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"value": "Notes to the Financial Statements 1. General information and basis of preparation General information The Financial Statements of IG Group Holdings plc and its subsidiaries (together the Group) for the year ended 31 May 2023 were authorised for issue by the Board on 19 July 2023 and the Consolidated Statement of Financial Position was signed on the Board\u2019s behalf by Charles Rozes. IG Group Holdings plc is a public company limited by shares, which is listed on the London Stock Exchange and incorporated and domiciled in England and Wales. The address of the registered office is Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA. Basis of preparation (a) Compliance with International Financial Reporting Standards (IFRS) The Group Financial Statements 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. There were no unendorsed standards effective for the year ended 31 May 2023 affecting these consolidated Group Financial Statements. These Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through other comprehensive income and fair value through profit and loss. The accounting policies which have been applied in preparing the Group Financial Statements for the year ended 31 May 2023 are disclosed in note 2. (b) Critical accounting estimates and judgements The preparation of these Financial Statements in conformity with UK-adopted International Accounting Standards requires the Group to make judgements and estimates that affect the application of accounting policies and the amounts reported for assets and liabilities as at the reporting date, and the amounts reported for revenue and expenses during the year. The nature of estimates and judgements means that actual outcomes could differ from those estimates and judgements. In the Directors\u2019 opinion, the accounting estimates or judgements that have the most significant impact on the presentation or measurement of items recorded in the Group Financial Statements are the following: Recoverable amount of US cash-generating unit (CGU) (estimate) \u2013 The Group has estimated the recoverable amount of its US CGU, which includes goodwill of \u00a3509.2 million (31 May 2022: \u00a3502.8 million) and other acquisition-related intangibles. Key assumptions used in the value-in- use calculations include management cash flow forecasts, the discount rate and the long-term growth rate. The recoverable amount of the US CGU is sensitive to a reasonably possible change in some of these assumptions. Further information regarding the assumptions and their associated sensitivities is provided in note 12. (c) New accounting standards and interpretations There were no new standards, amendments or interpretations issued and made effective during the current year which have had a material impact on the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The IASB has published a number of amendments to IFRSs that are effective for annual reporting periods beginning on or after 1 January 2023. These include amendments published to IFRS 16 \u2013 Leases, IFRS 3 \u2013 Business Combinations, IAS 12 \u2013 Income Taxes, IAS 37 \u2013 Contingent Liabilities and IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors. The Group has assessed the impact of these amendments and expects they will not have a material impact, when adopted, on the Group Financial Statements. (d) Segmental information The Group\u2019s segmental information is disclosed in a manner consistent with the basis of internal reporting provided to the Chief Operating Decision Maker (CODM) regarding components of the Group. The Group has identified the CODM as the Executive Directors of IG Group Holdings plc, who regularly review this management information to assess the performance and allocate resources to the reportable segments. The CODM uses total revenue as the primary measure of performance of the various segments of the Group. Further information regarding alternative performance measure has been provided in note 3. (e) Foreign currencies The functional currency of each entity in the Group is consistent with the primary economic environment in which the entity operates. Transactions in other currencies are initially recorded in the functional currency by applying spot exchange rates prevailing on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are revalued at the entity\u2019s functional currency exchange rate prevailing at the balance sheet date. Gains and losses arising on revaluation are taken to trading revenue in the Consolidated Income Statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. The Group\u2019s presentational currency is sterling. In the Group Financial Statements, the assets and liabilities of the Group\u2019s overseas operations are translated into sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the year. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at closing rate. Exchange differences arising from the translation of overseas operations are recognised in other comprehensive income and the translation reserve. On disposal of an overseas operation, exchange differences previously recognised in other comprehensive income are recycled to the Consolidated Income Statement as income or expense. (f) Going concern The Directors have prepared the Group Financial Statements on a going concern basis which requires the Directors to have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Group Financial Statements. The Group meets its day-to-day working capital requirements through its available liquid assets and debt facilities. The Group\u2019s liquid assets exclude all monies held in segregated client money accounts. In assessing whether it is appropriate to adopt the going concern basis in preparing the Group Financial Statements, the Directors have considered the resilience of the Group, taking account of its liquidity position and cash generation, the adequacy of capital resources, the availability of external credit facilities and the associated financial covenants, and stress- testing of liquidity and capital adequacy that considers the principal risks faced by the business. The Directors\u2019 assessment has considered future performance, solvency and liquidity over a period of at least 12 months from the date of approval of the Group Financial Statements. The Board, following the review by the Audit Committee, has a reasonable expectation that the Group has adequate resources for that period, and confirm that they consider it appropriate to adopt the going concern basis in preparing the Group Financial Statements. (g) Business acquisition On 29 March 2023, the Group acquired the entire share capital of Small Exchange, Inc. (Small Exchange). The results of Small Exchange have been consolidated in the Group since the date of acquisition. Where necessary, comparative information is presented in US dollars alongside sterling. Further details are disclosed in note 31. (h) Reclassification of comparatives To ensure consistency with the current period, comparative figures have been reclassified where the presentation of the Consolidated Financial Statements has been changed. The adjustments are: (i) Interest received on client funds of \u00a381.8 million (31 May 2022: \u00a33.5 million) and interest paid on client funds of \u00a31.0 million (31 May 2022: \u00a32.7 million) have been presented as separate line items in the Consolidated Statement of Cash Flows, as well as in note 30 cash flow information. (ii) The ordering of the financial statement line items in the Consolidated Income Statement has been updated in the current year, to reflect a more appropriate presentation given changes in the business. As a result of changing interest rates, finance income (31 May 2023: \u00a330.2 million; 31 May 2022: \u00a33.4 million) and finance costs (31 May 2023: \u00a316.2 million; 31 May 2022: \u00a314.8 million) have become more significant. Accordingly, these line items are now presented immediately below the operating profit line. 2. Significant accounting policies The accounting policies and interpretations adopted in the preparation of the Group Financial Statements are consistent with those followed in the preparation of the Group Financial Statements for the year ended 31 May 2022, except the following accounting policies adopted due to new transactions in the year: \u00bc Equity arising from transactions with shareholders (Share capital) \u00bc Notional pooling arrangement (Cash and cash equivalents) Basis of consolidation Subsidiaries The Group Financial Statements consolidate the financial results of IG Group Holdings plc and the entities it controls (its subsidiaries) as listed in note 34. Subsidiaries are consolidated from the date on which the Group obtains control, up until the date on which control ceases. Control is achieved where the Group has existing rights that give it the ability to direct the activities that affect the Group\u2019s returns and exposure, or rights to variable returns from the entity. The results, cash flows and final positions of the subsidiaries used in the preparation of the financial statements are prepared for the same reporting year as the parent company and are based on consistent accounting policies. Where necessary, adjustments are made to the results of subsidiaries to align the accounting policies used with those used by the Group. All inter-company transactions, balances, income and expenses between the Group entities, including unrealised profits arising from them, are eliminated on consolidation. Business combinations Business combinations are accounted for using the acquisition method. On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The cost of an acquisition is measured at the fair value of consideration transferred, including an estimate of any contingent or deferred consideration. Contingent or deferred consideration is remeasured at each balance sheet date with periodic changes to the estimated liability recognised in the Consolidated Income Statement. Acquisition-related costs are expensed as they are incurred. Goodwill is initially measured as the excess of the consideration transferred over the fair values of identifiable net assets. If this consideration is lower than the fair values of identifiable net assets acquired, the difference is credited to the Consolidated Income Statement in the year of acquisition. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Investment in associates and joint ventures Associates are entities for which the Group has significant influence, but not control or joint control. Investments in associates are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associate which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Joint ventures are entities for which the Group has joint control. Investments in joint ventures are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss of the joint venture which is recognised from the date that joint control begins, up until the date that joint control ceases. Investments in associates and joint ventures are assessed for impairment indicators at the end of each reporting date. If such indicators exist, the recoverable amount is estimated to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying value of the investment is reduced to its recoverable amount. Impairment losses are immediately expensed in the Consolidated Income Statement. Revenue recognition Trading revenue includes revenue arising from each of the Group\u2019s four revenue generation models: OTC derivatives, exchange traded derivatives, stock trading, and investments. Revenue is shown net of sales taxes. Trading revenue is reported before introducing partner commission, betting duties and financial transaction taxes, which are disclosed as an expense in arriving at net operating income. Net trading revenue represents trading revenue after adjusting for introducing partner commission. OTC derivatives Revenue from OTC derivatives represents: i) fees paid by clients for spread, commission and funding charges in respect of the opening, holding and closing of financial spread bets, contracts for difference or options contracts, together with gains and losses for the Group arising on client trading activity; less ii) fees paid by the Group in spread, commissions and funding charges arising in respect of hedging the risk associated with the client trading activity and the Group\u2019s currency exposures, together with gains and losses incurred by the Group arising on hedging activity. Open client and hedging positions are fair valued daily, with gains and losses arising on this valuation recognised in revenue. The policies and methodologies associated with the determination of fair value are disclosed in note 28. Revenue from OTC derivatives is recognised on a trade-date basis. Exchange traded derivatives Revenue from exchange traded derivatives represents: i) fee and commission income earned through facilitation of client trades; and ii) payment for order flow generated from execution partners who accept trades from client securities transactions. In addition to transaction fees, revenue from exchange traded derivatives also includes gains or losses arising from the change in fair value of the Group\u2019s market-making activity on its multilateral trading facility. Revenue from exchange traded derivatives is recognised on a trade-date basis. Stock trading Revenue from stock trading represents fees and commission earned from client trades and the administration of client assets. Revenue is recognised in full on the date of the trade being placed or the fee being charged. Investments Revenue from investments represents management fees, which are earned as a percentage of assets under management. These are recognised over the period in which the service is provided. Interest income and expense Interest income and expense is accrued on a time basis, by reference to the principal amount outstanding and at the applicable interest rate. Interest income and expense on client funds held with banks and clearing brokers are included in net operating income, which is consistent with the nature of the Group\u2019s operations. Finance income and costs All interest income and costs other than interest income and expense on client funds, are disclosed within finance income and costs. Further details are disclosed in note 7 and note 8 respectively. Dividends Dividends declared but not yet distributed to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. Employee benefits Pension obligations The Group operates defined contribution schemes. Contributions are charged to the Consolidated Income Statement when they become payable according to the rules of the schemes. Once the contributions have been paid, the Group has no legal or constructive obligations to pay further contributions. Bonus schemes The Group recognises an accrual and an expense for bonuses based on formulae that consider specific financial and non-financial measures. Liabilities for the Group\u2019s cash-settled portion of the Sustained Performance Plan are recognised as variable remuneration over the relevant service period and are remeasured at each balance sheet date until settlement. Termination benefits Termination benefits are payable when an employment contract is terminated by the Group. The Group recognises termination benefits when the Group can no longer withdraw the offer of those benefits. Leases The Group\u2019s leases are recognised as right-of-use asset with a corresponding lease liability from the lease commencement date. Leasing arrangements can contain both lease and non-lease components. The Group has elected to separate out the non-lease component and to account for these separately from the right-of-use asset. The lease liability is initially measured as the net present value of the following payments: \u00bc Fixed payments less any lease incentives \u00bc Variable lease payments dependent on an index or rate initially measured as at the commencement date \u00bc Amounts payable by the Group under residual guarantees \u00bc Payments of penalties for terminating the lease Lease payments are discounted at the Group\u2019s estimated secured incremental borrowing rate. This represents the cost to borrow funds in order to obtain a similar valued right-of-use asset in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising: \u00bc Lease liability at initial recognition \u00bc Lease payments made at or before the commencement date less any lease incentives received \u00bc Initial direct costs \u00bc Restoration costs Right-of-use assets are depreciated over the duration of the lease term. Lease payments for low-value assets or with a period of 12 months or less are recognised on a straight-line basis as an expense in the Consolidated Income Statement. Taxation The income tax expense represents the sum of tax currently payable and movements in deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from accounting profit as reported in the Consolidated Income Statement because taxable profit excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates in the respective jurisdictions that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for on all temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences may be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity or other comprehensive income, in which case the deferred tax is also dealt within equity or other comprehensive income. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset, including costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value based upon estimated useful lives. Estimated residual value and useful lives are reviewed annually and residual values are based on prices prevailing at the balance sheet date. Depreciation is charged on a straight-line basis over the expected useful lives as follows: Leasehold improvements \u2013 over the lease term of up to 15 years Office equipment, fixtures and fittings \u2013 over 5 years Computer and other equipment \u2013 over 2, 3 or 5 years Right-of-use asset \u2013 over the lease term of up to 15 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable, at which point they are written down immediately to their recoverable amount. The amount of write-down is immediately charged to the Consolidated Income Statement. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on derecognition is determined as the difference between the sale proceeds and carrying amount of the asset, and is immediately recognised in the Consolidated Income Statement. Goodwill Goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value may be impaired. Goodwill is recognised as an asset and is allocated to CGUs by management for purposes of impairment testing. A CGU represent the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Where the recoverable amount of a CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Consolidated Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of a business unit, or of an operation within it. Intangible assets Intangible assets are carried at cost less accumulated amortisation and impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination, such as a trade name or customer relationship, is recognised at fair value and identified separately from goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Development expenditure is recognised as an intangible asset only after all the following criteria are met: \u00bc The project\u2019s assets are identifiable and under the Group\u2019s control \u00bc The costs in relation to the project can be accurately measured \u00bc The project\u2019s technical feasibility and commercial viability can be demonstrated \u00bc The availability of adequate technical and financial resources \u00bc Management\u2019s intention to complete the project has been confirmed \u00bc Probable future economic benefit has been established Research and development expenditure on internally developed intangible assets, which do not meet these criteria is taken to the Consolidated Income Statement in the year in which it is incurred. Intangible assets with a finite life are amortised over their expected useful lives on a straight- line basis, as follows: Internally developed software \u2013 over 3 to 5 years Software and licences \u2013 over the contract term of up to 5 years Trade names \u2013 2 to 15 years Customer relationships \u2013 9 years Non-compete arrangements \u2013 5 years Domain names \u2013 over 10 years The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment of non-financial assets
When impairment testing is required, the carrying amounts of the Group\u2019s non-financial assets
are reviewed to determine whether there is any indication of impairment. If any such indication
exists (or at least annually for goodwill), the recoverable amount of the asset is estimated to
determine the extent of the impairment loss (if any). Where the asset does not generate cash
flows that are independent from other assets, the Group estimates the recoverable amount of
the CGU to which the asset belongs.
The recoverable amount is the higher of fair value less selling costs and value-in-use. In
assessing value-in-use, the estimated future cash flows are discounted to their present values
using a pre-tax discount rate. This rate reflects current market assessments of the time value of
money, as well as the risks specific to the asset to the extent the estimates of future cash flows
have not been adjusted.
If the recoverable amount of an asset is estimated to be less than its carrying amount, the
carrying amount of the asset is reduced to its recoverable amount. Impairment losses are
recognised as an expense in the Consolidated Income Statement immediately.
An assessment is made at each balance sheet date as to whether there is any indication that
previously recognised impairment losses may no longer exist or may have decreased. If such
indication exists, the recoverable amount is estimated and previously recognised impairment
losses are reversed only if there has been a change in the estimates used to determine the
asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case,
the carrying amount of the asset is increased to its recoverable amount. That increased
amount cannot exceed the carrying amount that would have been determined had no
impairment loss been recognised for the asset in prior years. A reversal of an impairment
loss is recognised as income immediately, although impairment losses relating to goodwill
may not be reversed.
Financial instruments
Classification, recognition and measurement
The Group determines the classification of its financial instruments at initial recognition in
accordance with the following categories outlined under IFRS 9 \u2013 Financial Instruments and
re-evaluates this designation annually. The classification of financial assets takes into
consideration the Group\u2019s business model for managing those financial assets and the nature
of their contractual cash flows. When financial instruments are recognised initially, they are
measured at fair value. In the case of financial assets and financial liabilities not at fair value
through profit or loss, the fair value of these assets and liabilities is measured net of directly
attributable transaction costs. Financial instruments are disclosed in note 28 of the Group
Financial Statements.
(a) Financial assets and liabilities measured at fair value through profit or loss
Financial assets and liabilities measured at fair value through profit or loss are financial assets
and liabilities that are not classified and measured at amortised cost or as fair value through
other comprehensive income. The financial assets and liabilities included in this category are
the financial derivative open positions included in trade receivables (due from brokers), money
market funds, trade payables (excluding amounts due to clients) and other investments. The
Group uses derivative financial instruments in order to hedge derivative exposures arising from
open client positions, which are also classified as fair value through profit or loss.
All financial instruments at fair value through profit or loss are carried at fair value with gains or
losses recognised in trading revenue in the Consolidated Income Statement.
(b) Financial assets measured at amortised cost
Financial assets measured at amortised cost are non-derivative financial assets which are held
to collect the contractual cash flows. The contractual terms of the financial assets give rise to
payments on specified dates that are solely payments of principal amount and interest on the
principal amount outstanding. They are included in current assets, except for maturities
greater than 12 months after the end of the reporting period, which are classified as non-
current assets. The Group\u2019s financial assets measured at amortised cost comprise trade
receivables (other than amounts due from brokers), other receivables, cash and cash
equivalents and fixed term deposits that are categorised under financial investments.
Interest on financial assets measured at amortised cost is included in finance income using the
effective interest rate method. The effective interest rate is either the rate that exactly
discounts estimated future cash payments or receipts through the expected life of the financial
instrument. When calculating the effective interest rate, the Group estimates cash flows
considering all contractual terms of the financial instrument but does not consider expected
credit losses unless the asset is credit impaired. The calculation includes all fees and spreads
paid or received between parties to the contract that are an integral part of the effective
interest rate, transaction costs, and all other premiums or discounts.
(c) Financial assets measured at fair value through other comprehensive income
Financial assets measured at fair value through other comprehensive income are assets that
are held to collect the contractual cash flows and to be sold. The contractual terms of these
assets give rise to payments on specified dates that are solely payments of principal and
interest on the principal amount outstanding. They are included in non-current assets unless
the financial asset matures or management intend to dispose of them within 12 months of the
end of the reporting period. The Group\u2019s fair value through other comprehensive income
financial assets are financial investments (other than fixed term deposits) and financial assets
pledged as collateral.
Unrealised gains or losses, other than loss allowances for expected credit losses, arising from
financial assets measured at fair value through other comprehensive income are reported in
equity (in the fair value through other comprehensive income reserve) and in other
comprehensive income, until such assets are sold, collected or otherwise disposed of.
On disposal of a financial asset, the accumulated unrealised gain or loss included in equity is
recycled to the Consolidated Income Statement for the period and reported in gains/losses
from FVOCI reserve on disposal of financial assets. Gains and losses on disposal are
determined using the fair value of the asset at the date of derecognition.
Interest on financial assets is included in finance income and calculated using the effective
interest rate method. The effective interest rate is the rate that exactly discounts estimated
future cash payments or receipts through the expected life of the financial instrument. When
calculating the effective interest rate, the Group estimates cash flows considering all
contractual terms of the financial instrument but does not consider expected credit losses
unless the asset is credit impaired. The calculation includes all fees and spreads paid or
received between parties to the contract that are an integral part of the effective interest rate,
transaction costs, and all other premiums or discounts.
UK Government securities held by the Group where brokers have the right to rehypothecate
the assets are separately recognised as \u2018financial assets pledged as collateral\u2019 on the
Statement of Financial Position.
(d) Financial liabilities
The Group\u2019s financial liabilities include trade payables, lease liabilities, debt securities in issue
and other payables. These are initially recognised at fair value less transaction fees. They are
subsequently measured at amortised cost using the effective interest method, excluding the
open derivative element of trade payables, which is measured at fair value through profit or
loss. The interest expense is calculated at each reporting period by applying the effective
interest rate, and the resulting charge is reflected in finance costs in the Consolidated
Income Statement.
