Company registration number 04351294 (England and Wales)
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY INFORMATION
Directors
Dr M M Amos
Lord T F Clement-Jones CBE
Mr S A Palmer
Mrs O Sodeinde
Mr P W Hewitt
Mrs J S Davenport
Mrs G Drakeford
(Appointed 1 July 2023)
Mr M George
(Appointed 1 July 2023)
Company number
04351294
Registered office
3300 Daresbury Park
Daresbury
Warrington
WA4 4HS
Auditor
MHA
Richard House
9 Winckley Square
Preston
PR1 3HP
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
CONTENTS
Page
Strategic report
1 - 8
Directors' report
9 - 10
Directors' responsibilities statement
11
Independent auditor's report
12 - 14
Group statement of comprehensive income
15
Group and company balance sheets
16 - 17
Group statement of changes in equity
18
Company statement of changes in equity
19
Group statement of cash flows
20
Company statement of cash flows
28
Notes to the financial statements
21 - 42
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

The directors present the strategic report and financial statements for the Year ended 31 December 2023.

Review of the Business

Trust Alliance Group is a not-for-distributable-profit company which provides independent dispute resolution nationally for the Energy and Communications sectors. The business also administers the Parking on Private Land Appeals (POPLA) service on behalf of the British Parking Association.

 

Between January and December 2023, our Energy and Communications Ombudsman schemes accepted just over 147,000 disputes from consumers accessing our service. The number of energy cases we accepted increased by 29% compared to 2022, while communications cases increased by 49% from the previous year.

 

The increase in energy cases was largely due to consumers wanting to know that they were being treated fairly, mainly impacted by the cost-of-living crisis. In the communications sector we saw an increase across all complaint types and we onboarded a new supplier, making our service available to more consumers. Despite these increases we continued to perform well on key complaint handling metrics.

 

To ensure consumers were fully supported, the business invested in the recruitment and training of almost 200 colleagues in our consumer-facing operation. All completed a five-week training programme ahead of progressing to a live environment. A series of Leadership Workshops for Directors and Senior Leaders was also rolled out to embed a consistent approach to leadership throughout the group.

 

Following the acquisition of Internet Commission in 2022, colleagues in this business unit have continued to build their network and knowledge, attending, and contributing to events across the world, including the Trust and Safety Professional Annual Summit in San Francisco, plus running several workshops, and responding to public consultations.

 

Recognising the on-going challenges faced by suppliers, we liaised closely with Ofgem and Ofcom and looked at new ways of working to help suppliers focus their resources on helping their consumers.

We support both Ofgem’s and Ofcom’s continued work within their core regulatory functions and aim to work with them make the retail markets fit for the future.

 

We have made great progress in ensuring that our remit stays up to date and relevant for consumers.

For example, we are working to provide small businesses (with up to 50 employees) with access to free redress via the Energy Ombudsman and the Broker ADR scheme and providing access to the Energy Ombudsman to all consumers on heat networks across the UK.

 

We are also looking at how we can play our part in helping to build consumer trust by providing access to free redress in the renewables and green heating sector, electric vehicle charging and demand side flexibility. We look forward to working with other stakeholders in undertaking the groundwork to help consumers have trust and confidence in engaging with new technologies and services as part of the future energy sector.

 

Working with the Communications Ombudsman and Internet Commission, we are also delivering expert opinion in the UK and across the EU to help make all our lives safer online and are exploring new policy opportunities to support consumers when things go wrong.

 

Within the parking sector, over 93,000 motorists reached out to our POPLA service for help. This level of demand showed the continued need for independent appeal handling. Our POPLA team coped well with the increased demand and most motorists received a decision within 27 days.

 

The cost-of-living crisis continued to be a testing time for our colleagues. This saw the group continue to work hard to support our people and implement several colleague engagement and wellbeing initiatives. The Board is pleased to report that Trust Alliance Group is a certified Great Place To Work again in 2023, and our participation rate increased to its highest level yet at 93%.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Principal activities and business review (Continued)

Throughout 2023, we continued to implement our strategic options for the future. The Board had approved three areas of strategic focus around Alternative Dispute Resolution (ADR) consolidation, diversification and broadening the energy remit. As the market moves from being commodity to service-based, and with technological developments such as electric vehicles, we believe there’s more need than ever for consumer protection to keep pace with these advances.

 

Despite the challenges of increased volumes, we’ve maintained momentum in our strategic planning as well as focusing on our people and supporting consumers throughout 2023.

 

Results

Trust Alliance Group recorded a surplus, after taxation, of £4,643,830 for the year. This was in line with the Board’s expectations of achieving a result based on the significant volume increase in the Energy sector caused by the Ukraine war, the cost-of-living crisis and the increase in consumer awareness of our service through better sign posting to our dedicated re-branded websites.

 

A total of £58,800 of bad debt incurred was in 2023. Of this, £45,460 (77.3%) related to UK Energy Incubator Hub Ltd, which went into administration in 2022. The business was able to absorb this bad debt for the fourth year running, and supporting the energy market with reducing operating costs where we could despite our loss position, the business had no need to mutualise these across the energy sector. The Directors continue to focus on cash collection and reducing aged debt to minimise this risk. The Trust Alliance Group has absorbed the impacts of supplier failure for the past 4 years totalling over £1.1m of written-off debt as we continue to support the energy sector through these difficult periods.

 

The business has been able to maintain a level of reserves in line with the reserves policy set by the Board. The policy aims to cover a range of three to six months total costs to enable the business the to deal with sudden increases or decreases in case volumes, and to invest to sustain a quality service to all sectors.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
Risk

Risk Management forms part of the Board’s system of governance, contributing to and protecting the performance of the business. Trust Alliance Group recognises that risk management is an important tool and therefore has a robust framework in place to facilitate controlled risk-taking. This includes regular risk reviews by senior management, with the most significant corporate risks considered by the Audit and Risk Committee and Board as appropriate.

