IFRS 17 | Insurance Contracts | 1 January 2023 |
Definition of accounting estimates | ||
IAS 8 | (Amendments) | 1 January 2023 |
Disclosure of accounting policies | ||
IAS 1 | (Amendments) | 1 January 2023 |
Deferred tax related to assets and liabilities | ||
arising from a single transaction | ||
IAS 12 | (Amendments) | 1 January 2023 |
International tax reform — Pillar two model | ||
IAS 12 | rules (Amendments) | 1 January 2023 |
Asset class | All UK and Isle of Man entities | Australian entity |
Leasehold | Straight line over the | Straight line over 40 |
improvements | life of the lease | years |
Fixtures and fittings | Straight line over 10 | Straight line over 10 |
years | years | |
Equipment | Straight line over 3 to | Straight line over 3 |
10 years | years | |
Motor vehicles | N/A | 25% reducing balance |
Asset class | Useful life |
Customer relationships | 15 years |
Software | 7 years |
Brand | 10 years |
Fair value through profit or loss | Amortised cost | |||
2024 | 2023 | 2024 | 2023 | |
£m | £m | £m | £m | |
Cash and cash equivalents | — | — | 244.1 | 177.9 |
Cash held for the benefit of policyholders | — | — | 1,622.8 | 1,419.2 |
Investments – listed shares and securities | 0.1 | 0.1 | — | — |
Investments – gilts | — | — | 2.5 | 22.3 |
Loans receivable | — | — | 6.5 | 6.3 |
Accrued income | — | — | 14.2 | 12.5 |
Trade and other receivables | — | — | 2.9 | 3.2 |
Investments held for the policyholders | 27,237.8 | 23,021.7 | — | — |
Total financial assets | 27,237.9 | 23,021.8 | 1,893.0 | 1,641.4 |
2024 | 2023 | |
Assets which are not financial instruments | £m | £m |
Prepayments | 4.7 | 4.7 |
Current tax asset | 1.4 | 14.3 |
Trade and other receivables – repayment interest due from HMRC | — | 0.4 |
6.1 | 19.4 |
Fair value through profit or loss | Amortised cost | |||
2024 | 2023 | 2024 | 2023 | |
£m | £m | £m | £m | |
Trade payables | — | — | 1.1 | 0.7 |
Lease liabilities | — | — | 2.9 | 1.1 |
Other payables | — | — | 7.3 | 5.9 |
Liabilities for linked investments contracts | 27,237.8 | 23,021.7 | 1,622.8 | 1,419.2 |
Total financial liabilities | 27,237.8 | 23,021.7 | 1,634.1 | 1,426.9 |
2024 | 2023 | |
Liabilities which are not financial instruments | £m | £m |
Accruals and deferred income | 8.8 | 7.8 |
PAYE and other taxation | 2.1 | 2.6 |
Other payables – due to HMRC | 0.9 | 0.9 |
Deferred consideration | 1.5 | 1.6 |
13.3 | 12.9 |
Fair value through profit or loss | Amortised cost | |||
2024 | 2023 | 2024 | 2023 | |
£m | £m | £m | £m | |
Cash and cash equivalents | — | — | 27.8 | 26.0 |
Trade and other receivables | — | — | 0.1 | 0.1 |
Loans receivable | — | — | 6.5 | 6.3 |
Total financial assets | — | — | 34.4 | 32.4 |
Fair value through profit or loss | Amortised cost | |||
2024 | 2023 | 2024 | 2023 | |
£m | £m | £m | £m | |
Other payables | — | — | 0.6 | 0.4 |
Loans payable | — | — | 6.0 | 7.0 |
Due to Group undertakings | — | — | 0.2 | — |
Total financial liabilities | — | — | 6.8 | 7.4 |
2024 | 2023 | |
Liabilities which are not financial instruments | £m | £m |
Accruals and deferred income | 0.7 | 0.4 |
PAYE and other taxation | — | 0.1 |
Deferred consideration | 1.5 | 1.6 |
2.2 | 2.1 |
Level 1 | Level 2 | Level 3 | Total | |
2024 | £m | £m | £m | £m |
Assets | ||||
Term deposits | 221.3 | — | — | 221.3 |
Investments and securities | 944.3 | 137.5 | 0.4 | 1,082.2 |
Bonds and other fixed-income securities | 26.1 | 0.3 | — | 26.4 |
Holdings in collective investment schemes | 25,802.0 | 104.6 | 1.3 | 25,907.9 |
Investments held for the benefit of policyholders | 26,993.7 | 242.4 | 1.7 | 27,237.8 |
Investments – listed shares and securities | 0.1 | — | — | 0.1 |
Total | 26,993.8 | 242.4 | 1.7 | 27,237.9 |
Liabilities | ||||
Liabilities for linked investments contracts | 26,993.7 | 242.4 | 1.7 | 27,237.8 |
Total | 26,993.7 | 242.4 | 1.7 | 27,237.8 |
Level 1 | Level 2 | Level 3 | Total | |
2023 | £m | £m | £m | £m |
Assets | ||||
Term deposits | 182.0 | — | — | 182.0 |
Investments and securities | 740.3 | 181.9 | 0.5 | 922.7 |
Bonds and other fixed-income securities | 16.5 | 1.0 | — | 17.5 |
