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"ifrs-full:EquityAndLiabilities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "pp-value-1-1": { "value": "The financial statements were approved and authorised for issue by the Board of Directors on 20 March 2023 and signed on its behalf by:Peter Holten M\u00fchlmann Hanno DammChief Executive Officer Chief Financial Officer 1.1 Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention. The consolidated financial statements are presented in US Dollars (\u201cUSD\u201d).The consolidated financial statements have been rounded to the nearest thousand.1.2 Basis of consolidation The consolidated financial statements include the Company and the Group. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is\ue61fexposed to, or has rights to, variable returns from its involvement with the entity and has\ue61fthe\ue61fability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.1.3 Going concernThe directors of the Company (the \u201cDirectors\u201d), in their detailed consideration of going concern, have performed a going concern assessment for the Group by preparing monthly cash flows for an 18 month period and then sensitising for what the directors consider to be the most severe but plausible scenario that could arise. The assessment was tied to specific risks identified in the principal risk and uncertainty sections outlined on page 49.As at 31 December 2022, the Group has a cash balance of $73 million with zero debt on the balance sheet. In addition to cash on the balance sheet, the Group has access to a revolving credit facility for up to $30 million, available in multiple currencies, which has not been considered as part of headroom when considering going concern. The revolving credit facility is subject to both balance sheet and revenue to plan covenants, both of which are consideredin the course of scenario planning.Additionally, the Directors have evaluated the impact of a reverse stress test over a three year period meant to illustrate what would need to happen for the Group to exhaust its liquidity. Further detail can be found in the viability statement within the Strategic report on page 50.Having considered the severe but plausible downside scenario, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for at least 18 months from the date of signing these financial statements. As a result, they continue to adopt the going concern basis in preparing the consolidated financial statements, in accordance with the Companies Act 2006 applicable to companies reporting under IFRS.1.4 New standards and interpretations(a) New standards and amendments \u2013 applicable 1 January 2022The following standards and interpretations apply for the first time to financial reporting periods commencing on or after 1 January 2022:\u2022 Property, plant and equipment: proceeds before intended use \u2013 Amendments to IAS 16 (effective date 1 January 2022) \u2013 The amendment to IAS 16 Property, plant and equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is \u2018testing whether the asset is functioning properly\u2019 when it assesses technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Entities must disclose separately the amounts of proceeds and costs relating to items produced that are not an output of the entity\u2019s ordinary activities.\u2022 Onerous contracts \u2013 cost of fulfilling a contract \u2013 Amendments to IAS 37 (effective date 1 January 2022) \u2013 The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognising a separate provision for an onerous contract, the entity recognises any impairment loss that has occurred on assets used in fulfilling the contract.\u2022 Annual improvements to IFRS Standards 2018\u20132020 (effective date 1 January 2022) \u2013 The following improvements were finalised in May 2020: \u2013 IFRS 9 Financial Instruments \u2013 clarifies which fees should be included in the 10% test for derecognition of financial liabilities. \u2013 IFRS 16 Leases \u2013 amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives. \u2013 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 allows entities that have measured their assets and liabilities at carrying amounts recorded in their parent\u2019s books to also measure any cumulative translation differences using the amounts reported by the parent. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption.The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. There has been no material impact on the adoption of new standards during the year.(b) New and revised IFRS Standards in issue but not yet effectiveCertain new accounting standards and amendments are effective for annual reporting periods beginning after 1 January 2023, though not mandatory for annual reporting periods ending on 31 December 2022. Earlier application is permitted, however, the new or amended standards have not been early adopted by the Group. The amended standards are as follows:\u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 (effective from 1 January 2023 \u2013 deferred from 1 January 2022) \u2013 The narrow-scope amendments to IAS 1 presentation of financial statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of waver of breach of covenants). The amendments also clarify what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management\u2019s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 (to be effective for the annual period beginning on or after 1 January 2023) \u2013 The IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendments define what is \u2018material accounting policy information\u2019 and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to\ue61fbe disclosed. If it is disclosed, it should not obscure material accounting information. To\ue61fsupport this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures. Definition of Accounting Estimates \u2013 Amendments to IAS 8 (to be effective for the annual period beginning on or after 1 January 2023) \u2013 Accounting policies, changes in accounting estimates and error clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as the current period. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 (effective from 1 January 2023) \u2013 The amendments to IAS 12 Income Taxes require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. They will typically apply to transactions such as leases of lessees and decommissioning obligations and will require the recognition of additional deferred tax assets and liabilities. The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that they can be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with: \u2013 right-of-use assets and lease liabilities, and \u2013 decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets. The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of equity, as appropriate. IAS 12 did not previously address how to account for the tax effects of on-balance sheet leases and similar transactions and various approaches were considered acceptable. Some entities may have already accounted for such transactions consistent with the new requirements. These entities will not be affected by the amendments.The other amended standards and improvements are not mandatory for 31 December 2022 reporting period. The Group expects to adopt the new standards, improvements, and amendments when they become mandatory.1.5 Use of alternative performance measures (\u201cAPMs\u201d)The Group utilises a range of alternative performance measures (\u201cAPMs\u201d) to assess its performance and this document contains certain measures that are not defined or recognised under IFRS. The Group considers EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to be APMs that provide meaningful, additional measures of Group performance.The Group believes these APMs provide alternative measures by which to assess the operating performance of the Group and, together with IFRS measures, are useful in evaluating the Group\u2019s operating performance. The APMs used in this Financial Statements should not be considered superior to, or a substitute for, measures calculated in accordance with IFRS.Definitions of the Group\u2019s alternative performance measures along with reconciliation to their IFRS equivalent measure are included in note 4.1.6 Functional and presentation currency The consolidated financial statements are presented in the United States Dollars (\u201cUSD\u201d).Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the individual entity operates (the \u201cfunctional currency\u201d).1.7 Climate-related risks When preparing the consolidated financial statements, management considers climate-related risks, where these could have a potentially impact on the reported amounts materially or where Climate-related risks could have an impact on items in the profit and loss or on balance sheet. It will be considered where appropriate in assessing areas such as impairments, property, plant and equipment or recognition of deferred tax asset. In the preparation of the consolidated financial statement, it is management assessment that climate-related risks have not had any impact on the reported amounts or areas of the financial statements, it is management\u2019s assessment that climate-related risks have not had a material impact on the reported amounts for the year ended 31 December 2022.2. Summary of significant accounting policiesThe principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been applied.2.1 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group considers the Executive Leadership Team (ELT) to be the operating decision making body, as the ELT examines the Group\u2019s performance and makes all significant decisions regarding business development and allocation of resources. For that purpose, a single business segment has been identified as an operating segment which is consistent with the internal reporting to the chief operating decision making body. Further information about the composition of the ELT has been provided in note 5.There is also considered to be only one reporting segment, the results of which are shown in note 5.2.2 RevenueThe group generates revenue from the sale of company subscription plans, generally for a period of 12 months, where the invoicing varies from monthly to yearly. The revenue is shown net of local sales tax and customer discounts.Revenue recognition requires an agreement with the customer, which creates enforceable rights and obligations between the parties, has commercial substance and identifies payment terms. The Group recognises revenue when it is probable that the Group will collect the consideration to which it will be entitled in exchange for the services that will be transferred to the customer. Revenue is measured at the transaction price to which the Group expects to be entitled. The contracts are based on a single performance obligation and the transaction price is allocated to this performance obligation based on a stand-alone selling price. The Group satisfies the single performance obligation by recognising the revenue from subscriptions over time as the software service is delivered to customers according to the subscription period. Contracts primarily utilise quarterly or annual billing frequency with payment terms typically between 8\ue61fand 90 days.The Group contracts with its customers to provide access to, and use of, its \u201csoftware-as-a-service\u201d product over the term defined in the contract. Specific product features accessible by customers are determined on a customer by customer basis and are specified in customers\u2019 contracts. The subscription plan is considered to be a single performance obligation which is satisfied over time and revenue is recognised on a straight-line basis over\ue61fthe subscription period. No significant judgements are made which effect the determination of the amount or timing of the revenue from contracts with customers.Incremental costs of obtaining a contract are deferred and amortised over a period commensurate to the contract value and expected future renewal periods, to the extent that they are recoverable. The Group has taken advantage of the practical expedient available not to recognises the incremental costs of obtaining a contract, for example partner referral fees, where the amortisation period of the asset that the Group would otherwise have recognised is one year or less. There is no variable consideration included in the transaction price for the company subscription plans.The Group has taken advantage of the practical expedient available not to adjust the promised amount of consideration for the effects of a significant financing component on the\ue61fbasis that, at contract inception, the expected period between providing a service to a customer and when the customer pays for that service will be one year or less. If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability is recognised. Contract liabilities primarily reflect invoices due or payments received in advance of revenue recognition. Contract liabilities are unwound as related performance obligations are satisfied over the related subscription period. The significant majority of contract liabilities that arise are expected to be recognised as revenue within a year of the balance sheet date.Provisions and accruals for refunds are made to the full value of the refund in the period to which the refund is identified. 2.3 Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Income from grants is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, shall be recognised in income in the period in which it becomes receivable. Government grants are recorded as Other operating income in the statement of profit and loss.2.4 Cost of sales Cost of sales consists of the cost to deliver the Group\u2019s software service. Cost of sales includes the hosting and related technologies to deliver the software service as well as the ongoing customer success and customer support efforts that continue to be aligned with customers over the term of their subscription. Cost of sales primarily consists of the labour costs associated with customer success and customer support efforts. Cost of sales are recognised when incurred. 2.5 Sales and marketing Sales and marketing costs consists of the efforts primarily directed at new customer acquisition. Sales costs include direct sales support functions such as sales operations and partnerships while marketing costs consist of both marketing staff labour costs as well as marketing program expenditures.2.6 Technology and contentTechnology and content include research and development costs incurred by the work of the product and engineering teams directly on the platform. Also included are the content costs critical to securing the integrity and trust in our product.Amortisation of development costs is included in technology and content due to the nature of the asset on which the amortisation is charged. The period where there is consumption of the benefits of the asset is not impacted by the period over which revenue is recognised or the level of revenue that is generated by the asset. Therefore this is considered a more appropriate presentation than to show within cost of sales.2.7 General and administrativeGeneral and administrative expenses comprise costs incurred by the back-office functions such as finance, legal and human resources, including wages, costs under share-based programmes and other office costs. General and administrative expenses include a proportion of depreciation, primarily consisting of right-of-use asset depreciation.2.8 Other operating income Other operating income includes income of a secondary nature to the Group\u2019s primary activities, including gains or losses on the sale of tangible assets as well as government grants recognised as income for the year.Trustpilot Group plc launched a new global R&D and Innovation Hub in Edinburgh, Scotland, in 2020, with the aim of developing cutting-edge technology that proactively tackles the behaviour that threatens trust online. The Hub is being supported through a R&D grant from Scottish Enterprise. 2.9 Financial income and expenses Financial income and expenses are recognised in the statements of profit or loss at the amounts that concern the financial year. Financial income and expenses include interest income and expenses calculated in accordance with the effective interest method. Foreign exchange gains and losses on transactional activities are included in finance income and finance expense within the Consolidated statement of profit or loss. The cash flows arising on foreign exchange gains and losses are included in Changes to working capital \u2013 Increase in other liabilities.2.10 Income tax The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries in which the Company and\ue61fits\ue61fsubsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax assets can be utilised. Changes in deferred tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.2.11 Earnings per shareEarnings per share (\u201cEPS\u201d) for the Group are calculated in accordance with IAS 33. The\ue61ffollowing types of EPS are reported:(i) \u2013 Basic earnings per shareGroup earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the period.(ii) \u2013 Diluted earnings per shareGroup earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the period as well as all potentially convertible securities. The impact of potentially dilutive ordinary shares is excluded when they would be anti-dilutive.2.12 Intangible assetsIntangible assets include in progress and completed development projects. Intangible assets have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Costs associated with maintaining IT-platforms are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognised as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the software so that it will be available for use;\u2022 Management intends to complete the software and use or sell it;\u2022 There is an ability to use or sell the software; \u2022 It can be demonstrated how the software will generate probable future economic benefits; \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the software are available; \u2022 The expenditure attributable to the software during its development can be reliably measured, and; \u2022 Directly attributable costs that are capitalised as part of the projects include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. The Group amortises intangible assets with a finite useful life using the straight-line method over the following periods:Development projects \u2013 In progress None Development projects \u2013 Completed 3 yearsCompleted development projects are reviewed annually to determine whether there are indications of impairment. If such indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the development projects are impaired to the recoverable value. Development projects in-progress are tested at\ue61fleast annually for impairment.2.13 Property, plant and equipmentProperty, plant and equipment is measured at historical cost less accumulated depreciation. The cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit or loss during the reporting period in which they are incurred.Depreciations are calculated using the straight-line method, net of their residual values over their estimated useful lives, as follows:Other fixtures and fittings, tools and equipment 3 \u2013 5 yearsLeasehold improvements Term of lease (3 \u2013 5 years)2.14 Leases Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use asset is depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term of the asset. The leases of the Group consist of property rentals. The assets and liabilities arising from the property leases are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments included in the property leases: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 Variable lease payment that are based on an index or a rate, and; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group\u2019s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and\ue61fconditions.The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right of use asset.Lease payments are allocated between principal and finance cost. The finance cost is charged to the statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Lease liabilities are subsequently measured by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made. Right of use assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability;\u2022 Any lease payments made at or before the commencement date less any lease incentives received, and; \u2022 Any initial direct costs. Variable lease payments and payments associated with short-term leases are recognised on\ue61fa\ue61fstraight-line basis as an expense in the statement of profit or loss under the line item administrative costs. Short-term leases are leases with a lease term of 12 months or less. The\ue61fGroup has no leases of low-value assets. The lease term is defined as the non-cancellable period of a lease together with periods covered by options to extend the lease if it is reasonable certain that the options will be exercised and periods covered by options to terminate the lease if it is reasonably certain that\ue61fthe options will not be exercised. Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.The Group classifies leases of 12 months or below as short-term leases. Those are not treated under IFRS16 but expensed to the profit and loss account on a straight line basis over the term of the lease.2.15 DepositsDeposits relate to leasehold premises, which are included in the consolidated balance sheet as either non-current assets or current assets depending on the length of time to maturity of the leased premises with the exception of the lease in Denmark where there is on-going current lease liability with the assumption that Trustpilot group plc will not leave the premises within the\ue61fnext 12 months and therefore the deposit is non-current, due back after the 12\ue61fmonths.2.16 Impairment of non-current assetsNon-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The development projects in progress are tested for impairment annually. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that suffered an\ue61fimpairment are reviewed for possible reversal of the impairment at the end of each reporting\ue61fperiod.2.17 Financial assetsFinancial assets include Trade and other receivables, prepayments and cash and cash equivalents. All financial assets are recognised when the Group becomes party to the contractual provisions of the instrument.2.18 Trade and other receivablesTrade receivables and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. The Group holds the trade receivables and other receivables with the objective to collect the contractual cash flows and then measures them subsequently at amortised cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.See note 16 for a description of the Group\u2019s impairment policies for trade receivables.2.19 PrepaymentsPrepayments recognised as an asset comprise prepaid expenses regarding subsequent financial reporting years.2.20 Cash and cash equivalentsCash and cash equivalents in the balance sheet comprise cash at banks and on hand. Cash and cash equivalents are measured at amortised cost. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s capital management. 2.21 Equity Share capitalOrdinary shares are classified as equity. Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.Share premiumThe share premium account is used to record the aggregate amount or value of premiums paid in excess of the nominal value of these new ordinary shares issued. Costs that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax. Merger reserveThe merger reserve represents the difference between the carrying value of the assets and liabilities acquired under merger accounting to the cost of investment (the fair value). Accumulated losses Accumulated losses comprise all current and prior period retained losses. Foreign currency translation reserve Exchange differences arising on translation of the parent company and of foreign controlled entities into the presentation currency, USD, are recognised in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.2.22 Financial liabilities Borrowings are initially recognised at fair value which is generally proceeds received, and net of transaction costs incurred. Subsequently, borrowings are measured at amortised cost.Borrowings are classified according to the length and terms, which means that settlement of liability more than 12 months after the reporting period is classified as non-current, the settlement less than 12 months is classified as current.Other financial liabilities on initial recognition are measured at fair value. The liabilities are subsequently measured at amortised cost.2.23 ProvisionsProvisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. 2.24 Trade payables, other payables and contract liabilitiesTrade payables are initially measured at fair value, less any transaction costs. In subsequent periods, trade payables are measured at amortised cost using the effective interest method so that the difference between the proceeds and the nominal value is recognised in the income statement under financial expenses over the loan period. Other payables are measured at amortised cost. The majority of our contracts are 12 months, although we do have some contracts with extended periods. We consider that all our contract lives are within our normal operating cycle and therefore all our contract liabilities are presented as current within the Consolidated balance sheet. However, for transparency purposes, we disclose those amounts that will be recognised over 12 months within note 19.2.25 Share-based paymentsThe Group currently operates a number of share schemes: Employee Warrants, Long Term Incentives Plan and Restricted Stock Units. The Long Term Incentive Plan and Restricted Share Units are restricted schemes. The warrant program and restricted share schemes are classified as equity arrangements. As\ue61fsuch, the fair value of the warrants and restricted shares granted under the programs are recognised as an expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the warrants and restricted shares granted including the impact of any non-vesting conditions. The total expense is recognised over the vesting period, which is the period over which all of\ue61fthe specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options or restricted shares that are expected to vest based on the respective market vesting, non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.Further information about the warrant and restricted share programs, including models used to calculate the fair value are disclosed in note 8.2.26 Foreign currency translationTransactions and balancesForeign currency transactions are translated into the functional currency using the exchange rate ruling at the date of the transaction. Foreign currency monetary items are translated at the rates of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlements of monetary items and on the retranslation of\ue61fmonetary items are included in profit or loss for the year, except for foreign currency movements on intercompany balances, where settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. Foreign\ue61fexchange movements on external borrowings which are designated as a hedge of\ue61fthe\ue61fnet investment in its related subsidiaries are recognised in the translation reserve.The assets and liabilities of the Group\u2019s subsidiaries are translated into USD using period-end exchange rates. Income and expenses items are translated at the average exchange rates for the period. Where the differences arise between these rates, they are recognised in other comprehensive income and the translation reserve. Translation of share capital and share premium Share capital and share premium denominated in a currency that differs from the groups presentational currency is translated at each year end using the closing rate. All resulting exchange differences noted on retranslating equity items are recognised directly in equity as\ue61fpart of the foreign currency translation reserve and does not form part of other comprehensive\ue61fincome.2.27 Cash flow statementThe cash flow statement shows the Group\u2019s cash flows for the year analysed and presented as operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end of the\ue61fyear.Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as share-based payment expenses, depreciation, amortisation and impairment losses. Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal element on lease payments as well as payments to and from shareholders.3. Critical accounting estimates and judgementsThe preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies.The judgements, estimates as well as the related assumptions made are based on historical experience and other factors that Management considers to be reliable, but which by their very nature are associated with uncertainty and unpredictability. Actual results may differ from these estimates.3.1 Critical accounting estimatesCritical accounting estimates are expectations of the future based on assumptions, that to the extent possible are supported by historical trends or reasonable expectations. The assumptions may change to adapt to the market conditions and changes in economic factors etc. The Group believe that the estimates are the most likely outcome of future events.Share based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about these. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 8.Estimates are also undertaken regarding expected forfeiture rates of unvested shares as well as performance estimates under LTIP program. Estimates only impact phasing of expenses as all actual forfeitures and performance is ultimately trued-up in reporting. 