'s Board of Directors have established a contingency procedure to
cater for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction Area
of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group operates,
thus providing a twofold control of the Group's liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-355": { "value": "
6.a. Market risk
Market risk is defined as the risk to which the Group is exposed in terms of a potential adverse impact on its consolidated statement
of comprehensive income due to fluctuations in interest rates, currency exchange rates and the market prices of instruments
included in the Group's trading portfolio, where they exist.
The Group does not have significant positions on or off the consolidated statement of financial position that might be affected by fair
value risk relating to interest rate and price risks, except those that are strictly necessary for compliance with regulatory
requirements in connection with liquidity and currency exchange derivative hedging to mitigate the risk in the main currencies to
which it is exposed.
6.a.i. Foreign exchange risk
Foreign currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in foreign exchange rates.
As the Group operates internationally and is exposed to foreign exchange risk arising from foreign currency transactions, foreign
exchange risk arises from future commercial transactions and recognised assets and liabilities denominated in a currency that is not
the functional currency of the relevant Group entity. The risk is measured through the Risk Control Unit of Allfunds Bank Group which
forecasts likely foreign currency expenditure. In addition, the management of Allfunds Bank Group receive daily reports on the
exposure and impact on the statement of comprehensive income of Allfunds Bank Group due to currency fluctuations and any
measures implemented to mitigate open risks.
In order to mitigate the aforementioned foreign exchange risk, Allfunds Bank Group, which has the largest exposure to non-reporting
currencies within the Group, have set a cap on the net positions in foreign currencies.
The Group's exposure to foreign currency risk at the end of the reporting period, expressed in Euros, was as follows:
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
USD
GBP
CHF
Other
USD
GBP
CHF
Other
Assets
Cash, and cash equivalents
400,012
72,479
54,618
64,672
303,147
77,838
68,690
40,162
Financial assets held at amortised
cost
72,681
12,887
4,687
35,082
165,672
5,928
3,581
65,678
Financial assets at fair value through
profit and loss
2,270
7,992
\u2014
15
\u2014
\u2014
\u2014
\u2014
Other assets\u00b9
99,190
12,061
378,277
77,412
95,867
13,277
375,046
67,981
Liabilities
Financial liabilities held at amortised
cost
(396,619)
(83,207)
(20,381)
(57,174)
(447,404)
(100,478)
(22,310)
(72,253)
Other liabilities
(88,286)
(10,759)
(46,366)
(55,842)
(80,226)
(10,541)
(52,849)
(41,795)
89,248
11,453
370,835
64,165
37,056
(13,976)
372,158
59,773
1. Other assets CHF includes EUR 308,612 thousand related to intangibles assets and goodwill (31 December 2022 EUR 305,224 thousand).
As shown in the table above, the Group is exposed to USD, GBP, CHF and several other currencies which result in a foreign currency
risk.This can be seen through a number of different asset and liability types that are held in currencies other than Euros. In any case,
the Group made use of FX spot and forward transactions to reduce exposures to foreign currencies.
Should the net asset value subject to currency risk be subject to a 1% increase/decrease, a movement deemed reasonably possible,
the impact on the Statement of Financial Position and Statement of Comprehensive Income would be an increase/decrease in the
value of EUR 5,357 thousand (2022: EUR 4,550 thousand).
6.a.ii. Interest rate risk
Interest rate risk is defined as the risk that the value or the future cash flows of a financial instrument will fluctuate due to changes in
interest rates.
The Group does not deem its exposure to interest rate risk to be significant as its main balance sheet aggregates are either
repayable on demand, have a short maturity or are variable interest rate risk instruments (except for time deposits).\u00a0 As a result, no
sensitivity analysis is provided.
6.a.iii. Price risk
The Group is exposed to equity securities price risk which arises from investments held by the Group and classified in the statement
of financial position as financial assets at fair value through profit or loss.
As the Group's exposure to equity securities is not material or its core business, the Group does not manage its price risk as it does
not deem the exposures to be significant.", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-356": { "value": "
6.b. Credit risk
Credit risk is the possibility of loss stemming from the failure of customers or counterparties to meet their payment obligations to the
Group. Given the type of business conducted by the Allfunds Bank Group, namely the distribution and intermediation of third-party
collective investment schemes, the Group does not perform any active lending activity, and nor is that its purpose.
The Group's exposure to credit risk is through its cash, cash balances with Central Banks and other demand deposits and financial
assets at amortised cost balances. Specifically, the material exposure is to regulated institutions (which are the only authorised
customers of Allfunds Bank Group) to which the Group has granted credit lines tied to the settlement of brokerage transactions.
The entity follows a criterion of reducing the exposure to concentration risk, diversifying the counterparts so as to mitigate the
additional risk. The Group evaluates and monitors credit risk by geographical distribution and by type of exposure. The Risk Control
Unit has implemented a system of counterparty limits by the counterparty based on an internal rating assignment methodology which
results in a probability of default for each counterparty. This assigned probability is reviewed and measured at least once a year, so
that the limits can be adjusted to each customer's risk profile. Counterparty limits are controlled through an integrated system
operating in real time, enabling the Group to be aware at all times of the unused credit line for each counterparty.
Expected Credit Loss Model
Per IFRS 9, the expected credit loss model has been applied as at 31 December 2023 and 31 December 2022. The expected credit
loss model measures the pattern of improvement or deterioration in the credit quality of the instruments. Financial assets at
amortised cost (mainly trade receivables and contract assets) are grouped into three categories based on the impairment
methodology applied, in accordance with the following structure:
\u2022 Stage 1 - Standard risk: this category includes transactions for which credit risk has not increased significantly since initial
recognition. The impairment loss allowance will be equal to the 12-month expected credit losses.
\u2022 Stage 2 - Performing exposures under special monitoring: this category includes transactions for which credit risk has increased
significantly since initial recognition, although no default event has occurred. The impairment loss allowance will be equal to the
lifetime expected credit losses.
\u2022 Stage 3 - Non-performing exposure: this category includes transactions that are credit impaired, i.e., a default event has occurred
or receivable with past-due of more than 90 days after closing amounts to be invoiced. The impairment loss allowance will be equal
to the expected credit losses.
All financial assets measured at amortised cost other than trade receivables are classified as Stage 1.
The Allfunds Group uses a provision matrix to calculate the ECL and this estimate was made on the basis of industry-specific
information and accumulated experience and uses a combination of past-due days and the credit quality of counterparties. Since
these assets mature in the short term, and the Group has applied the simplified approach for trade receivables under IFRS 9, this
eliminates the need to calculate a 12-month expected credit loss or to measure increases in credit risk for the instrument.
Impairment losses are recognised in the consolidated statement of comprehensive income. Receivables for which an impairment
provision was recognised are written off against the provision when there is no expectation of recovering additional cash.
Subsequent recoveries of amounts previously written off are credited in the consolidated statement of comprehensive income.
Individual receivables which are known to be uncollectible (or with more than two years past-due) are written off by reducing their
carrying amount directly; however, the Group recognised no individually impaired trade receivables during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-357": { "value": "
6.c. Liquidity risk
Liquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities.
The Group's exposure to liquidity risk at the end of the reporting period as at 31 December 2023, expressed in Euros, was as follows:
On demand
EUR (`000s)
Less than 6
months EUR
(`000s)
6 to 12
months EUR
(`000s)
1 to 5 years
EUR (`000s)
More than 5
years
EUR ('000s)
Total
EUR ('000s)
Assets
Cash and cash equivalents:
\u00a0 Cash balances at Central Banks and in hand
1,337,242
\u2014
\u2014
\u2014
\u2014
1,337,242
\u00a0 Other demand deposits
763,730
\u2014
\u2014
\u2014
\u2014
763,730
Financial assets at amortised cost:
\u00a0 Time deposits from credit institutions
\u2014
90,755
36,199
\u2014
\u2014
126,954
\u00a0 Receivables from customers
132,426
508
195
843
413
134,385
\u00a0 Balances held at Central Banks
\u2014
12,807
\u2014
\u2014
\u2014
12,807
\u00a0 Debt securities
\u2014
14,386
\u2014
\u2014
\u2014
14,386
Total assets
2,233,398
118,456
36,394
843
413
2,389,504
Liabilities
Financial liabilities at amortised cost:
\u00a0 Demand accounts from credit institutions
431,090
2,722
\u2014
366,946
\u2014
800,758
\u00a0 Demand accounts from non credit institutions
1,121,857
\u2014
\u2014
\u2014
\u2014
1,121,857
\u00a0 Other financial liabilities
340,054
63,083
\u2014
24,093
\u2014
427,230
Lease liabilities
\u2014
3,664
3,372
15,507
1,005
23,548
Total liabilities
1,893,001
69,469
3,372
406,546
1,005
2,373,393
Within assets are Cash and cash equivalents which comprise both Cash balances at Central Banks and Other demand deposits that
have no restrictions and are all available on demand. Please see Note 16.
Financial assets at amortised cost include time deposits from credit institutions and receivable balances from customers, mainly
derived from the intermediation business, and both are of a short-term nature with the majority due either on demand or in a period
of three months or less. Please see Note 12.
Liabilities contain Demand accounts from credit institutions which include the revolving credit facility (\"RCF\") due for repayment of
EUR 366,946 in the period of 1 to 5 years. The interest expense payable regarding the RCF was EUR 2,722 thousand and this is
included in the time period of less than 6 months. For details of the RCF, please see Note 17.
All other balances included within demand accounts from credit institutions and non-credit institutions are both are of a short-term
nature being due on demand.
Non current other financial liabilities relate to the M&A consideration transferred pending payment of EUR 24,093 thousand which is
included in the time period of 1 to 5 years. For further details please see Note 11.
The Risk Control Unit has developed a methodology to dynamically calculate the exposure to liquidity risk through static and dynamic
ratios and set a limit in terms of a liquidity buffer. The Group also periodically performs stress scenario analysis and uses back-testing
to measure these scenarios. Additionally, Allfunds Bank, S.A.U.'s Board of Directors have established a contingency procedure to
cater for possible losses from this type of risk.
To supplement the monitoring performed by the Allfunds Group Risk Control Unit, the Settlement Department of the Transaction Area
of Allfunds Group performs ongoing follow-up of order settlement processes in each of the currencies in which the Group operates,
thus providing a twofold control of the Group's liquidity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-358": { "value": "
7.\u00a0 Capital Management
The Group's objectives when managing capital are to:
\u2022 safeguard its ability to continue as a going concern, so that it can continue to provide returns for its shareholders and benefits for
other stakeholders; and
\u2022 maintain an optimal capital structure to reduce its cost of capital.
In order to maintain or adjust its capital structure, the Group may vary the amount of dividends paid to shareholders, return capital to
shareholders, issue new shares or sell assets.
The capital structure of the Group consists of equity attributable to equity holders of the ultimate parent, comprising issued capital,
share premium, retained earnings and other reserves as disclosed in the consolidated financial statements.
Within the Group, Allfunds Bank, S.A.U. and the Liberty Partners Group, both have capital adequacy requirements imposed primarily
by the Bank of Spain along with other regulatory bodies. Group entities are required to report on certain capital adequacy ratios on a
periodic basis. The ratio is calculated as being the percentage of capital to assets, based on the regulators' definitions of capital and
assets. This ratio is required at all times to be above a benchmark percentage provided by each of the regulators. The subsidiaries of
the Group have been in compliance with the capital adequacy requirements in respect of the period ended 31 December 2023 and 31
December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-359": { "value": "
8.\u00a0 Taxation
8.1 Tax Event from Prior Year
On 2 October, 2020, BP2S contributed its BNPP LPA business to Allfunds Bank, S.A.U. in exchange for the issuance of new shares.
Such BNPP LPA business was automatically attributed to its Milan branch.
The BNPP LPA business contribution qualified as a tax neutral transaction. As a result, the BNPP LPA business goodwill and its
intangibles that were identified in the frame of the PPA process were treated as if not existing for tax purposes, meaning that their
tax base was equal to zero and, therefore, could not be tax-amortised.
However, the Italian tax laws provide for an optional tax step-up regime whereby (i) the taxpayer can opt to pay a substitute tax at a
reduced rate and (ii) the tax base of the asset is increased up to its fair value as emerging from the PPA process. Thus, by making
this election, the taxpayer is entitled to amortise the relevant stepped-asset for tax purposes.
In particular, Allfunds Bank Milan branch made the following elections:
\u2022 Ordinary step-up election for the BNPP LPA business intangibles (Article 176(2-ter) of the Italian income tax code approved with
Presidential Decree No. 917 of 22 December 1986), under which:
a. Allfunds Bank Milan branch was required to make a step-up tax payment of EUR 36,700 thousand in three instalments each
June from 2021 to 2023 (with a 2.5% interest accruing on the second and third instalment). All these payments have already
been made, and
b. Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business intangible assets for tax purposes over their useful
lives and starting from 1 January 2021.
\u2022 Special step-up election for the BNPP LPA business goodwill (Article 15(10) of the Italian Law Decree No.185/2008), under which:
a. Allfunds Bank Milan branch was required to make a step-up tax payment amounting to EUR 35,000 thousand in one single
instalment by June 2021 (already paid); and
b. Allfunds Bank Milan branch is entitled to amortise the BNPP LPA business goodwill for tax purposes over five years starting
from 1 January 2022.
From an accounting perspective, for 2023, payment of the third instalment, already mentioned, had no impact in the statement of
comprehensive income of Allfunds Bank Milan branch (except for interest paid) as this step-up tax cost was already recognised in 2021.
For more details on the tax step up election made, please refer to the audited annual consolidated financial statements of 31
December 2021 in Note 8.
8.2 Other contributions
On 28 December 2022, the Law for the establishment of the temporary tax levy on credit institutions and financial credit
establishments was published in the Official State Gazette (Boletin Oficial de Estado de Espa\u00f1a).
This law establishes an obligation to pay a non-tax public economic levy during the years 2023 and 2024 for those credit institutions
that operate in Spain whose total gross income for interest and commission generated in the year 2019, equals or exceeds \u20ac800
million. See contribution to taxes description in Note 30.
The amount of the levy to be paid results from applying a 4.8% to the sum of the net margin of interest and commission derived from
the activities carried out in Spain, as shown in the income statement of the tax consolidation group to which the credit institutions
belong for the immediately preceding year. The impact for 2023 has been EUR 7.2 million (already paid) which has been treated as
non-deductible for corporate income tax purposes. The bank levy for 2024 has been estimated at EUR 7 million.
Allfunds Bank, S.A.U., the Company`s wholly owned indirect subsidiary, has undertaken the appropriate legal measures to appeal
against this bank levy. \u00a0
8.3 Pillar Two Disclosure
The OECD and G20 Inclusive Framework on Base Erosion and Profit Shifting announced plans under the Pillar Two Framework to
introduce a global minimum tax rate of 15% and the OECD issued model rules in 2021.
Further OECD guidance has been released during 2022 and 2023 and the UK Government enacted legislation on 11 July 2023 to
implement the global minimum tax rules and a UK domestic minimum tax. The UK\u00b4s Pillar Two rules apply for accounting periods
beginning on or after 31 December 2023 and will apply in respect of profits for every jurisdiction where the Group operates.
Allfunds Group plc would be the ultimate parent entity of the Group for Pillar Two purposes.\u00a0
Some of the jurisdictions where the Group operates, such as Italy, Switzerland, Sweden, France and Luxembourg, have already
enacted new legislation to implement the global minimum top-up tax. Others, as is the case in Spain, are still in the process of
transposition of the Directive 2022/2523 into Spanish legislation. However, in line with the provisions of the Preliminary Draft Bill
submitted for public information, it is expected to take effect for tax periods beginning on or after 31 December 2023.
The Group has adopted the International Tax Reform - Pillar Two Model Rules amendment to IAS 12, which were issued on 23 May
2023, and approved by the UK Endorsement Board on 19 July 2023. The Group has applied the exception set out in paragraph 4A in
respect of recognising and disclosing information about deferred tax assets and liabilities related to Pillar Two taxes.
The Group has reviewed the published UK legislation alongside the OECD model rules and guidance and has performed an
assessment of the expected impact of the new regime. This assessment has been carried out as a preliminary exercise of the
Group`s exposure to Pillar Two based on both 2022 and 2023 consolidated figures of the Group in each of the constituent
jurisdictions and the analysis of the Transitional Safe Harbour envisaged by the OECD.
In this regard, additional taxes resulting from the implementation of Pillar Two are not expected to arise from 1 January 2024. The
Group will continue to review further guidance due to be released by the OECD and Governments implementing this new tax regime
to assess the potential impact and will continue to review the regulations and guidance as they are issued.
8.4 Inspection
Under current legislation, tax returns cannot be deemed to be definitive until they have been reviewed by the tax authorities or until\u00a0
the related statute of limitations period has expired.
The Group is open to tax inspection by the tax authorities for taxes that are applicable due to its activity and with respect to those
tax years that, as of that date, are not statute barred.
Also, as tax legislation applicable to transactions performed by the Group, during the tax years open to review may be subject to
different interpretations, certain tax liabilities of contingent nature could arise. However, the Group`s directors and its tax advisors
consider that the tax charge, if any, that could arise from future tax audits, would not have a material impact in these financial
statements.
14.\u00a0 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
161
167
Allfunds Bank Milan branch
\u2014
18,915
Allfunds Bank S.A. Singapore branch
2,076
6
Allfunds Bank London branch
328
\u2014
Allfunds Bank Stockholm branch
70
9
Allfunds Bank Paris branch
8
930
Allfunds Blockchain, S.L.U.
374
\u2014
Allfunds Digital, S.L.U.
114
\u2014
Allfunds Group plc
105
\u2014
Mainstreet Capital Partners
62
\u2014
Other
30
517
3,328
20,544
Deferred tax assets:
Non-deductible depreciation (Allfunds Bank)
63
126
Loan impairment (Allfunds Bank)
\u2014
300
LTIP provisions (Allfunds Bank)
1,355
1,067
Bonus provisions (Allfunds Bank)
351
237
Deferred tax assets \u2013 Business combinations CS InvestLab\u00b9
45,060
48,512
Deferred Tax assets \u2013 Business combinations BNP BC Goodwill tax amortisation\u00b2
43,368
57,824
Others related to Allfunds Bank branches:
\u00a0 Allfunds Bank London branch (LTIP provision)
878
478
\u00a0 Allfunds Bank Poland branch (Bonus provision, TP and others)
400
309
\u00a0 Allfunds Bank Stockholm branch (Tax losses)
445
443
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.\u00b3
828
851
\u00a0 Allfunds Blockchain, S.L.U.
\u2014
23
92,748
110,170
Total
96,076
130,714
1. Deferred Tax Assets \u2013 Business combinations CS InvestLab\u201d includes the tax asset of EUR 45, 060 thousand as at 31 December 2023 (EUR 48,512 thousand as at 31
December 2022) arising in the business combination through which the distribution business of Credit Suisse was acquired. This tax asset amounted to EUR 64,915
thousand. There has been a net valuation adjustment for the year for foreign exchange differences of EUR 2,122 thousand as at 31 December 2023 (EUR 2,037 thousand 31
December 2022).
2. Deferred Tax Assets \u2013 Business combination BNP - BC (Italian tax step-up)\u201d includes the tax assets arising as a consequence of the tax step-up election made by Allfunds
Bank Milan branch and its entitlement, as from 2022, to amortise for tax, not for accounting purposes, the BC goodwill over a five-year period. The tax asset amounted to
EUR 43,368 thousand of which EUR 14,456 thousand has been amortised in the year to 31 December 2023.
3. Includes deferred tax assets of Allfunds Tech Solutions inherited by Allfunds Digital as a consequence of the domestic merger carried out during 2023.
2023
Balance as at
1 Jan 2023
Impact in
OCI
Impact in tax
expense
Acquisition
for the year
Balance as at
31 Dec 2023
Non-deductible depreciation (Allfunds Bank)
126
\u2014
(63)
\u2014
63
Loan impairments (Allfunds Bank)
300
\u2014
(300)
\u2014
\u2014
LTIP provisions (Allfunds Bank)
1,067
\u2014
288
\u2014
1,355
Bonus provisions (Allfunds Bank)
237
\u2014
114
\u2014
351
Deferred Tax assets \u2013 Business Combination CS Investlab\u00b9
48,512
2,771
(6,223)
\u2014
45,060
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
57,824
\u2014
(14,456)
\u2014
43,368
Other tax credits of Allfunds Bank branches
\u00a0 Allfunds Bank London branch
477
\u2014
401
\u2014
878
\u00a0 Allfunds Bank Poland branch
309
\u2014
91
\u2014
400
\u00a0 Allfunds Bank Stockholm branch
443
\u2014
2
\u2014
445
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.\u00b3
851
\u2014
(23)
\u2014
828
\u00a0 Allfunds Blockchain, S.L.U.
23
\u2014
(23)
\u2014
\u2014
Total
110,169
2,771
(20,192)
\u2014
92,748
2022
Balance as at
1 Jan 2022
Impact in
OCI
Impact in tax
expense
Acquisition
for the year
Balance as at
31 Dec 2022
Non-deductible depreciation and amortisation (Allfunds Bank)
188
\u2014
(62)
300
426
Non-tax-deductible provisions (Allfunds Bank)
474
\u2014
830
\u2014
1,304
Tax assets \u2013 Business Combination CS Investlab\u00b9
51,263
2,433
(5,184)
\u2014
48,512
Tax assets \u2013 Business Combinations BC Goodwill tax amortisation (Italy)
72,281
\u2014
(14,457)
\u2014
57,824
Other tax credits of Allfunds Bank subsidiaries and branches
1,180
(90)
165
\u2014
1,255
Allfunds Tech Solutions
\u2014
\u2014
\u2014
848
848
Other
30
(30)
\u2014
\u2014
\u2014
Total
125,416
2,313
(18,708)
1,148
110,169
1. Valuation adjustments made in application of IAS 21.
In addition to the tax assets detailed above, the Group has the following unrecognised tax losses from prior years, as the timing of
their possible recovery is uncertain since it depends on future taxable profits being obtained.
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Liberty Partners, S.L.U.
Spain
2017
32,185
2018
26,745
Total
58,930
Allfunds Bank Singapore Branch
Singapore
2017
3,019
2018
3,668
2019
6,579
2020
5,903
2021
1,116
2022
3,409
Total
23,694
Allfunds Bank Swiss Branch
Switzerland
2017
20,772
2018
12,266
2019
9,491
2020
81,309
2021
67,265
2022
33,785
Total
224,888
Allfunds Bank Stockholm Branch
Sweden
2021
268
2022
92
Total
360
Allfunds Hong Kong Limited
Hong Kong
2018
14
2019
341
2020
913
2021
1,397
2022
1,287
Total
3,951
Tax group: Allfunds Digital- Allfunds Blockchain
Spain
2021
32
2022
4,976
Total
5,008
Allfunds Digital (pre- tax group losses inherited from Allfunds Tech Solutions)
Spain
2022
1,315
Total
1,315
Allfunds Tech Solutions Germany
Germany
2020
337
Total
337
Allfunds Tech Solutions France
France
2014
450
2015
81
2016
52
2017
171
2018
169
Total
924
Allfunds Tech Solutions UK
UK
2017
619
2018
1,503
Total
2,122
Allfunds Data Analytics
UK
Pre-2017
159
Post 2017
814
Total
973
Mainstreet Capital Partners
UK
Post 2017
337
Total
337
Allfunds Investment Solution
Luxembourg
2022
1,498
Total
1,498
Allfunds Tech Solutions Sweden
Sweden
2022
281
Total
281
Allfunds Tech Solutions Switzerland
Switzerland
Pre-2022
17
Post 2022
564
Total
581
Finally, the Group has the following unrecognised deferred tax assets and unrecognised tax credits:
Amount in Tax
Base
EUR (000s)
Unrecognised deferred tax assets:
\u00a0 \u00a0 Allfunds Group plc (LTIP provision)
261
\u00a0 \u00a0 Allfunds Digital, S.L.U. (LTIP provision)
61
\u00a0 \u00a0 Allfunds Blockchain, S.L.U. (LTIP provision)
181
503
Unrecognised tax credits:
\u00a0 \u00a0 Allfunds Group plc (Unused interest)
3,665
3,665
Total
4,168
In addition, the Group has the following unrecognised deferred tax assets regarding innovation tax credits as at 31 December 2023
for tax base amounts for Allfunds Digital, S.L.U. EUR 116 thousand and Allfunds Blockchain, S.L.U. of EUR 74 thousand.
