Company Registration No. 09633840 (England and Wales)
ATLAS MASTER TRUST TRUSTEE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2020
31 December 2020
ATLAS MASTER TRUST TRUSTEE LIMITED
COMPANY INFORMATION
Directors
A K Whalley
BESTrustees Limited represented by Mrs Penny Green
PAN Trustees UK LLP represented by Mr Steve Delo
Secretary
Capita Group Secretary Limited
Company number
09633840
Registered office
65 Gresham Street
London
England
EC2V 7NQ
Auditor
KPMG LLP
15 Canada Square
London
E14 5GL
ATLAS MASTER TRUST TRUSTEE LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report to the members of Atlas Master Trust Trustee Limited
3 - 5
Income statement
6
Balance sheet
7
Statement of changes in equity
8
Notes to the financial statements
9 - 13
ATLAS MASTER TRUST TRUSTEE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2020
The Directors present their Directors'
r
eport and financial statements for the year ended 31 December 20
20
.
Principal activity and business review
Atlas Master Trust Trustee Limited ("the Company ") is a wholly owned subsidiary (indirectly held) of Capita plc and operates within the Group's Experience division.
T
he Company’s main activity is to act as the trustee of Atlas Master Trust.
As the Founder
and Funder of an Authorised Master Trust, Capita
Pension Solutions
Limited (Capita Group entity) is required by law to hold regulatory capital
.
This includes holding cash for liquidity purposes in a separate legal entity being Atlas Master
Trust Trustee Limited.
The Company was dormant since 2015 and has become active due to receipt of reserves as specified under the new trust rules and interest on bank balance during the year 2019. The Company continues to receive interest on the bank balances.
On 21 October 2021 SEI (NASDAQ:SEIC) announced the acquisition of Atlas, Capita’s defined contribution (DC) master trust along with founder & funder, Atlas Master Trust Trustee Limited (the Company). The deal extends a successful, long-term strategic partnership between SEI and Capita and positions the SEI Master Trust to continue delivering best-of-breed service at scale. The acquisition by SEI will complete subject to regulatory approval and the Trustee of the SEI Master Trust will take responsibility for the Atlas Master Trust post the completion date. The Pensions Regulator have been notified of SEIs intent to use the Trustee of the SEI Master Trust to hold cash reserves post sale.
As shown in the
C
ompany's
income statement
on page
6
, the
C
ompany's profit
before tax
increased
from £
1,214
in 201
9
to £
1,297
in 20
20 due to interest received on bank balance during the year.
The balance sheet on page
7
of the financial statements shows the
C
ompany's financial position at the year end.
Net assets have increased from
£
985 at 31 December 2019 to
£
2,036 at 31 December 2020 due to bank interest received during the year. Details of amounts owed by its parent company are shown in note 4 to the financial statements.
Results and dividends
The results for the year are set out on page 6.
No dividends were proposed or paid during the year (2019: £nil)
Directors
The Directors who held office during the year and up to the date of signature of the financial statements were as follows:
A K Whalley
BESTrustees Limited represented by Mrs Penny Green
PAN Trustees UK LLP represented by Mr Steve Delo
Political donations
The Company made no political donations and incurred no political expenditure during the year (2019: £nil).
Auditor
KPMG LLP, having indicated its willingness, has been appointed as auditor under section 487(2) of the Companies Act
2006.
- 1 -
ATLAS MASTER TRUST TRUSTEE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
Statement of Directors' responsibilities in respect of the Directors' report and the financial statements
The Directors are responsible for preparing the Directors’ report and the financial statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 101
Reduced Disclosure Framework
.
Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing these financial statements, the Directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
-
assess the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern;
-
use the going concern basis of accounting unless they either intend to liquidate the
ompany or to cease operations,or have no realistic alternative but to do so
; and
-
as explained in the note 1.1 of the financial statements, the Directors do not believe the going concern basis to be appropriate and these financial statements are therefore prepared on a non-going concern basis.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company’s transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.
The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of disclosure to auditor
So far as each person who was a Director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the Company's auditor is unaware. Having made enquiries of fellow Directors and the Company's auditor, each Director has taken all the steps he/she might reasonably be expected to take as a Director in order to make himself/herself aware of any relevant audit information and to establish that the Company's auditor is aware of that information.
Qualifying third party indemnity provisions
The Company has granted an indemnity to the Directors of the Company against liability in respect of proceedings brought by third parties, subject to the conditions set out in the Companies Act 2006. Such qualifying third party indemnity provision remains in force as at the date of approving the Directors' report.
