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Registered number: 05169111









EVELYN PARTNERS SERVICES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
EVELYN PARTNERS SERVICES LIMITED
 
 
COMPANY INFORMATION


Directors
A Baddeley 
C Davies 
P Geddes 




Company secretary
G White



Registered number
05169111



Registered office
45 Gresham Street


London


EC2V 7BG




Independent auditor
Mazars LLP
Chartered Accountants and Statutory Auditor

30 Old Bailey



London


EC4M 7AU





 
EVELYN PARTNERS SERVICES LIMITED
 

CONTENTS



Page
Strategic Report
1 - 3
Directors' Report
4 - 6
Independent Auditor's Report
7 - 10
Profit and Loss Account
11
Statement of Comprehensive Income
12
Balance Sheet
13
Statement of Changes in Equity
14
Notes to the Financial Statements
15 - 41


 
EVELYN PARTNERS SERVICES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The Directors, in preparing this Strategic Report, have complied with s414C of the Companies Act 2006.

Business review
 
Evelyn Partners Services Limited (the "Company") is a wholly owned subsidiary of Towry Finance Company Limited, which is a subsidiary of Evelyn Partners Group Limited, the parent company for which consolidated accounts are prepared (the "Group"). 
The Company is the service company for the Group, incurring all expenses and holding supplier contracts. The expenses incurred are charged to the other group companies in the form of a management recharge.
Effective 1 January 2023, as part of an ongoing project to simplify the organisational structure of the Group, the responsibility for performance of certain professional services, and the entitlement to the recharge income derived from these costs, were novated from the Company to Evelyn Partners PS Services Limited, another subsidiary within the Group. All costs incurred during the year relating to professional services were therefore recharged to Evelyn Partners PS Services Limited.
As a result, turnover for the year decreased by 4.2% to £406,293,000 (2022 - £423,930,000) and administrative expenses decreased by 6.2% to £384,459,000 (2022 - £410,052,000). Operating profit for the year increased to £21,834,000 (2022 - £13,878,000) primarily due to fees earned on costs recharged to other Group subsidiaries, which are calculated at the relevant cost plus a mark-up of 5% (2022 - 3%). Both metrics are financial key performance indicators.
Staff numbers, a non-financial key performance indicator, decreased to 2,331 (2022 - 2,514) due to the move of the costs related to professional services staff to Evelyn Partners PS Services Limited as noted above, partially offset by business growth.
At 31 December 2023, the Company had net assets of £42,362,000 (2022 - £52,755,000).

Principal risks and uncertainties

The Group has made significant investment in its risk management and compliance capabilities to help embed the risk management framework. This framework is underpinned by policies, procedures and reporting, all of which will continue to evolve with the needs of the Group as it seeks to deliver its strategic objectives.
The Company is exposed to financial risk through the financial assets and liabilities that it has. The main areas of financial risk for the Company are:

Credit risk, being the risk that a counterparty will be unable to pay amounts in full when they fall due; and

Liquidity risk, being the risk that the Company cannot settle amounts as they become due;

These areas are considered further below.
Credit risk
Credit risk represents the loss which the Company would incur if a customer or counterparty failed to perform its contractual obligations. This risk is well diversified so the Company has no significant exposure to credit risk. At the balance sheet date there were no significant concentrations of credit risk external to the Company. The exposure to credit risk is monitored on an ongoing basis. The credit risk on cash and cash equivalents is limited as our selected few counterparties are banks with high credit ratings assigned by international credit rating agencies. 
 
Page 1

 
EVELYN PARTNERS SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Liquidity risk
In order to maintain liquidity to ensure that sufficient funds are available for ongoing operations and future developments, the Group uses a mixture of long-term and short-term debt finance. The Company’s cash flow needs are assessed on an ongoing basis to ensure liabilities can be met as they fall due

Financial key performance indicators
 
Key performance indicators are discussed in the business review section of this report. Further information on key performance indicators can be found in the Group's Annual Report and Financial Statements on pages 21 and 22, which does not form part of this report.

Corporate responsibility and environmental policy

The corporate responsibility and environmental policy applicable to the Company is set out in the Group's Annual Report and Financial Statements on pages 38 to 43, which does not form part of this report.
 
Approach to Governance

Given the Company’s function and purpose within the Group, it does not apply an entity specific governance framework. The Directors are satisfied that the Company fulfils its statutory requirement for large unlisted private companies through the Group’s application of the Wates Corporate Governance Principles. These principles can be found in the Evelyn Partners Group Limited’s Annual Report and Financial Statements on pages 78 to 80, which does not form part of this report. The Company’s website contains further supporting information on the Wates Principles and Section 172.

Section 172 statement
 
The Directors of the Company consider that they have responsibly and appropriately discharged their duties under the Companies Act 2006 (the “Act”), including their duty to act in the way that they consider, in good faith, will be most likely to promote the success of the Company for the benefit of its members as a whole, having due regard in doing so for the matters set out in section 172 (1) (a) to (f) in the Act (“s172”). 
The Company is a subsidiary entity within a group of companies and therefore recognises its immediate parent company Towry Finance Company Limited as its shareholder. The Company’s top UK parent is Evelyn Partners Group Limited and the Company is consequently part of the Evelyn Partners Group Limited group of companies (the “Group”) a leading wealth manager in the UK. The Company together with other group subsidiaries holds its board meetings concurrently with that of the Group Board (“Group Boards”).
The Board of Evelyn Partners Group Limited (the “Group Board”) and its Committees have overarching decision making authority for the Group on a number of reserved matters. These include setting the Group’s strategy and values, as well as reviewing and approving the Group’s budget, long term financial plans, operating plans, policies and management structures, amongst others. Responsibility for executing the Group Board’s decisions and strategic direction as part of the day-to-day management of the Group resides with the Group’s Chief Executive Officer and Group Executive Committee. 
In having regard to the matters in s172, the Directors of the Company give due care and consideration to discharging their duties and adopt and adhere to the Group’s internal governance framework as summarised above. Specifically, the Directors of the Company have considered the likely consequences of decisions in the long term on its stakeholders, and the need to maintain a reputation for high standards of business conduct by ensuring that the Group’s strategy, policies and minimum standards are adopted and supported by the Company.
 
Page 2

 
EVELYN PARTNERS SERVICES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

The Company is the service company for the Group and therefore the Directors consider the needs of the Group and suppliers in its decision-making as its direct stakeholders. Furthermore, as the Company relies on the resources of the Group, including its employees, suppliers and other business relationships, the Directors also consider the needs of these indirect stakeholders, and any consequent impacts on them, by adopting and supporting the Group Board’s decisions where these stakeholders were directly considered. 
The Directors ensure that the Company’s policies are consistent with its strategic objectives and are designed with the long-term success of the Company. The Company attracts and retains the most talented and committed people through maintaining employee engagement. This is achieved through a combination of effective communication, consultation and employee share ownership.
The Directors are committed to equality of employment, access and quality of service for disabled people. The Company complies with the UK Equality Act 2010 throughout its business operations. Policies are in place to accommodate existing and prospective employees with disabilities giving full and fair consideration to their particular aptitudes and abilities, and for continuing the employment of employees who have become disabled by arranging appropriate training and making reasonable adjustments in the workplace.
For a comprehensive overview of how s172 considerations are handled within the Group, please refer to the Group Board’s s172 statement, which can be found on pages 68 to 70 of the Group's Annual Report and Financial Statements 2023, an extract of which is published on its website.