19.\u00a0 Tax Liabilities
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Current tax liabilities\u00b9
26,029
29,109
Deferred tax liabilities
Arising in business combinations (Note 11)
Allfunds Bank, S.A.U.
152,336
167,909
Allfunds Digital, S.L.U.
653
698
Allfunds Tech Solutions, S.A.U.\u00b2
8,003
8,523
CS Investlab business
24,822
26,351
Nordic Fund Market
228
249
Allfunds Data Analytics Limited
332
411
Mainstreet Capital Partners
2,026
\u2014
Allfunds Bank Milan branch
158
4
Other
\u2014
3
188,558
204,148
Total
214,587
233,257
1. The balance of Tax Liabilities - Current\u00a0 tax liabilities includes mainly the income tax payable generated in Spain, Italy, Luxembourg, France and the UK.
2. The deferred tax liability has been allocated to Allfunds Digital, S.L.U. as a consequence of the upstream merger of Allfunds Tech Solutions, S.A.U. into its parent company
Allfunds Digital, S.L.U..
34. Tax Expense
The tax expense recognised by the Group for the year is as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Allfunds Bank
24,914
24,908
Allfunds Bank Milan branch
42,690
24,481
Allfunds Bank Luxembourg branch
8,197
6,864
Allfunds Bank Paris branch
6,308
3,005
Allfunds Bank London branch
1,369
2,786
Allfunds Bank Swiss branch
193
273
Liberty Partners , S.L.U.
869
316
Allfunds Group plc
(1,572)
(2,329)
Allfunds Digital Group
(822)
803
Other
400
57
less:
Deferred tax on intangible assets Allfunds Bank Group
(51)
(192)
Deferred tax on intangible assets Liberty Partners Group
(15,574)
(26,119)
Deferred tax on intangible assets Allfunds Digital Group
\u2014
(311)
Tax expense
66,921
34,542
Current tax
expense/
(income)
Adjustment in
respect of
current income
tax of prior
years
Deferred tax
relating to
origination and
reversal of
temporary
differences
Total Tax
(credit)/
expense
2023
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
21,433
539
2,942
24,914
Allfunds Bank Milan branch
28,168
(87)
14,609
42,690
Allfunds Bank Paris branch
6,641
(334)
\u2014
6,307
Allfunds Bank Luxembourg branch
8,181
16
\u2014
8,197
Allfunds Bank Swiss branch
202
(9)
\u2014
193
Allfunds Bank London branch
1,681
80
(391)
1,370
Liberty Partners, S.L.U.
839
30
\u2014
869
Allfunds Group plc
(1,554)
(18)
\u2014
(1,572)
Allfunds Digital Group
\u2014
\u2014
(822)
(822)
Other
448
\u2014
(48)
400
less:
Deferred tax on intangible assets at Allfunds Bank Group
\u2014
\u2014
(51)
(51)
Deferred tax on intangible assets at Liberty Partners Group
\u2014
\u2014
(15,574)
(15,574)
Deferred tax on intangible assets Digital Group
\u2014
\u2014
\u2014
\u2014
Tax expense
66,039
217
665
66,921
2022
Current tax
expense/
(income)
EUR ('000s)
Adjustment
in\u00a0respect of
current\u00a0income
tax of prior years
EUR ('000s)
Deferred tax
relating to
origination and
reversal of
temporary
differences
EUR ('000s)
Total Tax
(credit)/
expense
EUR ('000s)
Allfunds Bank, S.A.U.
22,669
55
2,184
24,908
Allfunds Bank Milan branch
11,301
(1,276)
14,456
24,481
Allfunds Bank,Paris branch
3,005
\u2014
\u2014
3,005
Allfunds Bank Luxembourg branch
6,864
\u2014
\u2014
6,864
Allfunds Bank Swiss branch
327
(54)
\u2014
273
Allfunds Bank London branch
3,214
(41)
(387)
2,786
Liberty Partners, S.L.U.
316
\u2014
\u2014
316
Allfunds Group plc
(1,075)
(1,254)
\u2014
(2,329)
Other
5
385
470
860
less:
Deferred tax on intangibles assets at Allfunds Bank Group
\u2014
\u2014
(192)
(192)
Deferred tax on intangibles assets at Liberty Partners Group
\u2014
\u2014
(26,119)
(26,119)
Deferred tax on intangible assets Digital Group
\u2014
\u2014
(311)
(311)
Tax expense
46,626
(2,185)
(9,899)
34,542
2023
2022
EUR ('000s)
EUR ('000s)
Profit before tax
152,627
83,725
Consolidation adjustments
81,122
83,092
Tax income / expense at UK tax Rate 25 / 19%
58,437
31,695
Effect on Income by different tax rate by countries
11,345
15,587
Prior year adjustments
218
(2,185)
Deferred expense/(income) tax
665
(9,899)
Others
(3,744)
(656)
Tax expense
66,921
34,542
The effective tax rate is as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Profit/(loss) before tax
152,627
83,725
Tax expense/(income)
66,921
34,542
Effective tax rate
43.85%
41.26%
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-360": { "value": "
9.\u00a0 Property, Plant and Equipment
31 Dec 2023
Furniture and
fixtures
Computer
Hardware
Right-of-use
Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2023
12,731
4,048
41,798
58,577
Additions
1,133
266
14,027
15,426
Disposals
\u2014
\u2014
(9,955)
(9,955)
Other
\u2014
\u2014
(183)
(183)
Carried forward 31 Dec 2023
13,864
4,314
45,687
63,865
Accumulated depreciation:
Brought forward 1 Jan 2023
(5,627)
(2,759)
(24,347)
(32,733)
Charge for the year
(1,606)
(756)
(7,396)
(9,758)
Disposals
\u2014
\u2014
9,905
9,905
Other
\u2014
\u2014
\u2014
\u2014
Carried forward 31 Dec 2023
(7,233)
(3,515)
(21,838)
(32,586)
Net Book Value
6,631
799
23,849
31,279
Fully depreciated assets
4,124
\u2014
\u2014
4,124
1. Right-of-use assets are further detailed in Note 37
31 Dec 2022
Furniture and
fixtures
Computer
Hardware
Right-of-use
Assets\u00b9
Total
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Cost:
Brought forward 1 Jan 2022
12,668
3,512
37,951
54,131
Additions
1,698
544
5,167
7,409
Incorporated by business combinations
1
195
187
383
Disposals
(1,086)
(918)
(1,164)
(3,168)
Other
(550)
715
(343)
(178)
Carried forward 31 Dec 2022
12,731
4,048
41,798
58,577
Accumulated depreciation:
Brought forward 1 Jan 2022
(5,203)
(2,839)
(18,043)
(26,085)
Charge for the year
(1,510)
(838)
(7,597)
(9,945)
Disposals
1,086
918
1,164
3,168
Other
\u2014
\u2014
129
129
Carried forward 31 Dec 2022
(5,627)
(2,759)
(24,347)
(32,733)
Net Book Value
7,104
1,289
17,451
25,844
Fully depreciated assets
5,539
\u2014
\u2014
5,539
1. Right-of-use assets are further detailed in Note 37
Depreciation is calculated using the straight-line method to allocate the cost, net of the residual values, over the estimated useful
lives of the assets.
There were impairment losses for property, plant and equipment for the year ended 31 December 2023 of EUR 50 thousand (EUR 1
thousand for year ended 31 December 2022). Please see Note 33.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-361": { "value": "
There were impairment losses for property, plant and equipment for the year ended 31 December 2023 of EUR 50 thousand (EUR 1
thousand for year ended 31 December 2022).
Impairment Testing
At least once per year (or whenever there is any indication of impairment), the Group reviews goodwill for impairment (that is, a
potential reduction in its recoverable amount to below its carrying amount) (see Note 3c). The first step that must be taken in order
to perform this analysis is to identify each separate CGU, that is, the Group's smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or other group of assets. The carrying amount of each CGU
is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination)
of all the assets and liabilities of all the independent legal entities composing the CGU, together with the related goodwill. The
carrying amount of the CGU to be recovered is compared with its recoverable amount in order to determine whether there is any
impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue and net Subscription Revenue, operating and reportable segments.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU by
reviewing information including the following: (i) certain macroeconomic variables that might affect its investment (political situation
and economic situation, among others) and (ii) various microeconomic variables comparing the Group's investment with the financial
services industry of the country in which the CGU conducts most of its business activities (off-balance-sheet intermediated funds,
net fees and commissions, earnings, among others). Regardless of whether there is any indication of impairment, every year the
Group calculates the recoverable amount of each CGU to which goodwill has been allocated and, to this end, it uses internal
estimates and appraisals performed by independent experts. The\u00a0Group performed its annual impairment test as at 31 December,
2023.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use. The
value in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d), depending
upon the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than the carrying
amount. If it is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no requirement to refine the
determination of the recoverable amount to a single number. However, if it is not greater, then more detailed work is required to
determine the recoverable amount in order to calculate the impairment loss. Therefore, it is not always necessary to determine both a
CGU's fair value less costs of disposal and value in use. In the case of all five of the CGUs tested for impairment, the value in use of
the CGU is greater than its carrying amount, thus only the value in use has been calculated.
The dividend discount model was determined to be best suited to valuing the Allfunds Bank, Allfunds Investlab, Allfunds Sweden and
BNPP LPA Business CGUs, while the discounted cash flow method was determined to be the best valuation method for the ATS -
Digital CGU. The dividend discount model is best suited for financial institutions.
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the cost of
equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical perspective, as it
effectively incorporates all the factors that affect the value of a business into the result of the valuation. The discounted cash flow
method considers the operating results as well as the capital expenditures and working capital policies to calculate a business
capacity of generating free cash flow. In order to obtain the actual value of the business, free cash flows are discounted to a present
date at a weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no
special seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the range
of comparable listed companies and comparable transactions analysed.
See below for further details on the impairment testing methodology performed for the most relevant CGU:
2023
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.90%
2.90%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
9.00%
2.90%
ATS - Digital
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.80%
1.80%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.80%
2.90%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.90%
2022
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.80%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
7.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13.10%
2.10%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.50%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.80%
Assumptions
Discount Rate
The present value of the future distributable dividends has been calculated using a discount rate for the cost of capital of the
business (Ke). Such rate reflects the yield demanded by investors for investments with a similar risk to the business being valued. For
its determination the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. When discounting future distributable dividends, only a
post-tax discount rate could be used.
In determining value in use, projected future cash flows are discounted using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or CGU. The WACC shown above and applied to the DCF
model has been determined specific to projected future cash flows to be generated by the relevant CGU and it has been considered
that this discount rate is one that a market participant would\u00a0use.
Perpetual Growth Rate
The determination of the perpetual growth rate for the calculation of the terminal value in the DDM and DCF has been prepared
based on market data. Management\u2019s experts have reviewed broker reports of listed comparable companies belonging to the asset
management industry, which have been issued close to the valuation date, in order to obtain a market consensus of the perpetuity
growth rates assumed by analysts on their valuations.
Other Business Assumptions
Business plans
Annually business plans are prepared, normally for a duration of four year periods, and which are approved by management. These
business plans are used to calculate both future profitability and projected cash flow movements for each separate CGU.
AuA evolution
The volume flows have been estimated by the Company according to its best estimate of its capacity to capture assets under
management, both from migrations of other clients and from organic growth of current clients (including former shareholders). The
market effect has been estimated by the Company in line with the rest of AFB\u2019s branches, based on their best understanding of the
overall expected performance evolution of the equities and fixed income.
Fee and commission income
The fee evolution has been forecast by the Group based on their best estimate of the margin and remunerated AuA. In addition, this
takes into account the movement in some CGUs from a revenue model based on set-up fees toward a new model based on recurring
revenue.
Expenses
Expenses have been projected by the Group considering the current cost structure of the Group and are expected to evolve
considering the Group's needs, improved efficiency driven by the digitalisation of services offered and forecast inflationary scenarios.
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to be
17.8% plus the required counter cyclical buffer, which is in line with the Company's commitment and the consensual agreement with
the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the
CGU is determined. For Allfunds Bank, Allfunds Investlab, Allfunds Sweden and\u00a0 BNPP LPA Business, the recoverable amount of the
CGU has been determined using the DDM, based on income statement projections, and the carrying amount of all the assets and
liabilities allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying amount. For ATS
Digital the DCF projections include outflows and inflows in respect of tangible assets, intangible assets and working capital.
Therefore, the carrying amount of the CGU that is used to determine the recoverable amount includes the related assets and
liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could move
and therefore have deemed it appropriate to consider the below sensitivity analysis for each CGU:
Allfunds Bank
Increase in Ke
of 3.4%
Decrease in Ke
of 3.3%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
13.3%
6.6%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
1,777,000
5,049,000
2,723,000
2,591,000
Impairment needed
No
No
No
No
Allfunds Investlab
Increase in
WACC
of 1.0%
Decrease in
WACC of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
10.0%
8.0%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
394,800
520,900
463,300
433,100
Impairment needed
No
No
No
No
ATS - Digital
Increase in
WACC
of 0.5%
Decrease in
WACC of 0.5%
Increase in g
of 0.2%
Decrease in g
of 0.3%
Revised factor
13.3%
12.3%
2.0%
1.5%
Recoverable value (EUR (\u2018000s))
161,574
178,605
172,820
166,711
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 2.0%
Decrease in Ke
of 2.0%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
12.8%
8.8%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
72,000
126,600
94,700
90,700
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 2.0%
Decrease in Ke
of 2.0%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
13.5%
9.5%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
771,700
1,180,300
945,300
915,200
Impairment needed
No
No
No
No
As shown below, the recoverable amount exceeded the carrying amount of the investments for each CGU and therefore, no
impairment is required.
31 Dec 2023
EUR (\u2018000s)
CGU
Carrying value
Recoverable
amount
Impairment
required on
goodwill
Allfunds Bank
1,280,001
2,660,000
\u2014
Allfunds Investlab
364,830
447,500
\u2014
ATS - Digital
141,555
169,696
\u2014
Allfunds Sweden
23,276
92,400
\u2014
BNPP LPA Business
514,284
928,400
\u2014
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December, 2023. In this regard, and in light of events concerning credit institutions in both the
United States of America and Europe at first quarter of 2023, the directors will continue to review and assess such indications and
the potential effect in the carrying amount of goodwill and intangible assets in future impairment assessments, especially those
originated in the business combination of CS- Investlab AG . In this sense, the Group\u2019s exclusivity agreements remain in place and are
enforceable until their expiration date, regardless of any potential changes in the ownership structure of the customers with whom
these agreements were signed. In addition, as stated in note 5, no single customer contributed 10% or more to the Allfunds Group\u00b4s
revenue.
33. Impairment Losses
2023
2022
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
50
1
Impairment loss on financial assets held at amortised cost
3,159
9,040
3,209
9,041
The impairment losses on financial assets held at amortised cost for the year ended 31 December 2023 of EUR 3,160 thousand (31
December 2022: EUR 9,040 thousand) relate to the ECL requirements as per the Banking Regulator for receivable balances greater
than 90 days past-due.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-362": { "value": "
10.\u00a0 Goodwill and Intangible Assets
The following acquisitions by the Group resulted in goodwill upon the purchase:
Acquisition
Date
Percentage
Holding
Goodwill on
purchase
Impairment
Goodwill
31 Dec 22
Goodwill
31 Dec 23
Business Acquired
CGU
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank, S.A.U.
21 Nov 2017
100%
Allfunds Bank
962,412
(362,000)
600,412
600,412
ATS - Digital\u00b9
100%
ATS - Digital
114,426
\u2014
114,426
114,426
CS - Investlab AG
26 March 2020
100%
Allfunds Investlab
158,264
\u2014
171,467
182,600
Nordic Fund Market
31 Oct 2019
100%
Allfunds Sweden
18,155
\u2014
17,548
17,588
BNPP LPA Business
2 Oct 2020
100%
BNPP LPA Business
232,447
\u2014
218,570
218,570
Instihub Analytics Limited
4 May 2022
100%
Allfunds Data Analytics Limited
6,616
\u2014
6,439
6,695
Mainstreet Capital Partners
17 Feb 2023
65%
Mainstreet Capital Partners
35,312
\u2014
\u2014
36,177
Iccrea Banca LPA Business
1 Dec 2023
100%
Iccrea Banca LPA Business
100,000
\u2014
\u2014
100,000
Total
1,627,623
(362,000)
1,128,862
1,276,468
1. ATS - Digital includes the acquistion of both Fintech Partners, S.L.U. on 17 January, 2018 and Web Financial Group on 31 May, 2022
Presented in the table below is an analysis of Goodwill and Other Intangible Assets as at 31 December 2023 and 31 December 2022.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current relations
with clients through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreements
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.23
1,490,862
140,269
210,550
527,686
688,209
47,603
161,000
3,266,179
Additions
\u2014
48,339
\u2014
\u2014
\u2014
\u2014
30,000
78,339
Incorporated by business
combinations
135,312
\u2014
5,808
\u2014
\u2014
3,332
\u2014
144,452
Disposals
\u2014
(6,704)
\u2014
\u2014
\u2014
\u2014
\u2014
(6,704)
Translation differences and
others
12,294
415
\u2014
\u2014
12,299
\u2014
\u2014
25,008
Carried forward 31.12.23
1,638,468
182,319
216,358
527,686
700,508
50,935
191,000
3,507,274
Accumulated amortisation:
Brought forward 1.1.23
\u2014
(59,911)
(195,234)
(143,392)
(192,404)
(14,748)
(37,569)
(643,258)
Charge for the year
\u2014
(29,750)
(5,273)
(33,782)
(48,786)
(3,885)
(16,772)
(138,248)
Disposals
\u2014
6,704
\u2014
\u2014
\u2014
\u2014
\u2014
6,704
Translation differences and
others
\u2014
\u2014
\u2014
\u2014
(3,431)
\u2014
\u2014
(3,431)
Carried forward 31.12.23
\u2014
(82,957)
(200,507)
(177,174)
(244,621)
(18,633)
(54,341)
(778,233)
Impairment losses:
Brought forward 1.1.23
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward 31.12.23
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,276,468
99,355
14,550
350,512
455,887
32,302
136,659
2,365,733
Fully amortised
\u2014
19,779
\u2014
\u2014
\u2014
\u2014
\u2014
19,779
Total intangibles assets other than Goodwill as at 31 December, 2023 were EUR 1,089,265 thousand (31 December, 2022 EUR
1,130,751 thousand).
On 1 December 2023, the option to extend the cooperation agreement to a former shareholder for the commercial distribution of
funds until November 2025 was exercised and paid. In this context, an amount of EUR 30,000 thousand was paid. This identifiable
intangible asset is controlled by the Group to generate future benefits and will be amortised considering a useful economic life of 2
years which coincides with the contractual terms of the asset.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT technological
platform
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
683,272
47,603
161,000
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
167,924
Translation differences and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
17,201
Carried forward 31.12.22
1,490,862
140,269
210,550
527,686
688,209
47,603
161,000
3,266,179
Accumulated amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(141,914)
(11,863)
(20,797)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(45,553)
(2,885)
(16,772)
(161,119)
Translation differences and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
(4,937)
Carried forward 31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(192,404)
(14,748)
(37,569)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward 31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
495,805
32,855
123,431
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
Impairment Testing
At least once per year (or whenever there is any indication of impairment), the Group reviews goodwill for impairment (that is, a
potential reduction in its recoverable amount to below its carrying amount) (see Note 3c). The first step that must be taken in order
to perform this analysis is to identify each separate CGU, that is, the Group's smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or other group of assets. The carrying amount of each CGU
is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination)
of all the assets and liabilities of all the independent legal entities composing the CGU, together with the related goodwill. The
carrying amount of the CGU to be recovered is compared with its recoverable amount in order to determine whether there is any
impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue and net Subscription Revenue, operating and reportable segments.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU by
reviewing information including the following: (i) certain macroeconomic variables that might affect its investment (political situation
and economic situation, among others) and (ii) various microeconomic variables comparing the Group's investment with the financial
services industry of the country in which the CGU conducts most of its business activities (off-balance-sheet intermediated funds,
net fees and commissions, earnings, among others). Regardless of whether there is any indication of impairment, every year the
Group calculates the recoverable amount of each CGU to which goodwill has been allocated and, to this end, it uses internal
estimates and appraisals performed by independent experts. The\u00a0Group performed its annual impairment test as at 31 December,
2023.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use. The
value in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d), depending
upon the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than the carrying
amount. If it is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no requirement to refine the
determination of the recoverable amount to a single number. However, if it is not greater, then more detailed work is required to
determine the recoverable amount in order to calculate the impairment loss. Therefore, it is not always necessary to determine both a
CGU's fair value less costs of disposal and value in use. In the case of all five of the CGUs tested for impairment, the value in use of
the CGU is greater than its carrying amount, thus only the value in use has been calculated.
The dividend discount model was determined to be best suited to valuing the Allfunds Bank, Allfunds Investlab, Allfunds Sweden and
BNPP LPA Business CGUs, while the discounted cash flow method was determined to be the best valuation method for the ATS -
Digital CGU. The dividend discount model is best suited for financial institutions.
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the cost of
equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical perspective, as it
effectively incorporates all the factors that affect the value of a business into the result of the valuation. The discounted cash flow
method considers the operating results as well as the capital expenditures and working capital policies to calculate a business
capacity of generating free cash flow. In order to obtain the actual value of the business, free cash flows are discounted to a present
date at a weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no
special seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the range
of comparable listed companies and comparable transactions analysed.
See below for further details on the impairment testing methodology performed for the most relevant CGU:
2023
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.90%
2.90%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
9.00%
2.90%
ATS - Digital
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.80%
1.80%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.80%
2.90%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.90%
2022
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.80%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
7.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13.10%
2.10%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.50%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.80%
Assumptions
Discount Rate
The present value of the future distributable dividends has been calculated using a discount rate for the cost of capital of the
business (Ke). Such rate reflects the yield demanded by investors for investments with a similar risk to the business being valued. For
its determination the Capital Asset Pricing Model (\u201cCAPM\u201d) has been used. When discounting future distributable dividends, only a
post-tax discount rate could be used.
In determining value in use, projected future cash flows are discounted using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset or CGU. The WACC shown above and applied to the DCF
model has been determined specific to projected future cash flows to be generated by the relevant CGU and it has been considered
that this discount rate is one that a market participant would\u00a0use.
Perpetual Growth Rate
The determination of the perpetual growth rate for the calculation of the terminal value in the DDM and DCF has been prepared
based on market data. Management\u2019s experts have reviewed broker reports of listed comparable companies belonging to the asset
management industry, which have been issued close to the valuation date, in order to obtain a market consensus of the perpetuity
growth rates assumed by analysts on their valuations.
Other Business Assumptions
Business plans
Annually business plans are prepared, normally for a duration of four year periods, and which are approved by management. These
business plans are used to calculate both future profitability and projected cash flow movements for each separate CGU.
