Jupiter Annual Report 2010 - Jupiter Asset Management

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Financial statements – continuation | Notes to the financial statements 21. Deferred tax assets and liabilities The analysis of Group deferred tax assets and deferred tax liabilities is as follows: Group Deferred income tax assets: 2010 £m 2009 £m to be recovered within 12 months – 2.4 to be recovered after more than 12 months 11.0 10.6 Total deferred income tax assets 11.0 13.0 Deferred income tax liabilities: to be recovered within 12 months – (11.3) to be recovered after more than 12 months (39.6) (43.1) Total deferred income tax liabilities (39.6) (54.4) Deferred tax assets have been recognised on the basis that it is probable they will be recoverable in future periods. Group Intangible assets £m Interest costs £m Retention bonus £m Deferred income/ expenses £m Debt issue costs £m Share based payments £m Others £m Total £m Assets – 0.6 2.0 5.8 – – 4.6 13.0 Liabilities (50.0) – – – (1.8) – (2.6) (54.4) At 31 December 2009 (50.0) 0.6 2.0 5.8 (1.8) – 2.0 (41.4) Assets – – 2.2 5.0 – 3.2 0.6 11.0 Liabilities (38.0) – – – (1.1) – (0.5) (39.6) At 31 December 2010 (38.0) – 2.2 5.0 (1.1) 3.2 0.1 (28.6) Movements in temporary differences between the balance sheet dates have been reflected in the statement of other comprehensive income, the consolidated income statement or the consolidated statement of changes in equity, as follows: Group Intangible assets £m Interest costs £m Retention bonus £m Deferred income/ expenses £m Debt issue costs £m Share based payments £m Others £m Total £m At 1 January 2009 (60.8) 7.4 6.4 6.8 (2.2) – 4.0 (38.4) (Charged)/credited to the income statement 10.8 (6.8) (4.4) (1.0) 0.4 – (2.0) (3.0) At 31 December 2009 and at 1 January 2010 (50.0) 0.6 2.0 5.8 (1.8) – 2.0 (41.4) (Charged)/credited to the income statement 12.0 (0.6) 0.2 (0.8) 0.7 1.6 (1.9) 11.2 (Charged)/credited to equity – – – – – 1.6 – 1.6 At 31 December 2010 (38.0) – 2.2 5.0 (1.1) 3.2 0.1 (28.6) Other temporary differences primarily relate to unrealised movements on investments, economic hedging transactions at fair value and differences between depreciation and capital allowances. Annual Report & Accounts 2010 86 Jupiter Fund Management plc
Financial statements – continuation | Notes to the financial statements 21. Deferred tax assets and liabilities continued A number of changes to the UK corporation tax system were announced in the June 2010 budget statement. The Finance (No 2) Act 2010 which was substantively enacted on 20 July 2010, includes legislation reducing the main rate of corporation tax from 28 per cent. to 27 per cent. from 1 April 2011. The deferred tax balances as at 31 December 2010 are therefore stated at 27 per cent. Further reductions to the main rate were announced during the March 2011 budget statement to reduce the rate further to 26 per cent. from 1 April 2011 then by 1 per cent. per annum to 23 per cent. by 1 April 2014. These proposed reductions are expected to be enacted separately each year. The overall effect of the further changes if applied to the deferred tax balance at 31 December 2010, would be to reduce the deferred tax liability by £1.6m (being £1.4m recognised in 2011, £0.3m recognised in 2012 and a £0.1m credit recognised in 2013). As these changes to the main rate of corporation tax were not substantively enacted at the balance sheet date, their impact is not included within the closing deferred tax balances. 22. Cash and cash equivalents 2010 Group £m 2009 Group £m 2010 Company £m 2009 Company £m Cash at bank and in hand 24.1 27.0 8.3 – Cash held by employee benefit trust and fund subsidiaries 0.4 1.4 – – Short term deposits 195.8 195.0 20.0 – Total cash and cash equivalents 220.3 223.4 28.3 – Cash at bank earns interest based at the current prevailing daily bank rates. Short term deposits are made for varying periods of between one day and three months, depending on the forecast cash requirements of the Group, and earn interest at the respective short term deposit rates. Cash held by the employee benefit trust and by fund subsidiaries in the table above is restricted in its use by the Group. 23. Trade and other payables Current 2010 Group £m 2009 Group £m 2010 Company £m 2009 Company £m Trade payables 82.1 48.6 – – Deferred income 27.0 12.7 – – Other payables 17.5 36.8 0.3 – Social security and other taxes 4.5 5.8 – – Accruals 39.5 52.4 0.1 7.1 Amounts owed to subsidiaries – – – 1.6 Total current trade and other payables 170.6 156.3 0.4 8.7 Non-current Deferred income 16.1 26.7 – – Other payables 1.0 0.6 – – Total non-current trade and other payables 17.1 27.3 – – Annual Report & Accounts 2010 87 Jupiter Fund Management plc
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Jupiter Fund Management plc Annual
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Introduction 01-06 Highlights Chair
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Introduction Highlights Chairman’
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Who we are 07-14 Jupiter in brief S
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Directors’ report Business review
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Jupiter Annual Report 2010 - Jupiter Asset Management

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