 

A key risk to the business is the variability in case volumes driven by factors which are outside its control, such the volume of cases in the energy market caused by pricing issues. This risk is mitigated by on-going forecasting and planning to ensure the business remains financially sound and can provide an effective service to all its stakeholders. Additional resource has been put in place to manage increased volumes and assist with maintaining key performance indicators.

 

Given the significant investment in implementation, the operational change risks will also be a continued focus for the Committee in the coming year.

 

Internal audit

The Board recognises the need for independent assurance as part of the third line of defence, ensuring that first line management controls and the second line Risk and Compliance functions are operating effectively.

 

To ensure a continued robust system of internal audit, an in-house internal auditor continues to provide

independent assurance to the Audit and Risk Committee. Reports provided to the Board include risk management, governance, and internal control processes across the business.

 

Our people

The Board recognises that the Group’s ongoing commitment to the wellbeing and development of our colleagues is a key element of our colleague strategy as we continue to build on the support and initiatives introduced the previous year. This included access to flu jabs and mental health first aiders and ensuring that all colleagues have the correct equipment for their role through DSE assessments.

 

The colleague benefits package was also reviewed, adding new benefits whilst also enhancing existing ones, such as pension contributions. We also place great emphasis on one-to-one coaching and face-to-face time with line managers to support colleague wellbeing.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
Key performance indicators

Diversity, Inclusion & Additional Support

We continue to make progress towards ensuring we meet our strategic goal of broadening our reach and our services are accessible to all.

 

Our aim is to be a legitimate, trustworthy organisation through our reach and access work, all the time ensuring all our stakeholders are central to our plans. We work closely with the Board, SLT and across the organisation to deliver the necessary change.

 

Over the last 12 months, we have developed a deeper understanding of under-represented consumers through establishing good relationships with organisations based within those communities and key geographic areas. We’re partnering with community organisations to develop plans for medium and long-term actions.

 

Our Academy Team has delivered foundation Inclusion and Additional Support training to all colleagues as part of the Mindset training. The team also rolled out e-learning sessions to operational colleagues for key additional support elements, including responding to self-harm, signposting, reasonable adjustment,

and wellbeing.

 

We continue to mark key events in our cultural calendar to celebrate and educate. In 2023, we marked International Women’s Day, Pride, Black History Month with colleague participation, speaker sessions, colleague content and community support initiatives.

 

Our colleagues are important to the work that we do, and their health and wellbeing is one of our main priorities. We support them to be their best at work and home, and to help with life’s many challenges a suite of welfare provisions including legal, financial, and circumstantial support is available to everyone.

 

The Board takes a close interest in ensuring that the business has the right talent in the right roles, regardless of background, and Trust Alliance Group continues to meet gender pay reporting requirements.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
Environmental Responsibility

The Board takes its environmental responsibilities seriously and is committed to reducing the impact the Group has on the environment.

 

Through our close working relationship with our environment consultant, Envantage, we’ve developed a robust approach to reducing our carbon footprint. In 2023, we undertook a Green House Gas report to understand our CO2 emissions the previous year, which highlighted a marked increase but an improved baseline, plus we completed an audit which is compliant with the Energy Saving Opportunities Scheme.

 

A Net Zero Working Group was also established to create our strategic approach, focusing on foundation environment knowledge, greenhouse gas review and projects and initiatives.

 

Corporate social responsibility

The Board supports the community work the Group undertakes and encourages all colleagues to actively support our local community. In 2023 we continued to make a difference in our local areas of Halton and Warrington, contributing to:

 

We welcomed Room At The Inn as a new charity partner in January to support with refurbishment volunteering and donations. We also extended our community support further by developing relationships with organisations local to our regional workplaces.

 

Our volunteering and fundraising efforts in 2023 had the following impact:

 

In December we welcomed 1000 primary school children from seven local primary schools for a special Christmas experience at our Daresbury office. Over 150 colleagues volunteered a total of 462 hours to make the children’s visit across the week memorable. We received some fantastic feedback in the form of handmade cards from the children, showing their gratitude for the experience we delivered.

 

We will be reviewing our community work in 2024 to deliver further impact locally, regionally and further afield, to ensure we embed this work throughout our business structure.

Other information and explanations

Future developments

In the longer-term, the Group’s strategic planning process has identified some new possibilities and strategic options for the future. Central to these will be the core values of the Group and the role the Ombudsman plays in society - and ensuring this remains relevant in an ever-changing world.

 

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
Promoting the success of the company

The Directors of the company, as those within all UK companies, must act in accordance with the duties detailed in section 172 of the UK Companies Act 2006 which is summarised as follows:

 

A director of a company must act in the way he considers, in good faith, would most likely promote the success of the company for the benefit of its members, and in doing so have regard (amongst other matters) to:

 

  1. The likely consequence of any decision in the long term,

  2. The interests of the company’s employees

  3. The need to foster the company’s business relationships with suppliers, customers and others,

  4. The impact of the company’s operations on the community and environment

  5. The desirability of the company maintaining a reputation for high standards of business conduct, and

  6. The need to act fairly as between members of the company’

Induction

Board members attend the same ‘Introduction to TAG’ induction training that all other colleagues attend. This includes obtaining a full understanding of topics such as group structure, group purpose and additional support. Their induction also includes time with key departments across the group so that they fully understand the key business processes and with the leadership team to further embed understanding of roles and remits. Time is particularly set aside within Operations to understand the consumer journey and the operational model. Previous board packs and a thorough understanding of group strategic direction ensure a solid foundation is set.

Goverance and risk

The Directors fulfil their duties partly through a governance framework and a scheme of delegation. Through the scheme of delegation, the Board reserves the power to appoint the Group Chief Executive Officer (CEO) and it is the Group CEO who then has the delegated responsibility to appoint the directors of the subsidiary companies. The following aims to summarise the activities in place and how Directors fulfil their duties supported by process and structure across Trust Alliance Group (TAG).

 

Risk Management forms part of the Board’s system of governance, contributing to and protecting the performance of the business. TAG recognises that risk management is an important tool and therefore has a robust framework in place to facilitate controlled risk-taking. This includes regular risk reviews by senior management, with the most significant corporate risks considered by the Audit and Risk Committee and Board as appropriate.