AuA evolution
The volume flows have been estimated by the Company according to its best estimate of its capacity to capture assets under
management, both from migrations of other clients and from organic growth of current clients (including former shareholders). The
market effect has been estimated by the Company in line with the rest of AFB\u2019s branches, based on their best understanding of the
overall expected performance evolution of the equities and fixed income.
Fee and commission income
The fee evolution has been forecast by the Group based on their best estimate of the margin and remunerated AuA. In addition, this
takes into account the movement in some CGUs from a revenue model based on set-up fees toward a new model based on recurring
revenue.
Expenses
Expenses have been projected by the Group considering the current cost structure of the Group and are expected to evolve
considering the Group's needs, improved efficiency driven by the digitalisation of services offered and forecast inflationary scenarios.
The Company's capital requirements are only applicable to the CGU where the DDM model has been applied.
Allfunds Bank CGU \u2013 The Company's capital necessities and the target Common Equity Tier (\u201cCET\u201d) ratio has been projected to be
17.8% plus the required counter cyclical buffer, which is in line with the Company's commitment and the consensual agreement with
the Bank of Spain.
Recoverable Amount
The carrying amount of a CGU should be determined in a way that is consistent with the way that the recoverable amount of the
CGU is determined. For Allfunds Bank, Allfunds Investlab, Allfunds Sweden and\u00a0 BNPP LPA Business, the recoverable amount of the
CGU has been determined using the DDM, based on income statement projections, and the carrying amount of all the assets and
liabilities allocated to the cash-generating unit should be used in determining the cash-generating unit's carrying amount. For ATS
Digital the DCF projections include outflows and inflows in respect of tangible assets, intangible assets and working capital.
Therefore, the carrying amount of the CGU that is used to determine the recoverable amount includes the related assets and
liabilities.
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could move
and therefore have deemed it appropriate to consider the below sensitivity analysis for each CGU:
Allfunds Bank
Increase in Ke
of 3.4%
Decrease in Ke
of 3.3%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
13.3%
6.6%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
1,777,000
5,049,000
2,723,000
2,591,000
Impairment needed
No
No
No
No
Allfunds Investlab
Increase in
WACC
of 1.0%
Decrease in
WACC of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
10.0%
8.0%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
394,800
520,900
463,300
433,100
Impairment needed
No
No
No
No
ATS - Digital
Increase in
WACC
of 0.5%
Decrease in
WACC of 0.5%
Increase in g
of 0.2%
Decrease in g
of 0.3%
Revised factor
13.3%
12.3%
2.0%
1.5%
Recoverable value (EUR (\u2018000s))
161,574
178,605
172,820
166,711
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 2.0%
Decrease in Ke
of 2.0%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
12.8%
8.8%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
72,000
126,600
94,700
90,700
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 2.0%
Decrease in Ke
of 2.0%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
13.5%
9.5%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
771,700
1,180,300
945,300
915,200
Impairment needed
No
No
No
No
As shown below, the recoverable amount exceeded the carrying amount of the investments for each CGU and therefore, no
impairment is required.
31 Dec 2023
EUR (\u2018000s)
CGU
Carrying value
Recoverable
amount
Impairment
required on
goodwill
Allfunds Bank
1,280,001
2,660,000
\u2014
Allfunds Investlab
364,830
447,500
\u2014
ATS - Digital
141,555
169,696
\u2014
Allfunds Sweden
23,276
92,400
\u2014
BNPP LPA Business
514,284
928,400
\u2014
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December, 2023. In this regard, and in light of events concerning credit institutions in both the
United States of America and Europe at first quarter of 2023, the directors will continue to review and assess such indications and
the potential effect in the carrying amount of goodwill and intangible assets in future impairment assessments, especially those
originated in the business combination of CS- Investlab AG . In this sense, the Group\u2019s exclusivity agreements remain in place and are
enforceable until their expiration date, regardless of any potential changes in the ownership structure of the customers with whom
these agreements were signed. In addition, as stated in note 5, no single customer contributed 10% or more to the Allfunds Group\u00b4s
revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-363": { "value": "
The following acquisitions by the Group resulted in goodwill upon the purchase:
Acquisition
Date
Percentage
Holding
Goodwill on
purchase
Impairment
Goodwill
31 Dec 22
Goodwill
31 Dec 23
Business Acquired
CGU
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank, S.A.U.
21 Nov 2017
100%
Allfunds Bank
962,412
(362,000)
600,412
600,412
ATS - Digital\u00b9
100%
ATS - Digital
114,426
\u2014
114,426
114,426
CS - Investlab AG
26 March 2020
100%
Allfunds Investlab
158,264
\u2014
171,467
182,600
Nordic Fund Market
31 Oct 2019
100%
Allfunds Sweden
18,155
\u2014
17,548
17,588
BNPP LPA Business
2 Oct 2020
100%
BNPP LPA Business
232,447
\u2014
218,570
218,570
Instihub Analytics Limited
4 May 2022
100%
Allfunds Data Analytics Limited
6,616
\u2014
6,439
6,695
Mainstreet Capital Partners
17 Feb 2023
65%
Mainstreet Capital Partners
35,312
\u2014
\u2014
36,177
Iccrea Banca LPA Business
1 Dec 2023
100%
Iccrea Banca LPA Business
100,000
\u2014
\u2014
100,000
Total
1,627,623
(362,000)
1,128,862
1,276,468
1. ATS - Digital includes the acquistion of both Fintech Partners, S.L.U. on 17 January, 2018 and Web Financial Group on 31 May, 2022
Presented in the table below is an analysis of Goodwill and Other Intangible Assets as at 31 December 2023 and 31 December 2022.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current relations
with clients through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreements
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.23
1,490,862
140,269
210,550
527,686
688,209
47,603
161,000
3,266,179
Additions
\u2014
48,339
\u2014
\u2014
\u2014
\u2014
30,000
78,339
Incorporated by business
combinations
135,312
\u2014
5,808
\u2014
\u2014
3,332
\u2014
144,452
Disposals
\u2014
(6,704)
\u2014
\u2014
\u2014
\u2014
\u2014
(6,704)
Translation differences and
others
12,294
415
\u2014
\u2014
12,299
\u2014
\u2014
25,008
Carried forward 31.12.23
1,638,468
182,319
216,358
527,686
700,508
50,935
191,000
3,507,274
Accumulated amortisation:
Brought forward 1.1.23
\u2014
(59,911)
(195,234)
(143,392)
(192,404)
(14,748)
(37,569)
(643,258)
Charge for the year
\u2014
(29,750)
(5,273)
(33,782)
(48,786)
(3,885)
(16,772)
(138,248)
Disposals
\u2014
6,704
\u2014
\u2014
\u2014
\u2014
\u2014
6,704
Translation differences and
others
\u2014
\u2014
\u2014
\u2014
(3,431)
\u2014
\u2014
(3,431)
Carried forward 31.12.23
\u2014
(82,957)
(200,507)
(177,174)
(244,621)
(18,633)
(54,341)
(778,233)
Impairment losses:
Brought forward 1.1.23
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward 31.12.23
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,276,468
99,355
14,550
350,512
455,887
32,302
136,659
2,365,733
Fully amortised
\u2014
19,779
\u2014
\u2014
\u2014
\u2014
\u2014
19,779
Total intangibles assets other than Goodwill as at 31 December, 2023 were EUR 1,089,265 thousand (31 December, 2022 EUR
1,130,751 thousand).
On 1 December 2023, the option to extend the cooperation agreement to a former shareholder for the commercial distribution of
funds until November 2025 was exercised and paid. In this context, an amount of EUR 30,000 thousand was paid. This identifiable
intangible asset is controlled by the Group to generate future benefits and will be amortised considering a useful economic life of 2
years which coincides with the contractual terms of the asset.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT technological
platform
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
683,272
47,603
161,000
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
167,924
Translation differences and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
17,201
Carried forward 31.12.22
1,490,862
140,269
210,550
527,686
688,209
47,603
161,000
3,266,179
Accumulated amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(141,914)
(11,863)
(20,797)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(45,553)
(2,885)
(16,772)
(161,119)
Translation differences and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
(4,937)
Carried forward 31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(192,404)
(14,748)
(37,569)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward 31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
495,805
32,855
123,431
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
Impairment Testing
At least once per year (or whenever there is any indication of impairment), the Group reviews goodwill for impairment (that is, a
potential reduction in its recoverable amount to below its carrying amount) (see Note 3c). The first step that must be taken in order
to perform this analysis is to identify each separate CGU, that is, the Group's smallest identifiable group of assets that generate cash
inflows that are largely independent of the cash inflows from other assets or other group of assets. The carrying amount of each CGU
is determined taking into consideration the carrying amount (including any fair value adjustment arising on the business combination)
of all the assets and liabilities of all the independent legal entities composing the CGU, together with the related goodwill. The
carrying amount of the CGU to be recovered is compared with its recoverable amount in order to determine whether there is any
impairment.
The carrying amount of goodwill acquired through business combinations has been allocated to each CGU below, which are all
included within the Platform Revenue and net Subscription Revenue, operating and reportable segments.
The Group's directors assess the existence of any indication that might be considered to be evidence of impairment of the CGU by
reviewing information including the following: (i) certain macroeconomic variables that might affect its investment (political situation
and economic situation, among others) and (ii) various microeconomic variables comparing the Group's investment with the financial
services industry of the country in which the CGU conducts most of its business activities (off-balance-sheet intermediated funds,
net fees and commissions, earnings, among others). Regardless of whether there is any indication of impairment, every year the
Group calculates the recoverable amount of each CGU to which goodwill has been allocated and, to this end, it uses internal
estimates and appraisals performed by independent experts. The\u00a0Group performed its annual impairment test as at 31 December,
2023.\u00a0
The recoverable amount of an asset is the higher of the asset's or CGU's fair value less costs of disposal and its value in use. The
value in use has been calculated using discounted cash flow projections (\u201cDCF\u201d) or the dividend discount model (\u201cDDM\u201d), depending
upon the CGU. The purpose of impairment testing is to determine whether the recoverable amount is greater than the carrying
amount. If it is greater \u2013 based on either fair value less costs of disposal or value in use \u2013 then there is no requirement to refine the
determination of the recoverable amount to a single number. However, if it is not greater, then more detailed work is required to
determine the recoverable amount in order to calculate the impairment loss. Therefore, it is not always necessary to determine both a
CGU's fair value less costs of disposal and value in use. In the case of all five of the CGUs tested for impairment, the value in use of
the CGU is greater than its carrying amount, thus only the value in use has been calculated.
The dividend discount model was determined to be best suited to valuing the Allfunds Bank, Allfunds Investlab, Allfunds Sweden and
BNPP LPA Business CGUs, while the discounted cash flow method was determined to be the best valuation method for the ATS -
Digital CGU. The dividend discount model is best suited for financial institutions.
In order to obtain the actual value of the business, the income is discounted to a present date at a discount rate based on the cost of
equity. The discounted cash flow method is accepted by valuation experts from both a theoretical and a practical perspective, as it
effectively incorporates all the factors that affect the value of a business into the result of the valuation. The discounted cash flow
method considers the operating results as well as the capital expenditures and working capital policies to calculate a business
capacity of generating free cash flow. In order to obtain the actual value of the business, free cash flows are discounted to a present
date at a weight average cost of capital (WACC).
In all cases, the valuation has been performed, following a mid-year discounting assumption as it is considered that there is no
special seasonality in the business. Furthermore, although limitations in comparability exist, value in use calculated is within the range
of comparable listed companies and comparable transactions analysed.
See below for further details on the impairment testing methodology performed for the most relevant CGU:
2023
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.90%
2.90%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
9.00%
2.90%
ATS - Digital
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
12.80%
1.80%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.80%
2.90%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.90%
2022
CGU
Value in Use
Discount Rate
Ke / WACC
Growth Rate
Allfunds Bank
Dividend discount model (DDM)
Cost of equity (Ke)
9.80%
2.80%
Allfunds Investlab
Dividend discount model (DDM)
Cost of equity (Ke)
7.80%
2.80%
Fintech Partners
Discounted cash flow method (DCF)
Weighted average cost of capital (WACC)
13.10%
2.10%
Allfunds Sweden
Dividend discount model (DDM)
Cost of equity (Ke)
10.50%
2.80%
BNPP LPA Business
Dividend discount model (DDM)
Cost of equity (Ke)
11.50%
2.80%
Sensitivity Analysis
The Directors note that the estimations regarding the discount rate (Ke or WACC) and perpetual growth rate (g) factors could move
and therefore have deemed it appropriate to consider the below sensitivity analysis for each CGU:
Allfunds Bank
Increase in Ke
of 3.4%
Decrease in Ke
of 3.3%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
13.3%
6.6%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
1,777,000
5,049,000
2,723,000
2,591,000
Impairment needed
No
No
No
No
Allfunds Investlab
Increase in
WACC
of 1.0%
Decrease in
WACC of 1.0%
Increase in g
of 0.3%
Decrease in g
of 0.3%
Revised factor
10.0%
8.0%
3.1%
2.5%
Recoverable value (EUR (\u2018000s))
394,800
520,900
463,300
433,100
Impairment needed
No
No
No
No
ATS - Digital
Increase in
WACC
of 0.5%
Decrease in
WACC of 0.5%
Increase in g
of 0.2%
Decrease in g
of 0.3%
Revised factor
13.3%
12.3%
2.0%
1.5%
Recoverable value (EUR (\u2018000s))
161,574
178,605
172,820
166,711
Impairment needed
No
No
No
No
Allfunds Sweden
Increase in Ke
of 2.0%
Decrease in Ke
of 2.0%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
12.8%
8.8%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
72,000
126,600
94,700
90,700
Impairment needed
No
No
No
No
BNPP LPA Business
Increase in Ke
of 2.0%
Decrease in Ke
of 2.0%
Increase in g
of 0.2%
Decrease in g
of 0.2%
Revised factor
13.5%
9.5%
3.1%
2.7%
Recoverable value (EUR (\u2018000s))
771,700
1,180,300
945,300
915,200
Impairment needed
No
No
No
No
As shown below, the recoverable amount exceeded the carrying amount of the investments for each CGU and therefore, no
impairment is required.
31 Dec 2023
EUR (\u2018000s)
CGU
Carrying value
Recoverable
amount
Impairment
required on
goodwill
Allfunds Bank
1,280,001
2,660,000
\u2014
Allfunds Investlab
364,830
447,500
\u2014
ATS - Digital
141,555
169,696
\u2014
Allfunds Sweden
23,276
92,400
\u2014
BNPP LPA Business
514,284
928,400
\u2014
As referred to earlier, the Group\u2019s directors assess the existence of any indication that might be considered to be evidence of
impairment of the CGUs by reviewing various macroeconomic and microeconomic data. For the current financial statements, the
assessment was carried out as of 31 December, 2023. In this regard, and in light of events concerning credit institutions in both the
United States of America and Europe at first quarter of 2023, the directors will continue to review and assess such indications and
the potential effect in the carrying amount of goodwill and intangible assets in future impairment assessments, especially those
originated in the business combination of CS- Investlab AG . In this sense, the Group\u2019s exclusivity agreements remain in place and are
enforceable until their expiration date, regardless of any potential changes in the ownership structure of the customers with whom
these agreements were signed. In addition, as stated in note 5, no single customer contributed 10% or more to the Allfunds Group\u00b4s
revenue.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-364": { "value": "
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT technological
platform
EUR ('000s)
Current
relations with
clients
EUR ('000s)
Current relations
with clients through
cooperation
agreement
EUR ('000s)
Brand names
EUR ('000s)
Exclusivity
agreements
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.23
1,490,862
140,269
210,550
527,686
688,209
47,603
161,000
3,266,179
Additions
\u2014
48,339
\u2014
\u2014
\u2014
\u2014
30,000
78,339
Incorporated by business
combinations
135,312
\u2014
5,808
\u2014
\u2014
3,332
\u2014
144,452
Disposals
\u2014
(6,704)
\u2014
\u2014
\u2014
\u2014
\u2014
(6,704)
Translation differences and
others
12,294
415
\u2014
\u2014
12,299
\u2014
\u2014
25,008
Carried forward 31.12.23
1,638,468
182,319
216,358
527,686
700,508
50,935
191,000
3,507,274
Accumulated amortisation:
Brought forward 1.1.23
\u2014
(59,911)
(195,234)
(143,392)
(192,404)
(14,748)
(37,569)
(643,258)
Charge for the year
\u2014
(29,750)
(5,273)
(33,782)
(48,786)
(3,885)
(16,772)
(138,248)
Disposals
\u2014
6,704
\u2014
\u2014
\u2014
\u2014
\u2014
6,704
Translation differences and
others
\u2014
\u2014
\u2014
\u2014
(3,431)
\u2014
\u2014
(3,431)
Carried forward 31.12.23
\u2014
(82,957)
(200,507)
(177,174)
(244,621)
(18,633)
(54,341)
(778,233)
Impairment losses:
Brought forward 1.1.23
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward 31.12.23
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,276,468
99,355
14,550
350,512
455,887
32,302
136,659
2,365,733
Fully amortised
\u2014
19,779
\u2014
\u2014
\u2014
\u2014
\u2014
19,779
Total intangibles assets other than Goodwill as at 31 December, 2023 were EUR 1,089,265 thousand (31 December, 2022 EUR
1,130,751 thousand).
On 1 December 2023, the option to extend the cooperation agreement to a former shareholder for the commercial distribution of
funds until November 2025 was exercised and paid. In this context, an amount of EUR 30,000 thousand was paid. This identifiable
intangible asset is controlled by the Group to generate future benefits and will be amortised considering a useful economic life of 2
years which coincides with the contractual terms of the asset.
Goodwill
EUR ('000s)
IT
developments
EUR ('000s)
IT technological
platform
EUR ('000s)
Current
relations
with clients
EUR ('000s)
Current relations
with clients through
cooperation
agreement
EUR ('000s)
Brand name
EUR ('000s)
Exclusivity
agreement
EUR ('000s)
Total
EUR ('000s)
Cost:
Brought forward 1.1.22
1,370,159
86,877
208,633
486,102
683,272
47,603
161,000
3,043,646
Additions
\u2014
37,408
\u2014
\u2014
\u2014
\u2014
\u2014
37,408
Incorporated by business combinations
114,338
15,917
1,917
35,752
\u2014
\u2014
\u2014
167,924
Translation differences and others
6,365
67
\u2014
5,832
4,937
\u2014
\u2014
17,201
Carried forward 31.12.22
1,490,862
140,269
210,550
527,686
688,209
47,603
161,000
3,266,179
Accumulated amortisation:
Brought forward 1.1.22
\u2014
(37,544)
(154,506)
(110,578)
(141,914)
(11,863)
(20,797)
(477,202)
Charge for the year
\u2014
(22,367)
(40,728)
(32,814)
(45,553)
(2,885)
(16,772)
(161,119)
Translation differences and others
\u2014
\u2014
\u2014
\u2014
(4,937)
\u2014
\u2014
(4,937)
Carried forward 31.12.22
\u2014
(59,911)
(195,234)
(143,392)
(192,404)
(14,748)
(37,569)
(643,258)
Impairment losses:
Brought forward 1.1.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Charge for the year
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Carried forward 31.12.22
(362,000)
(7)
(1,301)
\u2014
\u2014
\u2014
\u2014
(363,308)
Net book value
1,128,862
80,351
14,015
384,294
495,805
32,855
123,431
2,259,613
Fully amortised
\u2014
10,439
\u2014
\u2014
\u2014
\u2014
\u2014
10,439
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-365": { "value": "
11.\u00a0 Business Combinations
Acquisitions in 2023
Mainstreet Capital Partners Limited
Description of the transaction
On 17 February 2023, the Group, through its fully owned indirect subsidiary, Allfunds Digital, S.L.U., entered into an agreement with
third parties to acquire 70% or 45,443 shares, of the 64,918 total shares issued at that date of Mainstreet Capital Partners Limited
(\"MainStreet\") and obtained control on that date.
Headquartered in London, MainStreet is a trusted Environmental, Social and Governance (\"ESG\") partner of financial groups,
providing\u00a0 a one stop shop for their sustainability requirements. Founded in 2008 and employing 36 employees, MainStreet has
developed a unique platform delivering proprietary ESG scoring, ESG investment strategies via model portfolios and empowered
reporting. MainStreet reinforces Allfunds` strategy of providing value added services to its clients, covering an increasing breadth of
specialized ESG\u00a0 related services.
The aggregate consideration to be paid for the acquisition was an amount equal to the closing price of EUR 43,583 thousand
including NCI, of which an amount of EUR 4,004 thousand was agreed to be retained by the Group due to potential contingencies.
The assets and liabilities of Mainstreet Capital Partners Limited recognised on the acquisition date were accounted for as follows:
17 February 2023
EUR ('000s)
Unaudited
Assets
Cash, cash balances at Central Bank and other demand deposits
1,215
Financial assets at amortised cost
972
Tangible assets
36
Intangible assets
359
Other assets
678
Total Assets
3,260
Liabilities
Financial liabilities at amortised cost
(681)
Other liabilities
(894)
Total Liabilities
(1,575)
Net Assets
1,685
Assets arising from the business acquisition
In this business acquisition, different assets were revealed as a consequence of the higher price paid on the net assets acquired. In
this sense, as of 31 December 2023, the Group had completed the process of assigning the purchase price of the business of
Mainstreet Capital Partners Limited, taking into consideration the report made by an independent expert. Consequently, as of 31
December 2023, the following assets have been recognised at the acquisition date:
17 February 2023
EUR ('000s)
Consideration transferred\u00b9
43,583
Less: Fair value of the net assets acquired
(1,685)
Emerged goodwill arising in this business combination
41,898
Software
(5,449)
Technological platform
(3,332)
Deferred tax liabilities
2,195
Goodwill
35,312
1. Includes EUR 2,481 thousand relating to the NCI
Determining the fair value of the assets acquired and liabilities assumed, and the goodwill arising on the acquisition date as
presented in the table above, involves the employment of valuation techniques. These valuation techniques require assumptions and
judgements around:
\u2022 Key forecasting inputs such as revenues and growth rates;
\u2022 An appropriate valuation technique based on the intangible assets under consideration and the availability of underlying data;
\u2022 Key valuation inputs to the adopted relief from royalty approaches, namely the following:
\u2022 Appropriate royalty rates for the intangibles assets being valued;
\u2022 The estimation of a useful economic life for each of the intangibles, which determines the number of years of cash flows used in
the valuation models: and
\u2022 Discount rates reflective of a market participant rate of return for the intangibles assets under consideration;
\u2022 A change in the royalty rate adopted, useful life, or discount rate would change the fair value of the recognised intangible assets,
with a corresponding change to goodwill.
On the same date, 17 February, 2023, MainStreet made a share capital increase of 12,789 shares amounting to GBP 10,000 thousand.
The Group has subscribed for 5,192 shares for GBP 4,060 thousand (EUR 4,521 thousand) with the remaining 7,597 shares being
subscribed for by a third-party investor for GBP 5,940 thousand (EUR 6,678 thousand). Transactions that result in changes in
ownership interests while retaining control are accounted for as transactions with equity holders in their capacity as equity holders.
As a result, a credit in equity accounting to EU 2,678 thousand and in non-controlling interests (\"NCI\") of EUR 4,000 thousand has
been recognised, respectively. After the aforementioned share capital increase, Allfunds Group through its fully owned indirect
subsidiary, Allfunds Digital, S.L.U., owns 65.16% of the shares, totalling 50,635 shares over the 77,707 total issued shares.
