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Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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INVESTMENT FUND SERVICES LIMITED
COMPANY INFORMATION
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INVESTMENT FUND SERVICES LIMITED
CONTENTS
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INVESTMENT FUND SERVICES LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present the strategic report for the year ended 30 September 2025.
The principal activity of Investment Fund Services Limited (IFS) is to act as the Authorised Corporate Director (ACD) for Open-Ended Investment Companies (OEICs) and as an Authorised Fund Manager (AFM) for unit trusts. The role of the ACD (and AFM) is to ensure these UK-registered collective investment schemes are run in the best interests of their investors. The business is authorised by the Financial Conduct Authority (FCA) to act as both a UK Undertaking for Collective Investment in Transferable Securities (UK UCITS) firm and an Alternative Investment Fund Manager (AIFM).
The key performance indicators for the company are as follows:
The business continues to provide independent ACD services. Assets under management (AUM), the key driver of revenue, increased during the year by 9% (from £16,611 million to £18,108 million). Profit before tax more than doubled to £1,057k (2024: £523k).
The company’s revenue, all of which is derived from independent ACD services and associated activities for its funds, was £107.6 million (2024: £93.8 million), an increase of 15% from the previous year. The increase was predominantly due to the successful launch of fund ranges for Boolers, Pinnacle Investment Management and Wren Sterling as well as positive inflows from existing sponsors. The number of funds managed by the company at year end was 96 (2024: 85).
During the year, IFS successfully onboarded new sponsors including Boolers, Pinnacle and Wren Sterling and has a very strong pipeline of further opportunities. The company also saw positive inflows from its existing sponsors with IFS’ current AUM, and revenue, now more widely diversified across its sponsor range. The group’s focus on unitisation opportunities for its clients is providing a key area for growth for IFS. We have also delivered a fundamental change to our Operating Model for IFS, with the implementation of our strategic partnership with SS&C, giving us new growth and efficiency opportunities.
Expenses have increased by 14% to £107.2m (2024: £93.7m). This rise is in line with revenue growth. The increase is partially due to continued investment by the company in its people and technology, which is to enable the business to continue to grow its AUM and partner base, while maintaining high standards of governance and oversight.
IFS’ capital position remains very strong, with the company holding substantially above its capital adequacy requirements. The business had net assets at the year-end of £10.9m, all of which is held in liquid assets.
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INVESTMENT FUND SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Growth in AUM, and hence revenue and profitability, will continue to be influenced by the performance of stock markets. The company’s strategy of widening its fund range through addition of new sponsors is designed to mitigate this risk.
The company also continues to face pressure on margins and additional costs associated with compliance due to increased regulatory requirements.
The directors are pleased with the results and financial position for the year under review. The business has improved its profitability, while continuing to differentiate itself through the quality of its service, with highly experienced and collaborative senior leadership and relationship management teams. IFS is committed to service quality and high standards of business conduct and has continued to invest in its people and technology to enable continuing service quality delivery as growth continues. Relationships with new partners such as SS&C have also helped to maintain and enhance the quality of IFS’ service as the business grows.
The activities of the business are not expected to change significantly in the foreseeable future, with the focus being on working strategically with our existing partners to deliver asset growth, while also establishing new partnerships to achieve additional growth. The directors are confident that the business has the appropriate culture and people with the necessary talent and experience to meet its objectives.
The board of directors of IFS consider that in their decision making they have acted in a way that would be most likely to promote the success of the company for the benefit of its members as a whole, and in doing so have considered their statutory duties as follows:
a) The likely consequence of any decision in the long term
b) The interests of the company’s employees
c) The need to foster the company’s business relationships with suppliers, customers and others
d) The impact of the company’s operations on the community and the environment
e) The desirability of the company maintaining a reputation for high standards of business conduct
f) The need to act fairly between members of the company.
The following demonstrates how the directors take these factors into consideration in their decision making. The directors monitor the outcome of their strategic decisions through regular board meetings.
