Notes to the consolidated financial statements For the year ended 30 June 2024
1. General information
ability to affect those returns through its power over the entity. The financial statements of the subsidiaries are included from the date on which control is transferred to the Group to the date that control ceases.
Brooks Macdonald Group plc (the “Company”) is the Parent Company of a group of companies (the “Group”), which offer a range of investment management services to private high net worth individuals, pension funds, institutions, charities and trusts. The Group also provides financial planning as well as international investment management, and acts as fund manager to a range of onshore and international funds. The Company is a public limited company by shares, incorporated and domiciled in England, United Kingdom under the Companies Act 2006 and listed on AIM. The address of its registered office is 21 Lombard Street, London, EC3V 9AH, England. 2. Principal accounting policies The general accounting policies applied in the preparation of these Financial statements are set out below. These policies have been applied consistently to all years presented, unless otherwise stated. a. Basis of preparation The Group’s Consolidated financial statements for the year ended 30 June 2024 have been prepared in accordance with UK-adopted International Accounting Standards (“IAS”) and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. These Consolidated financial statements have been prepared on a historical cost basis, except for the revaluation of certain financial instruments or deferred contingent consideration that are measured at fair value. Historic cost is generally based on the fair value of the consideration given in exchange for the assets. The principal accounting policies adopted are set out below. Unless otherwise stated, they have been applied consistently to all periods presented in the Financial statements. At the time of approving the Financial statements, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the Financial statements. For further details on the Group’s going concern assessment, see the Viability statement on page 43 and Audit Committee report on pages 71 to 74. There have been no post balance sheet events that have materially impacted the Group’s liquidity headroom and going concern assessment.
All intercompany transactions and balances between Group companies are eliminated on consolidation.
The Group has interests in structured entities, with one consolidated structured entity being the Brooks Macdonald Group Employee Benefit Trust (Note 28). The Group has interests in other structured entities as a result of contractual arrangements arising from the management of assets on behalf of its clients, but are not consolidated as the Group does not commit to financially support its funds, nor guarantee repayment of any borrowings (Note 35). The Group has disclosed all of its subsidiary undertakings in Note 41 of the Company’s Financial statements. c. Changes in accounting policies The Group’s accounting policies, which have been applied in preparing these Financial statements, are consistent with those disclosed in the Annual Report and Financial Statements for the year ended 30 June 2023, except as explained below. New accounting standards, amendments and interpretations adopted in the year In the year ended 30 June 2024, the Group did not adopt any new standards or amendments issued by the International Accounting Standards Board (“IASB”) or interpretations by the International Financial Reporting Standards Interpretations Committee (“IFRS IC”) that have had a material impact on the Consolidated financial statements. Certain new accounting standards, amendments to accounting standards, and interpretations have been published that are not mandatory for 30 June 2024 reporting periods and have not been early adopted by the Group. These standards, amendments or interpretations are not expected to have a material impact on the Group in the current or future reporting periods or on foreseeable future transactions.
Effective date 1 January 2023 1 January 2023
Standard, Amendment or Interpretation
IFRS 17 ‘Insurance contracts’
Deferred tax related to assets and liabilities arising from a single transaction (amendment to IAS 12)
Definition of Accounting Estimates (amendments to IAS 8)
1 January 2023 1 January 2023
b. Basis of consolidation
Disclosure of Accounting Policies (amendments to IAS 1 and IFRS Practice Statement 2) Classification of Liabilities as Current or Non-Current (amendments to IAS 1) Initial application of IFRS 17 and IFRS 9 – Comparative information (amendments to IFRS 17)
The Group’s Financial statements are a consolidation of the financial statements of the Company and its subsidiaries.
1 January 2023 1 January 2022
The underlying financial statements of the subsidiaries are prepared for the same reporting period as the Company, using consistent accounting policies. Subsidiaries and structured entities are all entities controlled by the Company, deemed to exist where the Company is exposed to, or has rights to, variable returns from its involvement with the entity and has the
114 Brooks Macdonald Group plc Annual Report and Accounts 2024
Made with FlippingBook - professional solution for displaying marketing and sales documents online