 

A key risk to the business is the variability in case volumes driven by factors which are outside of its control, such as the volume of cases in the energy market caused by the on-going energy crisis. This risk is mitigated by regular forecasting and planning to ensure the business remains financially sound and can provide an effective service to all of its stakeholders.

 

The Board recognises the need for independent assurance as part of the third line of defence, ensuring that first line management controls and the second line Risk and Compliance functions are operating effectively. To ensure a continued robust system of internal audit, an in-house internal auditor continues to provide independent assurance to the Audit and Risk Committee. Reports provided to the Board include risk management, governance, and internal control processes across the business.

 

 

 

 

 

 

 

 

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
Colleague focus

Whilst driving the success of the company and its impact on the sectors in which it operates, as a not-for-profit organisation, the interest of the company’s employees remains a key strategic focus for the board and supporting management team. All colleagues attend a mindset training and, as part of the colleague development programme, an Additional Support course is provided. This equips colleagues in providing additional support to consumers and other colleagues who need it.

 

This support includes introducing Working Together principles, the identification and classification of additional support needs, signposting where required and responding to consumer support requirements and personal wellbeing.

 

Leadership workshops for Directors and Senior Leaders embed a consistent approach to leadership within the business. Leadership development training is delivered to provide managers with the skills they need to be successful in their daily roles whilst preparing them for progression opportunities. Coaching is also provided for senior leaders to ensure ongoing support and all new leaders, joining the Group, attend a specialist onboarding programme.

 

With the ongoing challenge of the financial climate, there is a focus on colleague wellbeing (physical and mental). This includes access to mental health first aiders, financial and legal advice/support, an employee assistance programme, free flu jabs, in-house or sourced gym facilities and access to the pantry (either directly or via food parcels) which provides free food essentials for colleagues. In 2023, the overall colleague benefits package was reviewed with new benefits introduced, including menopause support and increased pension contributions.

 

Key Stakeholders

Externally, TAG has several key stakeholders that are key to its continued success that should be considered under s172 requirements. TAG is the parent company of a number of external facing business units including the Energy Ombudsman, Communications Ombudsman and The Digital Responsibility Network.

 

Although the role of each business unit may differ, the same principles in adherence to s172 apply. Stakeholders listed in s172 include suppliers, providers, regulatory bodies, and customers (referred to by TAG as consumers).

 

Suppliers and providers have dedicated relationship teams who promote collaboration in improving the customer experience based on insights. Relationships with regulators are held at various levels, including board. Where applicable, systemic issues are discussed to identify and inform how improvements to the relevant sector are brought about. These relationships, including the sharing of forecasting data, help maintain a long-term vision to act in good faith contributing to the continued success of the company.

 

The insights provided by the relevant business unit also feed into other key Stakeholder relationships, such as Citizens Advice and Consumer Advice Scotland, to encourage transparency and build further trust with consumers. Relationships are held with government and officials via the Policy and Public Affairs team – extending to board members where appropriate.

Community
In addition to the relationships referenced above, TAG also works closely with several local charities. Charity partners are chosen based on the themes of inclusion, reducing hardship and environment. Colleague volunteering and fundraising opportunities are delivered on an ongoing basis, all of which make a difference to local communities. Last year, 10% of colleagues volunteered 465 hours across 16 events with charity partners.
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
Enviroment
The environmental impact of the organisation is monitored, and the appropriate steps taken to act accordingly for the benefit of the environment.
Following the completion of a full ‘Green House Gas Report' to understand CO2 emissions in 2022, an internal audit was undertaken which complies with the ‘Energy Saving Opportunities Scheme'. This led to TAG's Net Zero working group with representatives from across TAG's business units. The group's key focus areas include Foundation Environment knowledge, targets and commitments, and strategy development.
Summary
Professional conduct is imperative in all areas of the business, from the governance that provides the guardrails for a safe operation, to the support provided for colleagues and the community. The board has implemented an annual internal audit programme, approved by ARC and introduced quality improvement and service improvement functions to the business. The Quality improvement function has a group remit and extends beyond the operational function, to ensure assurance on quality is provided across the entire group. As part of the risk approach, there is a mandatory Rhythms and Routines process that ensures awareness and risk is fed both up and down through the group including board members.

On behalf of the board

Lord T F Clement-Jones CBE
Director
8 August 2024
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 9 -

The directors present their annual report and financial statements for the Year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be that of independent dispute resolution.

Results and dividends

The results for the Year are set out on page 15.

Directors

The directors who held office during the Year and up to the date of signature of the financial statements were as follows:

Dr M M Amos
Lord T F Clement-Jones CBE
Mr B J Landers
(Resigned 1 August 2023)
Mr M J Vickers
(Resigned 28 November 2023)
Mr S A Palmer
Mrs O Sodeinde
Mr P W Hewitt
Mrs J S Davenport
Mrs G Drakeford
(Appointed 1 July 2023)
Mr M George
(Appointed 1 July 2023)
Disabled persons

Applications for employment by disabled persons are always fully considered, bearing in mind the aptitudes of the applicant concerned. In the event of members of staff becoming disabled, every effort is made to ensure that their employment within the group continues and that the appropriate training is arranged. It is the policy of the group that the training, career development and promotion of disabled persons should, as far as possible, be identical to that of other employees.

Employee involvement

The Group's policy is to consult and discuss with employees, through unions, staff councils and at meetings, matters likely to affect employees' interests.

 

Information about matters of concern to employees is given through information bulletins and reports which seek to achieve a common awareness on the part of all employees of the financial and economic factors affecting the group's performance.

Auditor

Following the merger of MHA Moore & Smalley with MHA, the company's independent auditor has now become MHA. A resolution to reappoint MHA as independent auditor will be proposed at the next Annual General Meeting.