This report was approved by the Board and signed on its behalf.



A Baddeley
Director

Date: 28 March 2024

Page 3

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
The Directors present their report and the financial statements for the year ended 31 December 2023.

The principal activity of the Company is set out in the Strategic Report. The information that fulfils the Companies Act requirements of the business review is included in the Strategic Report. Details of the principal risks and uncertainties are included in the Strategic Report.

Directors

The Directors who served during the year, except where noted, were:

A Baddeley 
C Davies 
P Geddes (appointed 6 October 2023)
C Woodhouse (resigned 11 August77 2023)

Indemnity

The Directors have been covered by third party liability insurance throughout the year and the policy of insurance remains in force.

Results and dividends

The profit for the year, after taxation, amounted to £8,578,000 (2022 - £12,620,000).

During the year, the Company paid dividends of £16,664,000 (2022 - £nil). The Directors do not recommend payment of a final dividend.

Going concern

The Directors are required to satisfy themselves that it is reasonable to presume that the Company is a going concern. After reviewing the Company’s performance projections for the period of at least 12 months from the date of issue of the financial statements, the Directors are satisfied that the Company has adequate access to resources to enable the Company to meet its obligations and continue in operational existence for the foreseeable future. As part of this review, the Directors have considered the net current liability position of the Company, which has increased in the year. This position arises because the Company incurs the costs of capital expenditure upfront, but recovers this through recharges to other Group entities over the useful life of the asset, as amortisation or depreciation charges are recognised. The Directors consider that the cash flows generated from services provided to other group entities will allow the Company to settle its liabilities as they fall due. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Independent auditor

Under s487(2) of the Companies Act 2006, Mazars LLP will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Employees

The Directors ensure that the Company’s policies are consistent with its strategic objectives and are designed with the long-term success of the Group. The Group attracts and retains the most talented and committed people through maintaining employee engagement. This is achieved through a combination of effective communication, consultation and employee share ownership.
 
Page 4

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Further detail is set out in the Group’s Annual Report and Financial Statements under the Section 172 Statement on pages 68 to 70 and under the Corporate Responsibility Report on pages 38 to 67.
The Directors are committed to equality of employment, access and quality of service for disabled people. The Company complies with the UK Equality Act 2010 throughout its business operations. Policies are in place to accommodate existing and prospective employees with disabilities giving full and fair consideration to their particular aptitudes and abilities, and for continuing the employment of employees who have become disabled by arranging appropriate training and making reasonable adjustments in the workplace.

Business relationships

The statements in respect of the Company’s engagement with suppliers, customers and other stakeholders throughout the year is set out in our Section 172 statement on pages 2 to 3.

Financial instruments and risk management

Information on the Company's financial instruments and management of financial risk are disclosed on pages 1 and 2.

Post balance sheet events

There have been no material post balance sheet events requiring disclosure prior to the date of signing this report.

Future outlook

The Directors have reviewed the business and consider the performance of the Company to be in line with expectations for the year. The Directors consider that the Company’s position at the end of the period is consistent with the size and complexity of the business. The Directors are cautiously optimistic that the current levels of performance will be maintained in the medium-term.

Risk management policy

Key performance indicators in relation to the Group’s activities are continually reviewed by senior management and are presented on pages 21 and 22.

Directors' responsibilities statement

The Directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 101 "Reduced Disclosure Framework". Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the Directors are required to:


select suitable accounting policies and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

Page 5

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions.

Disclosure of information to auditor

Each of the persons who is a Director at the date of approval of this report confirms that:
 
so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

the Director has taken all the steps that he/she ought to have taken as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provision of s418 of the Companies Act 2006.
This report was approved by the Board and signed on its behalf.
 





G White
Secretary

Date: 28 March 2024

45 Gresham Street
London
EC2V 7BG

Page 6

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EVELYN PARTNERS SERVICES LIMITED
 

Opinion

We have audited the financial statements of Evelyn Partners Services Limited (the "Company") for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the Notes to the Financial Statements, including material accounting policy information.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 101 “Reduced Disclosure Framework" (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the “Auditor’s responsibilities for the audit of the financial statements” section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our audit procedures to evaluate the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting included but were not limited to: 

Undertaking an initial assessment at the planning stage of the audit to identify events or conditions that may cast significant doubt on the company’s ability to continue as a going concern;
Obtaining an understanding of the relevant controls relating to the directors’ going concern assessment;
Evaluating the directors’ method to assess the company’s ability to continue as a going concern;
Reviewing the directors’ going concern assessment, which incorporated severe but plausible scenarios;
Evaluating the key assumptions used and judgements applied by the directors in forming their conclusions on going concern; and
Reviewing the appropriateness of the directors’ disclosures in the financial statements.

Based on the work performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of Directors with respect to going concern are described in the relevant sections of this report.
Page 7

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EVELYN PARTNERS SERVICES LIMITED
 

Other information

The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of Directors

As explained more fully in the Directors’ responsibilities statement set out on pages 5 and 6, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
Page 8

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EVELYN PARTNERS SERVICES LIMITED
 

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the Company and its industry, we considered that non-compliance with the following laws and regulations might have a material effect on the financial statements: employment law, health and safety, anti-bribery and corruption, market abuse and financial crime, anti-money laundering regulations and financial services legislation applicable to the entity.
 
To help us identify instances of non-compliance with these laws and regulations, and in identifying and assessing the risks of material misstatement in respect to non-compliance, our procedures included, but were not limited to:
Discussing with the Directors and Management their policies and procedures regarding compliance with laws and regulations;
Communicating identified laws and regulations to the engagement team and remaining alert to any indications of non-compliance throughout our audit;
Considering the risk of acts by the Company, which were contrary to applicable laws and regulations, including fraud;
Review of compliance register, correspondence with regulators, including legal regulator, the Financial Conduct Authority;
Results of our enquiries of Management about their own identification and assessment of the risks of irregularities; and whether they had knowledge of any actual, suspected or alleged fraud; and
Challenging assumptions and judgments made by Management in its significant accounting estimates, in relation to the carrying amounts of assets and liabilities that are not readily apparent from other sources.

We also considered those laws and regulations that have a direct effect on the preparation of the financial statements, such as the Companies Act 2006 and taxation legislation.

In addition, we evaluated the Directors’ and Management’s incentives and opportunities for fraudulent manipulation of the financial statements, including the risk of management override of controls, and determined that the principal risks related to posting manual journal entries to manipulate financial performance, management bias in significant accounting estimates, in particular those involving fair values and impairment, and significant one-off or unusual transactions.