The company’s activities are not expected to change significantly in the foreseeable future. The directors are focussed on working strategically with existing sponsors and forming new partnerships to widen the company’s fund range and achieve growth in AUM which will help to reduce exposure to stock markets, which has been identified as a principal risk for the company. The directors are confident that the group employs people with the appropriate talent and experience to meet its objectives, while maintaining the culture of the business. The directors believe strong relationships with stakeholders will enable the business to overcome any economic and other challenges it faces in the year ahead; as well as supporting implementation of applicable mandatory regulation during the period.
IFS has further strengthened its executive team with the appointment of Martin Ratcliffe as Co-CEO, to work alongside longstanding IFS CEO Allan Hamer. While the pair will share the overall responsibilities of the CEO role, Martin will have a specific focus on growth strategy and supporting existing and new relationships, whilst Allan will concentrate on maintaining high standards of fund governance.
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INVESTMENT FUND SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The company is committed to maintaining strong, ethical and transparent relationships with both its customers and suppliers. We uphold high ethical standards in our sales processes, including embedding of the FCA’s Consumer Duty across the group.
We recognise the importance of fair contract terms and timely payments in maintaining strong relationships with our suppliers. The company adheres to agreed contractual terms and industry best practices, seeking to ensure that suppliers receive payments by the due date. The directors have continued to focus on developing and strengthening the company’s strategic partnership with SS&C, which has improved the company’s offering to its customers through increased automation, scale and support.
The company (including at group level) recognises its responsibility to reduce environmental impacts and is committed to playing its part in the global transition to net zero by 2050.
Building on the foundations already in place, the group continues to strengthen its environmental, social and governance (ESG) framework. To embed sustainability more deeply across our organisation, we have established and embedded a Sustainability Committee. The committee meets at least quarterly and has formalised the group's commitment by drafting a net zero plan, encompassing operational and investment initiatives.
Compliance with mandatory reporting requirements remains a priority, with disclosures made under SECR, ESOS, TCFD and SDR. These reports are prepared by colleagues across the business and supported by external specialists, ensuring transparency and accountability.
Our objective to achieve carbon neutrality through utility contracts is advancing strongly. Currently, over 80% of the group’s energy is sourced from a combination of on-site solar installations and renewable supplies backed by the UK Government’s Renewable Energy Guarantees of Origin (REGO) scheme. This transition away from traditional contracts is accelerating our journey. By the end of financial year ended 2026, we expect to reach wholly renewable energy sourcing.
We have now embarked on our journey towards ISO 14001 accreditation across our operational activities with staged audits having commenced post-year end. Achieving this standard will formalise and enhance our environmental management systems and demonstrate our commitment to continual improvement.
In line with peers, the large majority of carbon emissions associated with IFS come from its investment exposures. While these are out of our direct control, as part of our net zero journey and fiduciary duty of long-term value creation and risk management, we are committed to understanding where our most material exposures lie, the management of risks around these positions, and ultimately reducing our carbon footprint over time where viable.
We have created ESG and responsible investment policies, which outline IFS' aims as a responsible investor. IFS will be regularly monitoring fund carbon emissions, and encouraging delegated managers to engage with the companies responsible for the highest emissions intensities in their portfolios.
We recognise that sustainability delivers wide ranging benefits. Environmentally, it helps us protect and restore the planet. Economically, it creates opportunities for efficiency and cost savings in areas such as energy use and waste reduction. Socially, it enhances colleague wellbeing and strengthens our contribution to local communities.
We continue to focus on fostering a positive and high performing culture. This year, we conducted an additional employee engagement survey, and our engagement levels have remained strong. Ongoing feedback continues to shape our cultural priorities and ensures we remain a workplace where colleagues feel involved, supported and valued.
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INVESTMENT FUND SERVICES LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
In addition, we have successfully onboarded a corporate culture standard for investment companies, further demonstrating our commitment to operating to the highest standards of corporate behaviour. Their frameworks and assessments reinforce our ambition to be an organisation recognised for integrity, responsibility and sound governance — principles that sit at the heart of everything we do.
Our commitment to colleague development has also progressed. We have reviewed and enhanced our CPD processes, giving colleagues greater ownership over their professional development. This is supported by an expanded training library, enabling tailored learning aligned to each colleague’s interests and responsibilities. Many colleagues have chosen to pursue further ESG learning, with several completing ESG modules and achieving qualifications through the global professional body CISI (The Chartered Institute for Securities and Investment).
Colleagues are kept informed through regular updates via a dedicated internal Corporate Social Responsibility intranet area, maintained by the group's Corporate Social Responsibility Forum, ensuring transparency and engagement at every level.
The Board remains committed to the delivery of ESG training for all colleagues, with enhanced sessions designed specifically for focus areas.
We have continued to strengthen our values driven culture through the Marlborough Excellence Awards programme. Now in its second year, we have delivered two full cycles of awards, recognising colleagues who have consistently demonstrated our core principles in action. This initiative has not only celebrated outstanding contributions across the group but has also helped embed our values more deeply within everyday behaviours.
Together, these initiatives demonstrate our continued focus on strong governance, cultural investment and responsible business practices, ensuring that sustainability and people development remain integral to the group’s long-term success.
This report was approved by the board on 14 January 2026 and signed on its behalf.
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INVESTMENT FUND SERVICES LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The directors present their report and the financial statements for the year ended 30 September 2025.
The profit for the year, after taxation, amounted to £744,477 (2024 - £392,106).
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
The directors who served during the year and up to the date of signature of the financial statements were as follows:
Richard Goodall (appointed 1 January 2026)
Massimiliano Zorza (appointed 1 January 2026)
The auditor, Barlow Andrews LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company. The company has therefore taken advantage of exemptions from the disclosure requirements relating to energy and carbon reporting.
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INVESTMENT FUND SERVICES LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
This report was approved by the board on
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INVESTMENT FUND SERVICES LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;
∙make judgments 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;
∙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 2006. They 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.
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INVESTMENT FUND SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTMENT FUND SERVICES LIMITED
We have audited the financial statements of Investment Fund Services Limited (the 'Company') for the year ended 30 September 2025, which comprise the Profit and loss account, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 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.
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INVESTMENT FUND SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTMENT FUND SERVICES LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
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.
In the 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.
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INVESTMENT FUND SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTMENT FUND SERVICES LIMITED (CONTINUED)
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 Auditors' 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the financial services sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and FCA regulations;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions; and
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙reading the minutes of meetings of those charged with governance;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with relevant regulators.
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
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INVESTMENT FUND SERVICES LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF INVESTMENT FUND SERVICES LIMITED (CONTINUED)
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 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 Auditors' 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 Auditors' 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.
for and on behalf of
Statutory Auditor
Carlyle House
78 Chorley New Road
BL1 4BY
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INVESTMENT FUND SERVICES LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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INVESTMENT FUND SERVICES LIMITED
REGISTERED NUMBER: 06110770
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 23 form part of these financial statements.
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INVESTMENT FUND SERVICES LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
Investment Fund Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Marlborough House, 59 Chorley New Road, Bolton.
2.Accounting policies
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 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland"
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Marlborough Group Holdings Limited as at 30 September 2025 and these financial statements may be obtained from Marlborough House, 59 Chorley New Road, Bolton.
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
When tax losses are surrendered to companies within the same group, a charge is made to the company receiving the tax relief. The charge is equivalent to the tax saved by the receiving company arising from the group relief. A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
The Company 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 Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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 trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. The impairment loss is recognised in the profit or loss.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Basic 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 Company after the deduction of all its liabilities.
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
2.Accounting policies (continued)
Basic financial liabilities, which include trade creditors and loans from fellow group companies are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
The cost of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received.
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Equity instruments issued by the company 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 company.
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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.
Analysis of turnover by country of destination:
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
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INVESTMENT FUND SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
The parent company is Marlborough Group Holdings Limited.
UFC Fund Management Plc is the ultimate group parent.
The company is included in the consolidated accounts of Marlborough Group Holdings Limited and UFC Fund Management Plc, both incorporated in England and Wales. The registered office of these companies is Marlborough House, 59 Chorley New Road, Bolton. Copies of the group accounts for both entities can be obtained from Companies House, Crown Way, Cardiff.
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