Energy and carbon report

As the company has consumed more than 40,000 kWh of energy in this reporting period, it does not qualify as a low energy user under these regulations and is required to report on its emissions, energy consumption or energy efficiency activities.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 10 -
2023
2022
Energy consumption
kWh
kWh
Aggregate of energy consumption in the year
- Electricity purchased
1,041,961
-
1,041,961
-
0
2023
2022
Emissions of CO2 equivalent
metric tonnes
metric tonnes
Scope 1 - direct emissions
- Gas combustion
-
-
- Fuel consumed for owned transport
-
-
-
-
Scope 2 - indirect emissions
- Electricity purchased
215.76
-
Scope 3 - other indirect emissions
- Fuel consumed for transport not owned by the group
-
-
Total gross emissions
215.76
-
Intensity ratio
Tonnes CO2e per employee
0.33
Quantification and reporting methodology

The group has followed the 2019 HM Government Environmental Reporting Guidelines. The group has also used the GHG Reporting Protocol – Corporate Standard and have used the 2020 UK Government’s Conversion Factors for Company Reporting.

Intensity measurement

The chosen intensity measurement ratio is total gross emissions in metric tonnes CO2e per employee, the recommended ratio for the sector.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

On behalf of the board
Lord T F Clement-Jones CBE
Director
8 August 2024
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -

The directors are responsible for preparing the Annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 group and company, and of the surplus or deficit of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
- 12 -
Opinion

We have audited the financial statements of The Trust Alliance Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows, the company statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

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 group and parent 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent 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 the directors with respect to going concern are described in the relevant sections of this report.

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.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
- 13 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

 

In the light of the knowledge and understanding of the group and parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

Matters on which we are required to report by exception

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:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

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 these financial statements.

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. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud, is detailed below.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
- 14 -

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our 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.

Nicola Mason MA(Cantab) FCA DChA
Senior Statutory Auditor
For and on behalf of MHA, Statutory Auditor
Preston, United Kingdom
9 August 2024
MHA is the trading name of MacIntyre Hudson LLP, a limited liability partnership in England and Wales (registered number OC312313)
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 15 -
Year
Year
ended
ended
31 December
31 December
2023
2022
Notes
£
£
Turnover
3
52,976,026
36,418,752
Administrative expenses
(48,036,131)
(37,305,424)
Operating surplus/(loss)
7
4,939,895
(886,672)
Interest receivable and similar income
8
33,198
46,030
Change in value of investments
10
67,618
(349,011)
Surplus/(loss) before taxation
5,040,711
(1,189,653)
Tax on surplus/(loss)
9
(396,881)
(114,904)
Surplus/(loss) for the financial Year
4,643,830
(1,304,557)
Total comprehensive income for the Year is all attributable to the parent company.
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
GROUP AND COMPANY BALANCE SHEETS
AS AT
31 DECEMBER 2023
31 December 2023
31 December 2023
31 December 2023
- 16 -
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
11
3,873,353
2,593,636
-
2,593,636
Tangible assets
12
2,537,404
2,857,476
1,519,837
2,779,547
Investments
13
3,469,372
3,420,900
3,469,472
3,421,000
9,880,129
8,872,012
4,989,309
8,794,183
Current assets
Debtors
15
8,960,308
7,684,156
21,619,395
12,894,000
Cash at bank and in hand
5,200,730
3,566,946
193,788
3,048,934
14,161,038
11,251,102
21,813,183
15,942,934
Creditors: amounts falling due within one year
16
(6,645,828)
(6,961,911)
(15,647,104)
(11,538,714)
Net current assets
7,515,210
4,289,191
6,166,079
4,404,220
Total assets less current liabilities
17,395,339
13,161,203
11,155,388
13,198,403
Creditors: amounts falling due after more than one year
17
(630,816)
(1,454,975)
(630,816)
(1,454,975)
Provisions for liabilities
Provisions
19
(877,759)
(845,058)
(811,780)
(845,058)
Deferred tax liability
20
(547,665)
(165,901)
(222,181)
(148,191)
(1,425,424)
(1,010,959)
(1,033,961)
(993,249)
Net assets
15,339,099
10,695,269
9,490,611
10,750,179
Capital and reserves
Income and Expenditure account
15,339,099
10,695,269
9,490,611
10,750,179

As permitted by s408 Companies Act 2006, the company has not presented its own income and expenditure account and related notes. The company’s deficit for the year was £1,259,568 (2022 - £1,115,663 deficit).

The financial statements were approved by the board of directors and authorised for issue on 8 August 2024 and are signed on its behalf by:
08 August 2024
The notes on pages 18 to 35 are an integral part of these financial statements.
Lord T F Clement-Jones CBE
Director
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
GROUP AND COMPANY BALANCE SHEETS (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 17 -
Company Registration No. 04351294
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 18 -
Income and Expenditure
£
Balance at 1 January 2022
11,999,826
Year ended 31 December 2022:
Loss and total comprehensive income for the year
(1,304,557)
Balance at 31 December 2022
10,695,269
Period ended 31 December 2023:
Surplus and total comprehensive income for the period
4,643,830
Balance at 31 December 2023
15,339,099
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
Income and Expenditure
£
Balance at 1 January 2022
11,865,843
Year ended 31 December 2022:
Loss and total comprehensive income for the year
(1,115,664)
Balance at 31 December 2022
10,750,179
Period ended 31 December 2023:
Deficit and total comprehensive income for the period
(1,259,568)
Balance at 31 December 2023
9,490,611
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 20 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
25
5,240,073
477,495
Income taxes paid
(77,942)
(1,003)
Net cash inflow from operating activities
5,162,131
476,492
Investing activities
Purchase of intangible assets
(2,465,452)
(2,597,881)
Purchase of tangible fixed assets
(536,171)
(1,059,290)
Valuation changes in investments
(48,472)
375,015
Receipts arising from loans made
67,618
(349,011)
Interest received
33,198
46,030
Net cash used in investing activities
(2,949,279)
(3,585,137)
Financing activities
Proceeds of a new finance lease
-
1,300,000
Repayment of finance lease
(579,068)
(513,336)
Net cash (used in)/generated from financing activities
(579,068)
786,664
Net increase/(decrease) in cash and cash equivalents
1,633,784
(2,321,981)
Cash and cash equivalents at beginning of Year
3,566,946
5,888,927
Cash and cash equivalents at end of Year
5,200,730
3,566,946
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 21 -
1
Accounting policies
Company information

Trust Alliance Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is 3300 Daresbury Park, Daresbury, Warrington, WA4 4HS.