Our audit procedures in relation to fraud included but were not limited to:
Making enquiries of the Directors and Management on whether they had knowledge of any actual, suspected or alleged fraud;
Gaining an understanding of the internal controls established to mitigate risks related to fraud;
Discussing amongst the engagement team involving relevant internal specialists, such as accounting, pensions, tax and IT, regarding the risk of fraud, particularly how, why and where fraud might occur in the financial statements; and
 
Page 9

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF EVELYN PARTNERS SERVICES LIMITED
 

Addressing the risks of fraud through management override of controls by identifying and testing journal entries with particular risk characteristics. 

There are inherent limitations in the audit procedures described above and the primary responsibility for the prevention and detection of irregularities including fraud rests with Management. As with any audit, there remained a risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal controls.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of the audit report

This report is made solely to the Company’s members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body for our audit work, for this report, or for the opinions we have formed.




Andrew Heffron (Senior Statutory Auditor)
for and on behalf of Mazars LLP
Chartered Accountants and Statutory Auditor
30 Old Bailey
London
EC4M 7AU
  
 
  
Date: 28 March 2024

Page 10

 
EVELYN PARTNERS SERVICES LIMITED
 
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 4 
406,293
423,930

Administrative expenses
  
(384,459)
(410,052)

Operating profit
 5 
21,834
13,878

Interest receivable and similar income
 9 
363
99

Interest payable and similar charges
 10 
(6,221)
(2,109)

Profit before tax
  
15,976
11,868

Taxation
 11 
(7,398)
752

Profit for the financial year
  
8,578
12,620

The notes on pages 15 to 41 form part of these financial statements.

Page 11

 
EVELYN PARTNERS SERVICES LIMITED
 

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000


Profit for the financial year

  

8,578
12,620

Other comprehensive (loss)/income:
  

Items that will not be reclassified to profit or loss:
  


Net remeasurement of defined benefit asset
 22 
(3,077)
4,993

Tax effect of the above adjustment
22
769
(1,248)

Other comprehensive (loss)/income for the financial year, net of tax
  
(2,308)
3,745

Total comprehensive income for the financial year
  
6,270
16,365

The notes on pages 15 to 41 form part of these financial statements.

Page 12

 
EVELYN PARTNERS SERVICES LIMITED
REGISTERED NUMBER: 05169111

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
93,222
91,536

Tangible assets
 14 
111,248
107,676

Investments
 15 
103
103

Retirement benefit asset
 22 
5,112
7,985

  
209,685
207,300

Current assets
  

Debtors: Amounts falling due within one year
 16 
170,527
245,241

Cash and cash equivalents
 17 
1,033
5,093

  
171,560
250,334

Creditors: Amounts falling due within one year
 18 
(249,992)
(316,255)

Net current liabilities
  
(78,432)
(65,921)

Total assets less current liabilities
  
131,253
141,379

Creditors: Amounts falling due after more than one year
 19 
(76,124)
(80,026)

  
55,129
61,353

Provisions for liabilities
  

Net deferred tax liabilities
 20 
(5,424)
(1,974)

Other provisions
 21 
(7,343)
(6,624)

Net assets
  
42,362
52,755


Capital and reserves
  

Called up share capital 
 24 
1
1

Profit and loss account
  
42,361
52,754

Total equity
  
42,362
52,755


The financial statements were approved and authorised for issue by the Board and were signed on its behalf on 28 March 2024.


A Baddeley
Director

The notes on pages 15 to 41 form part of these financial statements.

Page 13

 
EVELYN PARTNERS SERVICES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account*
Total equity

£000
£000
£000


At 1 January 2022
1
34,785
34,786


Comprehensive income for the financial year

Profit for the financial year

-
12,620
12,620

Net remeasurement of net defined benefit asset (note 22)
-
4,993
4,993

Taxation in respect of the above adjustment (note 22)
-
(1,248)
(1,248)


Other comprehensive income for the financial year
-
3,745
3,745


Total comprehensive income for the financial year
-
16,365
16,365

Share-based payments
-
1
1

Net defined benefit transferred
during the year (note 22)
-
2,335
2,335

Taxation in respect of the above adjustment (note 22)
-
(732)
(732)



At 31 December 2022
1
52,754
52,755


Comprehensive income for the financial year

Profit for the financial year

-
8,578
8,578

Net remeasurement of net defined benefit asset (note 22)
-
(3,077)
(3,077)

Taxation in respect of the above adjustment (note 22)
-
769
769


Other comprehensive loss for the financial year
-
(2,308)
(2,308)


Total comprehensive income for the financial year
-
6,270
6,270

Dividends paid (note 12)
-
(16,664)
(16,664)

Share-based payments
-
1
1


At 31 December 2023
1
42,361
42,362


*Profit and loss account includes the share option and actuarial reserves and movements thereon. 
 
The notes on pages 15 to 41 form part of these financial statements.

Page 14

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Evelyn Partners Services Limited (the “Company”) is a private company limited by shares incorporated and domiciled in the United Kingdom under the Companies Act 2006. The registered number is 05169111 and the registered office address is 45 Gresham Street, London, EC2V 7BG.
These financial statements are presented in pounds sterling because that is the currency of the primary economic environment in which the Company operates.

2.Material accounting policy information

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 101 'Reduced Disclosure Framework'  and the Companies Act 2006. There were no changes during the year (including new standards, amendments and interpretations) that had a material impact on the Company.

The preparation of financial statements in compliance with FRS 101 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial reporting standard reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions under FRS 101:
the requirements of IFRS 7 Financial Instruments: Disclosures
the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement
the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers
the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details in indebtedness relating to amounts payable after 5 years required by company law is presented separately for lease liabilities and other liabilities, and in total
the requirement in paragraph 38 of IAS 1 'Presentation of Financial Statements' to present comparative information in respect of:
 - paragraph 79(a)(iv) of IAS 1;
 - paragraph 73(e) of IAS 16 Property, Plant and Equipment;
 - paragraph 118(e) of IAS 38 Intangible Assets;
the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134-136 of IAS 1 Presentation of Financial Statements
the requirements of IAS 7 Statement of Cash Flows
the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors
the requirements of paragraph 17 and 18A of IAS 24 Related Party Disclosures
the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member

Page 15

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Material accounting policy information (continued)

 
2.3

Going concern

The Directors are required to satisfy themselves that it is reasonable to presume that the Company is a going concern. After reviewing the Company’s performance projections for the period of at least 12 months from the date of issue of the financial statements, the Directors are satisfied that the Company has adequate access to resources to enable the Company to meet its obligations and continue in operational existence for the foreseeable future. As part of this review, the Directors have considered the net current liability position of the Company, which has increased in the year. This position arises because the Company incurs the costs of capital expenditure upfront, but recovers this through recharges to other Group entities over the useful life of the asset, as amortisation or depreciation charges are recognised. The Directors consider that the cash flows generated from services provided to other group entities will allow the Company to settle its liabilities as they fall due. Accordingly, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. 
Services provided to group companies
All turnover, net of value added tax, is attributable to services provided to group companies, for which a management recharge is made. This management recharge income is recognised on a continuous basis over the period in which the related services are provided. The fair value of the management recharge revenue received or receivable is measured based on the costs incurred by the Company in providing the services and the markup agreed with the group entities to which they are provided.