Holdings in collective investment schemes | 21,754.5 | 143.3 | 1.7 | 21,899.5 |
Investments held for the benefit of policyholders | 22,693.3 | 326.2 | 2.2 | 23,021.7 |
Investments – listed shares and securities | 0.1 | — | — | — |
Total | 22,693.4 | 326.2 | 2.2 | 23,021.8 |
Liabilities | ||||
Liabilities for linked investments contracts | 22,693.3 | 326.2 | 2.2 | 23,021.7 |
Total | 22,693.3 | 326.2 | 2.2 | 23,021.7 |
2024 | 2023 | ||
Transfers from | Transfers to | £m | £m |
Level 1 | Level 2 | 2.8 | 33.2 |
Level 2 | Level 1 | 58.3 | 20.9 |
2024 | 2023 | |
£m | £m | |
Opening balance | 2.2 | 1.9 |
Unrealised gains/(losses) in the year | ||
ended 30 September 2024 | 0.1 | (0.1) |
Transfers in to Level 3 at 30 | ||
September 2024 valuation | 0.3 | 0.4 |
Transfers out of Level 3 at 30 | ||
September 2024 valuation | (0.9) | — |
Closing balance | 1.7 | 2.2 |
Legal entity | Regulatory regime |
IFAL | IFPR |
ILUK | Solvency II |
ILInt | Isle of Man risk-based capital regime |
IFAL 30 September | ILUK 30 September | ILInt 30 September | ||||
2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
£m | £m | £m | £m | £m | £m | |
Capital resource | 74.8 | 44.4 | 313.1 | 269.2 | 49.0 | 46.6 |
Capital requirement | 60.4 | 33.3 | 229.5 | 215.8 | 26.4 | 27.1 |
Coverage ratio | 124% | 133% | 136% | 125% | 186% | 172% |
Impact on profit and equity for the year | ||
2024 | 2023 | |
£m | £m | |
10% increase in asset values | 8.7 | 8.7 |
10% decrease in asset values | (8.7) | (8.7) |
2024 | 2024 | 2023 | 2023 | |
Currency | £m | % | £m | % |
GBP | 28,678.4 | 99.4 | 24,279.2 | 99.3 |
USD | 147.0 | 0.5 | 133.4 | 0.5 |
EUR | 21.9 | 0.1 | 15.9 | 0.1 |
Others | 13.3 | — | 12.4 | 0.1 |
Total | 28,860.6 | 100.0 | 24,440.9 | 100.0 |
Up to 3 months | 3 to 12 months | 1 to 5 years | Over 5 years | Total | |
2024 | £m | £m | £m | £m | £m |
Investments held for the policyholders | 27,237.8 | — | — | — | 27,237.8 |
Investments | — | — | 2.6 | — | 2.6 |
Accrued income | 14.2 | — | — | — | 14.2 |
Trade and other receivables | 2.9 | — | — | — | 2.9 |
Loans | — | — | 6.5 | — | 6.5 |
Cash and cash equivalents | 244.1 | — | — | — | 244.1 |
Cash held for the benefit of policyholders | 1,622.8 | — | — | — | 1,622.8 |
Total | 29,121.8 | — | 9.1 | — | 29,130.9 |
Up to 3 months | 3 to 12 months | 1 to 5 years | Over 5 years | Total | |
2023 | £m | £m | £m | £m | £m |
Investments held for the policyholders | 23,021.7 | — | — | — | 23,021.7 |
Investments | — | — | 22.4 | — | 22.4 |
Accrued income | 12.5 | — | — | — | 12.5 |
Trade and other receivables | 3.2 | — | — | — | 3.2 |
Loans | — | — | 6.3 | — | 6.3 |
Cash and cash equivalents | 177.9 | — | — | — | 177.9 |
Cash held for the benefit of policyholders | 1,419.2 | — | — | — | 1,419.2 |
Total | 24,634.5 | — | 28.7 | — | 24,663.2 |
Up to 3 months | 3 to 12 months | 1 to 5 years | Over 5 years | Total | |
2024 | £m | £m | £m | £m | £m |
Liabilities for linked investment contracts | 28,860.6 | — | — | — | 28,860.6 |
Trade and other payables | 8.5 | — | — | — | 8.5 |
Lease liabilities | 1.2 | 1.4 | 0.5 | — | 3.1 |
Total | 28,870.3 | 1.4 | 0.5 | — | 28,872.2 |
Up to 3 months | 3 to 12 months | 1 to 5 years | Over 5 years | Total | |
2023 | £m | £m | £m | £m | £m |
Liabilities for linked investment contracts | 24,440.9 | — | — | — | 24,440.9 |
Trade and other payables | 6.6 | — | — | — | 6.6 |
Lease liabilities | 0.1 | 0.3 | 0.9 | — | 1.3 |
Total | 24,447.6 | 0.3 | 0.9 | — | 24,448.8 |
For the financial year ended 30 September | ||
2024 | 2023 | |
£m | £m | |
Annual charge | 126.1 | 116.1 |
Wrapper charge | 12.8 | 12.3 |
Other income | 1.1 | 1.7 |
Adviser back-office technology | 4.9 | 4.8 |
Total revenue | 144.9 | 134.9 |
Insurance | ||||||
Investment | and life | Adviser | Other | |||
administration | assurance | back-office | Group | Consolidation | ||
services | business | technology | entities | adjustments | Total | |
£m | £m | £m | £m | £m | £m | |
Revenue | ||||||
Annual charge | 67.8 | 58.3 | — | — | — | 126.1 |
Wrapper charge | 3.1 | 9.7 | — | — | — | 12.8 |
Adviser back-office technology | — | — | 4.9 | — | — | 4.9 |
Other income | 0.8 | 0.3 | — | 84.5 | (84.5) | 1.1 |
Total revenue | 71.7 | 68.3 | 4.9 | 84.5 | (84.5) | 144.9 |
Cost of sales | (1.3) | (0.9) | (0.8) | — | — | (3.0) |
Gross profit/(loss) | 70.4 | 67.4 | 4.1 | 84.5 | (84.5) | 141.9 |
Administrative expenses | (44.0) | (32.8) | (5.1) | (87.1) | 84.0 | (85.0) |
Impairment losses | 0.1 | — | — | (4.9) | 4.9 | 0.1 |
Operating profit/(loss) | 26.5 | 34.6 | (1.0) | (7.5) | (4.4) | 57.0 |
Interest expense | — | — | — | (0.8) | 0.6 | (0.2) |
Interest income | 2.8 | 6.7 | — | 1.8 | (0.6) | 10.7 |
Net policyholder returns | ||||||
Net income attributable to policyholder | ||||||
returns | — | 40.2 | — | — | — | 40.2 |
Change in investment contract liabilities | — | (3,051.7) | — | — | — | (3,051.7) |
Fee and commission expenses | — | (232.7) | — | — | — | (232.7) |
Policyholder investment returns | — | 3,284.4 | — | — | — | 3,284.4 |
Net policyholder returns | — | 40.2 | — | — | — | 40.2 |
Insurance | ||||||
Investment | and life | Adviser | Other | |||
administration | assurance | back-office | Group | Consolidation | ||
services | business | technology | entities | adjustments | Total | |
£m | £m | £m | £m | £m | £m | |
Profit/(loss) on ordinary activities before | ||||||
taxation attributable to policyholders | ||||||
and shareholders | 29.3 | 81.5 | (1.0) | (6.5) | 4.4 | 107.7 |
Policyholder tax charge | — | (38.8) | — | — | — | (38.8) |
Profit/(loss) on ordinary activities before | ||||||
taxation attributable to shareholders | 29.3 | 42.7 | (1.0) | (6.5) | 4.4 | 68.9 |
Total tax (charge)/benefit attributable to | ||||||
shareholder and policyholder returns | (6.1) | (48.5) | 0.2 | (1.4) | 0.2 | (55.6) |
Less: tax attributable to policyholder returns | — | 38.8 | — | — | — | 38.8 |
Shareholder tax (charge)/benefit on profit | ||||||
on ordinary activities | (6.1) | (9.7) | 0.2 | (1.4) | 0.2 | (16.8) |
Profit/(loss) for the period | 23.2 | 33.0 | (0.8) | (7.9) | 4.6 | 52.1 |
Insurance | ||||||
Investment | and life | Adviser | Other | |||
administration | assurance | back-office | Group | Consolidation | ||
services | business | technology | entities | adjustments | Total | |
£m | £m | £m | £m | £m | £m | |
Revenue | ||||||
Annual charge | 63.1 | 53.0 | — | — | — | 116.1 |
Wrapper charge | 3.0 | 9.3 | — | — | — | 12.3 |
Adviser back-office technology | — | — | 4.8 | — | — | 4.8 |
Other income | 1.2 | 0.5 | — | 76.0 | (76.0) | 1.7 |
Total revenue | 67.3 | 62.8 | 4.8 | 76.0 | (76.0) | 134.9 |
Cost of sales | (2.1) | (0.6) | (0.7) | (0.5) | — | (3.9) |
Gross profit/(loss) | 65.2 | 62.2 | 4.1 | 75.5 | (76.0) | 131.0 |
Administrative expenses | (42.2) | (30.2) | (5.5) | (72.3) | 75.6 | (74.6) |
Impairment losses | — | — | — | (0.1) | — | (0.1) |
Operating profit/(loss) | 23.0 | 32.0 | (1.4) | 3.1 | (0.4) | 56.3 |
Interest expense | — | — | — | (0.7) | 0.6 | (0.1) |
Interest income | 1.2 | 4.4 | — | 1.4 | (0.6) | 6.4 |
Net policyholder returns | ||||||
Net income attributable to policyholder returns | — | 12.1 | — | — | — | 12.1 |
Change in investment contract liabilities | — | (1,056.0) | — | — | — | (1,056.0) |
Fee and commission expenses | — | (193.3) | — | — | — | (193.3) |
Policyholder investment returns | — | 1,249.3 | — | — | — | 1,249.3 |
Net policyholder returns | — | 12.1 | — | — | — | 12.1 |
Profit/(loss) on ordinary activities before | ||||||
taxation attributable to policyholders | ||||||
and shareholders | 24.2 | 48.5 | (1.4) | 3.8 | (0.4) | 74.7 |
Policyholder tax charge | — | (12.1) | — | — | — | (12.1) |
Profit/(loss) on ordinary activities before | ||||||
taxation attributable to shareholders | 24.2 | 36.4 | (1.4) | 3.8 | (0.4) | 62.6 |
Total tax (charge)/benefit attributable to | ||||||
shareholder and policyholder returns | (5.0) | (18.7) | 0.5 | (1.7) | 0.1 | (24.8) |
Less: tax attributable to policyholder returns | — | 12.1 | — | — | — | 12.1 |
Shareholder tax (charge)/benefit on profit | ||||||
on ordinary activities | (5.0) | (6.6) | 0.5 | (1.7) | 0.1) | (12.7) |
Profit/(loss) for the period | 19.2 | 29.8 | (0.9) | 2.1 | (0.3) | 49.9 |