Finally, as part of the signed agreements, put options have been granted to the NCI holders by Allfunds and simultaneously a call
option to Allfunds. As the written put option permits to the NCI to put up to 34.84% of the shares of the Company, Allfunds Group will
be required to pay cash as a settlement for the acquisition of the shares of the Company. Therefore, Allfunds Group has registered a
gross obligation for the potential future acquisition of these equity shares. The financial liability for the NCI put is subsequently
accounted for under IFRS 9 similar to other written put options on equity instruments.
As of 31 December, 2023, the value of the liability registered under the non-current liabilities - financial liabilities at amortised cost
amounts to EUR 19,266 thousand. The debit recognised in equity and the NCI on initial recognition of the written put option over the
Company shares amounted to EUR 18,105 thousand, plus the value of the net assets acquired. In addition, costs of EUR 754
thousand and EUR 407 thousand have been recognised in \"finance costs\" and \"other operating income/(expenses)\" respectively in
the accompanying consolidated statement of comprehensive income respectively to reflect the present value at the current date.
Due to the accounting choice which has been selected, NCI are shown with zero balances in the audited consolidated financial
statements.
Acquisition related costs are expensed as incurred and included in other expenses. During the year to 31 December 2023 EUR 872
thousand was expensed.
The results of the acquired business contributed from the date of acquisition to 31 December 2023 were not significant.
LPA Business of Iccrea Banca
Description of the transaction
On 1 December 2023, the Group, through its fully owned indirect subsidiary, Allfunds Bank, S. A.U., entered into an agreement to
acquire the local paying agent business from the Iccrea Banca Group. This transaction was completed through the Milan branch of
Allfunds Bank, S.A.U. and included a long term exclusivity agreement. The consideration transferred price of acquiring the carve-out
local paying agent business (LPA) was EUR 100,000 thousand, plus the value of the net assets acquired.
With this transaction the Group will build upon and further strengthen its position in the LPA Business book in Italy.
The assets and liabilities of the LPA business of the Iccrea Banca Group recognised at acquisition date were as follows:
1 December 2023
EUR ('000s)
Unaudited
Assets
Financial assets at amortised cost
2,124
Total Assets
2,124
Liabilities
Financial liabilities at amortised cost
(736)
Other liabilities
(88)
Total Liabilities
(824)
Net Assets
1,300
Assets arising from the business acquisition
1 December 2023
EUR ('000s)
Consideration transferred
101,300
Less: Fair value of the net assets acquired
(1,300)
Provisional goodwill arising in this business combination
100,000
Acquisition related costs are expensed as incurred and included in other expenses. During the year to 31 December 2023 EUR 2,810
thousand was expensed.
The results of the acquired business contributed from the date of acquisition to 31 December 2023 were not significant.
In accordance with IFRS 3 paragraph 45, as the acquisition is currently within the twelve-month measurement period, a PPA has not
been completed at this time in relation to the acquisition of the LPA business of Iccrea Banca. Therefore, the goodwill balance and
fair value of the net assets acquired as presented above are provisional amounts.\u00a0
Acquisitions in 2022
InstiHub Analytics Limited
Description of the transaction
On 4 May 2022, the Group, through its fully owned subsidiary Allfunds Digital, S.L.U., obtained control over InstiHub Analytics
Limited, now renamed Allfunds Data Analytics Limited, purchasing all of its shares from a third party for a total of EUR 12,391
thousand. Allfunds Digital, S.L.U. acquired 100% of the share capital of InstiHub Analytics Limited.
InstiHub Analytics Limited provides bespoke data solutions to derive distribution focused commercial insights for stakeholders of the
asset management industry globally in two areas:
(i) sales led generation and planning and
(ii) actual transacted pricing institutional and sub-advisory mandates.
An initial payment amounting to EUR 7,643 thousand was made on 4 May 2022 and according to the share purchase agreement
signed on that date the following payment schedule was established.
Thousands of Euros
31 December 2022
31 December 2023
31 December 2024
31 December 2025
Total
Chief Executive Officer\u00b9
653
653
653
653
2,612
Other shareholders
534
534
534
534
2,136
Total
1,187
1,187
1,187
1,187
4,748
1. Also, shareholder of InstiHub Analytics Limited.
The Group has considered payments to the Chief Executive Officer as a separate transaction under IFRS 3.51 due to the fact the
remuneration is forfeited if the Chief Executive Officer leaves. Payments to the other shareholders are part of the consideration
transferred and measured at fair value except for the 2025 payments whose performance obligation and KPIs are estimated as
remote to be fulfilled by the Management. The assets and liabilities of InstiHub Analytics Limited recognised on the acquisition date
were provisionally accounted for as follows:
4 May 2022
Eur Thousand
Unaudited
Assets
Cash, cash balances at Central Bank and other demand deposits
692
Financial assets at amortised cost
164
Tangible assets
5
Intangible assets
455
Tax assets
1
Other assets
14
Total Assets
1,331
Liabilities
Financial liabilities at amortised cost
(29)
Tax liabilities
(2)
Other liabilities
(734)
Total Liabilities
(765)
Net Assets
566
Assets arising from the business acquisition
In this business acquisition, different assets were revealed as a consequence of the higher price paid on the net assets acquired. In
this sense, as of 31 December 2022, the Group had completed the process of assigning the purchase price of the business of
InstiHub Analytics Limited, taking into consideration the report made by an independent expert. Consequently, as of 31 December
2022, the following provisional assets have been recognised at the acquisition date:
4 May 2022
Thousands of
Euros
Consideration transferred
9,204
Less: Fair value of the net assets acquired
(566)
Emerged goodwill arising in this business combination
8,638
Current relations with clients
(1,157)
Technological platform
(1,339)
Deferred tax liabilities
474
Goodwill
6,616
Acquisition related costs are expensed as incurred and included in other expenses. During the year to 31 December 2022 EUR 1,066
thousand was expensed.
The results of the acquired business contributed from the date of acquisition to 31 December 2022 were not significant. Similarly the
results of the acquired business from 1 January 2022 to 31 December 2022 were not significant.
Web Financial Group
Description of the transaction
On 31 May 2022, Allfunds Bank, S.A.U., through its subsidiary Allfunds Digital, S.L.U., entered into an agreement with third parties to
acquire Web Financial Group, S.A. (the Company), now renamed Allfunds Tech Solutions, S.A.U., a European financial technology
company and provider of software solutions to the wealth management sector. Allfunds Digital, S.L.U. obtained control of the
Company on that date and the aggregate fair value consideration to be paid for the acquisition was an amount equal to the closing
price of EUR 129,713 thousand, of which was agreed to be retained by the Group due to potential contingencies of an amount of EUR
5,676 thousand. The assets and liabilities recognised on the acquisition date were provisionally accounted for as follows:
31 May 2022
Eur Thousand
Unaudited
Assets
Cash, cash balances at Central Bank and other demand deposits
5,111
Financial assets at amortised cost
8,604
Tangible assets
378
Intangible assets
15,462
Other assets
1,325
Total Assets
30,880
Liabilities
Financial liabilities at amortised cost
(14,569)
Other liabilities
(20,700)
Total Liabilities
(35,269)
Net Liabilities
(4,389)
Assets arising from the business acquisition
In this business acquisition, different assets were revealed as a consequence of the higher price paid on the net assets acquired. In
this sense, as of 31 December 2022, the Group had completed the process of assigning the purchase price of the business of Web
Financial Group, S.A., taking into consideration the report made by an independent expert. Consequently, as of 31 December 2022,
the following provisional assets have been disclosed at the acquisition date:\u00a0
31 May 2022
Thousands of
Euros
Consideration transferred
129,713
Less: Fair value of the net assets acquired
4,389
Emerged goodwill arising in this business combination
134,102
Current relations with clients
(34,595)
Technological platform
(578)
Deferred tax liabilities
8,793
Goodwill
107,722
Acquisition related costs are expensed as incurred and included in other expenses. During the year to 31 December 202 EUR 3,702
thousand were expensed.
The results of the acquired business from the date of acquisition to 31 December 2022 were not significant. Similarly the results of
the acquired business from 1 January 2022 to 31 December 2022 were not significant.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-366": { "value": "
On the same date, 17 February, 2023, MainStreet made a share capital increase of 12,789 shares amounting to GBP 10,000 thousand.
The Group has subscribed for 5,192 shares for GBP 4,060 thousand (EUR 4,521 thousand) with the remaining 7,597 shares being
subscribed for by a third-party investor for GBP 5,940 thousand (EUR 6,678 thousand). Transactions that result in changes in
ownership interests while retaining control are accounted for as transactions with equity holders in their capacity as equity holders.
As a result, a credit in equity accounting to EU 2,678 thousand and in non-controlling interests (\"NCI\") of EUR 4,000 thousand has
been recognised, respectively. After the aforementioned share capital increase, Allfunds Group through its fully owned indirect
subsidiary, Allfunds Digital, S.L.U., owns 65.16% of the shares, totalling 50,635 shares over the 77,707 total issued shares.
Finally, as part of the signed agreements, put options have been granted to the NCI holders by Allfunds and simultaneously a call
option to Allfunds. As the written put option permits to the NCI to put up to 34.84% of the shares of the Company, Allfunds Group will
be required to pay cash as a settlement for the acquisition of the shares of the Company. Therefore, Allfunds Group has registered a
gross obligation for the potential future acquisition of these equity shares. The financial liability for the NCI put is subsequently
accounted for under IFRS 9 similar to other written put options on equity instruments.
As of 31 December, 2023, the value of the liability registered under the non-current liabilities - financial liabilities at amortised cost
amounts to EUR 19,266 thousand. The debit recognised in equity and the NCI on initial recognition of the written put option over the
Company shares amounted to EUR 18,105 thousand, plus the value of the net assets acquired. In addition, costs of EUR 754
thousand and EUR 407 thousand have been recognised in \"finance costs\" and \"other operating income/(expenses)\" respectively in
the accompanying consolidated statement of comprehensive income respectively to reflect the present value at the current date.
Due to the accounting choice which has been selected, NCI are shown with zero balances in the audited consolidated financial
statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-368": { "value": "
12.\u00a0 Financial Assets held at Amortised Cost
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current assets
Receivables from customers
1,256
795
1,256
795
Current assets
Time deposits from credit institutions
126,954
153,928
Receivables from customers
133,129
280,877
Balances required to be held at Central Banks
12,807
12,871
Debt securities
14,386
4,966
287,276
452,642
Total
288,532
453,437
The time deposits from credit institutions are all of a short-term nature with the majority due in a period of three months or less.
The receivable balances due from customers are also of a short-term nature with the majority due on demand derived from the
intermediation business.
The balances required to be held with Central Banks refer to regulatory minimum cash balances which must be held at the Central
Banks for a period of at least 30 days.
Debt securities represent a French security of EUR 4,937 thousand which was acquired in December 2023 and maturing in May
2024, and a United Kingdom bond of EUR 9,450 thousand which acquired on 17 February 2023 and due in January 2024.\u00a0
Financial assets classified as financial assets at amortised cost and collectively estimated to be impaired due to credit risk on 31
December 2023 amounted to EUR 16,428 thousand (31 December 2022 EUR 15,916), relating mainly to the commissions of shares
from Collective Investment Undertakings pending collection at that date, all of which had maturities of more than 90 days after
closing agreements.
In the year ended 31 December 2023 the expense incurred by the Group in relation to impairment losses amounted to EUR 3,159\u00a0
thousand (year to 31 December 2022 EUR 9,040), (see Note 33). All the impairment losses are assigned to receivables as the rest of
financial assets at amortised cost are composed of short-term deposits with Central Banks and high quality Credit Institutions.
On 31 December 2023 and 31 December 2022, the Group did not hold any financial assets classified as loans and receivables and
considered to be written-off assets.
The carrying values of trade and other assets are considered to be the same as their fair values, due to their short-term nature.
15.\u00a0 Other Assets
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Sundry accounts
3,491
6,793
Prepaid expenses
2,868
1,435
Total
6,359
8,228
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-367": { "value": "
12.\u00a0 Financial Assets held at Amortised Cost
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current assets
Receivables from customers
1,256
795
1,256
795
Current assets
Time deposits from credit institutions
126,954
153,928
Receivables from customers
133,129
280,877
Balances required to be held at Central Banks
12,807
12,871
Debt securities
14,386
4,966
287,276
452,642
Total
288,532
453,437
The time deposits from credit institutions are all of a short-term nature with the majority due in a period of three months or less.
The receivable balances due from customers are also of a short-term nature with the majority due on demand derived from the
intermediation business.
The balances required to be held with Central Banks refer to regulatory minimum cash balances which must be held at the Central
Banks for a period of at least 30 days.
Debt securities represent a French security of EUR 4,937 thousand which was acquired in December 2023 and maturing in May
2024, and a United Kingdom bond of EUR 9,450 thousand which acquired on 17 February 2023 and due in January 2024.\u00a0
Financial assets classified as financial assets at amortised cost and collectively estimated to be impaired due to credit risk on 31
December 2023 amounted to EUR 16,428 thousand (31 December 2022 EUR 15,916), relating mainly to the commissions of shares
from Collective Investment Undertakings pending collection at that date, all of which had maturities of more than 90 days after
closing agreements.
In the year ended 31 December 2023 the expense incurred by the Group in relation to impairment losses amounted to EUR 3,159\u00a0
thousand (year to 31 December 2022 EUR 9,040), (see Note 33). All the impairment losses are assigned to receivables as the rest of
financial assets at amortised cost are composed of short-term deposits with Central Banks and high quality Credit Institutions.
On 31 December 2023 and 31 December 2022, the Group did not hold any financial assets classified as loans and receivables and
considered to be written-off assets.
16.\u00a0 Cash and Cash Equivalents
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Cash at bank and in hand
9
15
Cash balances at Central Banks
1,337,233
948,234
Other demand deposits
763,730
675,092
Total
2,100,972
1,623,341
Cash and cash equivalents comprise cash that is all available on demand. There are no restricted cash amounts and the carrying
amount of these assets is approximately equal to their fair value .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndBankBalancesAtCentralBanksExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-369": { "value": "
12.\u00a0 Financial Assets held at Amortised Cost
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current assets
Receivables from customers
1,256
795
1,256
795
Current assets
Time deposits from credit institutions
126,954
153,928
Receivables from customers
133,129
280,877
Balances required to be held at Central Banks
12,807
12,871
Debt securities
14,386
4,966
287,276
452,642
Total
288,532
453,437
The balances required to be held with Central Banks refer to regulatory minimum cash balances which must be held at the Central
Banks for a period of at least 30 days.
Debt securities represent a French security of EUR 4,937 thousand which was acquired in December 2023 and maturing in May
2024, and a United Kingdom bond of EUR 9,450 thousand which acquired on 17 February 2023 and due in January 2024.\u00a0
17.\u00a0 Financial Liabilities held at Amortised Cost
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
366,946
193,977
Other Financial liabilities
24,093
\u2014
391,039
193,977
Current liabilities
Demand accounts from credit institutions
433,812
573,423
Demand accounts from non-credit instiutions
1,121,857
786,531
Other financial liabilities
403,137
412,043
1,958,806
1,771,997
Total
2,349,845
1,965,974
The revolving credit facility (\"RCF\") is included in the non-current liabilities and was entered into by the Company during 2021 and
has a total capacity of EUR 550,000 thousand and was valid until April 2025. The RCF was extended for a further two-year period
and is now valid until April 2027. As at 31 December 2023, the total amount drawn on the facility was EUR 370,000 thousand (31
December 2022: EUR 196,000 thousand). Interest expense due on the RCF as at 31 December 2023 was EUR 2,722 thousand (31
December 2022: EUR 1,297 thousand).
Non current other financial liabilities relate to M&A consideration transferred pending of payment. Please see Note 11.
All other balances included within current demand accounts from credit institutions, and non-credit institutions, are regarding
platform activities, and both are a short-term nature being due on demand.
Other financial liabilities contain funds temporarily held on behalf of Distributors due to orders of transfers of investments in UCIs
received, which were yet to be settled at the period end, tax collection accounts due in 30 days, and other payment obligations.
There were no payment obligation included in other financial liabilities in relation to the transitional services agreement with BNP
Paribas as at 31 December 2023 (EUR 1,951 thousand as at 31 December 2022).
36. Recognised Fair Value Measurement
The methodology used to calculate fair value for each class of financial assets and liabilities is as follows:
\u2022 Cash, cash balances at central banks and other demand deposits: relate to financial assets convertible into cash on demand and,
accordingly, their fair value was considered to coincide with their carrying amount.
\u2022 Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated cash
flows based on the forward curves of the respective underlying, quoted in the market.
\u2022 Financial assets not designated for trading compulsorily measured at fair value through profit or loss: the amount recognised in this
line item relates to equity instruments not listed on organised markets and for which no other valid references for the estimation of
fair value were available, as a result of which the Bank recognised them at cost in the consolidated statement of financial position
since it was not possible to estimate their fair value reliably. In these cases, the Bank estimated the potential impairment of these
instruments on the basis of the equity of the investee, adjusted by the amount of the unrealised gains existing at the date of
measurement.
\u2022 Financial assets at amortised cost: the fair value of financial assets at amortised cost was obtained using the present value model,
which discounts future cash flows to the present, using interest rates based on directly or indirectly observable market data to
calculate the discount rate.
\u2022 Financial liabilities at amortised cost: these include short-term demand accounts at a fixed interest rate and the revolving credit
facility, classed as a long-term financial liability at a variable Euribor interest rate. It was considered that their fair value coincided
with their carrying amount since there were no significant differences.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under the accounting standards issued by the International Accounting Standards Board.
An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and held at
fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted market
price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximise the use of observable market data and rely as little as possible on equity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This
is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2023
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
10,600
674
Derivative financial assets
\u2014
2,859
\u2014
Sub-total
\u2014
13,459
674
Derivative financial liabilities
\u2014
(1,266)
\u2014
Total
\u2014
12,193
674
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivate financial liabilities
\u2014
(759)
\u2014
Total
\u2014
1,621
674
During the years ended 31 December 2023 and 31 December 2022, the Group did not transfer any financial instruments between
Levels 1, 2 or 3.
Financial assets at fair value through profit and loss are comprised mainly of UCIs", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-370": { "value": "
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current assets
Receivables from customers
1,256
795
1,256
795
Current assets
Time deposits from credit institutions
126,954
153,928
Receivables from customers
133,129
280,877
Balances required to be held at Central Banks
12,807
12,871
Debt securities
14,386
4,966
287,276
452,642
Total
288,532
453,437
The balances required to be held with Central Banks refer to regulatory minimum cash balances which must be held at the Central
Banks for a period of at least 30 days.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-371": { "value": "
Financial assets classified as financial assets at amortised cost and collectively estimated to be impaired due to credit risk on 31
December 2023 amounted to EUR 16,428 thousand (31 December 2022 EUR 15,916), relating mainly to the commissions of shares
from Collective Investment Undertakings pending collection at that date, all of which had maturities of more than 90 days after
closing agreements.
In the year ended 31 December 2023 the expense incurred by the Group in relation to impairment losses amounted to EUR 3,159\u00a0
thousand (year to 31 December 2022 EUR 9,040), (see Note 33). All the impairment losses are assigned to receivables as the rest of
financial assets at amortised cost are composed of short-term deposits with Central Banks and high quality Credit Institutions.
On 31 December 2023 and 31 December 2022, the Group did not hold any financial assets classified as loans and receivables and
considered to be written-off assets.
33. Impairment Losses
2023
2022
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
50
1
Impairment loss on financial assets held at amortised cost
3,159
9,040
3,209
9,041
The impairment losses on financial assets held at amortised cost for the year ended 31 December 2023 of EUR 3,160 thousand (31
December 2022: EUR 9,040 thousand) relate to the ECL requirements as per the Banking Regulator for receivable balances greater
than 90 days past-due.", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-372": { "value": "
13.\u00a0 Contract Assets
Contract assets represent accrued fees, commissions, and service revenues pursuant to IFRS 15. Accrued fees relate to UCIs
distribution services and others rendered to Fund Houses and the amounts that were pending to be invoiced as at 31 December
2023 were EUR 667,139 thousand ( 31 December 2022: EUR 622,880 thousand).
The accrued amount of EUR 622,880 thousand as at 31 December 2022 was included in the invoiced amounts which were received
during the year ended 31 December 2023 (31 December, 2021 EUR: 713,562 thousand invoiced during the year to 31 December,
2022).
", "dimensions": { "concept": "afb:DisclosureOfContractAssetsTextBlock", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-374": { "value": "
14.\u00a0 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
161
167
Allfunds Bank Milan branch
\u2014
18,915
Allfunds Bank S.A. Singapore branch
2,076
6
Allfunds Bank London branch
328
\u2014
Allfunds Bank Stockholm branch
70
9
Allfunds Bank Paris branch
8
930
Allfunds Blockchain, S.L.U.
374
\u2014
Allfunds Digital, S.L.U.
114
\u2014
Allfunds Group plc
105
\u2014
Mainstreet Capital Partners
62
\u2014
Other
30
517
3,328
20,544
Deferred tax assets:
Non-deductible depreciation (Allfunds Bank)
63
126
Loan impairment (Allfunds Bank)
\u2014
300
LTIP provisions (Allfunds Bank)
1,355
1,067
Bonus provisions (Allfunds Bank)
351
237
Deferred tax assets \u2013 Business combinations CS InvestLab\u00b9
45,060
48,512
Deferred Tax assets \u2013 Business combinations BNP BC Goodwill tax amortisation\u00b2
43,368
57,824
Others related to Allfunds Bank branches:
\u00a0 Allfunds Bank London branch (LTIP provision)
878
478
\u00a0 Allfunds Bank Poland branch (Bonus provision, TP and others)
400
309
\u00a0 Allfunds Bank Stockholm branch (Tax losses)
445
443
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.\u00b3
828
851
\u00a0 Allfunds Blockchain, S.L.U.
\u2014
23
92,748
110,170
Total
96,076
130,714
1. Deferred Tax Assets \u2013 Business combinations CS InvestLab\u201d includes the tax asset of EUR 45, 060 thousand as at 31 December 2023 (EUR 48,512 thousand as at 31
December 2022) arising in the business combination through which the distribution business of Credit Suisse was acquired. This tax asset amounted to EUR 64,915
thousand. There has been a net valuation adjustment for the year for foreign exchange differences of EUR 2,122 thousand as at 31 December 2023 (EUR 2,037 thousand 31
December 2022).
2. Deferred Tax Assets \u2013 Business combination BNP - BC (Italian tax step-up)\u201d includes the tax assets arising as a consequence of the tax step-up election made by Allfunds
Bank Milan branch and its entitlement, as from 2022, to amortise for tax, not for accounting purposes, the BC goodwill over a five-year period. The tax asset amounted to
EUR 43,368 thousand of which EUR 14,456 thousand has been amortised in the year to 31 December 2023.
3. Includes deferred tax assets of Allfunds Tech Solutions inherited by Allfunds Digital as a consequence of the domestic merger carried out during 2023.
2023
Balance as at
1 Jan 2023
Impact in
OCI
Impact in tax
expense
Acquisition
for the year
Balance as at
31 Dec 2023
Non-deductible depreciation (Allfunds Bank)
126
\u2014
(63)
\u2014
63
Loan impairments (Allfunds Bank)
300
\u2014
(300)
\u2014
\u2014
LTIP provisions (Allfunds Bank)
1,067
\u2014
288
\u2014
1,355
Bonus provisions (Allfunds Bank)
237
\u2014
114
\u2014
351
Deferred Tax assets \u2013 Business Combination CS Investlab\u00b9
48,512
2,771
(6,223)
\u2014
45,060
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
57,824
\u2014
(14,456)
\u2014
43,368
Other tax credits of Allfunds Bank branches
\u00a0 Allfunds Bank London branch
477
\u2014
401
\u2014
878
\u00a0 Allfunds Bank Poland branch
309
\u2014
91
\u2014
400
\u00a0 Allfunds Bank Stockholm branch
443
\u2014
2
\u2014
445
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.\u00b3
851
\u2014
(23)
\u2014
828
\u00a0 Allfunds Blockchain, S.L.U.