 
2.5

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.

  
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred and are determined using the effective interest rate.

 
2.7

Pensions

Defined contribution schemes

The Company operates defined contribution pension schemes. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. As part of a flexi-benefit scheme, the Company also offers employees the option of having part of their remuneration as payments into a defined contribution pension scheme. The pension cost charge in the Profit and Loss Account represents contributions payable by the Company into individuals’ personal pension arrangements.
 
Page 16

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Material accounting policy information (continued)


2.7
Pensions (continued)

Defined benefit scheme

The Company also participates in a defined benefit scheme. This scheme is closed to new members and further accrual. There is no contractual agreement or stated policy for charging the net defined benefit cost.
In accordance with IAS 19 Employee Benefits (Revised 2011), the Company recognises a cost equal to its contribution payable for the period, which is presented within administrative expenses in the Profit and Loss Account. 
For a defined benefit retirement benefit scheme, the cost of providing benefits is determined using the Projected Unit Credit Method, with an actuarial valuation being carried out at the end of each reporting period. Re-measurements comprising actuarial gains and losses, the effect of the asset ceiling (if applicable) and the return on scheme assets (excluding interest) are recognised immediately in the Balance Sheet with a charge or credit to the Statement of Comprehensive Income in the period in which they occur. Re-measurement recorded in the Profit and Loss Account is not recycled. Past service cost is recognised in profit or loss in the period of scheme amendment. Net interest is calculated by applying a discount rate to the net defined benefit liability or asset. Defined benefit costs are split into three categories:
• current service cost, past-service cost and gains and losses on curtailments and settlements;
• net interest expense or income; and
• re-measurement.
The Company presents current service cost, past service cost and settlements within administrative expenses in the Profit and Loss Account. Curtailments gains and losses are accounted for as past service cost.
Net interest expense or income is recognised within interest payable and similar charges.
The retirement benefit obligation recognised in the Balance Sheet represents the deficit or surplus in the Company’s defined benefit scheme. Any surplus resulting from this calculation is limited to the present value of any economic benefits available in the form of refunds from the schemes or reductions in future contributions to the scheme.
A liability for a termination benefit is recognised at the earlier of when the Company can no longer withdraw the offer of the termination benefit and when the Company recognises any related restructuring costs.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
     
Page 17

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Material accounting policy information (continued)


2.8
Current and deferred taxation (continued)

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset deferred tax assets against deferred tax liabilities and when the deferred income tax assets and liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Software costs and other business development comprises internally generated intangible assets that meet the requirements of IAS 38 Intangible Assets and have been capitalised. These systems were implemented in phases while development continued, hence costs have been transferred to assets in use and amortisation commenced in a way that matches this phased roll out. Only rarely will subsequent expenditure – expenditure incurred after the initial recognition of an acquired intangible asset or after completion of an internally generated intangible asset – be recognised in the carrying amount of an asset. The costs associated with maintaining software and systems are recognised as expenses as incurred.
Certain earn-out agreements that have been entered into include payments that relate to the level of assets under management brought into the Group through new client contracts. These arrangements are typically used where an individual or small team of investment managers is recruited: these individuals or teams are not considered to be a business as defined under IFRS 3, and hence recruitment of this kind is not accounted for as a business combination. As it is anticipated that the revenue generated from the assets transferred to the Group through these new contracts will be greater than the earn-out payments made, these payments have been capitalised as incremental costs of obtaining client contracts under IFRS 15, and are included within customer lists. These assets are amortised over the period for which future economic benefits are expected to be received.
 
Page 18

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Material accounting policy information (continued)


2.9
Intangible assets (continued)

The estimated useful lives range as follows:
Customer lists
-
12 years
Funds database
-
6 years
Software costs
-
9 years
Other business development
-
3 to 10 years

 
2.10

Tangible assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Short-term leasehold improvements
-
the earlier of 15 years and life of lease
Fixtures and fittings
-
5 years
Computer equipment
-
3 years
Right-of-use assets
-
over life of the lease

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in unlisted debentures are held at cost.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable and other receivables are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 19

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Material accounting policy information (continued)

 
2.14

Creditors

Creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Creditors are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

 
2.15

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.16

Leases

The Company as a lessee

The Company assesses whether a contract is or contains a lease, at inception of a contract. The Company recognises a right-of-use asset and a corresponding lease liability with respect to all lease agreements in which it is the lessee, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognises the lease payments as an operating expense on a straight-line basis over the term of the lease unless another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by using the rate implicit in the lease. If this rate cannot be readily determined, the Company uses its incremental borrowing rate. This is calculated by reference to the borrowing rates payable by the Group on its external debt, with an adjustment made to reflect the different level of security available under the leasing agreement. 

Lease payments included in the measurement of the lease liability comprise:

fixed lease payments (including in-substance fixed payments), less any lease incentives;


The lease liability is included in 'Creditors' on the Balance Sheet.

The lease liability is subsequently measured by increasing the carrying amount to reflect interest on the lease liability (using the effective interest method) and by reducing the carrying amount to reflect the lease payments made.
 
Page 20

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Material accounting policy information (continued)


2.16
Leases (continued)

The Company remeasures the lease liability (and makes a corresponding adjustment to the related right-of-use asset) whenever:

the lease term has changed or there is a change in the assessment of exercise of a purchase option, in which case the lease liability is remeasured by discounting the revised discount rate.

the lease payments change due to changes in an index or rate or a change in expected payment under a guaranteed residual value, in which cases the lease liability is remeasured by discounting the revised lease payments using the initial discount rate (unless the lease payments change is due to a change in a floating interest rate, in which case a revised discount rate is used).

a lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability is remeasured by discounting the revised lease payments using a revised discount rate.

The Company did not make any such adjustments during the periods presented.

The right-of-use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the commencement day and any initial direct costs. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated over the shorter period of lease term and useful life of the underlying asset. If a lease transfers ownership of the underlying asset or the cost of the right-of-use asset reflects that the Company expects to exercise a purchase option, the related right-of-use asset is depreciated over the useful life of the underlying asset. The depreciation starts at the commencement date of the lease.

The right-of-use assets are included in 'Tangible Assets' in the Balance Sheet.

The Company applies IAS 36 to determine whether a right-of-use asset is impaired and accounts for any identified impairment loss as described in note 2.10.

As a practical expedient, IFRS 16 permits a lessee not to separate non-lease components, and instead account for any lease and associated non-lease components as a single arrangement. The Company has used this practical expedient.

