In line with this goal of greater transparency, in July we also published our first Value Assessment Statement. We have also sought to provide greater clarity for shareholders through the publication of additional monthly new business updates for both April and May 2020, while we have frequently engaged with our regulators and other interested bodies to maintain good, open communication channels. The Group's overall Solvency II net assets position, MSB and management solvency ratios are as follows: Solvency II net assets reflect the assets of the Group in excess of those matching clients' unit linked liabilities. Further, the long-term nature of the business results in considerable positive cash flows arising from existing business. Deferred Income), Additional Paid-In Capital/Capital Surplus, Cumulative Translation Adjustment/Unrealized For. Instead, this is included in the net Cash result presented separately for Asia and DFM. The measure of cash profit monitored on a monthly basis by the Board is the post-tax Underlying cash result. The strength and continued growth of the business is no accident. No allowance has been made for transitional provisions in the calculation of technical provisions or the SCR. We do not, in giving this conclusion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. Further detail explaining this can be found in the Financial Review on page 23. Many of the principles and practices underlying EEV are similar to the requirements of Solvency II. The development of mature FUM year-on- year is dependent on four principal factors: 10 I N T E R I M M A N A G E M E N T S TAT E M E N T, Chief Financial Officer's Report continued, Growth in gestation FUM has been more rapid than growth in mature FUM in recent years, mainly due to the strength of new pensions business. to invest with an environmental, social and governance (ESG) focus via RD's discretionary managed portfolios. More information about our fees on FUM can be found in Section 1 of this Financial Review. IFRS 17 Insurance Contracts including Amendments to IFRS 17; Amendments to IAS 1 Presentation of Financial Statements - classification of liabilities as current or. The provision for the cost of redress for complaints is based on estimates of the total number of complaints expected to be upheld, the estimated cost of redress and the expected timing of settlement. The tax rate for all items presented in all periods is 19.0%. measures allow analysis of the long-term value, Glossary of Alternative Performance Measures continued, Financial performance related APMs continued, Policyholder and Shareholder tax is estimated by making an assessment Shareholder tax of the effective rate of tax that is applicable to the. The first half has also seen progress in the development of RD's proposition with a highlight being the launch of a new Responsible Investing proposition focused on providing clients the opportunity. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. Some of the key risk considerations around COVID-19 for the Group have been: When the impacts of COVID-19 are segmented in this way, we can recognise that these are risks that the Group is familiar with and shown to be resilient to through our ongoing stress and scenario testing, as well as financial and operational risk assessments. Following a review of accruals during 2019, a balance of 58.6 million relating to payables to Partners at 30 June 2019 has been reclassified from other accruals to miscellaneous in order to better reflect the nature of the balance. If all significant inputs required to fair value an instrument are observable, the instrument is included in Level 2. Revised Conceptual Framework of Financial Reporting. The impact of policyholder tax asymmetry is a temporary effect due to the market losses experienced during the period. Therefore on this basis the result was significantly higher at 221.9 million for the period (six months to 30 June 2019: 57.3 million, year to 31 December 2019: 187.1 million). We have witnessed the most extraordinary period for markets in the first six months of 2020, as the global pandemic brought economies and societies to a halt. We believe it is. This has meant that we have placed real focus on increasing the pace of our Partner, client and employee facing communications, making greater use of digital channels including webinars, video conferencing and social media, to provide relevant, valuable information at an uncertain and difficult time. The Board therefore uses the Cash results to, just the cash realisation from the deferred tax. As noted on page 14 however, our investment and pension business product structure means that these products do not generate net Cash result, after the margin arising from new business, during the first six years (the gestation period). FactSet (a) does not make any express or implied warranties of any kind regarding the data, including, without limitation, any warranty of merchantability or fitness for a particular purpose or use; and (b) shall not be liable for any errors, incompleteness, interruption or delay, action taken in reliance on any data, or for any damages resulting therefrom. Amortisation is credited within fee and commission income in the Condensed Consolidated Statement of Comprehensive Income. 1 Equivalent rental value (per square foot). Water Quality Frequently Asked Questions Information about the water supply, characteristics, Miscellaneous reserves represent other non-distributable reserves. 