23
\u2014
(23)
\u2014
\u2014
Total
110,169
2,771
(20,192)
\u2014
92,748
2022
Balance as at
1 Jan 2022
Impact in
OCI
Impact in tax
expense
Acquisition
for the year
Balance as at
31 Dec 2022
Non-deductible depreciation and amortisation (Allfunds Bank)
188
\u2014
(62)
300
426
Non-tax-deductible provisions (Allfunds Bank)
474
\u2014
830
\u2014
1,304
Tax assets \u2013 Business Combination CS Investlab\u00b9
51,263
2,433
(5,184)
\u2014
48,512
Tax assets \u2013 Business Combinations BC Goodwill tax amortisation (Italy)
72,281
\u2014
(14,457)
\u2014
57,824
Other tax credits of Allfunds Bank subsidiaries and branches
1,180
(90)
165
\u2014
1,255
Allfunds Tech Solutions
\u2014
\u2014
\u2014
848
848
Other
30
(30)
\u2014
\u2014
\u2014
Total
125,416
2,313
(18,708)
1,148
110,169
1. Valuation adjustments made in application of IAS 21.
In addition to the tax assets detailed above, the Group has the following unrecognised tax losses from prior years, as the timing of
their possible recovery is uncertain since it depends on future taxable profits being obtained.
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Liberty Partners, S.L.U.
Spain
2017
32,185
2018
26,745
Total
58,930
Allfunds Bank Singapore Branch
Singapore
2017
3,019
2018
3,668
2019
6,579
2020
5,903
2021
1,116
2022
3,409
Total
23,694
Allfunds Bank Swiss Branch
Switzerland
2017
20,772
2018
12,266
2019
9,491
2020
81,309
2021
67,265
2022
33,785
Total
224,888
Allfunds Bank Stockholm Branch
Sweden
2021
268
2022
92
Total
360
Allfunds Hong Kong Limited
Hong Kong
2018
14
2019
341
2020
913
2021
1,397
2022
1,287
Total
3,951
Tax group: Allfunds Digital- Allfunds Blockchain
Spain
2021
32
2022
4,976
Total
5,008
Allfunds Digital (pre- tax group losses inherited from Allfunds Tech Solutions)
Spain
2022
1,315
Total
1,315
Allfunds Tech Solutions Germany
Germany
2020
337
Total
337
Allfunds Tech Solutions France
France
2014
450
2015
81
2016
52
2017
171
2018
169
Total
924
Allfunds Tech Solutions UK
UK
2017
619
2018
1,503
Total
2,122
Allfunds Data Analytics
UK
Pre-2017
159
Post 2017
814
Total
973
Mainstreet Capital Partners
UK
Post 2017
337
Total
337
Allfunds Investment Solution
Luxembourg
2022
1,498
Total
1,498
Allfunds Tech Solutions Sweden
Sweden
2022
281
Total
281
Allfunds Tech Solutions Switzerland
Switzerland
Pre-2022
17
Post 2022
564
Total
581
Finally, the Group has the following unrecognised deferred tax assets and unrecognised tax credits:
Amount in Tax
Base
EUR (000s)
Unrecognised deferred tax assets:
\u00a0 \u00a0 Allfunds Group plc (LTIP provision)
261
\u00a0 \u00a0 Allfunds Digital, S.L.U. (LTIP provision)
61
\u00a0 \u00a0 Allfunds Blockchain, S.L.U. (LTIP provision)
181
503
Unrecognised tax credits:
\u00a0 \u00a0 Allfunds Group plc (Unused interest)
3,665
3,665
Total
4,168
In addition, the Group has the following unrecognised deferred tax assets regarding innovation tax credits as at 31 December 2023
for tax base amounts for Allfunds Digital, S.L.U. EUR 116 thousand and Allfunds Blockchain, S.L.U. of EUR 74 thousand.
19.\u00a0 Tax Liabilities
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Current tax liabilities\u00b9
26,029
29,109
Deferred tax liabilities
Arising in business combinations (Note 11)
Allfunds Bank, S.A.U.
152,336
167,909
Allfunds Digital, S.L.U.
653
698
Allfunds Tech Solutions, S.A.U.\u00b2
8,003
8,523
CS Investlab business
24,822
26,351
Nordic Fund Market
228
249
Allfunds Data Analytics Limited
332
411
Mainstreet Capital Partners
2,026
\u2014
Allfunds Bank Milan branch
158
4
Other
\u2014
3
188,558
204,148
Total
214,587
233,257
1. The balance of Tax Liabilities - Current\u00a0 tax liabilities includes mainly the income tax payable generated in Spain, Italy, Luxembourg, France and the UK.
2. The deferred tax liability has been allocated to Allfunds Digital, S.L.U. as a consequence of the upstream merger of Allfunds Tech Solutions, S.A.U. into its parent company
Allfunds Digital, S.L.U..
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-373": { "value": "
14.\u00a0 Tax Assets
Included within the tax assets are the below balances:
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Current tax assets:
Allfunds Bank, S.A.U.
161
167
Allfunds Bank Milan branch
\u2014
18,915
Allfunds Bank S.A. Singapore branch
2,076
6
Allfunds Bank London branch
328
\u2014
Allfunds Bank Stockholm branch
70
9
Allfunds Bank Paris branch
8
930
Allfunds Blockchain, S.L.U.
374
\u2014
Allfunds Digital, S.L.U.
114
\u2014
Allfunds Group plc
105
\u2014
Mainstreet Capital Partners
62
\u2014
Other
30
517
3,328
20,544
Deferred tax assets:
Non-deductible depreciation (Allfunds Bank)
63
126
Loan impairment (Allfunds Bank)
\u2014
300
LTIP provisions (Allfunds Bank)
1,355
1,067
Bonus provisions (Allfunds Bank)
351
237
Deferred tax assets \u2013 Business combinations CS InvestLab\u00b9
45,060
48,512
Deferred Tax assets \u2013 Business combinations BNP BC Goodwill tax amortisation\u00b2
43,368
57,824
Others related to Allfunds Bank branches:
\u00a0 Allfunds Bank London branch (LTIP provision)
878
478
\u00a0 Allfunds Bank Poland branch (Bonus provision, TP and others)
400
309
\u00a0 Allfunds Bank Stockholm branch (Tax losses)
445
443
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.\u00b3
828
851
\u00a0 Allfunds Blockchain, S.L.U.
\u2014
23
92,748
110,170
Total
96,076
130,714
1. Deferred Tax Assets \u2013 Business combinations CS InvestLab\u201d includes the tax asset of EUR 45, 060 thousand as at 31 December 2023 (EUR 48,512 thousand as at 31
December 2022) arising in the business combination through which the distribution business of Credit Suisse was acquired. This tax asset amounted to EUR 64,915
thousand. There has been a net valuation adjustment for the year for foreign exchange differences of EUR 2,122 thousand as at 31 December 2023 (EUR 2,037 thousand 31
December 2022).
2. Deferred Tax Assets \u2013 Business combination BNP - BC (Italian tax step-up)\u201d includes the tax assets arising as a consequence of the tax step-up election made by Allfunds
Bank Milan branch and its entitlement, as from 2022, to amortise for tax, not for accounting purposes, the BC goodwill over a five-year period. The tax asset amounted to
EUR 43,368 thousand of which EUR 14,456 thousand has been amortised in the year to 31 December 2023.
3. Includes deferred tax assets of Allfunds Tech Solutions inherited by Allfunds Digital as a consequence of the domestic merger carried out during 2023.
2023
Balance as at
1 Jan 2023
Impact in
OCI
Impact in tax
expense
Acquisition
for the year
Balance as at
31 Dec 2023
Non-deductible depreciation (Allfunds Bank)
126
\u2014
(63)
\u2014
63
Loan impairments (Allfunds Bank)
300
\u2014
(300)
\u2014
\u2014
LTIP provisions (Allfunds Bank)
1,067
\u2014
288
\u2014
1,355
Bonus provisions (Allfunds Bank)
237
\u2014
114
\u2014
351
Deferred Tax assets \u2013 Business Combination CS Investlab\u00b9
48,512
2,771
(6,223)
\u2014
45,060
Tax assets \u2013 Business Combination BC Goodwill tax amortisation (Italy)
57,824
\u2014
(14,456)
\u2014
43,368
Other tax credits of Allfunds Bank branches
\u00a0 Allfunds Bank London branch
477
\u2014
401
\u2014
878
\u00a0 Allfunds Bank Poland branch
309
\u2014
91
\u2014
400
\u00a0 Allfunds Bank Stockholm branch
443
\u2014
2
\u2014
445
Other related to Allfunds Bank subsidiaries
\u00a0 Allfunds Digital, S.L.U.\u00b3
851
\u2014
(23)
\u2014
828
\u00a0 Allfunds Blockchain, S.L.U.
23
\u2014
(23)
\u2014
\u2014
Total
110,169
2,771
(20,192)
\u2014
92,748
2022
Balance as at
1 Jan 2022
Impact in
OCI
Impact in tax
expense
Acquisition
for the year
Balance as at
31 Dec 2022
Non-deductible depreciation and amortisation (Allfunds Bank)
188
\u2014
(62)
300
426
Non-tax-deductible provisions (Allfunds Bank)
474
\u2014
830
\u2014
1,304
Tax assets \u2013 Business Combination CS Investlab\u00b9
51,263
2,433
(5,184)
\u2014
48,512
Tax assets \u2013 Business Combinations BC Goodwill tax amortisation (Italy)
72,281
\u2014
(14,457)
\u2014
57,824
Other tax credits of Allfunds Bank subsidiaries and branches
1,180
(90)
165
\u2014
1,255
Allfunds Tech Solutions
\u2014
\u2014
\u2014
848
848
Other
30
(30)
\u2014
\u2014
\u2014
Total
125,416
2,313
(18,708)
1,148
110,169
1. Valuation adjustments made in application of IAS 21.
In addition to the tax assets detailed above, the Group has the following unrecognised tax losses from prior years, as the timing of
their possible recovery is uncertain since it depends on future taxable profits being obtained.
Entity
Country
Year Incurred
Amount in Tax Base
EUR (000s)
Liberty Partners, S.L.U.
Spain
2017
32,185
2018
26,745
Total
58,930
Allfunds Bank Singapore Branch
Singapore
2017
3,019
2018
3,668
2019
6,579
2020
5,903
2021
1,116
2022
3,409
Total
23,694
Allfunds Bank Swiss Branch
Switzerland
2017
20,772
2018
12,266
2019
9,491
2020
81,309
2021
67,265
2022
33,785
Total
224,888
Allfunds Bank Stockholm Branch
Sweden
2021
268
2022
92
Total
360
Allfunds Hong Kong Limited
Hong Kong
2018
14
2019
341
2020
913
2021
1,397
2022
1,287
Total
3,951
Tax group: Allfunds Digital- Allfunds Blockchain
Spain
2021
32
2022
4,976
Total
5,008
Allfunds Digital (pre- tax group losses inherited from Allfunds Tech Solutions)
Spain
2022
1,315
Total
1,315
Allfunds Tech Solutions Germany
Germany
2020
337
Total
337
Allfunds Tech Solutions France
France
2014
450
2015
81
2016
52
2017
171
2018
169
Total
924
Allfunds Tech Solutions UK
UK
2017
619
2018
1,503
Total
2,122
Allfunds Data Analytics
UK
Pre-2017
159
Post 2017
814
Total
973
Mainstreet Capital Partners
UK
Post 2017
337
Total
337
Allfunds Investment Solution
Luxembourg
2022
1,498
Total
1,498
Allfunds Tech Solutions Sweden
Sweden
2022
281
Total
281
Allfunds Tech Solutions Switzerland
Switzerland
Pre-2022
17
Post 2022
564
Total
581
Finally, the Group has the following unrecognised deferred tax assets and unrecognised tax credits:
Amount in Tax
Base
EUR (000s)
Unrecognised deferred tax assets:
\u00a0 \u00a0 Allfunds Group plc (LTIP provision)
261
\u00a0 \u00a0 Allfunds Digital, S.L.U. (LTIP provision)
61
\u00a0 \u00a0 Allfunds Blockchain, S.L.U. (LTIP provision)
181
503
Unrecognised tax credits:
\u00a0 \u00a0 Allfunds Group plc (Unused interest)
3,665
3,665
Total
4,168
In addition, the Group has the following unrecognised deferred tax assets regarding innovation tax credits as at 31 December 2023
for tax base amounts for Allfunds Digital, S.L.U. EUR 116 thousand and Allfunds Blockchain, S.L.U. of EUR 74 thousand.
19.\u00a0 Tax Liabilities
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Current tax liabilities\u00b9
26,029
29,109
Deferred tax liabilities
Arising in business combinations (Note 11)
Allfunds Bank, S.A.U.
152,336
167,909
Allfunds Digital, S.L.U.
653
698
Allfunds Tech Solutions, S.A.U.\u00b2
8,003
8,523
CS Investlab business
24,822
26,351
Nordic Fund Market
228
249
Allfunds Data Analytics Limited
332
411
Mainstreet Capital Partners
2,026
\u2014
Allfunds Bank Milan branch
158
4
Other
\u2014
3
188,558
204,148
Total
214,587
233,257
1. The balance of Tax Liabilities - Current\u00a0 tax liabilities includes mainly the income tax payable generated in Spain, Italy, Luxembourg, France and the UK.
2. The deferred tax liability has been allocated to Allfunds Digital, S.L.U. as a consequence of the upstream merger of Allfunds Tech Solutions, S.A.U. into its parent company
Allfunds Digital, S.L.U..
", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-377": { "value": "
15.\u00a0 Other Assets
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Sundry accounts
3,491
6,793
Prepaid expenses
2,868
1,435
Total
6,359
8,228
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-376": { "value": "
15.\u00a0 Other Assets
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Sundry accounts
3,491
6,793
Prepaid expenses
2,868
1,435
Total
6,359
8,228
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-375": { "value": "
15.\u00a0 Other Assets
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Sundry accounts
3,491
6,793
Prepaid expenses
2,868
1,435
Total
6,359
8,228
The carrying values of sundry accounts are considered to be the same as their fair values, due to their short-term nature.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-378": { "value": "
16.\u00a0 Cash and Cash Equivalents
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Cash at bank and in hand
9
15
Cash balances at Central Banks
1,337,233
948,234
Other demand deposits
763,730
675,092
Total
2,100,972
1,623,341
Cash and cash equivalents comprise cash that is all available on demand. There are no restricted cash amounts and the carrying
amount of these assets is approximately equal to their fair value .
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-381": { "value": "
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
366,946
193,977
Other Financial liabilities
24,093
\u2014
391,039
193,977
Current liabilities
Demand accounts from credit institutions
433,812
573,423
Demand accounts from non-credit instiutions
1,121,857
786,531
Other financial liabilities
403,137
412,043
1,958,806
1,771,997
Total
2,349,845
1,965,974
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-380": { "value": "
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
366,946
193,977
Other Financial liabilities
24,093
\u2014
391,039
193,977
Current liabilities
Demand accounts from credit institutions
433,812
573,423
Demand accounts from non-credit instiutions
1,121,857
786,531
Other financial liabilities
403,137
412,043
1,958,806
1,771,997
Total
2,349,845
1,965,974
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-379": { "value": "
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-current liabilities
Revolving credit facility
366,946
193,977
Other Financial liabilities
24,093
\u2014
391,039
193,977
Current liabilities
Demand accounts from credit institutions
433,812
573,423
Demand accounts from non-credit instiutions
1,121,857
786,531
Other financial liabilities
403,137
412,043
1,958,806
1,771,997
Total
2,349,845
1,965,974
The revolving credit facility (\"RCF\") is included in the non-current liabilities and was entered into by the Company during 2021 and
has a total capacity of EUR 550,000 thousand and was valid until April 2025. The RCF was extended for a further two-year period
and is now valid until April 2027. As at 31 December 2023, the total amount drawn on the facility was EUR 370,000 thousand (31
December 2022: EUR 196,000 thousand). Interest expense due on the RCF as at 31 December 2023 was EUR 2,722 thousand (31
December 2022: EUR 1,297 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-382": { "value": "
18.\u00a0 Contract Liabilities
Contract Liabilities represent accrued expenses and unexpired costs at year-end related to a type of fee contract generally referred
to as the rebate model. The accrued liability mainly represents the net amount to be paid to the Distributors, after the Allfunds Group
has kept a margin on the gross amount paid by the Fund Houses. The amounts pending to be settled to the Distributors as at 31
December 2023 were EUR 561,419 thousand (31 December 2022 : EUR 522,095 thousand).
The amount accrued of EUR 522,095 thousand as at 31 December 2022 was included in the invoiced amounts paid during the year
ended 31 December 2023. (EUR 601,710 thousand accrued as at 31 December, 2021 was invoiced and and paid during the year
ended 31 December 2022).", "dimensions": { "concept": "afb:DisclosureOfContractLiabilitiesTextBlock", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-383": { "value": "
20.\u00a0 Provisions
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main changes
during the year :
2023
Thousands of Euros
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised
in Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
Pension and other post-employment defined benefit obligations
716
900
2,661
(967)
128
3,438
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
916
900
2,661
(967)
128
3,638
2022
Thousands of Euros
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised
in Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
Pension and other post-employment defined benefit obligations
1,690
888
(950)
(912)
\u2014
716
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
1,890
888
(950)
(912)
\u2014
916
Long-term defined benefit remuneration
Allfunds` Swiss pension benefits are contribution based with the level varying according to the category of employment. Local law
requires that certain guarantees are provided on such pension benefits. Allfunds finances its Swiss pension benefits through the
Profond Collective Foundation, a pension fund administrator.\u00a0
The Swiss plan typically exposes Allfunds to actuarial risks such as investment risk, interest rate risk, longevity risk and salary risk.
The breakdown of the present value of the commitments assumed by the Group with respect to post-employment and other long-
term remuneration, of the plan assets held to cover those obligations and of unrecognised past service cost at year-end 2023 is
provided in the table below:
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Present value of obligations
14,827
10,760
Less: Fair value of plan assets
(11,389)
(10,044)
Less: Unrecognised prior service cost
\u2014
\u2014
Non-current provisions \u2013 Non-current employee benefit obligations (asset)
3,438
716
The present value of the commitments was determined by qualified independent actuaries, who used the following criteria for
valuation purposes:
\u2022 Calculation method: the \u201cprojected credit unit\u201d method, which contemplates each year of service as generating an additional unit of
right to the benefits and values each unit separately.
\u2022 Actuarial assumptions made: unbiased and mutually compatible.
The most significant actuarial assumptions used in the experts' calculations were the following:
2023
Actuarial assumptions
Switzerland
Italy
Discount rate\u00b9
2,98%
3.17%
Mortality and life expectancy tables
BVG 2020
RG48
Rate of growth in social security tax limit
0.94%
2.1%
1. Discount rate based on the yield curve on a pool of corporate bonds denominated in Euros carrying AA ratings from the three main ratings agencies (Standard & Poor\u2019s,
Moody\u2019s and Fitch) with maturities as of the valuation date equal to or longer than the duration of the commitments assumed.
The rates used to discount the future cash flows were determined using high-quality corporate bonds denominated in each currency.
The expected return on the plan assets is in line with the chosen discount rates. The retirement ages for the various commitments
are set at the earliest date to which employees become entitled to retire, the contractually stipulated date in the case of early
retirements or using retirement tables. Duration of the liabilities is for a period of 18 years.
Changes in the key assumptions could affect the measurement of the Group\u2019s obligations. The table below provides an analysis of
how sensitive the measurement is to changes in the key inputs:
Sensitivity analysis (thousands of Euros)
Change in
basis points
2023
Increase
Decrease
Discount rate
0,25%
(391)
434
Wage growth rate
0,25%
52
(49)
Increase in obligation per year of effective service
1 year
(393)
400
The sensitivity analysis was performed as of the date of the consolidated financial statements and provides the individual impact of
changes in each of the assumptions, keeping all other variables constant, such that it excludes potential combined effects.
Below is a summary of the movements in the commitments that affected the amounts recognised on the consolidated statement of
financial position in respect of the post-employment commitments assumed with current and former employees and other long-term
remuneration obligations in 2023:
2023:
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2023
10,760
(10,044)
716
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
905
\u2014
905
Finance costs
328
(333)
(5)
Change in value recognised in equity
2,117
544
2,661
Exchange differences and other
786
(658)
128
Contributions
255
(970)
(715)
Payments made
(324)
72
(252)
Balance at 31 December 2023
14,827
(11,389)
3,438
2022:
Post-employment commitments
\u00a0
Defined benefit
obligations
Plan assets
Net obligation/
(asset)
Balance at 1 January 2022
10,942
(9,252)
1,690
Amounts recognised with a balancing entry in profit or loss
Staff costs - Ordinary expense for the year
821
\u2014
821
Finance costs
67
\u2014
67
Change in value recognised in equity
(1,982)
1,032
(950)
Exchange differences and other
424
(424)
\u2014
Contributions
344
(1,143)
(799)
Payments made
144
(257)
(113)
Balance at 31 December 2022
10,760
(10,044)
716
The Switzerland pension fund has invested into equity instruments 47%, real estate 30%, debt instruments 10%, cash 5% and others
8%.
29. Employee Compensation and Benefits
2023
2022
Average number of employees during the year:
Senior
43
30
Manager
295
198
Technical and general
719
721
Total
1,057
949
2023
2022
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
95,734
67,415
Social security costs
15,289
12,982
Expense for pension funds
2,594
2,372
Termination benefits
3,533
1,298
Employee share schemes
8,015
7,926
Training expenses
451
411
Other staff costs
3,494
3,143
Total
129,110
95,547
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-385": { "value": "
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main changes
during the year :
2023
Thousands of Euros
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised
in Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
Pension and other post-employment defined benefit obligations
716
900
2,661
(967)
128
3,438
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
916
900
2,661
(967)
128
3,638
2022
Thousands of Euros
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised
in Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
Pension and other post-employment defined benefit obligations
1,690
888
(950)
(912)
\u2014
716
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
1,890
888
(950)
(912)
\u2014
916
39.\u00a0 Commitments and Contingencies
Commitments
As at 31 December 2023 the Group and its subsidiaries had the following commitments:
\u2022 Iccrea Banca LPA Business TSA with a cost of EUR 400 thousand pending as at 31 December 2023 (EUR nil 31 December 2022);
\u2022 PAM sub distribution agreement with a cost of EUR 9,800 thousand over a 10-year period: and
\u2022 BNPP TSA finished during the year to 31 December 2023 (EUR 2,601 thousand pending as at 31 December 2022).
Contingencies
On 3 March 2011, Fairfield Sentry Limited and Fairfield Sigma Limited (hereinafter, the \"Funds\"), both in liquidation and affected by
the so-called Madoff case, filed before the Court of Bankruptcy of the Southern District of New York of the United States of Amercia,
(United States Bankruptcy Court for the Southern District of New York), a lawsuit against a distribution company outside the Group
and against Allfunds Bank, as a consequence of the reimbursements made prior to December 2008, through the Bank, following the
instructions of the aforementioned distribution company, as the liquidators of the Fund liquidators understood that, among other
reasons, there were erroneous payments and unjust enrichment in said reimbursements, in the amount of USD 3,505,471.33
(approximately EUR 3,047 thousand).