 
2.17

Financial instruments

The Company recognises financial instruments when it becomes a party to the contractual arrangements of the instrument. Financial instruments are de-recognised when they are discharged or when the contractual terms expire. The Company's accounting policies in respect of financial instruments transactions are explained below:

Financial assets and financial liabilities, which include loans to group undertakings, are initially measured at fair value. 

Financial assets

All recognised financial assets are subsequently measured in their entirety at either fair value or amortised cost, depending on the classification of the financial assets.
Impairment of financial assets
Page 21

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Material accounting policy information (continued)


2.17
Financial instruments (continued)


The Company’s intercompany receivables do not contain significant financing components. Therefore, the Company has applied a practical expedient by using a provision matrix to calculate lifetime ECLs based on actual credit loss experience over the past two years adjusted by forward-looking estimates.
The provision matrix used to calculate lifetime ECLs is based on historical observed default rates, and is adjusted by forward-looking estimates that include the probability of a worsening economic environment within the next year. The loss rates are applied to balances on a collective basis in each segment, net of specific allowances calculated on an individual basis.

Financial liabilities

At amortised cost

Financial liabilities which are neither contingent consideration of an acquirer in a business combination, held for trading, nor designated as at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. This is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability, or where appropriate a shorter period, to the amortised cost of a financial liability.

 
2.18

Dividends

Dividends are paid in order to fund the parent group’s debt servicing costs. Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.19

Share-based payments

The Company engages in equity settled share-based payment transactions in respect of services received from its employees.
The cost of share-based employee compensation arrangements, whereby employees receive remuneration in the form of shares or share options, is recognised as an employee benefit expense in the Statement of Comprehensive Income.
The total expense to be apportioned over the vesting period of the benefit is determined by reference to the fair value at the grant date of the shares or share options awarded and the number that are expected to vest. The assumptions underlying the number of awards expected to vest are subsequently adjusted to reflect conditions prevailing at the balance sheet date. Fair value is measured by use of a binomial model.

Page 22

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, which are described in note 2, the Directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
The following are the critical judgements and estimates that the Directors have made in the process of applying the Company's accounting policies. The judgements, apart from those involving estimation, are those that have the most significant effect on the amounts recognised in financial statements. The estimates are the assumptions made about the future, and other major sources of estimation uncertainty at the end of the reporting period, that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
Accounting judgements
Capitalised costs of obtaining client contracts
The Company has treated certain amounts due under earn-out arrangements as the incremental costs of obtaining client contracts and recognised these as intangible assets under IFRS 15.  In identifying whether costs should be capitalised, management judgement has been applied in determining which costs are incremental as opposed to being remuneration for ongoing services, in assessing the level of future economic benefit that will be generated from these client contracts, and in assessing the appropriate useful economic life over which to amortise these assets. To the extent that payments are judged to be incremental and recoverable through future revenues generated, they are capitalised as client relationship intangibles (note 13).
Defined benefit pension scheme asset recognition basis
Under IAS 19 the net defined benefit pension scheme asset that can be recognised is the lower of the surplus and the asset ceiling (i.e. the economic benefits available in the form of refunds or reductions in future contributions or a combination of both, in accordance with IFRIC 14 ‘IAS 19 — The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction’). Under the scheme’s Trust Deeds and Rules the Company is able, without condition or restriction placed on it by the Trustees, to run the scheme until the last member dies, without benefits being augmented; wind up the scheme at that point; and reclaim any remaining monies. Consequently, the Company recognises the full surplus calculated in accordance with IAS 19 and IFRIC 14.
During the year the defined benefit pension scheme completed a whole scheme buy-in, whereby an insurance policy was bought to cover all future liabilities to all members of the scheme. Following the buy-in, the insurance policy is held as an asset of the scheme, and the obligation to pay benefits remains with the scheme. This is therefore not judged to be a settlement as defined in IAS 19, and as a result the loss arising has not been treated as a service cost that would be recognised in the Income Statement. Instead, this is considered to be an investment decision, meaning that the loss resulting from the transaction is included within the remeasurement of the net defined benefit asset of the scheme, and is recognised in Other Comprehensive Income.

Page 23

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Critical accounting judgements and key sources of estimation uncertainty (continued)

Accounting estimates
Useful lives of intangible assets
The Company reviews the estimated useful lives of intangible assets at the end of each reporting period. The estimated useful lives are based on management’s best estimate and a decrease of 1 year in the useful life of the intangible assets (calculated by reducing the useful economic life of each separately recognised intangible by one year) would result in a £7,317,000 (2022 - £4,642,000) increase in the amortisation for the current year. The actual amortisation charge for the year is £21,999,000 (2022 - £15,415,000) (note 13).
Defined benefit pension scheme
The calculation of the present value of the retirement benefits scheme is determined by using actuarial valuations. Management makes key assumptions in determining the inputs into the actuarial valuations, which may differ from actual experience in the future. These assumptions are governed by IAS 19 Employee Benefits, and include the determination of the discount rate, life expectancies, inflation rates and future salary increases. Due to the complexities in the valuation, the defined benefit pension scheme obligation is highly sensitive to changes in these assumptions. The detailed assumptions, including a sensitivity analysis, are set out in note 22.
The retirement benefit scheme has a net surplus of £5,112,000 at the balance sheet date (2022 - £7,985,000). See note 22 ‘Retirement benefit asset’ for further detail.


4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Services provided to group companies
406,293
423,930

All turnover arose within the United Kingdom.


5.


Operating profit

Operating profit for the year has been arrived at after charging:

2023
2022
£000
£000

Amortisation of intangible assets (note 13)
21,999
15,415

Depreciation of tangible assets, excluding right-of-use assets (note 14)
3,288
3,264

Depreciation of right-of-use assets (note 14)
7,369
7,071

Staff costs (note 7)
208,853
235,225

Auditor’s remuneration (note 6)
45
37

Page 24

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Auditor's remuneration

2023
2022
      £000
      £000

Fees payable to the Company's auditor and its associates for the audit of
the Company's financial statements

45

37


The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent company, which are prepared in accordance with the Companies Act 2006 and are audited by the same auditor.


7.


Staff costs

Staff costs were as follows:

2023
2022
£000
£000

Wages and salaries
175,165
198,406

Social security costs
21,388
24,055

Other pension costs
9,359
11,552

Share-based payments (note 25)
2,941
1,212

208,853
235,225


The average monthly number of employees, including the Directors, during the year was as follows:


2023
2022
Number
Number



Financial Services
492
410

Professional Services
-
412

Fund Solutions
76
41

Support staff
1,763
1,651

2,331
2,514

Staff numbers above relate to staff employed by the Company during the year. As the main service entity for the Group, staff costs for other employing entities were also borne by the Company. The total average number of employees, including Directors, during the year for which costs are borne by the Company was 2,342 (2022 - 3,079).
From 1 January 2023, as part of an ongoing project to simplify the organisational structure of the Group, professional services staff were moved to Evelyn Partners PS Services Limited, another subsidiary within the Group.