(e) Determination of fair value
Financial instruments arising from client positions, financial derivative included in trade
receivables (due from brokers), trade payables (excluding amounts due to clients), money
market funds, financial investments (other than fixed term deposits) and financial assets
pledged as collateral are stated at fair value. They are disclosed according to the valuation
hierarchy required by IFRS 13 \u2013 Fair Value Measurement. Fair values are predominantly
determined by reference to third-party market values (bid prices for long positions and offer
prices for short positions) as detailed below:
\u00bc Level 1: valued using unadjusted quoted prices in active markets for identical
financial instruments
\u00bc Level 2: valued using techniques where a price is derived based significantly on observable
market data. For example, where an active market for an identical financial instrument to the
product offered by the Group to its clients or used by the Group to hedge its market risk
does not exist
\u00bc Level 3: valued using techniques that incorporate information other than observable market
data that is significant to the overall valuation
Impairment of financial assets
The impairment charge in the Consolidated Income Statement includes a loss allowance
reflecting the change in expected credit losses. Expected credit losses are recognised for
trade receivables, cash and cash equivalents, other receivables, financial investments and
financial assets pledged as collateral. Expected credit losses are calculated as the difference
between the contractual cash flows that are due to the Group and the cash flows that the
Group expects to receive given the probability of default and loss given default, discounted at
the original effective interest rate.
At initial recognition of financial assets, an allowance is made for expected credit losses
resulting from default events that are possible within the next 12 months, except for where the
simplified approach is used where an allowance is made for the lifetime expected credit loss. In
the event of a significant increase in credit risk, an allowance is made for expected credit losses
resulting from possible default events over the expected life of the financial asset. The Group
applies the simplified approach for trade receivables and other receivables where the revenue
associated with these receivables is recognised in accordance with IFRS 15 Revenue from
Contracts with Customers. The Group applies the general approach for all other financial
assets. Financial assets that have not experienced a significant increase in credit risk are
categorised as Stage 1 and 12-month expected credit losses are recognised; financial assets
which are considered to have experienced a significant increase in credit risk since initial
recognition are considered to be Stage 2; and financial assets which have defaulted or are
otherwise considered to be credit impaired are allocated to Stage 3.
An assessment of whether credit risk has increased significantly considers changes in the
credit rating associated with the asset, whether contractual payments are more than 30 days
past due and other reasonable information demonstrating a significant increase in credit risk. In
accordance with the Group\u2019s internal credit risk management definition, financial instruments
have a low credit risk when they have an external credit rating of investment grade. If no
external credit rating is available, reference is made to the Group\u2019s internal credit risk policy.
Assets are transferred to Stage 3 when an event of default, as defined in the Group\u2019s credit risk
management policy, occurs or where the assets are credit impaired. The Group determines that
a default occurs when a payment is 90 days past due for all assets, except for receivables from
clients where it uses 120 days. This is aligned with the Group\u2019s risk management practices.
All changes in expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment loss or gain. Financial assets are written off, either partially or in full, against the related allowance when the Group has no reasonable expectations of recovery of the asset. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the Consolidated Income Statement. Derecognition of financial assets and liabilities A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expired. (a) Financial assets A financial asset is derecognised when the right to receive cash flows from the asset has expired; or the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; or the Group has transferred its right to receive cash flows from the asset and either has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its right to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. (b) Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, whereby the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Offsetting financial instruments Assets or liabilities resulting from gains or losses on financial derivatives are carried at fair value. Amounts due from or to clients are offset with the net amount reported in the Consolidated Statement of Financial Position. Similarly, amounts due from and to brokers are offset, also presented net on the Consolidated Statement of Financial Position. Amounts are offset where there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. Trade payables and receivables Trade payables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions result in an amount payable by the Group. Trade receivables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions results in an amount due to the Group. Trade receivables balances also include commissions and required deposits due from the Group\u2019s broker-dealer counterparties. For trade receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group has applied the simplified approach for measuring impairment. The expected lifetime credit loss is recognised at initial recognition of the financial asset, with the loss allowance calculated by reference to an ageing debt profile, adjusted for forward-looking information. Trade receivables are written off when there is objective evidence of non-collectability or when an event of default occurs. For all other trade receivables, the general approach has been applied for measuring impairment. Other assets Other assets represent rights to cryptocurrency assets controlled by the Group. The Group offers financial derivatives with cryptocurrency as an underlying asset. The Group purchases and sells cryptocurrency assets as part of its hedging activity associated with offering for products. The Group holds cryptocurrency assets for trading in the ordinary course of its business, effectively acting as a commodity broker-dealer in respect of the underlying cryptocurrency asset because the salient features of these assets are, in economic terms, consistent with certain commodities under IAS 2 Inventories, 3(b). The assets are recognised on trade date and measured at fair value less costs to sell, with changes in valuation being recorded in the Consolidated Income Statement in the period in which they arise. Cryptocurrency assets are not financial instruments, and they are categorised as non-financial assets. The Group also act as a broker for the custody and trade of cryptocurrency related assets. The Group does not provide custody or safeguarding services in relation to these assets. Customers are instead required to contract directly with a third party custodian for the custody of their cryptocurrency assets. The cryptocurrency assets where the Group acts as a broker are not recognised on the Consolidated Statement of Financial Position. Other receivables Other receivables are the financial assets which give rise to payments on specified dates that are solely payments of principal amount and interest on the principal amount outstanding. They are assets that have not been designated as fair value through profit or loss. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. For other receivables under IFRS 15 Revenue from Contracts with Customers that do not
contain a significant financing element, the Group applies a simplified approach for measuring
impairment, similar to that of trade receivables.
Prepayments
Prepayments are assets with fixed or determinable payments made in advance for services or
goods. They do not qualify as financial assets and are amortised over the period in which the
economic benefit is expected to be consumed.
Cash and cash equivalents
Cash comprises of cash on hand and demand deposits which may be accessed within 90 days
without penalty. Cash equivalents are short-term highly liquid investments that are readily
convertible into known amounts of cash and which are subject to an insignificant risk of
changes in value. This includes money market funds.
The Group holds money on behalf of clients in accordance with the client money rules of the
UK Financial Conduct Authority (FCA) and other regulatory bodies. Such monies are classified
as either cash and cash equivalents or segregated client funds in accordance with the relevant
regulatory requirements or legal protections attached to the monies.
The Group deposits a certain amount of its own cash into segregated client money accounts as
buffers to prevent shortfalls. As the Group retains rights to these balances, they are recognised
on the Statement of Financial Position within trade receivables. These buffer balances do not
meet the criteria for cash and cash equivalents.
The majority of the Group\u2019s cash balances are held with investment-grade banks. The Group
considers the risk of default, and how adverse changes in economic and business conditions
might impact the ability of the banks to meet their obligations. The Group assesses the
expected credit losses on cash and cash equivalents on a forward-looking basis and whether
there has been a significant increase in credit risk since initial recognition.
Money market funds are mutual funds that invest in a diversified range of money market
instruments, such as government owned instruments and short-term debt from highly credit
rated counterparties. Money market funds are presented within cash and cash equivalents as
they are short-term highly liquid investments that are readily convertible into known amounts
of cash, they are subject to an insignificant risk of changes in value and they can be withdrawn
without penalty.
Segregated client funds are held in segregated client money accounts which are held off-
balance sheet. The Group\u2019s ability to control these funds is restricted by local client money
regulations. Furthermore, the Group is not exposed to credit risk in the event of insolvency of
the financial institutions in which the funds are held, nor is the Group able to use these funds
for its own operations.
Client funds are held by the Group under a Title Transfer Collateral Arrangement (TTCA) by
which a client agrees that full ownership of such monies is unconditionally transferred to the
Group. Title transfer funds are accordingly recognised with cash and cash equivalents with a
corresponding liability to clients within trade payables.
Fixed term deposits do not meet the criteria of cash and cash equivalents under IAS 7 \u2013
Statement of Cash Flows as they have a maturity of longer than three months. Furthermore,
the Group is unable to withdraw these deposits before their respective maturity date.
Therefore, these are categorised as financial investments.
The Group has a notional multi-currency pooling arrangement (the Pool), where there is no
legally enforceable right to offset the amounts due to the Pool against the amounts due from
the Pool across different currencies, nor is there an intention for settlement to take place on a
net basis, the Group shows a gross presentation for these balances on the Consolidated
Statement of Financial Position. The balance due to the Pool is included in other payables.
Please refer to note 22 for further details of this arrangement.
Other payables
Non-derivative financial liabilities are recognised initially at fair value and subsequently
measured at amortised cost using the effective interest rate method if the time value of money
is significant.
Provisions
Provisions 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.
Contingent liabilities
Contingent liabilities, which include certain guarantees and letters of credit pledged as
collateral security, and contingent liabilities related to legal proceedings or regulatory matters,
are not recognised in the Financial Statements but are disclosed unless the probability of
settlement is remote. Contingent liabilities are assessed continually to determine whether an
outflow of economic benefits has become probable. If it becomes probable that an outflow of
future economic benefits will be required for an item previously dealt with as a contingent
liability, a provision is recognised in the financial statements of the period in which the change
in probability occurs.
Borrowings
Borrowings are initially recognised at fair value and subsequently at amortised cost using the
effective interest rate method with any difference between net proceeds and the redemption
value being recognised in the Consolidated Income Statement over the period of borrowings.
Debt securities in issue Debt securities in issue are recognised initially at fair value. Subsequently, debt securities are measured at amortised cost, with any difference between net proceeds and the redemption value being recognised in the Consolidated Income Statement over the lifetime of the security using the effective interest rate method. Transaction fees are recognised on the Consolidated Statement of Financial Position, and amortised over the expected life of the security. Share capital (a) Classification of shares as debt or equity When shares are issued, any component that creates a financial liability for the Group is presented as a liability on the Consolidated Statement of Financial Position; measured initially at fair value net of transaction costs and subsequently at amortised cost until extinguished on conversion or redemption. Dividends paid are charged as an interest expense in the Consolidated Income Statement. Equity instruments issued by the Company are recorded as the proceeds are received, net of direct issue costs. Equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. (b) Own shares held in Employee Benefit Trusts Shares held in Employee Benefit Trusts for the purposes of employee share schemes are classified as a deduction from shareholders\u2019 equity and are recognised at cost. Consideration received for the sale of such shares is recognised in equity, with any difference between the proceeds from the sale and the cost being taken to reserves. No gain or loss is recognised in the Consolidated Income Statement on the purchase, sale, issue or cancellation of equity shares. (c) Share-based payments The Company operates four employee share plans: a Share-Incentive Plan, a Sustained Performance Plan, a Medium-term Incentive Plan and a Long-term Incentive Plan. For market- based vesting conditions, the cost of these awards is measured at fair value calculated using option pricing models and are recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period based on the Company\u2019s estimate of the number of shares that will vest. For non-market-based vesting conditions, the cumulative expense is calculated representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions determining the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the Consolidated Income Statement as part of operating expenses, with a corresponding credit to equity. The grant by the Company of options over its equity instruments to employees of the subsidiary undertakings in the Group is treated as a capital contribution. The fair value of the employee services received is recognised over the vesting period as an increase in the investment in subsidiary undertakings, with a corresponding credit to equity. Upon awards vesting, the cost of awards is transferred from the share-based payments reserve into retained earnings. (d) Equity arising from transactions with shareholders Upon entering into a contract with a bank or broker which includes an obligation for that bank or broker to acquire the Company\u2019s own shares, a financial liability is recognised at the present value of the amount payable to the bank or broker, taking into consideration the contractual terms of the broker agreement, with a corresponding debit to the share buyback reserve, which is included within other reserves. Following initial recognition, the financial liability is measured in accordance with the Group\u2019s existing accounting policies for financial liabilities. The amount recognised in the share buyback reserve is reduced by the consideration paid for the purchase of own shares and transferred to retained earnings. The amount of the Group\u2019s issued share capital is reduced by the nominal value of the shares repurchased and transferred to the capital redemption reserve, which forms part of other reserves. Where the contract to repurchase shares expires prior to completing the repurchase, and incomplete delivery of the shares has taken place, the remaining balance recognised in the share buyback reserve is reversed along with the remaining financial liability. Any consideration paid to acquire own shares which exceeds the amount initially recognised is a transaction related cost and recognised directly in equity. 3. Segmental analysis The Executive Directors are the Group\u2019s Chief Operating Decision Maker (CODM). Management has determined the reportable segments based on the information reviewed by the CODM for the purposes of allocating resources and assessing performance. The Group manages market risk and a number of other activities on a group-wide portfolio basis and accordingly a large proportion of costs are incurred centrally. These central costs are not allocated to individual segments for decision-making purposes for the CODM, and, accordingly, these costs have not been allocated to segments. Additionally, the Group\u2019s assets and liabilities are not allocated to individual segments and not reported as such for decision making purposes to the CODM. Therefore, the segmental analysis does not include a measure of profitability, nor a complete segmented balance sheet, as this would not reflect the information which is received by the CODM on a regular basis. The CODM are presented a view of total revenue split by product. Total revenue is an alternative performance measure which comprises of net trading revenue and net interest on client funds. In the prior year, the CODM were presented with a view of net trading revenue split by product. This change is due to net interest on client funds being a more significant source of revenue for the year ended 31 May 2023. The presentation for prior year comparatives has been updated to reflect this. Total revenue by reportable segment Net trading revenue represents trading revenue that the Group generates from client trading activity after deducting introducing partner commissions. Net interest on client funds represents interest earned on segregated client money balances after deducted interest paid in relation to the same balances. These two balances collectively make up total revenue earned for the Group. The CODM uses total revenue as the primary measure of performance of the various segments of the Group. The CODM considers business performance from a product perspective, split into OTC derivatives, exchange traded derivatives, stock trading and investments and net interest on client funds. The products shown in the segmental analysis are aggregated where these products are economically similar in nature. The segmental breakdown of total revenue is as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m OTC derivatives 782.0 817.3 Exchange traded derivatives 137.1 121.2 Stock trading and investments 22.7 33.8 Net trading revenue 941.8 972.3 Net interest on client funds 80.8 0.8 Total revenue from continuing operations1 1,022.6 973.1 Total revenue from discontinued operations1 \u2013 9.4 1 Please refer to Appendix 1 for reconciliation to the Consolidated Income Statement The CODM also considers business performance based on geographical location. This geographical split reflects the location of the office that manages the underlying client relationship. Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Net trading revenue by geography UK 322.0 365.3 Japan 99.3 98.5 Australia 99.8 96.2 Singapore 68.8 74.1 EMEA Non-EU 55.3 53.5 Emerging markets 39.5 43.2 UK, APAC & Emerging markets 684.7 730.8 US 140.9 128.6 EU 116.2 112.9 Net trading revenue 941.8 972.3 Net interest on client funds \u2013 US 50.4 1.9 Net interest on client funds \u2013 Other 30.4 (1.1) Total revenue from continuing operations 1,022.6 973.1 Total revenue from discontinued operations \u2013 9.4 The Group does not derive more than 10% of revenue from any one single client. In relation to prior year comparative information, the UK geographic segment, and the OTC derivatives segment, includes a \u00a35.8 million foreign exchange gain arising from financing of the tastytrade acquisition in prior year. No such gains have been recognised in the current year. The segmental breakdown of non-current assets excluding financial investments, financial assets pledged as collateral and deferred income tax assets, based on geographical location is as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m US 770.7 795.1 UK 152.6 133.8 EU 5.7 5.5 EMEA Non-EU 4.7 7.3 Australia 0.4 0.8 Japan 1.9 0.8 Singapore 0.3 \u2013 Emerging markets 0.1 3.4 Total non-current assets 936.4 946.7 4. Operating costs Note Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Employee-related expenses Fixed remuneration 193.0 151.5 Variable remuneration 55.6 62.7 248.6 214.2 Advertising and marketing 93.5 87.2 Premises-related costs 10.8 9.1 IT, market data and communications 51.9 45.1 Trading related costs 38.7 32.5 Legal and professional costs 25.8 19.6 Regulatory fees 8.5 12.9 Depreciation and amortisation 13,14 61.6 56.5 Other costs 44.4 22.1 Total operating costs from continuing operations 583.8 499.2 Total operating costs from discontinued operations 0.2 9.9 Trade related costs of \u00a338.7 million as at 31 May 2023 (31 May 2022: \u00a332.5 million), which were previously presented in the other costs line, are now presented as a separate line item. This presentation better reflects the nature of these costs. Included in premises-related costs is \u00a30.6 million relating to short-term operating leases which do not meet the criteria to be capitalised as right-of-use assets (year ended 31 May 2022: \u00a30.5 million). 5. Auditors\u2019 remuneration Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Audit fees Parent 1.3 1.2 Subsidiaries 1.4 1.1 Total audit fees 2.7 2.3 Audit related fees Services supplied pursuant to legislation 0.6 0.6 Total audit related fees 0.6 0.6 Non-audit fees Other services 0.2 0.3 Total non-audit fees 0.2 0.3 Audit related fees include services that are specifically required of the Group\u2019s auditors through legislative or regulatory requirements, controls assurance engagements required of the auditors by the regulatory authorities in whose jurisdiction the Group operates and other audit related assurance services. 6. Staff costs Staff costs for the year, including Directors, were as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Wages and salaries, performance-related bonus and share-based payment awards 214.9 185.1 Social security costs 23.2 20.2 Other pension costs 10.5 8.9 Total staff costs from continuing operations 248.6 214.2 Total staff costs from discontinued operations \u2013 4.5 The Group does not operate any defined benefit pension schemes. Other pension costs includes employee-nominated payments to defined contribution schemes and Company contributions. The Directors\u2019 remuneration for the years ended 31 May 2023 and 31 May 2022 is set out in the Directors\u2019 Remuneration Report on page 89. The average monthly number of employees, including Directors, split into the key activity areas was as follows: Year ended 31 May 2023 Year ended 31 May 2022 Marketing 362 315 Sales and client management 426 439 Technology and change management 1,119 977 Trading and operations 342 321 Support functions 416 372 2,665 2,424 The Group has changed the categorisation of functions by which it splits employees in order to better reflect the activities carried out. The comparative number of average employees has been restated based on this new categorisation. The total number of average employees remains unchanged. 