In August 2016, the plaintiff also suspended certain claims from the Court of the British Virgin Islands. The Court of the British Virgin
Islands denied the request for dismissal (although the Bank is not sued in the British Virgin Islands, there is a possibility that such
claims will be reviewed in New York).
On 13 January 2017, the group of defendants, which include Allfunds Bank, S.A.U., filed an application for dismissal of the claim. On 6
December 2018 the Court found in favour of the defendants with respect to their contractual claims, except in the cases which the
defendants were aware that the applicable net asset value at the time the redemptions were made was erroneous due to the
investments of the funds held through Madoff. In this situation, the plaintiff could take action against the defendants and where the
Bank is not included.
After the decision on 6 December 2018, the parties (plaintiffs and defendants) agreed to close the claims in order to execute that
decision. After this decision was presented to the Court, on 4 April 2019, the Court accepted the closing of the claims in relation to
Allfunds. Subsequently, the plaintiffs have appealed the decision of the Court on 6 December 2018 (including the closing order
regarding Allfunds).
On 19 July 2019, the plaintiff submitted an amendment to the claim against Allfunds, where all claims dismissed under the December
2018 decision are eliminated, except the claims related to the British Virgin Islands lawsuit on which it will submit a request for
dismissal (although the Bank is not sued in the British Virgin Islands).
On 16 March 2020, the group of defendants filed a new withdrawal action against the claim and the amendment of the claim
(renewed motion).
On 20 March 2020, several Spanish defendants filed a supplement to the new withdrawal action seeking to demonstrate that the
Spanish defendants, including Allfunds, are financial institutions eligible for the \"free port\" or safe harbour exemption under U.S. law
by providing the necessary documentation.
On 29 May 2020, the plantiffs filed their opposition to defendants\u2019 renewed motion and new action to dismiss, filing a joint response
on 19 June 2020. The Court determined that it will use two representative complaints (filed against Citibank NA London and HSBC
Private Bank (Suisse) SA) to decide certain issues presented in the renewed motion, including whether (i) the majority of redemption
payments were paid \u201cto\u201d or \u201cfor\u201d the benefit of a covered entity under the \"safe harbour defence\" under\u00a0 and (ii) whether the
Liquidators\u2019 claims against Defendants who are parties to the Hague Convention (\u201cHague Defendants\u201d) must be dismissed for
insufficient service of process, respectively. The Hague Defendants, including the Bank, did not permit or authorise the Liquidators to
serve their complaints by international mail.
On 14 December 2020, the Court issued a favourable decision to the defendants (including dismissal of the British Virgin Annulment
Claims against all defendants, including the Bank). However, the claimants intend to appeal. The new appeal will be consolidated with
the plantiffs' appeals of Judge Bernstein\u2019s previous Fairfield decisions.
On 24 February 2021, the order of implementation of the Court's decision was issued to the Bank and the final judgment of dismissal
was issued on 12 March 2021 declaring the Bank out of the case without prejudice to the intention of the platiffs to appeal.
The platiffs subsequently appealed to the same district judge handling the Fairfield II appeal. On 24 August 2022, the United States
District Court issued a decision upholding the United States Bankruptcy Court's dismissal of the claims against the Bank.
The Liquidators again appealed the decision to the United States District Court. The Liquidators filed their initial brief on 27 January
2023. The defendants' opposition brief was filed on 5 May 2023 and the Liquidators filed their response brief on 9 June 9 2023. The
Court has convened an oral hearing for 12 April 2024. The matter remains pending under the Second Circuit.
Based on all of the foregoing, the resolution of this issue seems close, although it cannot be confirmed to date whether the final
resolution of the lawsuit will finally be favourable. In any case, the Bank and Allfunds Group considers that, ultimately, the Group will
not have to bear the possible adverse consequences of the aforementioned proceeding, since it considers that it acted merely as an
intermediary without benefiting, on any occasion, from the redemptions made, and without having reliable knowledge that the net
asset value applicable at the time of redemptions were made was erroneous, and, accordingly, therefore no provision was
recognised in this connection as at 31 December 2023 or 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-384": { "value": "
The breakdown of the provisions recognised in the consolidated statement of financial position at year-end and the main changes
during the year :
2023
Thousands of Euros
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised
in Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
Pension and other post-employment defined benefit obligations
716
900
2,661
(967)
128
3,438
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
916
900
2,661
(967)
128
3,638
2022
Thousands of Euros
Provisions
Opening
balance
Charge for
the year
Change in
value
recognised
in Equity
Contributions
and Payments
Exchange
differences
and other
Closing
balance
Pension and other post-employment defined benefit obligations
1,690
888
(950)
(912)
\u2014
716
Other long-term employee remuneration
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Outstanding tax court proceedings and lawsuits
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Commitments and guarantees given
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Other provisions
200
\u2014
\u2014
\u2014
\u2014
200
Total
1,890
888
(950)
(912)
\u2014
916
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-389": { "value": "
21.\u00a0 Other Liabilities
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
26,449
14,413
Trade payables
10,178
12,570
Other payables
28,384
5,778
Total
65,011
32,761
Accrued variable remuneration costs represent the accrual for the portion of employee compensation which is dependent upon
performance during the year and is paid in a lump sum on an annual basis, subsequent to calendar year-end.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of trade and other payables are
considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-388": { "value": "
21.\u00a0 Other Liabilities
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
26,449
14,413
Trade payables
10,178
12,570
Other payables
28,384
5,778
Total
65,011
32,761
Accrued variable remuneration costs represent the accrual for the portion of employee compensation which is dependent upon
performance during the year and is paid in a lump sum on an annual basis, subsequent to calendar year-end.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of trade and other payables are
considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-387": { "value": "
21.\u00a0 Other Liabilities
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
26,449
14,413
Trade payables
10,178
12,570
Other payables
28,384
5,778
Total
65,011
32,761
Accrued variable remuneration costs represent the accrual for the portion of employee compensation which is dependent upon
performance during the year and is paid in a lump sum on an annual basis, subsequent to calendar year-end.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of trade and other payables are
considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-386": { "value": "
21.\u00a0 Other Liabilities
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Accrued variable remuneration costs
26,449
14,413
Trade payables
10,178
12,570
Other payables
28,384
5,778
Total
65,011
32,761
Accrued variable remuneration costs represent the accrual for the portion of employee compensation which is dependent upon
performance during the year and is paid in a lump sum on an annual basis, subsequent to calendar year-end.
Trade payables are unsecured and are usually paid within 30 days of recognition. The carrying values of trade and other payables are
considered to be the same as their fair values, due to their short-term nature.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-390": { "value": "
22.\u00a0 Share Capital
22.a. Share capital and share premium
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Share Capital
At 1 January
1,574
1,574
Issued during the year
\u2014
\u2014
Cancelled during the year
(24)
\u2014
At 31 December
1,550
1,574
Share Premium
At 1 January
2,060,156
2,060,156
Premium arising on equity share issuance
\u2014
\u2014
Cancelled Premium
(49,976)
\u2014
At 31 December
2,010,180
2,060,156
The Company's total share capital was EUR 1,550 thousand as at 31 December 2023 ( 31 December 2022: EUR 1,574 thousand)
comprising 620,055,702 ordinary shares of EUR 0.0025 per share ( 31 December 2022 comprised 629,426,348 ordinary shares of
EUR 0.0025 per share). The reduction was due to the cancellation of 9,370,646 shares which had been acquired by the Company in
the Share Buyback programme during 2023. See Note 22b.
Each share has identical voting rights and all of the Company's allotted shares are fully paid up.
22.b. Treasury shares
During the year to 31 December 2023, 9,370,646 ordinary shares were acquired by the Company at a total cost of EUR 50,000
thousand (31 December 2022, 1,380,322 ordinary shares had been acquired at a total cost of EUR 10,000 thousand). These
9,370,646 ordinary shares acquired were subsequently cancelled to reduce the share capital of the Company. Please see Note 22.a.
These are classified in the consolidated statement of financial position as treasury shares.
Treasury shares were also disposed of during the year ended 31 December 2023 to the value of EUR 1,140 thousand (31 December,
2022 zero) to members of the LTIP1 scheme. In addition, in 2024, the Company delivered 94,859 ordinary shares to the beneficiaries
of the 2021 Employee share scheme that had vested on 1 January 2024 (96,029 ordinary shares vested on 1 January 2023) and
61,355 ordinary shares that had vested in April 2023.\u00a0 These shares were delivered at no cost for the receiving beneficiaries.
22.c. Other reserves
As at 31 December 2023 other reserves were mainly comprised of 1) exchange differences on translation of foreign entities EUR
49,825 (31 December 2022: EUR 28,599 thousand); 2) employee share scheme of EUR 16,770 thousand (31 December 2022: 9,895
thousand); 3) valuation adjustments related to pension commitments EUR (1,729) thousand (31 December 2022 EUR 932 thousand);
and 4) the written put option for Mainstreet Capital Partners of EUR 9,020 thousand (31 December 2022 nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-391": { "value": "
22.a. Share capital and share premium
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Share Capital
At 1 January
1,574
1,574
Issued during the year
\u2014
\u2014
Cancelled during the year
(24)
\u2014
At 31 December
1,550
1,574
Share Premium
At 1 January
2,060,156
2,060,156
Premium arising on equity share issuance
\u2014
\u2014
Cancelled Premium
(49,976)
\u2014
At 31 December
2,010,180
2,060,156
The Company's total share capital was EUR 1,550 thousand as at 31 December 2023 ( 31 December 2022: EUR 1,574 thousand)
comprising 620,055,702 ordinary shares of EUR 0.0025 per share ( 31 December 2022 comprised 629,426,348 ordinary shares of
EUR 0.0025 per share). The reduction was due to the cancellation of 9,370,646 shares which had been acquired by the Company in
the Share Buyback programme during 2023. See Note 22b.
Each share has identical voting rights and all of the Company's allotted shares are fully paid up.", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-392": { "value": "
22.b. Treasury shares
During the year to 31 December 2023, 9,370,646 ordinary shares were acquired by the Company at a total cost of EUR 50,000
thousand (31 December 2022, 1,380,322 ordinary shares had been acquired at a total cost of EUR 10,000 thousand). These
9,370,646 ordinary shares acquired were subsequently cancelled to reduce the share capital of the Company. Please see Note 22.a.
These are classified in the consolidated statement of financial position as treasury shares.
Treasury shares were also disposed of during the year ended 31 December 2023 to the value of EUR 1,140 thousand (31 December,
2022 zero) to members of the LTIP1 scheme. In addition, in 2024, the Company delivered 94,859 ordinary shares to the beneficiaries
of the 2021 Employee share scheme that had vested on 1 January 2024 (96,029 ordinary shares vested on 1 January 2023) and
61,355 ordinary shares that had vested in April 2023.\u00a0 These shares were delivered at no cost for the receiving beneficiaries.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-393": { "value": "
22.c. Other reserves
As at 31 December 2023 other reserves were mainly comprised of 1) exchange differences on translation of foreign entities EUR
49,825 (31 December 2022: EUR 28,599 thousand); 2) employee share scheme of EUR 16,770 thousand (31 December 2022: 9,895
thousand); 3) valuation adjustments related to pension commitments EUR (1,729) thousand (31 December 2022 EUR 932 thousand);
and 4) the written put option for Mainstreet Capital Partners of EUR 9,020 thousand (31 December 2022 nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-394": { "value": "
23.\u00a0 Dividends
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Final dividend paid during 2023
56,538
\u2014
First dividend paid during 2022
\u2014
185,000
Final dividend paid during 2022
\u2014
31,471
During the year to 31 December 2023 the Company paid a final dividend of EUR 56,538 thousand at EUR 0.09 per share.
On 27 February 2024 Liberty Partners, S.L.U., the direct subsidiary of the Company, agreed to pay an interim dividend of EUR 1,000
thousand from the profits for the financial year ended 31 December 2023. In addition, on the same date Liberty Partners, S.L.U. also
agreed to pay an interim dividend of EUR 57,000 thousand from the profits for the financial year ended 31 December 2024. Both
dividends, totalling EUR 58,000 thousand were paid to the Company on 28 February 2024.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-395": { "value": "0.09", "decimals": 2, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR/xbrli:shares" } }, "f-396": { "value": "58000", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-397": { "value": "
24.\u00a0 Off-Balance Sheet Items
31 Dec 2023
31 Dec 2022
EUR ('000s)
EUR ('000s)
Available to third parties:
Credit Institutions
86,375
85,256
Other resident sectors
2,982
2,266
Other non-resident sectors
24,926
23,659
Total
114,283
111,181
Off-balance sheet items as at 31 December 2023 and 31 December 2022 relates to balances representing rights, obligations and
other legal situations that in the future may have an impact on net assets, as well as any other balances needed to reflect all
transactions performed by the Allfunds Group although they may not impinge on its net assets.
Contingent obligations held by the Allfunds Group which may result in the recognition of financial assets refer in their entirety to
credit lines potentially available to third parties which could be drawn up to EUR 114,283 thousand as at 31 December 2023 and EUR
111,181 thousand as at 31 December 2022 .
Also, at 31 December 2023 the Allfunds Group held off-balance sheet funds under management relating to units/shares in UCIs
amounting to EUR 1,383,562,136 thousand (31 December 2022: EUR 1,296,038,093 thousand).", "dimensions": { "concept": "afb:DisclosureOfOffBalanceSheetItemsTextBlock", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-400": { "value": "
25.\u00a0 Fee, Commission and Service Revenue
Fee, commission and service revenue has been generated by the following segments and recorded by the Group in accordance with
IFRS 15:
2023
2022
EUR ('000s)
EUR ('000s)
Platform revenue: asset based
2,640,499
2,603,596
Platform revenue: transaction based
82,511
98,309
Subscription and other revenues
58,800
40,107
Total fee, commission and service revenue
2,781,810
2,742,012
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022 the marketing of units in collective investments undertakings to asset management houses;
\u2022 foreign currency exchange services;
\u2022 ETFs intermediation activity;
\u2022 correspondent bank services;
\u2022 sub-custody services;
\u2022 intermediation services to customers where the fees are calculated applying a percentage to the daily assets under administration
or distribution held for the account of the Group\u2019s customers; and
\u2022 transaction fees on subscriptions and redemption orders in units of collective investments undertakings
\u2022 treasury income.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, primarily:
\u2022 information and research services;
\u2022 administration and legal services;
\u2022 use of technological financial tools;
\u2022 Digital add-on services; and
\u2022 Environmental, Social and Government Reporting (ESG) through the Mainstreet Capital Partners acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-399": { "value": "
25.\u00a0 Fee, Commission and Service Revenue
Fee, commission and service revenue has been generated by the following segments and recorded by the Group in accordance with
IFRS 15:
2023
2022
EUR ('000s)
EUR ('000s)
Platform revenue: asset based
2,640,499
2,603,596
Platform revenue: transaction based
82,511
98,309
Subscription and other revenues
58,800
40,107
Total fee, commission and service revenue
2,781,810
2,742,012
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022 the marketing of units in collective investments undertakings to asset management houses;
\u2022 foreign currency exchange services;
\u2022 ETFs intermediation activity;
\u2022 correspondent bank services;
\u2022 sub-custody services;
\u2022 intermediation services to customers where the fees are calculated applying a percentage to the daily assets under administration
or distribution held for the account of the Group\u2019s customers; and
\u2022 transaction fees on subscriptions and redemption orders in units of collective investments undertakings
\u2022 treasury income.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, primarily:
\u2022 information and research services;
\u2022 administration and legal services;
\u2022 use of technological financial tools;
\u2022 Digital add-on services; and
\u2022 Environmental, Social and Government Reporting (ESG) through the Mainstreet Capital Partners acquisition.
26.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been generated by Allfunds Bank, S.A.U. and its subsidiaries and recorded by the Group
are as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Total fee, commission and service expense
2,312,681
2,247,361
", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-398": { "value": "
25.\u00a0 Fee, Commission and Service Revenue
Fee, commission and service revenue has been generated by the following segments and recorded by the Group in accordance with
IFRS 15:
2023
2022
EUR ('000s)
EUR ('000s)
Platform revenue: asset based
2,640,499
2,603,596
Platform revenue: transaction based
82,511
98,309
Subscription and other revenues
58,800
40,107
Total fee, commission and service revenue
2,781,810
2,742,012
Platform revenue includes fees and commissions related with the fund intermediation services, primarily from:
\u2022 the marketing of units in collective investments undertakings to asset management houses;
\u2022 foreign currency exchange services;
\u2022 ETFs intermediation activity;
\u2022 correspondent bank services;
\u2022 sub-custody services;
\u2022 intermediation services to customers where the fees are calculated applying a percentage to the daily assets under administration
or distribution held for the account of the Group\u2019s customers; and
\u2022 transaction fees on subscriptions and redemption orders in units of collective investments undertakings
\u2022 treasury income.
Subscription and other revenues is revenue that is not driven by fund intermediation activity, primarily:
\u2022 information and research services;
\u2022 administration and legal services;
\u2022 use of technological financial tools;
\u2022 Digital add-on services; and
\u2022 Environmental, Social and Government Reporting (ESG) through the Mainstreet Capital Partners acquisition.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-402": { "value": "
26.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been generated by Allfunds Bank, S.A.U. and its subsidiaries and recorded by the Group
are as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Total fee, commission and service expense
2,312,681
2,247,361
28. Interest Expense
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
353
\u2014
Total
353
\u2014
29. Employee Compensation and Benefits
2023
2022
Average number of employees during the year:
Senior
43
30
Manager
295
198
Technical and general
719
721
Total
1,057
949
2023
2022
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
95,734
67,415
Social security costs
15,289
12,982
Expense for pension funds
2,594
2,372
Termination benefits
3,533
1,298
Employee share schemes
8,015
7,926
Training expenses
451
411
Other staff costs
3,494
3,143
Total
129,110
95,547
30. Other Expenses
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
28,547
22,757
Sub-contracted administrative services
25,386
68,626
Contributions to Taxes
12,064
3,251
Technical Reports
8,897
10,307
Communications
7,224
5,754
Legal and professional
5,106
6,440
Insurance
4,390
4,859
Other
10,996
8,180
Total
102,610
130,174
Within sub-contracted administrative services included for the year ended 31 December 2023 are EUR 2,536 thousand (EUR48,585
for the year ended 31 December 2022 ) that correspond to the transitional services agreements and cooperation agreements with
both BNP Paribas and Credit Suisse.
Included within legal and professional are M&A transaction related costs of EUR 3,317 thousand for the year ended 31 December
2023 (year ended 31 December 2022 EUR 4,768 thousand) relating to the acquisitions made in the year as referred to in Note 11
Business Combinations.
Included within contributions to taxes are EUR 7,237 thousand for the year ended 31 December 2023 (year ended 31 December
2022 nil) relating to the temporary Spanish Bank tax levy introduced in 2023.
In addition, included in Technical reports are, amongst others, the fees for audit and other services. The breakdown of which is
included below:
2023
2022
EUR ('000s)
EUR ('000s)
Audit of financial statements services
1,649
1,528
Other assurance services
323
303
Other services
26
\u2014
Total audit and related services
1,998
1,831
31. Other Operating Income/(Expenses)
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
10,967
8,743
Other operating expenses
(5,495)
(6,601)
Net income/ (losses) on financial assets and liabilities at FVTPL
2,296
(701)
Net exchange differences
(2,153)
(2,211)
Other operating income / (expense)
5,615
(770)
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favourably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favourably, foreign
exchange losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the
Central Resolution Authority within the banking union .
33. Impairment Losses
2023
2022
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
50
1
Impairment loss on financial assets held at amortised cost
3,159
9,040
3,209
9,041
The impairment losses on financial assets held at amortised cost for the year ended 31 December 2023 of EUR 3,160 thousand (31
December 2022: EUR 9,040 thousand) relate to the ECL requirements as per the Banking Regulator for receivable balances greater
than 90 days past-due.
34. Tax Expense
The tax expense recognised by the Group for the year is as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Allfunds Bank
24,914
24,908
Allfunds Bank Milan branch
42,690
24,481
Allfunds Bank Luxembourg branch
8,197
6,864
Allfunds Bank Paris branch
6,308
3,005
Allfunds Bank London branch
1,369
2,786
Allfunds Bank Swiss branch
193
273
Liberty Partners , S.L.U.
869
316
Allfunds Group plc
(1,572)
(2,329)
Allfunds Digital Group
(822)
803
Other
400
57
less:
Deferred tax on intangible assets Allfunds Bank Group
(51)
(192)
Deferred tax on intangible assets Liberty Partners Group
(15,574)
(26,119)
Deferred tax on intangible assets Allfunds Digital Group
\u2014
(311)
Tax expense
66,921
34,542
Current tax
expense/
(income)
Adjustment in
respect of
current income
tax of prior
years
Deferred tax
relating to
origination and
reversal of
temporary
differences
Total Tax
(credit)/
expense
2023
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
21,433
539
2,942
24,914
Allfunds Bank Milan branch
28,168
(87)
14,609
42,690
Allfunds Bank Paris branch
6,641
(334)
\u2014
6,307
Allfunds Bank Luxembourg branch
8,181
16
\u2014
8,197
Allfunds Bank Swiss branch
202
(9)
\u2014
193
Allfunds Bank London branch
1,681
80
(391)
1,370
Liberty Partners, S.L.U.
839
30
\u2014
869
Allfunds Group plc
(1,554)
(18)
\u2014
(1,572)
Allfunds Digital Group
\u2014
\u2014
(822)
(822)
Other
448
\u2014
(48)
400
less:
Deferred tax on intangible assets at Allfunds Bank Group
\u2014
\u2014
(51)
(51)
Deferred tax on intangible assets at Liberty Partners Group
\u2014
\u2014
(15,574)
(15,574)
Deferred tax on intangible assets Digital Group
\u2014
\u2014
\u2014
\u2014
Tax expense
66,039
217
665
66,921
2022
Current tax
expense/
(income)
EUR ('000s)
Adjustment
in\u00a0respect of
current\u00a0income
tax of prior years
EUR ('000s)
Deferred tax
relating to
origination and
reversal of
temporary
differences
EUR ('000s)
Total Tax
(credit)/
expense
EUR ('000s)
Allfunds Bank, S.A.U.
22,669
55
2,184
24,908
Allfunds Bank Milan branch
11,301
(1,276)
14,456
24,481
Allfunds Bank,Paris branch
3,005
\u2014
\u2014
3,005
Allfunds Bank Luxembourg branch
6,864
\u2014
\u2014
6,864
Allfunds Bank Swiss branch
327
(54)
\u2014
273
Allfunds Bank London branch
3,214
(41)
(387)
2,786
Liberty Partners, S.L.U.