 

The group consists of Trust Alliance Group Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Trust Alliance Group Limited together with all entities controlled by the parent company (its subsidiaries).

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 22 -

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

1.4
Going concern

The financial statements have been prepared on the going concern basis of accounting.

 

The Directors continue to assess the impact of supplier failures on all aspects of the business and measures have been taken to ensure the Group remains financially sound, whilst also providing the most appropriate service to consumers and participating companies in the current circumstances.

 

Specifically, the Group has been able to support hybrid working and focus on the wellbeing of colleagues, together with ensuring the continued availability of the Group’s services to all stakeholders, with a particular focus on the more vulnerable consumers.

 

The Directors have reasonable expectation that the Group has adequate resources to continue to operational existence for the foreseeable future. This, the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.5
Turnover

Turnover represents subscription and case fee income of the service and any costs recovered in setting up new ombudsman services.

 

Case fee income is recognised dependent on the progress of the case and the stage of completion at the period end.

 

Subscriptions are included in the financial statements as they become receivable or due.

1.6
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.7
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
33% - 50% straight line
Assets under construction
No amortisation charged
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 23 -
1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
Over the period of the lease
Fixtures and fittings
20% - 50% straight line
Computers
33% straight line or over life of lease

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income and expenditure account.

1.9
Fixed asset investments

Equity investments are measured at fair value through surplus or deficit.

 

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.10
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.11
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease to the extent it reverses a previous upwards revaluation.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 24 -

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in surplus or deficit, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 25 -
Impairment of financial assets

Financial assets, other than those held at fair value through surplus and deficit, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in surplus or deficit.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in surplus or deficit.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

There are no other financial liabilities held by the Group.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 26 -
1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

The Ombudsman Service Limited is only liable to taxation on its investment activities. Deferred tax is porvided for on unrealised gains on the valuation of investments.

1.16
Provisions

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in surplus or deficit in the period in which it arises.

1.17
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.18
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 27 -
1.19
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to surplus or deficit on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.20
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements
Dilapidations provision

The dilapidations provision is based on an average cost per square metre for the property leased to provide an estimate of likely costs. This is based on historic experience of likely costs but the eventual cost may differ.

Bad debt provision

The bad debt provision is based on an estimate of how much is ultimately recoverable from debtors.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
28
(2,286,600)
116,554
Income taxes paid
(8,624)
(19,915)
Net cash (outflow)/inflow from operating activities
(2,295,224)
96,639
Investing activities
Purchase of intangible assets
-
0
(2,597,881)
Purchase of tangible fixed assets
-
0
(1,007,205)
Purchase of investments
(48,472)
375,015
Receipts arising from loans made
67,618
(349,011)
Interest received
-
0
46,018
Net cash generated from/(used in) investing activities
19,146
(3,533,064)
Financing activities
Proceeds of a new finance lease
-
1,300,000
Repayment of borrowings
(579,068)
(513,331)
Net cash (used in)/generated from financing activities
(579,068)
786,669
Net decrease in cash and cash equivalents
(2,855,146)
(2,649,756)
Cash and cash equivalents at beginning of Year
3,048,934
5,698,690
Cash and cash equivalents at end of Year
193,788
3,048,934
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 29 -
3
Turnover and other revenue
2023
2022
£
£
Turnover
52,976,026
36,418,752
2023
2022
£
£
Other significant revenue
Interest income
33,198
46,030

The total turnover of the group for the year has been derived from its principal activity wholly undertaken in the UK.

4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
60,000
27,135
For other services
Taxation compliance services
3,500
2,500
All other non-audit services
5,500
3,500
9,000
6,000
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the Year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Management and administration
655
598
-
0
565
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Employees
(Continued)
- 30 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
32,081,173
17,940,249
-
0
12,485,586
Social security costs
2,362,879
1,749,721
-
1,190,880
Pension costs
936,555
668,970
-
0
474,978
35,380,607
20,358,940
-
0
14,151,444
Redundancy payments made or committed
551,989
462,851
-
270,764
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
950,190
513,463
Company pension contributions to defined contribution schemes
66,271
33,506
1,016,461
546,969

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 7 (2022 - 6).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
512,252
180,600
Company pension contributions to defined contribution schemes
41,512
16,447
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 31 -
7
Operating profit/(loss)
2023
2022
£
£
Operating profit/(loss) for the period is stated after charging/(crediting):
Exchange losses
105
81
Research and development costs
-
126,422
Depreciation of owned tangible fixed assets
920,217
711,166
Amortisation of intangible assets
1,083,016
1,374,195
Release of negative goodwill
-
(38,746)
Operating lease charges
785,510
676,354
8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
33,198
46,030
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
-
0
33,580
Adjustments in respect of prior periods
15,117
(4,550)
Total current tax
15,117
29,030
Deferred tax
Origination and reversal of timing differences
381,764
85,874
Total tax charge
396,881
114,904
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
9
Taxation
(Continued)
- 32 -

The actual charge for the Year can be reconciled to the expected charge/(credit) for the Year based on the surplus or deficit and the standard rate of tax as follows:

2023
2022
£
£
Profit/(loss) before taxation
5,040,711
(1,189,653)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
1,260,178
(226,034)
Tax effect of expenses that are not deductible in determining taxable profit
(12,184)
(1)
Tax effect of income not taxable in determining taxable profit
-
0
(2,969)
Adjustments in respect of prior years
-
0
115
Permanent capital allowances in excess of depreciation
3,381,272
-
0
Depreciation on assets not qualifying for tax allowances
(920,217)
-
0
Amortisation on assets not qualifying for tax allowances
(629)
-
0
Deferred tax charge on investment gain
67,618
-
0
Exempt activity
(3,379,157)
343,793
Taxation charge
396,881
114,904

Ombudsman Services Limited is liable to corporation tax on its investment income but is exempt from corporation tax on Alternative Dispute Resolution activities, which are not considered to be trading activities for the purposes of taxation.