3.2 Critical accounting judgementsKey accounting judgements are made when applying accounting policies. Key accounting judgements are the judgements made by the Group that can have a significant impact in the financial results.Unrecognised deferred tax assetAs of 31 December 2022, the Group has unrecognised tax assets of $177 million with a tax value of $39 million (FY21: $151 million \u2013 tax value over $32 million), that relates to tax loss carry-forward amounts primarily to Trustpilot A/S and its immediate subsidiary Trustpilot, Inc. and Trustpilot Ltd. Trustpilot A/S and the US and UK subsidiaries have incurred the losses over the previous years as a consequence of expanding the Group and its operations. $136 million (FY21: $ 110 million) of the unrecognised tax assets can be carried forward indefinitely with no expiration date while $41 million (FY21: $ 41 million) is subject to a finite utilisation period with expirations beginning as soon as 2033.Recognition of deferred tax assets requires that it is probable that future taxable profits are available against which the unused tax losses can be utilised. As the Group has a history of making taxable losses, IAS 12 Income Taxes further requires that convincing evidence is available to support Management\u2019s assessment that sufficient taxable profits will be available in the future. Even though the Group\u2019s approved budgets shows that Trustpilot should be able to generate taxable profits in the foreseeable future, Management has concluded that it will not be able to meet the strict criteria in IAS 12 to provide \u2018convincing evidence\u2019, as the budget are sensitive to the timing and level of investments in the Trustpilot-platform and similar factors. Consequently, no deferred tax assets have been recognised for the Group\u2019s tax loss carry-forwards. Additional detail can be found in note 13.Determining the lease termThe Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Extension and termination options are included in a number of property leases across the Group. Management applies judgement in evaluating whether it is reasonably certain or not to exercise the options to extend and/or terminate the leases. When determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The Group considers factors including historical lease durations; and the costs and business disruption required to replace the asset. Most extension options have not been included in the lease liability, because the Group could replace the asset (the offices) without significant cost or business disruption.The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. Information on potential future rental payments related to periods following the exercise date of termination options that are not included in the lease term is disclosed in note 15 (leases).4. Alternative performance measuresThe Group utilises a range of alternative performance measures (\u201cAPMs\u201d) to assess its performance and this document contains certain measures that are not defined or recognised under IFRS. The Group considers EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to be APMs that provide meaningful, additional measures of Group performance.EBITDAEBITDA is defined as earnings before interest, tax, depreciation, amortisation and impairment. Depreciation and amortisation includes any non-cash impairment charges functioning as accelerated depreciation or amortisation. Trustpilot believes EBITDA is meaningful as a profitability measure before non-cash activity, financing and tax impacts.FY22FY21$ \u2018000$ \u2018000Operating loss (15,990) (24,152)Depreciation, amortisation and impairment 7,358 8,232EBITDA (8,632) (15,920)Adjusted EBITDAThe Group measures the overall performance by reference to Adjusted EBITDA which is a non-IFRS measure. The Group believes Adjusted EBITDA is a meaningful representation of core operating profit as it adjusts for certain non-recurring or non-cash items with associated taxes. While some non-cash items such as depreciation, amortisation and share-based compensation are recurring, management finds the exclusion of these costs from Adjusted EBITDA to be meaningful given their non-cash nature, consistent with similar firms within our sector. The following definition of Adjusted EBITDA was also determined based on what management believes provides the best comparability to the same metric provided by similar firms in our sector. Adjusted EBITDA is defined as EBITDA (earnings before interest, tax, depreciation, amortisation) adjusted to exclude share-based compensation, including associated cash settled social security costs, non-recurring transaction costs such as those related to IPO preparation and restructuring costs, which relate to one-time costs associated with a material organisational change such as severance payments. Adjusted EBITDA margin is defined as adjusted EBITDA (as described above) to a percentage of total revenue.Adjusted EBITDA$ \u2018000 other than per cent FY22 FY21Operating loss (15,990) (24,152)Depreciation, amortisation and impairment 7,358 8,232EBITDA (8,632) (15,920)Non-recurring transaction costs \u2014 9,785Restructuring costs \u2014 \u2014Share-based compensation, including associated social security costs 4,211 10,012Adjusted EBITDA (4,421) 3,877Adjusted EBITDA margin (per cent) (3) 3Adjusted EBITDA decreased from $3,877 thousand in FY21 to $(4,421) thousand in FY22. Adjusted EBITDA margin decreased from 3 per cent in FY21 to (3)% FY22. The decline in Adjusted EBITDA and Adjusted EBITDA margin were driven by investments across the Group partially offset by revenue growth. Included in the FY22 share-based payments is a non-cash charge of $5,853 thousand (FY21 of $6,527 thousand) and associated social security costs of $(1,642) thousand (FY21 of $3,485 thousand).Non-recurring transaction costs relate to professional and legal fees associated with corporate financing activities, in FY21 this consisted exclusively of IPO related costs.4. Alternative performance measures continuedFunctional distribution of adjustmentsFY22Sales and Technology General and $ \u2018000 Groupmarketingand contentadministrativeOperating loss (15,990)Depreciation, amortisation and impairment 7,358 \u2014 2,637 4,721Non-recurring transaction costs \u2014 \u2014 \u2014 \u2014Restructuring costs \u2014 \u2014 \u2014 \u2014Share-based compensation, including associated social security costs 4, 211 \u2014 \u2014 4,211Adjusted EBITDA (4,421)FY21Sales and Technology General and $ \u2018000 Groupmarketingand contentadministrativeOperating loss (24,152)Depreciation, amortisation and impairment 8,232 \u2014 2,655 5,577Non-recurring transaction costs 9,785 \u2014 \u2014 9,785Restructuring costs \u2014 \u2014 \u2014 \u2014Share-based compensation, including associated social security costs 10,012 \u2014 \u2014 10,012Adjusted EBITDA 3,8775. Operating segmentsFor management purposes and based on internal reporting information, the Group is organised in only one operating segment, as the information reported includes operating results at a consolidated group level only. The costs related to the main nature of the business, being the Group\u00b4s online review platform which serves the Group customers, are not attributable to any specific revenue stream or customer type and are therefore borne centrally. The results of the single reporting segment, comprising the entire Group, are shown in the consolidated statement of comprehensive income. These represent a single business segment for the sale of company subscription plans, generally for a period of twelve months, where the invoicing varies from monthly to annually.The Executive Leadership Team is the Chief Operating Decision Maker (CODM), which is made up of the senior leadership across the respective functional areas, responsible for the strategic decision making and for the monitoring of the operating results of the single operating segment for the purpose of performance assessment.Whilst Group operations are distributed globally with a large presence in Denmark and shares are listed on the London Stock Exchange, the UK and North America are the Group\u2019s primary markets where revenue generated consists of approximately 40% and 23% (FY21: UK: approx. 40% and North America: approx. 23%), respectively. Other geographical locations besides the UK and North America are defined as \u2018Europe and Rest of World\u2019 where no individual country exceeded more than 6% of the consolidated revenue in FY22 (FY21: 6%). Trustpilot has customers in many regions around the world but is organised globally from an operation perspective. For this reason, while operating assets may be recorded in Denmark for example, they will be supporting customers around the world. Therefore, a single operating segment is reported with revenue disclosed by region based on the location of the customer. Non-current operating assets are similarly based on geographic location. The measurement of liabilities by geographic location is not included in this disclosure as this information is not regularly reviewed by the CODM for decision making purposes.The following table displays external revenue and non-current operating assets by geographic\ue61farea:5. Operating segments continuedFY22FY21$ \u2018000$ \u2018000Revenue1UK59,803 5 3,136North America 34,003 30,503Europe and Rest of World 55,126 47,8 04Total revenue 148,932 131,443Non-current operating assetsUK 13,867 13,112North America 13,453 1,526Europe and Rest of World 9,400 7,88 0Total non-current operating assets 36,720 22,5181 For presentation purposes, the Isle of Man and the British Virgin Islands are included within the UK.Non-current assets consist of intangible assets, property, plant and equipment, right-of-use assets and deposits.6. Staff costThe monthly average number of persons employed by the Group (including Directors) by function was:FY22FY21NumberNumberCustomer Success and Support 207 178General and Administrative 145 109Sales and Marketing 313 279Technology and Content 255 220Total 920 786Group employee costs comprise:FY22FY21$ \u2018000$ \u2018000Wages and salaries 95,150 86,2711Social security costs6,702 10,6032Other pension costs2,050 1,620Share-based payment 5,853 6,527109,755 105,0211 Social security costs in FY22 includes a credit of $(1,642) thousand (FY21 charge of $3,485 thousand) in respect of share based payments as a result of the decrease in the share price.2 This represents the Group\u2019s defined contribution schemes which are provided to its employees. This charge reflects the current year contributions made.Key Management CompensationFor FY22, key management consists of Executive Directors, further disclosure of Directors\u2019 emoluments is available in the Directors\u2019 Remuneration Report on page 136. FY21 contained five other Directors who are no longer deemed to be key management. The compensation paid or payable to key management for employee services and directors duties is shown\ue61fbelow:FY22FY21$ \u2018000$ \u2018000Directors:Short-term employee benefits 1,547 2,024Post-employment benefits 27 25Share-based payment 1,376 2,019Total compensation of key management personnel 2,950 4,0687. Operating lossFY22FY21$ \u2018000$ \u2018000Operating loss is stated after charging:Fees payable to the company\u2019s auditors and its associates for:Audit of parent company and consolidated financial statements 701 762Audit of financial statements of subsidiaries of the Group 184 2331Tax compliance and advisory service\u2014 4922Other audit related assurance services162 1793Other assurance services\u2014 1,9744Non-audit services\u2014 1205Depreciation on property, plant and equipment1,092 9365Depreciation on right-of-use assets3,649 4,8555,6Amortisation on intangible assets2,612 2,3215,6Impairment loss on intangible assets5 1201 Prior to the IPO, tax compliance and advisory services consisted primarily of income tax preparation, reporting and filing for members of the Group. Tax compliance and advisory services also consisted of work undertaken to determine the IPO impacts to employee share schemes as well as the impacts from IPO restructuring.2 Other audit related assurance services consists of fees associated with the review of interim financials.3 Prior to the IPO, other assurance services consisted primarily of IPO related assurance services and other matters related to IFRS.4 Prior to IPO, non-audit services consisted of consultancy provided related primarily to restructuring and transfer pricing.5 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and Content: $2,637,000 (FY21: $2,655,000), General and administrative: $4,721,000 (FY21: $5,577,000). 6 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology and Content.8. Share-based payment plansThe Group currently operates three share schemes: Employee Warrants, Long Term Incentive Plan and Restricted Share Plan. For the financial year ended 31 December 2022, the Group has recognised the following share-based payment expense in the consolidated statement of profit or loss.FY22FY21$ \u2018000$ \u2018000Warrants 2,250 5,537Restricted Share Plan 2,927 567Long Term Incentive Plan 676 4235,853 6,527Employee WarrantsThe fair value at grant date is determined using a Black-Scholes model that takes into account the share price at grant date, the exercise price, the risk free interest rate for the term of the warrants, the expected volatility and the term of the warrant (the expected maturity).Prior to the admission of the Company\u2019s entire issued ordinary share capital to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange\u2019s main market for listed securities on 26 March 2021 (\u201cAdmission\u201d), Trustpilot A/S (the former parent company of the corporate group) operated a long-term incentive warrant program under which warrants in Trustpilot A/S were granted at market value, free of charge. Each warrant conferred a right to subscribe for 1 common share in Trustpilot A/S. The warrants were granted to two categories of recipients: (i) to employees of varying seniority throughout the Group; and (ii) to selected senior employees of the Group and certain board members of Trustpilot A/S. In connection with the IPO, Trustpilot A/S restructured its warrant program. On 26 March 2021, all outstanding warrants in Trustpilot A/S (as of 26 March 2021: 818,784) were cancelled and replaced by new warrants in the Company in the proportion 1 to 78. Movements in the number of share options outstanding and their related weighted average exercise prices in the financial year ended 31 December 2022 are as follow:Total movement in employee warrantsFY22 FY21Number of Weighted avg Number of Weighted avg warrantsexercise pricewarrantsexercise priceNo. \u2018000$ \u2018000No. \u2018000$ \u2018000Opening Balance 35,041 0.78 60,013 0.49Granted \u2014 \u2014 6,603 1.81Exercised (2,202) 0.48 ( 27,817 ) 0.37Forfeited (2,249) 0.88 (3,758) 1.03Closing Balance 30,590 0.68 35,041 0.78Number of warrants exercisable at 31\ue61fDecember 17,264 \u2014 13,319 \u2014As at 31 December 2022, employee warrants contributed $2,250 thousand to the share-based compensation expense (FY21: $5,537 thousand). Employee warrants had exercise prices ranging from $0.09 to $1.34 with a weighted average of $0.68 (2021: prices ranging from $0.13 to $1.81 with a weighted average of $0.78). The weighted average remaining contractual life of warrants outstanding as at 31 December 2022 was 6.01 years (2021:\ue61f7.05\ue61fyears).Long Term Incentive PlanA Long Term Incentive Plan (\u201cLTIP\u201d) ensures the alignment of incentives for management and\ue61fthe performance of the Group. Incentives are established across three complementary measures of shareholder return performance, revenue growth and trust to ensure balanced priorities for management for the long term advancement of the Group. In FY22, conditional awards over 2,366,146 (FY21 1,215,246) ordinary shares in the Company were granted to management under the LTIP.The LTIP is administered at the discretion of the remuneration committee of the Board (the \u201cRemuneration Committee\u201d) and no individual has a contractual right to participate. The LTIP awards granted in FY22 will ordinarily vest on 5 April 2025 (except from one grant which will vest on 20 June 2025), subject in each case to the award recipient\u2019s continued service and the Remuneration Committee\u2019s assessment of the extent to which the award\u2019s performance measures are satisfied. Settlement of any vested portion of the awards is expected to be satisfied by the issue of new ordinary shares in the Company upon the vesting\ue61fdate. 8. Share-based payment plans continuedExecutive directors of the Company are subject to a two year post-vesting holding period for the shares they receive (net of shares equal to any tax liability and nominal cost of acquisition). Targets for each of the three performance measures are set with a lower bound and upper bound. If performance falls below the lower bound there will be no vesting. If performance meets or exceeds the upper bound it will result in 100% vesting. Performance between the lower and upper bounds will result in vesting between 25% and 100% on a straight-line basis, as further detailed below.Total shareholder return (\u201cTSR\u201d) performance measureThe vesting of 55% (the \u201cTSR Part\u201d) of the LTIP awards granted in FY22 is subject to the Group\u2019s TSR performance over a three year period that commenced on 5 April 2022 relative to the TSR performance over the same period of the constituents of the FTSE 250 Index (excluding investment trusts and the Group) as at 5 April 2022. 25% of the TSR Part will vest for median ranking performance, rising on a straight-line basis up to 100% vesting of the TSR Part for upper quartile ranking (or better) relative TSR performance.Annual recurring revenue (\u201cARR\u201d) performance measureThe vesting of 25% (the \u201cARR Part\u201d) of the LTIP awards granted in FY22 is subject to the compound annual growth rate (\u201cCAGR\u201d) in the Group\u2019s ARR over the period 1 January 2022 to 31 December 2024. 25% of the ARR Part will vest for CAGR in ARR over the measurement period of 20%, rising on a straight-line basis up to 100% vesting of the ARR Part for CAGR in ARR over the measurement period of 30% (or better).Trust performance measureThe vesting of 20% (the \u201cTrust Measure Part\u201d) of the LTIP awards granted in H1 FY22 is subject to targets set for the average of Trustpilot\u2019s own TrustScores (i.e. the star ratings of reviews gathered for Trustpilot on the Trustpilot platform) taken at the end of 2022, 2023 and 2024 respectively. The TrustScore Part target will be stepped between an average TrustScore of 3.5 and 3.75 (at which point 50% of the TrustScore Part will vest), rising on a straight-line basis up to 100% vesting for an average TrustScore of 4.2 (or better).As an additional condition, no part of such LTIP awards will vest unless the Remuneration Committee is satisfied as to overall Group performance over the period until vesting \u2013 and, as\ue61frequired by the UK Corporate Governance Code, the Remuneration Committee will retain a\ue61fpower to moderate the vesting levels from awards if this is appropriate in all of the circumstances, including consideration of shareholder experience.Settlement of vested awards is expected to be satisfied by the issue of new ordinary shares in\ue61fthe Group. LTIP awards contributed $676 thousand to the share-based compensation expense in the FY22 financials (FY21 $423 thousand). Targets and fair value treatment are summarised as follows:Weighted Avg Measure Fair Value MethodFair Value Lower Bound Upper BoundTSR Stochastic Model 0.98 Equal to Median Upper Quartile or GreaterARR Black-Scholes 1.65 CAGR of 20% CAGR of 30% or GreaterTrust Black-Scholes 1.68 Average Trust Average Trust Measure of Measure of 3.54.2\ue61for GreaterInput Additional April 22 Chaffe April 22 June 22Fair Value FactorsgrantInput (Executive Director) grantClosing share price on date of grant (pence) 148.30 N/A 99.40Price (pence) 1.00 148.30 1.00Expected term 3.00 yrs +2.00 yrs holding period 3.00 yrsRisk-free interest rate 1.56% 1.54% 2.45%Expected dividend yield \u2014% \u2014% \u2014%Expected volatility 34.53% 35.43% 35.09%Note: Chaffe model used to fair value the impact of the two year holding period for Executive DirectorsTotal movement in LTIPFY22FY21No. \u2018000No. \u2018000Opening Balance 1,101 \u2014Granted 2,366 1,215Exercised \u2014 \u2014Forfeited (129) (114)Closing Balance 3,338 1,101Number of LTIPs exercisable at 31 December \u2014 \u20148. Share-based payment plans continuedRestricted Share PlanThe Restricted Share Plan (\u201cRSP\u201d) is offered to selected employees and aligns the interest of award recipients with shareholders and serves to help retain employees over the vesting periods. Vesting periods are subject to the condition of continued service only rather than performance measures.In FY22, conditional awards over 5,764,926 (FY21 829,753) ordinary shares in the Company were issued to employees under the RSP. Vesting typically takes place over a three year period with settlement of each vested portion of the awards expected to be satisfied by the\ue61fissue of new ordinary shares in the Company upon the vesting date.The RSP is administered at the discretion of the Remuneration Committee and no individual has a contractual right to participate. The cost of acquisition of the awards when vested is 1\ue61fpence per each share, equal to the nominal share value, and the fair value is determined using a Black-Scholes model. RSP awards contributed $2,927 thousand to the share-based compensation expense in the FY22 financials (FY21 $567 thousand).April 2022 June 2022 October 2022 Fair Value FactorsGrantGrantGrantClosing share price on date of grant (pence) 110.60 99.40 75.15Price (pence) 1.00 1.00 1.00Weighted average contractual life 1.98 2.19 1.91Risk-free interest rate 1.56% 2.45% 3.74%Expected dividend yield \u2014% \u2014% \u2014%Expected volatility 34.53% 35.09% 35.09%Total movement in RSPFY22FY21No \u2018000No \u2018000Opening Balance 814 0Granted 5,765 830Exercised (292) (1)Forfeited (479) (15)Closing Balance 5,808 814Number of RSPs exercisable at 31 December \u2014 \u20149. Finance income and expensesFY22FY21$ \u2018000$ \u2018000Foreign exchange rate gains* 2,445 \u2014Interest income 14 10Finance income* 2,459 10FY22FY21$ \u2018000$ \u2018000Foreign exchange rate losses* \u2014 (66)Financing costs (19) (61)Interest expenses (485) (1,347)Lease interest expense (1,010) (994)Finance expenses* (1,514) (2,468) * See note 1.8 for details regarding the representation.10. Income taxFY22FY21$ \u2018000$ \u2018000Current taxCurrent tax on UK profit for the year (265) (26)Current tax credit on overseas profits for the year 690 814Adjustments in respect of prior periods 194 (365)Total current tax credit 619 423Deferred taxOrigination and reversal of temporary differences 29 259Derecognition of deductible temporary differences \u2014 52Adjustments in respect of prior periods (245) \u2014Change in tax rate (2) (18)Total deferred tax (expense)/income (218) 293Total tax credit in the statement of profit or loss 401 71610. Income tax continuedFY22FY21$ \u2018000$ \u2018000Reconciliation of effective tax rate Factors affecting the tax credit for the year:Loss before tax (15,045) (26,610)Current tax credit using the Danish corporation tax rate of 22% (2021: 22%) 3,310 5,853Effects of:Items not deductible (884) (747)IPO expenses \u2014 (2,197)Share options (701) (1,897)Research and development tax credit 1,238 1,201Adjustments in respect of prior periods (51) (418)Differences between overseas tax rates 11 (101)Movements in temporary differences not recognised (2,704) (960)Tax effect of utilisation of tax losses not recognised 182 \u2014Effect of deferred tax rate changes \u2014 (18)Total tax credit 401 716The Danish corporate income tax rate of 22 per cent (FY21: 22 per cent) is used in the tax reconciliation for the Trustpilot Group as the majority of recognised tax arises in Denmark. Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction.The Group\u2019s tax charge will continue to be influenced by the profile of profits earned in the different countries in which the Group\u2019s subsidiaries operate. The Group could be affected by changes in tax law in the future, as we expect countries to amend legislation in respect of international tax. The main rate of UK corporation tax is currently 19% and will increase to 25% from 1 April 2023. There are no future changes announced to the Danish and US tax rates. Deferred taxes at the balance sheet date, including UK, DK and USA, have been measured using these enacted tax rates and reflected in these financial statements.Certain losses arising in the year have been sold to the Danish tax authorities allowing a realisation of an associated tax credit of $779 thousand (FY21: $875 thousand).FY22FY21Recognised directly in equity$ \u2018000$ \u2018000Current tax incomeExcess tax deductions related to share-based payments 261 \u2014Total current tax income 261 \u2014Deferred taxChange in estimated excess tax deductions related to share-based payments \u2014 15Adjustments in respect of prior periods (15) \u2014Total deferred tax (expense)/income (15) 15Total tax income in equity 246 15No amounts of current or deferred tax (2021: nil) are recognised in other comprehensive income.11. Intangible assetsDevelopment Completed projects in development progressprojectsTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2022 1,834 7,880 9,714Additions during the year 3,696 \u2014 3,696Transfers \u2013 In progress to placed in service (1,167) 1,167 \u2014Exchange differences (77) (445) (522)At 31 December 2022 4,286 8,602 12,888Accumulated amortisation and impairment:At 1 January 2022 (63) (3,313) (3,376)Amortisation for the year \u2014 (2,612) (2,612)Impairment for the year (5) \u2014 (5)Exchange differences 7 153 160)At 31 December 2022 (61) (5,772) (5,833)Carrying amount as at 31 December 2022 4,225 2,830 7,05511. Intangible assets continuedDevelopment Completed projects in development progressprojectsTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2021 720 5,872 6,592Additions during the year 3,790 \u2014 3,790Transfers \u2013 In progress to placed in service (2,621) 2,621 \u2014Exchange differences (55) (613) (668)At 31 December 2021 1,834 7,8 80 9,714Accumulated amortisation and impairment:At 1 January 2021 \u2014 (1,114) (1,114)Amortisation for the year \u2014 (2,321) (2,321)Impairment for the year (63) (57) (120)Exchange differences \u2014 179 179At 31 December 2021 (63) (3,313) (3,376)Carrying amount as at 31 December 2021 1,771 4,567 6,338Intangible assets consist of capitalised salaries undertaken for software development which will provide future economic benefit. Salaries are capitalised then amortised to better align expenses incurred with benefits received to the organisation. Development projects in progress are tested for impairment annually.Research and development costs of $38,707 thousand that are not eligible for capitalisation have been expensed within Technology and Content within the Consolidated statement of profit or loss, in addition to amortisation of $2,437 thousand and impairment loss of $5 thousand, totalling $41,149 thousand (2021: $33,700 thousand). Impairment expenses reflect software developments where the future return does not support the carrying value, for example due to a change in market or development strategy. 12. Property, plant and equipmentOther fixtures and fittings, Leasehold tools and improvementsequipmentTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2022 1,700 1,483 3,183Additions during the year 2,254 1,449 3,703Disposals (103) (234) (337)Exchange differences (143) (134) (277)At 31 December 2022 3,708 2,564 6,272Accumulated depreciation and impairment:At 1 January 2022 (798) (901) (1,699)Depreciation for the year (693) (399) (1,092)Disposals 96 233 329Exchange differences 68 60 128At 31 December 2022 (1,327) (1,007) (2,334)Carrying amount as at 31 December 2022 2,381 1,557 3,93812. Property, plant and equipment continuedOther fixtures and fittings, Leasehold tools and improvementsequipmentTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2021 1,883 1,351 3,234Additions during the year 38 393 431Disposals (191) (188) (379)Exchange differences (30) (73) (103)At 31 December 2021 1,700 1,483 3,183Accumulated depreciation and impairment:At 1 January 2021 (445) (768) (1,213)Depreciation for the year (565) (371) (936)Disposals 191 176 367Exchange differences 21 62 83At 31 December 2021 (798) (901) (1,699)Carrying amount as at 31 December 2021 902 582 1,48413. Deferred taxDeferred tax assets and liabilities are attributable to the following:Assets Liabilities NetFY22FY21FY22FY21FY22FY21$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Intangible assets \u2014 \u2014 (1,476) (1,348) (1,476) (1,348)Property, plant and equipment 731 362 \u2014 \u2014 731 362Short-term temporary differences 439 653 \u2014 \u2014 439 653Share-based payments \u2014 381 \u2014 \u2014 \u2014 381Tax losses 385 263 \u2014 \u2014 385 263Deferred tax assets/(liabilities) 1,555 1,659 (1,476) (1,348) 79 311Deferred income tax assets and liabilities disclosed in the balance sheet are offset when there is a legally enforceable right to set off assets against liabilities and when they relate to the same fiscal authority.The $79 thousand (2021: $311 thousand) arises on short-term temporary differences and fixed\ue61fassets in Australia and Lithuania and is recognised on the basis of expected future taxable\ue61fprofits.Movement in deferred tax during the year:1 January Recognised Exchange Recognised 31 December 2022in incomedifferencesin equity2022$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Intangible assets (1,348) (202) 74 \u2014 (1,476)Property, plant and equipment 362 400 (31) \u2014 731Short-term temporary differences 653 (205) (9) \u2014 439Share-based payments 381 (369) 3 (15) \u2014Tax losses 263 158 (36) \u2014 385Deferred tax assets/(liabilities) 311 (218) 1 (15) 79Movement in deferred tax during the prior year:1 January Recognised Exchange Recognised 31 December 2021in incomedifferencesin equity2021$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Intangible assets (1,128) (320) 100 \u2014 (1,348)Property, plant and equipment 1,022 (606) (54) \u2014 362Short-term temporary differences \u2014 682 (29) \u2014 653Share-based payments \u2014 382 (16) 15 381Tax losses 117 155 (9) \u2014 263Deferred tax assets/(liabilities) 11 293 (8) 15 311The deferred tax asset recoverable within 12 months and after 12 months is as follows:20222021$ \u2018000$ \u2018000Deferred tax:Recoverable within 12 months 39 140Recoverable after 12 months 40 17179 31113. Deferred tax continuedOut of the total deferred tax $79 thousand (FY21: $311 thousand), $39 thousand (FY21:\ue61f$140\ue61fthousand) is expected to reverse within the next 12 months. $40 thousand (FY21:\ue61f$171\ue61fthousand) is expected to reverse after 12 months.Deferred tax not recognised is attributable to the following (presented net at the prevailing deferred tax rates in local jurisdictions):20222021$ \u2018000$ \u2018000Deferred Intangible assets \u2014 236Property, plant and equipment 511 43Short term temporary differences 382 128Share based payments 531 \u2014Tax losses* 38,551 32,11339,975 32,520*This represents $177 million (FY21: $151 million) of gross tax losses carried forward due to uncertainties over recovery.There is no expiration date on $136 million (FY21: $110 million) of the losses. The remaining losses of $41 million will begin to expire in 2033 ($1 million in 2033, $6 million in 2034, $12\ue61fmillion in 2035, $12 million in 2036 and $10 million in 2037).No deferred tax liability is recognised on temporary differences of $nil (FY21: $nil) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.14. Loss per shareFY22 FY21Weighted average number of shares (000s):Ordinary shares 415,086 401,445In addition to the ordinary shares above, Trustpilot Group plc had potential shares outstanding that would be dilutive if the Group generated net income for the period. As of 31 December 2022, total potential shares were 18,625,000 (2021: 29,719,000), of which 10,614,000 (2021: 27,804,000) relate to employee warrants and 8,011,000 (2021: 1,915,000) relate to restricted shares. As of 31 December 2022 vested potential shares amounted to 9,341,000 (2021: 11,981,000) employee warrants.FY22FY21$ \u2018000$ \u2018000Loss for the year (14,644) (25,894)1Loss per share (cents)Basic (3.5) (6.5)Diluted (3.5) (6.5)1 Given the Group incurred losses in FY22 and FY21, the impact of potentially dilutive ordinary shares has been excluded as they would otherwise be anti-dilutive in accordance with IAS 33.15. Right-of-use-assets and leasesThe Group solely leases properties, which are mostly made for fixed periods between 2-10 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations.The Group bases the lease liability on the contractual end date of the lease or the first possible date to terminate a contract. For the leases located in Denmark, the Group has made a judgement of 12 months exceeding the termination terms of 6 months due to the current rolling lease terms. The Group has recognised the following amounts relating to leases:FY22FY21$ \u2018000$ \u2018000Right-of-use assetsProperties 23,569 12,312FY22FY21$ \u2018000$ \u2018000Lease liabilitiesCurrent 3,442 3,504Non-current 21,243 9,55224,685 13,0561Additions to the right-of-use assets15,599 3181 During the year the Group has signed three new leases for its offices in New York, Edinburgh and Melbourne.The statement of profit or loss shows the following amounts relating to leases:FY22FY21$ \u2018000$ \u2018000Depreciation charge of right-of-use assetsProperties (included in general and administrative costs) 3,649 4,855Interest expense (included in finance expenses) 1,010 994Expense relating to short-term leases (included in general and 1administrative\ue61fcosts)400 105Total cash outflow for leases 4,596 5,6211 The Group classifies leases of 12 months or below as short-term leases. These are not treated under IFRS 16 but expensed to the statement of profit and loss account over the period of the lease on a straight-line basis. The Group has no lease contracts with variable payments.16. Trade receivablesFY22FY21$ \u2018000$ \u2018000Trade receivables at 31 December 9,058 8,348Less provision for impairment of trade receivables (783) (2,172)Trade receivables net 8,275 6,176Trade receivables are amounts due from customers for subscriptions sold in the ordinary course of business. They are typically due for settlement within 8 \u2013 90 days and therefore are\ue61fall classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value.Due to the short-term nature of the current receivables, their carrying amount is considered to approximate their fair value. This has been assessed based on future cash flows discounted at an appropriate rate for the risk of the debt.The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Adoption of this approach means Significant Increase in Credit Risk and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.A default on a financial asset is when the counterparty fails to make contractual payments when they fall due. These receivables are credit impaired. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan. The Group considers a receivable written off when a debtor fails to make contractual payments more than 90 days past due. When receivables have been written off, the Group continue to engage in enforcement activity to attempt to recover the receivable due. When recoveries are made, these are recognised in profit or loss.The expected loss rates are based on the payment profiles of sales over a period of 12\ue61fmonths before 31 December and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information affecting the ability of the customers to settle the receivables, including macroeconomic information. The maximum exposure to credit risk for the Group at 31\ue61fDecember 2022 is the carrying value of the trade receivables.Not due or 0-60 days More than 60 More than 90 past duedays past duedays past dueTotal$ \u2018000$ \u2018000$ \u2018000$ \u20180002022Expected loss rate coverage 7% 36% 4%Gross carrying amount, trade receivables 6,740 646 1,672 9,058Loss allowance 479 231 73 783Not due or 0-60 days past More than 60 More than 90 duedays past duedays past dueTotal$ \u2018000$ \u2018000$ \u2018000$ \u20180002021Expected loss rate coverage 8% 64% 51%Gross carrying amount, trade receivables 5,104 829 2,415 8,348Loss allowance 415 531 1,226 2,172Given that credit losses are evaluated on both specific credit risk characteristics and days past due, some expected loss rates may appear higher than expected for certain days past due buckets. In 2022, the expected credit rate coverage for trade receivables, more than 90 days past due, has reduced from 51% to 4%. This is due to the provision being utilised against trade receivables, which are more than 75 days past due or with a debt collection agency or in bankruptcy, thus reducing both the gross carrying amount and the loss allowance.16. Trade receivables continuedMovement on the Group\u2019s provision for impairment of trade receivablesFY22FY21$ \u2018000$ \u2018000$ \u2018000Opening balances 2,172 1,9801Net increase in loss allowance recognised in profit or loss during the year1,397 7832Receivables written off during the year as uncollectible(2,786) (591)Provision for impairment of trade receivables 783 2,1721 Net increase in loss allowance recognised in profit or loss during the year includes loss allowance on new assets originated/recovered and financial assets derecognised during the period. 2 This also materially represents the contractual amount outstanding on financial assets that were written off during the year and are still subject to enforcement activity. The Group has not purchased credit impaired assets.17. Deposits and other receivablesFY22FY21$ \u2018000$ \u2018000Non-current depositsDeposits 2,158 2,383Total non-current deposits 2,158 2,383Current deposits and other receivablesOther receivables 1,677 2,251Deposits 139 619Total current deposits and other receivables 1,816 2,870The ECL allowance against deposits and other receivables is immaterial in the current and prior year. The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset.18. Cash and cash equivalentsFY22FY21$ \u2018000$ \u2018000Cash at bank and in hand 73,459 93,17719. Contract balancesThe Group has recognised the following assets and liabilities related to contracts with customers:FY22FY21$ \u2018000$ \u20180001Trade receivables8,275 6,176Contract liabilities (32,210) (27,616)1 Trade receivables is a financial asset not a contract asset, further disclosure is available in note 16.The movement in contract liabilities and trade receivables are in line with the increase in the Group\u2019s activities and the related sales.All revenue from subscriptions are recognised monthly over time on a straight-line basis, unrelated to payment terms upon issuing of invoices. General payment terms are between 8\ue61fand 90 days. All subscriptions are prepaid, pro-rated to the billing terms, leading to the recognition of contract liabilities. The unearned revenue from contracts in place at 31 December 2022 which will be earned in future periods is $83,368 thousand, with 95% expected to be recognised within one year.The aggregated amount of the transaction price allocated to performance obligations that are satisfied or partially satisfied in FY22 from the prior year is $nil thousand (FY21:\ue61f$521 thousand).The aggregated amount of recognised revenue in FY22, which was included in the contract liabilities at 31 December 2021 was $27,216 thousand (FY21: $22,574 thousand).Management expects that $30,662 thousand (95%) will be recognised as revenue during the next reporting period, $1,341 thousand (4%) in FY24 and $207 thousand (1%) in FY25 (2021 restated: $27,217 thousand (99%) in FY22, $381 thousand (1%) in FY23 and $18 thousand (<\ue61f1%) in FY24). 20. Share capital31 December 2022 31 December 2021Number of Amount Number of AmountShares issued and fully paid:shares($ \u2018000)shares($ \u2018000)Ordinary shares 416,241,641 5,006 413,747, 356 5,576Total shares issued 416,241,641 5,006 413,747,356 5,576The share capital of the Company as of 31 December 2022 consists of a single class of ordinary shares, each share having a nominal value of GBP 0.01. The ordinary shares carry no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Share CapitalShare PremiumNumber of AmountAmountShares ($ \u2018000) ($ \u2018000)Changes in share capitalOpening balance at 1 January 2022 413,747,356 5,576 70,9941Employee share scheme issues2,494,285 31 1,312Contribution of equity \u2013 Transaction cost \u2014 \u2014 (54)Exchange difference on items recognised directly in equity \u2014 (601) (7,715)Ending Balance 31 December 2022 416,241,641 5,006 64,5371 From 1 January 2022 to 31 December 2022 (inclusive), 2,494,285 ordinary shares were issued in the Company to satisfy the\ue61fexercise of warrants and vesting of restricted stock units in the Company, resulting in a share capital increase by $31\ue61fthousand and share premium increase of $1,258 thousand. Further detail related to these schemes is disclosed in note\ue61f8. As further detailed below, completion of the IPO Restructuring on 26 March 2021 resulted in common and preference shares in Trustpilot A/S (each having a nominal value of DKK 1) being\ue61fexchanged for ordinary shares in the Company (each having a nominal value of GBP 0.01). A multiplier was applied resulting in 78 ordinary shares in the Company being issued for each share held by existing shareholders in Trustpilot A/S (minus the 1 ordinary share already held by the incorporating shareholder of the Company).The share capital of the Company as of 31 December 2022 and 31 December 2021 consists of a single class of ordinary shares, each share having a nominal value of GBP 0.01. The ordinary shares carry no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.Share capitalShare PremiumNumber of AmountAmountShares($\u2019000)($ \u2018000)Changes in share capitalOpening balance at 1 January 2021 4,684,374 773 177,8421Employee share scheme issues27,6 23 4 2382Lender warrants exercised37, 525 6 358Exchange difference on items recognised directly in\ue61fequity prior to Group reconstruction \u2014 (23) (6,977)Share Capital pre-public offering 4,749,522 760 171,461Share Capital post public offering3Conversion of basic share370,462,716 5,105 \u20144Issue of share17,620,906 244 6 4,1025Exercise of share-based payments25,663,734 353 9,424Contribution of equity \u2013 Transaction \u2014 \u2014 (1,274)Exchange difference on items recognised directly in\ue61fequity post Group reconstruction \u2014 (126) (1,258)Ending Balance 31 December 2021 413,747,35 6 5,576 70,9941 On 3 March 2021, 20,780 warrants were exercised into 20,780 common shares in Trustpilot A/S, followed on 12 March 2021 by a further 6,843 warrants exercised into 6,843 common shares in Trustpilot A/S. The total of 27,623 new common shares with a nominal value of $4 thousand resulted in share capital increasing by $4 thousand and share premium by $238 thousand.2 Shortly prior to Admission on 26 March 2021, three lender-related entities exercised a total of 37,525 warrants into 37,525\ue61fcommon shares, with a nominal value of $6 thousand resulting in share capital increasing by $6 thousand and share premium by $358 thousand.3 As part of the IPO Restructuring, on 26 March 2021 all 4,749,522 outstanding common and preference shares in Trustpilot A/S were exchanged in the proportion 1 to 78 for 370,462,715 ordinary shares in the Company (the incorporating shareholder of the Company already held 1 ordinary share prior to the exchange). The result was 370,462,716 ordinary shares being held in the Company and increase of share capital by $5,105 thousand. Further, as part of the IPO Restructuring and basic share exchange, the difference between the share capital and share premium recognised in Trustpilot A/S and the new Trustpilot Group plc was taken to a merger reserve on consolidation.4 On 26 March 2021, 17,620,906 ordinary shares in the Company were issued as a result of the Company\u2019s primary offering for a net consideration of $64,346 thousand, resulting in a share capital increase by $244 thousand and share premium increase by $64,102 thousand.5 From 26 March 2021 to 31 December 2021 (inclusive), 25,663,734 ordinary shares were issued in the Company to satisfy the exercise of warrants and vesting of restricted stock units in the Company, resulting in a share capital increase by $353\ue61fthousand and share premium increase of $9,424 thousand. Further detail related to these schemes is disclosed in note 8, share-based payment plans.21. Financial risk managementOutlined below are the ways in which the Group addresses interest rate risk, foreign currency risk, credit risk, liquidity risk and capital risk.The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk\ue61fmanagement framework and for establishing the Group\u2019s risk management policies. The\ue61fGroup\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s performance. The\ue61fGroup does not use derivative financial instruments to hedge any exposures. Risk management is carried out by the Risk function under policies approved by the Board of\ue61fDirectors. The Board provides written principles for overall risk management.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in reference interest rates. Long-term borrowings with variable interest rates could therefore expose the Group to cash flow interest rate risk.The Group repaid and refinanced a credit facility with Silicon Valley Bank in 2021; this revolving credit facility includes a variable interest rate that exposes the Group to interest rate\ue61frisk. Credit facility funds are available in either USD, EUR or GBP with interest rates determined on a base plus margin basis with an interest rate floor. For the calculation of the interest base rate, USD borrowings will utilise a Wall Street Prime Rate, EUR borrowings will utilise a European Central Bank base rate and GBP borrowings will utilise a Bank of England base rate. In addition to this base rate, a margin will be applied based on the Group EBITDA* in the most recently completed relevant period. Interest rate risk is concentrated across three reference rates for USD, EUR and GBP borrowings.Group EBITDA in this context is the same as Adjusted EBITDA illustrated in note 4 with the following additional adjustments where applicable:\u2022 after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributable to minority interests;\u2022 after deducting the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in the financial statements of the Group exceeds the amount actually received in cash by members of the Group through distributions by the Non-Group\ue61fEntity.Sensitivity from changes in interest rates, including the impact of interest rate benchmark reform, has been deemed immaterial given the group is debt free. The Group continues to monitor changes in interest rates and considers the associated cost of borrowing.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of a balance sheet exposure will fluctuate because of changes in foreign exchange rates.In general, purchases are made in the functional currencies of the individual group entity. The\ue61fcurrency risk therefore primarily arises from sale in foreign currencies compared to the functional currency of each of the Group entities. Sales made in foreign currencies are primarily made by the Trustpilot A/S denominated in EUR and GBP.In addition, the borrowings obtained by Trustpilot A/S (with DKK functional currency) in 2021\ue61fwere denominated in USD and GBP. As the borrowings were denominated in foreign currencies, this also exposed the Company to currency risk during 2021.The sensitivity analysis shows the gain/loss on net loss for the year and equity of a 10 per cent increase/decrease in the specified currencies towards their functional currencies (presented in US Dollars). The gain/loss is associated with the changing value of financial instruments on the balance sheet due to the underlying currency fluctuations for those instruments held in something other than the functional currency.Impact on post tax loss and equityFY22FY21$ \u2018000$ \u2018000EUR/USD \u2013 increase 10% 3,983 4,901EUR/USD \u2013 decrease 10% (3,983) (4,901)GBP/USD \u2013 increase 10% 3,227 3,872GBP/USD \u2013 decrease 10% (3,227) (3,872)Year end rates applied the above analysis are 1.0667 (2021: 1.1326) EUR/USD and 1.2026 (2021: 1.3479) GBP/USD. Positive figures represent an increase in profit/loss or equity.The Group\u2019s primary credit exposure is related to trade receivables and cash positions. The Group determines whether a financial asset is credit-impaired based on the asset\u2019s cash flow expectations. The Group has no major exposure relating to one single customer or business partner. The Group has no significant credit risk concentrations as the Group has many small\ue61fcustomers, a total of 25 thousand paying customers at 31 December 2022 (2021: 23\ue61fthousand). The Group\u2019s credit risk is monitored and managed by senior management based on analysis of actual loss, review of outstanding receivables and financial market conditions. Given the\ue61fhistorical collection rate, the Group has determined that it will not forgo commercial agreements with customers due to their credit rating. The Group\u2019s outstanding receivables and impairment losses are detailed in note 16.The most significant counterparty risk is related to deposit with banks, as the Group\u2019s balance at 31 December 2022 amounts to $73,459 thousand (2021: $93,177 thousand). To mitigate this risk, it is the Group\u2019s policy only to use banks of high quality and with low credit risk in the countries the Group operates in. Given the Group\u2019s treasury policy regarding deposits, the Group does not incorporate further forward-looking information into its understanding of credit risk and has an expected credit loss for cash deposits of $nil. Deposits are reviewed on a monthly basis and write-offs are considered if expectation of recovery falls meaningfully. There were no write-offs in FY22 and all deposits are considered to be a low credit risk, held in institutions with credit ratings of \u201cA\u201d or higher, in line with our treasury management policy approved by the board. The Group has not established a credit loss provision on cash deposits due to the low credit risk associated with institutions of an \u201cA\u201d rating or higher. Finally, in light of the recent closure of Silicon Valley Bank (SVB) on 10 March 2023, the Group intends to review our approach to treasury management, including diversifying our banking partners to mitigate future credit risks.The carrying amounts of trade receivables in note 16 and cash and cash equivalents in note 18 represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s credit risk has not increased significantly since initial recognition of any financial assets.Credit riskCredit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables. The\ue61fGroup has determined that all these financial instruments listed have low credit risk on initial recognition.21. Financial risk management continuedThe sensitivity analysis is based on the assumption that all other variables and exposures remains constant on the financial instruments recognised at 31 December. The sensitivity rate\ue61fof 10% assessment of a reasonably possible change, based on historical volatility. The\ue61fcarrying amounts of the Group foreign currency denominated financial assets and liabilities at the reporting date are as follows:USDGBPEUROtherTotalFY22$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Cash and cash equivalents 23,999 12,721 35,425 1,314 73,459Trade receivables 1,385 2,691 1,861 2,338 8,275Deposits 49 1,830 64 354 2,2971Other receivables\u2014 377 \u2014 308 685Trade payables 398 245 1,244 877 2,764Accruals 2,277 3,023 823 4,839 10,962Lease liabilities 12,337 11,166 61 1,121 24,685Borrowings \u2014 \u2014 \u2014 \u2014 \u2014USDGBPEUROtherTotalFY21$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Cash and cash equivalents 25,246 19,349 47,686 896 93,177Trade receivables 1,135 2,068 1,027 1,946 6,176Deposits 30 2,051 \u2014 302 2,3831Other receivables24 842 42 537 1,445Trade payables 278 785 40 733 1,836Accruals 2,742 3,244 539 6,115 12,640Lease liabilities 1,708 10,408 63 877 13,056Borrowings \u2014 \u2014 \u2014 \u2014 \u20141 Other receivables consist of financial instruments and exclude prepayments and taxes.The impact on post tax loss for the year includes financial instruments that are currency adjusted through the statement of profit and loss and is based on those financial instruments that were recognised at the respective balance sheet dates.Liquidity riskPrudent liquidity risk management involves maintaining sufficient cash or access to credit to meet Group obligations. Management monitors rolling forecasts of the Group\u2019s liquidity, which as of 31 December 2022 consists of $73 million cash and a $30 million revolving credit facility to ensure the Group has sufficient liquid resources to meet the operating needs of the business. The Group manages its cash and borrowing requirements centrally within risk parameters agreed by the Board. As of 31 December 2022 the revolving credit facility remains undrawn. Capital managementThe Group\u2019s key management personnel defines and monitors the net cash position, defined as the cash on the balance sheet less any outstanding debt. The Group\u2019s objective when managing capital is to safeguard the ability to continue as a going concern, in a manner that optimises the capital structure.The Group\u2019s strategy is to finance the operations of the business with the cash on the balance sheet and only access the credit facility if additional opportunities present themselves. There has been no change in the policies for managing capital when compared with the prior year. The Group remains in compliance with the covenants associated with the credit facility.Maturity analysisThe amounts disclosed in the table are the maturity analysis for the contractual undiscounted cash flows (including interest payments). Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.Less than Between 1 More than 1 yearand 3 years3 yearsTotal$ \u2018000$ \u2018000$ \u2018000$ \u2018000Non-derivativesAs at 31 December 2022Trade payables (2,764) \u2014 \u2014 (2,764)Lease liabilities (4,949) (12,605) (13,939) (31,493)1Borrowings(300) (75) \u2014 (375)Accruals (10,962) \u2014 \u2014 (10,962)(18,975) (12,680) (13,939) (45,594)Less than Between 1 More than 1 yearand 3 years3 yearsTotal$ \u2018000$ \u2018000$ \u2018000$ \u2018000Non-derivativesAs at 31 December 2021Trade payables (1,836) \u2014 \u2014 (1,836)Lease liabilities (4,104) (4,192) (7, 364) (15,660)Accruals (12,640) \u2014 \u2014 (12,640)(18,580) (4,192) (7,3 64) (30,136)1 Borrowings relate to the unused revolving credit facility fee FY22FY21Financial assets and liabilities per measurement category$ \u2018000$ \u2018000Financial assetsFinancial assets at amortised cost:Trade receivables, current 8,275 6,176Deposits 2,297 2,383Other receivables 1,677 1,445Cash and cash equivalents, current 73,459 93,17785,708 103,181FY22FY21$ \u2018000$ \u2018000Financial liabilitiesFinancial liabilities at amortised cost:Trade payables, current (2,764) (1,836)Accruals, current (10,962) (12,640)Lease liabilities, non-current (21,243) (9,552)Lease liabilities, current (3,442) (3,504)(38,411) (27, 532)Due to the short-term nature of the Group\u2019s financial instruments, the fair value approximates the carrying amount.22. Commitments and contingent liabilitiesPledges and security31 December31 December20222021$ \u2018000$ \u2018000The carrying amounts of the secured assets are as followsIntangible assets 7,0 5 5 6,338Trade receivables 8,275 6,17615,330 12,514In connection with a revolving credit facility of $30 million, the Company, Trustpilot A/S, Trustpilot, Inc. and Trustpilot Ltd have granted security over all of their assets and undertaking, including bank accounts, trademarks and shares (excluding the Company). No security has been provided for the Group\u2019s leaseholds in 2022.Capital commitments As at 31 December 2022, the Group had contractual capital commitments of $13 thousand (FY21: $494 thousand) in relation to the acquisition of property, plant and equipment. The\ue61fcapital commitments relating to intangible assets are immaterial during FY22 (FY21:\ue61fImmaterial). Contingent liabilitiesSubsidiaries of Trustpilot Group plc are parties to various litigation claims from time to time. The outcome of claims pending is not expected to constitute risk for economic outflow of material importance to the Group\u2019s financial position. In the year ended 31 December 2021, two of the Group\u2019s subsidiaries were parties to a litigation claim in New York. However, the claim was successfully defended and the proceedings have now concluded. A summary of the history of the claim is set out below.In January 2021, a complaint was filed in the United States District Court for the Southern District of New York against Trustpilot Inc. and Trustpilot A/S (the plaintiffs later dropped the claim against Trustpilot A/S). The plaintiffs alleged that Trustpilot designed its email systems so that a reminder email about renewal of Trustpilot subscriptions would be sent from a trustpilot.net email address and go directly to the recipient\u2019s junk email folder and that, as a result, Trustpilot customers paid for Trustpilot subscriptions that they would not have renewed had they received the reminder email.The claim was dismissed in its entirety by the court on 29 June 2021. On 14 July, the plaintiffs filed a \u2018motion to reconsider\u2019 the dismissal of the case. Trustpilot filed its opposition to this \u2018motion to reconsider\u2019 on 28 July 2021. On 14 October 2021, the plaintiffs\u2019 \u2018motion to reconsider\u2019 was denied. The plaintiffs filed a notice of appeal on 15 November 2021 and the case was transmitted to the Second Circuit Court of Appeals. The appeal was heard in New York on 16 May 2022 and, on 13 June 2022, the court dismissed the appeal and released its ruling. The plaintiffs had 14 days to request an en banc review of the ruling, but declined to do so. Therefore, the proceedings have now concluded without any material adverse effect on Trustpilot\u2019s results of operations and cash flows.23. ProvisionsFY22FY21DilapidationDilapidationprovisionprovision$ \u2018000$ \u2018000Non-currentAt 1 January 517 \u2014Utilised in the year \u2014 \u2014Charged in the year 206 517Exchange differences (95) \u2014At 31 December 628 517CurrentAt 1 January 670 \u2014Utilised in the year (208) \u2014Charged in the year (12) 670Exchange differences 3 \u2014At 31 December 453 670The Group recognises dilapidation provisions for leases where Trustpilot will have an obligation to restore the leases according to the contractual requirements when the leases come to an end. The provisions are based on internal assessments, estimates from the landlords and on the lifetime of each lease. There will be uncertainty to the actual outflow for dilapidation until leases in question have concluded and the space is formally assessed. The group has dilapidation obligations in the UK entity and the Danish Entity where $453 thousand is due within 12 months (FY21: $670 thousand) from balance sheet date and $628 thousand is due after more than 5 years (FY21: $517 thousand).24. Other payablesFY22FY21$ \u2018000$ \u2018000Non-currentHoliday \u2013 other liability 2,858 2,962Total non-current other payables 2,858 2,962CurrentOther taxes and social security 4,343 10,221Accruals 10,962 12,640Total current other payables 15,305 22,86125. Changes in liabilities arising from financing activitiesThis section sets out an analysis of liabilities arising from borrowings and the movements in each of the periods presented.Foreign 1 January Cash exchange New 31 December 2022flowsmovementleases*2022$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 13,056 (4,197) 1,517 14,309 24,685Total liabilities from financing activities 13,056 (4,197) 1,517 14,309 24,685Foreign 1 January Cash exchange New 31 December 2021flowsmovementleases*2021$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings 12,941 (13,000) 59 \u2014 \u2014Lease liabilities 16,604 (5,516) (192) 2,160 13,056Total liabilities from financing activities 29,545 (18,516) (133) 2,160 13,056* Including lease modifications26. Related partiesThe key management compensation is disclosed in note 6.During the FY22, there were no material transactions with related parties.In the comparative period, FY21, there were the following transactions with related parties:a) On 26 March 2021, in connection with the IPO, a restructuring of the corporate structure of the Group was completed immediately prior to Admission (the \u201cIPO Restructuring\u201d). The IPO Restructuring included: (i) a horizontal merger of Trustpilot A/S and Trustpilot Galaxy A/S (with Trustpilot A/S as the continuing company), (ii) a share for share exchange whereby each shareholder in Trustpilot A/S exchanged their shares for newly issued ordinary shares in the Company (resulting in Trustpilot A/S becoming wholly owned by the Company, and the Company becoming the parent company of the Group); and (iii) the replacement of warrants in\ue61fTrustpilot A/S by warrants in the Company (and consequent cancellation of warrants in Trustpilot A/S).b) 50,000 redeemable preference shares of \u00a31 nominal value each in Trustpilot Group plc were issued to Peter M\u00fchlmann Holding ApS (the incorporating shareholder of Trustpilot Group plc) on 16 Feb 2021 for the purposes of Trustpilot Group plc having sufficient capital to obtain a trading certificate. Pursuant to a resolution by the board of directors of Trustpilot Group plc on 22 March 2021, the shares were redeemed and cancelled on 14 April 2021 by the repayment to Peter M\u00fchlmann Holding ApS of \u00a350,000.27. Reconciliation to operating cash flowsFY22FY21$ \u2018000$ \u2018000Changes to net working capitalIncrease in trade receivables (2,412) (1,325)Decrease/(Increase) in other assets 899 (1,260)Increase in prepayments (711) (1,191)Increase in trade payables 930 595Decrease in provisions (14) \u2014(Decrease)/Increase in other liabilities (3,810) 2,805Increase in contract liabilities 6,020 6,401902 6,025FY22FY21$ \u2018000$ \u2018000Adjustments to operating cash flowsIncome tax (401) (716)Amortisation and impairment of intangible assets 2,617 2,441Depreciation of tangible assets and right-of-use assets 4,741 5,791Finance (income)/expense (945) 2,392Share-based compensation 5,853 6,52711,865 16,43528. List of Group companiesPlace of Ownership Legal entity registered office Status TypeincorporationinterestTrustpilot A/S Pilestr\u00e6de 58, 5, 1112 Trading Subsidiary Denmark 100%K\u00f8benhavn KTrustpilot, Inc. c/o The Corporation Trust Trading Subsidiary US 100%Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USATrustpilot Ltd 5th Floor, The Minster Building, Trading Subsidiary England & 100%21 Mincing Lane, London EC3R Wales7AG, United KingdomTrustpilot c/o Dantax Steuerberatungs Trading Subsidiary Germany 100%GmbHGmbH, Am Oxer 7, 24955 Harrislee, GermanyTrpilot Pty Suite 3, 61 Porter Street, Trading Subsidiary Australia 100%LimitedPrahran, 3181 VIC, AustraliaTrustpilot UAB Vito Gerulaic\u02c7 io g. 1, 3rd floor, Trading Subsidiary Lithuania 100%Vilnius, LithuaniaTrustpilot S.r.l. Corso Vercelli 40, Milan, CAP Trading Subsidiary Italy 100%20145, ItalyTrustpilot B.V. Herikerbergweg 238, Luna Trading Subsidiary Netherlands 100%ArenA, 1101 CM Amsterdam, The Netherlands29. Post balance sheet eventsOn 10 March 2023, Silicon Valley Bank (SVB) in the United States was closed by the California Department of Financial Protection and Innovation and the subsequent entry into receivership of its UK arm (SVB UK). SVB UK is the Group\u2019s principal banking partner, which was subsequently acquired by HSBC.The Group has not experienced liquidity concerns as a result of this event. We have full access to our cash on deposit, and our revolving credit facility remains available, expiring in April 2024, and in the meantime we intend to review and diversify our banking arrangements to mitigate future risks. We benefit from having a diversified customer base with little concentration, and this limits our exposure to the events surrounding the bank\u2019s failure. We\ue61fhave not experienced any operational impact on our business and customer cash collections remain unaffected.