07/04/2020 4:07pm UK Regulatory (RNS & others) St. James's Place (LSE:STJ) Historical Stock Chart From Mar 2020 to Mar 2023 TIDMSTJ RNS Number : This extends beyond the resilience of our business model to include our people, the Partnership, our systems and technology, and our finances, leaving us well positioned to make the most of the opportunities and challenges ahead. The relative weightings given to differing sources of information and the determination of non-observable inputs to valuation models can require the exercise of significant judgement. Issue of share capital and exercise of options, Proceeds from exercise of shares held in trust, Change in goodwill, intangibles and other non-cash movements. The operational readiness prepayment relates to the Bluedoor administration platform developed by our key outsourced back-office administration provider. Our Life businesses are subject to the Solvency II capital regime which applied for the first time in 2016. Our financial business model is to attract and retain FUM on which we receive an annual management fee. At 30 June 2020 the Group held 1,626.1 million (30 June 2019: 1,780.1 million, 31 December 2019: 1,750.9 million) of investment property, all of which is classified as Level 3 in the fair value hierarchy. Recognising its growing importance to clients, we will continue to build on this ESG proposition going forward. Emotional engagement and connectedness is critical so we have encouraged and facilitated more frequent communication within our employee community. I am, though, pleased to report a robust set of results for the first six months of 2020, which is testament to the resilience of our business. These consist of discounted cash flow and options pricing models, which typically incorporate observable market data, principally interest rates, basis spreads, foreign exchange rates, equity prices and counterparty credit. The interim financial statements comprise: The interim financial statements included in the Half-Year report have been prepared in accordance with International Accounting Standard 34, 'Interim Financial Reporting', as adopted by the European Union and the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority. Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. specialising in the provision of face-to-face wealth management It includes a 74.7 million (30 June 2019: 101.3 million, 31 December 2019: 98.5 million) deferred tax asset which is not immediately fungible, although we expect it will be utilised over the next seven years. Asia expenses and DFM expenses have both increased during the year as investment is required to support their growth. The pace of the change too has been incredible, and we have all had to adapt rapidly, developing new habits and practices in short order. WebSt. 3. Reduction in new business in the period means income deferred in 2020 is lower than the equivalent period last year. the St.Jamess. 1 Limited. Thats why Lipper shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon. Total expenses presented separately on the face of. Section 2 analyses the performance of the business using three different bases: IFRS, the Cash result, and EEV. The principal economic assumptions used within the cash flows are set out below. Accordingly, we do not express an audit opinion. In addition to expensing our internal project costs through the IFRS Statement of Comprehensive Income and Cash result as incurred, we have been capitalising Bluedoor development costs as a prepayment asset on the Statement of Financial Position. At 30 June 2020, the solvency ratio for our Life businesses was 124%. The Group collects advice charges from clients. As set out on the previous page, investment property is initially measured at cost including related acquisition costs and subsequently valued monthly by professional external valuers at their respective fair values at each reporting date. We have postponed new intakes for the time being as we focus attention on ensuring the successful development of existing cohorts, but we will be resuming new enrolment in the second half of the year. the use of unobservable inputs, such as expected rental values and equivalent yields; other techniques, such as discounted cash flow and historic lapse rates, are used to determine fair value for the remaining financial instruments. All items in the Cash result, and in the commentary below, are presented net of tax. No movement schedule for the six months to 30 June 2019 is provided for fixed income securities or equities, as the Group's investment into these assets was immaterial at that date. The risk-free rate is set by reference to the yield on ten-year gilts. Interest expense on borrowings is recognised within expenses in the Condensed Consolidated Statement of Comprehensive Income. Receivables in relation to unit liabilities primarily relate to outstanding market trade settlements (sales) in the life unit-linked funds and the consolidated unit trusts. This is an important step to further embed responsible investing in our investment management approach, and towards our goal of helping our clients achieve financial wellbeing in a world worth living in. 2023 2022 2021 2020 2019 2018 Archive SJP Approved 05/04/2023 The reconciliation between the IFRS and Solvency II Net Assets Balance Sheet as at 30 June 2020 is set out on page 24. The table below provides a summarised breakdown of the embedded value position at the reporting dates: The EEV result on the previous page reflects the specific terms and conditions of our products. Transactions with