10
Change in value of investments
2023
2022
£
£
Fair value gains/(losses) on financial instruments
Change in value of investments
67,618
(349,011)
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 33 -
11
Intangible fixed assets
Group
Software
Assets under construction
Total
£
£
£
Cost
At 1 January 2023
2,622,869
1,073,713
3,696,582
Additions
504,293
1,961,159
2,465,452
Transfers
(1,102,947)
(63,972)
(1,166,919)
Transfers from assets under construction
2,144,433
(2,144,433)
-
0
At 31 December 2023
4,168,648
826,467
4,995,115
Amortisation and impairment
At 1 January 2023
1,102,946
-
0
1,102,946
Amortisation charged for the Year
1,121,762
-
0
1,121,762
Transfers
(1,102,946)
-
0
(1,102,946)
At 31 December 2023
1,121,762
-
0
1,121,762
Carrying amount
At 31 December 2023
3,046,886
826,467
3,873,353
At 31 December 2022
1,519,923
1,073,713
2,593,636
Company
Software
Assets under construction
Total
£
£
£
Cost
At 1 January 2023
2,622,869
1,073,713
3,696,582
Transfers
(2,622,869)
(1,073,713)
(3,696,582)
At 31 December 2023
-
0
-
0
-
0
Amortisation and impairment
At 1 January 2023
1,102,946
-
0
1,102,946
Transfers
(1,102,946)
-
0
(1,102,946)
At 31 December 2023
-
0
-
0
-
0
Carrying amount
At 31 December 2023
-
0
-
0
-
0
At 31 December 2022
1,519,923
1,073,713
2,593,636
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 34 -
12
Tangible fixed assets
Group
Leasehold improvements
Assets under construction
Fixtures and fittings
Computers
Total
£
£
£
£
£
Cost
At 1 January 2023
2,517,498
-
0
1,827,451
953,515
5,298,464
Additions
136,698
5,385
48,499
345,589
536,171
Transfers
(380,786)
63,972
(962,319)
(520,186)
(1,799,319)
Transfers from assets under construction
-
0
(63,972)
-
0
63,972
-
0
At 31 December 2023
2,273,410
5,385
913,631
842,890
4,035,316
Depreciation and impairment
At 1 January 2023
687,697
-
0
1,109,264
644,027
2,440,988
Depreciation charged in the Year
495,527
-
0
183,924
240,766
920,217
Transfers
(380,787)
-
0
(962,319)
(520,187)
(1,863,293)
At 31 December 2023
802,437
-
0
330,869
364,606
1,497,912
Carrying amount
At 31 December 2023
1,470,973
5,385
582,762
478,284
2,537,404
At 31 December 2022
1,829,801
-
0
718,187
309,488
2,857,476
Company
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 January 2023
2,517,498
1,827,451
804,675
5,149,624
Transfers
(906,983)
(1,090,773)
(576,902)
(2,574,658)
At 31 December 2023
1,610,515
736,678
227,773
2,574,966
Depreciation and impairment
At 1 January 2023
687,697
1,109,264
573,116
2,370,077
Depreciation charged in the Year
325,901
147,336
75,108
548,345
Transfers
(380,787)
(962,319)
(520,187)
(1,863,293)
At 31 December 2023
632,811
294,281
128,037
1,055,129
Carrying amount
At 31 December 2023
977,704
442,397
99,736
1,519,837
At 31 December 2022
1,829,801
718,187
231,559
2,779,547
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
12
Tangible fixed assets
(Continued)
- 35 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Leasehold Improvements
1,210,391
1,593,841
1,210,391
1,593,841
13
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
14
-
0
-
0
100
100
Listed investments
3,469,372
3,420,900
3,469,372
3,420,900
3,469,372
3,420,900
3,469,472
3,421,000
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023
3,420,900
Valuation changes
48,472
At 31 December 2023
3,469,372
Carrying amount
At 31 December 2023
3,469,372
At 31 December 2022
3,420,900
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
13
Fixed asset investments
(Continued)
- 36 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 January 2023
100
3,420,900
3,421,000
Valuation changes
-
48,472
48,472
At 31 December 2023
100
3,469,372
3,469,472
Carrying amount
At 31 December 2023
100
3,469,372
3,469,472
At 31 December 2022
100
3,420,900
3,421,000
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Lumin Tech Limited
England and Wales
Ordinary
100.00
Digital Responsibility Network Limited
England and Wales
Ordinary
100.00
Tag Support Services Limited
England and Wales
Ordinary
100.00
Energy Ombudsman Limited
England and Wales
Ordinary
100.00
Flexible Resolution Services Limited
England and Wales
Ordinary
100.00
Communication Ombudsman Limited
England and Wales
Ordinary
100.00
15
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
6,835,174
6,548,169
65,125
6,546,859
Other debtors
524,725
33,526
21,339,270
5,279,659
Prepayments and accrued income
1,600,409
1,102,461
215,000
1,067,482
8,960,308
7,684,156
21,619,395
12,894,000
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 37 -
16
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
18
577,935
579,068
577,935
579,068
Trade creditors
1,564,624
1,727,088
10,711
1,596,997
Corporation tax payable
-
0
62,824
-
0
-
0
Other taxation and social security
2,529,195
1,618,553
150,930
1,023,198
Other creditors
285,484
193,187
14,653,077
5,617,132
Accruals and deferred income
1,688,590
2,781,191
254,451
2,722,319
6,645,828
6,961,911
15,647,104
11,538,714
17
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Obligations under finance leases
18
138,380
716,315
138,380
716,315
Accruals and deferred income
492,436
738,660
492,436
738,660
630,816
1,454,975
630,816
1,454,975

Accruals and deferred income due after more than one year relates to the receipt of a lease premium which is being spread over the life of the lease.