On behalf of the board
A K Whalley
Director
65 Gresham Street
London
United Kingdom
EC2V 7NQ
11 November 2021
- 2 -
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF ATLAS MASTER TRUST TRUSTEE LIMITED
Opinion
We have audited the financial statements of Atlas Master Trust Trustee Limited (“the company”) for the year ended 31 December 2020 which comprise the Income Statement, the Balance Sheet, the Statement of Changes in Equity and related notes, including the accounting policies in note 1.
In our opinion the financial statements:
-
give a true and fair view of the state of the company’s affairs as at 31 December 2020 and of its profit for the year then ended;
-
have been properly prepared in accordance with UK accounting standards, including FRS 101
; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (“ISAs (UK)”) and applicable law. Our responsibilities are described below. We have fulfilled our ethical responsibilities under, and are independent of the company in accordance with, UK ethical requirements including the FRC Ethical Standard. We believe that the audit evidence we have obtained is a sufficient and appropriate basis for our opinion.
Emphasis of matter - non-going concern basis of preparation
We draw attention to the disclosure made in note 1.1 to the financial statements which explains that the financial statements have not been prepared on the going concern basis for the reasons set out in that note. Our opinion is not modified in respect of this matter.
Fraud and breaches of laws and regulations – ability to detect
Identifying and responding to risks of material misstatement due to fraud
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included enquiring of directors and other management and inspection of policy documentation as to Capita plc’s policies and procedures to prevent and detect fraud that apply to this group company as well as enquiring whether the directors have knowledge of any actual, suspected or alleged fraud.
As required by auditing standards, we perform procedures to address the risk of management override of controls, in particular the risk that management may be in a position to make inappropriate accounting entries. On this audit we do not believe there is a fraud risk related to revenue recognition because there are no revenue transactions. We did not identify any additional fraud risks.
We performed procedures including agreeing all accounting entries in the period to supporting documentation.
- 3 -
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATLAS MASTER TRUST TRUSTEE LIMITED
Identifying and responding to risks of material misstatement due to non-compliance with laws and regulations
We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience and through discussion with the directors (as required by auditing standards), and discussed with the directors the policies and procedures regarding compliance with laws and regulations.
We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance.
Firstly, the company is subject to laws and regulations that directly affect the financial statements including financial reporting legislation (including related companies legislation), distributable profits legislation and taxation legislation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.
Secondly, the company is also subject to other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified pensions legislation as the area most likely to have such an effect, recognising the nature of the company’s activities. Auditing standards limit the required audit procedures to identify non-compliance with these laws and regulations to enquiry of the directors and inspection of regulatory and legal correspondence, if any. Therefore if a breach of operational regulations is not disclosed to us or evident from relevant correspondence, an audit will not detect that breach.
Context of the ability of the audit to detect fraud or breaches of law or regulation
Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it.
In addition, as with any audit, there remained a higher risk of non-detection of fraud, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.
Directors' report
The directors are responsible for the directors’ report. Our opinion on the financial statements does not cover that report and we do not express an audit opinion thereon.
Our responsibility is to read the directors’ report and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work:
-
we have not identified material misstatements in the directors’ report;
-
in our opinion the information given in that report for the financial year is consistent with the financial statements; and
-
in our opinion that report has been prepared in accordance with the Companies Act 2006.
- 4 -
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF ATLAS MASTER TRUST TRUSTEE LIMITED
Matters on which we are required to report by exception
Under the Companies Act 2006 we are required to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of directors’ remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.
We have nothing to report in these respects.
Directors' responsibilities
- 5 -
As explained more fully in their statement set out on page 2, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue our opinion in an auditor’s report. Reasonable assurance is a high level of assurance, but does not guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.
A fuller description of our responsibilities is provided on the FRC’s website at
www.frc.org.uk/auditorsresponsibilities
.
The purpose of our audit work and to whom we owe our responsibilities
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.
Ross Martin (Senior Statutory Auditor)
for and on behalf of KPMG LLP, Statutory Auditor
Chartered Accountants
15 Canada Square
London
E14 5GL
11 November 2021
ATLAS MASTER TRUST TRUSTEE LIMITED
INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2020
2020
2019
£
£
Finance income
2
1,297
1,214
Profit before tax
1,297
1,214
Income tax charge
3
(246)
(231)
Total comprehensive income for the year
1,051
983
The income statement has been prepared on the basis that all operations are continuing operations.
There are no recognised gains and losses other than those passing through the income statement.
The notes on pages 9 to 13 form an integral part of these financial statements.
- 6 -
ATLAS MASTER TRUST TRUSTEE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
2020
2019
£
£
Current assets
Trade and other receivables
4
2
2
Cash
5
992,770
946,646
Total assets
992,772
946,648
Current liabilities
Financial liabilities
6
990,259
945,432
Income tax payable
477
231
Total liabilities
990,736
945,663
Net assets
2,036
985
Capital and reserves
Issued share capital
7
2
2
Retained earnings
2,034
983
Total equity
2,036
985
The notes on pages 9 to 13 form an integral part of these financial statements.