7. Finance income Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Bank interest receivable 7.5 1.5 Interest receivable on cash held at brokers 5.9 0.8 Interest receivable on financial investments 9.1 0.4 Interest receivable on money market funds 7.6 0.3 Other interest 0.1 0.4 30.2 3.4 8. Finance costs Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Interest and fees on debt securities 10.0 5.3 Term loan interest and fees \u2013 3.5 Revolving credit facility interest and fees 2.7 1.6 Interest and fees on sale and repurchase agreements 0.2 \u2013 Interest payable to brokers 2.2 2.7 Interest payable on lease liabilities 0.5 0.6 Bank interest payable 0.6 1.1 16.2 14.8 9. Taxation Tax on profit on ordinary activities Tax charged in the Consolidated Income Statement: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Current income tax UK corporation tax 75.1 79.1 Non-UK corporation tax 24.3 39.3 Adjustment in respect of prior years (6.1) (6.1) Total current income tax 93.3 112.3 Deferred income tax Origination and reversal of temporary differences (7.4) (1.6) Adjustment in respect of prior years 0.8 (1.0) Impact of change in tax rates on deferred tax balances (0.1) 0.3 Total deferred income tax (6.7) (2.3) Total tax expense 86.6 110.0 Total tax expense attributable to: Continuing operations 86.2 80.9 Discontinued operations 0.4 29.1 Tax not charged to Consolidated Income Statement Tax recognised in other comprehensive income (6.2) 0.5 Tax recognised directly in equity (1.0) (0.5) Reconciliation of the total tax expense The standard UK corporation tax rate for the year ended 31 May 2023 is 20%1 (31 May 2022: 19%). Taxation outside the UK is calculated at the rates prevailing in the relevant jurisdictions. The tax expense in the Consolidated Income Statement for the year can be reconciled as set out below: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Profit before taxation From continuing operations 449.9 477.0 From discontinued operations 1.7 136.9 Total profit before tax 451.6 613.9 Profit multiplied by the UK standard rate of corporation tax of 20%1 (31 May 2022: 19.0%) 90.3 116.7 Higher taxes on overseas earnings 3.4 7.9 Adjustment in respect of prior years (5.3) (8.2) Expenses not deductible for tax purposes 1.6 0.8 Patent Box deduction (3.2) (7.0) Impact of change in tax rates on deferred tax balances (0.1) 0.3 Recognition and utilisation of losses previously not recognised (0.4) (1.2) Current year losses not recognised as deferred tax assets 0.3 0.7 Total tax expense attributable to: 86.6 110.0 Continuing operations 86.2 80.9 Discontinued operations 0.4 29.1 1 Blended UK corporation tax rate, being 10 months of 19% and 2 months of 25%. The effective tax rate for the year is 19.2% (31 May 2022: 17.9%). The UK substantively enacted a corporation tax rate of 25% (effective from 1 April 2023) on 24 May 2021. This will impact the Group\u2019s future tax charge accordingly. The deferred tax assets and liabilities have been assessed at the tax rates that are expected to apply when the related asset is realised or liability settled. Deferred income tax assets 31 May 2023 \u00a3m 31 May 2022 \u00a3m Tax losses available for offset against future profits 3.8 3.7 Temporary differences arising on share-based payments 4.8 3.7 Temporary differences arising on fixed assets 1.1 2.1 Other temporary differences 13.5 8.0 23.2 17.5 Deferred income tax liabilities 31 May 2023 \u00a3m 31 May 2022 \u00a3m Temporary differences arising on business combinations (57.6) (62.9) Temporary differences arising on fixed assets (0.2) (0.2) Other temporary differences (3.0) (4.1) (60.8) (67.2) Deferred income tax recovery 31 May 2023 \u00a3m 31 May 2022 \u00a3m Deferred tax assets to be recovered within 12 months 4.4 5.4 Deferred tax assets to be recovered after 12 months 18.8 12.1 23.2 17.5 Deferred income tax settlement 31 May 2023 \u00a3m 31 May 2022 \u00a3m Deferred tax liabilities to be settled within 12 months (7.4) (7.7) Deferred tax liabilities to be settled after 12 months (53.4) (59.5) (60.8) (67.2) The recognised deferred tax asset reflects the extent to which it is considered probable that future taxable profits can be offset against the tax losses carried forward. Share-based payment awards have been charged to the income statement but are not allowable as a tax deduction until the awards exercise. The excess of the expected tax relief in future years over the amount charged to the income statement is recognised as a credit directly to equity. Unrecognised deferred tax assets 31 May 2023 Gross unrecognised losses for tax purposes \u00a3m Tax value of loss \u00a3m Expiry date Overseas trading losses 16.1 4.1 N/A UK capital losses 23.5 5.9 N/A 39.6 10.0 31 May 2022 Gross unrecognised losses for tax purposes \u00a3m Tax value of loss \u00a3m Expiry date Overseas trading losses 14.6 3.9 N/A UK capital losses 23.5 5.9 N/A 38.1 9.8 The Group has an unrecognised deferred tax asset of \u00a310.0 million (31 May 2022: \u00a39.8 million) in respect of prior and current year losses, the recoverability of which is dependent on sufficient taxable profits of the entities. The movement in the deferred income tax assets included in the Consolidated Statement of Financial Position is as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year 17.5 12.9 Amounts arising on acquisitions in the year \u2013 7.4 Tax (charged) to the income statement (0.3) (2.2) Tax credited to other comprehensive income 6.2 \u2013 Tax credited directly to equity 0.6 (0.3) Impact of movement in foreign exchange rates \u2013 \u2013 Reallocations between deferred tax assets and liabilities (0.8) (0.3) At the end of the year 23.2 17.5 The movement in the deferred income tax liability included in the Consolidated Statement of Financial Position is as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year (67.2) (0.8) Amounts arising on acquisitions in the year (0.6) (66.1) Tax credited to the income statement 7.0 4.5 Tax charged to other comprehensive income \u2013 (0.5) Impact of movement in foreign exchange rates (0.8) (4.6) Reallocations between deferred tax assets and liabilities 0.8 0.3 At the end of the year (60.8) (67.2) Factors affecting the tax charge in future years Factors that may affect the Group\u2019s future tax charge include the geographic location of the Group\u2019s earnings, the tax rates in those locations, changes in tax legislation, the recognition of previously unrecognised tax losses and the resolution of open tax issues. The Group\u2019s future tax charge may also be impacted by changes in the Group\u2019s business activities, client composition and regulatory status, which could impact the Group\u2019s exemption from the UK Bank Corporation Tax Surcharge. The calculation of the Group\u2019s total tax charge involves a degree of estimation and judgement with respect to the recognition of deferred tax assets, which are dependent on the Group\u2019s estimation of future profitable income, transfer pricing and of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority. The Group operates in a number of jurisdictions worldwide, and tax laws in those jurisdictions are themselves subject to change. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group does not account for deferred tax on top-up taxes and therefore, there was no impact on the recognition and measurement of deferred tax balances as a result of the legislation being substantively enacted. The Group determines its tax liability by taking into account its tax risks and it makes provision for those matters where it is probable that a tax liability will arise. Tax payable may ultimately be materially more or less than the amount already accounted for. 10. Earnings per ordinary share Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year, excluding shares held as own shares in the Group\u2019s Employee Benefit Trusts and shares repurchased and cancelled under the share buyback programme. Diluted earnings per share is calculated using the same profit figure as that used in basic earnings per share and by adjusting the weighted average number of ordinary shares assuming the vesting of all outstanding share scheme awards. Year ended 31 May 2023 Year ended 31 May 2022 Earnings attributable to owners of the parent (\u00a3m) 365.0 503.9 Weighted average number of shares Basic 418,693,685 426,289,898 Dilutive effect of share-based payments 3,869,357 3,614,236 Diluted 422,563,042 429,904,134 Year ended 31 May 2023 Year ended 31 May 2022 Basic earning per ordinary share 87.2p 118.2p \u00bc Attributable to continuing operations 86.9p 92.9p \u00bc Attributable to discontinued operations 0.3p 25.3p Diluted earning per ordinary share 86.4p 117.2p \u00bc Attributable to continuing operations 86.1p 92.1p \u00bc Attributable to discontinued operations 0.3p 25.1p 11. Dividends paid and proposed Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Final dividend for FY22 at 31.24 pence per share (FY21: 30.24p) 133.2 130.3 Interim dividend for FY23 at 13.26 pence per share (FY22: 12.96p) 54.9 55.9 188.1 186.2 The final dividend for the year ended 31 May 2023 of 31.94 pence per share was proposed by the Board on 19 July 2023 and has not been included as a liability at 31 May 2023. This dividend will be paid on 19 October 2023, following approval at the Company\u2019s AGM, to those members on the register at the close of business on 22 September 2023. 12. Goodwill The movement in the goodwill balance for the year is as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m At the beginning of the year 604.7 107.3 Additions \u2013 business acquisition \u2013 462.4 Disposals \u2013 (13.4) Impact of foreign exchange movement 6.3 48.4 At the end of the year 611.0 604.7 Goodwill has been allocated for impairment testing purposes to cash-generating units (CGU) as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m US 509.2 502.8 UK 100.9 100.9 South Africa 0.8 0.9 Australia 0.1 0.1 611.0 604.7 Goodwill arose as follows: \u00bc US \u2013 from the acquisition of tastytrade on 28 June 2021 \u00bc UK \u2013 from the reorganisation of the UK business on 5 September 2003 \u00bc South Africa \u2013 from the acquisition of Ideal CFDs on 1 September 2010 \u00bc Australia \u2013 from the acquisition of the non-controlling interest in IG Australia Pty Limited in the year ended 31 May 2006 Impairment testing The Group\u2019s goodwill balance has been subject to a full impairment assessment and there has not been any impairment recognised for the above CGUs (31 May 2022: \u00a3nil). For the purposes of the Group\u2019s impairment testing of goodwill, the carrying amount of each CGU is compared to the estimated recoverable amount of the relevant CGU and any deficits are considered impairments requiring recognition in the year. The carrying amount of a CGU includes only those assets that can be attributed directly to it, or allocated on a reasonable and consistent basis. The estimated recoverable amount for each CGU was determined using the value-in-use (VIU) method. For all CGUs, the recoverable amount was higher than the carrying value. The Group\u2019s largest goodwill balance is associated with the US CGU. Key assumptions used in the calculation of the recoverable amount of the US CGU The key assumptions for the VIU calculations are those regarding the future cash flow projections, long-term growth rate and the discount rates. Future cash flow projections: The future cash flow projections cover a period of four years, reflecting the period over which the Board strategically assess performance. A declining growth rate of 16.0%\u20136.0% was used to extrapolate the final year of the four-year forecast period for a further three years. The terminal value was calculated based on the seventh year. The growth rate for the years five to seven was applied as the US business is not expected to reach a steady state growth rate by the end of year four. The cash flow projections are based on the most recent four year plan and take into account historical performance, together with the Group\u2019s views on future achievable growth relating to growth of market share and increased client acquisition. Key assumptions are the projected annual growth of net trading revenue and cost growth, which impacts the EBITDA margin. Net trading revenue growth is driven by increasing client numbers based on assumptions relating to acquisition, conversion and retention of clients. EBITDA margin is based on net trading revenue, interest on client money and cost assumptions. Interest on client money is based on our expectation of future longer term interest rates and increases in total client money balances as the underlying client base increases during the forecasted period. Revenue related costs are forecasted to increase over the four-year period in line with revenue projections and cost growth reflects higher marketing expenditure and continued investment in technology. The cashflow projections also take into account assumptions relating to working capital requirements and capital expenditure. The forecasts do not include revenues arising from tastytrade\u2019s planned expansion outside of the US market. Long term-growth: The regional long-term growth is used to extrapolate the cash flows to perpetuity for each CGU. The forecast period of four years is extrapolated for a further three years using a declining growth rate, reducing the rate down to a long-term growth rate of 2.0% (31 May 2022: 2.0%) which has been applied to derive a terminal value based on the cash flows in year seven. Discount rate: The discount rate used to calculate the recoverable amount of the US CGU is based on a post-tax weighted average cost of capital (WACC). The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the risks associated with the cash flows which are subject to management\u2019s judgement. A pre-tax discount rate is derived from a post-tax WACC. At the date of the 2023 impairment assessment the pre-tax discount rate applied to the seven-year cash flow period and thereafter, to determine the recoverable amount is 19.6%. For the 2022 impairment assessment, if the four-year cash flows were extrapolated for three years in line with the current year methodology, a discount rate of 19.8% would have been applied. The year on year movement in the discount rate is as a result of the impact of rising interest rates being offset by a reduction in entity specific risk premiums included in the discount rate. The recoverable amount determined for a seven-year cash flow period for 31 May 2023 and 31 May 2022 would be the same as that determined for a four-year cash flow period with an adjusted pre-tax discount rate applied. Sensitivity to changes in key assumptions The recoverable amount at 31 May 2023 exceeds the carrying amount of the cash-generating unit by \u00a327.0 million. The assessment excludes the projected future cash flows arising from tastytrade\u2019s planned expansion outside the US market. Were the projected cash flows from international expansion included this would add headroom. The impact of sensitivities to reasonable changes in a single variable and the change required to reduce headroom to nil are shown in the following table: Assumption Sensitivity applied Reduction in recoverable amount \u00a3m Impairment \u00a3m Changes required to reduce headroom to nil Net trading revenue growth (5.0)% (104.7) (77.7) 1.2% underperformance EBITDA margin (10.0)% (85.1) (58.1) 3.2% underperformance Discount rate 0.5% (29.3) (2.3) 0.6% increase Long-term growth rate (0.5)% (17.9) \u2013 0.8% reduction Key assumptions used in the calculation of the recoverable amount of CGUs excluding the US CGU Future cash flow projections: The future cash flow projections cover a period of four years, reflecting the period over which the Board strategically assess performance. Projected revenue is based on assumptions relating to client acquisition and trading activity, and assumptions on interest earned on client funds. Projected costs are based on assumptions relating to revenue-related costs, including trading and client transaction fees, and structural costs. Projected profitability takes into account historical performance and the Group\u2019s knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Regional long-term growth: Regional long-term growth is used to extrapolate the cash flows to perpetuity for each CGU. After a management forecast period of four years, a long-term growth rate of 2.0% (31 May 2022: 2.0%) has been applied to the cash flows to derive a terminal value. Discount rates: The discount rates used to calculate the recoverable amount of each CGU are based on a post-tax WACC which is specific to each geographical region. The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the risks associated with the cash flow of each individual CGU which are subject to management\u2019s judgement. The post-tax WACC is grossed up to a pre-tax discount rate. The pre-tax discount rate applied to calculate the recoverable amount of each CGU is as follows: 31 May 2023 31 May 2022 UK 14.0% 12.0% South Africa 21.0% 18.0% Australia 16.0% 13.0% Sensitivity to changes in key assumptions excluding the US CGU The VIU calculation has been subject to a sensitivity analysis reflecting reasonable changes in individual key assumptions. For all goodwill balances, there is sufficient headroom in the recoverable amount of the CGU based on the assumptions made, and there is no reasonably likely scenario under which material impairment could be expected to occur based on the testing performed. 13. Intangible assets
Customer
relationships
\u00a3m
Trade names
\u00a3m
Non-compete
agreements
\u00a3m
Internally
developed
software
\u00a3m
Domain names
\u00a3m
Software and
licences
\u00a3m
Total
\u00a3m
Cost
At 1 June 2021 \u2013 \u2013 \u2013 44.3 33.4 31.2 108.9
Additions \u2013 \u2013 \u2013 6.1 \u2013 2.9 9.0
Additions \u2013 business acquisition 163.5 56.9 28.8 14.3 \u2013 \u2013 263.5
Disposals \u2013 discontinued operations \u2013 \u2013 \u2013 (0.6) \u2013 (0.7) (1.3)
Other disposals \u2013 \u2013 \u2013 (1.5) \u2013 \u2013 (1.5)
Impact of movement in foreign exchange rates 15.9 5.5 2.8 1.5 3.6 0.2 29.5
At 31 May 2022 179.4 62.4 31.6 64.1 37.0 33.6 408.1
At 1 June 2022 179.4 62.4 31.6 64.1 37.0 33.6 408.1
Additions \u2013 \u2013 \u2013 7.0 \u2013 7.6 14.6
Additions \u2013 business acquisition (Small Exchange) \u2013 \u2013 \u2013 8.0 \u2013 \u2013 8.0
Disposals \u2013 \u2013 \u2013 (2.8) \u2013 (11.7) (14.5)
Impact of movement in foreign exchange rates 2.3 0.8 0.4 0.1 0.1 \u2013 3.7
At 31 May 2023 181.7 63.2 32.0 76.4 37.1 29.5 419.9
Accumulated amortisation
At 1 June 2021 \u2013 \u2013 \u2013 32.3 17.2 26.7 76.2
Charge during the year 16.8 3.6 5.5 6.8 3.5 3.0 39.2
Disposal \u2013 discontinued operations \u2013 \u2013 \u2013 (0.4) \u2013 (0.5) (0.9)
Other disposals \u2013 \u2013 \u2013 (1.5) \u2013 \u2013 (1.5)
Impact of movement in foreign exchange rates 0.7 0.1 0.3 0.2 1.6 0.1 3.0
At 31 May 2022 17.5 3.7 5.8 37.4 22.3 29.3 116.0
At 1 June 2022 17.5 3.7 5.8 37.4 22.3 29.3 116.0
Charge during the year 17.3 4.4 6.6 7.1 3.7 3.2 42.3
Disposals \u2013 \u2013 \u2013 (2.8) \u2013 (11.7) (14.5)
Impact of movement in foreign exchange rates (0.2) (0.1) (0.1) (0.1) 0.1 \u2013 (0.4)
At 31 May 2023 34.6 8.0 12.3 41.6 26.1 20.8 143.4
Net book value \u2013 31 May 2022 161.9 58.7 25.8 26.7 14.7 4.3 292.1
Net book value \u2013 31 May 2023 147.1 55.2 19.7 34.8 11.0 8.7 276.5
14. Property, plant and equipment Leasehold improvements \u00a3m Office equipment, fixtures and fittings \u00a3m Computer and other equipment \u00a3m Right-of-use assets \u00a3m Total \u00a3m Cost At 1 June 2021 23.6 6.7 49.1 34.5 113.9 Additions 0.1 0.1 8.3 8.4 16.9 Additions \u2013 business acquisition 0.8 0.1 1.3 0.7 2.9 Disposals \u2013 discontinued operations \u2013 \u2013 (3.4) (0.8) (4.2) Other disposals \u2013 (0.1) (0.6) (5.6) (6.3) Classified as assets held for sale (0.7) \u2013 \u2013 (1.5) (2.2) Impact of movement in foreign exchange rates 0.3 0.3 0.6 0.9 2.1 At 31 May 2022 24.1 7.1 55.3 36.6 123.1 At 1 June 2022 24.1 7.1 55.3 36.6 123.1 Additions 0.4 0.4 10.8 8.9 20.5 Additions \u2013 business acquisition 0.2 0.5 \u2013 \u2013 0.7 Disposals (0.6) (0.2) (2.1) (4.4) (7.3) Impact of movement in foreign exchange rates \u2013 (0.2) (0.4) (0.3) (0.9) At 31 May 2023 24.1 7.6 63.6 40.8 136.1 Accumulated depreciation At 1 June 2021 18.5 5.3 38.3 13.2 75.3 Charge for the year 1.9 1.0 7.8 7.6 18.3 Disposal \u2013 discontinued operations \u2013 \u2013 (2.5) (0.2) (2.7) Other disposals \u2013 (0.1) (0.5) (3.3) (3.9) Classified as assets held for sale (0.3) \u2013 \u2013 (0.7) (1.0) Impact of movement in foreign exchange rates 0.3 \u2013 0.1 0.1 0.5 At 31 May 2022 20.4 6.2 43.2 16.7 86.5 At 1 June 2022 20.4 6.2 43.2 16.7 86.5 Charge for the year 1.7 0.5 8.5 8.0 18.7 Disposals (0.5) (0.2) (1.4) (2.2) (4.3) Impact of movement in foreign exchange rates (0.1) (0.4) (0.2) (0.2) (0.9) At 31 May 2023 21.5 6.1 50.1 22.3 100.0 Net book value \u2013 31 May 2022 3.7 0.9 12.1 19.9 36.6 Net book value \u2013 31 May 2023 2.6 1.5 13.5 18.5 36.1 15. Financial investments and financial assets pledged as collateral 31 May 2023 \u00a3m 31 May 2022 \u00a3m UK Government securities 606.4 351.1 Term deposits \u2013 45.0 606.4 396.1 Split as: Non-current portion 379.6 160.1 Current portion 226.8 236.0 606.4 396.1 The Group held \u00a3372.3 million UK Government securities as at 31 May 2023 (31 May 2022: \u00a3289.9 million) to satisfy margin requirements. Prior to 1 January 2022, the Group had to meet its liquid asset buffer requirement under the previous BIPRU12 regime by holding gilts. From 1 January 2022, this was replaced by a new regime within the Investment Firm Prudential Regime rules. The Group is now able to meet its basic liquid asset requirement and a liquid asset threshold requirement with a broader range of assets. Following the introduction of the Uncleared Margin Rules (UMR) which came into effect in September 2022, the Group is required to pledge collateral, which is held in segregated custody accounts, to meet the initial margin requirements of certain brokers. Previously initial margin requirements were met with a combination of cash and UK Government securities held in unsegregated accounts. As a result of this change, the UK Government securities held by the Group has increased. The business model for holding UK Government Securities is unchanged and so the Group continues to recognise and measure the assets as fair value through other comprehensive income. Additionally, as at 31 May 2023, the Group holds \u00a335.0 million of financial assets which are not recognised on balance sheet as collateral from certain brokers to satisfy the requirements of UMR. 16. Cash and cash equivalents 31 May 2023 \u00a3m 31 May 2022 \u00a3m Cash at bank 627.4 808.9 Money market funds 171.1 437.5 798.5 1,246.4 The Group\u2019s Swiss banking subsidiary, IG Bank S.A., is required to protect customer deposits under the FINMA Privileged Deposit Scheme. At 31 May 2023, IG Bank S.A. was required to hold \u00a334.8 million (31 May 2022: \u00a335.1 million) in satisfaction of this requirement. This amount, which represents restricted cash, is included in the cash at bank balance above. The amount of segregated client funds held at 31 May 2023 was \u00a32,303.9 million (31 May 2022: \u00a32,577.9 million). Included within these balances is \u00a3232.5 million (31 May 2022: \u00a3236.7 million) of segregated client funds for customers of the Group\u2019s Japanese subsidiary, IG Securities Limited. Under local Japanese law, the Group is liable for any credit losses suffered by clients on the segregated client money balance. These amounts are held off-balance sheet due to the Group being unable to use these client funds. The interest received on segregated client funds is included within net operating income. Reconciliation to Consolidated Statement of Cash Flows Note 31 May 2023 \u00a3m 31 May 2022 \u00a3m Cash and cash equivalents 798.5 1,246.4 Amounts due to the Pool 22 (3.3) \u2013 Balances as per statement of cash flows 795.2 1,246.4 17. Trade receivables 31 May 2023 \u00a3m 31 May 2022 \u00a3m Amounts due from brokers 486.6 381.0 Own funds in client money 79.4 85.5 Amounts due from clients 4.4 3.0 570.4 469.5 Amounts due from brokers represent balances with brokers and execution partners where the combination of cash held on account and the valuation of financial derivative open positions, or unsettled trade receivables, results in an amount due to Group. Own funds in client money represent the Group\u2019s own cash held in segregated client funds, in accordance with the UK\u2019s Financial Conduct Authority (FCA) CASS rules and similar rules of other regulators in whose jurisdiction the Group operates and includes \u00a324.7 million (31 May 2022: \u00a37.6 million) to be transferred to the Group on the following business day. Amounts due from clients arise when a client\u2019s total funds held with the Group are insufficient to cover any trading losses incurred by the client or when a client utilises a trading credit limit. Amounts due from clients are stated net of an allowance for impairment. 