18
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
577,935
579,068
577,935
579,068
In two to five years
138,380
716,315
138,380
716,315
716,315
1,295,383
716,315
1,295,383

Finance lease payments represent rentals payable by the company or group for certain items of leasehold improvements. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 38 -
19
Provisions for liabilities
Group
Company
2023
2022
2023
2022
£
£
£
£
Dilapidations provisions
811,780
780,579
811,780
780,579
Other provisions
65,979
64,479
-
64,479
877,759
845,058
811,780
845,058
Movements on provisions:
Dilapidations provisions
Other provisions
Total
Group
£
£
£
At 1 January 2023
1,592,359
64,479
1,656,838
Additional provisions in the year
-
65,979
65,979
Reversal of provision
(780,579)
(64,479)
(845,058)
At 31 December 2023
811,780
65,979
877,759
Dilapidations provision
Other provisions
Total
Company
£
£
£
At 1 January 2023
1,592,359
64,479
1,656,838
Reversal of provision
(780,579)
(64,479)
(845,058)
At 31 December 2023
811,780
-
811,780
20
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
655,915
17,710
Tax losses
(325,770)
-
Retirement benefit obligations
(4,661)
-
Investments
222,181
148,191
547,665
165,901
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
20
Deferred taxation
(Continued)
- 39 -
Liabilities
Liabilities
2023
2022
Company
£
£
Investments
222,181
148,191
Group
Company
2023
2023
Movements in the Year:
£
£
Liability at 1 January 2023
165,901
148,191
Charge to profit or loss
381,764
73,990
Liability at 31 December 2023
547,665
222,181
21
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to surplus or deficit in respect of defined contribution schemes
936,555
668,970

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

22
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
1,129,674
944,275
944,275
944,275
Between two and five years
1,776,184
2,720,459
1,776,184
2,720,459
2,905,858
3,664,734
2,720,459
3,664,734
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 40 -
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023
2022
£
£
Aggregate compensation
1,098,438
1,141,062

The remuneration of key management personnel is set by the Remuneration Committee and is benchmarked against remuneration of similar sized companies according to data provided by Towers Watson.

 

There is no overall controlling party of the company.

24
Contingent liability

The Alternative Dispute Resolution (ADR) Services provided by Trust Alliance Group Limited have been treated as a non-trading activity and therefore not subject to corporation tax. This is on the basis that:-

HMRC has challenged the status of the activities for tax purposes and has raised additional tax assessments. HMRC have completed an review of their position and upheld the assessments. Independent advice has been obtained by Trust Alliance Group Limited in support of the original treatment of the income as not subject to tax. The case will now go to tribunal. If HMRC’s position were upheld, the liability to HMRC would be approximately £2.4million comprising tax of £2.2m and interest and penalties of £0.2m. As the assessments are disputed by the company, this potential liability has not been recognised in the financial statements.

TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 41 -
25
Cash generated from group operations
2023
2022
£
£
Surplus/(deficit) for the Year after tax
4,643,830
(1,304,557)
Adjustments for:
Taxation charged
396,881
79,556
Investment income
(33,198)
(46,030)
Amortisation and impairment of intangible assets
1,121,762
1,335,449
Depreciation and impairment of tangible fixed assets
920,217
711,166
Change in value of investments
(67,618)
349,011
Increase/(decrease) in provisions
32,701
(47,825)
Movements in working capital:
Increase in debtors
(1,276,152)
(2,976,850)
(Decrease)/increase in creditors
(498,350)
2,377,575
Cash generated from operations
5,240,073
477,495
26
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,566,946
1,633,784
5,200,730
Obligations under finance leases
(1,295,383)
579,068
(716,315)
2,271,563
2,212,852
4,484,415
27
Analysis of changes in net funds/(debt) - company
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
3,048,934
(2,855,146)
193,788
Obligations under finance leases
(1,295,383)
579,068
(716,315)
1,753,551
(2,276,078)
(522,527)
TRUST ALLIANCE GROUP LIMITED (PREVIOUSLY THE OMBUDSMAN SERVICE LIMITED)
COMPANY STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 42 -
28
Cash (absorbed by)/generated from operations - company
2023
2022
£
£
Loss for the Year after tax
(1,259,568)
(1,115,664)
Adjustments for:
Taxation charged
82,614
51,607
Investment income
-
0
(46,018)
Amortisation and impairment of intangible assets
-
1,335,449
Depreciation and impairment of tangible fixed assets
548,345
671,458
Change in value of investments
(67,618)
349,011
Decrease in provisions
(33,278)
(47,825)
Movements in working capital:
Increase in debtors
(5,420,394)
(7,899,454)
Increase in creditors
3,863,299
6,817,990
Cash (absorbed by)/generated from operations
(2,286,600)
116,554
2023-12-312023-01-01falseCCH SoftwareCCH Accounts Production 2024.100Dr M M AmosMr B J LandersMr M J VickersMr S A PalmerMrs O SodeindeMr P W HewittMrs J S DavenportMrs G DrakefordMr M GeorgeMr M Georgefalse04351294bus:Consolidated2023-01-012023-12-31043512942023-01-012023-12-3104351294bus:Director12023-01-012023-12-3104351294bus:Chairman2023-01-012023-12-3104351294bus:Director42023-01-012023-12-3104351294bus:Director52023-01-012023-12-3104351294bus:Director62023-01-012023-12-3104351294bus:Director72023-01-012023-12-3104351294bus:Director82023-01-012023-12-3104351294bus:Director92023-01-012023-12-3104351294bus:Director22023-01-012023-12-3104351294bus:Director32023-01-012023-12-3104351294bus:Director102023-01-012023-12-3104351294bus:RegisteredOffice2023-01-012023-12-3104351294core:CapitalRedemptionReserve2021-12-3104351294core:OtherMiscellaneousReserve2021-12-3104351294core:RetainedEarningsAccumulatedLosses2023-12-3104351294core:RetainedEarningsAccumulatedLossesbus:Consolidated2021-12-3104351294core:RetainedEarningsAccumulatedLossesbus:Consolidated2022-12-3104351294core:RetainedEarningsAccumulatedLossesbus:Consolidated2023-12-3104351294core:RetainedEarningsAccumulatedLosses2021-12-3104351294core:RetainedEarningsAccumulatedLosses2022-12-31043512942023-12-3104351294bus:Consolidated2023-12-3104351294bus:Consolidated2022-01-012022-12-31043512942022-01-012022-12-3104351294bus:Consolidated2022-12-31043512942022-12-3104351294core:LeaseholdImprovementsbus:Consolidated2023-12-3104351294core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-12-3104351294core:FurnitureFittingsbus:Consolidated2023-12-3104351294core:ComputerEquipmentbus:Consolidated2023-12-3104351294core:LeaseholdImprovementsbus:Consolidated2022-12-3104351294core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2022-12-3104351294core:FurnitureFittingsbus:Consolidated2022-12-3104351294core:ComputerEquipmentbus:Consolidated2022-12-3104351294core:LeaseholdImprovements2023-12-3104351294core:FurnitureFittings2023-12-3104351294core:ComputerEquipment2023-12-3104351294core:LeaseholdImprovements2022-12-3104351294core:FurnitureFittings2022-12-3104351294core:ComputerEquipment2022-12-3104351294bus:Consolidated2021-12-31043512942021-12-3104351294core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3104351294core:ComputerSoftware2023-01-012023-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-01-012023-12-3104351294core:LeaseholdImprovements2023-01-012023-12-3104351294core:FurnitureFittings2023-01-012023-12-3104351294core:ComputerEquipment2023-01-012023-12-310435129412023-01-012023-12-310435129412022-01-012022-12-3104351294core:UKTaxbus:Consolidated2023-01-012023-12-3104351294core:UKTaxbus:Consolidated2022-01-012022-12-3104351294bus:Consolidated12023-01-012023-12-3104351294bus:Consolidated12022-01-012022-12-3104351294bus:Consolidated22023-01-012023-12-3104351294bus:Consolidated22022-01-012022-12-3104351294bus:Consolidated32023-01-012023-12-3104351294bus:Consolidated32022-01-012022-12-3104351294core:ComputerSoftwarebus:Consolidated2022-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3104351294bus:Consolidated2022-12-3104351294core:ComputerSoftwarebus:Consolidated2023-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-12-3104351294core:ComputerSoftware2022-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-31043512942022-12-3104351294core:ComputerSoftware2023-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2023-12-3104351294core:ComputerSoftwarecore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillcore:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3104351294core:ExternallyAcquiredIntangibleAssetsbus:Consolidated2023-01-012023-12-3104351294core:ComputerSoftwarebus:Consolidated2023-01-012023-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2023-01-012023-12-3104351294core:ComputerSoftwarebus:Consolidated2022-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwillbus:Consolidated2022-12-3104351294core:ComputerSoftware2022-12-3104351294core:Non-standardIntangibleAssetClass1ComponentIntangibleAssetsOtherThanGoodwill2022-12-3104351294core:LeaseholdImprovementsbus:Consolidated2022-12-3104351294core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2022-12-3104351294core:FurnitureFittingsbus:Consolidated2022-12-3104351294core:ComputerEquipmentbus:Consolidated2022-12-3104351294core:LeaseholdImprovements2022-12-3104351294core:FurnitureFittings2022-12-3104351294core:ComputerEquipment2022-12-3104351294core:LeaseholdImprovementsbus:Consolidated2023-01-012023-12-3104351294core:ConstructionInProgressAssetsUnderConstructionbus:Consolidated2023-01-012023-12-3104351294core:FurnitureFittingsbus:Consolidated2023-01-012023-12-3104351294core:ComputerEquipmentbus:Consolidated2023-01-012023-12-3104351294core:ListedExchangeTradedbus:Consolidated2023-12-3104351294core:ListedExchangeTradedbus:Consolidated2022-12-3104351294core:ListedExchangeTraded2023-12-3104351294core:ListedExchangeTraded2022-12-3104351294core:CurrentFinancialInstruments2023-12-3104351294core:CurrentFinancialInstruments2022-12-3104351294core:CurrentFinancialInstrumentsbus:Consolidated2023-12-3104351294core:CurrentFinancialInstrumentsbus:Consolidated2022-12-3104351294core:Non-currentFinancialInstrumentsbus:Consolidated2023-12-3104351294core:Non-currentFinancialInstrumentsbus:Consolidated2022-12-3104351294core:Non-currentFinancialInstruments2023-12-3104351294core:Non-currentFinancialInstruments2022-12-3104351294core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2023-12-3104351294core:CurrentFinancialInstrumentscore:WithinOneYearbus:Consolidated2022-12-3104351294core:CurrentFinancialInstrumentscore:WithinOneYear2023-12-3104351294core:CurrentFinancialInstrumentscore:WithinOneYear2022-12-3104351294core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2023-12-3104351294core:Non-currentFinancialInstrumentscore:AfterOneYearbus:Consolidated2022-12-3104351294core:Non-currentFinancialInstrumentscore:AfterOneYear2023-12-3104351294core:Non-currentFinancialInstrumentscore:AfterOneYear2022-12-3104351294core:WithinOneYearbus:Consolidated2023-12-3104351294core:WithinOneYearbus:Consolidated2022-12-3104351294core:WithinOneYear2023-12-3104351294core:WithinOneYear2022-12-3104351294core:BetweenTwoFiveYearsbus:Consolidated2023-12-3104351294core:BetweenTwoFiveYearsbus:Consolidated2022-12-3104351294core:BetweenTwoFiveYears2023-12-3104351294core:BetweenTwoFiveYears2022-12-3104351294bus:PrivateLimitedCompanyLtd2023-01-012023-12-3104351294bus:FRS1022023-01-012023-12-3104351294bus:Audited2023-01-012023-12-3104351294bus:ConsolidatedGroupCompanyAccounts2023-01-012023-12-3104351294bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP