Reconciliation of effective tax rate The tax assessed for the period is lower (2023: lower) than the standard rate of corporation tax in the United Kingdom of 25% (2023: 19%). The differences are explained below: Financial Statements 7
2024 £’000 1,069
2023 £’000 11,373 2,161
Surplus on ordinary activities before tax Tax on surplus on ordinary activities at 25% (2023: 19%)
267
Effects of: Fixed asset timing differences Other timing differences
(44)
(58)
6
12 62
Expenses not deductible for tax purposes Recognition of deferred tax on unrelieved tax losses Utilisation of brought forward tax losses Adjustments to deferred tax in respect of prior periods
44
–
944
3,386
–
– 1
459
Origination/reversal of timing differences Qualifying charitable donations
(1,240)
(550)
(114)
Income not taxable
(3,110)
(3,007) (781)
Total tax charge / (credit)
–
Factors affecting tax charge for future periods A UK corporation rate of 25% (effective 1 April 2023) was substantively enacted on 24 May 2021. This will increase the Group’s future current tax charge accordingly. The deferred tax asset at 31 March 2024 has been calculated at 25% (2023: 25%). Association: Anchor Hanover Group is exempt from UK corporation tax on activities which fall under its charitable objects. Current tax for the year is £nil (2023: £nil), deferred tax is £nil (2023: £nil) and total tax is £nil (2023: £nil).
11. Goodwill
Group £’000
Association £’000
Cost At 1 April 2023
42,533
44,306
Additions
–
–
At 31 March 2024
42,533
44,306
Amortisation At 1 April 2023
3,544 8,507 12,051 30,482 38,989
3,692
Amortisation charge for the year
8,861 12,553 31,753 40,614
At 31 March 2024
Net book value at 31 March 2024 Net book value at 31 March 2023
87
Made with FlippingBook - PDF hosting