Investment | Insurance and | Adviser | ||
administration | life assurance | back-office | ||
services | business | technology | Total | |
£m | £m | £m | £m | |
Assets | ||||
Non-current assets | 11.7 | 19.7 | 1.2 | 32.6 |
Current assets | 108.6 | 159.1 | 2.3 | 270.0 |
Total assets | 120.3 | 178.8 | 3.5 | 302.6 |
Liabilities | ||||
Current liabilities | 10.8 | 35.7 | 1.0 | 36.3 |
Non-current liabilities | 0.3 | 45.7 | 0.8 | 58.0 |
Total liabilities | 11.1 | 81.4 | 1.8 | 94.3 |
Policyholder assets and liabilities | ||||
Cash held for the benefit of policyholder | — | 1,622.8 | — | — |
Investments held for the benefit of policyholders | — | 27,237.8 | — | — |
Liabilities for linked investment contracts | — | (28,860.6) | — | — |
Total policyholder assets and liabilities | — | — | — | — |
Net assets | 109.2 | 97.4 | 1.7 | 208.3 |
Non-current asset additions | 0.5 | 0.5 | — | 1.0 |
Investment | Insurance and | Adviser | ||
administration | life assurance | back-office | ||
services | business | technology | Total | |
£m | £m | £m | £m | |
Assets | ||||
Non-current assets | 10.3 | 19.1 | 1.1 | 30.5 |
Current assets | 78.0 | 154.6 | 2.8 | 235.4 |
Total assets | 88.3 | 173.7 | 3.9 | 265.9 |
Liabilities | ||||
Current liabilities | 8.4 | 18.1 | 1.0 | 27.5 |
Non-current liabilities | 0.8 | 47.5 | 0.2 | 48.5 |
Total liabilities | 9.2 | 65.6 | 1.2 | 76.0 |
Policyholder assets and liabilities | ||||
Cash held for the benefit of policyholder | — | 1,419.2 | — | — |
Investments held for the benefit of policyholders | — | 23,021.7 | — | — |
Liabilities for linked investment contracts | — | (24,440.9) | — | — |
Total policyholder assets and liabilities | — | — | — | — |
Net assets | 79.1 | 108.1 | 2.7 | 189.9 |
Non-current asset additions | 0.3 | 0.3 | 0.0 | 0.6 |
2024 | 2023 | |
£m | £m | |
Revenue | ||
United Kingdom | 138.8 | 129.4 |
Isle of Man | 6.1 | 5.5 |
Total | 144.9 | 134.9 |
2024 | 2023 | |
£m | £m | |
Non-current assets | ||
United Kingdom | 24.9 | 23.4 |
Isle of Man | 0.1 | 0.1 |
Total | 25.0 | 23.5 |
2024 | 2023 | |
Profit | ||
Profit for the year and earnings used in basic and diluted EPS | £52.1m | £49.9m |
Weighted average number of shares | ||
Weighted average number of Ordinary Shares | 331.3m | 331.3m |
Weighted average numbers of Ordinary Shares held by EBT | (0.7m) | (0.5m) |
Weighted average number of Ordinary Shares for the purposes of basic EPS | 330.6m | 330.8m |
Adjustment for dilutive share option awards | 0.7m | 0.5m |
Weighted average number of Ordinary Shares for the purposes of diluted EPS | 331.3m | 331.3m |
EPS | ||
Basic | 15.8p | 15.1p |
Diluted | 15.7p | 15.1p |
2024 | 2023 | |
£m | £m | |
Depreciation | 1.8 | 2.1 |
Amortisation | 0.4 | 0.4 |
Wages and employee benefits expense | 57.8 | 52.8 |
Other staff costs | 0.7 | 1.1 |
Auditor’s remuneration: | ||
– auditing of the financial statements of the Company pursuant to the legislation | 0.2 | 0.2 |
– auditing of the financial statements of subsidiaries | 0.6 | 0.6 |
– other assurance services | 0.4 | 0.4 |
Other professional fees | 6.2 | 4.8 |
Regulatory fees | 3.2 | 3.9 |
Non-underlying expenses | ||
– Non-underlying expenses – backdated VAT | (0.1) | — |
– Non-underlying expenses – interest on backdated VAT | (0.4) | — |
– Other non-underlying expenses – deferred consideration | 2.1 | 2.1 |
– Other non-underlying expenses – contingent consideration | — | (1.7) |
– Other non-underlying expenses – office move | 0.1 | — |
Short-term lease payments: | ||
– Land and buildings | 1.1 | 0.6 |
Other occupancy costs | 2.0 | 2.2 |
Irrecoverable VAT | 4.5 | 3.6 |
Other costs | 4.4 | 3.1 |
Other income – tax relief due to shareholders | — | (1.6) |
Total administrative expenses | 85.0 | 74.6 |
2024 | 2023 | |
No. | No. | |
IT and Change Delivery | 187 | 177 |
Client Operations | 246 | 236 |
Operations | 83 | 81 |
Sales and Marketing | 38 | 40 |
Group Services | 112 | 97 |
666 | 631 |
2024 | 2023 | |
£m | £m | |
Wages and salaries | 46.1 | 43.9 |
Social security costs | 5.1 | 4.8 |
Other pension costs | 4.3 | 2.0 |
Share-based payment costs | 2.3 | 2.1 |
