Ann: 2014 Full Year Statutory Accounts, page-3

Some old discussion I've had...

Reclassification of revenue to an expense contra account. Traditionally, the wrap business charged an expense recovery fee i.e. termed revenue. This was restructured in line with the trust deed of the fund to be a provision for expenses rather than a fee. As such, revenue dropped and became a negative expense or expense recoupment. This fee generated around 2.2M p.a. As such we have grown revenue by the change and as such revenue appears flat, but profit has increased.