Approved by Board and authorised for issue on 11 November 2021
A K Whalley
Director
Company Registration No. 09633840
- 7 -
ATLAS MASTER TRUST TRUSTEE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2020
Share capital
Retained earnings
Total equity
£
£
£
At 1 January 2019
2
-
2
Total comprehensive income for the year
-
983
983
At 31 December 2019
2
983
985
Total comprehensive income for the year
-
1,051
1,051
At 31 December 2020
2
2,034
2,036
a) Share capital
The balance classified as share capital is the nominal proceeds on issue of the Company's equity share capital.
b) Retained earnings
Net profits kept to accumulate in the Company after dividends are paid and retained in the business as working capital.
The notes on pages 9 to 13 form an integral part of these financial statements.
- 8 -
ATLAS MASTER TRUST TRUSTEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
1.1
Basis of preparation
Atlas Master Trust Trustee Limited is a company incorporated, registered and domiciled in the United Kingdom.
The Company is a wholly owned (indirectly held) subsidiary of Capita plc and operates within the Group's Experience division.
The Company was dormant since 2015 and has become active due to receipt of reserves as specified under the new trust rules and interest on bank balance during the year 2019.
The joint Capita-SEI announcement on 21 October 2021 in the pensions trade press regarding the planned acquisition of Atlas, Capita’s defined contribution (DC) master trust along with founder & funder, Atlas Master Trust Trustee Limited (the Company) has prompted the Directors to carefully review the continued appropriateness of the Going Concern assumption. The acquisition by SEI is expected to complete by the end of 2021
,
subject to regulatory approval, and the Trustee of the SEI Master Trust will take responsibility for the Atlas Master Trust post the completion date. The Pensions Regulator have been notified of SEI’s intent to use an existing SEI master trust trustee to hold cash reserves post completion of the sale, and so without a clear role post completion, it is the view of the Directors that SEI will seek to cease the operations of and then voluntarily strike off this entity. Hence, the Directors after careful review of future business have concluded that the use of going concern for the preparation of financial statements is not appropriate as the Company is expected to cease trading within 12 months following the approval of these accounts.
Therefore the financial statements have been prepared on a non-going concern basis as at 31 December 2020
. As a consequence, the Directors have considered the adjustments required to prepare the financial statements on a non-going concern basis. The expected realisable and settlement values for other assets and liabilities (consisting of cash, income tax payable and other amounts due from/to parent and other subsidiary undertakings) are not considered to be materially different from their carrying values at the balance sheet date. Therefore, the Directors have concluded that no further adjustments are required as a result of preparing the financial statements on a non-going concern basis.
- 9 -
ATLAS MASTER TRUST TRUSTEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
1.2
Compliance with accounting standards
The Company has applied FRS 101 – Reduced Disclosure Framework in the preparation of its financial statements. The Company has prepared and presented these financial statements by applying the recognition, measurement and disclosure requirements of international accounting standards in conformity with the requirements of the Companies Act 2006.
The Company's ultimate parent undertaking, Capita plc, includes the Company in its consolidated statements. The consolidated financial statements are prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRSs) adopted pursuant to Regulation (EC) No 1606/2002 as it applies in the European Union and are available to the public and may be obtained from Capita plc’s website on https://www.capita.com/investors.
In these financial statements, the Company has applied the disclosure exemptions available under FRS 101 in respect of the following disclosures:
-
A cash flow statement and related notes;
-
Comparative period reconciliations for share capital;
-
Disclosures in respect of transactions with wholly owned subsidiaries;
-
Disclosures in respect of capital management;
-
The effects of new but not yet effective IFRSs; and
-
Disclosures in respect of the compensation of key management personnel.
As the consolidated financial statements of Capita plc include equivalent disclosures, the Company has also taken the disclosure exemptions under FRS 101 available in respect of the following disclosure:
-
Certain disclosures required by IFRS 2 Share Based Payments in respect of Group settled share based payments;
-
Certain disclosures required by IAS 36 Impairments of assets in respect of the impairment of goodwill and indefinite life intangible assets;
-
Certain disclosures required by IFRS 3 Business Combinations in respect of business combinations undertaken by the Company, in the current and prior periods including the comparative period reconciliation for goodwill; and
-
Disclosures required by IFRS 7 Financial Instrument Disclosures and IFRS 13 Fair Value Measurement.
1.3
Taxation
- 10 -
Tax on the profit or loss for year comprises current and deferred tax. Tax is recognised in the income statement except to the extent that it relates to items recognised directly in equity or other comprehensive income.
Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years
.
Deferred tax is provided, using the liability method, on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.