St. James's Place unit trusts. Heard on the Street; WSJ Pro. 20 I N T E R I M M A N A G E M E N T S TAT E M E N T. The following table shows an analysis of the Cash result using three different measures: Consolidated Cash result (presented post-tax). a US Dollar $160 million private shelf facility, under which the Group has issued two tranches of loan notes: one for 50 million and another for 64 million. The table below defines each APM, explains why it is used and, if applicable, where the APM has been reconciled to IFRS: Based on IFRS Net Assets, but with the following, Our ability to satisfy our liabilities to clients, and. Net investment in RD in the first half of the year was a little higher than the prior year, reflecting a more challenging revenue environment for the business. During this time the amortisation of pre-RDR expenses previously deferred will significantly outweigh new post-RDR expenses deferred, despite significant business growth, resulting in a net negative impact on IFRS profits. The majority of the business written by the Group is unit-linked investment business, and so investment contract benefits are measured by reference to the underlying net asset value of the Group's unitised investment funds. The financial performance and financial position of the Group are described in the Financial Review on pages 14 to 32. Over the last few years the levy has been at an elevated level, which was further exacerbated by the FSCS increasing the levy by more than 20% for the current funding year and the continued relative growth of the Group in the FSCS funding sectors in which we operate. In addition, we enhanced our capability to support the Partnership and enable them to service our clients effectively in a remote working environment. Source: Kantar Media, Total Assets FOR CALCULATION PURPOSES ONLY, Other Liabilities (excl. The renewal income assets are classified as Level 3 and are valued using a discounted cash flow technique. IFRS intangible assets (see page 24 adjustment 2) including goodwill, DAC, Fee and commission income before DIR amortisation. For the six months to. International stock quotes are delayed as per exchange requirements. At this point the net book value is nil, and so there is no impact on the carrying values presented on the face of the Condensed Consolidated Statement of Financial Position. The Group guarantees loans provided by third parties to Partners. These investments will benefit the business in both the short and long-term. Unrealised losses recognised in the Statement of Comprehensive Income. Balances associated with business reaching the end of its expected life in the periods disclosed are presented as disposals. Transfers into and out of Level 3 portfolios. The Group has two different types of borrowings: The primary senior unsecured corporate borrowings are: The senior tranche of securitisation loan notes are AAA-rated and repayable over the expected life of the securitisation (estimated to be five years) with a variable interest rate. Original document | December 30, 2022 St. The table below provides a geographical and investment type analysis of FUM at the end of each period: Due to our product structure, at any given time there is a significant amount of FUM that has not yet started to contribute to the Cash result. This negative return reflects reduced market values across our funds under management as markets weakened sharply during the period. This tax variance is expected to reverse in the second half of the year so we have presented the 'excess' benefit below the Underlying cash result. Goodwill, computer software intangible assets and some other assets and liabilities which are inadmissible under the Solvency II regime are removed from the Statement of Financial Position on a Cash Result Basis, however the movement in these figures are included in the Statement of Comprehensive Income on a Cash Result Basis. An analysis of the Solvency II position for our Group, split by regulated and non-regulated entities at the period-end is presented in the table below: No Group interim dividend has been proposed for the current period. During the period we have continued to facilitate business loans to Partners. Investment return on net assets held to cover unit liabilities: (Loss)/gain on revaluation of investment properties, Net investment return on financial instruments classified as fair value through profit and loss, Attributable to unit-linked insurance contract liabilities, Attributable to unit-linked investment contract benefits, Income attributable to third party holdings in unit trusts, Interest income on financial instruments classified as amortised cost. The notes are repayable over ten years, ending in 2025 and 2027 respectively, with variable interest rates. The reduction in margin arising from new business, from. This fundraising supplements the existing donation of 200,000 by the Charitable Foundation to the National Emergencies Trust and a donation of 50,000 to the Trussell Trust network of food banks, which we have also supported through a 100,000 corporate donation. 