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-1-2": { "value": "The financial statements were approved and authorised for issue by the Board of Directors on 20 March 2023 and signed on its behalf by:Peter Holten M\u00fchlmann Hanno DammChief Executive Officer Chief Financial Officer ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f28862": { "value": "7055000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IntangibleAssetsOtherThanGoodwill", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", 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"ifrs-full:ComponentsOfEquityAxis": "ifrs-full:SharePremiumMember", "unit": "iso4217:USD" } }, "f29824": { "value": "6602000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember", "unit": "iso4217:USD" } }, "f29828": { "value": "148854000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:MergerReserveMember", "unit": "iso4217:USD" } }, "f29832": { "value": "-179163000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:USD" } }, "f29836": { "value": "45836000", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "pp-value-2-1": { "value": "Trustpilot Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f29871": { "value": "public company limited by shares", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-4-1": { "value": "United KingdomUnited Kingdom", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-1": { "value": "5th Floor, The Minster Building, 21 Mincing Lane,London EC3R 7AG", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-10-2": { "value": "5th Floor, The Minster Building, 21 Mincing Lane,London EC3R 7AG", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f29883": { "value": "United Kingdom", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-5-1": { "value": "The activity of the Company and its subsidiaries (together, the \u201cGroup\u201d) consists of developing and hosting an online review platform that helps consumers make purchasing decisions and businesses showcase and improve their service. Revenue is generated fromselling its software as a service (\u201cSaaS\u201d). ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-2": { "value": "1.1 Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention. The consolidated financial statements are presented in US Dollars (\u201cUSD\u201d).The consolidated financial statements have been rounded to the nearest thousand.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-6-3": { "value": "1.1 Basis of preparationThe consolidated financial statements of the Group have been prepared in accordance with UK-adopted International Accounting Standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.The consolidated financial statements have been prepared on the going concern basis and under the historical cost convention. The consolidated financial statements are presented in US Dollars (\u201cUSD\u201d).The consolidated financial statements have been rounded to the nearest thousand.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-7-2": { "value": "1.2 Basis of consolidation The consolidated financial statements include the Company and the Group. Subsidiaries are all entities over which the Group has control. The Group controls an entity when the Group is\ue61fexposed to, or has rights to, variable returns from its involvement with the entity and has\ue61fthe\ue61fability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group.Intercompany transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-8-2": { "value": "1.3 Going concernThe directors of the Company (the \u201cDirectors\u201d), in their detailed consideration of going concern, have performed a going concern assessment for the Group by preparing monthly cash flows for an 18 month period and then sensitising for what the directors consider to be the most severe but plausible scenario that could arise. The assessment was tied to specific risks identified in the principal risk and uncertainty sections outlined on page 49.As at 31 December 2022, the Group has a cash balance of $73 million with zero debt on the balance sheet. In addition to cash on the balance sheet, the Group has access to a revolving credit facility for up to $30 million, available in multiple currencies, which has not been considered as part of headroom when considering going concern. The revolving credit facility is subject to both balance sheet and revenue to plan covenants, both of which are consideredin the course of scenario planning.Additionally, the Directors have evaluated the impact of a reverse stress test over a three year period meant to illustrate what would need to happen for the Group to exhaust its liquidity. Further detail can be found in the viability statement within the Strategic report on page 50.Having considered the severe but plausible downside scenario, the Directors have a reasonable expectation that the Group has adequate resources to continue to operate for at least 18 months from the date of signing these financial statements. As a result, they continue to adopt the going concern basis in preparing the consolidated financial statements, in accordance with the Companies Act 2006 applicable to companies reporting under IFRS.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f30018": { "value": "-14644000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30022": { "value": "-25894000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProfitLoss", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30029": { "value": "11865000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30033": { "value": "16435000", "decimals": -3, "dimensions": { "concept": "ifrs-full:AdjustmentsToReconcileProfitLossOtherThanChangesInWorkingCapital", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30040": { "value": "-902000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30044": { "value": "-6025000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInWorkingCapital", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30050": { "value": "14000", "decimals": -3, "dimensions": { "concept": 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"dimensions": { "concept": "ifrs-full:IncomeTaxesRefundClassifiedAsOperatingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30072": { "value": "382000", "decimals": -3, "dimensions": { "concept": "ifrs-full:IncomeTaxesRefundClassifiedAsOperatingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30077": { "value": "-2698000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30081": { "value": "-5444000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInOperatingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30090": { "value": "3703000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30094": { "value": "431000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PurchaseOfPropertyPlantAndEquipmentClassifiedAsInvestingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30101": { "value": "3696000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDevelopmentProjectExpenditure", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30105": { "value": "3790000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsForDevelopmentProjectExpenditure", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30110": { "value": "-7399000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30114": { "value": "-4221000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInInvestingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30119": { "value": "3187000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30123": { "value": "4522000", "decimals": -3, "dimensions": { "concept": "ifrs-full:PaymentsOfLeaseLiabilitiesClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30130": { "value": "0", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30134": { "value": "13000000", "decimals": -3, "dimensions": { "concept": "ifrs-full:RepaymentsOfBorrowingsClassifiedAsFinancingActivities", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30140": { "value": "1289000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30144": { "value": "73916000", "decimals": -3, "dimensions": { "concept": "ifrs-full:ProceedsFromIssuingShares", "entity": "scheme:2138002ILUNMGNPSGG46", "period": 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"ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30167": { "value": "93177000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30171": { "value": "50387000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30176": { "value": "-7723000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30180": { "value": "-3939000", "decimals": -3, "dimensions": { "concept": "ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2021-01-01T00:00:00/2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30187": { "value": "73459000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2023-01-01T00:00:00", "unit": "iso4217:USD" } }, "f30191": { "value": "93177000", "decimals": -3, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalents", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00", "unit": "iso4217:USD" } }, "pp-value-13-2": { "value": "1.4 New standards and interpretations(a) New standards and amendments \u2013 applicable 1 January 2022The following standards and interpretations apply for the first time to financial reporting periods commencing on or after 1 January 2022:\u2022 Property, plant and equipment: proceeds before intended use \u2013 Amendments to IAS 16 (effective date 1 January 2022) \u2013 The amendment to IAS 16 Property, plant and equipment (PP&E) prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also clarifies that an entity is \u2018testing whether the asset is functioning properly\u2019 when it assesses technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Entities must disclose separately the amounts of proceeds and costs relating to items produced that are not an output of the entity\u2019s ordinary activities.\u2022 Onerous contracts \u2013 cost of fulfilling a contract \u2013 Amendments to IAS 37 (effective date 1 January 2022) \u2013 The amendment to IAS 37 clarifies that the direct costs of fulfilling a contract include both the incremental costs of fulfilling the contract and an allocation of other costs directly related to fulfilling contracts. Before recognising a separate provision for an onerous contract, the entity recognises any impairment loss that has occurred on assets used in fulfilling the contract.\u2022 Annual improvements to IFRS Standards 2018\u20132020 (effective date 1 January 2022) \u2013 The following improvements were finalised in May 2020: \u2013 IFRS 9 Financial Instruments \u2013 clarifies which fees should be included in the 10% test for derecognition of financial liabilities. \u2013 IFRS 16 Leases \u2013 amendment of illustrative example 13 to remove the illustration of payments from the lessor relating to leasehold improvements, to remove any confusion about the treatment of lease incentives. \u2013 IFRS 1 First-time Adoption of International Financial Reporting Standards \u2013 allows entities that have measured their assets and liabilities at carrying amounts recorded in their parent\u2019s books to also measure any cumulative translation differences using the amounts reported by the parent. This amendment will also apply to associates and joint ventures that have taken the same IFRS 1 exemption.The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these standards. There has been no material impact on the adoption of new standards during the year.(b) New and revised IFRS Standards in issue but not yet effectiveCertain new accounting standards and amendments are effective for annual reporting periods beginning after 1 January 2023, though not mandatory for annual reporting periods ending on 31 December 2022. Earlier application is permitted, however, the new or amended standards have not been early adopted by the Group. The amended standards are as follows:\u2022 Classification of Liabilities as Current or Non-current \u2013 Amendments to IAS 1 (effective from 1 January 2023 \u2013 deferred from 1 January 2022) \u2013 The narrow-scope amendments to IAS 1 presentation of financial statements clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g. the receipt of waver of breach of covenants). The amendments also clarify what IAS 1 means when it refers to the \u2018settlement\u2019 of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management\u2019s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors. Disclosure of Accounting Policies \u2013 Amendments to IAS 1 and IFRS Practice Statement 2 (to be effective for the annual period beginning on or after 1 January 2023) \u2013 The IASB amended IAS 1 to require entities to disclose their material rather than their significant accounting policies. The amendments define what is \u2018material accounting policy information\u2019 and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to\ue61fbe disclosed. If it is disclosed, it should not obscure material accounting information. To\ue61fsupport this amendment, the IASB also amended IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on how to apply the concept of materiality to accounting policy disclosures. Definition of Accounting Estimates \u2013 Amendments to IAS 8 (to be effective for the annual period beginning on or after 1 January 2023) \u2013 Accounting policies, changes in accounting estimates and error clarifies how companies should distinguish changes in accounting policies from changes in accounting estimates. The distinction is important, because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as the current period. Deferred Tax related to Assets and Liabilities arising from a Single Transaction \u2013 Amendments to IAS 12 (effective from 1 January 2023) \u2013 The amendments to IAS 12 Income Taxes require companies to recognise deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. They will typically apply to transactions such as leases of lessees and decommissioning obligations and will require the recognition of additional deferred tax assets and liabilities. The amendment should be applied to transactions that occur on or after the beginning of the earliest comparative period presented. In addition, entities should recognise deferred tax assets (to the extent that it is probable that they can be utilised) and deferred tax liabilities at the beginning of the earliest comparative period for all deductible and taxable temporary differences associated with: \u2013 right-of-use assets and lease liabilities, and \u2013 decommissioning, restoration and similar liabilities, and the corresponding amounts recognised as part of the cost of the related assets. The cumulative effect of recognising these adjustments is recognised in retained earnings, or another component of equity, as appropriate. IAS 12 did not previously address how to account for the tax effects of on-balance sheet leases and similar transactions and various approaches were considered acceptable. Some entities may have already accounted for such transactions consistent with the new requirements. These entities will not be affected by the amendments.The other amended standards and improvements are not mandatory for 31 December 2022 reporting period. The Group expects to adopt the new standards, improvements, and amendments when they become mandatory.", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-2": { "value": "1.5 Use of alternative performance measures (\u201cAPMs\u201d)The Group utilises a range of alternative performance measures (\u201cAPMs\u201d) to assess its performance and this document contains certain measures that are not defined or recognised under IFRS. The Group considers EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to be APMs that provide meaningful, additional measures of Group performance.The Group believes these APMs provide alternative measures by which to assess the operating performance of the Group and, together with IFRS measures, are useful in evaluating the Group\u2019s operating performance. The APMs used in this Financial Statements should not be considered superior to, or a substitute for, measures calculated in accordance with IFRS.Definitions of the Group\u2019s alternative performance measures along with reconciliation to their IFRS equivalent measure are included in note 4.1.6 Functional and presentation currency The consolidated financial statements are presented in the United States Dollars (\u201cUSD\u201d).Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the individual entity operates (the \u201cfunctional currency\u201d).2. Summary of significant accounting policiesThe principal accounting policies are set out below. Policies have been applied consistently, other than where new policies have been applied.2.1 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group considers the Executive Leadership Team (ELT) to be the operating decision making body, as the ELT examines the Group\u2019s performance and makes all significant decisions regarding business development and allocation of resources. For that purpose, a single business segment has been identified as an operating segment which is consistent with the internal reporting to the chief operating decision making body. Further information about the composition of the ELT has been provided in note 5.There is also considered to be only one reporting segment, the results of which are shown in note 5.2.2 RevenueThe group generates revenue from the sale of company subscription plans, generally for a period of 12 months, where the invoicing varies from monthly to yearly. The revenue is shown net of local sales tax and customer discounts.Revenue recognition requires an agreement with the customer, which creates enforceable rights and obligations between the parties, has commercial substance and identifies payment terms. The Group recognises revenue when it is probable that the Group will collect the consideration to which it will be entitled in exchange for the services that will be transferred to the customer. Revenue is measured at the transaction price to which the Group expects to be entitled. The contracts are based on a single performance obligation and the transaction price is allocated to this performance obligation based on a stand-alone selling price. The Group satisfies the single performance obligation by recognising the revenue from subscriptions over time as the software service is delivered to customers according to the subscription period. Contracts primarily utilise quarterly or annual billing frequency with payment terms typically between 8\ue61fand 90 days.The Group contracts with its customers to provide access to, and use of, its \u201csoftware-as-a-service\u201d product over the term defined in the contract. Specific product features accessible by customers are determined on a customer by customer basis and are specified in customers\u2019 contracts. The subscription plan is considered to be a single performance obligation which is satisfied over time and revenue is recognised on a straight-line basis over\ue61fthe subscription period. No significant judgements are made which effect the determination of the amount or timing of the revenue from contracts with customers.Incremental costs of obtaining a contract are deferred and amortised over a period commensurate to the contract value and expected future renewal periods, to the extent that they are recoverable. The Group has taken advantage of the practical expedient available not to recognises the incremental costs of obtaining a contract, for example partner referral fees, where the amortisation period of the asset that the Group would otherwise have recognised is one year or less. There is no variable consideration included in the transaction price for the company subscription plans.The Group has taken advantage of the practical expedient available not to adjust the promised amount of consideration for the effects of a significant financing component on the\ue61fbasis that, at contract inception, the expected period between providing a service to a customer and when the customer pays for that service will be one year or less. If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability is recognised. Contract liabilities primarily reflect invoices due or payments received in advance of revenue recognition. Contract liabilities are unwound as related performance obligations are satisfied over the related subscription period. The significant majority of contract liabilities that arise are expected to be recognised as revenue within a year of the balance sheet date.Provisions and accruals for refunds are made to the full value of the refund in the period to which the refund is identified. 2.3 Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Income from grants is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, shall be recognised in income in the period in which it becomes receivable. Government grants are recorded as Other operating income in the statement of profit and loss.2.4 Cost of sales Cost of sales consists of the cost to deliver the Group\u2019s software service. Cost of sales includes the hosting and related technologies to deliver the software service as well as the ongoing customer success and customer support efforts that continue to be aligned with customers over the term of their subscription. Cost of sales primarily consists of the labour costs associated with customer success and customer support efforts. Cost of sales are recognised when incurred. 2.5 Sales and marketing Sales and marketing costs consists of the efforts primarily directed at new customer acquisition. Sales costs include direct sales support functions such as sales operations and partnerships while marketing costs consist of both marketing staff labour costs as well as marketing program expenditures.2.6 Technology and contentTechnology and content include research and development costs incurred by the work of the product and engineering teams directly on the platform. Also included are the content costs critical to securing the integrity and trust in our product.Amortisation of development costs is included in technology and content due to the nature of the asset on which the amortisation is charged. The period where there is consumption of the benefits of the asset is not impacted by the period over which revenue is recognised or the level of revenue that is generated by the asset. Therefore this is considered a more appropriate presentation than to show within cost of sales.2.7 General and administrativeGeneral and administrative expenses comprise costs incurred by the back-office functions such as finance, legal and human resources, including wages, costs under share-based programmes and other office costs. General and administrative expenses include a proportion of depreciation, primarily consisting of right-of-use asset depreciation.2.8 Other operating income Other operating income includes income of a secondary nature to the Group\u2019s primary activities, including gains or losses on the sale of tangible assets as well as government grants recognised as income for the year.Trustpilot Group plc launched a new global R&D and Innovation Hub in Edinburgh, Scotland, in 2020, with the aim of developing cutting-edge technology that proactively tackles the behaviour that threatens trust online. The Hub is being supported through a R&D grant from Scottish Enterprise. 2.9 Financial income and expenses Financial income and expenses are recognised in the statements of profit or loss at the amounts that concern the financial year. Financial income and expenses include interest income and expenses calculated in accordance with the effective interest method. Foreign exchange gains and losses on transactional activities are included in finance income and finance expense within the Consolidated statement of profit or loss. The cash flows arising on foreign exchange gains and losses are included in Changes to working capital \u2013 Increase in other liabilities.2.10 Income tax The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries in which the Company and\ue61fits\ue61fsubsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax assets can be utilised. Changes in deferred tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.2.11 Earnings per shareEarnings per share (\u201cEPS\u201d) for the Group are calculated in accordance with IAS 33. The\ue61ffollowing types of EPS are reported:(i) \u2013 Basic earnings per shareGroup earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the period.(ii) \u2013 Diluted earnings per shareGroup earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the period as well as all potentially convertible securities. The impact of potentially dilutive ordinary shares is excluded when they would be anti-dilutive.2.12 Intangible assetsIntangible assets include in progress and completed development projects. Intangible assets have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Costs associated with maintaining IT-platforms are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognised as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the software so that it will be available for use;\u2022 Management intends to complete the software and use or sell it;\u2022 There is an ability to use or sell the software; \u2022 It can be demonstrated how the software will generate probable future economic benefits; \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the software are available; \u2022 The expenditure attributable to the software during its development can be reliably measured, and; \u2022 Directly attributable costs that are capitalised as part of the projects include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. The Group amortises intangible assets with a finite useful life using the straight-line method over the following periods:Development projects \u2013 In progress None Development projects \u2013 Completed 3 yearsCompleted development projects are reviewed annually to determine whether there are indications of impairment. If such indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the development projects are impaired to the recoverable value. Development projects in-progress are tested at\ue61fleast annually for impairment.2.13 Property, plant and equipmentProperty, plant and equipment is measured at historical cost less accumulated depreciation. The cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit or loss during the reporting period in which they are incurred.Depreciations are calculated using the straight-line method, net of their residual values over their estimated useful lives, as follows:Other fixtures and fittings, tools and equipment 3 \u2013 5 yearsLeasehold improvements Term of lease (3 \u2013 5 years)2.14 Leases Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use asset is depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term of the asset. The leases of the Group consist of property rentals. The assets and liabilities arising from the property leases are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments included in the property leases: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 Variable lease payment that are based on an index or a rate, and; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group\u2019s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and\ue61fconditions.The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right of use asset.Lease payments are allocated between principal and finance cost. The finance cost is charged to the statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Lease liabilities are subsequently measured by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made. Right of use assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability;\u2022 Any lease payments made at or before the commencement date less any lease incentives received, and; \u2022 Any initial direct costs. Variable lease payments and payments associated with short-term leases are recognised on\ue61fa\ue61fstraight-line basis as an expense in the statement of profit or loss under the line item administrative costs. Short-term leases are leases with a lease term of 12 months or less. The\ue61fGroup has no leases of low-value assets. The lease term is defined as the non-cancellable period of a lease together with periods covered by options to extend the lease if it is reasonable certain that the options will be exercised and periods covered by options to terminate the lease if it is reasonably certain that\ue61fthe options will not be exercised. Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.The Group classifies leases of 12 months or below as short-term leases. Those are not treated under IFRS16 but expensed to the profit and loss account on a straight line basis over the term of the lease.2.15 DepositsDeposits relate to leasehold premises, which are included in the consolidated balance sheet as either non-current assets or current assets depending on the length of time to maturity of the leased premises with the exception of the lease in Denmark where there is on-going current lease liability with the assumption that Trustpilot group plc will not leave the premises within the\ue61fnext 12 months and therefore the deposit is non-current, due back after the 12\ue61fmonths.2.16 Impairment of non-current assetsNon-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The development projects in progress are tested for impairment annually. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that suffered an\ue61fimpairment are reviewed for possible reversal of the impairment at the end of each reporting\ue61fperiod.2.17 Financial assetsFinancial assets include Trade and other receivables, prepayments and cash and cash equivalents. All financial assets are recognised when the Group becomes party to the contractual provisions of the instrument.2.18 Trade and other receivablesTrade receivables and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. The Group holds the trade receivables and other receivables with the objective to collect the contractual cash flows and then measures them subsequently at amortised cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.See note 16 for a description of the Group\u2019s impairment policies for trade receivables.2.19 PrepaymentsPrepayments recognised as an asset comprise prepaid expenses regarding subsequent financial reporting years.2.20 Cash and cash equivalentsCash and cash equivalents in the balance sheet comprise cash at banks and on hand. Cash and cash equivalents are measured at amortised cost. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s capital management. 2.21 Equity Share capitalOrdinary shares are classified as equity. Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.Share premiumThe share premium account is used to record the aggregate amount or value of premiums paid in excess of the nominal value of these new ordinary shares issued. Costs that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax. Merger reserveThe merger reserve represents the difference between the carrying value of the assets and liabilities acquired under merger accounting to the cost of investment (the fair value). Accumulated losses Accumulated losses comprise all current and prior period retained losses. Foreign currency translation reserve Exchange differences arising on translation of the parent company and of foreign controlled entities into the presentation currency, USD, are recognised in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.2.22 Financial liabilities Borrowings are initially recognised at fair value which is generally proceeds received, and net of transaction costs incurred. Subsequently, borrowings are measured at amortised cost.Borrowings are classified according to the length and terms, which means that settlement of liability more than 12 months after the reporting period is classified as non-current, the settlement less than 12 months is classified as current.Other financial liabilities on initial recognition are measured at fair value. The liabilities are subsequently measured at amortised cost.2.23 ProvisionsProvisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. 2.24 Trade payables, other payables and contract liabilitiesTrade payables are initially measured at fair value, less any transaction costs. In subsequent periods, trade payables are measured at amortised cost using the effective interest method so that the difference between the proceeds and the nominal value is recognised in the income statement under financial expenses over the loan period. Other payables are measured at amortised cost. The majority of our contracts are 12 months, although we do have some contracts with extended periods. We consider that all our contract lives are within our normal operating cycle and therefore all our contract liabilities are presented as current within the Consolidated balance sheet. However, for transparency purposes, we disclose those amounts that will be recognised over 12 months within note 19.2.25 Share-based paymentsThe Group currently operates a number of share schemes: Employee Warrants, Long Term Incentives Plan and Restricted Stock Units. The Long Term Incentive Plan and Restricted Share Units are restricted schemes. The warrant program and restricted share schemes are classified as equity arrangements. As\ue61fsuch, the fair value of the warrants and restricted shares granted under the programs are recognised as an expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the warrants and restricted shares granted including the impact of any non-vesting conditions. The total expense is recognised over the vesting period, which is the period over which all of\ue61fthe specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options or restricted shares that are expected to vest based on the respective market vesting, non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.Further information about the warrant and restricted share programs, including models used to calculate the fair value are disclosed in note 8.2.26 Foreign currency translationTransactions and balancesForeign currency transactions are translated into the functional currency using the exchange rate ruling at the date of the transaction. Foreign currency monetary items are translated at the rates of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlements of monetary items and on the retranslation of\ue61fmonetary items are included in profit or loss for the year, except for foreign currency movements on intercompany balances, where settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. Foreign\ue61fexchange movements on external borrowings which are designated as a hedge of\ue61fthe\ue61fnet investment in its related subsidiaries are recognised in the translation reserve.The assets and liabilities of the Group\u2019s subsidiaries are translated into USD using period-end exchange rates. Income and expenses items are translated at the average exchange rates for the period. Where the differences arise between these rates, they are recognised in other comprehensive income and the translation reserve. Translation of share capital and share premium Share capital and share premium denominated in a currency that differs from the groups presentational currency is translated at each year end using the closing rate. All resulting exchange differences noted on retranslating equity items are recognised directly in equity as\ue61fpart of the foreign currency translation reserve and does not form part of other comprehensive\ue61fincome.2.27 Cash flow statementThe cash flow statement shows the Group\u2019s cash flows for the year analysed and presented as operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end of the\ue61fyear.Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as share-based payment expenses, depreciation, amortisation and impairment losses. Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal element on lease payments as well as payments to and from shareholders.4. Alternative performance measuresThe Group utilises a range of alternative performance measures (\u201cAPMs\u201d) to assess its performance and this document contains certain measures that are not defined or recognised under IFRS. The Group considers EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to be APMs that provide meaningful, additional measures of Group performance.EBITDAEBITDA is defined as earnings before interest, tax, depreciation, amortisation and impairment. Depreciation and amortisation includes any non-cash impairment charges functioning as accelerated depreciation or amortisation. Trustpilot believes EBITDA is meaningful as a profitability measure before non-cash activity, financing and tax impacts.FY22FY21$ \u2018000$ \u2018000Operating loss (15,990) (24,152)Depreciation, amortisation and impairment 7,358 8,232EBITDA (8,632) (15,920)Adjusted EBITDAThe Group measures the overall performance by reference to Adjusted EBITDA which is a non-IFRS measure. The Group believes Adjusted EBITDA is a meaningful representation of core operating profit as it adjusts for certain non-recurring or non-cash items with associated taxes. While some non-cash items such as depreciation, amortisation and share-based compensation are recurring, management finds the exclusion of these costs from Adjusted EBITDA to be meaningful given their non-cash nature, consistent with similar firms within our sector. The following definition of Adjusted EBITDA was also determined based on what management believes provides the best comparability to the same metric provided by similar firms in our sector. Adjusted EBITDA is defined as EBITDA (earnings before interest, tax, depreciation, amortisation) adjusted to exclude share-based compensation, including associated cash settled social security costs, non-recurring transaction costs such as those related to IPO preparation and restructuring costs, which relate to one-time costs associated with a material organisational change such as severance payments. Adjusted EBITDA margin is defined as adjusted EBITDA (as described above) to a percentage of total revenue.Adjusted EBITDA$ \u2018000 other than per cent FY22 FY21Operating loss (15,990) (24,152)Depreciation, amortisation and impairment 7,358 8,232EBITDA (8,632) (15,920)Non-recurring transaction costs \u2014 9,785Restructuring costs \u2014 \u2014Share-based compensation, including associated social security costs 4,211 10,012Adjusted EBITDA (4,421) 3,877Adjusted EBITDA margin (per cent) (3) 3Adjusted EBITDA decreased from $3,877 thousand in FY21 to $(4,421) thousand in FY22. Adjusted EBITDA margin decreased from 3 per cent in FY21 to (3)% FY22. The decline in Adjusted EBITDA and Adjusted EBITDA margin were driven by investments across the Group partially offset by revenue growth. Included in the FY22 share-based payments is a non-cash charge of $5,853 thousand (FY21 of $6,527 thousand) and associated social security costs of $(1,642) thousand (FY21 of $3,485 thousand).Non-recurring transaction costs relate to professional and legal fees associated with corporate financing activities, in FY21 this consisted exclusively of IPO related costs.4. Alternative performance measures continuedFunctional distribution of adjustmentsFY22Sales and Technology General and $ \u2018000 Groupmarketingand contentadministrativeOperating loss (15,990)Depreciation, amortisation and impairment 7,358 \u2014 2,637 4,721Non-recurring transaction costs \u2014 \u2014 \u2014 \u2014Restructuring costs \u2014 \u2014 \u2014 \u2014Share-based compensation, including associated social security costs 4, 211 \u2014 \u2014 4,211Adjusted EBITDA (4,421)FY21Sales and Technology General and $ \u2018000 Groupmarketingand contentadministrativeOperating loss (24,152)Depreciation, amortisation and impairment 8,232 \u2014 2,655 5,577Non-recurring transaction costs 9,785 \u2014 \u2014 9,785Restructuring costs \u2014 \u2014 \u2014 \u2014Share-based compensation, including associated social security costs 10,012 \u2014 \u2014 10,012Adjusted EBITDA 3,877", "dimensions": { "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-17-3": { "value": "1.5 Use of alternative performance measures (\u201cAPMs\u201d)The Group utilises a range of alternative performance measures (\u201cAPMs\u201d) to assess its performance and this document contains certain measures that are not defined or recognised under IFRS. The Group considers EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to be APMs that provide meaningful, additional measures of Group performance.The Group believes these APMs provide alternative measures by which to assess the operating performance of the Group and, together with IFRS measures, are useful in evaluating the Group\u2019s operating performance. The APMs used in this Financial Statements should not be considered superior to, or a substitute for, measures calculated in accordance with IFRS.Definitions of the Group\u2019s alternative performance measures along with reconciliation to their IFRS equivalent measure are included in note 4.2.4 Cost of sales Cost of sales consists of the cost to deliver the Group\u2019s software service. Cost of sales includes the hosting and related technologies to deliver the software service as well as the ongoing customer success and customer support efforts that continue to be aligned with customers over the term of their subscription. Cost of sales primarily consists of the labour costs associated with customer success and customer support efforts. Cost of sales are recognised when incurred. 2.5 Sales and marketing Sales and marketing costs consists of the efforts primarily directed at new customer acquisition. Sales costs include direct sales support functions such as sales operations and partnerships while marketing costs consist of both marketing staff labour costs as well as marketing program expenditures.2.6 Technology and contentTechnology and content include research and development costs incurred by the work of the product and engineering teams directly on the platform. Also included are the content costs critical to securing the integrity and trust in our product.Amortisation of development costs is included in technology and content due to the nature of the asset on which the amortisation is charged. The period where there is consumption of the benefits of the asset is not impacted by the period over which revenue is recognised or the level of revenue that is generated by the asset. Therefore this is considered a more appropriate presentation than to show within cost of sales.2.7 General and administrativeGeneral and administrative expenses comprise costs incurred by the back-office functions such as finance, legal and human resources, including wages, costs under share-based programmes and other office costs. General and administrative expenses include a proportion of depreciation, primarily consisting of right-of-use asset depreciation.2.8 Other operating income Other operating income includes income of a secondary nature to the Group\u2019s primary activities, including gains or losses on the sale of tangible assets as well as government grants recognised as income for the year.Trustpilot Group plc launched a new global R&D and Innovation Hub in Edinburgh, Scotland, in 2020, with the aim of developing cutting-edge technology that proactively tackles the behaviour that threatens trust online. The Hub is being supported through a R&D grant from Scottish Enterprise. Share premiumThe share premium account is used to record the aggregate amount or value of premiums paid in excess of the nominal value of these new ordinary shares issued. Costs that directly relate to the issue of ordinary shares are deducted from share premium net of corporation tax. Merger reserveThe merger reserve represents the difference between the carrying value of the assets and liabilities acquired under merger accounting to the cost of investment (the fair value). Accumulated losses Accumulated losses comprise all current and prior period retained losses. Foreign currency translation reserve Exchange differences arising on translation of the parent company and of foreign controlled entities into the presentation currency, USD, are recognised in other comprehensive income and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.4. Alternative performance measuresThe Group utilises a range of alternative performance measures (\u201cAPMs\u201d) to assess its performance and this document contains certain measures that are not defined or recognised under IFRS. The Group considers EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to be APMs that provide meaningful, additional measures of Group performance.EBITDAEBITDA is defined as earnings before interest, tax, depreciation, amortisation and impairment. Depreciation and amortisation includes any non-cash impairment charges functioning as accelerated depreciation or amortisation. Trustpilot believes EBITDA is meaningful as a profitability measure before non-cash activity, financing and tax impacts.FY22FY21$ \u2018000$ \u2018000Operating loss (15,990) (24,152)Depreciation, amortisation and impairment 7,358 8,232EBITDA (8,632) (15,920)Adjusted EBITDAThe Group measures the overall performance by reference to Adjusted EBITDA which is a non-IFRS measure. The Group believes Adjusted EBITDA is a meaningful representation of core operating profit as it adjusts for certain non-recurring or non-cash items with associated taxes. While some non-cash items such as depreciation, amortisation and share-based compensation are recurring, management finds the exclusion of these costs from Adjusted EBITDA to be meaningful given their non-cash nature, consistent with similar firms within our sector. The following definition of Adjusted EBITDA was also determined based on what management believes provides the best comparability to the same metric provided by similar firms in our sector. Adjusted EBITDA is defined as EBITDA (earnings before interest, tax, depreciation, amortisation) adjusted to exclude share-based compensation, including associated cash settled social security costs, non-recurring transaction costs such as those related to IPO preparation and restructuring costs, which relate to one-time costs associated with a material organisational change such as severance payments. Adjusted EBITDA margin is defined as adjusted EBITDA (as described above) to a percentage of total revenue.Adjusted EBITDA$ \u2018000 other than per cent FY22 FY21Operating loss (15,990) (24,152)Depreciation, amortisation and impairment 7,358 8,232EBITDA (8,632) (15,920)Non-recurring transaction costs \u2014 9,785Restructuring costs \u2014 \u2014Share-based compensation, including associated social security costs 4,211 10,012Adjusted EBITDA (4,421) 3,877Adjusted EBITDA margin (per cent) (3) 3Adjusted EBITDA decreased from $3,877 thousand in FY21 to $(4,421) thousand in FY22. Adjusted EBITDA margin decreased from 3 per cent in FY21 to (3)% FY22. The decline in Adjusted EBITDA and Adjusted EBITDA margin were driven by investments across the Group partially offset by revenue growth. Included in the FY22 share-based payments is a non-cash charge of $5,853 thousand (FY21 of $6,527 thousand) and associated social security costs of $(1,642) thousand (FY21 of $3,485 thousand).Non-recurring transaction costs relate to professional and legal fees associated with corporate financing activities, in FY21 this consisted exclusively of IPO related costs.4. Alternative performance measures continuedFunctional distribution of adjustmentsFY22Sales and Technology General and $ \u2018000 Groupmarketingand contentadministrativeOperating loss (15,990)Depreciation, amortisation and impairment 7,358 \u2014 2,637 4,721Non-recurring transaction costs \u2014 \u2014 \u2014 \u2014Restructuring costs \u2014 \u2014 \u2014 \u2014Share-based compensation, including associated social security costs 4, 211 \u2014 \u2014 4,211Adjusted EBITDA (4,421)FY21Sales and Technology General and $ \u2018000 Groupmarketingand contentadministrativeOperating loss (24,152)Depreciation, amortisation and impairment 8,232 \u2014 2,655 5,577Non-recurring transaction costs 9,785 \u2014 \u2014 9,785Restructuring costs \u2014 \u2014 \u2014 \u2014Share-based compensation, including associated social security costs 10,012 \u2014 \u2014 10,012Adjusted EBITDA 3,877", "dimensions": { "concept": "ifrs-full:DescriptionOfOtherAccountingPoliciesRelevantToUnderstandingOfFinancialStatements", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-18-3": { "value": "1.6 Functional and presentation currency The consolidated financial statements are presented in the United States Dollars (\u201cUSD\u201d).Items included in the financial statements of each of the Group\u2019s entities are measured using the currency of the primary economic environment in which the individual entity operates (the \u201cfunctional currency\u201d).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-19-2": { "value": "1.7 Climate-related risks When preparing the consolidated financial statements, management considers climate-related risks, where these could have a potentially impact on the reported amounts materially or where Climate-related risks could have an impact on items in the profit and loss or on balance sheet. It will be considered where appropriate in assessing areas such as impairments, property, plant and equipment or recognition of deferred tax asset. In the preparation of the consolidated financial statement, it is management assessment that climate-related risks have not had any impact on the reported amounts or areas of the financial statements, it is management\u2019s assessment that climate-related risks have not had a material impact on the reported amounts for the year ended 31 December 2022.", "dimensions": { "concept": "TRU:DisclosureOfClimateRisks", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-23-3": { "value": "2.2 RevenueThe group generates revenue from the sale of company subscription plans, generally for a period of 12 months, where the invoicing varies from monthly to yearly. The revenue is shown net of local sales tax and customer discounts.Revenue recognition requires an agreement with the customer, which creates enforceable rights and obligations between the parties, has commercial substance and identifies payment terms. The Group recognises revenue when it is probable that the Group will collect the consideration to which it will be entitled in exchange for the services that will be transferred to the customer. Revenue is measured at the transaction price to which the Group expects to be entitled. The contracts are based on a single performance obligation and the transaction price is allocated to this performance obligation based on a stand-alone selling price. The Group satisfies the single performance obligation by recognising the revenue from subscriptions over time as the software service is delivered to customers according to the subscription period. Contracts primarily utilise quarterly or annual billing frequency with payment terms typically between 8\ue61fand 90 days.The Group contracts with its customers to provide access to, and use of, its \u201csoftware-as-a-service\u201d product over the term defined in the contract. Specific product features accessible by customers are determined on a customer by customer basis and are specified in customers\u2019 contracts. The subscription plan is considered to be a single performance obligation which is satisfied over time and revenue is recognised on a straight-line basis over\ue61fthe subscription period. No significant judgements are made which effect the determination of the amount or timing of the revenue from contracts with customers.Incremental costs of obtaining a contract are deferred and amortised over a period commensurate to the contract value and expected future renewal periods, to the extent that they are recoverable. The Group has taken advantage of the practical expedient available not to recognises the incremental costs of obtaining a contract, for example partner referral fees, where the amortisation period of the asset that the Group would otherwise have recognised is one year or less. There is no variable consideration included in the transaction price for the company subscription plans.The Group has taken advantage of the practical expedient available not to adjust the promised amount of consideration for the effects of a significant financing component on the\ue61fbasis that, at contract inception, the expected period between providing a service to a customer and when the customer pays for that service will be one year or less. If amounts received or receivable from a customer exceed revenue recognised for a contract, a contract liability is recognised. Contract liabilities primarily reflect invoices due or payments received in advance of revenue recognition. Contract liabilities are unwound as related performance obligations are satisfied over the related subscription period. The significant majority of contract liabilities that arise are expected to be recognised as revenue within a year of the balance sheet date.Provisions and accruals for refunds are made to the full value of the refund in the period to which the refund is identified. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-20-1": { "value": "1.8 Representation of finance income and expenses on a net basisThe group has reassessed the presentation of financial income and expenses to present foreign exchange rate gains and losses on a net basis. There is no difference to overall loss for the year ended 31 December 2021.FY21FY21FY21As reportedReclassificationRepresented$ \u2018000$ \u2018000$ \u2018000Foreign exchange rate gains 8,962 (8,962) \u2014Interest income 10 \u2014 10Finance income 8,972 (8,962) 10FY21FY21FY21As reportedReclassificationRepresented$ \u2018000$ \u2018000$ \u2018000Foreign exchange rate losses (9,028) 8,962 (66)Financing costs (61) \u2014 (61)Interest expenses (1,347) \u2014 (1,347)Lease interest expense (994) \u2014 (994)Finance expenses (11,430) 8,962 (2,468)", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-22-3": { "value": "2.1 Segment reportingOperating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision maker. The Group considers the Executive Leadership Team (ELT) to be the operating decision making body, as the ELT examines the Group\u2019s performance and makes all significant decisions regarding business development and allocation of resources. For that purpose, a single business segment has been identified as an operating segment which is consistent with the internal reporting to the chief operating decision making body. Further information about the composition of the ELT has been provided in note 5.There is also considered to be only one reporting segment, the results of which are shown in note 5.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-32-3": { "value": "2.9 Financial income and expenses Financial income and expenses are recognised in the statements of profit or loss at the amounts that concern the financial year. Financial income and expenses include interest income and expenses calculated in accordance with the effective interest method. Foreign exchange gains and losses on transactional activities are included in finance income and finance expense within the Consolidated statement of profit or loss. The cash flows arising on foreign exchange gains and losses are included in Changes to working capital \u2013 Increase in other liabilities.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-33-3": { "value": "2.10 Income tax The income tax expense or credit for the period is the tax payable on the current period\u2019s taxable income based on the applicable income tax rate for each jurisdiction, adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and unused tax losses.The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the balance sheet date in the countries in which the Company and\ue61fits\ue61fsubsidiaries operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled. Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. It is assessed at each reporting date whether it is likely that in the future there will be sufficient taxable profits against which the deferred tax assets can be utilised. Changes in deferred tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-25-3": { "value": "2.3 Government grantsGrants from the government are recognised at their fair value where there is a reasonable assurance that the grant will be received, and the Group will comply with all attached conditions. Income from grants is recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred, or for the purpose of giving immediate financial support to the entity with no future related costs, shall be recognised in income in the period in which it becomes receivable. Government grants are recorded as Other operating income in the statement of profit and loss.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-37-3": { "value": "2.12 Intangible assetsIntangible assets include in progress and completed development projects. Intangible assets have a finite useful life and are subsequently carried at cost less accumulated amortisation and impairment losses. Costs associated with maintaining IT-platforms are recognised as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique projects controlled by the Group are recognised as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the software so that it will be available for use;\u2022 Management intends to complete the software and use or sell it;\u2022 There is an ability to use or sell the software; \u2022 It can be demonstrated how the software will generate probable future economic benefits; \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the software are available; \u2022 The expenditure attributable to the software during its development can be reliably measured, and; \u2022 Directly attributable costs that are capitalised as part of the projects include employee costs. Capitalised development costs are recorded as intangible assets and amortised from the point at which the asset is ready for use.Research expenditure and development expenditure that do not meet the criteria above are recognised as an expense as incurred. Development costs previously recognised as an expense are not recognised as an asset in a subsequent period. The Group amortises intangible assets with a finite useful life using the straight-line method over the following periods:Development projects \u2013 In progress None Development projects \u2013 Completed 3 yearsCompleted development projects are reviewed annually to determine whether there are indications of impairment. If such indication exists, the asset\u2019s recoverable amount is calculated. If the recoverable amount is lower than the carrying value, the development projects are impaired to the recoverable value. Development projects in-progress are tested at\ue61fleast annually for impairment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-35-3": { "value": "2.11 Earnings per shareEarnings per share (\u201cEPS\u201d) for the Group are calculated in accordance with IAS 33. The\ue61ffollowing types of EPS are reported:(i) \u2013 Basic earnings per shareGroup earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the period.