316
\u2014
\u2014
316
Allfunds Group plc
(1,075)
(1,254)
\u2014
(2,329)
Other
5
385
470
860
less:
Deferred tax on intangibles assets at Allfunds Bank Group
\u2014
\u2014
(192)
(192)
Deferred tax on intangibles assets at Liberty Partners Group
\u2014
\u2014
(26,119)
(26,119)
Deferred tax on intangible assets Digital Group
\u2014
\u2014
(311)
(311)
Tax expense
46,626
(2,185)
(9,899)
34,542
2023
2022
EUR ('000s)
EUR ('000s)
Profit before tax
152,627
83,725
Consolidation adjustments
81,122
83,092
Tax income / expense at UK tax Rate 25 / 19%
58,437
31,695
Effect on Income by different tax rate by countries
11,345
15,587
Prior year adjustments
218
(2,185)
Deferred expense/(income) tax
665
(9,899)
Others
(3,744)
(656)
Tax expense
66,921
34,542
The effective tax rate is as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Profit/(loss) before tax
152,627
83,725
Tax expense/(income)
66,921
34,542
Effective tax rate
43.85%
41.26%
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-401": { "value": "
26.\u00a0 Fee, Commission and Service Expense
Fee, commission and service expense has been generated by Allfunds Bank, S.A.U. and its subsidiaries and recorded by the Group
are as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Total fee, commission and service expense
2,312,681
2,247,361
28. Interest Expense
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
353
\u2014
Total
353
\u2014
29. Employee Compensation and Benefits
2023
2022
Average number of employees during the year:
Senior
43
30
Manager
295
198
Technical and general
719
721
Total
1,057
949
2023
2022
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
95,734
67,415
Social security costs
15,289
12,982
Expense for pension funds
2,594
2,372
Termination benefits
3,533
1,298
Employee share schemes
8,015
7,926
Training expenses
451
411
Other staff costs
3,494
3,143
Total
129,110
95,547
30. Other Expenses
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
28,547
22,757
Sub-contracted administrative services
25,386
68,626
Contributions to Taxes
12,064
3,251
Technical Reports
8,897
10,307
Communications
7,224
5,754
Legal and professional
5,106
6,440
Insurance
4,390
4,859
Other
10,996
8,180
Total
102,610
130,174
Within sub-contracted administrative services included for the year ended 31 December 2023 are EUR 2,536 thousand (EUR48,585
for the year ended 31 December 2022 ) that correspond to the transitional services agreements and cooperation agreements with
both BNP Paribas and Credit Suisse.
Included within legal and professional are M&A transaction related costs of EUR 3,317 thousand for the year ended 31 December
2023 (year ended 31 December 2022 EUR 4,768 thousand) relating to the acquisitions made in the year as referred to in Note 11
Business Combinations.
Included within contributions to taxes are EUR 7,237 thousand for the year ended 31 December 2023 (year ended 31 December
2022 nil) relating to the temporary Spanish Bank tax levy introduced in 2023.
In addition, included in Technical reports are, amongst others, the fees for audit and other services. The breakdown of which is
included below:
2023
2022
EUR ('000s)
EUR ('000s)
Audit of financial statements services
1,649
1,528
Other assurance services
323
303
Other services
26
\u2014
Total audit and related services
1,998
1,831
31. Other Operating Income/(Expenses)
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
10,967
8,743
Other operating expenses
(5,495)
(6,601)
Net income/ (losses) on financial assets and liabilities at FVTPL
2,296
(701)
Net exchange differences
(2,153)
(2,211)
Other operating income / (expense)
5,615
(770)
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favourably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favourably, foreign
exchange losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the
Central Resolution Authority within the banking union .
33. Impairment Losses
2023
2022
EUR ('000s)
EUR ('000s)
Impairment loss on non-financial assets
50
1
Impairment loss on financial assets held at amortised cost
3,159
9,040
3,209
9,041
The impairment losses on financial assets held at amortised cost for the year ended 31 December 2023 of EUR 3,160 thousand (31
December 2022: EUR 9,040 thousand) relate to the ECL requirements as per the Banking Regulator for receivable balances greater
than 90 days past-due.
34. Tax Expense
The tax expense recognised by the Group for the year is as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Allfunds Bank
24,914
24,908
Allfunds Bank Milan branch
42,690
24,481
Allfunds Bank Luxembourg branch
8,197
6,864
Allfunds Bank Paris branch
6,308
3,005
Allfunds Bank London branch
1,369
2,786
Allfunds Bank Swiss branch
193
273
Liberty Partners , S.L.U.
869
316
Allfunds Group plc
(1,572)
(2,329)
Allfunds Digital Group
(822)
803
Other
400
57
less:
Deferred tax on intangible assets Allfunds Bank Group
(51)
(192)
Deferred tax on intangible assets Liberty Partners Group
(15,574)
(26,119)
Deferred tax on intangible assets Allfunds Digital Group
\u2014
(311)
Tax expense
66,921
34,542
Current tax
expense/
(income)
Adjustment in
respect of
current income
tax of prior
years
Deferred tax
relating to
origination and
reversal of
temporary
differences
Total Tax
(credit)/
expense
2023
EUR ('000s)
EUR ('000s)
EUR ('000s)
EUR ('000s)
Allfunds Bank
21,433
539
2,942
24,914
Allfunds Bank Milan branch
28,168
(87)
14,609
42,690
Allfunds Bank Paris branch
6,641
(334)
\u2014
6,307
Allfunds Bank Luxembourg branch
8,181
16
\u2014
8,197
Allfunds Bank Swiss branch
202
(9)
\u2014
193
Allfunds Bank London branch
1,681
80
(391)
1,370
Liberty Partners, S.L.U.
839
30
\u2014
869
Allfunds Group plc
(1,554)
(18)
\u2014
(1,572)
Allfunds Digital Group
\u2014
\u2014
(822)
(822)
Other
448
\u2014
(48)
400
less:
Deferred tax on intangible assets at Allfunds Bank Group
\u2014
\u2014
(51)
(51)
Deferred tax on intangible assets at Liberty Partners Group
\u2014
\u2014
(15,574)
(15,574)
Deferred tax on intangible assets Digital Group
\u2014
\u2014
\u2014
\u2014
Tax expense
66,039
217
665
66,921
2022
Current tax
expense/
(income)
EUR ('000s)
Adjustment
in\u00a0respect of
current\u00a0income
tax of prior years
EUR ('000s)
Deferred tax
relating to
origination and
reversal of
temporary
differences
EUR ('000s)
Total Tax
(credit)/
expense
EUR ('000s)
Allfunds Bank, S.A.U.
22,669
55
2,184
24,908
Allfunds Bank Milan branch
11,301
(1,276)
14,456
24,481
Allfunds Bank,Paris branch
3,005
\u2014
\u2014
3,005
Allfunds Bank Luxembourg branch
6,864
\u2014
\u2014
6,864
Allfunds Bank Swiss branch
327
(54)
\u2014
273
Allfunds Bank London branch
3,214
(41)
(387)
2,786
Liberty Partners, S.L.U.
316
\u2014
\u2014
316
Allfunds Group plc
(1,075)
(1,254)
\u2014
(2,329)
Other
5
385
470
860
less:
Deferred tax on intangibles assets at Allfunds Bank Group
\u2014
\u2014
(192)
(192)
Deferred tax on intangibles assets at Liberty Partners Group
\u2014
\u2014
(26,119)
(26,119)
Deferred tax on intangible assets Digital Group
\u2014
\u2014
(311)
(311)
Tax expense
46,626
(2,185)
(9,899)
34,542
2023
2022
EUR ('000s)
EUR ('000s)
Profit before tax
152,627
83,725
Consolidation adjustments
81,122
83,092
Tax income / expense at UK tax Rate 25 / 19%
58,437
31,695
Effect on Income by different tax rate by countries
11,345
15,587
Prior year adjustments
218
(2,185)
Deferred expense/(income) tax
665
(9,899)
Others
(3,744)
(656)
Tax expense
66,921
34,542
The effective tax rate is as follows:
2023
2022
EUR ('000s)
EUR ('000s)
Profit/(loss) before tax
152,627
83,725
Tax expense/(income)
66,921
34,542
Effective tax rate
43.85%
41.26%
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-406": { "value": "
27. Interest Income
2023
2022
EUR ('000s)
EUR ('000s)
Deposits in central banks
50,066
\u2014
Loans and advances to credit insitutions
24,182
\u2014
Loans and advances to customers
1,228
\u2014
Other
1,252
\u2014
Total
76,728
\u2014
The average interest earned on deposits in the year ranged from 3.3% to 4.7%.
28. Interest Expense
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
353
\u2014
Total
353
\u2014
32. Finance Costs
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
13,572
5,778
Lease liabilities
473
339
Other
1,512
(1,787)
Total
15,557
4,330
Interest expense incurred on the RCF during the year ended 31 December 2023 was EUR 13,572 thousand (31 December 2022: EUR
5,778 thousand).
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised would result in an increase/decrease in costs of EUR
2,177 thousand for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-405": { "value": "
27. Interest Income
2023
2022
EUR ('000s)
EUR ('000s)
Deposits in central banks
50,066
\u2014
Loans and advances to credit insitutions
24,182
\u2014
Loans and advances to customers
1,228
\u2014
Other
1,252
\u2014
Total
76,728
\u2014
The average interest earned on deposits in the year ranged from 3.3% to 4.7%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-404": { "value": "
27. Interest Income
2023
2022
EUR ('000s)
EUR ('000s)
Deposits in central banks
50,066
\u2014
Loans and advances to credit insitutions
24,182
\u2014
Loans and advances to customers
1,228
\u2014
Other
1,252
\u2014
Total
76,728
\u2014
The average interest earned on deposits in the year ranged from 3.3% to 4.7%.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-403": { "value": "
27. Interest Income
2023
2022
EUR ('000s)
EUR ('000s)
Deposits in central banks
50,066
\u2014
Loans and advances to credit insitutions
24,182
\u2014
Loans and advances to customers
1,228
\u2014
Other
1,252
\u2014
Total
76,728
\u2014
The average interest earned on deposits in the year ranged from 3.3% to 4.7%.
28. Interest Expense
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
353
\u2014
Total
353
\u2014
32. Finance Costs
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
13,572
5,778
Lease liabilities
473
339
Other
1,512
(1,787)
Total
15,557
4,330
Interest expense incurred on the RCF during the year ended 31 December 2023 was EUR 13,572 thousand (31 December 2022: EUR
5,778 thousand).
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised would result in an increase/decrease in costs of EUR
2,177 thousand for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-408": { "value": "
28. Interest Expense
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
353
\u2014
Total
353
\u2014
32. Finance Costs
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
13,572
5,778
Lease liabilities
473
339
Other
1,512
(1,787)
Total
15,557
4,330
Interest expense incurred on the RCF during the year ended 31 December 2023 was EUR 13,572 thousand (31 December 2022: EUR
5,778 thousand).
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised would result in an increase/decrease in costs of EUR
2,177 thousand for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-407": { "value": "
28. Interest Expense
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
353
\u2014
Total
353
\u2014
32. Finance Costs
2023
2022
EUR ('000s)
EUR ('000s)
Deposits and loans from credit institutions
13,572
5,778
Lease liabilities
473
339
Other
1,512
(1,787)
Total
15,557
4,330
Interest expense incurred on the RCF during the year ended 31 December 2023 was EUR 13,572 thousand (31 December 2022: EUR
5,778 thousand).
The cost of the RCF is directly associated to the EURIBOR rates. As such, a sensitivity analysis has shown that for an increase/
decrease by 1% in the average EURIBOR rate on the RCF drawdowns utilised would result in an increase/decrease in costs of EUR
2,177 thousand for the year ended 31 December 2023.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-409": { "value": "
29. Employee Compensation and Benefits
2023
2022
Average number of employees during the year:
Senior
43
30
Manager
295
198
Technical and general
719
721
Total
1,057
949
2023
2022
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
95,734
67,415
Social security costs
15,289
12,982
Expense for pension funds
2,594
2,372
Termination benefits
3,533
1,298
Employee share schemes
8,015
7,926
Training expenses
451
411
Other staff costs
3,494
3,143
Total
129,110
95,547
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-410": { "value": "
2023
2022
EUR ('000s)
EUR ('000s)
Personnel expenses include the following expenses:
Wages and salaries
95,734
67,415
Social security costs
15,289
12,982
Expense for pension funds
2,594
2,372
Termination benefits
3,533
1,298
Employee share schemes
8,015
7,926
Training expenses
451
411
Other staff costs
3,494
3,143
Total
129,110
95,547
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-412": { "value": "
30. Other Expenses
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
28,547
22,757
Sub-contracted administrative services
25,386
68,626
Contributions to Taxes
12,064
3,251
Technical Reports
8,897
10,307
Communications
7,224
5,754
Legal and professional
5,106
6,440
Insurance
4,390
4,859
Other
10,996
8,180
Total
102,610
130,174
Within sub-contracted administrative services included for the year ended 31 December 2023 are EUR 2,536 thousand (EUR48,585
for the year ended 31 December 2022 ) that correspond to the transitional services agreements and cooperation agreements with
both BNP Paribas and Credit Suisse.
Included within legal and professional are M&A transaction related costs of EUR 3,317 thousand for the year ended 31 December
2023 (year ended 31 December 2022 EUR 4,768 thousand) relating to the acquisitions made in the year as referred to in Note 11
Business Combinations.
Included within contributions to taxes are EUR 7,237 thousand for the year ended 31 December 2023 (year ended 31 December
2022 nil) relating to the temporary Spanish Bank tax levy introduced in 2023.
In addition, included in Technical reports are, amongst others, the fees for audit and other services. The breakdown of which is
included below:
2023
2022
EUR ('000s)
EUR ('000s)
Audit of financial statements services
1,649
1,528
Other assurance services
323
303
Other services
26
\u2014
Total audit and related services
1,998
1,831
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-411": { "value": "
30. Other Expenses
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
28,547
22,757
Sub-contracted administrative services
25,386
68,626
Contributions to Taxes
12,064
3,251
Technical Reports
8,897
10,307
Communications
7,224
5,754
Legal and professional
5,106
6,440
Insurance
4,390
4,859
Other
10,996
8,180
Total
102,610
130,174
Within sub-contracted administrative services included for the year ended 31 December 2023 are EUR 2,536 thousand (EUR48,585
for the year ended 31 December 2022 ) that correspond to the transitional services agreements and cooperation agreements with
both BNP Paribas and Credit Suisse.
Included within legal and professional are M&A transaction related costs of EUR 3,317 thousand for the year ended 31 December
2023 (year ended 31 December 2022 EUR 4,768 thousand) relating to the acquisitions made in the year as referred to in Note 11
Business Combinations.
Included within contributions to taxes are EUR 7,237 thousand for the year ended 31 December 2023 (year ended 31 December
2022 nil) relating to the temporary Spanish Bank tax levy introduced in 2023.
In addition, included in Technical reports are, amongst others, the fees for audit and other services. The breakdown of which is
included below:
2023
2022
EUR ('000s)
EUR ('000s)
Audit of financial statements services
1,649
1,528
Other assurance services
323
303
Other services
26
\u2014
Total audit and related services
1,998
1,831
31. Other Operating Income/(Expenses)
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
10,967
8,743
Other operating expenses
(5,495)
(6,601)
Net income/ (losses) on financial assets and liabilities at FVTPL
2,296
(701)
Net exchange differences
(2,153)
(2,211)
Other operating income / (expense)
5,615
(770)
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favourably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favourably, foreign
exchange losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the
Central Resolution Authority within the banking union .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-413": { "value": "
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Information technology
28,547
22,757
Sub-contracted administrative services
25,386
68,626
Contributions to Taxes
12,064
3,251
Technical Reports
8,897
10,307
Communications
7,224
5,754
Legal and professional
5,106
6,440
Insurance
4,390
4,859
Other
10,996
8,180
Total
102,610
130,174
Within sub-contracted administrative services included for the year ended 31 December 2023 are EUR 2,536 thousand (EUR48,585
for the year ended 31 December 2022 ) that correspond to the transitional services agreements and cooperation agreements with
both BNP Paribas and Credit Suisse.
Included within legal and professional are M&A transaction related costs of EUR 3,317 thousand for the year ended 31 December
2023 (year ended 31 December 2022 EUR 4,768 thousand) relating to the acquisitions made in the year as referred to in Note 11
Business Combinations.
Included within contributions to taxes are EUR 7,237 thousand for the year ended 31 December 2023 (year ended 31 December
2022 nil) relating to the temporary Spanish Bank tax levy introduced in 2023.
In addition, included in Technical reports are, amongst others, the fees for audit and other services. The breakdown of which is
included below:
2023
2022
EUR ('000s)
EUR ('000s)
Audit of financial statements services
1,649
1,528
Other assurance services
323
303
Other services
26
\u2014
Total audit and related services
1,998
1,831
31. Other Operating Income/(Expenses)
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
10,967
8,743
Other operating expenses
(5,495)
(6,601)
Net income/ (losses) on financial assets and liabilities at FVTPL
2,296
(701)
Net exchange differences
(2,153)
(2,211)
Other operating income / (expense)
5,615
(770)
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favourably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favourably, foreign
exchange losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the
Central Resolution Authority within the banking union .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-414": { "value": "
In addition, included in Technical reports are, amongst others, the fees for audit and other services. The breakdown of which is
included below:
2023
2022
EUR ('000s)
EUR ('000s)
Audit of financial statements services
1,649
1,528
Other assurance services
323
303
Other services
26
\u2014
Total audit and related services
1,998
1,831
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-416": { "value": "
31. Other Operating Income/(Expenses)
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
10,967
8,743
Other operating expenses
(5,495)
(6,601)
Net income/ (losses) on financial assets and liabilities at FVTPL
2,296
(701)
Net exchange differences
(2,153)
(2,211)
Other operating income / (expense)
5,615
(770)
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favourably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favourably, foreign
exchange losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the
Central Resolution Authority within the banking union .
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-415": { "value": "
31. Other Operating Income/(Expenses)
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Other operating income
10,967
8,743
Other operating expenses
(5,495)
(6,601)
Net income/ (losses) on financial assets and liabilities at FVTPL
2,296
(701)
Net exchange differences
(2,153)
(2,211)
Other operating income / (expense)
5,615
(770)
Other operating income relate mainly to income from capitalisation of internal staff costs and from proceeds related to operational
incidents which were favourably resolved.
Other operating expenses relate mainly to expenses from operational incidents which were not resolved favourably, foreign
exchange losses, losses on financial assets and liabilities at fair value, and from contributions to the Single Resolution Board, the
Central Resolution Authority within the banking union .
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-417": { "value": "
35. Earnings per Share
2023
2022
EUR ('000s)
EUR ('000s)
Profit attributable to ordinary equity holders
85,706
49,183
31 Dec 2023
31 Dec 2022
Thousands
Thousands
Number of ordinary shares at year end including treasury shares
620,056
629,426
Weighted average number of ordinary shares per IAS 33
618,810
619,915
EPS (EUR)
0.1385
0.0793
Basic EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the Company by the weighted
average number of ordinary shares outstanding during the year, excluding the Treasury Shares acquired by the Company. The EPS
as per the Statement of Comprehensive Income for the comparative period has been calculated retroactively, incorporating the
reduction in the number of ordinary shares in the previous year end in accordance with IAS 33.
As the Company has mainly ordinary shares issued with no dilutive potential, diluted EPS equates to basic EPS.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-418": { "value": "
Basic EPS is calculated by dividing the profit for the year attributable to the ordinary equity holders of the Company by the weighted
average number of ordinary shares outstanding during the year, excluding the Treasury Shares acquired by the Company. The EPS
as per the Statement of Comprehensive Income for the comparative period has been calculated retroactively, incorporating the
reduction in the number of ordinary shares in the previous year end in accordance with IAS 33.
As the Company has mainly ordinary shares issued with no dilutive potential, diluted EPS equates to basic EPS.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-419": { "value": "
36. Recognised Fair Value Measurement
The methodology used to calculate fair value for each class of financial assets and liabilities is as follows:
\u2022 Cash, cash balances at central banks and other demand deposits: relate to financial assets convertible into cash on demand and,
accordingly, their fair value was considered to coincide with their carrying amount.
\u2022 Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated cash
flows based on the forward curves of the respective underlying, quoted in the market.
\u2022 Financial assets not designated for trading compulsorily measured at fair value through profit or loss: the amount recognised in this
line item relates to equity instruments not listed on organised markets and for which no other valid references for the estimation of
fair value were available, as a result of which the Bank recognised them at cost in the consolidated statement of financial position
since it was not possible to estimate their fair value reliably. In these cases, the Bank estimated the potential impairment of these
instruments on the basis of the equity of the investee, adjusted by the amount of the unrealised gains existing at the date of
measurement.
\u2022 Financial assets at amortised cost: the fair value of financial assets at amortised cost was obtained using the present value model,
which discounts future cash flows to the present, using interest rates based on directly or indirectly observable market data to
calculate the discount rate.
\u2022 Financial liabilities at amortised cost: these include short-term demand accounts at a fixed interest rate and the revolving credit
facility, classed as a long-term financial liability at a variable Euribor interest rate. It was considered that their fair value coincided
with their carrying amount since there were no significant differences.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under the accounting standards issued by the International Accounting Standards Board.
An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and held at
fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted market
price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximise the use of observable market data and rely as little as possible on equity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This
is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2023
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
10,600
674
Derivative financial assets
\u2014
2,859
\u2014
Sub-total
\u2014
13,459
674
Derivative financial liabilities
\u2014
(1,266)
\u2014
Total
\u2014
12,193
674
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivate financial liabilities
\u2014
(759)
\u2014
Total
\u2014
1,621
674
During the years ended 31 December 2023 and 31 December 2022, the Group did not transfer any financial instruments between
Levels 1, 2 or 3.
Financial assets at fair value through profit and loss are comprised mainly of UCIs", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-420": { "value": "Trading derivatives (assets and liabilities): the fair value of the trading derivatives was obtained by discounting estimated cash
flows based on the forward curves of the respective underlying, quoted in the market.
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under the accounting standards issued by the International Accounting Standards Board.
An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and held at
fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted market
price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximise the use of observable market data and rely as little as possible on equity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This
is the case for unlisted equity securities.
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2023
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
10,600
674
Derivative financial assets
\u2014
2,859
\u2014
Sub-total
\u2014
13,459
674
Derivative financial liabilities
\u2014
(1,266)
\u2014
Total
\u2014
12,193
674
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivate financial liabilities
\u2014
(759)
\u2014
Total
\u2014
1,621
674
During the years ended 31 December 2023 and 31 December 2022, the Group did not transfer any financial instruments between
Levels 1, 2 or 3.
Financial assets at fair value through profit and loss are comprised mainly of UCIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-421": { "value": "
To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its financial
instruments into the three levels prescribed under the accounting standards issued by the International Accounting Standards Board.
An explanation of each level is as follows:
\u2022 Level 1: The fair value of financial instruments traded in active markets (such as publicly traded derivatives, and trading and held at
fair value through profit or loss securities) is based on quoted market prices at the end of the reporting period. The quoted market
price used for financial assets held by the Group is the current bid price. These instruments are included in Level 1.
\u2022 Level 2: The fair value of financial instruments that are not traded in an active market (for example, over-the-counter derivatives) is
determined using valuation techniques which maximise the use of observable market data and rely as little as possible on equity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2.
\u2022 Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in Level 3. This
is the case for unlisted equity securities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-423": { "value": "
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2023
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
10,600
674
Derivative financial assets
\u2014
2,859
\u2014
Sub-total
\u2014
13,459
674
Derivative financial liabilities
\u2014
(1,266)
\u2014
Total
\u2014
12,193
674
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivate financial liabilities
\u2014
(759)
\u2014
Total
\u2014
1,621
674
During the years ended 31 December 2023 and 31 December 2022, the Group did not transfer any financial instruments between
Levels 1, 2 or 3.
Financial assets at fair value through profit and loss are comprised mainly of UCIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-422": { "value": "
The following table summarises the valuation of the Group's financial instruments by the fair value hierarchy as detailed above:
31 Dec 2023
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
10,600
674
Derivative financial assets
\u2014
2,859
\u2014
Sub-total
\u2014
13,459
674
Derivative financial liabilities
\u2014
(1,266)
\u2014
Total
\u2014
12,193
674
31 Dec 2022
Level 1
Level 2
Level 3
EUR ('000s)
EUR ('000s)
EUR ('000s)
Financial assets at FVTPL
\u2014
2,038
674
Derivative financial assets
\u2014
342
\u2014
Sub-total
\u2014
2,380
674
Derivate financial liabilities
\u2014
(759)
\u2014
Total
\u2014
1,621
674
During the years ended 31 December 2023 and 31 December 2022, the Group did not transfer any financial instruments between
Levels 1, 2 or 3.