Page 25

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Directors' remuneration

2023
2022
£000
£000



Salaries and other emoluments
2,712
2,099

Pension scheme contributions
7
7

2,719
2,106

2023
2022
Number
Number

The number of Directors who:


Are members of a money purchase scheme
1
1

2023
2022
£000
£000

The highest paid Director received the following remuneration:


Salaries and other emoluments
902
965

Pension scheme contributions
-
-

902
965

Certain Executive Directors are also Directors of other group companies. It is not practicable to allocate their total remuneration between their services as executives to this company or other group companies, and no such allocation has been attempted. The remuneration shown above therefore includes amounts paid to the Company’s directors by all group companies.


9.


Interest receivable and similar income

2023
2022
£000
£000


Interest receivable from banks
363
99

Page 26

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Interest payable and similar charges

2023
2022
£000
£000


Other loan interest payable
3,851
80

Interest on lease liabilities (note 23)
2,739
2,085

Net interest receivable on pension asset (note 22)
(369)
(56)

6,221
2,109


11.


Taxation


2023
2022
£000
£000

Corporation tax


- current tax on profit for the year
5,415
32

- adjustments in respect of prior years
(2,236)
(2,405)


Total current tax
3,179
(2,373)

Deferred tax


- current year
(163)
(378)

- adjustment in respect of prior years
4,392
2,278

- changes to tax rates
(10)
(279)

Total deferred tax
4,219
1,621


Taxation on profit on ordinary activities
7,398
(752)

The adjustments in respect of prior years reflect differences between the prior year tax provisions and the actual tax liability subsequently calculated and returned to the tax authorities.  These adjustments, which impact both current and deferred tax, primarily relate to claims for enhanced capital allowances and research and development expenditure. 

Page 27

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)

Factors affecting tax charge/(credit) for the year

The tax assessed for the year is higher than (2022 - lower than) the standard rate of corporation tax in the UK of 23.5% (2022 -19%). The differences are explained below:
2023
2022
£000
£000


Profit on ordinary activities before tax
15,976
11,868


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
3,754
2,255

Effects of:


Non-deductible expenses
1,498
1,006

Adjustments to tax charge in respect of prior years
2,156
(126)

Release of provision
-
(3,553)

Effects of change in rate at which deferred tax is recognised
-
(175)

Effects of change in rate on current year tax charge
(10)
(105)

Amounts not recognised
-
(54)

Total tax charge/(credit) for the year
7,398
(752)

Tax recognised in the Statement of Comprehensive income comprises:


2023
2022
£000
£000



Actuarial movements
(769)
1,248

(Credited)/debited in the Statement of Comprehensive Income
(769)
1,248

Change in UK Corporation Tax Rate
The average main rate of UK corporation tax for the year is 23.5%. This reflects an increase in the main rate from 19.0% to 25.0%, effective 1 April 2023.


12.


Dividends

2023
2022
£000
£000


Amounts recognised as interim dividends to equity holders in the year
16,664
-

The Directors do not recommend the payment of a final dividend (2022 - £nil).

Page 28

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Customer lists
Business development
Funds database
Software costs
Total

£000
£000
£000
£000
£000



Cost


At 1 January 2023
20,648
36,621
2,045
62,817
122,131


Additions
5,212
13,302
-
5,171
23,685



At 31 December 2023

25,860
49,923
2,045
67,988
145,816



Amortisation


At 1 January 2023
3,386
9,724
1,369
16,116
30,595


Charge for the year
1,807
11,263
290
8,639
21,999



At 31 December 2023

5,193
20,987
1,659
24,755
52,594



Net book value



At 31 December 2023
20,667
28,936
386
43,233
93,222



At 31 December 2022
17,262
26,897
676
46,701
91,536

Items included in development expenditure relates to development of our core Customer Relationship Management systems.
The carrying amount and remaining amortisation periods for material individual intangible assets is disclosed below. Amortisation of intangible assets is included within operating expenses.



Carrying amount
Number of years amortisation remaining
      £000

Customer lists relating to payments made to investment managers

20,666

10

Software costs – XPlan and Avaloq integration

14,677

7

Software costs – Custody migration

13,095

5

Other business development – Digital hybrid

13,315

2


Page 29

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible assets





Short term leasehold improvements
Fixtures and fittings
Computer equipment
Right-of-use assets
Total

£000
£000
£000
£000
£000



Cost 


At 1 January 2023
29,163
531
17,295
90,281
137,270


Additions
9,217
3
1,248
4,268
14,736


Disposals
-
-
-
(1,581)
(1,581)



At 31 December 2023

38,380
534
18,543
92,968
150,425



Depreciation


At 1 January 2023
2,862
354
9,489
16,889
29,594


Charge for the year
2,156
44
1,088
7,369
10,657


Disposals
-
-
-
(1,074)
(1,074)



At 31 December 2023

5,018
398
10,577
23,184
39,177



Net book value



At 31 December 2023
33,362
136
7,966
69,784
111,248



At 31 December 2022
26,301
177
7,806
73,392
107,676

Lease liabilities relating to right-of-use assets are disclosed in note 23.


15.


Investments





Unlisted investments

£000



Cost 


At 1 January 2023
103



At 31 December 2023
103




Investments held are unlisted debentures with Lords Cricket Club that are non-convertible, unsecured and non-interest bearing, with a term of 75 years, of which 75 years is remaining.
Page 30

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Debtors: Amounts falling due within one year

2023
2022
£000
£000


Trade debtors
-
8

Amounts owed by group undertakings
116,557
200,803

Other debtors
10,260
9,610

Prepayments and accrued income
17,560
14,318

Tax recoverable
26,150
20,502

170,527
245,241


Amounts owed by group undertakings are unsecured, interest free and repayable on demand.


17.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and short term deposits
1,033
5,093



18.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Trade creditors
3,311
4,515

Amounts owed to group undertakings
136,758
217,944

Other taxation and social security
20,205
16,608

Lease liabilities (note 23)
6,301
(691)

Other creditors
374
2,046

Accruals and deferred income
83,043
75,833

249,992
316,255


Included within amounts owed to group undertakings are loans amounting to £60,279,030 (2022 - £nil). These loans were issued during the year as a result of an ongoing project to simplify the organisational structure of the Group. The loans carry an interest rate of SONIA plus 5% and are repayable on demand. All other balances included within amounts owed to group undertakings are unsecured, interest free and repayable on demand.

Page 31

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Lease liabilities (note 23)
76,124
80,026



20.


Net deferred tax liabilities




2023
2022


£000

£000






At 1 January
(1,974)
1,619


Charged to profit or loss
(4,219)
(1,621)


Credited/(charged) to other comprehensive income
769
(1,248)


Charged to equity
-
(732)


Transferred from other Group companies
-
8



At 31 December
(5,424)
(1,974)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Capital allowances
(706)
1,553

Intangible assets
(3,528)
(2,275)

Pensions and other post-retirement benefits
(1,278)
(1,996)

Other temporary differences
88
744

(5,424)
(1,974)

 
Page 32

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
21.