(ii) \u2013 Diluted earnings per shareGroup earnings or losses after taxes, divided by the weighted average number of ordinary shares outstanding for the period as well as all potentially convertible securities. The impact of potentially dilutive ordinary shares is excluded when they would be anti-dilutive.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-39-3": { "value": "2.13 Property, plant and equipmentProperty, plant and equipment is measured at historical cost less accumulated depreciation. The cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset\u2019s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to the statement of profit or loss during the reporting period in which they are incurred.Depreciations are calculated using the straight-line method, net of their residual values over their estimated useful lives, as follows:Other fixtures and fittings, tools and equipment 3 \u2013 5 yearsLeasehold improvements Term of lease (3 \u2013 5 years)", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-40-3": { "value": "2.14 Leases Leases are recognised as a right of use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right of use asset is depreciated on a straight-line basis over the shorter of the asset\u2019s useful life and the lease term of the asset. The leases of the Group consist of property rentals. The assets and liabilities arising from the property leases are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments included in the property leases: \u2022 Fixed payments (including in-substance fixed payments), less any lease incentives receivable;\u2022 Variable lease payment that are based on an index or a rate, and; \u2022 Payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group\u2019s incremental borrowing rate, being the rate that the individual lessee would have to pay to borrow the funds necessary to obtain an asset of similar value to the right of use asset in a similar economic environment with similar terms, security and\ue61fconditions.The Group is exposed to potential future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right of use asset.Lease payments are allocated between principal and finance cost. The finance cost is charged to the statement of profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period.Lease liabilities are subsequently measured by increasing the carrying amount to reflect interest on the lease liability and reducing the carrying amount to reflect the lease payments made. Right of use assets are measured at cost comprising the following:\u2022 The amount of the initial measurement of lease liability;\u2022 Any lease payments made at or before the commencement date less any lease incentives received, and; \u2022 Any initial direct costs. Variable lease payments and payments associated with short-term leases are recognised on\ue61fa\ue61fstraight-line basis as an expense in the statement of profit or loss under the line item administrative costs. Short-term leases are leases with a lease term of 12 months or less. The\ue61fGroup has no leases of low-value assets. The lease term is defined as the non-cancellable period of a lease together with periods covered by options to extend the lease if it is reasonable certain that the options will be exercised and periods covered by options to terminate the lease if it is reasonably certain that\ue61fthe options will not be exercised. Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.The Group classifies leases of 12 months or below as short-term leases. Those are not treated under IFRS16 but expensed to the profit and loss account on a straight line basis over the term of the lease.2.15 DepositsDeposits relate to leasehold premises, which are included in the consolidated balance sheet as either non-current assets or current assets depending on the length of time to maturity of the leased premises with the exception of the lease in Denmark where there is on-going current lease liability with the assumption that Trustpilot group plc will not leave the premises within the\ue61fnext 12 months and therefore the deposit is non-current, due back after the 12\ue61fmonths.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-47-3": { "value": "2.20 Cash and cash equivalentsCash and cash equivalents in the balance sheet comprise cash at banks and on hand. Cash and cash equivalents are measured at amortised cost. For the purpose of the consolidated statement of cash flows, cash and cash equivalents consist of cash and net of outstanding bank overdrafts as they are considered an integral part of the Group\u2019s capital management. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-48-3": { "value": "2.21 Equity Share capitalOrdinary shares are classified as equity. Own equity instruments that are reacquired (treasury shares) are recognised at cost and deducted from equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Group\u2019s own equity instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-50-3": { "value": "2.22 Financial liabilities Borrowings are initially recognised at fair value which is generally proceeds received, and net of transaction costs incurred. Subsequently, borrowings are measured at amortised cost.Borrowings are classified according to the length and terms, which means that settlement of liability more than 12 months after the reporting period is classified as non-current, the settlement less than 12 months is classified as current.Other financial liabilities on initial recognition are measured at fair value. The liabilities are subsequently measured at amortised cost.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-43-3": { "value": "2.16 Impairment of non-current assetsNon-current assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The development projects in progress are tested for impairment annually. The recoverable amount is the higher of an asset\u2019s fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets that suffered an\ue61fimpairment are reviewed for possible reversal of the impairment at the end of each reporting\ue61fperiod.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-44-3": { "value": "2.17 Financial assetsFinancial assets include Trade and other receivables, prepayments and cash and cash equivalents. All financial assets are recognised when the Group becomes party to the contractual provisions of the instrument.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-45-3": { "value": "2.18 Trade and other receivablesTrade receivables and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. The Group holds the trade receivables and other receivables with the objective to collect the contractual cash flows and then measures them subsequently at amortised cost. The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables.See note 16 for a description of the Group\u2019s impairment policies for trade receivables.2.19 PrepaymentsPrepayments recognised as an asset comprise prepaid expenses regarding subsequent financial reporting years.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-54-3": { "value": "2.26 Foreign currency translationTransactions and balancesForeign currency transactions are translated into the functional currency using the exchange rate ruling at the date of the transaction. Foreign currency monetary items are translated at the rates of exchange ruling at the end of the reporting period. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Exchange differences arising on the settlements of monetary items and on the retranslation of\ue61fmonetary items are included in profit or loss for the year, except for foreign currency movements on intercompany balances, where settlement is not planned or likely in the foreseeable future, in which case they are recognised in other comprehensive income. Foreign\ue61fexchange movements on external borrowings which are designated as a hedge of\ue61fthe\ue61fnet investment in its related subsidiaries are recognised in the translation reserve.The assets and liabilities of the Group\u2019s subsidiaries are translated into USD using period-end exchange rates. Income and expenses items are translated at the average exchange rates for the period. Where the differences arise between these rates, they are recognised in other comprehensive income and the translation reserve. Translation of share capital and share premium Share capital and share premium denominated in a currency that differs from the groups presentational currency is translated at each year end using the closing rate. All resulting exchange differences noted on retranslating equity items are recognised directly in equity as\ue61fpart of the foreign currency translation reserve and does not form part of other comprehensive\ue61fincome.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-55-3": { "value": "2.27 Cash flow statementThe cash flow statement shows the Group\u2019s cash flows for the year analysed and presented as operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group\u2019s cash and cash equivalents at the beginning and end of the\ue61fyear.Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as share-based payment expenses, depreciation, amortisation and impairment losses. Working capital comprises current assets less short-term debt, excluding items included in cash and cash equivalents.Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt and principal element on lease payments as well as payments to and from shareholders.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-51-3": { "value": "2.23 ProvisionsProvisions are recognised when the group has a present legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation, and the amount can be reliably estimated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-52-3": { "value": "2.24 Trade payables, other payables and contract liabilitiesTrade payables are initially measured at fair value, less any transaction costs. In subsequent periods, trade payables are measured at amortised cost using the effective interest method so that the difference between the proceeds and the nominal value is recognised in the income statement under financial expenses over the loan period. Other payables are measured at amortised cost. The majority of our contracts are 12 months, although we do have some contracts with extended periods. We consider that all our contract lives are within our normal operating cycle and therefore all our contract liabilities are presented as current within the Consolidated balance sheet. However, for transparency purposes, we disclose those amounts that will be recognised over 12 months within note 19.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-53-3": { "value": "2.25 Share-based paymentsThe Group currently operates a number of share schemes: Employee Warrants, Long Term Incentives Plan and Restricted Stock Units. The Long Term Incentive Plan and Restricted Share Units are restricted schemes. The warrant program and restricted share schemes are classified as equity arrangements. As\ue61fsuch, the fair value of the warrants and restricted shares granted under the programs are recognised as an expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the warrants and restricted shares granted including the impact of any non-vesting conditions. The total expense is recognised over the vesting period, which is the period over which all of\ue61fthe specified vesting conditions are to be satisfied. At the end of each period, the Group revises its estimates of the number of options or restricted shares that are expected to vest based on the respective market vesting, non-market vesting and service conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity.Further information about the warrant and restricted share programs, including models used to calculate the fair value are disclosed in note 8.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-57-2": { "value": "3. Critical accounting estimates and judgementsThe preparation of financial statements requires the use of accounting estimates which, by definition, will seldom equal the actual results. Management also needs to exercise judgement in applying the Group\u2019s accounting policies.The judgements, estimates as well as the related assumptions made are based on historical experience and other factors that Management considers to be reliable, but which by their very nature are associated with uncertainty and unpredictability. Actual results may differ from these estimates.3.1 Critical accounting estimatesCritical accounting estimates are expectations of the future based on assumptions, that to the extent possible are supported by historical trends or reasonable expectations. The assumptions may change to adapt to the market conditions and changes in economic factors etc. The Group believe that the estimates are the most likely outcome of future events.Share based paymentsEstimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about these. The assumptions and models used for estimating fair value for share-based payment transactions are disclosed in note 8.Estimates are also undertaken regarding expected forfeiture rates of unvested shares as well as performance estimates under LTIP program. Estimates only impact phasing of expenses as all actual forfeitures and performance is ultimately trued-up in reporting. 3.2 Critical accounting judgementsKey accounting judgements are made when applying accounting policies. Key accounting judgements are the judgements made by the Group that can have a significant impact in the financial results.Unrecognised deferred tax assetAs of 31 December 2022, the Group has unrecognised tax assets of $177 million with a tax value of $39 million (FY21: $151 million \u2013 tax value over $32 million), that relates to tax loss carry-forward amounts primarily to Trustpilot A/S and its immediate subsidiary Trustpilot, Inc. and Trustpilot Ltd. Trustpilot A/S and the US and UK subsidiaries have incurred the losses over the previous years as a consequence of expanding the Group and its operations. $136 million (FY21: $ 110 million) of the unrecognised tax assets can be carried forward indefinitely with no expiration date while $41 million (FY21: $ 41 million) is subject to a finite utilisation period with expirations beginning as soon as 2033.Recognition of deferred tax assets requires that it is probable that future taxable profits are available against which the unused tax losses can be utilised. As the Group has a history of making taxable losses, IAS 12 Income Taxes further requires that convincing evidence is available to support Management\u2019s assessment that sufficient taxable profits will be available in the future. Even though the Group\u2019s approved budgets shows that Trustpilot should be able to generate taxable profits in the foreseeable future, Management has concluded that it will not be able to meet the strict criteria in IAS 12 to provide \u2018convincing evidence\u2019, as the budget are sensitive to the timing and level of investments in the Trustpilot-platform and similar factors. Consequently, no deferred tax assets have been recognised for the Group\u2019s tax loss carry-forwards. Additional detail can be found in note 13.Determining the lease termThe Group determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Extension and termination options are included in a number of property leases across the Group. Management applies judgement in evaluating whether it is reasonably certain or not to exercise the options to extend and/or terminate the leases. When determining the lease term, Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The Group considers factors including historical lease durations; and the costs and business disruption required to replace the asset. Most extension options have not been included in the lease liability, because the Group could replace the asset (the offices) without significant cost or business disruption.The assessment of reasonable certainty is only revised if a significant event or a significant change in circumstances occurs, which affects this assessment, and that is within the control of the lessee. The lease term is reassessed if an option is actually exercised (or not exercised) or the Group becomes obliged to exercise (or not exercise) it. Information on potential future rental payments related to periods following the exercise date of termination options that are not included in the lease term is disclosed in note 15 (leases).", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-62-2": { "value": "5. Operating segmentsFor management purposes and based on internal reporting information, the Group is organised in only one operating segment, as the information reported includes operating results at a consolidated group level only. The costs related to the main nature of the business, being the Group\u00b4s online review platform which serves the Group customers, are not attributable to any specific revenue stream or customer type and are therefore borne centrally. The results of the single reporting segment, comprising the entire Group, are shown in the consolidated statement of comprehensive income. These represent a single business segment for the sale of company subscription plans, generally for a period of twelve months, where the invoicing varies from monthly to annually.The Executive Leadership Team is the Chief Operating Decision Maker (CODM), which is made up of the senior leadership across the respective functional areas, responsible for the strategic decision making and for the monitoring of the operating results of the single operating segment for the purpose of performance assessment.Whilst Group operations are distributed globally with a large presence in Denmark and shares are listed on the London Stock Exchange, the UK and North America are the Group\u2019s primary markets where revenue generated consists of approximately 40% and 23% (FY21: UK: approx. 40% and North America: approx. 23%), respectively. Other geographical locations besides the UK and North America are defined as \u2018Europe and Rest of World\u2019 where no individual country exceeded more than 6% of the consolidated revenue in FY22 (FY21: 6%). Trustpilot has customers in many regions around the world but is organised globally from an operation perspective. For this reason, while operating assets may be recorded in Denmark for example, they will be supporting customers around the world. Therefore, a single operating segment is reported with revenue disclosed by region based on the location of the customer. Non-current operating assets are similarly based on geographic location. The measurement of liabilities by geographic location is not included in this disclosure as this information is not regularly reviewed by the CODM for decision making purposes.The following table displays external revenue and non-current operating assets by geographic\ue61farea:5. Operating segments continuedFY22FY21$ \u2018000$ \u2018000Revenue1UK59,803 5 3,136North America 34,003 30,503Europe and Rest of World 55,126 47,8 04Total revenue 148,932 131,443Non-current operating assetsUK 13,867 13,112North America 13,453 1,526Europe and Rest of World 9,400 7,88 0Total non-current operating assets 36,720 22,5181 For presentation purposes, the Isle of Man and the British Virgin Islands are included within the UK.Non-current assets consist of intangible assets, property, plant and equipment, right-of-use assets and deposits.", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-65-2": { "value": "Key Management CompensationFor FY22, key management consists of Executive Directors, further disclosure of Directors\u2019 emoluments is available in the Directors\u2019 Remuneration Report on page 136. FY21 contained five other Directors who are no longer deemed to be key management. The compensation paid or payable to key management for employee services and directors duties is shown\ue61fbelow:FY22FY21$ \u2018000$ \u2018000Directors:Short-term employee benefits 1,547 2,024Post-employment benefits 27 25Share-based payment 1,376 2,019Total compensation of key management personnel 2,950 4,068", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-2": { "value": "7. Operating lossFY22FY21$ \u2018000$ \u2018000Operating loss is stated after charging:Fees payable to the company\u2019s auditors and its associates for:Audit of parent company and consolidated financial statements 701 762Audit of financial statements of subsidiaries of the Group 184 2331Tax compliance and advisory service\u2014 4922Other audit related assurance services162 1793Other assurance services\u2014 1,9744Non-audit services\u2014 1205Depreciation on property, plant and equipment1,092 9365Depreciation on right-of-use assets3,649 4,8555,6Amortisation on intangible assets2,612 2,3215,6Impairment loss on intangible assets5 1201 Prior to the IPO, tax compliance and advisory services consisted primarily of income tax preparation, reporting and filing for members of the Group. Tax compliance and advisory services also consisted of work undertaken to determine the IPO impacts to employee share schemes as well as the impacts from IPO restructuring.2 Other audit related assurance services consists of fees associated with the review of interim financials.3 Prior to the IPO, other assurance services consisted primarily of IPO related assurance services and other matters related to IFRS.4 Prior to IPO, non-audit services consisted of consultancy provided related primarily to restructuring and transfer pricing.5 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and Content: $2,637,000 (FY21: $2,655,000), General and administrative: $4,721,000 (FY21: $5,577,000). 6 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology and Content.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-3": { "value": "7. Operating lossFY22FY21$ \u2018000$ \u2018000Operating loss is stated after charging:Fees payable to the company\u2019s auditors and its associates for:Audit of parent company and consolidated financial statements 701 762Audit of financial statements of subsidiaries of the Group 184 2331Tax compliance and advisory service\u2014 4922Other audit related assurance services162 1793Other assurance services\u2014 1,9744Non-audit services\u2014 1205Depreciation on property, plant and equipment1,092 9365Depreciation on right-of-use assets3,649 4,8555,6Amortisation on intangible assets2,612 2,3215,6Impairment loss on intangible assets5 1201 Prior to the IPO, tax compliance and advisory services consisted primarily of income tax preparation, reporting and filing for members of the Group. Tax compliance and advisory services also consisted of work undertaken to determine the IPO impacts to employee share schemes as well as the impacts from IPO restructuring.2 Other audit related assurance services consists of fees associated with the review of interim financials.3 Prior to the IPO, other assurance services consisted primarily of IPO related assurance services and other matters related to IFRS.4 Prior to IPO, non-audit services consisted of consultancy provided related primarily to restructuring and transfer pricing.5 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and Content: $2,637,000 (FY21: $2,655,000), General and administrative: $4,721,000 (FY21: $5,577,000). 6 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology and Content.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-4": { "value": "7. Operating lossFY22FY21$ \u2018000$ \u2018000Operating loss is stated after charging:Fees payable to the company\u2019s auditors and its associates for:Audit of parent company and consolidated financial statements 701 762Audit of financial statements of subsidiaries of the Group 184 2331Tax compliance and advisory service\u2014 4922Other audit related assurance services162 1793Other assurance services\u2014 1,9744Non-audit services\u2014 1205Depreciation on property, plant and equipment1,092 9365Depreciation on right-of-use assets3,649 4,8555,6Amortisation on intangible assets2,612 2,3215,6Impairment loss on intangible assets5 1201 Prior to the IPO, tax compliance and advisory services consisted primarily of income tax preparation, reporting and filing for members of the Group. Tax compliance and advisory services also consisted of work undertaken to determine the IPO impacts to employee share schemes as well as the impacts from IPO restructuring.2 Other audit related assurance services consists of fees associated with the review of interim financials.3 Prior to the IPO, other assurance services consisted primarily of IPO related assurance services and other matters related to IFRS.4 Prior to IPO, non-audit services consisted of consultancy provided related primarily to restructuring and transfer pricing.5 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and Content: $2,637,000 (FY21: $2,655,000), General and administrative: $4,721,000 (FY21: $5,577,000). 6 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology and Content.", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-5": { "value": "7. Operating lossFY22FY21$ \u2018000$ \u2018000Operating loss is stated after charging:Fees payable to the company\u2019s auditors and its associates for:Audit of parent company and consolidated financial statements 701 762Audit of financial statements of subsidiaries of the Group 184 2331Tax compliance and advisory service\u2014 4922Other audit related assurance services162 1793Other assurance services\u2014 1,9744Non-audit services\u2014 1205Depreciation on property, plant and equipment1,092 9365Depreciation on right-of-use assets3,649 4,8555,6Amortisation on intangible assets2,612 2,3215,6Impairment loss on intangible assets5 1201 Prior to the IPO, tax compliance and advisory services consisted primarily of income tax preparation, reporting and filing for members of the Group. Tax compliance and advisory services also consisted of work undertaken to determine the IPO impacts to employee share schemes as well as the impacts from IPO restructuring.2 Other audit related assurance services consists of fees associated with the review of interim financials.3 Prior to the IPO, other assurance services consisted primarily of IPO related assurance services and other matters related to IFRS.4 Prior to IPO, non-audit services consisted of consultancy provided related primarily to restructuring and transfer pricing.5 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and Content: $2,637,000 (FY21: $2,655,000), General and administrative: $4,721,000 (FY21: $5,577,000). 6 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology and Content.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-66-6": { "value": "7. Operating lossFY22FY21$ \u2018000$ \u2018000Operating loss is stated after charging:Fees payable to the company\u2019s auditors and its associates for:Audit of parent company and consolidated financial statements 701 762Audit of financial statements of subsidiaries of the Group 184 2331Tax compliance and advisory service\u2014 4922Other audit related assurance services162 1793Other assurance services\u2014 1,9744Non-audit services\u2014 1205Depreciation on property, plant and equipment1,092 9365Depreciation on right-of-use assets3,649 4,8555,6Amortisation on intangible assets2,612 2,3215,6Impairment loss on intangible assets5 1201 Prior to the IPO, tax compliance and advisory services consisted primarily of income tax preparation, reporting and filing for members of the Group. Tax compliance and advisory services also consisted of work undertaken to determine the IPO impacts to employee share schemes as well as the impacts from IPO restructuring.2 Other audit related assurance services consists of fees associated with the review of interim financials.3 Prior to the IPO, other assurance services consisted primarily of IPO related assurance services and other matters related to IFRS.4 Prior to IPO, non-audit services consisted of consultancy provided related primarily to restructuring and transfer pricing.5 Amortisation, depreciation and impairment losses are allocated in profit or loss as follows: Technology and Content: $2,637,000 (FY21: $2,655,000), General and administrative: $4,721,000 (FY21: $5,577,000). 6 Amortisation and impairment on intangible assets are included in the statement of profit or loss under the line item Technology and Content.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-64-2": { "value": "6. Staff costThe monthly average number of persons employed by the Group (including Directors) by function was:FY22FY21NumberNumberCustomer Success and Support 207 178General and Administrative 145 109Sales and Marketing 313 279Technology and Content 255 220Total 920 786Group employee costs comprise:FY22FY21$ \u2018000$ \u2018000Wages and salaries 95,150 86,2711Social security costs6,702 10,6032Other pension costs2,050 1,620Share-based payment 5,853 6,527109,755 105,0211 Social security costs in FY22 includes a credit of $(1,642) thousand (FY21 charge of $3,485 thousand) in respect of share based payments as a result of the decrease in the share price.2 This represents the Group\u2019s defined contribution schemes which are provided to its employees. This charge reflects the current year contributions made.