Financial assets at fair value through profit and loss are comprised mainly of UCIs.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-424": { "value": "
37. Leases
The Group has lease contracts for buildings, vehicles, and computer hardware. The Group\u2019s obligations under its leases are secured
by the lessor\u2019s title to the leased assets.
The Group also has leases with lease terms of 12 months or less and leases of office equipment with low value. The Group applies
the \u2018short-term lease\u2019 and \u2018lease of low-value assets\u2019 recognition exemptions for these leases.
The carrying amounts of right-of-use assets recognised as at 31 December, 2023 comprised of office building EUR 22,479 thousand,
vehicles EUR 480 thousand and computer hardware EUR 589 thousand (31 December, 2022 comprised office buildings EUR 14,798
thousand, vehicles EUR 501 thousand and computer hardware EUR 1,270 thousand).
Set out below are the maturities of the lease liabilities:
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
6 months or less
3,664
3,017
6-12 months
3,372
2,672
Total current liabilities
7,036
5,689
1-5 years
15,507
9,755
Over 5 years
1,005
1,400
Total non-current liabilities
16,512
11,155
Total Liabilities
23,548
16,844
The following are the amounts recognised in the consolidated statement of comprehensive income:
2023
2022
EUR (\u2018000s)
EUR (\u2018000s)
Depreciation expense of right-of-use assets
7,396
7,597
Interest expense on lease liabilities
473
339
Expenses relating to short-term and low value leases
862
664
Total
8,731
8,600
The Group had cash outflows for leases of EUR 7,143 thousand for principal payments and EUR 337 thousand of interest payments
for the year ended 31 December 2023 (31 December 2022: principal payments of EUR 7,611 thousand and interest payments of EUR
320 thousand).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-425": { "value": "
38.\u00a0 Related Party Transactions
Balances and transactions between the Company and other subsidiaries of the Allfunds Group, which are related parties, have been
eliminated on consolidation and are not disclosed in this Note.
Relationships
In addition to the public float, the shareholders of the Company are LHC3 Limited, BNP Paribas S.A. and BNP Paribas Asset
Management Holding S.A. (BNPP AM). The Company is 34.8% owned by LHC3 Limited as at 31 December 2023. The remaining 12.3%
is owned between BNP Paribas SA and BNPP AM, and 0.2% by the Company in the form of Treasury shares, and and with the
remainder of free float of 52.7%.
Acquisition-related agreements
As described in the the audited annual consolidated financial statements for the year ended 31 December, 2020, Allfunds Group has
entered into various cooperation and exclusivity agreements with its shareholders, BP2S and BNPP AM. As a result of the agreements
entered into, there are revenues, expenses, assets and liability balances generated between the Allfunds Group and these parties.
The shareholders BNP Paribas SA and BNPP AM are collectively referred to as \"BNP Paribas\" below:
As at
Assets
Liabilities
31 Dec 2023
31 Dec 2022
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
BNP Paribas\u00b9
332,687
287,644
106,007
58,076
1. Assets includes EUR 188,876 thousand related to intangibles assets (31 December 2022 EUR 211,954 thousand).
12 months to
Commission / Other income
Commission / Other expenses\u00b9
31 Dec 2023
31 Dec 2022
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
EUR (\u2018000s)
BNP Paribas
37,431
46,058
160,167
115,292
1. Additionally, there were employee share scheme costs of EUR 8,015 thousand for the year to 31 December 2023 (Year to 31 December 2022 EUR 7,926 thousand).
Management investment plan
Certain employees of the Allfunds Group have invested in the Management Investment Plan of LHC Manco Limited. Together, these
employees through LHC Manco Limited indirectly have interests as at 31 December 2023 of 0.284% of Allfunds Group plc. (31
December 2022 of 0.325%).
Included within the 0.284% are 0.124% for Juan Alcaraz, Chief Executive Officer (CEO) (31 December 2022 0.121%); 0.001% for J.P.
Rangaswami (Director) (31 December 2022 0.001%) and 0.038% for other key management, excluding the CEO (31 December 2022
0.0.38%).
The employees voluntarily bought into the shares at a fair market value. There are a number of conditions attached to the ownership
of these shares restricting the ability and price at which these shares can be disposed of.
As the shares have been issued and acquired at fair market value, there was no difference between the value that the employee
received, and the value paid by the employees. Consequently, no expense has been accounted for in these financial statements.
Remuneration of key management personnel
The remuneration of the Allfunds Group\u2019s senior executives, who are key management personnel of the Allfunds Group, is set out
below:
12 months to
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-executive directors
1,134
985
Senior management
Short-term employee benefits
14,327
11,313
Post-employment benefits
464
495
Termination benefits
226
273
Total
15,017
12,081
In the year to 31 December, 2023, senior executives actioned employee share schemes to the value of EUR 328 thousand (year to 31
December, 2022 nil).
There are 13 Directors of Allfunds Group plc as at 31 December 2023 (13 Directors as at 31 December 2022), and of these 13
Directors, 10 were also Directors of Allfunds Bank, S.A.U. (of the 13 Directors as at 31 December 2022, 10 were also Directors of
Allfunds Bank, S.A.U.).", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-426": { "value": "
Management investment plan
Certain employees of the Allfunds Group have invested in the Management Investment Plan of LHC Manco Limited. Together, these
employees through LHC Manco Limited indirectly have interests as at 31 December 2023 of 0.284% of Allfunds Group plc. (31
December 2022 of 0.325%).
Included within the 0.284% are 0.124% for Juan Alcaraz, Chief Executive Officer (CEO) (31 December 2022 0.121%); 0.001% for J.P.
Rangaswami (Director) (31 December 2022 0.001%) and 0.038% for other key management, excluding the CEO (31 December 2022
0.0.38%).
The employees voluntarily bought into the shares at a fair market value. There are a number of conditions attached to the ownership
of these shares restricting the ability and price at which these shares can be disposed of.
As the shares have been issued and acquired at fair market value, there was no difference between the value that the employee
received, and the value paid by the employees. Consequently, no expense has been accounted for in these financial statements.
Remuneration of key management personnel
The remuneration of the Allfunds Group\u2019s senior executives, who are key management personnel of the Allfunds Group, is set out
below:
12 months to
31 Dec 2023
31 Dec 2022
EUR (\u2018000s)
EUR (\u2018000s)
Non-executive directors
1,134
985
Senior management
Short-term employee benefits
14,327
11,313
Post-employment benefits
464
495
Termination benefits
226
273
Total
15,017
12,081
In the year to 31 December, 2023, senior executives actioned employee share schemes to the value of EUR 328 thousand (year to 31
December, 2022 nil).
There are 13 Directors of Allfunds Group plc as at 31 December 2023 (13 Directors as at 31 December 2022), and of these 13
Directors, 10 were also Directors of Allfunds Bank, S.A.U. (of the 13 Directors as at 31 December 2022, 10 were also Directors of
Allfunds Bank, S.A.U.).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-427": { "value": "
39.\u00a0 Commitments and Contingencies
Commitments
As at 31 December 2023 the Group and its subsidiaries had the following commitments:
\u2022 Iccrea Banca LPA Business TSA with a cost of EUR 400 thousand pending as at 31 December 2023 (EUR nil 31 December 2022);
\u2022 PAM sub distribution agreement with a cost of EUR 9,800 thousand over a 10-year period: and
\u2022 BNPP TSA finished during the year to 31 December 2023 (EUR 2,601 thousand pending as at 31 December 2022).
Contingencies
On 3 March 2011, Fairfield Sentry Limited and Fairfield Sigma Limited (hereinafter, the \"Funds\"), both in liquidation and affected by
the so-called Madoff case, filed before the Court of Bankruptcy of the Southern District of New York of the United States of Amercia,
(United States Bankruptcy Court for the Southern District of New York), a lawsuit against a distribution company outside the Group
and against Allfunds Bank, as a consequence of the reimbursements made prior to December 2008, through the Bank, following the
instructions of the aforementioned distribution company, as the liquidators of the Fund liquidators understood that, among other
reasons, there were erroneous payments and unjust enrichment in said reimbursements, in the amount of USD 3,505,471.33
(approximately EUR 3,047 thousand).
In August 2016, the plaintiff also suspended certain claims from the Court of the British Virgin Islands. The Court of the British Virgin
Islands denied the request for dismissal (although the Bank is not sued in the British Virgin Islands, there is a possibility that such
claims will be reviewed in New York).
On 13 January 2017, the group of defendants, which include Allfunds Bank, S.A.U., filed an application for dismissal of the claim. On 6
December 2018 the Court found in favour of the defendants with respect to their contractual claims, except in the cases which the
defendants were aware that the applicable net asset value at the time the redemptions were made was erroneous due to the
investments of the funds held through Madoff. In this situation, the plaintiff could take action against the defendants and where the
Bank is not included.
After the decision on 6 December 2018, the parties (plaintiffs and defendants) agreed to close the claims in order to execute that
decision. After this decision was presented to the Court, on 4 April 2019, the Court accepted the closing of the claims in relation to
Allfunds. Subsequently, the plaintiffs have appealed the decision of the Court on 6 December 2018 (including the closing order
regarding Allfunds).
On 19 July 2019, the plaintiff submitted an amendment to the claim against Allfunds, where all claims dismissed under the December
2018 decision are eliminated, except the claims related to the British Virgin Islands lawsuit on which it will submit a request for
dismissal (although the Bank is not sued in the British Virgin Islands).
On 16 March 2020, the group of defendants filed a new withdrawal action against the claim and the amendment of the claim
(renewed motion).
On 20 March 2020, several Spanish defendants filed a supplement to the new withdrawal action seeking to demonstrate that the
Spanish defendants, including Allfunds, are financial institutions eligible for the \"free port\" or safe harbour exemption under U.S. law
by providing the necessary documentation.
On 29 May 2020, the plantiffs filed their opposition to defendants\u2019 renewed motion and new action to dismiss, filing a joint response
on 19 June 2020. The Court determined that it will use two representative complaints (filed against Citibank NA London and HSBC
Private Bank (Suisse) SA) to decide certain issues presented in the renewed motion, including whether (i) the majority of redemption
payments were paid \u201cto\u201d or \u201cfor\u201d the benefit of a covered entity under the \"safe harbour defence\" under\u00a0 and (ii) whether the
Liquidators\u2019 claims against Defendants who are parties to the Hague Convention (\u201cHague Defendants\u201d) must be dismissed for
insufficient service of process, respectively. The Hague Defendants, including the Bank, did not permit or authorise the Liquidators to
serve their complaints by international mail.
On 14 December 2020, the Court issued a favourable decision to the defendants (including dismissal of the British Virgin Annulment
Claims against all defendants, including the Bank). However, the claimants intend to appeal. The new appeal will be consolidated with
the plantiffs' appeals of Judge Bernstein\u2019s previous Fairfield decisions.
On 24 February 2021, the order of implementation of the Court's decision was issued to the Bank and the final judgment of dismissal
was issued on 12 March 2021 declaring the Bank out of the case without prejudice to the intention of the platiffs to appeal.
The platiffs subsequently appealed to the same district judge handling the Fairfield II appeal. On 24 August 2022, the United States
District Court issued a decision upholding the United States Bankruptcy Court's dismissal of the claims against the Bank.
The Liquidators again appealed the decision to the United States District Court. The Liquidators filed their initial brief on 27 January
2023. The defendants' opposition brief was filed on 5 May 2023 and the Liquidators filed their response brief on 9 June 9 2023. The
Court has convened an oral hearing for 12 April 2024. The matter remains pending under the Second Circuit.
Based on all of the foregoing, the resolution of this issue seems close, although it cannot be confirmed to date whether the final
resolution of the lawsuit will finally be favourable. In any case, the Bank and Allfunds Group considers that, ultimately, the Group will
not have to bear the possible adverse consequences of the aforementioned proceeding, since it considers that it acted merely as an
intermediary without benefiting, on any occasion, from the redemptions made, and without having reliable knowledge that the net
asset value applicable at the time of redemptions were made was erroneous, and, accordingly, therefore no provision was
recognised in this connection as at 31 December 2023 or 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-428": { "value": "
Commitments
As at 31 December 2023 the Group and its subsidiaries had the following commitments:
\u2022 Iccrea Banca LPA Business TSA with a cost of EUR 400 thousand pending as at 31 December 2023 (EUR nil 31 December 2022);
\u2022 PAM sub distribution agreement with a cost of EUR 9,800 thousand over a 10-year period: and
\u2022 BNPP TSA finished during the year to 31 December 2023 (EUR 2,601 thousand pending as at 31 December 2022).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-429": { "value": "
Contingencies
On 3 March 2011, Fairfield Sentry Limited and Fairfield Sigma Limited (hereinafter, the \"Funds\"), both in liquidation and affected by
the so-called Madoff case, filed before the Court of Bankruptcy of the Southern District of New York of the United States of Amercia,
(United States Bankruptcy Court for the Southern District of New York), a lawsuit against a distribution company outside the Group
and against Allfunds Bank, as a consequence of the reimbursements made prior to December 2008, through the Bank, following the
instructions of the aforementioned distribution company, as the liquidators of the Fund liquidators understood that, among other
reasons, there were erroneous payments and unjust enrichment in said reimbursements, in the amount of USD 3,505,471.33
(approximately EUR 3,047 thousand).
In August 2016, the plaintiff also suspended certain claims from the Court of the British Virgin Islands. The Court of the British Virgin
Islands denied the request for dismissal (although the Bank is not sued in the British Virgin Islands, there is a possibility that such
claims will be reviewed in New York).
On 13 January 2017, the group of defendants, which include Allfunds Bank, S.A.U., filed an application for dismissal of the claim. On 6
December 2018 the Court found in favour of the defendants with respect to their contractual claims, except in the cases which the
defendants were aware that the applicable net asset value at the time the redemptions were made was erroneous due to the
investments of the funds held through Madoff. In this situation, the plaintiff could take action against the defendants and where the
Bank is not included.
After the decision on 6 December 2018, the parties (plaintiffs and defendants) agreed to close the claims in order to execute that
decision. After this decision was presented to the Court, on 4 April 2019, the Court accepted the closing of the claims in relation to
Allfunds. Subsequently, the plaintiffs have appealed the decision of the Court on 6 December 2018 (including the closing order
regarding Allfunds).
On 19 July 2019, the plaintiff submitted an amendment to the claim against Allfunds, where all claims dismissed under the December
2018 decision are eliminated, except the claims related to the British Virgin Islands lawsuit on which it will submit a request for
dismissal (although the Bank is not sued in the British Virgin Islands).
On 16 March 2020, the group of defendants filed a new withdrawal action against the claim and the amendment of the claim
(renewed motion).
On 20 March 2020, several Spanish defendants filed a supplement to the new withdrawal action seeking to demonstrate that the
Spanish defendants, including Allfunds, are financial institutions eligible for the \"free port\" or safe harbour exemption under U.S. law
by providing the necessary documentation.
On 29 May 2020, the plantiffs filed their opposition to defendants\u2019 renewed motion and new action to dismiss, filing a joint response
on 19 June 2020. The Court determined that it will use two representative complaints (filed against Citibank NA London and HSBC
Private Bank (Suisse) SA) to decide certain issues presented in the renewed motion, including whether (i) the majority of redemption
payments were paid \u201cto\u201d or \u201cfor\u201d the benefit of a covered entity under the \"safe harbour defence\" under\u00a0 and (ii) whether the
Liquidators\u2019 claims against Defendants who are parties to the Hague Convention (\u201cHague Defendants\u201d) must be dismissed for
insufficient service of process, respectively. The Hague Defendants, including the Bank, did not permit or authorise the Liquidators to
serve their complaints by international mail.
On 14 December 2020, the Court issued a favourable decision to the defendants (including dismissal of the British Virgin Annulment
Claims against all defendants, including the Bank). However, the claimants intend to appeal. The new appeal will be consolidated with
the plantiffs' appeals of Judge Bernstein\u2019s previous Fairfield decisions.
On 24 February 2021, the order of implementation of the Court's decision was issued to the Bank and the final judgment of dismissal
was issued on 12 March 2021 declaring the Bank out of the case without prejudice to the intention of the platiffs to appeal.
The platiffs subsequently appealed to the same district judge handling the Fairfield II appeal. On 24 August 2022, the United States
District Court issued a decision upholding the United States Bankruptcy Court's dismissal of the claims against the Bank.
The Liquidators again appealed the decision to the United States District Court. The Liquidators filed their initial brief on 27 January
2023. The defendants' opposition brief was filed on 5 May 2023 and the Liquidators filed their response brief on 9 June 9 2023. The
Court has convened an oral hearing for 12 April 2024. The matter remains pending under the Second Circuit.
Based on all of the foregoing, the resolution of this issue seems close, although it cannot be confirmed to date whether the final
resolution of the lawsuit will finally be favourable. In any case, the Bank and Allfunds Group considers that, ultimately, the Group will
not have to bear the possible adverse consequences of the aforementioned proceeding, since it considers that it acted merely as an
intermediary without benefiting, on any occasion, from the redemptions made, and without having reliable knowledge that the net
asset value applicable at the time of redemptions were made was erroneous, and, accordingly, therefore no provision was
recognised in this connection as at 31 December 2023 or 31 December 2022.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-430": { "value": "
41.\u00a0 Subsequent Events
For details of the shares delivered post year end in relation to the LTIP 1 scheme and the approval of an additional LTIP scheme,
please refer to Note 3.g.iv.
For details of the dividends received on 28 February 2024 from Liberty Partners, S.L.U., the direct subsidiary of the Company, please
see Note 23.
On 29 February 2024, the Company increased its investment in its wholly owned direct subsidiary, Liberty Partners, S.L.U., by EUR
30,000 thousand. This was actioned in order for the Liberty Partners Group to be able to exercise the option to extend the
cooperation agreement for the distribution of funds in the commercial network to a former shareholder until November 2025 for a fee
of EUR 30,0000 thousand.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-432": { "value": "
42.\u00a0 Subsidiaries
Name of the entity
Place of
business/
country of
incorporation
Ownership
Direct /
Indirect
Subsidiary
Share type
Principal activities
Liberty Partners, S.L.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Direct
Ordinary
shares
Asset ownership holding
Allfunds Bank, S.A.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Banking and investment
services
Allfunds Nominee Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Asset ownership holding
Allfunds Bank Brazil Representacoes Ltda.
Rua Tabapu\u00e2, 1227, Itaim Bibi, S\u00e2o Paulo, Brazil
Brazil
100%
Indirect
Ordinary
shares
Representation services
Allfunds Digital, S.L.U.
Calle Xativa, 21, 46002, Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Blockchain, S.L.U.
C/ de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
activities and technology
development
Allfunds Hong Kong Limited
Suite 3612-13 36F, Two International Finance Centre,\u00a0
8 Finance Street, Central, Hong Kong
Hong Kong
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Data Analytics Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Fitzroy Place, 8 Mortimer Street, London,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Computer programming
and data solutions
provider
Allfunds Tech Solutions France\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
75 Boulevard Haussman, 75008, Paris, France
France
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions Germany GmbH
c/o Mazars GmbH, 1 Theodor Stern Kai, 60596,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Frankfurt am Main, Germany
Sweden
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions Sweden\u00a0 AB
c/o Mazars, PO Box 1317, 11183 Stockholm, Sweden
Sweden
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions Switzerland AG
15 Joahnn Aberli Strasse, 2503, Biel, Swizerland
Switzerland
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions UK Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Investment Solutions Limited,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
30 Boulevard Royal, L-2249, Luxembourg
Luxembourg
100%
Indirect
Ordinary
shares
Investment services
Allfunds Information & Technology Services\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(Shanghai) Co. Ltd, Pudong New District, Shanghai, China
China
100%
Indirect
Ordinary
shares
Computer programming
Mainstreet Capital Partners Limited\u00b9\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
51 Holland Street, London, W8 7JB, United Kingdom
United
Kingdom
65%
Indirect
Ordinary
shares
ESG consulting services
Mainstreet Analytics Limited\u00b9
51 Holland Street, London,W8 7JB, United Kingdom
United
Kingdom
65%
Indirect
Ordinary
shares
ESG consulting services
1. Acquired during 2023.
On 27 October, 2023 Allfunds Digital, S.L.U. absorbed Allfunds Tech Solutions, S.A.U.
During the year to 31 December 2022, the subsidiary company MyFundMatch S.A.S. was liquidated.", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } }, "f-431": { "value": "
42.\u00a0 Subsidiaries
Name of the entity
Place of
business/
country of
incorporation
Ownership
Direct /
Indirect
Subsidiary
Share type
Principal activities
Liberty Partners, S.L.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Direct
Ordinary
shares
Asset ownership holding
Allfunds Bank, S.A.U.
Calle de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Banking and investment
services
Allfunds Nominee Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Asset ownership holding
Allfunds Bank Brazil Representacoes Ltda.
Rua Tabapu\u00e2, 1227, Itaim Bibi, S\u00e2o Paulo, Brazil
Brazil
100%
Indirect
Ordinary
shares
Representation services
Allfunds Digital, S.L.U.
Calle Xativa, 21, 46002, Valencia, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Blockchain, S.L.U.
C/ de los Padres Dominicos 28050, Madrid, Spain
Spain
100%
Indirect
Ordinary
shares
Computer programming
activities and technology
development
Allfunds Hong Kong Limited
Suite 3612-13 36F, Two International Finance Centre,\u00a0
8 Finance Street, Central, Hong Kong
Hong Kong
100%
Indirect
Ordinary
shares
Investment Services
Allfunds Data Analytics Limited\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
2 Fitzroy Place, 8 Mortimer Street, London,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Computer programming
and data solutions
provider
Allfunds Tech Solutions France\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
75 Boulevard Haussman, 75008, Paris, France
France
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions Germany GmbH
c/o Mazars GmbH, 1 Theodor Stern Kai, 60596,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
Frankfurt am Main, Germany
Sweden
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions Sweden\u00a0 AB
c/o Mazars, PO Box 1317, 11183 Stockholm, Sweden
Sweden
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions Switzerland AG
15 Joahnn Aberli Strasse, 2503, Biel, Swizerland
Switzerland
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Tech Solutions UK Limited
2 Fitzroy Place, 8 Mortimer Street, London
W1T 3JJ, United Kingdom
United
Kingdom
100%
Indirect
Ordinary
shares
Computer programming
Allfunds Investment Solutions Limited,\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
30 Boulevard Royal, L-2249, Luxembourg
Luxembourg
100%
Indirect
Ordinary
shares
Investment services
Allfunds Information & Technology Services\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(Shanghai) Co. Ltd, Pudong New District, Shanghai, China
China
100%
Indirect
Ordinary
shares
Computer programming
Mainstreet Capital Partners Limited\u00b9\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
51 Holland Street, London, W8 7JB, United Kingdom
United
Kingdom
65%
Indirect
Ordinary
shares
ESG consulting services
Mainstreet Analytics Limited\u00b9
51 Holland Street, London,W8 7JB, United Kingdom
United
Kingdom
65%
Indirect
Ordinary
shares
ESG consulting services
1. Acquired during 2023.
On 27 October, 2023 Allfunds Digital, S.L.U. absorbed Allfunds Tech Solutions, S.A.U.
During the year to 31 December 2022, the subsidiary company MyFundMatch S.A.S. was liquidated.", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:9598005U8TZQ8Q64SC71", "period": "2023-01-01T00:00:00/2024-01-01T00:00:00" } } } }