Financial Statements
Strategic Report
Governance Report
Other Information
23. Provisions
Client compensation £’000
Leasehold dilapidations £’000
FSCS levy £’000
Tax-related £’000
Total £’000 1,145 1,078
At 1 July 2022
112
386 239
367 260
280
Charge to the Consolidated statement of comprehensive income
579
– –
Utilised during the year
(441) 250 640 (295)
(458)
(2)
(901)
At 30 June 2023
167 691
625
280
1,322 1,414
83
– –
Charge to the Consolidated statement of comprehensive income
(167)
(268)
(730)
Utilised during the year
At 30 June 2024
595
691
440
280
2,006
Analysed as: Amounts falling due within one year
595
691
62
280
1,628
–
–
378 440
–
378
Amounts falling due after more than one year
Total provisions
595
691
280
2,006
a. Client compensation Client compensation provisions relate to the potential liability arising from client complaints against the Group. Complaints are assessed on a case-by-case basis and provisions for compensation are made where judged necessary. The amount recognised within provisions for client compensation represents management’s best estimate of the potential liability. The timing of the corresponding outflows is uncertain as these are made as and when claims arise. b. FSCS levy Following confirmation by the FSCS in July 2024 of its final industry levy for the 2024/25 scheme year, the Group has made a provision of £691,000 (FY23: £167,000) for its estimated share.
c. Leasehold dilapidations Leasehold dilapidations relate to dilapidation provisions expected to arise on leasehold premises held by the Group, and monies due under the contract with the assignee of leases on the Group’s leased properties. d. Tax-related Tax-related provisions relate to voluntary disclosures made by the Group to HM Revenue and Customs (“HMRC”) following an input VAT review carried out by the Group during FY23.
Brooks Macdonald Group plc Annual Report and Accounts 2024
147
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