57.8 | 52.8 |
2024 | 2023 | |
£m | £m | |
Short-term employee benefits | 2.3 | 3.0 |
Post-employment benefits | 0.1 | 0.2 |
Share-based payment | 0.3 | 0.5 |
Social security costs | 0.4 | 0.5 |
Highest paid director: | ||
Short-term employee benefits | 0.6 | 0.6 |
Other benefits | 0.1 | 0.2 |
2024 | 2023 | |
No. | No. | |
Number of directors for whom pension contributions are paid | 3 | 8 |
Group | Company | Group | Company | |
2024 | 2024 | 2023 | 2023 | |
£m | £m | £m | £m | |
Interest income on bank deposits | 9.1 | 0.7 | 5.3 | 0.5 |
Interest income on tax repayments | 0.1 | — | 0.4 | — |
Interest income on loans | 0.5 | 0.5 | 0.4 | 0.4 |
Interest income on financial investments | 1.0 | — | 0.3 | — |
10.7 | 1.2 | 6.4 | 0.9 |
2024 | 2023 | |
£m | £m | |
Change in fair value of underlying assets | 3,005.2 | 1,024.2 |
Investment income | 279.2 | 225.1 |
Total policyholder investment returns | 3,284.4 | 1,249.3 |
2024 | 2023 | |
£m | £m | |
Corporation tax | ||
Current year – corporation tax | 17.0 | 12.7 |
Adjustment in respect of prior years | 0.2 | (0.1) |
Total corporation tax | 17.2 | 12.6 |
Deferred tax | ||
Current year | (0.4) | 0.1 |
Total shareholder tax charge for the year | 16.8 | 12.7 |
Policyholder taxation | ||
UK policyholder tax at 20% (2023: 20%) | 15.7 | — |
Deferred tax at 25% (2023: 25%) | 22.8 | 11.8 |
Tax deducted on overseas dividends | 0.3 | 0.3 |
Total policyholder taxation | 38.8 | 12.1 |
Total tax attributable to shareholder and policyholder returns | 55.6 | 24.8 |
2024 | 2023 | |
£m | £m | |
Profit on ordinary activities before taxation attributable to shareholders | 68.9 | 62.6 |
Profit on ordinary activities multiplied by effective rate of corporation tax, 25% (2023: 22%) | 17.2 | 13.8 |
Effects of: | ||
Non-taxable dividends | (0.1) | — |
Income/(expenses) not taxable/(deductible) for tax purposes multiplied by effective rate of corporation tax | 0.2 | (0.6) |
Adjustments in respect of prior years | 0.3 | 0.1 |
Effect of lower tax rate jurisdiction | (0.8) | (0.6) |
16.8 | 12.7 | |
Add policyholder tax | 38.8 | 12.1 |
55.6 | 24.8 |
2024 | 2023 | |
£m | £m | |
Deferred tax charge/(credit) (see note 26) | — | — |
2024 | 2023 | |
£m | £m | |
Profit on ordinary activities before tax | 48.4 | 31.6 |
Profit on ordinary activities multiplied by effective rate of corporation tax, 25% (2023: 22%) | 12.1 | 7.0 |
Effects of: | ||
Non-taxable dividends | (15.1) | (7.3) |
Income/(expenses) not taxable /(deductible) for tax purposes multiplied by effective rate of corporation tax | 1.7 | — |
Group loss relief to ISL | 1.3 | 0.3 |
— | — |
Software | ||||||
and IP | Customer | |||||
rights | Goodwill | relationships | Software | Brand | Total | |
£m | £m | £m | £m | £m | £m | |
Cost | ||||||
At 1 October 2023 | 12.5 | 18.3 | 2.1 | 2.0 | 0.3 | 35.2 |
At 30 September 2024 | 12.5 | 18.3 | 2.1 | 2.0 | 0.3 | 35.2 |
Amortisation | ||||||
At 1 October 2023 | 12.5 | — | 0.4 | 0.8 | 0.1 | 13.8 |
Charge for the year | — | — | 0.1 | 0.3 | — | 0.4 |
At 30 September 2024 | 12.5 | — | 0.5 | 1.1 | 0.1 | 14.2 |
Net Book Value | ||||||
At 30 September 2023 | — | 18.3 | 1.7 | 1.2 | 0.2 | 21.4 |
At 30 September 2024 | — | 18.3 | 1.6 | 0.9 | 0.2 | 20.9 |
Software | ||||||
and IP | Customer | |||||
rights | Goodwill | relationships | Software | Brand | Total | |
£m | £m | £m | £m | £m | £m | |
Cost | ||||||
At 1 October 2022 | 12.5 | 18.3 | 2.1 | 2.0 | 0.3 | 35.2 |
At 30 September 2023 | 12.5 | 18.3 | 2.1 | 2.0 | 0.3 | 35.2 |
Amortisation | ||||||
At 1 October 2022 | 12.5 | — | 0.3 | 0.5 | 0.1 | 13.4 |
Charge for the year | — | — | 0.1 | 0.3 | — | 0.4 |
At 30 September 2023 | 12.5 | — | 0.4 | 0.8 | 0.1 | 13.8 |
Net Book Value | ||||||
At 30 September 2022 | — | 18.3 | 1.8 | 1.5 | 0.2 | 21.8 |
At 30 September 2023 | — | 18.3 | 1.7 | 1.2 | 0.2 | 21.4 |
2024 | 2023 | |
£m | £m | |
Investment administration services | 7.2 | 7.2 |
Insurance and life assurance business | 5.7 | 5.7 |
Total | 12.9 | 12.9 |
T4A | ||
2024 | 2023 | |
£m | £m | |
Adviser back-office technology | 5.3 | 5.3 |
IAD Pty | T4A | |||