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-67-2": { "value": "8. Share-based payment plansThe Group currently operates three share schemes: Employee Warrants, Long Term Incentive Plan and Restricted Share Plan. For the financial year ended 31 December 2022, the Group has recognised the following share-based payment expense in the consolidated statement of profit or loss.FY22FY21$ \u2018000$ \u2018000Warrants 2,250 5,537Restricted Share Plan 2,927 567Long Term Incentive Plan 676 4235,853 6,527Employee WarrantsThe fair value at grant date is determined using a Black-Scholes model that takes into account the share price at grant date, the exercise price, the risk free interest rate for the term of the warrants, the expected volatility and the term of the warrant (the expected maturity).Prior to the admission of the Company\u2019s entire issued ordinary share capital to the premium listing segment of the Official List of the FCA and to trading on the London Stock Exchange\u2019s main market for listed securities on 26 March 2021 (\u201cAdmission\u201d), Trustpilot A/S (the former parent company of the corporate group) operated a long-term incentive warrant program under which warrants in Trustpilot A/S were granted at market value, free of charge. Each warrant conferred a right to subscribe for 1 common share in Trustpilot A/S. The warrants were granted to two categories of recipients: (i) to employees of varying seniority throughout the Group; and (ii) to selected senior employees of the Group and certain board members of Trustpilot A/S. In connection with the IPO, Trustpilot A/S restructured its warrant program. On 26 March 2021, all outstanding warrants in Trustpilot A/S (as of 26 March 2021: 818,784) were cancelled and replaced by new warrants in the Company in the proportion 1 to 78. Movements in the number of share options outstanding and their related weighted average exercise prices in the financial year ended 31 December 2022 are as follow:Total movement in employee warrantsFY22 FY21Number of Weighted avg Number of Weighted avg warrantsexercise pricewarrantsexercise priceNo. \u2018000$ \u2018000No. \u2018000$ \u2018000Opening Balance 35,041 0.78 60,013 0.49Granted \u2014 \u2014 6,603 1.81Exercised (2,202) 0.48 ( 27,817 ) 0.37Forfeited (2,249) 0.88 (3,758) 1.03Closing Balance 30,590 0.68 35,041 0.78Number of warrants exercisable at 31\ue61fDecember 17,264 \u2014 13,319 \u2014As at 31 December 2022, employee warrants contributed $2,250 thousand to the share-based compensation expense (FY21: $5,537 thousand). Employee warrants had exercise prices ranging from $0.09 to $1.34 with a weighted average of $0.68 (2021: prices ranging from $0.13 to $1.81 with a weighted average of $0.78). The weighted average remaining contractual life of warrants outstanding as at 31 December 2022 was 6.01 years (2021:\ue61f7.05\ue61fyears).Long Term Incentive PlanA Long Term Incentive Plan (\u201cLTIP\u201d) ensures the alignment of incentives for management and\ue61fthe performance of the Group. Incentives are established across three complementary measures of shareholder return performance, revenue growth and trust to ensure balanced priorities for management for the long term advancement of the Group. In FY22, conditional awards over 2,366,146 (FY21 1,215,246) ordinary shares in the Company were granted to management under the LTIP.The LTIP is administered at the discretion of the remuneration committee of the Board (the \u201cRemuneration Committee\u201d) and no individual has a contractual right to participate. The LTIP awards granted in FY22 will ordinarily vest on 5 April 2025 (except from one grant which will vest on 20 June 2025), subject in each case to the award recipient\u2019s continued service and the Remuneration Committee\u2019s assessment of the extent to which the award\u2019s performance measures are satisfied. Settlement of any vested portion of the awards is expected to be satisfied by the issue of new ordinary shares in the Company upon the vesting\ue61fdate. 8. Share-based payment plans continuedExecutive directors of the Company are subject to a two year post-vesting holding period for the shares they receive (net of shares equal to any tax liability and nominal cost of acquisition). Targets for each of the three performance measures are set with a lower bound and upper bound. If performance falls below the lower bound there will be no vesting. If performance meets or exceeds the upper bound it will result in 100% vesting. Performance between the lower and upper bounds will result in vesting between 25% and 100% on a straight-line basis, as further detailed below.Total shareholder return (\u201cTSR\u201d) performance measureThe vesting of 55% (the \u201cTSR Part\u201d) of the LTIP awards granted in FY22 is subject to the Group\u2019s TSR performance over a three year period that commenced on 5 April 2022 relative to the TSR performance over the same period of the constituents of the FTSE 250 Index (excluding investment trusts and the Group) as at 5 April 2022. 25% of the TSR Part will vest for median ranking performance, rising on a straight-line basis up to 100% vesting of the TSR Part for upper quartile ranking (or better) relative TSR performance.Annual recurring revenue (\u201cARR\u201d) performance measureThe vesting of 25% (the \u201cARR Part\u201d) of the LTIP awards granted in FY22 is subject to the compound annual growth rate (\u201cCAGR\u201d) in the Group\u2019s ARR over the period 1 January 2022 to 31 December 2024. 25% of the ARR Part will vest for CAGR in ARR over the measurement period of 20%, rising on a straight-line basis up to 100% vesting of the ARR Part for CAGR in ARR over the measurement period of 30% (or better).Trust performance measureThe vesting of 20% (the \u201cTrust Measure Part\u201d) of the LTIP awards granted in H1 FY22 is subject to targets set for the average of Trustpilot\u2019s own TrustScores (i.e. the star ratings of reviews gathered for Trustpilot on the Trustpilot platform) taken at the end of 2022, 2023 and 2024 respectively. The TrustScore Part target will be stepped between an average TrustScore of 3.5 and 3.75 (at which point 50% of the TrustScore Part will vest), rising on a straight-line basis up to 100% vesting for an average TrustScore of 4.2 (or better).As an additional condition, no part of such LTIP awards will vest unless the Remuneration Committee is satisfied as to overall Group performance over the period until vesting \u2013 and, as\ue61frequired by the UK Corporate Governance Code, the Remuneration Committee will retain a\ue61fpower to moderate the vesting levels from awards if this is appropriate in all of the circumstances, including consideration of shareholder experience.Settlement of vested awards is expected to be satisfied by the issue of new ordinary shares in\ue61fthe Group. LTIP awards contributed $676 thousand to the share-based compensation expense in the FY22 financials (FY21 $423 thousand). Targets and fair value treatment are summarised as follows:Weighted Avg Measure Fair Value MethodFair Value Lower Bound Upper BoundTSR Stochastic Model 0.98 Equal to Median Upper Quartile or GreaterARR Black-Scholes 1.65 CAGR of 20% CAGR of 30% or GreaterTrust Black-Scholes 1.68 Average Trust Average Trust Measure of Measure of 3.54.2\ue61for GreaterInput Additional April 22 Chaffe April 22 June 22Fair Value FactorsgrantInput (Executive Director) grantClosing share price on date of grant (pence) 148.30 N/A 99.40Price (pence) 1.00 148.30 1.00Expected term 3.00 yrs +2.00 yrs holding period 3.00 yrsRisk-free interest rate 1.56% 1.54% 2.45%Expected dividend yield \u2014% \u2014% \u2014%Expected volatility 34.53% 35.43% 35.09%Note: Chaffe model used to fair value the impact of the two year holding period for Executive DirectorsTotal movement in LTIPFY22FY21No. \u2018000No. \u2018000Opening Balance 1,101 \u2014Granted 2,366 1,215Exercised \u2014 \u2014Forfeited (129) (114)Closing Balance 3,338 1,101Number of LTIPs exercisable at 31 December \u2014 \u20148. Share-based payment plans continuedRestricted Share PlanThe Restricted Share Plan (\u201cRSP\u201d) is offered to selected employees and aligns the interest of award recipients with shareholders and serves to help retain employees over the vesting periods. Vesting periods are subject to the condition of continued service only rather than performance measures.In FY22, conditional awards over 5,764,926 (FY21 829,753) ordinary shares in the Company were issued to employees under the RSP. Vesting typically takes place over a three year period with settlement of each vested portion of the awards expected to be satisfied by the\ue61fissue of new ordinary shares in the Company upon the vesting date.The RSP is administered at the discretion of the Remuneration Committee and no individual has a contractual right to participate. The cost of acquisition of the awards when vested is 1\ue61fpence per each share, equal to the nominal share value, and the fair value is determined using a Black-Scholes model. RSP awards contributed $2,927 thousand to the share-based compensation expense in the FY22 financials (FY21 $567 thousand).April 2022 June 2022 October 2022 Fair Value FactorsGrantGrantGrantClosing share price on date of grant (pence) 110.60 99.40 75.15Price (pence) 1.00 1.00 1.00Weighted average contractual life 1.98 2.19 1.91Risk-free interest rate 1.56% 2.45% 3.74%Expected dividend yield \u2014% \u2014% \u2014%Expected volatility 34.53% 35.09% 35.09%Total movement in RSPFY22FY21No \u2018000No \u2018000Opening Balance 814 0Granted 5,765 830Exercised (292) (1)Forfeited (479) (15)Closing Balance 5,808 814Number of RSPs exercisable at 31 December \u2014 \u2014", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-72-2": { "value": "9. Finance income and expensesFY22FY21$ \u2018000$ \u2018000Foreign exchange rate gains* 2,445 \u2014Interest income 14 10Finance income* 2,459 10FY22FY21$ \u2018000$ \u2018000Foreign exchange rate losses* \u2014 (66)Financing costs (19) (61)Interest expenses (485) (1,347)Lease interest expense (1,010) (994)Finance expenses* (1,514) (2,468) * See note 1.8 for details regarding the representation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-72-3": { "value": "9. Finance income and expensesFY22FY21$ \u2018000$ \u2018000Foreign exchange rate gains* 2,445 \u2014Interest income 14 10Finance income* 2,459 10", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-73-3": { "value": "FY22FY21$ \u2018000$ \u2018000Foreign exchange rate losses* \u2014 (66)Financing costs (19) (61)Interest expenses (485) (1,347)Lease interest expense (1,010) (994)Finance expenses* (1,514) (2,468) * See note 1.8 for details regarding the representation.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-74-2": { "value": "10. Income taxFY22FY21$ \u2018000$ \u2018000Current taxCurrent tax on UK profit for the year (265) (26)Current tax credit on overseas profits for the year 690 814Adjustments in respect of prior periods 194 (365)Total current tax credit 619 423Deferred taxOrigination and reversal of temporary differences 29 259Derecognition of deductible temporary differences \u2014 52Adjustments in respect of prior periods (245) \u2014Change in tax rate (2) (18)Total deferred tax (expense)/income (218) 293Total tax credit in the statement of profit or loss 401 71610. Income tax continuedFY22FY21$ \u2018000$ \u2018000Reconciliation of effective tax rate Factors affecting the tax credit for the year:Loss before tax (15,045) (26,610)Current tax credit using the Danish corporation tax rate of 22% (2021: 22%) 3,310 5,853Effects of:Items not deductible (884) (747)IPO expenses \u2014 (2,197)Share options (701) (1,897)Research and development tax credit 1,238 1,201Adjustments in respect of prior periods (51) (418)Differences between overseas tax rates 11 (101)Movements in temporary differences not recognised (2,704) (960)Tax effect of utilisation of tax losses not recognised 182 \u2014Effect of deferred tax rate changes \u2014 (18)Total tax credit 401 716The Danish corporate income tax rate of 22 per cent (FY21: 22 per cent) is used in the tax reconciliation for the Trustpilot Group as the majority of recognised tax arises in Denmark. Taxation for other jurisdictions is calculated at the rates prevailing in each jurisdiction.The Group\u2019s tax charge will continue to be influenced by the profile of profits earned in the different countries in which the Group\u2019s subsidiaries operate. The Group could be affected by changes in tax law in the future, as we expect countries to amend legislation in respect of international tax. The main rate of UK corporation tax is currently 19% and will increase to 25% from 1 April 2023. There are no future changes announced to the Danish and US tax rates. Deferred taxes at the balance sheet date, including UK, DK and USA, have been measured using these enacted tax rates and reflected in these financial statements.Certain losses arising in the year have been sold to the Danish tax authorities allowing a realisation of an associated tax credit of $779 thousand (FY21: $875 thousand).FY22FY21Recognised directly in equity$ \u2018000$ \u2018000Current tax incomeExcess tax deductions related to share-based payments 261 \u2014Total current tax income 261 \u2014Deferred taxChange in estimated excess tax deductions related to share-based payments \u2014 15Adjustments in respect of prior periods (15) \u2014Total deferred tax (expense)/income (15) 15Total tax income in equity 246 15No amounts of current or deferred tax (2021: nil) are recognised in other comprehensive income.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-77-2": { "value": "11. Intangible assetsDevelopment Completed projects in development progressprojectsTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2022 1,834 7,880 9,714Additions during the year 3,696 \u2014 3,696Transfers \u2013 In progress to placed in service (1,167) 1,167 \u2014Exchange differences (77) (445) (522)At 31 December 2022 4,286 8,602 12,888Accumulated amortisation and impairment:At 1 January 2022 (63) (3,313) (3,376)Amortisation for the year \u2014 (2,612) (2,612)Impairment for the year (5) \u2014 (5)Exchange differences 7 153 160)At 31 December 2022 (61) (5,772) (5,833)Carrying amount as at 31 December 2022 4,225 2,830 7,05511. Intangible assets continuedDevelopment Completed projects in development progressprojectsTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2021 720 5,872 6,592Additions during the year 3,790 \u2014 3,790Transfers \u2013 In progress to placed in service (2,621) 2,621 \u2014Exchange differences (55) (613) (668)At 31 December 2021 1,834 7,8 80 9,714Accumulated amortisation and impairment:At 1 January 2021 \u2014 (1,114) (1,114)Amortisation for the year \u2014 (2,321) (2,321)Impairment for the year (63) (57) (120)Exchange differences \u2014 179 179At 31 December 2021 (63) (3,313) (3,376)Carrying amount as at 31 December 2021 1,771 4,567 6,338Intangible assets consist of capitalised salaries undertaken for software development which will provide future economic benefit. Salaries are capitalised then amortised to better align expenses incurred with benefits received to the organisation. Development projects in progress are tested for impairment annually.Research and development costs of $38,707 thousand that are not eligible for capitalisation have been expensed within Technology and Content within the Consolidated statement of profit or loss, in addition to amortisation of $2,437 thousand and impairment loss of $5 thousand, totalling $41,149 thousand (2021: $33,700 thousand). Impairment expenses reflect software developments where the future return does not support the carrying value, for example due to a change in market or development strategy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-77-3": { "value": "11. Intangible assetsDevelopment Completed projects in development progressprojectsTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2022 1,834 7,880 9,714Additions during the year 3,696 \u2014 3,696Transfers \u2013 In progress to placed in service (1,167) 1,167 \u2014Exchange differences (77) (445) (522)At 31 December 2022 4,286 8,602 12,888Accumulated amortisation and impairment:At 1 January 2022 (63) (3,313) (3,376)Amortisation for the year \u2014 (2,612) (2,612)Impairment for the year (5) \u2014 (5)Exchange differences 7 153 160)At 31 December 2022 (61) (5,772) (5,833)Carrying amount as at 31 December 2022 4,225 2,830 7,05511. Intangible assets continuedDevelopment Completed projects in development progressprojectsTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2021 720 5,872 6,592Additions during the year 3,790 \u2014 3,790Transfers \u2013 In progress to placed in service (2,621) 2,621 \u2014Exchange differences (55) (613) (668)At 31 December 2021 1,834 7,8 80 9,714Accumulated amortisation and impairment:At 1 January 2021 \u2014 (1,114) (1,114)Amortisation for the year \u2014 (2,321) (2,321)Impairment for the year (63) (57) (120)Exchange differences \u2014 179 179At 31 December 2021 (63) (3,313) (3,376)Carrying amount as at 31 December 2021 1,771 4,567 6,338Intangible assets consist of capitalised salaries undertaken for software development which will provide future economic benefit. Salaries are capitalised then amortised to better align expenses incurred with benefits received to the organisation. Development projects in progress are tested for impairment annually.Research and development costs of $38,707 thousand that are not eligible for capitalisation have been expensed within Technology and Content within the Consolidated statement of profit or loss, in addition to amortisation of $2,437 thousand and impairment loss of $5 thousand, totalling $41,149 thousand (2021: $33,700 thousand). Impairment expenses reflect software developments where the future return does not support the carrying value, for example due to a change in market or development strategy. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-79-2": { "value": "12. Property, plant and equipmentOther fixtures and fittings, Leasehold tools and improvementsequipmentTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2022 1,700 1,483 3,183Additions during the year 2,254 1,449 3,703Disposals (103) (234) (337)Exchange differences (143) (134) (277)At 31 December 2022 3,708 2,564 6,272Accumulated depreciation and impairment:At 1 January 2022 (798) (901) (1,699)Depreciation for the year (693) (399) (1,092)Disposals 96 233 329Exchange differences 68 60 128At 31 December 2022 (1,327) (1,007) (2,334)Carrying amount as at 31 December 2022 2,381 1,557 3,93812. Property, plant and equipment continuedOther fixtures and fittings, Leasehold tools and improvementsequipmentTotal$ \u2018000$ \u2018000$ \u2018000Cost:At 1 January 2021 1,883 1,351 3,234Additions during the year 38 393 431Disposals (191) (188) (379)Exchange differences (30) (73) (103)At 31 December 2021 1,700 1,483 3,183Accumulated depreciation and impairment:At 1 January 2021 (445) (768) (1,213)Depreciation for the year (565) (371) (936)Disposals 191 176 367Exchange differences 21 62 83At 31 December 2021 (798) (901) (1,699)Carrying amount as at 31 December 2021 902 582 1,484", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-81-2": { "value": "13. Deferred taxDeferred tax assets and liabilities are attributable to the following:Assets Liabilities NetFY22FY21FY22FY21FY22FY21$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Intangible assets \u2014 \u2014 (1,476) (1,348) (1,476) (1,348)Property, plant and equipment 731 362 \u2014 \u2014 731 362Short-term temporary differences 439 653 \u2014 \u2014 439 653Share-based payments \u2014 381 \u2014 \u2014 \u2014 381Tax losses 385 263 \u2014 \u2014 385 263Deferred tax assets/(liabilities) 1,555 1,659 (1,476) (1,348) 79 311Deferred income tax assets and liabilities disclosed in the balance sheet are offset when there is a legally enforceable right to set off assets against liabilities and when they relate to the same fiscal authority.The $79 thousand (2021: $311 thousand) arises on short-term temporary differences and fixed\ue61fassets in Australia and Lithuania and is recognised on the basis of expected future taxable\ue61fprofits.Movement in deferred tax during the year:1 January Recognised Exchange Recognised 31 December 2022in incomedifferencesin equity2022$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Intangible assets (1,348) (202) 74 \u2014 (1,476)Property, plant and equipment 362 400 (31) \u2014 731Short-term temporary differences 653 (205) (9) \u2014 439Share-based payments 381 (369) 3 (15) \u2014Tax losses 263 158 (36) \u2014 385Deferred tax assets/(liabilities) 311 (218) 1 (15) 79Movement in deferred tax during the prior year:1 January Recognised Exchange Recognised 31 December 2021in incomedifferencesin equity2021$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Intangible assets (1,128) (320) 100 \u2014 (1,348)Property, plant and equipment 1,022 (606) (54) \u2014 362Short-term temporary differences \u2014 682 (29) \u2014 653Share-based payments \u2014 382 (16) 15 381Tax losses 117 155 (9) \u2014 263Deferred tax assets/(liabilities) 11 293 (8) 15 311The deferred tax asset recoverable within 12 months and after 12 months is as follows:20222021$ \u2018000$ \u2018000Deferred tax:Recoverable within 12 months 39 140Recoverable after 12 months 40 17179 31113. Deferred tax continuedOut of the total deferred tax $79 thousand (FY21: $311 thousand), $39 thousand (FY21:\ue61f$140\ue61fthousand) is expected to reverse within the next 12 months. $40 thousand (FY21:\ue61f$171\ue61fthousand) is expected to reverse after 12 months.Deferred tax not recognised is attributable to the following (presented net at the prevailing deferred tax rates in local jurisdictions):20222021$ \u2018000$ \u2018000Deferred Intangible assets \u2014 236Property, plant and equipment 511 43Short term temporary differences 382 128Share based payments 531 \u2014Tax losses* 38,551 32,11339,975 32,520*This represents $177 million (FY21: $151 million) of gross tax losses carried forward due to uncertainties over recovery.There is no expiration date on $136 million (FY21: $110 million) of the losses. The remaining losses of $41 million will begin to expire in 2033 ($1 million in 2033, $6 million in 2034, $12\ue61fmillion in 2035, $12 million in 2036 and $10 million in 2037).No deferred tax liability is recognised on temporary differences of $nil (FY21: $nil) relating to the unremitted earnings of overseas subsidiaries as the Group is able to control the timing of the reversal of these temporary differences and it is probable that they will not reverse in the foreseeable future.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-86-2": { "value": "15. Right-of-use-assets and leasesThe Group solely leases properties, which are mostly made for fixed periods between 2-10 years but may have extension options. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. The lease agreements do not impose any covenants, but leased assets may not be used as security for borrowing purposes.Extension and termination options are included in a number of property leases across the Group. These are used to maximise operational flexibility in terms of managing the assets used in the Group\u2019s operations.The Group bases the lease liability on the contractual end date of the lease or the first possible date to terminate a contract. For the leases located in Denmark, the Group has made a judgement of 12 months exceeding the termination terms of 6 months due to the current rolling lease terms. The Group has recognised the following amounts relating to leases:FY22FY21$ \u2018000$ \u2018000Right-of-use assetsProperties 23,569 12,312FY22FY21$ \u2018000$ \u2018000Lease liabilitiesCurrent 3,442 3,504Non-current 21,243 9,55224,685 13,0561Additions to the right-of-use assets15,599 3181 During the year the Group has signed three new leases for its offices in New York, Edinburgh and Melbourne.The statement of profit or loss shows the following amounts relating to leases:FY22FY21$ \u2018000$ \u2018000Depreciation charge of right-of-use assetsProperties (included in general and administrative costs) 3,649 4,855Interest expense (included in finance expenses) 1,010 994Expense relating to short-term leases (included in general and 1administrative\ue61fcosts)400 105Total cash outflow for leases 4,596 5,6211 The Group classifies leases of 12 months or below as short-term leases. These are not treated under IFRS 16 but expensed to the statement of profit and loss account over the period of the lease on a straight-line basis. The Group has no lease contracts with variable payments.25. Changes in liabilities arising from financing activitiesThis section sets out an analysis of liabilities arising from borrowings and the movements in each of the periods presented.Foreign 1 January Cash exchange New 31 December 2022flowsmovementleases*2022$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 13,056 (4,197) 1,517 14,309 24,685Total liabilities from financing activities 13,056 (4,197) 1,517 14,309 24,685Foreign 1 January Cash exchange New 31 December 2021flowsmovementleases*2021$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings 12,941 (13,000) 59 \u2014 \u2014Lease liabilities 16,604 (5,516) (192) 2,160 13,056Total liabilities from financing activities 29,545 (18,516) (133) 2,160 13,056* Including lease modifications", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-84-2": { "value": "14. Loss per shareFY22 FY21Weighted average number of shares (000s):Ordinary shares 415,086 401,445In addition to the ordinary shares above, Trustpilot Group plc had potential shares outstanding that would be dilutive if the Group generated net income for the period. As of 31 December 2022, total potential shares were 18,625,000 (2021: 29,719,000), of which 10,614,000 (2021: 27,804,000) relate to employee warrants and 8,011,000 (2021: 1,915,000) relate to restricted shares. As of 31 December 2022 vested potential shares amounted to 9,341,000 (2021: 11,981,000) employee warrants.FY22FY21$ \u2018000$ \u2018000Loss for the year (14,644) (25,894)1Loss per share (cents)Basic (3.5) (6.5)Diluted (3.5) (6.5)1 Given the Group incurred losses in FY22 and FY21, the impact of potentially dilutive ordinary shares has been excluded as they would otherwise be anti-dilutive in accordance with IAS 33.", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-88-2": { "value": "16. Trade receivablesFY22FY21$ \u2018000$ \u2018000Trade receivables at 31 December 9,058 8,348Less provision for impairment of trade receivables (783) (2,172)Trade receivables net 8,275 6,176Trade receivables are amounts due from customers for subscriptions sold in the ordinary course of business. They are typically due for settlement within 8 \u2013 90 days and therefore are\ue61fall classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value.Due to the short-term nature of the current receivables, their carrying amount is considered to approximate their fair value. This has been assessed based on future cash flows discounted at an appropriate rate for the risk of the debt.The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables. Adoption of this approach means Significant Increase in Credit Risk and Date of Initial Recognition (DOIR) concepts are not applicable to the Group\u2019s ECL calculations. To measure the expected credit losses, trade receivables have been grouped based on shared credit risk characteristics and the days past due.A default on a financial asset is when the counterparty fails to make contractual payments when they fall due. These receivables are credit impaired. Financial assets are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan. The Group considers a receivable written off when a debtor fails to make contractual payments more than 90 days past due. When receivables have been written off, the Group continue to engage in enforcement activity to attempt to recover the receivable due. When recoveries are made, these are recognised in profit or loss.The expected loss rates are based on the payment profiles of sales over a period of 12\ue61fmonths before 31 December and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information affecting the ability of the customers to settle the receivables, including macroeconomic information. The maximum exposure to credit risk for the Group at 31\ue61fDecember 2022 is the carrying value of the trade receivables.Not due or 0-60 days More than 60 More than 90 past duedays past duedays past dueTotal$ \u2018000$ \u2018000$ \u2018000$ \u20180002022Expected loss rate coverage 7% 36% 4%Gross carrying amount, trade receivables 6,740 646 1,672 9,058Loss allowance 479 231 73 783Not due or 0-60 days past More than 60 More than 90 duedays past duedays past dueTotal$ \u2018000$ \u2018000$ \u2018000$ \u20180002021Expected loss rate coverage 8% 64% 51%Gross carrying amount, trade receivables 5,104 829 2,415 8,348Loss allowance 415 531 1,226 2,172Given that credit losses are evaluated on both specific credit risk characteristics and days past due, some expected loss rates may appear higher than expected for certain days past due buckets. In 2022, the expected credit rate coverage for trade receivables, more than 90 days past due, has reduced from 51% to 4%. This is due to the provision being utilised against trade receivables, which are more than 75 days past due or with a debt collection agency or in bankruptcy, thus reducing both the gross carrying amount and the loss allowance.16. Trade receivables continuedMovement on the Group\u2019s provision for impairment of trade receivablesFY22FY21$ \u2018000$ \u2018000$ \u2018000Opening balances 2,172 1,9801Net increase in loss allowance recognised in profit or loss during the year1,397 7832Receivables written off during the year as uncollectible(2,786) (591)Provision for impairment of trade receivables 783 2,1721 Net increase in loss allowance recognised in profit or loss during the year includes loss allowance on new assets originated/recovered and financial assets derecognised during the period. 