ATLAS MASTER TRUST TRUSTEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
1.3
Taxation (continued)
- 11 -
Deferred tax liabilities are recognised for all taxable temporary differences:
- except where the deferred tax liability arises from the initial recognition of goodwill;
- except where the deferred tax liability arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
- in respect of taxable temporary differences associated with investments in subsidiaries, associates and interests in joint ventures, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused tax assets and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax assets and unused tax losses can be utilised, except where the deferred income tax asset relating to the deductible temporary difference arises from the initial recognition of an asset or liability in a transaction that is not a business combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss.
1.4
Financial instruments
Trade and other receivables
The trade and other receivables have been measured and presented at their expected realisable values.
Trade and other payables
The trade and other payables have been measured and presented at their expected settlement values.
Cash
Cash in the balance sheet comprise cash at bank and in hand.
2
Finance income
2020
2019
£
£
Interest from bank deposits
1,297
1,214
1,297
1,214
3
Income tax charge
The major components of income tax charge for the years ended 31 December 2020 and 2019 are:
2020
2019
£
£
Current tax
UK corporation tax
246
231
Total tax charge reported in the income statement
246
231
ATLAS MASTER TRUST TRUSTEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
3
Income tax charge
(Continued)
The reconciliation between tax charge and the accounting profit multiplied by the UK corporation tax rate for the years ended 31 December 2020 and 2019 is as follows:
2020
2019
£
£
Profit before tax
1,297
1,214
Profit before taxation multiplied by standard rate of corporation tax in the UK of 19% (2019 - 19%)
246
231
Total tax charge reported in the income statement
246
231
A change to the main UK corporation tax rate was substantively enacted on 17 March 2020. The rate applicable from 1 April 2020 now remains at 19 percent, rather than the previously enacted reduction to 17 percent. This has no material impact on the company.
On 3 March 2021, it was announced in the Budget that the UK tax rate will increase from 19% to 25% from 1 April 2023 onwards. This will increase the company's future income tax charge from 2023.
4
Trade and other receivables
2020
2019
£
£
Amounts due from parent undertaking
2
2
2
2
5
Cash
2020
2019
£
£
Cash at bank and in hand
992,770
946,646
992,770
946,646
6
Financial liabilities
2020
2019
£
£
Pension reserve account
990,259
945,432
990,259
945,432
The Pension reserve account liability represent the amounts that is due to Capita Employee Benefits (Consulting) Limited in the event of Capita Employee Benefits (Consulting) Limited requiring it for liquidity purposes.
- 12 -
ATLAS MASTER TRUST TRUSTEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 13 -
7
Issued share capital
2020
2019
2020
2019
Numbers
Numbers
£
£
Allotted, called up and fully paid
of £1 each
At 1 January
2
2
2
2
At 31 December
2
2
2
2
Share capital
The nominal proceeds on issue of the Company's equity share capital
8
Directors' remuneration
The remuneration of Directors was borne by another subsidiary of Capita plc. As no qualifying services were provided by the Directors on the Company's affairs, no Director remuneration has been allocated to the Company.
9
Parent undertaking
The
C
ompany's immediate parent undertaking is
Capita
Pension Solutions
Limited
, a company incorporated in England and Wales.
The
C
ompany's ultimate parent undertaking is
Capita plc
, a company incorporated in England and Wales. The accounts of
Capita plc
are available from the registered office at
65 Gresham Street, London, United Kingdom, EC2V 7NQ.
10
Post balance sheet event
On 21 October 2021 SEI (NASDAQ:SEIC) announced the acquisition of Atlas, Capita's defined contribution (DC) master trust along with founder & funder, Atlas Master Trust Trustee Limited (the Company). Subject to regulatory approval, the deal extends a successful, long-term strategic partnership between SEI and Capita and positions the SEI Master Trust to continue delivering best-of-breed service at scale.
One of the UK's biggest pensions administrators, Capita Pension Solutions Limited (a fellow subsidiary Company) will continue to provide pensions administration services to the expanded SEI Master Trust, as it has since 2007. This will ensure continuity of service to the members and clients with a shared singular focus on securing the best possible retirement outcomes for all members.
The acquisition by SEI is expected to complete by the end of 2021, subject to regulatory approval, and the Trustee of the SEI Master Trust will take responsibility for the Atlas Master Trust post the completion date. The Pensions Regulator have been notified of SEI's intent to use an existing SEI master trust trustee to hold cash reserves post completion of the sale, and so without a clear role post completion, it is the view of the Directors that SEI will seek to cease the operations of and then voluntarily strike off this entity.
2020-12-31
2020-01-01
A K Whalley
B BESTrustees Limited represented by Mrs Penny Green’
PAN Trustees UK LLP represented by Mr Steve Delo
Capita Group Secretary Limited
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