2024 | 2023 | 2024 | 2023 | |
Discount rate | 13.0% | 13.2% | 14.4% | 14.0% |
Period on which detailed forecasts are based | 5 years | 5 years | 5 years | 5 years |
Long-term growth rate | 2.0% | 2.0% | 3.0% | 2.0% |
Leasehold | Fixtures | Motor | |||
improvements | Equipment | and fittings | vehicles | Total | |
£m | £m | £m | £m | £m | |
Cost | |||||
At 1 October 2023 | 1.8 | 3.4 | 0.5 | 0.1 | 5.8 |
Additions | 0.1 | 0.9 | — | — | 1.0 |
Disposals | — | (0.2) | (0.1) | — | (0.3) |
At 30 September 2024 | 1.9 | 4.1 | 0.4 | 0.1 | 6.5 |
Depreciation | |||||
At 1 October 2023 | 1.5 | 2.9 | 0.3 | — | 4.7 |
Charge in the year | — | 0.5 | — | — | 0.5 |
Disposals | — | (0.2) | — | — | (0.2) |
At 30 September 2024 | 1.5 | 3.2 | 0.3 | — | 5.0 |
Net Book Value | |||||
At 30 September 2023 | 0.3 | 0.5 | 0.2 | 0.1 | 1.1 |
At 30 September 2024 | 0.4 | 0.9 | 0.1 | 0.1 | 1.5 |
Cost | |||||
At 1 October 2022 | 1.7 | 3.7 | 0.2 | — | 5.6 |
Additions | 0.1 | 0.4 | 0.1 | 0.1 | 0.7 |
Disposals | — | (0.4) | — | — | (0.4) |
Reclassification | — | (0.2) | 0.2 | — | — |
Foreign exchange | — | (0.1) | — | — | (0.1) |
At 30 September 2023 | 1.8 | 3.4 | 0.5 | 0.1 | 5.8 |
Depreciation | |||||
At 1 October 2022 | 1.4 | 2.9 | 0.1 | — | 4.4 |
Charge in the year | 0.1 | 0.7 | 0.1 | — | 0.9 |
Disposals | — | (0.5) | — | — | (0.5) |
Reclassification | — | (0.1) | 0.1 | — | |
Foreign exchange | — | (0.1) | — | — | (0.1) |
At 30 September 2023 | 1.5 | 2.9 | 0.3 | — | 4.7 |
Net Book Value | |||||
At 30 September 2022 | 0.3 | 0.8 | 0.1 | — | 1.2 |
At 30 September 2023 | 0.3 | 0.5 | 0.2 | 0.1 | 1.1 |
£m | |
Cost | |
At 1 October 2023 | 1.7 |
Additions | 2.7 |
At 30 September 2024 | 4.4 |
Depreciation | |
At 1 October 2023 | 0.7 |
Charge in the year | 1.1 |
At 30 September 2024 | 1.8 |
Net Book Value | |
At 30 September 2023 | 1.0 |
At 30 September 2024 | 2.6 |
Cost | |
At 1 October 2022 | 6.6 |
Additions | 0.4 |
Disposals | (5.2) |
Foreign exchange | (0.1) |
At 30 September 2023 | 1.7 |
Depreciation | |
At 1 October 2022 | 4.5 |
Charge in the year | 1.4 |
Disposals | (5.2) |
At 30 September 2023 | 0.7 |
Net Book Value | |
At 30 September 2022 | 2.1 |
At 30 September 2023 | 1.0 |
2024 | 2023 | |
£m | £m | |
Carrying value at 1 October | 35.3 | 33.3 |
Investment in subsidiary shares – Integrated Financial Arrangements Ltd | 15.0 | — |
Impairment of investment | (6.3) | — |
Share-based payments | 2.2 | 2.0 |
Carrying value at 30 September | 46.2 | 35.3 |
2024 | 2023 | |
Discount rate | 17.0% | 14.0% |
Forecast period | 5 years | 5 years |
Long-term growth rate | 3.0% | 2.0% |
Incorporation and significant | ||||
Name of Company | Holding | % held | place of business | Business |
Direct holdings | ||||
Integrated Financial Arrangements Ltd | Ordinary Shares | 100% | United Kingdom | Investment administration |
IntegraFin Services Limited | Ordinary Shares | 100% | United Kingdom | Services company |
Software provision and | ||||
Transact IP Limited | Ordinary Shares | 100% | United Kingdom | development |
Integrated Application Development Pty Ltd | Ordinary Shares | 100% | Australia | Software maintenance |
Transact Nominees Limited | Ordinary Shares | 100% | United Kingdom | Non-trading |
IntegraLife UK Limited | Ordinary Shares | 100% | United Kingdom | Life insurance |
IntegraLife International Limited | Ordinary Shares | 100% | Isle of Man | Life assurance |
Transact Trustees Limited | Ordinary Shares | 100% | United Kingdom | Non-trading |
Objective Funds Limited | Ordinary Shares | 100% | United Kingdom | Dormant |
Objective Wealth Management Limited | Ordinary Shares | 100% | United Kingdom | Dormant |
Time For Advice Limited | Ordinary Shares | 100% | United Kingdom | Financial planning software |
Indirect holdings | ||||
IntegraFin Limited | Ordinary Shares | 100% | United Kingdom | Non-trading |
ObjectMastery (UK) Limited | Ordinary Shares | 100% | United Kingdom | Dormant |
IntegraFin (Australia) Pty Limited | Ordinary Shares | 100% | Australia | Non-trading |
2024 | 2023 | |
£m | £m | |
Loans receivable from third parties | 6.6 | 6.5 |