2 This also materially represents the contractual amount outstanding on financial assets that were written off during the year and are still subject to enforcement activity. The Group has not purchased credit impaired assets.17. Deposits and other receivablesFY22FY21$ \u2018000$ \u2018000Non-current depositsDeposits 2,158 2,383Total non-current deposits 2,158 2,383Current deposits and other receivablesOther receivables 1,677 2,251Deposits 139 619Total current deposits and other receivables 1,816 2,870The ECL allowance against deposits and other receivables is immaterial in the current and prior year. The maximum exposure to credit risk at the reporting date is the carrying value of each class of asset.", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-93-2": { "value": "19. Contract balancesThe Group has recognised the following assets and liabilities related to contracts with customers:FY22FY21$ \u2018000$ \u20180001Trade receivables8,275 6,176Contract liabilities (32,210) (27,616)1 Trade receivables is a financial asset not a contract asset, further disclosure is available in note 16.The movement in contract liabilities and trade receivables are in line with the increase in the Group\u2019s activities and the related sales.All revenue from subscriptions are recognised monthly over time on a straight-line basis, unrelated to payment terms upon issuing of invoices. General payment terms are between 8\ue61fand 90 days. All subscriptions are prepaid, pro-rated to the billing terms, leading to the recognition of contract liabilities. The unearned revenue from contracts in place at 31 December 2022 which will be earned in future periods is $83,368 thousand, with 95% expected to be recognised within one year.The aggregated amount of the transaction price allocated to performance obligations that are satisfied or partially satisfied in FY22 from the prior year is $nil thousand (FY21:\ue61f$521 thousand).The aggregated amount of recognised revenue in FY22, which was included in the contract liabilities at 31 December 2021 was $27,216 thousand (FY21: $22,574 thousand).Management expects that $30,662 thousand (95%) will be recognised as revenue during the next reporting period, $1,341 thousand (4%) in FY24 and $207 thousand (1%) in FY25 (2021 restated: $27,217 thousand (99%) in FY22, $381 thousand (1%) in FY23 and $18 thousand (<\ue61f1%) in FY24). ", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-92-2": { "value": "18. Cash and cash equivalentsFY22FY21$ \u2018000$ \u2018000Cash at bank and in hand 73,459 93,177", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-94-2": { "value": "20. Share capital31 December 2022 31 December 2021Number of Amount Number of AmountShares issued and fully paid:shares($ \u2018000)shares($ \u2018000)Ordinary shares 416,241,641 5,006 413,747, 356 5,576Total shares issued 416,241,641 5,006 413,747,356 5,576The share capital of the Company as of 31 December 2022 consists of a single class of ordinary shares, each share having a nominal value of GBP 0.01. The ordinary shares carry no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. Share CapitalShare PremiumNumber of AmountAmountShares ($ \u2018000) ($ \u2018000)Changes in share capitalOpening balance at 1 January 2022 413,747,356 5,576 70,9941Employee share scheme issues2,494,285 31 1,312Contribution of equity \u2013 Transaction cost \u2014 \u2014 (54)Exchange difference on items recognised directly in equity \u2014 (601) (7,715)Ending Balance 31 December 2022 416,241,641 5,006 64,5371 From 1 January 2022 to 31 December 2022 (inclusive), 2,494,285 ordinary shares were issued in the Company to satisfy the\ue61fexercise of warrants and vesting of restricted stock units in the Company, resulting in a share capital increase by $31\ue61fthousand and share premium increase of $1,258 thousand. Further detail related to these schemes is disclosed in note\ue61f8. As further detailed below, completion of the IPO Restructuring on 26 March 2021 resulted in common and preference shares in Trustpilot A/S (each having a nominal value of DKK 1) being\ue61fexchanged for ordinary shares in the Company (each having a nominal value of GBP 0.01). A multiplier was applied resulting in 78 ordinary shares in the Company being issued for each share held by existing shareholders in Trustpilot A/S (minus the 1 ordinary share already held by the incorporating shareholder of the Company).The share capital of the Company as of 31 December 2022 and 31 December 2021 consists of a single class of ordinary shares, each share having a nominal value of GBP 0.01. The ordinary shares carry no right to fixed income. The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.Share capitalShare PremiumNumber of AmountAmountShares($\u2019000)($ \u2018000)Changes in share capitalOpening balance at 1 January 2021 4,684,374 773 177,8421Employee share scheme issues27,6 23 4 2382Lender warrants exercised37, 525 6 358Exchange difference on items recognised directly in\ue61fequity prior to Group reconstruction \u2014 (23) (6,977)Share Capital pre-public offering 4,749,522 760 171,461Share Capital post public offering3Conversion of basic share370,462,716 5,105 \u20144Issue of share17,620,906 244 6 4,1025Exercise of share-based payments25,663,734 353 9,424Contribution of equity \u2013 Transaction \u2014 \u2014 (1,274)Exchange difference on items recognised directly in\ue61fequity post Group reconstruction \u2014 (126) (1,258)Ending Balance 31 December 2021 413,747,35 6 5,576 70,9941 On 3 March 2021, 20,780 warrants were exercised into 20,780 common shares in Trustpilot A/S, followed on 12 March 2021 by a further 6,843 warrants exercised into 6,843 common shares in Trustpilot A/S. The total of 27,623 new common shares with a nominal value of $4 thousand resulted in share capital increasing by $4 thousand and share premium by $238 thousand.2 Shortly prior to Admission on 26 March 2021, three lender-related entities exercised a total of 37,525 warrants into 37,525\ue61fcommon shares, with a nominal value of $6 thousand resulting in share capital increasing by $6 thousand and share premium by $358 thousand.3 As part of the IPO Restructuring, on 26 March 2021 all 4,749,522 outstanding common and preference shares in Trustpilot A/S were exchanged in the proportion 1 to 78 for 370,462,715 ordinary shares in the Company (the incorporating shareholder of the Company already held 1 ordinary share prior to the exchange). The result was 370,462,716 ordinary shares being held in the Company and increase of share capital by $5,105 thousand. Further, as part of the IPO Restructuring and basic share exchange, the difference between the share capital and share premium recognised in Trustpilot A/S and the new Trustpilot Group plc was taken to a merger reserve on consolidation.4 On 26 March 2021, 17,620,906 ordinary shares in the Company were issued as a result of the Company\u2019s primary offering for a net consideration of $64,346 thousand, resulting in a share capital increase by $244 thousand and share premium increase by $64,102 thousand.5 From 26 March 2021 to 31 December 2021 (inclusive), 25,663,734 ordinary shares were issued in the Company to satisfy the exercise of warrants and vesting of restricted stock units in the Company, resulting in a share capital increase by $353\ue61fthousand and share premium increase of $9,424 thousand. Further detail related to these schemes is disclosed in note 8, share-based payment plans.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-96-2": { "value": "21. Financial risk managementOutlined below are the ways in which the Group addresses interest rate risk, foreign currency risk, credit risk, liquidity risk and capital risk.The Board has overall responsibility for the establishment and oversight of the Group\u2019s risk\ue61fmanagement framework and for establishing the Group\u2019s risk management policies. The\ue61fGroup\u2019s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the Group\u2019s performance. The\ue61fGroup does not use derivative financial instruments to hedge any exposures. Risk management is carried out by the Risk function under policies approved by the Board of\ue61fDirectors. The Board provides written principles for overall risk management.Interest rate riskInterest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in reference interest rates. Long-term borrowings with variable interest rates could therefore expose the Group to cash flow interest rate risk.The Group repaid and refinanced a credit facility with Silicon Valley Bank in 2021; this revolving credit facility includes a variable interest rate that exposes the Group to interest rate\ue61frisk. Credit facility funds are available in either USD, EUR or GBP with interest rates determined on a base plus margin basis with an interest rate floor. For the calculation of the interest base rate, USD borrowings will utilise a Wall Street Prime Rate, EUR borrowings will utilise a European Central Bank base rate and GBP borrowings will utilise a Bank of England base rate. In addition to this base rate, a margin will be applied based on the Group EBITDA* in the most recently completed relevant period. Interest rate risk is concentrated across three reference rates for USD, EUR and GBP borrowings.Group EBITDA in this context is the same as Adjusted EBITDA illustrated in note 4 with the following additional adjustments where applicable:\u2022 after deducting the amount of any profit (or adding back the amount of any loss) of any member of the Group which is attributable to minority interests;\u2022 after deducting the amount of any profit of any Non-Group Entity to the extent that the amount of the profit included in the financial statements of the Group exceeds the amount actually received in cash by members of the Group through distributions by the Non-Group\ue61fEntity.Sensitivity from changes in interest rates, including the impact of interest rate benchmark reform, has been deemed immaterial given the group is debt free. The Group continues to monitor changes in interest rates and considers the associated cost of borrowing.Foreign currency riskForeign currency risk is the risk that the fair value or future cash flows of a balance sheet exposure will fluctuate because of changes in foreign exchange rates.In general, purchases are made in the functional currencies of the individual group entity. The\ue61fcurrency risk therefore primarily arises from sale in foreign currencies compared to the functional currency of each of the Group entities. Sales made in foreign currencies are primarily made by the Trustpilot A/S denominated in EUR and GBP.In addition, the borrowings obtained by Trustpilot A/S (with DKK functional currency) in 2021\ue61fwere denominated in USD and GBP. As the borrowings were denominated in foreign currencies, this also exposed the Company to currency risk during 2021.The sensitivity analysis shows the gain/loss on net loss for the year and equity of a 10 per cent increase/decrease in the specified currencies towards their functional currencies (presented in US Dollars). The gain/loss is associated with the changing value of financial instruments on the balance sheet due to the underlying currency fluctuations for those instruments held in something other than the functional currency.Impact on post tax loss and equityFY22FY21$ \u2018000$ \u2018000EUR/USD \u2013 increase 10% 3,983 4,901EUR/USD \u2013 decrease 10% (3,983) (4,901)GBP/USD \u2013 increase 10% 3,227 3,872GBP/USD \u2013 decrease 10% (3,227) (3,872)Year end rates applied the above analysis are 1.0667 (2021: 1.1326) EUR/USD and 1.2026 (2021: 1.3479) GBP/USD. Positive figures represent an increase in profit/loss or equity.21. Financial risk management continuedThe sensitivity analysis is based on the assumption that all other variables and exposures remains constant on the financial instruments recognised at 31 December. The sensitivity rate\ue61fof 10% assessment of a reasonably possible change, based on historical volatility. The\ue61fcarrying amounts of the Group foreign currency denominated financial assets and liabilities at the reporting date are as follows:USDGBPEUROtherTotalFY22$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Cash and cash equivalents 23,999 12,721 35,425 1,314 73,459Trade receivables 1,385 2,691 1,861 2,338 8,275Deposits 49 1,830 64 354 2,2971Other receivables\u2014 377 \u2014 308 685Trade payables 398 245 1,244 877 2,764Accruals 2,277 3,023 823 4,839 10,962Lease liabilities 12,337 11,166 61 1,121 24,685Borrowings \u2014 \u2014 \u2014 \u2014 \u2014USDGBPEUROtherTotalFY21$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Cash and cash equivalents 25,246 19,349 47,686 896 93,177Trade receivables 1,135 2,068 1,027 1,946 6,176Deposits 30 2,051 \u2014 302 2,3831Other receivables24 842 42 537 1,445Trade payables 278 785 40 733 1,836Accruals 2,742 3,244 539 6,115 12,640Lease liabilities 1,708 10,408 63 877 13,056Borrowings \u2014 \u2014 \u2014 \u2014 \u20141 Other receivables consist of financial instruments and exclude prepayments and taxes.The impact on post tax loss for the year includes financial instruments that are currency adjusted through the statement of profit and loss and is based on those financial instruments that were recognised at the respective balance sheet dates.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-99-2": { "value": "The Group\u2019s primary credit exposure is related to trade receivables and cash positions. The Group determines whether a financial asset is credit-impaired based on the asset\u2019s cash flow expectations. The Group has no major exposure relating to one single customer or business partner. The Group has no significant credit risk concentrations as the Group has many small\ue61fcustomers, a total of 25 thousand paying customers at 31 December 2022 (2021: 23\ue61fthousand). The Group\u2019s credit risk is monitored and managed by senior management based on analysis of actual loss, review of outstanding receivables and financial market conditions. Given the\ue61fhistorical collection rate, the Group has determined that it will not forgo commercial agreements with customers due to their credit rating. The Group\u2019s outstanding receivables and impairment losses are detailed in note 16.The most significant counterparty risk is related to deposit with banks, as the Group\u2019s balance at 31 December 2022 amounts to $73,459 thousand (2021: $93,177 thousand). To mitigate this risk, it is the Group\u2019s policy only to use banks of high quality and with low credit risk in the countries the Group operates in. Given the Group\u2019s treasury policy regarding deposits, the Group does not incorporate further forward-looking information into its understanding of credit risk and has an expected credit loss for cash deposits of $nil. Deposits are reviewed on a monthly basis and write-offs are considered if expectation of recovery falls meaningfully. There were no write-offs in FY22 and all deposits are considered to be a low credit risk, held in institutions with credit ratings of \u201cA\u201d or higher, in line with our treasury management policy approved by the board. The Group has not established a credit loss provision on cash deposits due to the low credit risk associated with institutions of an \u201cA\u201d rating or higher. Finally, in light of the recent closure of Silicon Valley Bank (SVB) on 10 March 2023, the Group intends to review our approach to treasury management, including diversifying our banking partners to mitigate future credit risks.The carrying amounts of trade receivables in note 16 and cash and cash equivalents in note 18 represents the Group\u2019s maximum exposure to credit risk. The Group\u2019s credit risk has not increased significantly since initial recognition of any financial assets.Credit riskCredit risk arises from cash and cash equivalents, deposits with banks and financial institutions, as well as credit exposures to customers, including outstanding receivables. The\ue61fGroup has determined that all these financial instruments listed have low credit risk on initial recognition.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-102-2": { "value": "Liquidity riskPrudent liquidity risk management involves maintaining sufficient cash or access to credit to meet Group obligations. Management monitors rolling forecasts of the Group\u2019s liquidity, which as of 31 December 2022 consists of $73 million cash and a $30 million revolving credit facility to ensure the Group has sufficient liquid resources to meet the operating needs of the business. The Group manages its cash and borrowing requirements centrally within risk parameters agreed by the Board. As of 31 December 2022 the revolving credit facility remains undrawn. Capital managementThe Group\u2019s key management personnel defines and monitors the net cash position, defined as the cash on the balance sheet less any outstanding debt. The Group\u2019s objective when managing capital is to safeguard the ability to continue as a going concern, in a manner that optimises the capital structure.The Group\u2019s strategy is to finance the operations of the business with the cash on the balance sheet and only access the credit facility if additional opportunities present themselves. There has been no change in the policies for managing capital when compared with the prior year. The Group remains in compliance with the covenants associated with the credit facility.Maturity analysisThe amounts disclosed in the table are the maturity analysis for the contractual undiscounted cash flows (including interest payments). Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.Less than Between 1 More than 1 yearand 3 years3 yearsTotal$ \u2018000$ \u2018000$ \u2018000$ \u2018000Non-derivativesAs at 31 December 2022Trade payables (2,764) \u2014 \u2014 (2,764)Lease liabilities (4,949) (12,605) (13,939) (31,493)1Borrowings(300) (75) \u2014 (375)Accruals (10,962) \u2014 \u2014 (10,962)(18,975) (12,680) (13,939) (45,594)Less than Between 1 More than 1 yearand 3 years3 yearsTotal$ \u2018000$ \u2018000$ \u2018000$ \u2018000Non-derivativesAs at 31 December 2021Trade payables (1,836) \u2014 \u2014 (1,836)Lease liabilities (4,104) (4,192) (7, 364) (15,660)Accruals (12,640) \u2014 \u2014 (12,640)(18,580) (4,192) (7,3 64) (30,136)1 Borrowings relate to the unused revolving credit facility fee FY22FY21Financial assets and liabilities per measurement category$ \u2018000$ \u2018000Financial assetsFinancial assets at amortised cost:Trade receivables, current 8,275 6,176Deposits 2,297 2,383Other receivables 1,677 1,445Cash and cash equivalents, current 73,459 93,17785,708 103,181FY22FY21$ \u2018000$ \u2018000Financial liabilitiesFinancial liabilities at amortised cost:Trade payables, current (2,764) (1,836)Accruals, current (10,962) (12,640)Lease liabilities, non-current (21,243) (9,552)Lease liabilities, current (3,442) (3,504)(38,411) (27, 532)Due to the short-term nature of the Group\u2019s financial instruments, the fair value approximates the carrying amount.", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-105-2": { "value": "22. Commitments and contingent liabilitiesPledges and security31 December31 December20222021$ \u2018000$ \u2018000The carrying amounts of the secured assets are as followsIntangible assets 7,0 5 5 6,338Trade receivables 8,275 6,17615,330 12,514In connection with a revolving credit facility of $30 million, the Company, Trustpilot A/S, Trustpilot, Inc. and Trustpilot Ltd have granted security over all of their assets and undertaking, including bank accounts, trademarks and shares (excluding the Company). No security has been provided for the Group\u2019s leaseholds in 2022.Capital commitments As at 31 December 2022, the Group had contractual capital commitments of $13 thousand (FY21: $494 thousand) in relation to the acquisition of property, plant and equipment. The\ue61fcapital commitments relating to intangible assets are immaterial during FY22 (FY21:\ue61fImmaterial). Contingent liabilitiesSubsidiaries of Trustpilot Group plc are parties to various litigation claims from time to time. The outcome of claims pending is not expected to constitute risk for economic outflow of material importance to the Group\u2019s financial position. In the year ended 31 December 2021, two of the Group\u2019s subsidiaries were parties to a litigation claim in New York. However, the claim was successfully defended and the proceedings have now concluded. A summary of the history of the claim is set out below.In January 2021, a complaint was filed in the United States District Court for the Southern District of New York against Trustpilot Inc. and Trustpilot A/S (the plaintiffs later dropped the claim against Trustpilot A/S). The plaintiffs alleged that Trustpilot designed its email systems so that a reminder email about renewal of Trustpilot subscriptions would be sent from a trustpilot.net email address and go directly to the recipient\u2019s junk email folder and that, as a result, Trustpilot customers paid for Trustpilot subscriptions that they would not have renewed had they received the reminder email.The claim was dismissed in its entirety by the court on 29 June 2021. On 14 July, the plaintiffs filed a \u2018motion to reconsider\u2019 the dismissal of the case. Trustpilot filed its opposition to this \u2018motion to reconsider\u2019 on 28 July 2021. On 14 October 2021, the plaintiffs\u2019 \u2018motion to reconsider\u2019 was denied. The plaintiffs filed a notice of appeal on 15 November 2021 and the case was transmitted to the Second Circuit Court of Appeals. The appeal was heard in New York on 16 May 2022 and, on 13 June 2022, the court dismissed the appeal and released its ruling. The plaintiffs had 14 days to request an en banc review of the ruling, but declined to do so. Therefore, the proceedings have now concluded without any material adverse effect on Trustpilot\u2019s results of operations and cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-108-2": { "value": "23. ProvisionsFY22FY21DilapidationDilapidationprovisionprovision$ \u2018000$ \u2018000Non-currentAt 1 January 517 \u2014Utilised in the year \u2014 \u2014Charged in the year 206 517Exchange differences (95) \u2014At 31 December 628 517CurrentAt 1 January 670 \u2014Utilised in the year (208) \u2014Charged in the year (12) 670Exchange differences 3 \u2014At 31 December 453 670The Group recognises dilapidation provisions for leases where Trustpilot will have an obligation to restore the leases according to the contractual requirements when the leases come to an end. The provisions are based on internal assessments, estimates from the landlords and on the lifetime of each lease. There will be uncertainty to the actual outflow for dilapidation until leases in question have concluded and the space is formally assessed. The group has dilapidation obligations in the UK entity and the Danish Entity where $453 thousand is due within 12 months (FY21: $670 thousand) from balance sheet date and $628 thousand is due after more than 5 years (FY21: $517 thousand).", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-106-3": { "value": "Capital commitments As at 31 December 2022, the Group had contractual capital commitments of $13 thousand (FY21: $494 thousand) in relation to the acquisition of property, plant and equipment. The\ue61fcapital commitments relating to intangible assets are immaterial during FY22 (FY21:\ue61fImmaterial). ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-107-3": { "value": "Contingent liabilitiesSubsidiaries of Trustpilot Group plc are parties to various litigation claims from time to time. The outcome of claims pending is not expected to constitute risk for economic outflow of material importance to the Group\u2019s financial position. In the year ended 31 December 2021, two of the Group\u2019s subsidiaries were parties to a litigation claim in New York. However, the claim was successfully defended and the proceedings have now concluded. A summary of the history of the claim is set out below.In January 2021, a complaint was filed in the United States District Court for the Southern District of New York against Trustpilot Inc. and Trustpilot A/S (the plaintiffs later dropped the claim against Trustpilot A/S). The plaintiffs alleged that Trustpilot designed its email systems so that a reminder email about renewal of Trustpilot subscriptions would be sent from a trustpilot.net email address and go directly to the recipient\u2019s junk email folder and that, as a result, Trustpilot customers paid for Trustpilot subscriptions that they would not have renewed had they received the reminder email.The claim was dismissed in its entirety by the court on 29 June 2021. On 14 July, the plaintiffs filed a \u2018motion to reconsider\u2019 the dismissal of the case. Trustpilot filed its opposition to this \u2018motion to reconsider\u2019 on 28 July 2021. On 14 October 2021, the plaintiffs\u2019 \u2018motion to reconsider\u2019 was denied. The plaintiffs filed a notice of appeal on 15 November 2021 and the case was transmitted to the Second Circuit Court of Appeals. The appeal was heard in New York on 16 May 2022 and, on 13 June 2022, the court dismissed the appeal and released its ruling. The plaintiffs had 14 days to request an en banc review of the ruling, but declined to do so. Therefore, the proceedings have now concluded without any material adverse effect on Trustpilot\u2019s results of operations and cash flows.", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-111-2": { "value": "26. Related partiesThe key management compensation is disclosed in note 6.During the FY22, there were no material transactions with related parties.In the comparative period, FY21, there were the following transactions with related parties:a) On 26 March 2021, in connection with the IPO, a restructuring of the corporate structure of the Group was completed immediately prior to Admission (the \u201cIPO Restructuring\u201d). The IPO Restructuring included: (i) a horizontal merger of Trustpilot A/S and Trustpilot Galaxy A/S (with Trustpilot A/S as the continuing company), (ii) a share for share exchange whereby each shareholder in Trustpilot A/S exchanged their shares for newly issued ordinary shares in the Company (resulting in Trustpilot A/S becoming wholly owned by the Company, and the Company becoming the parent company of the Group); and (iii) the replacement of warrants in\ue61fTrustpilot A/S by warrants in the Company (and consequent cancellation of warrants in Trustpilot A/S).b) 50,000 redeemable preference shares of \u00a31 nominal value each in Trustpilot Group plc were issued to Peter M\u00fchlmann Holding ApS (the incorporating shareholder of Trustpilot Group plc) on 16 Feb 2021 for the purposes of Trustpilot Group plc having sufficient capital to obtain a trading certificate. Pursuant to a resolution by the board of directors of Trustpilot Group plc on 22 March 2021, the shares were redeemed and cancelled on 14 April 2021 by the repayment to Peter M\u00fchlmann Holding ApS of \u00a350,000.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-109-2": { "value": "24. Other payablesFY22FY21$ \u2018000$ \u2018000Non-currentHoliday \u2013 other liability 2,858 2,962Total non-current other payables 2,858 2,962CurrentOther taxes and social security 4,343 10,221Accruals 10,962 12,640Total current other payables 15,305 22,861", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-110-3": { "value": "25. Changes in liabilities arising from financing activitiesThis section sets out an analysis of liabilities arising from borrowings and the movements in each of the periods presented.Foreign 1 January Cash exchange New 31 December 2022flowsmovementleases*2022$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 13,056 (4,197) 1,517 14,309 24,685Total liabilities from financing activities 13,056 (4,197) 1,517 14,309 24,685Foreign 1 January Cash exchange New 31 December 2021flowsmovementleases*2021$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings 12,941 (13,000) 59 \u2014 \u2014Lease liabilities 16,604 (5,516) (192) 2,160 13,056Total liabilities from financing activities 29,545 (18,516) (133) 2,160 13,056* Including lease modifications", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-110-4": { "value": "25. Changes in liabilities arising from financing activitiesThis section sets out an analysis of liabilities arising from borrowings and the movements in each of the periods presented.Foreign 1 January Cash exchange New 31 December 2022flowsmovementleases*2022$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings \u2014 \u2014 \u2014 \u2014 \u2014Lease liabilities 13,056 (4,197) 1,517 14,309 24,685Total liabilities from financing activities 13,056 (4,197) 1,517 14,309 24,685Foreign 1 January Cash exchange New 31 December 2021flowsmovementleases*2021$ \u2018000$ \u2018000$ \u2018000$ \u2018000$ \u2018000Borrowings 12,941 (13,000) 59 \u2014 \u2014Lease liabilities 16,604 (5,516) (192) 2,160 13,056Total liabilities from financing activities 29,545 (18,516) (133) 2,160 13,056* Including lease modifications", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-112-2": { "value": "27. Reconciliation to operating cash flowsFY22FY21$ \u2018000$ \u2018000Changes to net working capitalIncrease in trade receivables (2,412) (1,325)Decrease/(Increase) in other assets 899 (1,260)Increase in prepayments (711) (1,191)Increase in trade payables 930 595Decrease in provisions (14) \u2014(Decrease)/Increase in other liabilities (3,810) 2,805Increase in contract liabilities 6,020 6,401902 6,025FY22FY21$ \u2018000$ \u2018000Adjustments to operating cash flowsIncome tax (401) (716)Amortisation and impairment of intangible assets 2,617 2,441Depreciation of tangible assets and right-of-use assets 4,741 5,791Finance (income)/expense (945) 2,392Share-based compensation 5,853 6,52711,865 16,435", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-113-2": { "value": "28. List of Group companiesPlace of Ownership Legal entity registered office Status TypeincorporationinterestTrustpilot A/S Pilestr\u00e6de 58, 5, 1112 Trading Subsidiary Denmark 100%K\u00f8benhavn KTrustpilot, Inc. c/o The Corporation Trust Trading Subsidiary US 100%Company, Corporation Trust Center, 1209 Orange Street, Wilmington, DE 19801, USATrustpilot Ltd 5th Floor, The Minster Building, Trading Subsidiary England & 100%21 Mincing Lane, London EC3R Wales7AG, United KingdomTrustpilot c/o Dantax Steuerberatungs Trading Subsidiary Germany 100%GmbHGmbH, Am Oxer 7, 24955 Harrislee, GermanyTrpilot Pty Suite 3, 61 Porter Street, Trading Subsidiary Australia 100%LimitedPrahran, 3181 VIC, AustraliaTrustpilot UAB Vito Gerulaic\u02c7 io g. 1, 3rd floor, Trading Subsidiary Lithuania 100%Vilnius, LithuaniaTrustpilot S.r.l. Corso Vercelli 40, Milan, CAP Trading Subsidiary Italy 100%20145, ItalyTrustpilot B.V. Herikerbergweg 238, Luna Trading Subsidiary Netherlands 100%ArenA, 1101 CM Amsterdam, The Netherlands", "dimensions": { "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "pp-value-114-2": { "value": "29. Post balance sheet eventsOn 10 March 2023, Silicon Valley Bank (SVB) in the United States was closed by the California Department of Financial Protection and Innovation and the subsequent entry into receivership of its UK arm (SVB UK). SVB UK is the Group\u2019s principal banking partner, which was subsequently acquired by HSBC.The Group has not experienced liquidity concerns as a result of this event. We have full access to our cash on deposit, and our revolving credit facility remains available, expiring in April 2024, and in the meantime we intend to review and diversify our banking arrangements to mitigate future risks. We benefit from having a diversified customer base with little concentration, and this limits our exposure to the events surrounding the bank\u2019s failure. We\ue61fhave not experienced any operational impact on our business and customer cash collections remain unaffected.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f44729": { "value": "Trustpilot Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "f44730": { "value": "Trustpilot Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:2138002ILUNMGNPSGG46", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }