Financial Statements
Strategic Report
Governance Report
Other Information
4. Revenue continued a. Geographic analysis
5. Employee information
Administrative costs are recognised as the services are received. The biggest component of the Group’s administrative costs is the costs of employee benefits as shown below. Other costs incurred in administrative costs can be seen in Note 7.
The Group’s operations are located in the United Kingdom and the Channel Islands. The following table presents external revenue analysed by the geographical location of the Group subsidiary entity providing the service.
a. Payroll costs
2024 £’000
2023 1 £’000
2024 £’000
2023 £’000 44,330
108,351
United Kingdom Channel Islands Total revenue
103,458 20,319 123,777
46,099 5,547 2,105 1,598 2,575 57,924
Wages and salaries Social security costs Other pension costs Share-based payments Redundancy costs Total payroll costs
19,911
5,419 2,029 1,845
128,262
1 The prior year geographical revenue analysis has been reclassified with £146,000 previously reported within the Isle of Man now recognised within the Channel Islands.
413
54,036
b. Major clients
The Group is not reliant on any one client or group of connected clients for the generation of revenues.
Pension costs relate entirely to a defined contribution scheme.
During the year, the Group carried out an organisational restructure to ensure it is set up for future success. The Group identified opportunities to streamline and remove duplication from core processes, resulting in redundancy costs of £2,575,000.
Brooks Macdonald Group plc Annual Report and Accounts 2024
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