Interest receivable on loans | 0.2 | 0.1 |
Total gross loans | 6.8 | 6.6 |
ECLs allowance | (0.3) | (0.3) |
Total net loans | 6.5 | 6.3 |
2024 | 2023 | |
£m | £m | |
Opening ECLs | (0.3) | (0.2) |
Increase during the year | — | (0.1) |
Balance at 30 September | (0.3) | (0.3) |
2024 | 2023 | |
£m | £m | |
Loan payable to subsidiary | 6.0 | 7.0 |
To be settled within 12 months | 1.0 | 1.0 |
To be settled after 12 months | 5.0 | 6.0 |
Total loan payable | 6.0 | 7.0 |
2024 | 2024 | 2023 | 2023 | |
Cost | Fair value | Cost | Fair value | |
£m | £m | £m | £m | |
ILINT | 2,486.7 | 2,873.0 | 2,155.5 | 2,310.3 |
ILUK | 20,746.4 | 24,364.8 | 19,249.9 | 20,711.4 |
Total | 23,233.1 | 27,237.8 | 21,405.4 | 23,021.7 |
2024 | 2023 | |
Fair value | Fair value | |
Unit-linked liabilities | £m | £m |
ILInt | 3,110.7 | 2,481.5 |
ILUK | 25,749.9 | 21,959.4 |
Total | 28,860.6 | 24,440.9 |
2024 | 2023 | |
£m | £m | |
Opening balance | 24,440.9 | 22,174.4 |
Investment inflows | 3,490.7 | 2,670.3 |
Investment outflows | (2,057.2) | (1,400.5) |
Changes in fair value of underlying assets | 3,005.2 | 1,024.1 |
Investment income | 279.2 | 225.1 |
Other fees and charges – Transact | (65.5) | (59.2) |
Other fees and charges – third parties | (232.7) | (193.3) |
Closing balance | 28,860.6 | 24,440.9 |
2024 | 2023 | |
£m | £m | |
Bank balances – instant access | 198.1 | 165.9 |
Bank balances – notice accounts | 46.0 | 12.0 |
Total | 244.1 | 177.9 |
2024 | 2023 | |
£m | £m | |
Cash and cash equivalents held for the benefit of the policyholders – instant access – ILUK | 1,385.0 | 1,248.0 |
Cash and cash equivalents held for the benefit of the policyholders – instant access – ILInt | 237.8 | 171.2 |
Total | 1,622.8 | 1,419.2 |
Group | Group | |
2024 | 2023 | |
£m | £m | |
Fair value through profit or loss | ||
Listed shares and securities | 0.1 | 0.1 |
Total | 0.1 | 0.1 |
Amortised cost | ||
Gilts | 2.5 | 22.3 |
Total | 2.5 | 22.3 |
2.6 | 22.4 |
Group | Company | Group | Company | |
2024 | 2024 | 2023 | 2023 | |
£m | £m | £m | £m | |
Accrued income | 15.1 | — | 13.5 | — |
Less: ECLs | (0.9) | — | (1.0) | — |
Accrued income – net | 14.2 | — | 12.5 | — |
Prepayments | 4.6 | — | 4.7 | — |
Total | 18.8 | — | 17.2 | — |
2024 | 2023 | |
£m | £m | |
Opening ECLs | (1.0) | (1.0) |
Decrease during the year | 0.1 | — |
Balance at 30 September | (0.9) | (1.0) |
Group | Company | Group | Company | |
2024 | 2024 | 2023 | 2023 | |
£m | £m | £m | £m | |
Other receivables | 3.0 | — | 3.2 | — |
Less: ECLs | (0.1) | — | (0.1) | — |
Other receivables net | 2.9 | — | 3.1 | — |
Amounts owed by Group undertakings | — | 0.1 | — | 0.1 |
Repayment interest due from HMRC | — | — | 0.4 | — |
Total | 2.9 | 0.1 | 3.6 | 0.1 |
Group | Company | Group | Company | |
2024 | 2024 | 2023 | 2023 | |
£m | £m | £m | £m | |
Trade payables | 1.1 | — | 0.7 | — |
PAYE and other taxation | 2.1 | — | 2.6 | 0.1 |
Other payables | 8.2 | 0.6 | 6.8 | 0.4 |
Accruals | 8.8 | 0.7 | 7.8 | 0.4 |
Deferred consideration | 1.5 | 1.5 | 1.6 | 1.6 |
Due to Group undertakings | — | 0.2 | — | — |
Total | 21.7 | 3.0 | 19.5 | 2.5 |
2024 | 2023 | |
£m | £m | |
Opening balance | 1.1 | 2.8 |
Additions | 2.6 | 0.2 |
Lease payments | (1.0) | (2.0) |
Interest expense | 0.2 | 0.1 |
Balance at 30 September | 2.9 | 1.1 |
Amounts falling due within one year | 2.5 | 0.3 |
Amounts falling due after one year | 0.4 | 0.8 |
Policyholder excess | |||||||
management | Policyholder | Other | |||||
Policyholder | expenses and | unrealised losses/ | deductible | ||||
Accelerated | Share-based | unrealised losses/ | deferred acquisition | (unrealised gains) on | temporary | ||
capital allowances | payments | (unrealised gains) | costs | investment trusts | differences | Total | |
Deferred tax asset | £m | £m | £m | £m | £m | £m | £m |
At 1 October 2022 | 0.1 | 0.5 | 2.9 | 2.2 | 0.2 | 0.1 | 6.0 |
Excess tax relief charged | |||||||
to equity | — | 0.2 | — | — | — | — | 0.2 |
Charge to income | — | (0.2) | (2.9) | 0.3 | 0.4 | 0.1 | (2.3) |
Offset deferred tax liability | — | — | — | (2.5) | (0.6) | (0.1) | (3.2) |
At 30 September 2023 | 0.1 | 0.5 | — | — | — | 0.1 | 0.7 |