 
Other provisions




Other provisions
Dilapidations
Professional indemnity
Total

£000
£000
£000
£000





At 1 January 2023
80
6,057
487
6,624


Charged to profit or loss
(80)
(341)
(50)
(471)


Transferred to another Group company
-
556
-
556


New provisions recognised
-
1,713
-
1,713


Utilised in year
-
(642)
(437)
(1,079)



At 31 December 2023
-
7,343
-
7,343

Other provisions
Other provisions comprise client redress. This relates to legacy issues in acquired businesses that may give rise to compensation payments. The provision recognised at the balance sheet date was £nil (2022 - £80,000) with no further provision expected in the future.
Dilapidations 
The Company is responsible for restoring leased properties to the condition they were in when first leased by the Company, when the leases held expire. A dilapidations provision is recognised for the expected costs relating to this, based on third party assessments and internal estimates.
Professional indemnity
In common with many professional practices, the Company may become subject to claims from various parties or possible penalties from regulatory bodies. Any such material matters are periodically reassessed, with the assistance of external professional advisers where appropriate, to determine the likelihood of the Company incurring a liability. In those instances where it is concluded that it is more likely than not that a payment will be made, a professional indemnity provision is established to the Company’s best estimate of the amount required to settle the obligation at the balance sheet date. 

22.

Retirement benefit asset

Defined contribution schemes
The Company operates defined contribution retirement benefit schemes for all qualifying employees in the Company. The assets of the schemes are held separately from those of the Company in funds under the control of trustees.
The Company is required to contribute a specified percentage of payroll costs to the retirement benefit schemes to fund the benefits. The only obligation of the Company with respect to the retirement benefit scheme is to make the specified contributions.
The total expense recognised in the profit and loss account of £9,359,000 (2022 - £11,522,000) represents contributions payable to these schemes by the Company at rates specified in the rules of the schemes. At the balance sheet date, contributions of £nil (2022 - £1,700,000) due in respect of the current reporting period had not been paid over to the schemes.
 
Page 33

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Retirement benefit asset (continued)

Defined benefit scheme
The Company operates a defined benefit pension scheme in the UK: the NCL Scheme (the "Scheme"). The Scheme is closed to new members.
The Scheme’s assets are held in a separate trustee-administered fund to meet long-term pension liabilities to beneficiaries. The Trustees are required to act in the best interest of the beneficiaries.
The Trustees invest the assets in line with the Statement of Investment Principles, which has been established taking into consideration the liabilities of the Scheme and the investment risk that the Trustees are willing to accept.
Under the Scheme Funding regime introduced by the Pensions Act 2004, the Trustees are required to carry out regular scheme funding valuations of the Scheme and establish a schedule of contributions and a recovery plan when there is a shortfall in the Scheme. The recovery plan details the amount and timing of the contributions required to eliminate any shortfall. The Scheme does not currently have a recovery plan in place. Scheme funding valuations are carried out at least every three years, with approximate funding updates produced annually in years where a full scheme funding valuation is not being completed.
The most recent actuarial valuations of the Scheme for accounting purposes, applying the requirements of IAS 19, was carried out at the balance sheet date by a qualified independent actuary, Goddard Perry Actuarial LLP. The present value of the defined benefit obligations, and the related current service cost and past service cost, were measured using the projected unit credit method. The assets of the Scheme are managed by another Group subsidiary, Evelyn Partners Investment Management LLP.
In December 2023, the NCL Scheme completed a whole scheme buy-in, whereby an insurance policy was bought to cover all future liabilities to all members of the scheme. This insurance policy is held as an asset of the scheme and is valued at the present value of the future liabilities that are insured under it. As the premium paid for the policy was greater than the present value of the insured liabilities, a remeasurement loss arose on the purchase which is included in the Statement of Comprehensive Income.


The principal assumptions used for the purpose of the actuarial valuation were as follows:


2023
2022

%
%

Rate of increases in salaries
3.2
3.2

Discount rate
4.3
4.6

RPI inflation rate
3.2
3.2

Rate of increase to deferred pensions in excess of the GMP
3.2
3.2

Pension increase assumption

- RPI capped at 5% p.a
3.1
3.1

- CPI capped at 3% p.a
2.5
2.5
The assumed life expectancy for the membership of the NCL pension scheme applied in the current year was based upon the standard tables known as S3NMA x 105% for males and S3NFA x 110% for females using the CMI_2022 projection based on year of birth and with a long-term rate of improvement of 1% per annum. In 2022, assumptions were based upon the standard tables known as S3NMA x 105% for males and S3NFA x 110% for females using the CMI_2021 projection based on year of birth and with a long-term rate of improvement of 1% per annum. The life expectancy for a current 65 year old male is 21 years (2022 - 22 years) and a 65 year old female is 23 years (2022 - 24 years).
Page 34

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Retirement benefit asset (continued)

Amounts recognised in the Balance Sheet are as follows:


2023
2022
£000
£000

Fair value of scheme assets


Equities and property
-
15,967

Bonds
-
3,997

Other assets
-
2,135

Cash
5,204
947

Insured annuities
15,405
-

20,609
23,046


Present value of defined benefit obligations
(15,497)
(15,061)

Surplus in scheme
5,112
7,985

Asset
5,112
7,985

The changes in the present value of defined benefit obligations are as follows:


2023
2022
£000
£000



At 1 January
15,061
-

Transferred from another Group company
-
22,814

Interest on funded obligation
677
420

Actuarial losses/(gains) arising from:

- Financials
578
(7,700)

- Demographics
(253)
(14)

- Experience
180
436

Benefits paid
(746)
(895)

At 31 December
15,497
15,061

Page 35

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Retirement benefit asset (continued)

The changes in the fair value of plan assets are as follows:


2023
2022
£000
£000



At 1 January
23,046
-

Transferred from another Group company
-
25,750

Remeasurement of defined benefit assets: interest income
1,046
476

Remeasurement of defined benefit assets: return on scheme asset
(2,572)
(2,285)

Benefits paid
(746)
(895)

Administration expenses paid
(165)
-

At 31 December
20,609
23,046

The plan assets do not include any of the Company’s own financial instruments, nor any property occupied by, or other assets used by, the Company.
All equity and debt instruments have quoted prices in active markets.
The overall expected rate of return is calculated by weighting the individual rates in accordance with the anticipated balance in the plan’s investment portfolio.

The amounts included in the Profit and Loss Account, within Interest payable and similar charges and operating expenses, are as follows:


2023
2022
£000
£000



Net interest
(369)
(56)

Administration expenses paid
165
-

(204)
(56)

Page 36

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Retirement benefit asset (continued)

The amounts included in the Statement of Comprehensive Income are as follows:


2023
2022
£000
£000



Defined benefit scheme transferred during the year
-
(2,335)

Remeasurement loss/(gain) during the year
3,077
(4,993)

Net remeasurement of defined benefit assets before tax
3,077
(7,328)


Deferred tax on actuarial reserve transferred during the year
-
732

Deferred tax on actuarial reserve during the year
(769)
1,248

Total deferred tax on actuarial reserve
(769)
1,980


Actuarial loss/(gain)
2,308
(5,348)

It is currently estimated that the sponsoring employers of the defined benefit schemes will contribute approximately £nil to the scheme in the coming year.

The two key assumptions affecting the results of the valuation are the discount rate and inflation. In order to demonstrate the sensitivity of the results to these assumptions, the actuary has recalculated the defined benefit obligations for the scheme by varying each of these assumptions in isolation whilst leaving the other assumptions unchanged. For example, in order to demonstrate the sensitivity of the results to the discount rate, the actuary has recalculated the defined benefit obligations for the scheme using a discount rate that is 0.25% higher than used for calculating the disclosed figures. A similar approach has been taken to demonstrate the sensitivity of the results to inflation.

At 31 December 2023, the summary of the sensitivities in respect of the scheme is set out below as follows:


Assets
Liabilities
Surplus
Increase/
(decrease) in
surplus

£000
£000
£000
£000

Effect of change in assumptions

No change
20,609
15,497
5,112
-

0.25% rise in discount rate
20,609
15,497
5,112
-

0.25% fall in discount rate
20,609
15,497
5,112
-

0.25% rise in inflation
20,609
15,497
5,112
-

0.25% fall in inflation
20,609
15,497
5,112
-



Page 37

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Retirement benefit asset (continued)

Funding arrangements
The trustees use the projected unit funding method to fund the scheme. The last full triennial actuarial valuation was undertaken as at 31 December 2023. No contributions are currently required from the employer. 
The main risks for the scheme are:
Investment return risk
If the assets underperform the returns assumed in setting the funding targets then additional contributions may be required at subsequent valuations. 
Longevity risk
If future improvements in longevity exceed the assumptions made for scheme funding then additional contributions may be required.
Additional liability risk
The risk that the benefits secured under the insurance policy do not exactly match the liabilities under the scheme.


23.

Leases

Company as a lessee

The leases relate to property rental agreements. The right-of-use assets are disclosed in note 14.

Lease liabilities are due as follows:

2023
2022
£000
£000

Not later than one year
6,301
(691)

Between one year and five years
29,544
26,504

Later than five years
46,580
53,522

82,425
79,335


The following amounts in respect of leases, where the Company is a lessee, have been recognised in profit or loss:

2023
2022
£000
£000

Interest expense on lease liabilities
2,739
2,085

Page 38

 
EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

23.Leases (continued)

Future cash outflows in periods after the date on which an extension option or termination option may be exercised are only included in lease liabilities if it is reasonably certain that a lease will be extended or will not be terminated. 
At the balance sheet date the carrying amounts of lease liabilities are not reduced by the amount of payments that would be avoided from exercising break clauses because it was considered reasonably certain that the Company would not exercise its right to exercise any right to break the lease. Total lease payments of £8,324,000 (2022 - £1,864,000) are potentially avoidable were the group to exercise break clauses at the earliest opportunity.


24.


Called up share capital

2023
2022
£000
£000
Authorised, issued, allotted, called up and fully paid



1,000 (2022 - 1,000) Ordinary shares of £1.00 each
1
1



25.


Share-based payments

The Company recognised a charge of £2,941,000 (2022 - £1,212,000) in relation to equity settled share-based payment transactions.
Awards are made under the Evelyn Partners Group Deferred Option Plan. The options are granted using A ordinary shares in Symmetry Topco Guernsey Limited, a parent undertaking of the Company. The options are settled by the Evelyn Partners Employee Benefit Trust. The options are subject to the participant still being in the Company's employment at the end of the vesting period. Further details of the plan are set out below.
The awards are accounted for as an equity settled share-based payment and the charge is based on the fair value of the award calculated at grant date.
 

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EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Share-based payments (continued)

At the balance sheet date, the Company had the following share-based payment arrangements:
Evelyn Partners Group Deferred Option Plan
Under the terms of the Evelyn Partners Group Deferred Option Plan (Deferred), certain employees held options to acquire A ordinary shares in Symmetry Topco Guernsey Limited as detailed below.
Details of share awards outstanding for the schemes are as follows:

Exercise
2023
2022
      price
      Number
      Number
Grant date

December 2020

£nil

494,623

928,896
 
October 2021

£nil

536,946

582,469
 
April 2022

£nil

2,060,988

2,134,306
 
July 2022

£nil

17,730

17,730
 
October 2022

£nil

156,975

160,522
 
April 2023

£nil

4,466,046

-
 
October 2023

£nil

164,000

-
 

These options are ordinarily exercisable three years from grant. There are no attached performance conditions. The exercise price is £nil.

Details of share awards outstanding for the schemes are as follows:


2023
2022
Number
Number



Opening balance
3,823,923
-

Transfer of staff (to)/from another Group company
(77,902)
1,662,712

Granted during the year
4,712,720
2,396,583

Exercised during the year
(333,274)
-

Lapsed during the year
(228,159)
(235,372)

Closing balance
7,897,308
3,823,923

Assumptions

The expected life of the options is 3 years. An assumed attrition rate of 3% per annum is applied to the awards.

The fair value of awards is reduced by the present value of dividends expected to be paid during the vesting period. There are no future plans for dividend payments, therefore an expected dividend yield of 0% has been used.

The share price volatility is irrelevant as the exercise price for deferred share awards is £nil.

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EVELYN PARTNERS SERVICES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Contingent liabilities and commitments

The Company may from time to time be involved in legal actions that are incidental to its operations. Currently the Company is not involved in any legal actions that would materially affect the financial position or performance of the Company.
At the balance sheet date, the Company’s capital expenditure authorised and contracted for, but not included, in the financial statements was £nil (2022 - £1,000,000).

27.


Related party transactions

The Company has taken advantage of the exemption in FRS 101 “Reduced Disclosure Framework” from the requirement to disclose transactions with group companies on the grounds that all subsidiaries to the transactions are wholly owned by the same parent being Evelyn Partners Group Limited.


28.


Post balance sheet events

There have been no material post balance sheet events requiring disclosure prior to the date of signing this report.


29.


Controlling party

As at 31 December 2023, the Company’s immediate parent undertaking is Towry Finance Company Limited, a company incorporated in the United Kingdom. 
The Directors consider the ultimate parent company and ultimate controlling party to be Platinum L.P. Guernsey Limited, a company incorporated in Guernsey.
Symmetry Topco Guernsey Limited is the parent undertaking of the largest group for which consolidated financial statements are prepared.
Evelyn Partners Group Limited is the parent undertaking of the smallest group for which consolidated financial statements are prepared. The registered address for Evelyn Partners Group Limited is 45 Gresham Street, London, EC2V 7BG. Copies of the group accounts of that company are available from the Registrar of Companies, Companies House, Crown Way, Cardiff, CF14 3UZ.

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