2020 2019 2018 5-year Copyright FactSet Research Systems Inc. All rights reserved. The presence of a significant life insurance company within the Group means that, although we are a wealth management Group in substance with a simple business model, we apply IFRS accounting requirements for insurance companies. This report, including the conclusion, has been prepared for and only for the company for the purpose of complying with the Disclosure Guidance and Transparency Rules sourcebook of the United Kingdom's Financial Conduct Authority and for no other purpose. It is believed that any reasonably possible change in the assumptions applied within this assessment, such as levels of future business, the anticipated future service tariffs and the discount rate, is highly unlikely to have a material impact on the carrying value of the asset. These lines represent the net income from Asia and DFM FUM, including the Asia and DFM expenses set out in point 4 above. We also ensure that our approach meets with the requirements of the Solvency II regime where we have an approach, agreed with the Prudential Regulatory Authority (PRA) since 2017, for our largest insurance company, the UK Life company, that targets capital equal to 110% of the standard formula requirement. Over the medium to long-term, our ability to both attract and retain new client investments and thereby build Group funds under management, will result in increased cash profitability. H A L F - Y E A R R E P O R T A N D A C C O U N T S 20 20, 2 I N T E R I M M A N A G E M E N T S TAT E M E N T. and Uncertainties . "I am pleased to report a robust set of results for the first six months of 2020, which is testament to the resilience of our business. Funds management business EEV operating profit, The funds management business operating profit has decreased to 506.2 million (six months to 30 June 2019: 558.4 million, year to. While there can be no assurances that circumstances will not change, based upon information currently available to them, the Directors do not believe there is any possible activity or event that could have a material adverse effect on the Group's financial position. 6 I N T E R I M M A N A G E M E N T S TAT E M E N T. Therefore, we now expect to graduate around 165 advisers into the Partnership for 2020 and the total number of new Academy students into our programmes for the year is likely to be lower than previously targeted. Other investment returns are set by reference to the risk-free rate. allowable asset in the Solvency II regulation. methodology on tax applicable to policyholder returns of (237.9) million (six months to 30 June 2019: 323.4 million, year to 31 December 2019: 422.6 million). The 10% increase is applied to the withdrawal rate. These losses primarily relate to our Asia based businesses and can be carried forward indefinitely. Annual Report and Financial Statements 31 March 2021 SCOTTISH MORTGAGE INVESTMENT TRUST PLC Your low cost choice for global investment Scottish Mortgage Investment Trust PLC is a low cost investment trust that aims to maximise total return over the long term from a high conviction, actively managed portfolio. "Despite the many challenges we faced, the partial recovery in investment markets means that our revenue, which is largely driven by the value of our funds under management (FUM), has been resilient.". to investing in our core operations and infrastructure, we are broadening our business, both in terms of geography and client proposition. For further explanation, refer to page 17. The new business contribution for the period at 365.3 million (six months to 30 June 2019: 386.3 million, year to 31 December 2019: 793.0 million) was 5% lower than the prior period, primarily reflecting the decrease in new business and an element of fixed expenses which do not decrease in line with volumes. 7. As with the increase in profit after tax, this reflects the impact of policyholder tax asymmetry. Payables in relation to unit liabilities excluding policyholder interests, Other payables in relation to insurance and unit trust business, Total other payables on the Solvency II Net Assets Balance Sheet2, Policyholder interests in other payables (see Note 8). The following table shows an analysis of FUM, after initial charges, split between mature FUM that is contributing net income to the Cash result and FUM in gestation which is not yet contributing, as at 30 June 2020 as well as at the year-end for the past five years. Results, reports and presentations View our latest publications 2022 2021 2020 2019 2018 2017 2016 2015 2021 Full Year Results audio webcast A recording of the meeting with analysts can be accessed using the link in the table above. Since the inception of the project in 2014 we have capitalised 389.4 million of development spend on Bluedoor in our operational readiness prepayment asset. has been on safely and carefully decommissioning legacy systems. In order to reconcile the overhead and development expenses presented on separate lines in the Cash result to the total IFRS expenses set out in the Condensed Consolidated Statement of Comprehensive Income on page 38, the expenses which vary with business volumes and those which relate to investment in specific areas of the business, both of which are included in the Cash result but are netted against the relevant income lines and so cannot be seen explicitly, and certain IFRS expenses which by definition are not included in the Cash result need to be added in: Total expenses presented separately on the face of the Cash result before tax, Expenses which vary with business volumes, Expenses relating to investment in specific areas of the business, Total expenses included in the Cash result, Expenses which are not included in the Cash result, Amortisation of DAC and PVIF, net of additions, Non-cash-settledshare-based payments expenses. Deferred acquisition costs, the purchased value of. 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