120 JUST GROUP PLC Annual Report and Accounts 2020
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS continued
5 OTHER OPERATING EXPENSES
Year ended 31 December 2020 £m
Year ended 31 December 2019 £m
107.5
Personnel costs (note 10)
108.0
17.5
Investment expenses and charges
13.9
3.9
Depreciation of property, plant and equipment
4.5
19.9
Amortisation of intangible assets
19.9
–
Impairment of property, plant and equipment
4.0
1.1
Impairment of intangible assets
–
70.0
Other costs
77.5
Total other operating expenses
219.9
227.8
Other costs include reassurance management fees, professional fees, IT and marketing costs. Reconciliation of Other operating expenses to Management expenses
Year ended 31 December 2020 £m
Year ended 31 December 2019 £m
Total other operating expenses Investment expenses and charges Reassurance management fees
219.9
227.8
(17.5) (22.2) (18.0)
(13.9) (26.1) (18.8)
Amortisation of acquired intangible assets
(2.9)
Other costs
–
Total management expenses
159.3
169.0
During the year the following services were provided by the Group’s auditor at costs as detailed below:
Year ended 31 December
Year ended 31 December
2020 £000 540
2019 £000 250
Fees payable for the audit of the Parent Company and consolidated accounts
Fees payable for other services: The audit of the Company’s subsidiaries pursuant to legislation
1,618
950
–
Corporate finance services
95
842
Audit-related assurance services
710 218
65
Other assurance services
1
Other non-audit services not covered above
–
3,066
2,223
Auditor remuneration
Fees payable to other audit firms: The audit of the Company’s subsidiaries pursuant to legislation
60
– –
146
Corporate finance services
Total
3,272
2,223 Audit-related assurance services mainly include fees relating to the audit of the Group’s Solvency II regulatory returns. Other assurance services mainly include fees relating to review procedures in relation to the Group’s interim results. Corporate finance services relate to due diligence and reporting accountant services. The fees payable to other audit firms during 2020 noted above relate to £60,000 paid to KPMG in relation to the 2020 audit of the Group’s South African subsidiaries and £146,000 paid to KPMG in relation to corporate finance services carried out during 2019.
6 FINANCE COSTS
Year ended 31 December 2020 £m
Year ended 31 December 2019 £m
107.7
Interest payable on deposits received from reinsurers
139.0
47.3
Interest payable on subordinated debt
44.0
4.0
Other interest payable Total finance costs
3.7
159.0
186.7
The interest payable on deposits received from reinsurers is as defined by the respective reinsurance treaties and calculated with reference to the risk-adjusted yield on the relevant backing asset portfolio.
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