18. Other assets Other assets are cryptocurrency assets and rights to cryptocurrency assets, which are controlled by the Group for the purpose of hedging the Group\u2019s exposure to clients\u2019 cryptocurrency trading positions. The Group holds rights to cryptocurrency assets on exchange and in vaults as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m Exchange 1.5 1.8 Vaults 13.5 12.4 15.0 14.2 Other assets are measured at fair value less costs to sell. Other assets are level 2 assets in accordance with the fair value hierarchy (note 28). 19. Debt securities in issue In FY22 the Group issued \u00a3300.0 million 3.125% senior unsecured bonds due in 2028. The issued debt has been recognised at fair value less transaction fees. As at 31 May 2023, \u00a31.7 million unamortised arrangement fees are recognised on the Statement of Financial Position (31 May 2022: \u00a32.0 million). The Group also has access to a \u00a3350.0 million revolving credit facility, which has increased as a result of two accordions to the existing revolving credit facility being signed in FY23. The Group has the option to request an increase in the revolving credit facility size to \u00a3400.0 million. The Group also had the option to request a maturity extension of one year, which was exercised in FY23. The revolving credit facility will now mature in October 2025. In addition, the Group has the option to extend the maturity for a further year, subject to borrower request and lender consent. Under the terms of the revolving credit facility agreement, the Group is required to comply with financial covenants covering maximum levels of leverage and debt to equity. The Group has complied with all covenants throughout the year. 20. Lease liabilities The liability represents the obligation to make payments relating to leasing of premises. The table below shows the maturity analysis of these lease liabilities as at the balance sheet date. 31 May 2023 \u00a3m 31 May 2022 \u00a3m Future minimum payments due: Within one year 7.4 8.9 After one year but not more than five years 9.9 13.2 After more than five years 3.4 0.6 20.7 22.7 In addition to the \u00a320.7 million lease liability (31 May 2022: \u00a322.7 million), the Group has \u00a30.4 million lease commitments under non-cancellable operating leases which are not capitalised as right-of-use assets (31 May 2022: \u00a30.3 million) which have been expensed during the year in the Consolidated Income Statement. Refer to note 29 for a maturity analysis of the undiscounted cash flows for non-cancellable leases. 21. Trade payables 31 May 2023 \u00a3m 31 May 2022 \u00a3m Client funds UK 253.9 359.0 US 56.1 34.1 EU 55.4 71.6 EMEA Non-EU 49.0 48.8 Singapore 1.1 1.5 Japan 4.9 4.4 Total client funds 420.4 519.4 Issued turbo warrants 2.7 1.5 Amounts due to brokers 48.6 28.0 Amounts due to clients 6.3 22.3 478.0 571.2 Client funds reflects the Group\u2019s liability for client monies which are recognised on balance sheet in cash and cash equivalents. Amounts due to brokers represents balances where the value of unsettled positions, or the value of open derivatives positions held in accounts which are not covered by an enforceable netting agreement, results in an amount payable by the Group. Amounts due to clients represent balances that will be transferred from cash and cash equivalents into segregated client funds on the following business day in accordance with the UK\u2019s Financial Conduct Authority CASS rules and similar rules of other regulators in whose jurisdiction the Group operates. 22. Other payables 31 May 2023 \u00a3m 31 May 2022 \u00a3m Non-current Other payables 1.2 \u2013 1.2 \u2013 Current Accruals 109.4 112.6 Payroll taxes, social security and other taxes 3.5 6.9 Amounts due to the Pool 3.3 \u2013 116.2 119.5 The notional pooling arrangement balance above relates to the notional multi-currency pooling arrangement established with the Group\u2019s bank during the current year in order to better manage the funding requirements of the foreign operating subsidiaries of the Group. The Pool allows the Group\u2019s subsidiaries to draw down on funds in any denomination required for operational purposes, as long as overall the Pool has sufficient funds across all the different currencies. 23. Contingent liabilities and provisions In the ordinary course of business, the Group is subject to legal and regulatory risks in a number of jurisdictions which may result in legal claims or regulatory action against the Group. Through the Group\u2019s ordinary course of business there are ongoing legal proceedings and engagements with regulatory authorities. Where possible, an estimate of the potential financial impact of these legal proceedings is made using management\u2019s best estimate, but where the most likely outcome cannot be determined no provision is recognised. The Group is subject to a group of claims that could have a financial impact of approximately \u00a320.5 million as at 31 May 2023 (31 May 2022: \u00a320.6 million). There have been no significant developments during the year and it is still not possible to determine whether any amounts will be payable to the clients. As a result, no provision has been recognised. The Group has received notice of a class action served against one of its operating entities during the financial year ended 31 May 2023. There has been no significant development since the claim was served and it is not possible to determine amounts that could be payable to the clients. As a result, no provision has been recognised. Under the terms of the agreement with the Group\u2019s clearing broker for its operations in the US, Apex Clearing Corporation, the Group guarantees the performance of its customers in meeting contracted obligations. In conjunction with the clearing broker, the Group seeks to control the risks associated with its customer activities by requiring customers to maintain collateral in compliance with various regulatory and internal guidelines. Compliance with the various guidelines is monitored daily and, pursuant to such guidelines, the customers may be required to deposit additional collateral, or reduce positions where necessary. The Group does not expect there to be other contingent liabilities that would have material adverse impact on the Group Financial Statements. The Group had no material provisions as at 31 May 2023 (31 May 2022: \u00a3nil). 24. Share capital and share premium Number of shares Share capital \u00a3m Share premium account \u00a3m Allotted and fully paid (i) Ordinary shares (0.005p) At 31 May 2021 370,299,455 \u2013 125.8 Issued during the year 61,275,000 \u2013 \u2013 At 31 May 2022 431,574,455 \u2013 125.8 Issued during the year \u2013 \u2013 \u2013 Shares bought back and immediately cancelled (22,626,613) \u2013 \u2013 At 31 May 2023 408,947,842 \u2013 125.8 (ii) Deferred redeemable shares (0.001p) At 31 May 2022 65,000 \u2013 \u2013 At 31 May 2023 65,000 \u2013 \u2013 (iii) Redeemable preference shares (\u00a31.00) At 31 May 2022 40,000 \u2013 \u2013 At 31 May 2023 40,000 \u2013 \u2013 In prior year, the Group issued 61,000,000 shares as part of the total consideration for the acquisition of tastytrade Inc. The shares were issued on 28 June 2021 and upon issue the total value of the shares was \u00a3509.4 million, based on the closing share price on 28 June 2021. The issue of shares was determined to qualify for merger relief under section 612 of the Companies Act 2006, and the amount in excess of the nominal value of the ordinary shares was recognised in the merger reserve, along with issue costs of \u00a30.4 million which were directly attributable to the issue of the shares. On 21 July 2022, the Group announced a share buyback programme with a maximum aggregate market value equivalent to \u00a3150.0 million, to be completed in two tranches of \u00a375.0 million each. It was also announced that all shares repurchased as part of the programme would be cancelled. The first tranche commenced on 21 July 2022 and completed on 12 October 2022, with the purchase and cancellation of 9,613,152 shares. The second tranche commenced on 25 October 2022 completed on 20 March 2023, with the purchase and cancellation of 9,635,113 shares. On 25 January 2023, the Board approved an additional share buyback programme of up to \u00a350.0 million. This commenced on 1 April 2023 and as at 31 May 2023 has resulted in the purchase and cancellation of 3,571,441 shares. As at 31 May 2023 the Group has repurchased 22,819,706 shares, with an aggregate nominal value of \u00a31,140.99, for total consideration of \u00a3176.6 million (including related costs of \u00a30.8 million). As at 31 May 2023 the Group had 193,093 shares repurchased but not cancelled. During FY22, 275,000 ordinary shares with an aggregate nominal value of \u00a313.75 were issued to the Employee Benefit Trust to satisfy the exercise of Sustained Performance Plan and Long-term Incentive Plan awards for consideration of \u00a313.75. No shares were issued in the current year. Except as the ordinary shareholders have agreed or may otherwise agree, on winding up of the Company, the balance of assets available for distribution, after the payment of all of the Company\u2019s creditors and subject to any special rights attaching to other classes of shares, are distributed among the shareholders according to the amounts paid up on shares by them. Deferred redeemable share These shares carry no entitlement to dividends and no voting rights. Redeemable preference shares The preference shares are entitled to a fixed non-cumulative dividend of 8.0% paid in preference to any other dividend. Redemption is only permissible in accordance with capital distribution rules or on the winding up of the Company. The holders are entitled to \u00a31 per share plus, if the Company has sufficient distributable reserves, any accrued or unpaid dividends. The preference shares have no voting rights, except that they are entitled to vote should the Company fail to pay any amount due on redemption of the shares. The effective interest rate on these shares is 8.0% (31 May 2022: 8.0%). The preference shares are no longer required as part of the Group\u2019s capital structure so approval for redemption was granted by the Board on 18 May 2023. During FY23, there have been no changes to the Group\u2019s deferred redeemable shares and redeemable preference shares (31 May 2022: none). 25. Other reserves Share-based payments reserve \u00a3m Own shares held in Employee Benefit Trusts \u00a3m FVOCI reserve \u00a3m Share buyback reserve \u00a3m Total other reserves \u00a3m At 1 June 2021 14.5 (1.6) (0.1) \u2013 12.8 Employee Benefit Trust purchase of shares \u2013 (6.7) \u2013 \u2013 (6.7) Transfer of vested awards from share- based payment reserve (7.3) \u2013 \u2013 \u2013 (7.3) Equity-settled employee share-based payments 13.6 \u2013 \u2013 \u2013 13.6 Exercise of employee share awards (2.3) 2.3 \u2013 \u2013 \u2013 Change in value of financial assets held at fair value through other comprehensive income \u2013 \u2013 (4.0) \u2013 (4.0) At 31 May 2022 18.5 (6.0) (4.1) \u2013 8.4 At 1 June 2022 18.5 (6.0) (4.1) \u2013 8.4 Share buyback \u2013 \u2013 \u2013 (2.1) (2.1) Employee Benefit Trust purchase of shares \u2013 (14.6) \u2013 \u2013 (14.6) Transfer of vested awards from share- based payment reserve (7.6) \u2013 \u2013 \u2013 (7.6) Equity-settled employee share-based payments 13.3 \u2013 \u2013 \u2013 13.3 Exercise of employee share awards (11.3) 11.3 \u2013 \u2013 \u2013 Change in value of financial assets held at fair value through other comprehensive income \u2013 \u2013 (11.9) \u2013 (11.9) Share-based payments converted to cash settled liabilities (2.4) \u2013 \u2013 \u2013 (2.4) At 31 May 2023 10.5 (9.3) (16.0) (2.1) (16.9 ) The share-based payments reserve relates to the estimated cost of equity-settled employee share plans based on a straight-line basis over the vesting period. The fair value through other comprehensive income reserve includes unrealised gains or losses in respect of financial investments, net of tax. The share buyback relates to the amount due to the intermediary bank for the repurchase of its own shares. Own shares held in Employee Benefit Trusts The movements in own shares held in Employee Benefit Trusts in respect of employee share plans during the year were as follows: Year ended 31 May 2023 Number Year ended 31 May 2022 Number At the beginning of the year 659,929 872,272 Subscribed for and purchased during the year 2,112,631 1,012,130 Exercise and sale of own shares held in trust (1,439,639) (1,224,473) At the end of the year 1,332,921 659,929 The Group has a UK-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Group\u2019s HMRC-approved Share incentive Plan. At 31 May 2023, 147,895 ordinary shares (31 May 2022: 161,918) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a31.0 million (31 May 2022: \u00a31.2 million). The Group has a Jersey-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Long-term Incentive Plan and Sustained Performance Plan. At 31 May 2023 the Trust held 1,171,960 ordinary shares (31 May 2022: 488,094). The market value of the shares at 31 May 2023 was \u00a37.9 million (31 May 2022: \u00a33.5 million). The Group has an Australian-resident Employee Equity Plan Trust which holds shares in the Company to satisfy awards under a SIP. At 31 May 2023, 13,066 ordinary shares (31 May 2022: 9,917) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a30.1 million (31 May 2022: \u00a30.1 million). 26. Employee share plans The Company operates four employee share plans; a Sustained Performance Plan (SPP), a Long-term Incentive Plan (LTIP), a Share Incentive Plan (SIP) and a Medium-term Incentive Plan (MTIP). The LTIP, MTIP and SIP are equity-settled. The SPP awarded prior to 31 May 2021 was fully equity-settled. The SPP awarded after 31 May 2021 has changed such that 30% of the award for the Executive Directors is settled in cash, and does not meet the criteria to be recognised as either a cash-settled share-based payment or an equity-settled share-based payment. Sustained performance plan The SPP award was introduced in the year ended 31 May 2014 for the Group\u2019s Executive Directors and other selected senior employees. The Remuneration Committee approves any awards made under the plan and is responsible for setting the policy for the operation of the SPP, agreeing performance targets and participation. The legal grant of awards under the SPP occurs post the relevant performance period. At the outset of the financial year the Remuneration Committee approves, and communicates to the participants, performance conditions and a pre-defined maximum monetary award in terms of multiple of salary. The grant of awards, in the form of equity-settled par value options, is based upon three performance conditions: relative Total Shareholder Return (TSR), earnings per share (EPS) and operational non-financial performance (NFP). The last award that can be granted under the current SPP plan will be in August 2023. After this point the current SPP will expire as per the terms of the structure of the plan. The following table shows the movement of options in the SPP, the additional awards issued and dividends accrued for the year ended 31 May 2023: Award date Performance period (year ended) Share price at award Expected full vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Exercised during the year Number Dividend accrued during the year Number At the end of the year Number 04-Aug-14 31 May 2014 609.90 01\u2013Aug\u201325 11,851 \u2013 \u2013 (4,318) 442 7,975 06-Aug-15 31 May 2015 742.55 01\u2013Aug\u201325 13,187 \u2013 \u2013 (4,778) 496 8,905 02-Aug-16 31 May 2016 868.65 01\u2013Aug\u201325 53,215 \u2013 \u2013 (18,804) 2,020 36,431 01-Aug-17 31 May 2017 626.50 01\u2013Aug\u201325 51,606 \u2013 \u2013 (20,071) 1,851 33,386 07-Aug-18 31 May 2018 893.00 01\u2013Aug\u201325 183,260 \u2013 \u2013 (70,497) 6,623 119,386 06-Aug-19 31 May 2019 559.20 01\u2013Aug\u201325 147,469 \u2013 \u2013 (54,476) 5,461 98,454 06-Aug-20 31 May 2020 734.00 01\u2013Aug\u201325 939,253 \u2013 \u2013 (330,852) 35,744 644,145 06-Aug-20 \u2013 734.00 01\u2013May\u201322 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 06-Aug-20 31 May 2021 734.00 30\u2013Jun\u201322 35,616 \u2013 \u2013 (37,200) 1,584 \u2013 06-Aug-20 \u2013 734.00 01\u2013May\u201323 2,179 \u2013 \u2013 (2,569) 390 \u2013 05-Aug-21 31 May 2022 911.50 01\u2013Aug\u201325 1,326,780 \u2013 (13,110) (242,073) 63,516 1,135,113 10-Jan-22 \u2013 829.50 30\u2013Jun\u201323 15,390 \u2013 \u2013 \u2013 \u2013 15,390 10-Jan-22 \u2013 829.50 30\u2013Jun\u201324 12,990 \u2013 \u2013 \u2013 \u2013 12,990 04-Aug-22 \u2013 818.00 30\u2013Sep\u201323 \u2013 7,230 \u2013 (3,615) \u2013 3,615 04-Aug-22 31 May 2023 31 May 2024 818.00 30\u2013Sep\u201324 \u2013 3,605 \u2013 \u2013 \u2013 3,605 08-Aug-22 31 May 2023 822.00 01\u2013Aug\u201327 \u2013 1,799,194 (176,250) \u2013 63,762 1,686,706 11- A u g - 22 31 May 2023 834.00 11\u2013Aug\u201325 \u2013 26,976 \u2013 \u2013 \u2013 26,976 30-Sep-22 31 May 2023 763.50 30\u2013Sep\u201325 \u2013 25,539 \u2013 \u2013 \u2013 25,539 Total 2,792,796 1,862,544 (189,360) (789,253) 181,889 3,858,616 The average share price at exercise of options during the year was 811.43 pence. The exercise price of all SPP awards is 0.005 pence and the weighted average remaining contractual life of share options as at 31 May 2023 was 2.14 years (31 May 2022: 3.11 years). The SPP awards for the year ended 31 May 2023 will be granted in August 2023 following the approval of actual performance against targets set by the Remuneration Committee. A ten-day share price averaging period, that commences after the Company\u2019s closed period, is utilised to convert the notional value awarded into a number of options. The table below details the number of options expected to be awarded for the year ended 31 May 2023, based on the year-end share price: Expected award date Closing share price at 31 May 2023 Expected full vesting date Awards expected for the year ending 31 May 2023 Number 3 Aug 2023 672.0p 1 Aug 2027 1,332,538 Long-term Incentive Plan The LTIP is made available to senior management who are not invited to participate in the SPP. Awards under the LTIP are nominal cost options, which vest after three years, conditional upon continued employment at the vesting date. There are no other performance targets instead, for awards granted in 2022, the remuneration committee have decided to apply a performance underpin which would take account of the underlying financial and non-financial performance of the participant and/or any relevant group member, over the vesting period. The maximum number of LTIP awards that can vest under the awards made are: Award date Share price at award Expected vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Dividend equivalent awarded during the year Number Exercised during the year Number At the end of the year Number 7 Aug 2018 893.00p 7 Aug 2021 2,435 \u2013 \u2013 \u2013 (2,435) \u2013 6 Aug 2019 559.20p 6 Aug 2022 377,719 \u2013 (8,538) 70,214 (439,395) \u2013 6 Aug 2020 734.00p 6 Aug 2023 324,104 \u2013 (21,637) \u2013 \u2013 302,467 5 Aug 2021 911.50p 5 Aug 2024 355,295 \u2013 (32,337) \u2013 \u2013 322,958 4 Aug 2022 818.00p 4 Aug 2025 \u2013 619,707 (46,201) \u2013 \u2013 573,506 Total 1,059,553 619,707 (108,713) 70,214 (441,830) 1,198,931 The exercise price of all options awarded under the LTIP is 0.005 pence and the weighted average remaining contractual life of share options as at 31 May 2023 was 1.41 years (31 May 2022: 1.16 years). Medium-term Incentive Plan The MTIP was made available to certain employees within the Group. Awards under the MTIP were nominal cost options, which vest after 15 months, conditional upon continued employment at the vesting date. There were no other performance targets. The exercise price of all options awarded under the MTIP was 0.005 pence. On 5 November 2022 the awards under this scheme vested. There were no new awards granted to any employee under the MTIP in the current year. The table below shows the movement in the awards during the current period: Award date Share price at award Expected vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Dividend equivalent awarded during the year Number Exercised during the year Number At the end of the year Number 5 Aug 2021 911.50p 5 Nov 2022 195,519 \u2013 (8,670) 18,503 (200,546) 4,806 Share-Incentive Plan SIP awards are made available to all UK, Australian and US employees. The terms of the award are approved by the Remuneration Committee. The UK and Australian awards invite all employees to purchase up to \u00a31,800/A$3,000 (31 May 2022: \u00a31,800/A$3,000) of partnership shares, with the Company matching on a one-for-one (31 May 2022: one-for-one) basis. All matching shares vest after three years as long as the employee remains employed with the Group for the term of the award. Shares awarded under the scheme are held in trust in accordance with local tax authority rules. Employees are entitled to receive dividends on the partnership and matching shares held in trust for as long as they remain employees. The US award invites employees to invest a maximum of 5% of their salary to the award. Employees are invited to purchase shares in IG Group Holdings plc at a discount of 15% to the scheme price, being the lower of: (i) the opening share price; or (ii) the closing share price for the period. The maximum number of matching shares that can vest based on the SIP awards made are: Country of award Award date Share price at award Expected vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Exercised during the year Number At the end of the year Number UK 6 Aug 2019 559.20p 6 Aug 2022 53,124 \u2013 (1,594) (51,530) \u2013 Australia 15 Jul 2019 597.00p 15 Jul 2022 1,792 \u2013 \u2013 (1,792) \u2013 UK 6 Aug 2020 734.00p 6 Aug 2023 49,119 \u2013 (6,008) (2,420) 40,691 Australia 15 Jul 2020 740.79p 15 Jul 2023 2,997 \u2013 (444) (444) 2,109 UK 5 Aug 2021 911.50p 5 Aug 2024 47,769 \u2013 (5,155) (1,583) 41,031 Australia 15 Jul 2021 851.50p 15 Jul 2024 3,989 \u2013 (380) (380) 3,229 UK 3 Aug 2022 814.00p 3 Aug 2025 \u2013 60,702 (2,679) (2,203) 55,820 Australia 15 Jul 2022 707.00p 15 Jul 2025 \u2013 6,904 (1,044) \u2013 5,860 Total 158,790 67,606 (17,304) (60,352) 148,740 Of the above SIP awards exercised during the year ended 31 May 2023, the average weighted share price at exercise was: Country of award Award date Weighted average share price at exercise UK 6 Aug 2019 556.00p Australia 15 Jul 2019 614.12p UK 6 Aug 2020 751.60p Australia 15 Jul 2020 825.70p UK 5 Aug 2021 910.50p Australia 15 Jul 2021 827.89p UK 4 Aug 2022 815.26p Australia 15 Jul 2022 707.00p The weighted average exercise price of the SIP awards exercised during the year ended 31 May 2023 is 810.56p. Accounting for share schemes The expense recognised in the Consolidated Income Statement in respect of share-based payments was \u00a313.3 million (31 May 2022: \u00a313.7 million). The fair value of the equity-settled share-based payments to employees is determined at the date at which a shared understanding of the terms and conditions of the arrangement is reached between the Company and the participants. The weighted average fair value of the equity-settled awards granted or deemed as such under IFRS 2 during the year was \u00a322.5 million (31 May 2022: \u00a315.3 million). For SIP awards the fair value is determined to be the share price at the grant date without making an adjustment for expected future dividends, as award recipients are entitled to dividends over the vesting period. For LTIP and MTIP awards the fair value is determined to be the share price at grant date without making an adjustment for the expected future dividends as dividend equivalents are awarded on options granted under the LTIP. For potential SPP awards made under the TSR criteria, fair value is calculated using an option pricing model prepared by advisers. For the SPP awards made under the EPS and NFP operational measures, the fair value is determined by taking the share price at deemed grant date less the present value of expected future dividends for the duration of the performance period. Dividend equivalents accrue under the SPP on awarded but not yet vested options post the performance period. Dividend equivalents cease to accrue on unexercised options after the vesting date. The inputs below were used to determine the fair value of the TSR element of the SPP award: Deemed date of grant 8 August 2022 Share price at grant date (pence) 822 Expected life of awards (years) 0.81 Risk-free sterling interest rate (%) 2.06 IG Group Holdings plc expected volatility (%) 25.82 IG Group Holdings plc\u2019s expected volatility is based on historical TSR volatility of IG Group Holdings plc measured daily over a period prior to the date of grant and commensurate with the remaining performance period. The weighted average fair values for outstanding awards across all schemes are as follows: At the beginning of the year Awarded during the year Lapsed during the year Exercised during the year At the end of the year Year ended 31 May 2023 683.09p 881.44p 859.71p 610.54p 759.11p Year ended 31 May 2022 618.63p 760.27p 807.52p 641.61p 683.09p 27. Related party transactions The Directors and other members of management classified as persons discharging management responsibility in accordance with the Market Abuse Regulation are considered to be the key management personnel of the Group in accordance with IAS 24 Related Party Disclosures. The Directors\u2019 Remuneration Report discloses all benefits and share-based payments earned during the year and the preceding year by the Executive Directors. The total compensation for key management personnel was as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Short-term employee benefits 10.4 6.8 Termination benefits 0.1 \u2013 Share-based payments 9.2 10.6 19.7 17.4 The average number of key management personnel during the year was eleven (year ended 31 May 2022: twelve). Included within short-term employee benefits are pension charges of \u00a30.2 million (year ended 31 May 2022: \u00a3nil). The Group incurred short-term office rental costs in relation to office space leased from key management personnel totalling \u00a30.3 million in 31 May 2023 (31 May 2022: \u00a30.3 million). The Group has a 9.81% shareholding and 25% voting rights in Zero Hash Holdings Limited (Zero Hash) which is accounted for as investment in associate on the Group\u2019s balance sheet. Zero Hash facilitates cryptocurrency trading for clients of tastytrade, Inc. and recognised \u00a30.1 million revenue from Zero Hash (year ended 31 May 2022: \u00a30.6 million). There were no other related party transactions which had a material impact on the Group Financial Statements. The Group had no transactions with its Directors other than those disclosed in the Directors\u2019 Remuneration Report 28. Financial instruments Accounting classifications and fair values The table below sets out the classification of each class of financial assets and liabilities and their fair values. As at 31 May 2023 Note FVTPL \u00a3m Amortised cost \u00a3m FVOCI \u00a3m Total carrying amount \u00a3m Fair value \u00a3m Financial assets Cash and cash equivalents 16 171.1 627.4 \u2013 798.5 798.5 Financial investments 15 \u2013 \u2013 606.4 606.4 606.4 Trade receivables \u2013 amounts due from brokers 17 (95.6) 582.2 \u2013 486.6 486.6 Trade receivables \u2013 own funds in client money 17 \u2013 79.4 \u2013 79.4 79.4 Trade receivables \u2013 amounts due from clients 17 \u2013 4.4 \u2013 4.4 4.4 Other receivables \u2013 10.0 \u2013 10.0 10.0 Other investments 1.2 \u2013 \u2013 1.2 1.2 76.7 1,303.4 606.4 1,986.5 1,986.5 Financial liabilities Trade payables \u2013 client funds 21 88.7 (509.1) \u2013 (420.4) (420.4) Trade payables \u2013 issued turbo warrants 21 (2.7) \u2013 \u2013 (2.7) (2.7) Trade payables \u2013 amounts due to brokers 21 (39.5) (9.1) \u2013 (48.6) (48.6) Trade payables \u2013 amounts due to clients 21 \u2013 (6.3) \u2013 (6.3) (6.3) Debt securities in issue 19 \u2013 (297.6) \u2013 (297.6) (228.8) Lease liabilities 20 \u2013 (20.7) \u2013 (20.7) (20.7) Amounts due to the Pool 22 \u2013 (3.3) \u2013 (3.3) (3.3) Other payables \u2013 accruals 22 \u2013 (109.4) \u2013 (109.4) (109.4) Other borrowings 22 \u2013 (1.2) \u2013 (1.2) (1.2) 46.5 (956.7) \u2013 (910.2) (841.4) As at 31 May 2022 Note FVTPL \u00a3m Amortised cost \u00a3m FVOCI \u00a3m Total carrying amount \u00a3m Fair value \u00a3m Financial assets Cash and cash equivalents 16 437.5 808.9 \u2013 1,246.4 1,246.4 Financial assets pledged as collateral 15 \u2013 \u2013 60.4 60.4 60.4 Financial investments 15 \u2013 45.0 290.7 335.7 335.7 Trade receivables \u2013 amounts due from brokers 17 (159.3) 540.3 \u2013 381.0 381.0 Trade receivables \u2013 own funds in client money 17 \u2013 85.5 \u2013 85.5 85.5 Trade receivables \u2013 amounts due from clients 17 \u2013 3.0 \u2013 3.0 3.0 Other receivables \u2013 9.8 \u2013 9.8 9.8 278.2 1,492.5 351.1 2,121.8 2,121.8 Financial liabilities Trade payables \u2013 client funds 21 117.4 (636.8) \u2013 (519.4) (519.4) Trade payables \u2013 issued turbo warrants 21 (1.5) \u2013 \u2013 (1.5) (1.5) Trade payables \u2013 amounts due to brokers 21 (1.0) (27.0) \u2013 (28.0) (28.0) Trade payables \u2013 amounts due to clients 21 \u2013 (22.3) \u2013 (22.3) (22.3) Debt securities in issue 19 \u2013 (297.2) \u2013 (297.2) (269.6) Lease liabilities 20 \u2013 (22.7) \u2013 (22.7) (22.7) Other payables \u2013 accruals 22 \u2013 (112.6) \u2013 (112.6) (112.6) 114.9 (1,118.6) \u2013 (1,003.7) (976.1) Money market funds of \u00a3171.1 million (31 May 2022: \u00a3437.5 million) have been reclassified from amortised cost to fair value through profit and loss. Accordingly, the prior year comparative balances have been restated to reflect this classification. Financial instrument valuation hierarchy The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows: As at 31 May 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 171.1 \u2013 \u2013 171.1 Trade receivables \u2013 amounts due from brokers (3.2) (92.4) \u2013 (95.6) Financial investments 606.4 \u2013 \u2013 606.4 Other investments \u2013 \u2013 1.2 1.2 Financial liabilities Trade payables \u2013 amounts due to brokers (10.4) (29.1) \u2013 (39.5) Trade payables \u2013 client funds 12.3 76.4 \u2013 88.7 Trade payables \u2013 issued turbo warrants \u2013 (2.7) \u2013 (2.7) As at 31 May 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 437.5 \u2013 \u2013 437.5 Trade receivables \u2013 amounts due from brokers 9.2 (168.5) \u2013 (159.3) Financial assets pledged as collateral 60.4 \u2013 \u2013 60.4 Financial investments 290.7 \u2013 \u2013 290.7 Financial liabilities Trade payables \u2013 amounts due to brokers \u2013 (1.0) \u2013 (1.0) Trade payables \u2013 client funds 14.1 103.3 \u2013 117.4 Trade payables \u2013 issued turbo warrants \u2013 (1.5) \u2013 (1.5) Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: \u00bc Level 1 assets are valued using unadjusted quoted prices in active markets for identical financial instruments. This category includes the Group\u2019s open-exchange traded hedging positions. The quoted market price used for financial assets held by the Group is the period end bid price. \u00bc Level 2 assets are valued using techniques where a price is derived based significantly on observable market data. For example, where an active market for an identical financial instrument to the product used by the Group to hedge its market risk does not exist. This category includes the Group\u2019s open non-exchange traded hedging positions. This comprises shares, foreign currency and foreign currency options. The fair values used in the valuation of these products are sometimes brokered values and may occur after the close of a market but before the measurement date. The effects of discounting are generally insignificant for these Level 2 financial instruments. \u00bc Level 3 assets are valued using techniques that incorporate information other than observable market data that is significant to the overall valuation. There have been no changes to the fair value hierarchy or the valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 May 2022: none). There were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements for years ended 31 May 2023 and 31 May 2022. Fair value of financial assets and liabilities measured at amortised cost The fair value of the Group's financial assets and liabilities measured at amortised cost approximates their carrying amount, with the exception of debt securities in issue. Items of income, expense, gains or losses All of the Group\u2019s gains and losses arising from financial assets and liabilities classified as fair value through the profit and loss are included in net trading revenue for the years ended 31 May 2023 and 31 May 2022, except for change in the fair value of the Group\u2019s investment in CBOE Digital Intermediate Holdings LLC and balances held in money market funds Offsetting financial assets and liabilities The following financial assets and liabilities have been offset and are subject to enforceable netting agreements. Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2023 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Total 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (816.3) 767.7 (48.6) \u2013 48.6 \u2013 Trade payables \u2013 client funds 21 (509.1) 88.7 (420.4) \u2013 \u2013 (420.4) Total (1,325.4) 856.4 (469.0) \u2013 48.6 (420.4) Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2022 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,187.3 (806.3) 381.0 \u2013 \u2013 381.0 Total 1,187. 3 (806.3) 381.0 \u2013 \u2013 381.0 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (834.3) 806.3 (28.0) \u2013 \u2013 (28.0) Trade payables \u2013 client funds 21 121.3 (640.7) (519.4) \u2013 \u2013 (519.4) Total (713.0) 165.6 (547.4) \u2013 \u2013 (547.4) Amounts due from brokers and client funds have been presented net to reflect the impact of offsetting. Prior year comparatives of amounts due from broker have been reclassified from gross amounts of recognised financial instruments into gross amounts of recognised financial instruments offset to align with an updated presentation for offsetting. The gross amounts of recognised financial instruments relating to trade receivables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a368.0 million, and the gross amounts of recognised financial instruments relating to trade payables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a3738.3 million. The Group is entitled to offset amounts due from brokers on a broker account level by currency. Collateral at brokers represent UK Government Gilt Securities listed with brokers to meet the broker\u2019s requirements. Client funds represents balances with clients where the cash held on balance sheet and the valuation of open derivative positions result in an amount due to clients. 29. Financial risk management Financial risks arising from financial instruments are analysed into market, credit, concentration and liquidity risks. Details of how risks are managed are provided in the risk management section on page 48. Market risk Market risk disclosures are analysed into the following categories: \u00bc Non-trading interest rate risk \u00bc Price and foreign currency risk, which is further analysed between the impact on financial investments held at fair value through other comprehensive income and the impact on the Group\u2019s year-end net trading book position. The Group\u2019s foreign currency exposure on its financial assets and liabilities denominated in currencies other than the reporting currency is included in the trading book. Non-trading interest rate risk The interest rate risk profile of the Group\u2019s financial assets and liabilities as follows: Within 1 year Between 2 and 5 years More than 5 years Total 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m Fixed rate Financial assets pledged as collateral \u2013 35.1 \u2013 25.3 \u2013 \u2013 \u2013 60.4 Financial investments 226.8 200.9 379.6 134.8 \u2013 \u2013 606.4 335.7 Debt securities in issue \u2013 \u2013 \u2013 \u2013 (297.6) (297.2) (297.6) (297.2) Other payables \u2013 \u2013 \u2013 \u2013 (1.2) \u2013 (1.2) \u2013 Floating rate Cash and cash equivalents 798.5 1,246.4 \u2013 \u2013 \u2013 \u2013 798.5 1,246.4 Trade receivables \u2013 amounts due from brokers 486.6 381.0 \u2013 \u2013 \u2013 \u2013 486.6 381.0 Trade receivables \u2013 own funds in client money 79.4 85.5 \u2013 \u2013 \u2013 \u2013 79.4 85.5 Trade payables \u2013 amounts due to brokers (48.6) (28.0) \u2013 \u2013 \u2013 \u2013 (48.6) (28.0) Amounts due to the Pool (3.3) \u2013 \u2013 \u2013 \u2013 \u2013 (3.3) \u2013 1,539.4 1,920.9 379.6 160.1 (298.8) (297.2) 1,620.2 1,783.8 Non-trading interest rate risk sensitivity analysis \u2013 fixed rate Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The level of future fixed interest receivable in each year would be similar to that received in the current year and is considered immaterial to the Group\u2019s profit for the year. Non-trading interest rate risk sensitivity analysis \u2013 floating rate Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Trade receivables and payables include client and broker balances upon which interest is paid or received based upon market rates. Interest rate sensitivity has been performed on floating rate financial instruments by considering the impact of a 1% decrease in interest rates on financial assets and financial liabilities. The impact of such a movement on the Group\u2019s profit before tax for the year is shown below. The impact is symmetrical for an increase in interest rates. Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m (Decrease)/increase in profit before tax Cash and cash equivalents (8.0) (12.5) Trade receivables \u2013 amounts due from brokers (4.9) (0.9) Trade receivables \u2013 own funds in client money (0.8) 0.9 Trade payables \u2013 amounts due to brokers 0.5 (0.3) Additionally, given the current interest rate environment, the Group is exposed to interest rate risk in relation to interest income earned on segregated client money balances which are not recognised on the Consolidated Statement of Financial Position. Interest rate sensitivity analysis has been performed by considering the impact of a 1% decrease in the base rate that these balances are linked to. The impact on the Group\u2019s profit before tax is shown below. Impact: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Decrease in profit before tax Interest income on client funds (36.7) (34.2) Price risk The Group is exposed to investment securities price risk because financial investments and financial assets pledged as collateral held by the Group are priced based on closing market prices published by the UK Debt Management Office. The table below summarises the impact of decreases in the value of financial investments on the Group\u2019s other comprehensive income. The analysis is based on the assumption that the yield curve of financial investments moved upwards by 1% with all other variables held constant: Impact: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Decrease in FVOCI reserve (equity) (10.3) (2.9) The Group is also exposed to price and foreign currency risk in relation to its net trading book position. The Group accepts some residual market risk to facilitate instant execution of client trades but does not take proprietary positions for the purposes of speculative gain. The Group manages the market risk it faces in providing its services to clients by internalising client flow (allowing individual client trades to offset one another) and hedging when the residual exposures reach predefined limits. The Group\u2019s Risk Management Framework is set out on page 48 of the Annual Report. The Group\u2019s market risk policy includes Board-approved notional market risk limits (KRIs) which set out the Group\u2019s appetite and the extent to which the Group is willing to be exposed to this residual market risk. Product market risk limits control the maximum (long or short) residual exposure the Group can hold before hedging externally. Predefined limits are set and regularly reviewed in accordance with a limits framework which references client trading volumes, market liquidity, volatility and expected shortfall results for each underlying market. Alongside these notional limits the Group employs a range of risk measurement techniques including Value at Risk (VaR), Expected Shortfall and Stress-Testing models which are used to quantify potential market risk and client credit risk losses against all products. These measures cover all products offered to clients and are monitored on an hourly basis, with breaches investigated and reported to the Chief Risk Officer and senior stakeholders in each line of defence on a daily basis. These measures quantify the potential uncertainty in relation to the Group\u2019s current exposure by estimating the potential impact of a negative change in the value of each underlying financial market the Group is exposed to. The VaR model uses a 99% confidence interval over one day and one year\u2019s historical price data for all markets as inputs to determine the risk factors to apply to the portfolio exposures. VaR has limitations as it is reliant on historical data only and estimates potential future losses on this basis. Additionally, VaR does not quantify the potential losses outside of the 99% confidence level \u2013 the tail risk. To overcome these limitations the Group also measures and monitors Expected Shortfall and Stress Testing results alongside VaR results as part of its overall risk management strategy. Expected Shortfall measures the Group\u2019s expected losses outside of the 99% confidence level (average losses in the 1% tail), while Stress Testing models potential losses in extreme but plausible events. Stress Testing covers a range of scenarios including future known economic and political events, market or region-specific scenarios and potential macro systemic shocks, which references the 20-year price returns for all markets at the 99.9th percentile confidence interval. The Group\u2019s end of day market risk VaR for the year is shown in table below: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Market risk as at 31 May 14.0 5.0 Average market risk (daily) 13.4 3.6 Maximum market risk (daily) 21.8 13.1 Minimum market risk (daily) 9.5 1.3 Foreign currency risk The Group faces foreign currency exposures on financial assets and liabilities denominated in currencies other than the functional currency of its subsidiaries. In the normal course of business, the Group hedges these exposures along with its trading book positions. In FY22, the Group recognised a \u00a35.8 million realised foreign exchange gain in net trading revenue as a result of a foreign exchange contract entered into by the Group to hedge $300 million exposure arising from the cash consideration in relation to the acquisition of tastytrade. Credit risk The principal sources of credit risk to the Group\u2019s business are from financial institutions and individual clients. Amounts due from financial institutions, which are stated net of an expected credit loss of \u00a31.0 million (31 May 2022: \u00a3nil), are all less than 30 days past due. Amounts due from clients, which are stated net of an expected credit loss of \u00a317.1 million at 31 May 2023 (31 May 2022: \u00a318.0 million), include both amounts less than and greater than 30 days past due. The analysis in the following table shows credit exposures by credit rating. Cash and cash equivalents Trade receivables \u2013 amounts due from brokers Trade receivables \u2013 amounts due from clients Trade receivables \u2013 own funds in client money 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m Credit rating AA+ & above 34.9 24.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 AA to AA- 88.8 437.8 \u2013 \u2013 \u2013 \u2013 5.7 5.3 A+ to A- 630.1 730.9 423.1 320.0 \u2013 \u2013 73.4 80.0 BBB+ to BBB- 22.7 25.5 33.1 32.8 \u2013 \u2013 0.2 0.2 BB+ to B 10.3 17.6 20.5 1.5 \u2013 \u2013 \u2013 \u2013 Unrated 11.7 10.5 9.9 26.7 4.4 3.0 0.1 \u2013 Total carrying amount 798.5 1,246.4 486.6 381.0 4.4 3.0 79.4 85.5 Loss allowance Below is a reconciliation of the total loss allowance: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year 18.6 17.0 Loss allowance for the year: \u2013 gross charge for the year 5.7 6.5 \u2013 recoveries (4.6) (3.6) \u2013 debts written off (1.4) (1.7) Foreign exchange (0.2) 0.4 At the end of the year 18.1 18.6 The loss allowance has been calculated in accordance with the Group\u2019s expected credit loss model. The following table provides an overview of the Group\u2019s credit risk and the associated loss allowance for assets held at amortised cost and fair value through other comprehensive income. 31 May 2023 Stage 1 12-month \u00a3m Stage 2 Lifetime \u00a3m Stage 3 Lifetime \u00a3m Total \u00a3m Credit grade Investment grade 1,313.0 \u2013 \u2013 1,313.0 Non-investment grade 56.6 0.6 16.8 74.0 Gross carrying amount 1,369.6 0.6 16.8 1,387.0 Loss allowance (1.0) (0.3) (16.8) (18.1) Total carrying amount 1,368.6 0.3 \u2013 1,368.9 31 May 2022 Stage 1 12-month \u00a3m Stage 2 Lifetime \u00a3m Stage 3 Lifetime \u00a3m Total \u00a3m Credit grade Investment grade 2,213.9 \u2013 \u2013 2,213.9 Non-investment grade 70.2 1.0 17.6 88.8 Gross carrying amount 2,284.1 1.0 17.6 2,302.7 Loss allowance \u2013 (1.0) (17.6) (18.6) Total carrying amount 2,284.1 \u2013 \u2013 2,284.1 The Group\u2019s trade receivables in stage 3 include amounts arising from IFRS 15 Revenue from Contracts with Customers which are assessed in accordance with the simplified approach. Concentration risk The Group\u2019s largest credit exposure to any one individual broker at 31 May 2023 was \u00a385.8 million (A+ rated) (31 May 2022: \u00a355.7 million (A+ rated)). The Group\u2019s largest credit exposure to any bank at 31 May 2023 was \u00a3118.6 million (A+ rated) (31 May 2022: \u00a3320.9 million (AA- rated)). The Group has no significant credit exposure to any one particular client or group of connected clients. Liquidity risk Maturities of financial liabilities The tables below outlines the Group\u2019s financial liabilities into relevant maturity categories based on their contractual maturities. The amounts disclosed below are the contractual undiscounted cash flows. 31 May 2023 Within 1 year \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Carrying amount of liability \u00a3m Debt securities in issue 9.4 37.5 304.4 351.3 297.6 Lease liabilities 7.4 13.5 3.8 24.7 20.7 Trade payables \u2013 client funds 420.4 \u2013 \u2013 420.4 420.4 Trade payables \u2013 amounts due to clients 6.3 \u2013 \u2013 6.3 6.3 Trade payables \u2013 amounts due to brokers 48.6 \u2013 \u2013 48.6 48.6 Trade payables \u2013 issued turbo warrants 2.7 \u2013 \u2013 2.7 2.7 Other payables \u2013 accruals 109.4 \u2013 \u2013 109.4 109.4 Other payables \u2013 \u2013 1.2 1.2 1.2 Amount due to the Pool 3.3 \u2013 \u2013 3.3 3.3 Total 607.5 51.0 309.4 967.9 910.2 31 May 2022 Within 1 year \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Carrying amount of liability \u00a3m Debt securities in issue 9.4 37.6 304.7 351.7 299.2 Lease liabilities 8.9 14.6 0.6 24.1 22.7 Trade payables \u2013 client funds 519.4 \u2013 \u2013 519.4 519.4 Trade payables \u2013 amounts due to clients 22.3 \u2013 \u2013 22.3 22.3 Trade payables \u2013 amounts due to brokers 28.0 \u2013 \u2013 28.0 28.0 Trade payables \u2013 issued turbo warrants 1.5 \u2013 \u2013 1.5 1.5 Other payables \u2013 accruals 112.6 \u2013 \u2013 112.6 112.6 Total 702.1 52.2 305.3 1,059.6 1,005.7 In the prior year, the Group entered into a rolling credit facility agreement with its bank (please refer to note 19 for further details). In the current year, following the introduction of UMR (please see note 15 for further details) the Group entered into a sale and repurchase agreement with its bank in relation to its UK Government Gilt Securities. Both these agreements help the Group to better manage its liquidity requirements, as well as mitigate liquidity risks. Capital management The Group manages its capital resources in line with its capital allocation framework, which includes holding sufficient capital to meet regulatory capital requirements. The regulatory capital resources of the Group is a measure of equity, adjusted for goodwill and intangible assets, deferred tax assets, declared dividends, significant investment in financial sector entities, outstanding amount of share buyback not recognised in financial statements and prudent valuation, which at 31 May 2023 totalled \u00a3996.3 million (31 May 2022: \u00a31,025.6 million). The Group operates a monitoring framework over the capital resources and minimum capital requirements daily, calculating the market and credit risk requirements arising from exposure at the end of each day and this includes internal warning indicators as part of the Group\u2019s Board Risk Dashboard. The Group met all externally imposed capital requirements throughout the years ended 31 May 2023 and 31 May 2022. In addition to regulatory capital requirements, the Group is required to comply with financial covenants covering a maximum leverage ratio and net debt to equity. Further details can be found in note 19. 