Charge to income | — | 0.5 | — | (1.5) | (0.8) | — | (1.8) |
Offset deferred tax liability | (0.1) | — | — | 1.5 | 0.8 | — | 2.2 |
At 30 September 2024 | — | 1.0 | — | — | — | 0.1 | 1.1 |
Policyholder | ||||
Accelerated | tax on unrealised | Other taxable | ||
capital allowances | gains | differences | Total | |
Deferred tax liability | £m | £m | £m | £m |
At 1 October 2022 | — | — | 0.9 | 0.9 |
Charge to income | — | 9.6 | (0.1) | 9.5 |
Offset against deferred tax asset | — | (3.1) | (0.1) | (3.2) |
At 30 September 2023 | — | 6.5 | 0.7 | 7.2 |
Charge to income | 0.1 | 20.6 | (0.1) | 20.6 |
Offset against deferred tax asset | (0.1) | 2.3 | — | 2.2 |
At 30 September 2024 | — | 29.4 | 0.6 | 30.0 |
2024 | 2023 | |
£m | £m | |
Balance brought forward | 48.2 | 56.8 |
Additional provisions made in the period, including increases to existing ILUK provision | 7.1 | 5.3 |
Reduction in provisions made in the period | (7.6) | (3.5) |
Amounts used from the ILUK provision during the period | (7.1) | (9.9) |
Unused amounts reversed from the ILUK provision during the period | (1.5) | (1.6) |
Increase in other provisions | 0.6 | 1.1 |
Balance carried forward | 39.7 | 48.2 |
Amounts falling due within one year | 23.3 | 7.7 |
Amounts falling due after one year | 16.4 | 40.5 |
Dilapidations provisions | 0.2 | 0.2 |
ILUK policyholder reserves | 37.8 | 46.9 |
Other provisions | 1.7 | 1.1 |
Total | 39.7 | 48.2 |
Group | Company | Group | Company | |
2024 | 2024 | 2023 | 2023 | |
£m | £m | £m | £m | |
Balance brought forward | 3.4 | 2.7 | 2.6 | 2.2 |
Movement in the year | 0.7 | 0.7 | 0.8 | 0.5 |
Balance carried forward | 4.1 | 3.4 | 3.4 | 2.7 |
2024 | 2023 | |||
Weighted average | 2024 | Weighted average | 2023 | |
exercise price | Shares | exercise price | Shares | |
(pence) | (number) | (pence) | (number) | |
SIP 2005 | ||||
Outstanding at start of the year | — | 762,705 | — | 805,509 |
Shares withdrawn from the plan | — | (101,955) | — | (42,804) |
Shares in the plan at end of year | — | 660,750 | — | 762,705 |
Available to withdraw from the plan at end of year | — | 660,750 | — | 762,705 |
2024 | 2023 | |
Shares | Shares | |
(number) | (number) | |
SIP 2018 | ||
Shares in the plan at start of the year | 1,205,612 | 854,247 |
Granted | 554,178 | 504,113 |
Shares withdrawn from the plan | (167,217) | (152,748) |
Shares in the plan at end of year | 1,592,573 | 1,205,612 |
Available to withdraw from the plan at end of year | 678,656 | 557,544 |
2024 | 2023 | |||
Weighted average | 2024 | Weighted average | 2023 | |
exercise price | Share options | exercise price | Share options | |
(pence) | (number) | (pence) | (number) | |
Deferred bonus Share Option Plan | ||||
Outstanding at start of the year | — | 899,664 | — | 675,307 |
Granted | — | 386,145 | — | 293,376 |
Forfeited | — | — | — | — |
Exercised | — | (41,673) | — | (69,019) |
Outstanding at end of year | — | 1,244,136 | — | 899,664 |
Exercisable at end of year | — | 337,654 | — | 249,985 |
2024 | |||
2024 | Additional Grant | 2023 | |
Deferred bonus Share Option Plan | |||
Share price at date of grant | 299.4p | 293.0p | 287.8p |
Exercise price | nil | nil | nil |
Expected life | 3 years | 3 years | 3 years |
Risk free rate | 3.7% | 3.7% | 3.5% |
Dividend yield | 3.4% | 3.5% | 3.5% |
Weighted average fair value per option | 270.3p | 263.9p | 258.8p |
2024 | 2023 | |
£m | £m | |
Balance brought forward | (2.6) | (2.4) |
Purchase of own shares | (0.7) | (0.2) |
Balance carried forward | (3.3) | (2.6) |
2024 | 2023 | |
£m | £m | |
Balance brought forward | (2.4) | (2.1) |
Purchase of own shares | (0.6) | (0.3) |
Balance carried forward | (3.0) | (2.4) |
2024 | 2023 | |
£m | £m | |
Foreign exchange reserves | (0.1) | (0.1) |
Non-distributable merger reserve | 5.7 | 5.7 |
2024 | 2023 | |
£m | £m | |
Service charges | (3.3) | — |
Interest expense | (0.6) | (0.6) |
Dividends received | 60.5 | 33.4 |
Share subscription (see note 15) | (15.0) | — |
2024 | 2023 | |
£m | £m | |
ISL | 0.1 | — |
ILUK | 6.0 | 5.0 |
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