Register of the group's thirteen entities, the basis on which they contract with one another, and turnover by origin. Intra-group turnover for the period was 4,200.0m EUR, being 60.0 per cent of turnover before elimination.
evil1 is the central office of the group. It does not contract with third parties. Its functions are ownership of the entities listed below, the supply of group management services to them, and the consolidation of their accounts.
Each entity in the register is separately incorporated, files separately and contracts in its own name. Each maintains its own board, its own engagement letter with the group auditor, its own professional indemnity cover and its own complaints procedure. Liability arising from an activity attaches to the entity that carried it out.
| Entity | Code | Function | Principal internal counterparties |
|---|---|---|---|
| evil1 / Holding / Central Office | //0001 | Ownership, group management services, brand licensing | All operating entities |
| Everything Group / Parent Entity / Holder of Record | //0000 | Holder of record. No employees, premises or operations | None |
| CONDAMA Partners / Division 01 / Assurance and Audit | //0666 | Statutory audit and assurance across the register | All twelve other entities |
| ZorgCorp / Division 04 / Consumer / Scoring | //0417 | Household scoring, eligibility determination | Divisions 11, 12, 21, 30 |
| Meridian Bank / Division 11 / Finance / Banking | //1112 | Correspondent and retail banking, group treasury | All operating entities |
| Meridian Assurance / Division 12 / Finance / Assurance | //1204 | Personal, commercial and speciality lines, captive cover | All operating entities |
| Division 14 / Communications | //1407 | Strategic communications, Speak Up line operation | All operating entities |
| Division 20 / Defence / Epistemic | //2097 | Representation, standing, recognised injury | Divisions 11, 14, 22, central office |
| Division 21 / Executive Search | //2101 | Placement of named individuals into positions of formal responsibility | All operating entities |
| Meridian Clearing / Division 22 / Market Infrastructure | //2201 | Novation and clearing of transferable obligations | Divisions 11, 12, 23, 30 |
| Meridian Structuring / Division 23 / Financial Meta-Architecture | //2301 | Instrument design, characterisation opinions | Divisions 11, 12, 22, 30 |
| Continuum / Division 30 / Personal Markets | //3001 | Relevance, presence and prospective consent instruments | Divisions 04, 14, 21 |
| evil1 Academy / Training / Recognition | //EDU | Recognition training | All operating entities |
Everything Group is the holder of record and sits above the central office. It has no employees, no premises and no operations, is not a party to the group’s operating contracts, and neither levies nor bears an intra-group charge.
Each entity in the register supplies services to the others. The bases of charge are documented in the group transfer pricing file and comprise cost-plus management charges, brand royalties, captive insurance premiums, secondment recharges, novation fees, audit and assurance fees, and indemnity administration. Charges are stated gross and are eliminated on consolidation.
| Supplier | Basis of charge | Principal recipients | Charged, EUR m |
|---|---|---|---|
| evil1 (//0001) | Group management charge and brand licence, cost plus 8.0 per cent | All operating entities | 780.0 |
| Meridian Clearing (//2201) | Novation and clearing fees on obligations transferred before crystallisation | Divisions 11, 12, 23, 30 | 690.0 |
| Meridian Assurance (//1204) | Captive cover: directors and officers, professional indemnity, contingent liability | All operating entities | 640.0 |
| Meridian Bank (//1112) | Treasury, intra-group lending, payment operations | All operating entities | 520.0 |
| Meridian Structuring (//2301) | Instrument design and characterisation opinions | Divisions 11, 12, 22, 30 | 430.0 |
| Division 14 (//1407) | Communications retainers, Speak Up line operation | All operating entities | 360.0 |
| CONDAMA Partners (//0666) | Statutory audit, assurance, controls advisory | All twelve other entities | 285.0 |
| Division 21 (//2101) | Retained search, directorship placement, indemnity administration | All operating entities | 210.0 |
| ZorgCorp (//0417) | Scoring feeds and eligibility determinations | Divisions 11, 12, 21, 30 | 105.0 |
| Division 20 (//2097) | Representation, standing and recognised-injury retainers | Divisions 11, 14, 22, central office | 95.0 |
| Continuum (//3001) | Presence suppression and prospective-consent licensing | Divisions 04, 14, 21 | 55.0 |
| evil1 Academy (//EDU) | Recognition training delivered to group staff | All operating entities | 30.0 |
| Everything Group (//0000) | None | None | 0.0 |
| Total intra-group charges | 4,200.0 |
Turnover is stated before elimination. External turnover is invoiced to counterparties outside the register; internal turnover is invoiced to counterparties within it.
| Entity | External, EUR m | Internal, EUR m | Total, EUR m | Internal share |
|---|---|---|---|---|
| Meridian Bank (//1112) | 980.0 | 520.0 | 1,500.0 | 34.7 per cent |
| Meridian Assurance (//1204) | 620.0 | 640.0 | 1,260.0 | 50.8 per cent |
| Meridian Clearing (//2201) | 250.0 | 690.0 | 940.0 | 73.4 per cent |
| evil1, central office (//0001) | 0.0 | 780.0 | 780.0 | 100.0 per cent |
| Division 14 (//1407) | 215.0 | 360.0 | 575.0 | 62.6 per cent |
| Meridian Structuring (//2301) | 110.0 | 430.0 | 540.0 | 79.6 per cent |
| CONDAMA Partners (//0666) | 150.0 | 285.0 | 435.0 | 65.5 per cent |
| ZorgCorp (//0417) | 240.0 | 105.0 | 345.0 | 30.4 per cent |
| Division 21 (//2101) | 55.0 | 210.0 | 265.0 | 79.2 per cent |
| Continuum (//3001) | 124.0 | 55.0 | 179.0 | 30.7 per cent |
| Division 20 (//2097) | 20.0 | 95.0 | 115.0 | 82.6 per cent |
| evil1 Academy (//EDU) | 36.0 | 30.0 | 66.0 | 45.5 per cent |
| Everything Group (//0000) | 0.0 | 0.0 | 0.0 | Not applicable |
| Group, before elimination | 2,800.0 | 4,200.0 | 7,000.0 | 60.0 per cent |
Eight of the twelve revenue-earning entities recorded a majority of turnover from counterparties within the register, being 8 / 12 = 66.7 per cent of them.
The register comprises thirteen entities. Invoicing has a direction, and the two directions between any two entities are counted separately.
Internal turnover as a share of turnover before elimination: 4,200.0 / 7,000.0 = 0.600 = 60.0 per cent. Stated as a ratio, 1.50 EUR is invoiced within the register for every 1.00 EUR invoiced outside it.
Consolidated revenue for the period was 2,800.0m EUR. Intra-group turnover of 4,200.0m EUR is eliminated on consolidation in accordance with the group’s accounting policies and does not appear in the consolidated income statement.
Elimination applies to recorded revenue and the corresponding cost. It does not reverse the underlying transactions. Cost incurred in one jurisdiction and margin recognised in another remain so recognised in each entity’s separate financial statements and in each jurisdiction’s tax computation. Obligations novated to Division 22 remain novated. Cover written by Division 12 remains in force. Directorships, indemnities, communications retainers, scoring feeds, audit services and training supplied within the register remain supplied, and remain charged.
Intra-group pricing is documented in the group transfer pricing file. The file is prepared annually, benchmarked against comparables selected by the group, retained for the periods required in each jurisdiction, and disclosed to a tax authority on request.