30. Cash flow information Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Operating activities Operating profit From continuing operations 438.5 477.3 From discontinued operations (0.2) \u2013 Adjustments for: Depreciation and amortisation 61.0 57.5 Profit on disposal of assets 0.8 (0.3) Interest received on client funds (81.8) (3.5) Interest expense on client funds 1.0 2.7 Equity-settled share-based payments charge 13.3 13.6 (Increase)/decrease in trade receivables, other receivables and other assets (103.0) 53.9 (Decrease)/increase in trade and other payables (108.2) 209.4 Cash generated from operations 221.4 810.6 Interest received on client funds of \u00a381.8 million (31 May 2022: \u00a33.5 million) and interest paid on client funds of \u00a31.0 million (31 May 2022: \u00a32.7 million) have been presented as separate line items in the table above and in the Consolidated Statement of Cash Flows, in the current year. Prior year interest balances have been presented accordingly. Liabilities arising from financing activities Debt securities in issue \u00a3m Borrowings \u00a3m Leases \u00a3m Share buyback \u00a3m Total \u00a3m As at 1 June 2021 \u2013 98.8 23.1 \u2013 121.9 Changes to existing lease agreements \u2013 \u2013 5.6 \u2013 5.6 Lease agreements through acquisition \u2013 \u2013 0.9 \u2013 0.9 Unwinding of discount \u2013 \u2013 0.6 \u2013 0.6 Lease payments made in the year \u2013 \u2013 (8.1) \u2013 (8.1) Issuance of debt securities 299.2 \u2013 \u2013 \u2013 299.2 Draw down of term loan \u2013 150.0 \u2013 \u2013 150.0 Repayment of term loan \u2013 (250.0) \u2013 \u2013 (250.0) Financing arrangement fees (2.1) \u2013 \u2013 \u2013 (2.1) Amortisation of fees 0.1 1.2 \u2013 \u2013 1.3 Impact of movement in foreign exchange rates \u2013 \u2013 0.6 \u2013 0.6 As at 31 May 2022 297.2 \u2013 22.7 \u2013 319.9 As at 1 June 2022 297.2 \u2013 22.7 \u2013 319.9 Shares repurchased (including costs) \u2013 \u2013 \u2013 177.3 177.3 Payments made for share buyback \u2013 \u2013 \u2013 (175.2) (175.2) Changes to existing lease agreements \u2013 \u2013 1.2 \u2013 1.2 Additions to leases \u2013 \u2013 7.3 \u2013 7.3 Disposal of leases \u2013 \u2013 (3.3) - (3.3) Unwinding of discount \u2013 \u2013 0.5 \u2013 0.5 Lease payments made in the year \u2013 \u2013 (7.6) \u2013 (7.6) Financing arrangement fees (0.3) \u2013 \u2013 \u2013 (0.3) Amortisation of fees 0.7 \u2013 \u2013 \u2013 0.7 Impact of movement in foreign exchange rates \u2013 \u2013 (0.1) \u2013 (0.1) As at 31 May 2023 297.6 \u2013 20.7 2.1 320.4 31. Business acquisition On 29 March 2023, the Group completed the acquisition of Small Exchange, a company incorporated in the US and based in Chicago. Small Exchange is a registered Designated Contract Market with the Commodity Futures Trading Commission. Small Exchange facilitates the trading of the futures market for all types of market participants. The acquisition has strategic benefits as it enables the Group to continue expanding its range of products and services available to retail investors and traders in the US by leveraging the trading technology of Small Exchange. A fair value exercise has been prepared in accordance with IFRS 3 \u2013 Business Combinations. The results of this exercise are set out below, along with the fair value of the purchase consideration. Purchase consideration Under the terms of the purchase agreement, the Group acquired the entire voting share capital of Small Exchange and in exchange \u00a39.6 million ($11.9 million) cash consideration was paid. The fair value of the purchase consideration was determined as \u00a39.6 million ($11.9 million). Identified assets and liabilities $m \u00a3m Non-current assets Intangible assets 9.9 8.0 Property, plant and equipment 0.9 0.7 Total non-current assets 10.8 8.7 Current assets Cash and cash equivalents 1.9 1.6 Prepayments 0.5 0.3 Total current assets 2.4 1.9 Current liabilities Other payables (0.2) (0.1) Deferred revenue (0.3) (0.3) Total current liabilities (0.5) (0.4) Non-current liabilities Deferred tax liability (0.8) (0.6) Total non-current liabilities (0.8) (0.6) Total identifiable net assets acquired 11.9 9.6 The fair value of assets and liabilities acquired was determined based on the assumptions that reasonable market participants would use in the principal or most advantageous market. The assumptions used included a discount rate of 21.4% (post tax) and unobservable inputs applied to the cost approach for technology assets. This approach applies the concept of replacement cost as an indicator of fair value, where an investor would pay no more for an asset than the amount the asset could be replaced for. In addition to the estimate of replacement cost, the inputs are the estimated opportunity cost which represents the lost return from investing in the development of technology, obsolescence factor which assumes replacement of technology over time considering annual level of maintenance and upgrades and remaining useful life of the asset. From the date of acquisition, Small Exchange has contributed \u00a30.8 million of operating losses during the year ended 31 May 2023. If the acquisition had occurred on 1 June 2022, the contribution to trading revenue and operating loss would have been \u00a30.1 million and \u00a36.8 million respectively. Operating loss includes the additional amortisation that would have been charged assuming that the fair value adjustments of intangible assets had been applied from 1 June 2022. Purchase consideration outflow $m \u00a3m Cash consideration 11.9 9.6 Less: cash balance acquired (1.9) (1.6) Net outflow of cash 10.0 8.0 Acquisition related costs of \u00a30.1 million are included in legal and professional fees in operating costs in the Consolidated Income Statement and in operating cash flows in the Consolidated Statement of Cash Flows. 32. Discontinued operations In FY22, the Group completed the sale of its operations in Nadex to Foris DAX Markets, Inc. for cash consideration of $213.7 million (\u00a3162.7 million). The financial performance and cash flow information of Nadex for the nine-month period up until the date of disposal, as well as any subsequent cash flows in relation to this sale, are reported in discontinued operations. Financial performance and cash flow information Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Net trading revenue \u2013 9.4 Other operating income \u2013 0.6 Operating income \u2013 10.0 Operating costs (0.2) (9.9) Net credit losses \u2013 (0.1) Operating profit (0.2) \u2013 Other non-operating income 1.9 \u2013 Profit before tax 1.7 \u2013 Tax expense (0.4) \u2013 Profit after tax 1.3 \u2013 Gain on sale of subsidiary after tax \u2013 107.8 Profit from discontinued operations 1.3 107.8 Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Net cash (outflow)/inflow from ordinary activities (1.5) 1.0 Net cash inflow from investing activities 1.8 121.6 1 Net cash outflow from financing activities \u2013 (0.1) Impact of movement in foreign exchange rates \u2013 1.0 Net cash increase generated by discontinued operations 0.3 123.5 1 includes sales proceeds net of cash retained of \u00a3143.3 million. Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Basic earnings per ordinary share from discontinued operations 0.3p 25.3p Diluted earnings per ordinary share from discontinued operations 0.3p 25.1p 33. Investment in associates 31 May 2023 \u00a3m 31 May 2022 \u00a3m At the beginning of the year 14.8 \u2013 Additions \u2013 business acquisition \u2013 26.9 Additions \u2013 increase in investment in associate \u2013 1.9 Disposals \u2013 (13.1) Share of loss after tax (2.6) (2.3) Foreign exchange movement 0.3 1.4 At the end of the year 12.5 14.8 Name of entity Principal place of business Registered office and country of incorporation Class of shares % equity owned by the Group Nature of business Zero Hash Holdings Limited Chicago, Illinois 1013 Centre Road, Suite 403-A, City of Wilmington, County of New Castle, 19805, US Series C- preferred share 9.81% Digital asset trading 34. Investments in subsidiaries The following companies are all owned directly or indirectly by IG Group Holdings plc: Name of company Registered office and country of incorporation Holding Voting rights Nature of business Subsidiary undertakings held directly IG Group Limited Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA, United Kingdom Ordinary shares 100% Holding company Subsidiary undertakings held indirectly IG Index Limited Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA, United Kingdom Ordinary shares 100% Spread betting IG Markets Limited Ordinary shares 100% CFD trading, foreign exchange and market risk management IG Markets South Africa Limited Ordinary shares 100% CFD trading Market Data Limited Ordinary shares 100% Data distribution Daily FX Limited 2 Ordinary shares 100% Content provider IG Knowhow Limited Ordinary shares 100% Software development IG Finance 5 Limited 1 Ordinary shares \u2013 Financing IG Finance 9 Limited Ordinary shares 100% Financing Financial Domaigns Registry Holdings Limited Ordinary shares 100% Non-trading Deal City Limited Ordinary shares 100% ETF trading IG Trading and Investments Limited Ordinary shares 100% Stock trading IG Australia Pty Limited Level 15, 55 Collins Street, Melbourne, VIC 3000, Australia Ordinary shares 100% CFD trading, foreign exchange and stock trading IG Asia Pte Limited 9 Battery Road, 01-02 MYP Centre, 049910, Singapore Ordinary shares 100% CFD trading and foreign exchange Kunxin Translation (Shenzhen) Co. Limited 19-B16, Shenzhen Dinghe Tower, No.100 of Fuhua 3rd Road, Fuan Community, Futian District, Shenzhen Ordinary shares 100% Translation services IG Securities Limited Izumi Garden Tower 26F, 1-6-1 Roppongi, Minato-ku,106-6026, Tokyo Ordinary shares 100% CFD trading and foreign exchange IG Europe GmbH Westhafenplatz 1, Frankfurt am Main, 60327, Germany Ordinary shares 100% CFD trading and foreign exchange Spectrum MTF Operator GmbH Ordinary shares 100% Multilateral Trading Facility Raydius GmbH Ordinary shares 100% Issuer of turbo warrants IG Bank S.A. 42 Rue du Rhone, Geneva, 1204, Switzerland Ordinary shares 100% CFD trading and foreign exchange Name of company Registered office and country of incorporation Holding Voting rights Nature of business IG Infotech (India) Private Limited Infinity, 2nd Floor, Katha No 436, Survey No 13/1B, 12/2B, Challagatta Village, Bangalore, 560071, India Ordinary shares 100% Software development and support services IG US Holdings Inc. 251 Little Falls Drive, Wilmington, Delaware, 19808, United States Ordinary shares 100% Holding company Market Risk Management Inc. Ordinary shares 100% Non-trading FX Publications Inc Ordinary shares 100% Non-trading IG US LLC Ordinary shares 100% Foreign exchange trading Fox Sub 2 Limited 57/63 Line Wall Road, Gibraltar Ordinary shares 100% Financing Fox Japan Holdings Ordinary shares 100% Holding company IG Limited Office 2&3, Level 27, Currency House \u2013 Tower 2, Dubai International Financial Centre, P O Box \u2013 506968 Dubai, United Arab Emirates Ordinary shares 100% CFD foreign exchange and stock trading Brightpool Limited Christodoulou Chatzipavlou, 221 Helios Court, 3rd floor 3036, Limassol, Cyprus Ordinary shares 100% Market maker IG Markets Kenya Limited William House, 4th Ngong Avenue, Nairobi, Nairobi West District, PO Box 40111, 00100, Kenya Ordinary shares 100% Non-trading IG International Limited Canon\u2019s Court, 22 Victoria Street, Hamilton, HM 12, Bermuda Ordinary shares 100% CFD trading and foreign exchange IG Securities Hong Kong Limited 19/F, Lee Garden One, 33 Hysan Avenue Causeway Bay, Hong Kong Ordinary shares 100% Non-trading tastylive, Inc. 6 1330 W Fulton Market St, Suite 620, Chicago, IL 60607, United States Ordinary shares 100% Network and content provider tastytrade, Inc. 7 Ordinary shares 100% Brokerage firm tasty Software Solutions LLC 3 Ordinary shares 100% Software development Small Exchange, Inc. 4 Ordinary shares 100% Exchange Bad Trader LLC 5 Ordinary shares 100% Content provider tastytrade Australia, Pty Limited 8 Unit 13, 5 Gladstone Rd, Castle Hill, NSW, 2154, Australia Ordinary shares 100% Brokerage firm tastytrade Canada, Inc. 9 800\u2013885 West Georgia Street, Vancouver BC, V6C 3H1, Canada Ordinary shares 100% Non-trading Quiet Foundation, Inc. 1330 W Fulton Street, Suite 630, Chicago, IL 60607, United States Ordinary shares 100% Dormant Dough LLC 19 N Sangamon St, Chicago, IL 60607, United States Ordinary shares 100% Dormant Name of company Registered office and country of incorporation Holding Voting rights Nature of business tastytrade Singapore Pte. Limited 10 #28-00, One Marina Boulevard, Singapore (018989) Ordinary shares 100% Non-trading 1 The subsidiary entered into Members\u2019 Voluntary Liquidation (solvent liquidation) and was handed over to liquidators on 28 May 2021. 2 This company is a newly established entity, incorporated on 20 January 2023. 3 This company is a newly established entity, incorporated on 3 November 2022. 4 The Group acquired a controlling interest in this company on 29 March 2023. 5 This company is a newly established entity, incorporated on 10 February 2023. 6 During the year the company changed its official name from tastytrade, Inc. to tastylive, Inc. 7 During the year the company changed its official name from tastyworks, Inc. to tastytrade, Inc. 8 During the year the company changed its official name from tastyworks Australia Pty Limited to tastytrade Australia Pty Limited. 9 During the year the company changed its official name from tastyworks Canada, Inc. to tastytrade Canada, Inc. 10 During the year the company changed its official name from tastyworks Singapore Pte. Limited to tastytrade Singapore Pte. Limited. The following UK entities, all of which are 100% owned by the Group, are not subject to an audit by virtue of s479A of the Companies Act 2006 relating to subsidiary companies: IG Finance 9 Limited (07306407) and Deal City Limited (09635230). Employee Benefit Trusts IG Group Holdings plc Inland Revenue Approved Share Incentive Plan (UK Trust) IG Group Limited Employee Benefit Trust (Jersey Trust) IG Group Employee Equity Plan Trust (Australian Trust) 35. Subsequent events During the period from 1 June 2023 to 17 July 2023, the Group repurchased 3,386,082 ordinary shares with a nominal value if 0.005p for an aggregate purchase amount of \u00a323.0 million (including related costs of \u00a30.1 million), bringing the total number of shares repurchased under the share buyback programme to 26,205,788. On 19 July, the Board approved an additional share buyback programme of \u00a3250 million. It is anticipated that the programme will commence under the existing shareholder authority granted at the 2022 AGM and will conclude under the authority proposed for approval at the 2023 AGM, following approval at the 2023 AGM. There have been no other subsequent events that have a material impact on the Group\u2019s financial information.",
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"value": "Basis of preparation (a) Compliance with International Financial Reporting Standards (IFRS) The Group Financial Statements 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. There were no unendorsed standards effective for the year ended 31 May 2023 affecting these consolidated Group Financial Statements. These Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through other comprehensive income and fair value through profit and loss. The accounting policies which have been applied in preparing the Group Financial Statements for the year ended 31 May 2023 are disclosed in note 2. (b) Critical accounting estimates and judgements The preparation of these Financial Statements in conformity with UK-adopted International Accounting Standards requires the Group to make judgements and estimates that affect the application of accounting policies and the amounts reported for assets and liabilities as at the reporting date, and the amounts reported for revenue and expenses during the year. The nature of estimates and judgements means that actual outcomes could differ from those estimates and judgements. In the Directors\u2019 opinion, the accounting estimates or judgements that have the most significant impact on the presentation or measurement of items recorded in the Group Financial Statements are the following: Recoverable amount of US cash-generating unit (CGU) (estimate) \u2013 The Group has estimated the recoverable amount of its US CGU, which includes goodwill of \u00a3509.2 million (31 May 2022: \u00a3502.8 million) and other acquisition-related intangibles. Key assumptions used in the value-in- use calculations include management cash flow forecasts, the discount rate and the long-term growth rate. The recoverable amount of the US CGU is sensitive to a reasonably possible change in some of these assumptions. Further information regarding the assumptions and their associated sensitivities is provided in note 12. (c) New accounting standards and interpretations There were no new standards, amendments or interpretations issued and made effective during the current year which have had a material impact on the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The IASB has published a number of amendments to IFRSs that are effective for annual reporting periods beginning on or after 1 January 2023. These include amendments published to IFRS 16 \u2013 Leases, IFRS 3 \u2013 Business Combinations, IAS 12 \u2013 Income Taxes, IAS 37 \u2013 Contingent Liabilities and IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors. The Group has assessed the impact of these amendments and expects they will not have a material impact, when adopted, on the Group Financial Statements. (d) Segmental information The Group\u2019s segmental information is disclosed in a manner consistent with the basis of internal reporting provided to the Chief Operating Decision Maker (CODM) regarding components of the Group. The Group has identified the CODM as the Executive Directors of IG Group Holdings plc, who regularly review this management information to assess the performance and allocate resources to the reportable segments. The CODM uses total revenue as the primary measure of performance of the various segments of the Group. Further information regarding alternative performance measure has been provided in note 3. (e) Foreign currencies The functional currency of each entity in the Group is consistent with the primary economic environment in which the entity operates. Transactions in other currencies are initially recorded in the functional currency by applying spot exchange rates prevailing on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are revalued at the entity\u2019s functional currency exchange rate prevailing at the balance sheet date. Gains and losses arising on revaluation are taken to trading revenue in the Consolidated Income Statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. The Group\u2019s presentational currency is sterling. In the Group Financial Statements, the assets and liabilities of the Group\u2019s overseas operations are translated into sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the year. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at closing rate. Exchange differences arising from the translation of overseas operations are recognised in other comprehensive income and the translation reserve. On disposal of an overseas operation, exchange differences previously recognised in other comprehensive income are recycled to the Consolidated Income Statement as income or expense. (f) Going concern The Directors have prepared the Group Financial Statements on a going concern basis which requires the Directors to have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Group Financial Statements. The Group meets its day-to-day working capital requirements through its available liquid assets and debt facilities. The Group\u2019s liquid assets exclude all monies held in segregated client money accounts. In assessing whether it is appropriate to adopt the going concern basis in preparing the Group Financial Statements, the Directors have considered the resilience of the Group, taking account of its liquidity position and cash generation, the adequacy of capital resources, the availability of external credit facilities and the associated financial covenants, and stress- testing of liquidity and capital adequacy that considers the principal risks faced by the business. The Directors\u2019 assessment has considered future performance, solvency and liquidity over a period of at least 12 months from the date of approval of the Group Financial Statements. The Board, following the review by the Audit Committee, has a reasonable expectation that the Group has adequate resources for that period, and confirm that they consider it appropriate to adopt the going concern basis in preparing the Group Financial Statements. (g) Business acquisition On 29 March 2023, the Group acquired the entire share capital of Small Exchange, Inc. (Small Exchange). The results of Small Exchange have been consolidated in the Group since the date of acquisition. Where necessary, comparative information is presented in US dollars alongside sterling. Further details are disclosed in note 31. (h) Reclassification of comparatives To ensure consistency with the current period, comparative figures have been reclassified where the presentation of the Consolidated Financial Statements has been changed. The adjustments are: (i) Interest received on client funds of \u00a381.8 million (31 May 2022: \u00a33.5 million) and interest paid on client funds of \u00a31.0 million (31 May 2022: \u00a32.7 million) have been presented as separate line items in the Consolidated Statement of Cash Flows, as well as in note 30 cash flow information. (ii) The ordering of the financial statement line items in the Consolidated Income Statement has been updated in the current year, to reflect a more appropriate presentation given changes in the business. As a result of changing interest rates, finance income (31 May 2023: \u00a330.2 million; 31 May 2022: \u00a33.4 million) and finance costs (31 May 2023: \u00a316.2 million; 31 May 2022: \u00a314.8 million) have become more significant. Accordingly, these line items are now presented immediately below the operating profit line. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-430": {
"value": "(a) Compliance with International Financial Reporting Standards (IFRS) The Group Financial Statements 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. There were no unendorsed standards effective for the year ended 31 May 2023 affecting these consolidated Group Financial Statements. These Financial Statements have been prepared under the historical cost convention, as modified by the revaluation of financial assets and financial liabilities at fair value through other comprehensive income and fair value through profit and loss. The accounting policies which have been applied in preparing the Group Financial Statements for the year ended 31 May 2023 are disclosed in note 2. ",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-431": {
"value": "(b) Critical accounting estimates and judgements The preparation of these Financial Statements in conformity with UK-adopted International Accounting Standards requires the Group to make judgements and estimates that affect the application of accounting policies and the amounts reported for assets and liabilities as at the reporting date, and the amounts reported for revenue and expenses during the year. The nature of estimates and judgements means that actual outcomes could differ from those estimates and judgements. In the Directors\u2019 opinion, the accounting estimates or judgements that have the most significant impact on the presentation or measurement of items recorded in the Group Financial Statements are the following: Recoverable amount of US cash-generating unit (CGU) (estimate) \u2013 The Group has estimated the recoverable amount of its US CGU, which includes goodwill of \u00a3509.2 million (31 May 2022: \u00a3502.8 million) and other acquisition-related intangibles. Key assumptions used in the value-in- use calculations include management cash flow forecasts, the discount rate and the long-term growth rate. The recoverable amount of the US CGU is sensitive to a reasonably possible change in some of these assumptions. Further information regarding the assumptions and their associated sensitivities is provided in note 12. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-469": {
"value": "(c) New accounting standards and interpretations There were no new standards, amendments or interpretations issued and made effective during the current year which have had a material impact on the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The IASB has published a number of amendments to IFRSs that are effective for annual reporting periods beginning on or after 1 January 2023. These include amendments published to IFRS 16 \u2013 Leases, IFRS 3 \u2013 Business Combinations, IAS 12 \u2013 Income Taxes, IAS 37 \u2013 Contingent Liabilities and IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors. The Group has assessed the impact of these amendments and expects they will not have a material impact, when adopted, on the Group Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-434": {
"value": "(c) New accounting standards and interpretations There were no new standards, amendments or interpretations issued and made effective during the current year which have had a material impact on the Group. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The IASB has published a number of amendments to IFRSs that are effective for annual reporting periods beginning on or after 1 January 2023. These include amendments published to IFRS 16 \u2013 Leases, IFRS 3 \u2013 Business Combinations, IAS 12 \u2013 Income Taxes, IAS 37 \u2013 Contingent Liabilities and IAS 8 \u2013 Accounting Policies, Changes in Accounting Estimates and Errors. The Group has assessed the impact of these amendments and expects they will not have a material impact, when adopted, on the Group Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-432": {
"value": "(d) Segmental information The Group\u2019s segmental information is disclosed in a manner consistent with the basis of internal reporting provided to the Chief Operating Decision Maker (CODM) regarding components of the Group. The Group has identified the CODM as the Executive Directors of IG Group Holdings plc, who regularly review this management information to assess the performance and allocate resources to the reportable segments. The CODM uses total revenue as the primary measure of performance of the various segments of the Group. Further information regarding alternative performance measure has been provided in note 3. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-433": {
"value": "(e) Foreign currencies The functional currency of each entity in the Group is consistent with the primary economic environment in which the entity operates. Transactions in other currencies are initially recorded in the functional currency by applying spot exchange rates prevailing on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are revalued at the entity\u2019s functional currency exchange rate prevailing at the balance sheet date. Gains and losses arising on revaluation are taken to trading revenue in the Consolidated Income Statement. Non-monetary assets and liabilities denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. The Group\u2019s presentational currency is sterling. In the Group Financial Statements, the assets and liabilities of the Group\u2019s overseas operations are translated into sterling at exchange rates prevailing on the balance sheet date. Income and expense items are translated at the average exchange rates for the year. Goodwill and fair value adjustments arising on the acquisition of a foreign operation are treated as assets and liabilities of the foreign operation and translated at closing rate. Exchange differences arising from the translation of overseas operations are recognised in other comprehensive income and the translation reserve. On disposal of an overseas operation, exchange differences previously recognised in other comprehensive income are recycled to the Consolidated Income Statement as income or expense. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-468": {
"value": "The functional currency of each entity in the Group is consistent with the primary economic environment in which the entity operates. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-435": {
"value": "(f) Going concern The Directors have prepared the Group Financial Statements on a going concern basis which requires the Directors to have a reasonable expectation that the Group has adequate resources to continue in operational existence for a period of at least 12 months from the date of approval of the Group Financial Statements. The Group meets its day-to-day working capital requirements through its available liquid assets and debt facilities. The Group\u2019s liquid assets exclude all monies held in segregated client money accounts. In assessing whether it is appropriate to adopt the going concern basis in preparing the Group Financial Statements, the Directors have considered the resilience of the Group, taking account of its liquidity position and cash generation, the adequacy of capital resources, the availability of external credit facilities and the associated financial covenants, and stress- testing of liquidity and capital adequacy that considers the principal risks faced by the business. The Directors\u2019 assessment has considered future performance, solvency and liquidity over a period of at least 12 months from the date of approval of the Group Financial Statements. The Board, following the review by the Audit Committee, has a reasonable expectation that the Group has adequate resources for that period, and confirm that they consider it appropriate to adopt the going concern basis in preparing the Group Financial Statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-439": {
"value": "(g) Business acquisition On 29 March 2023, the Group acquired the entire share capital of Small Exchange, Inc. (Small Exchange). The results of Small Exchange have been consolidated in the Group since the date of acquisition. Where necessary, comparative information is presented in US dollars alongside sterling. Further details are disclosed in note 31. ",
"dimensions": {
"concept": "iggroupholdingsplc:DescriptionOfAccountingPolicyForBusinessCombinations",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-436": {
"value": "(h) Reclassification of comparatives To ensure consistency with the current period, comparative figures have been reclassified where the presentation of the Consolidated Financial Statements has been changed. The adjustments are: (i) Interest received on client funds of \u00a381.8 million (31 May 2022: \u00a33.5 million) and interest paid on client funds of \u00a31.0 million (31 May 2022: \u00a32.7 million) have been presented as separate line items in the Consolidated Statement of Cash Flows, as well as in note 30 cash flow information. (ii) The ordering of the financial statement line items in the Consolidated Income Statement has been updated in the current year, to reflect a more appropriate presentation given changes in the business. As a result of changing interest rates, finance income (31 May 2023: \u00a330.2 million; 31 May 2022: \u00a33.4 million) and finance costs (31 May 2023: \u00a316.2 million; 31 May 2022: \u00a314.8 million) have become more significant. Accordingly, these line items are now presented immediately below the operating profit line. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-375": {
"value": "2. Significant accounting policies The accounting policies and interpretations adopted in the preparation of the Group Financial Statements are consistent with those followed in the preparation of the Group Financial Statements for the year ended 31 May 2022, except the following accounting policies adopted due to new transactions in the year: \u00bc Equity arising from transactions with shareholders (Share capital) \u00bc Notional pooling arrangement (Cash and cash equivalents) Basis of consolidation Subsidiaries The Group Financial Statements consolidate the financial results of IG Group Holdings plc and the entities it controls (its subsidiaries) as listed in note 34. Subsidiaries are consolidated from the date on which the Group obtains control, up until the date on which control ceases. Control is achieved where the Group has existing rights that give it the ability to direct the activities that affect the Group\u2019s returns and exposure, or rights to variable returns from the entity. The results, cash flows and final positions of the subsidiaries used in the preparation of the financial statements are prepared for the same reporting year as the parent company and are based on consistent accounting policies. Where necessary, adjustments are made to the results of subsidiaries to align the accounting policies used with those used by the Group. All inter-company transactions, balances, income and expenses between the Group entities, including unrealised profits arising from them, are eliminated on consolidation. Business combinations Business combinations are accounted for using the acquisition method. On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The cost of an acquisition is measured at the fair value of consideration transferred, including an estimate of any contingent or deferred consideration. Contingent or deferred consideration is remeasured at each balance sheet date with periodic changes to the estimated liability recognised in the Consolidated Income Statement. Acquisition-related costs are expensed as they are incurred. Goodwill is initially measured as the excess of the consideration transferred over the fair values of identifiable net assets. If this consideration is lower than the fair values of identifiable net assets acquired, the difference is credited to the Consolidated Income Statement in the year of acquisition. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Investment in associates and joint ventures Associates are entities for which the Group has significant influence, but not control or joint control. Investments in associates are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associate which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Joint ventures are entities for which the Group has joint control. Investments in joint ventures are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss of the joint venture which is recognised from the date that joint control begins, up until the date that joint control ceases. Investments in associates and joint ventures are assessed for impairment indicators at the end of each reporting date. If such indicators exist, the recoverable amount is estimated to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying value of the investment is reduced to its recoverable amount. Impairment losses are immediately expensed in the Consolidated Income Statement. Revenue recognition Trading revenue includes revenue arising from each of the Group\u2019s four revenue generation models: OTC derivatives, exchange traded derivatives, stock trading, and investments. Revenue is shown net of sales taxes. Trading revenue is reported before introducing partner commission, betting duties and financial transaction taxes, which are disclosed as an expense in arriving at net operating income. Net trading revenue represents trading revenue after adjusting for introducing partner commission. OTC derivatives Revenue from OTC derivatives represents: i) fees paid by clients for spread, commission and funding charges in respect of the opening, holding and closing of financial spread bets, contracts for difference or options contracts, together with gains and losses for the Group arising on client trading activity; less ii) fees paid by the Group in spread, commissions and funding charges arising in respect of hedging the risk associated with the client trading activity and the Group\u2019s currency exposures, together with gains and losses incurred by the Group arising on hedging activity. Open client and hedging positions are fair valued daily, with gains and losses arising on this valuation recognised in revenue. The policies and methodologies associated with the determination of fair value are disclosed in note 28. Revenue from OTC derivatives is recognised on a trade-date basis. Exchange traded derivatives Revenue from exchange traded derivatives represents: i) fee and commission income earned through facilitation of client trades; and ii) payment for order flow generated from execution partners who accept trades from client securities transactions. In addition to transaction fees, revenue from exchange traded derivatives also includes gains or losses arising from the change in fair value of the Group\u2019s market-making activity on its multilateral trading facility. Revenue from exchange traded derivatives is recognised on a trade-date basis. Stock trading Revenue from stock trading represents fees and commission earned from client trades and the administration of client assets. Revenue is recognised in full on the date of the trade being placed or the fee being charged. Investments Revenue from investments represents management fees, which are earned as a percentage of assets under management. These are recognised over the period in which the service is provided. Interest income and expense Interest income and expense is accrued on a time basis, by reference to the principal amount outstanding and at the applicable interest rate. Interest income and expense on client funds held with banks and clearing brokers are included in net operating income, which is consistent with the nature of the Group\u2019s operations. Finance income and costs All interest income and costs other than interest income and expense on client funds, are disclosed within finance income and costs. Further details are disclosed in note 7 and note 8 respectively. Dividends Dividends declared but not yet distributed to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. Employee benefits Pension obligations The Group operates defined contribution schemes. Contributions are charged to the Consolidated Income Statement when they become payable according to the rules of the schemes. Once the contributions have been paid, the Group has no legal or constructive obligations to pay further contributions. Bonus schemes The Group recognises an accrual and an expense for bonuses based on formulae that consider specific financial and non-financial measures. Liabilities for the Group\u2019s cash-settled portion of the Sustained Performance Plan are recognised as variable remuneration over the relevant service period and are remeasured at each balance sheet date until settlement. Termination benefits Termination benefits are payable when an employment contract is terminated by the Group. The Group recognises termination benefits when the Group can no longer withdraw the offer of those benefits. Leases The Group\u2019s leases are recognised as right-of-use asset with a corresponding lease liability from the lease commencement date. Leasing arrangements can contain both lease and non-lease components. The Group has elected to separate out the non-lease component and to account for these separately from the right-of-use asset. The lease liability is initially measured as the net present value of the following payments: \u00bc Fixed payments less any lease incentives \u00bc Variable lease payments dependent on an index or rate initially measured as at the commencement date \u00bc Amounts payable by the Group under residual guarantees \u00bc Payments of penalties for terminating the lease Lease payments are discounted at the Group\u2019s estimated secured incremental borrowing rate. This represents the cost to borrow funds in order to obtain a similar valued right-of-use asset in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising: \u00bc Lease liability at initial recognition \u00bc Lease payments made at or before the commencement date less any lease incentives received \u00bc Initial direct costs \u00bc Restoration costs Right-of-use assets are depreciated over the duration of the lease term. Lease payments for low-value assets or with a period of 12 months or less are recognised on a straight-line basis as an expense in the Consolidated Income Statement. Taxation The income tax expense represents the sum of tax currently payable and movements in deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from accounting profit as reported in the Consolidated Income Statement because taxable profit excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates in the respective jurisdictions that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for on all temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences may be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity or other comprehensive income, in which case the deferred tax is also dealt within equity or other comprehensive income. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset, including costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value based upon estimated useful lives. Estimated residual value and useful lives are reviewed annually and residual values are based on prices prevailing at the balance sheet date. Depreciation is charged on a straight-line basis over the expected useful lives as follows: Leasehold improvements \u2013 over the lease term of up to 15 years Office equipment, fixtures and fittings \u2013 over 5 years Computer and other equipment \u2013 over 2, 3 or 5 years Right-of-use asset \u2013 over the lease term of up to 15 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable, at which point they are written down immediately to their recoverable amount. The amount of write-down is immediately charged to the Consolidated Income Statement. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on derecognition is determined as the difference between the sale proceeds and carrying amount of the asset, and is immediately recognised in the Consolidated Income Statement. Goodwill Goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value may be impaired. Goodwill is recognised as an asset and is allocated to CGUs by management for purposes of impairment testing. A CGU represent the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Where the recoverable amount of a CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Consolidated Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of a business unit, or of an operation within it. Intangible assets Intangible assets are carried at cost less accumulated amortisation and impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination, such as a trade name or customer relationship, is recognised at fair value and identified separately from goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Development expenditure is recognised as an intangible asset only after all the following criteria are met: \u00bc The project\u2019s assets are identifiable and under the Group\u2019s control \u00bc The costs in relation to the project can be accurately measured \u00bc The project\u2019s technical feasibility and commercial viability can be demonstrated \u00bc The availability of adequate technical and financial resources \u00bc Management\u2019s intention to complete the project has been confirmed \u00bc Probable future economic benefit has been established Research and development expenditure on internally developed intangible assets, which do not meet these criteria is taken to the Consolidated Income Statement in the year in which it is incurred. Intangible assets with a finite life are amortised over their expected useful lives on a straight- line basis, as follows: Internally developed software \u2013 over 3 to 5 years Software and licences \u2013 over the contract term of up to 5 years Trade names \u2013 2 to 15 years Customer relationships \u2013 9 years Non-compete arrangements \u2013 5 years Domain names \u2013 over 10 years The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. Impairment of non-financial assets When impairment testing is required, the carrying amounts of the Group\u2019s non-financial assets are reviewed to determine whether there is any indication of impairment. If any such indication exists (or at least annually for goodwill), the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less selling costs and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present values using a pre-tax discount rate. This rate reflects current market assessments of the time value of money, as well as the risks specific to the asset to the extent the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense in the Consolidated Income Statement immediately. An assessment is made at each balance sheet date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated and previously recognised impairment losses are reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, although impairment losses relating to goodwill may not be reversed. Financial instruments Classification, recognition and measurement The Group determines the classification of its financial instruments at initial recognition in accordance with the following categories outlined under IFRS 9 \u2013 Financial Instruments and re-evaluates this designation annually. The classification of financial assets takes into consideration the Group\u2019s business model for managing those financial assets and the nature of their contractual cash flows. When financial instruments are recognised initially, they are measured at fair value. In the case of financial assets and financial liabilities not at fair value through profit or loss, the fair value of these assets and liabilities is measured net of directly attributable transaction costs. Financial instruments are disclosed in note 28 of the Group Financial Statements. (a) Financial assets and liabilities measured at fair value through profit or loss Financial assets and liabilities measured at fair value through profit or loss are financial assets and liabilities that are not classified and measured at amortised cost or as fair value through other comprehensive income. The financial assets and liabilities included in this category are the financial derivative open positions included in trade receivables (due from brokers), money market funds, trade payables (excluding amounts due to clients) and other investments. The Group uses derivative financial instruments in order to hedge derivative exposures arising from open client positions, which are also classified as fair value through profit or loss. All financial instruments at fair value through profit or loss are carried at fair value with gains or losses recognised in trading revenue in the Consolidated Income Statement. (b) Financial assets measured at amortised cost Financial assets measured at amortised cost are non-derivative financial assets which are held to collect the contractual cash flows. The contractual terms of the financial assets give rise to payments on specified dates that are solely payments of principal amount and interest on the principal amount outstanding. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non- current assets. The Group\u2019s financial assets measured at amortised cost comprise trade receivables (other than amounts due from brokers), other receivables, cash and cash equivalents and fixed term deposits that are categorised under financial investments. Interest on financial assets measured at amortised cost is included in finance income using the effective interest rate method. The effective interest rate is either the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses unless the asset is credit impaired. The calculation includes all fees and spreads paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. (c) Financial assets measured at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are assets that are held to collect the contractual cash flows and to be sold. The contractual terms of these assets give rise to payments on specified dates that are solely payments of principal and interest on the principal amount outstanding. They are included in non-current assets unless the financial asset matures or management intend to dispose of them within 12 months of the end of the reporting period. The Group\u2019s fair value through other comprehensive income financial assets are financial investments (other than fixed term deposits) and financial assets pledged as collateral. Unrealised gains or losses, other than loss allowances for expected credit losses, arising from financial assets measured at fair value through other comprehensive income are reported in equity (in the fair value through other comprehensive income reserve) and in other comprehensive income, until such assets are sold, collected or otherwise disposed of. On disposal of a financial asset, the accumulated unrealised gain or loss included in equity is recycled to the Consolidated Income Statement for the period and reported in gains/losses from FVOCI reserve on disposal of financial assets. Gains and losses on disposal are determined using the fair value of the asset at the date of derecognition. Interest on financial assets is included in finance income and calculated using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses unless the asset is credit impaired. The calculation includes all fees and spreads paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. UK Government securities held by the Group where brokers have the right to rehypothecate the assets are separately recognised as \u2018financial assets pledged as collateral\u2019 on the Statement of Financial Position. (d) Financial liabilities The Group\u2019s financial liabilities include trade payables, lease liabilities, debt securities in issue and other payables. These are initially recognised at fair value less transaction fees. They are subsequently measured at amortised cost using the effective interest method, excluding the open derivative element of trade payables, which is measured at fair value through profit or loss. The interest expense is calculated at each reporting period by applying the effective interest rate, and the resulting charge is reflected in finance costs in the Consolidated Income Statement. (e) Determination of fair value Financial instruments arising from client positions, financial derivative included in trade receivables (due from brokers), trade payables (excluding amounts due to clients), money market funds, financial investments (other than fixed term deposits) and financial assets pledged as collateral are stated at fair value. They are disclosed according to the valuation hierarchy required by IFRS 13 \u2013 Fair Value Measurement. Fair values are predominantly determined by reference to third-party market values (bid prices for long positions and offer prices for short positions) as detailed below: \u00bc Level 1: valued using unadjusted quoted prices in active markets for identical financial instruments \u00bc Level 2: valued using techniques where a price is derived based significantly on observable market data. For example, where an active market for an identical financial instrument to the product offered by the Group to its clients or used by the Group to hedge its market risk does not exist \u00bc Level 3: valued using techniques that incorporate information other than observable market data that is significant to the overall valuation Impairment of financial assets The impairment charge in the Consolidated Income Statement includes a loss allowance reflecting the change in expected credit losses. Expected credit losses are recognised for trade receivables, cash and cash equivalents, other receivables, financial investments and financial assets pledged as collateral. Expected credit losses are calculated as the difference between the contractual cash flows that are due to the Group and the cash flows that the Group expects to receive given the probability of default and loss given default, discounted at the original effective interest rate. At initial recognition of financial assets, an allowance is made for expected credit losses resulting from default events that are possible within the next 12 months, except for where the simplified approach is used where an allowance is made for the lifetime expected credit loss. In the event of a significant increase in credit risk, an allowance is made for expected credit losses resulting from possible default events over the expected life of the financial asset. The Group applies the simplified approach for trade receivables and other receivables where the revenue associated with these receivables is recognised in accordance with IFRS 15 Revenue from Contracts with Customers. The Group applies the general approach for all other financial assets. Financial assets that have not experienced a significant increase in credit risk are categorised as Stage 1 and 12-month expected credit losses are recognised; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are considered to be Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. An assessment of whether credit risk has increased significantly considers changes in the credit rating associated with the asset, whether contractual payments are more than 30 days past due and other reasonable information demonstrating a significant increase in credit risk. In accordance with the Group\u2019s internal credit risk management definition, financial instruments have a low credit risk when they have an external credit rating of investment grade. If no external credit rating is available, reference is made to the Group\u2019s internal credit risk policy. Assets are transferred to Stage 3 when an event of default, as defined in the Group\u2019s credit risk management policy, occurs or where the assets are credit impaired. The Group determines that a default occurs when a payment is 90 days past due for all assets, except for receivables from clients where it uses 120 days. This is aligned with the Group\u2019s risk management practices. All changes in expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment loss or gain. Financial assets are written off, either partially or in full, against the related allowance when the Group has no reasonable expectations of recovery of the asset. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the Consolidated Income Statement. Derecognition of financial assets and liabilities A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expired. (a) Financial assets A financial asset is derecognised when the right to receive cash flows from the asset has expired; or the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; or the Group has transferred its right to receive cash flows from the asset and either has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its right to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. (b) Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, whereby the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Offsetting financial instruments Assets or liabilities resulting from gains or losses on financial derivatives are carried at fair value. Amounts due from or to clients are offset with the net amount reported in the Consolidated Statement of Financial Position. Similarly, amounts due from and to brokers are offset, also presented net on the Consolidated Statement of Financial Position. Amounts are offset where there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. Trade payables and receivables Trade payables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions result in an amount payable by the Group. Trade receivables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions results in an amount due to the Group. Trade receivables balances also include commissions and required deposits due from the Group\u2019s broker-dealer counterparties. For trade receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group has applied the simplified approach for measuring impairment. The expected lifetime credit loss is recognised at initial recognition of the financial asset, with the loss allowance calculated by reference to an ageing debt profile, adjusted for forward-looking information. Trade receivables are written off when there is objective evidence of non-collectability or when an event of default occurs. For all other trade receivables, the general approach has been applied for measuring impairment. Other assets Other assets represent rights to cryptocurrency assets controlled by the Group. The Group offers financial derivatives with cryptocurrency as an underlying asset. The Group purchases and sells cryptocurrency assets as part of its hedging activity associated with offering for products. The Group holds cryptocurrency assets for trading in the ordinary course of its business, effectively acting as a commodity broker-dealer in respect of the underlying cryptocurrency asset because the salient features of these assets are, in economic terms, consistent with certain commodities under IAS 2 Inventories, 3(b). The assets are recognised on trade date and measured at fair value less costs to sell, with changes in valuation being recorded in the Consolidated Income Statement in the period in which they arise. Cryptocurrency assets are not financial instruments, and they are categorised as non-financial assets. The Group also act as a broker for the custody and trade of cryptocurrency related assets. The Group does not provide custody or safeguarding services in relation to these assets. Customers are instead required to contract directly with a third party custodian for the custody of their cryptocurrency assets. The cryptocurrency assets where the Group acts as a broker are not recognised on the Consolidated Statement of Financial Position. Other receivables Other receivables are the financial assets which give rise to payments on specified dates that are solely payments of principal amount and interest on the principal amount outstanding. They are assets that have not been designated as fair value through profit or loss. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. For other receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group applies a simplified approach for measuring impairment, similar to that of trade receivables. Prepayments Prepayments are assets with fixed or determinable payments made in advance for services or goods. They do not qualify as financial assets and are amortised over the period in which the economic benefit is expected to be consumed. Cash and cash equivalents Cash comprises of cash on hand and demand deposits which may be accessed within 90 days without penalty. Cash equivalents are short-term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. This includes money market funds. The Group holds money on behalf of clients in accordance with the client money rules of the UK Financial Conduct Authority (FCA) and other regulatory bodies. Such monies are classified as either cash and cash equivalents or segregated client funds in accordance with the relevant regulatory requirements or legal protections attached to the monies. The Group deposits a certain amount of its own cash into segregated client money accounts as buffers to prevent shortfalls. As the Group retains rights to these balances, they are recognised on the Statement of Financial Position within trade receivables. These buffer balances do not meet the criteria for cash and cash equivalents. The majority of the Group\u2019s cash balances are held with investment-grade banks. The Group considers the risk of default, and how adverse changes in economic and business conditions might impact the ability of the banks to meet their obligations. The Group assesses the expected credit losses on cash and cash equivalents on a forward-looking basis and whether there has been a significant increase in credit risk since initial recognition. Money market funds are mutual funds that invest in a diversified range of money market instruments, such as government owned instruments and short-term debt from highly credit rated counterparties. Money market funds are presented within cash and cash equivalents as they are short-term highly liquid investments that are readily convertible into known amounts of cash, they are subject to an insignificant risk of changes in value and they can be withdrawn without penalty. Segregated client funds are held in segregated client money accounts which are held off- balance sheet. The Group\u2019s ability to control these funds is restricted by local client money regulations. Furthermore, the Group is not exposed to credit risk in the event of insolvency of the financial institutions in which the funds are held, nor is the Group able to use these funds for its own operations. Client funds are held by the Group under a Title Transfer Collateral Arrangement (TTCA) by which a client agrees that full ownership of such monies is unconditionally transferred to the Group. Title transfer funds are accordingly recognised with cash and cash equivalents with a corresponding liability to clients within trade payables. Fixed term deposits do not meet the criteria of cash and cash equivalents under IAS 7 \u2013 Statement of Cash Flows as they have a maturity of longer than three months. Furthermore, the Group is unable to withdraw these deposits before their respective maturity date. Therefore, these are categorised as financial investments. The Group has a notional multi-currency pooling arrangement (the Pool), where there is no legally enforceable right to offset the amounts due to the Pool against the amounts due from the Pool across different currencies, nor is there an intention for settlement to take place on a net basis, the Group shows a gross presentation for these balances on the Consolidated Statement of Financial Position. The balance due to the Pool is included in other payables. Please refer to note 22 for further details of this arrangement. Other payables Non-derivative financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method if the time value of money is significant. Provisions Provisions 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. Contingent liabilities Contingent liabilities, which include certain guarantees and letters of credit pledged as collateral security, and contingent liabilities related to legal proceedings or regulatory matters, are not recognised in the Financial Statements but are disclosed unless the probability of settlement is remote. Contingent liabilities are assessed continually to determine whether an outflow of economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the financial statements of the period in which the change in probability occurs. Borrowings Borrowings are initially recognised at fair value and subsequently at amortised cost using the effective interest rate method with any difference between net proceeds and the redemption value being recognised in the Consolidated Income Statement over the period of borrowings. Debt securities in issue Debt securities in issue are recognised initially at fair value. Subsequently, debt securities are measured at amortised cost, with any difference between net proceeds and the redemption value being recognised in the Consolidated Income Statement over the lifetime of the security using the effective interest rate method. Transaction fees are recognised on the Consolidated Statement of Financial Position, and amortised over the expected life of the security. Share capital (a) Classification of shares as debt or equity When shares are issued, any component that creates a financial liability for the Group is presented as a liability on the Consolidated Statement of Financial Position; measured initially at fair value net of transaction costs and subsequently at amortised cost until extinguished on conversion or redemption. Dividends paid are charged as an interest expense in the Consolidated Income Statement. Equity instruments issued by the Company are recorded as the proceeds are received, net of direct issue costs. Equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. (b) Own shares held in Employee Benefit Trusts Shares held in Employee Benefit Trusts for the purposes of employee share schemes are classified as a deduction from shareholders\u2019 equity and are recognised at cost. Consideration received for the sale of such shares is recognised in equity, with any difference between the proceeds from the sale and the cost being taken to reserves. No gain or loss is recognised in the Consolidated Income Statement on the purchase, sale, issue or cancellation of equity shares. (c) Share-based payments The Company operates four employee share plans: a Share-Incentive Plan, a Sustained Performance Plan, a Medium-term Incentive Plan and a Long-term Incentive Plan. For market- based vesting conditions, the cost of these awards is measured at fair value calculated using option pricing models and are recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period based on the Company\u2019s estimate of the number of shares that will vest. For non-market-based vesting conditions, the cumulative expense is calculated representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions determining the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the Consolidated Income Statement as part of operating expenses, with a corresponding credit to equity. The grant by the Company of options over its equity instruments to employees of the subsidiary undertakings in the Group is treated as a capital contribution. The fair value of the employee services received is recognised over the vesting period as an increase in the investment in subsidiary undertakings, with a corresponding credit to equity. Upon awards vesting, the cost of awards is transferred from the share-based payments reserve into retained earnings. (d) Equity arising from transactions with shareholders Upon entering into a contract with a bank or broker which includes an obligation for that bank or broker to acquire the Company\u2019s own shares, a financial liability is recognised at the present value of the amount payable to the bank or broker, taking into consideration the contractual terms of the broker agreement, with a corresponding debit to the share buyback reserve, which is included within other reserves. Following initial recognition, the financial liability is measured in accordance with the Group\u2019s existing accounting policies for financial liabilities. The amount recognised in the share buyback reserve is reduced by the consideration paid for the purchase of own shares and transferred to retained earnings. The amount of the Group\u2019s issued share capital is reduced by the nominal value of the shares repurchased and transferred to the capital redemption reserve, which forms part of other reserves. Where the contract to repurchase shares expires prior to completing the repurchase, and incomplete delivery of the shares has taken place, the remaining balance recognised in the share buyback reserve is reversed along with the remaining financial liability. Any consideration paid to acquire own shares which exceeds the amount initially recognised is a transaction related cost and recognised directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-378": {
"value": "Basis of consolidation Subsidiaries The Group Financial Statements consolidate the financial results of IG Group Holdings plc and the entities it controls (its subsidiaries) as listed in note 34. Subsidiaries are consolidated from the date on which the Group obtains control, up until the date on which control ceases. Control is achieved where the Group has existing rights that give it the ability to direct the activities that affect the Group\u2019s returns and exposure, or rights to variable returns from the entity. The results, cash flows and final positions of the subsidiaries used in the preparation of the financial statements are prepared for the same reporting year as the parent company and are based on consistent accounting policies. Where necessary, adjustments are made to the results of subsidiaries to align the accounting policies used with those used by the Group. All inter-company transactions, balances, income and expenses between the Group entities, including unrealised profits arising from them, are eliminated on consolidation. Business combinations Business combinations are accounted for using the acquisition method. On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The cost of an acquisition is measured at the fair value of consideration transferred, including an estimate of any contingent or deferred consideration. Contingent or deferred consideration is remeasured at each balance sheet date with periodic changes to the estimated liability recognised in the Consolidated Income Statement. Acquisition-related costs are expensed as they are incurred. Goodwill is initially measured as the excess of the consideration transferred over the fair values of identifiable net assets. If this consideration is lower than the fair values of identifiable net assets acquired, the difference is credited to the Consolidated Income Statement in the year of acquisition. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Investment in associates and joint ventures Associates are entities for which the Group has significant influence, but not control or joint control. Investments in associates are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associate which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Joint ventures are entities for which the Group has joint control. Investments in joint ventures are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss of the joint venture which is recognised from the date that joint control begins, up until the date that joint control ceases. Investments in associates and joint ventures are assessed for impairment indicators at the end of each reporting date. If such indicators exist, the recoverable amount is estimated to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying value of the investment is reduced to its recoverable amount. Impairment losses are immediately expensed in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-437": {
"value": "Subsidiaries The Group Financial Statements consolidate the financial results of IG Group Holdings plc and the entities it controls (its subsidiaries) as listed in note 34. Subsidiaries are consolidated from the date on which the Group obtains control, up until the date on which control ceases. Control is achieved where the Group has existing rights that give it the ability to direct the activities that affect the Group\u2019s returns and exposure, or rights to variable returns from the entity. The results, cash flows and final positions of the subsidiaries used in the preparation of the financial statements are prepared for the same reporting year as the parent company and are based on consistent accounting policies. Where necessary, adjustments are made to the results of subsidiaries to align the accounting policies used with those used by the Group. All inter-company transactions, balances, income and expenses between the Group entities, including unrealised profits arising from them, are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-438": {
"value": "Business combinations Business combinations are accounted for using the acquisition method. On acquisition, the identifiable assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. The cost of an acquisition is measured at the fair value of consideration transferred, including an estimate of any contingent or deferred consideration. Contingent or deferred consideration is remeasured at each balance sheet date with periodic changes to the estimated liability recognised in the Consolidated Income Statement. Acquisition-related costs are expensed as they are incurred. Goodwill is initially measured as the excess of the consideration transferred over the fair values of identifiable net assets. If this consideration is lower than the fair values of identifiable net assets acquired, the difference is credited to the Consolidated Income Statement in the year of acquisition. The results of subsidiaries acquired or disposed of during the year are included in the Consolidated Income Statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-478": {
"value": "Investment in associates and joint ventures Associates are entities for which the Group has significant influence, but not control or joint control. Investments in associates are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associate which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Joint ventures are entities for which the Group has joint control. Investments in joint ventures are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss of the joint venture which is recognised from the date that joint control begins, up until the date that joint control ceases. Investments in associates and joint ventures are assessed for impairment indicators at the end of each reporting date. If such indicators exist, the recoverable amount is estimated to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying value of the investment is reduced to its recoverable amount. Impairment losses are immediately expensed in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-470": {
"value": "Investment in associates and joint ventures Associates are entities for which the Group has significant influence, but not control or joint control. Investments in associates are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associate which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Joint ventures are entities for which the Group has joint control. Investments in joint ventures are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss of the joint venture which is recognised from the date that joint control begins, up until the date that joint control ceases. Investments in associates and joint ventures are assessed for impairment indicators at the end of each reporting date. If such indicators exist, the recoverable amount is estimated to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying value of the investment is reduced to its recoverable amount. Impairment losses are immediately expensed in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-441": {
"value": "Investment in associates and joint ventures Associates are entities for which the Group has significant influence, but not control or joint control. Investments in associates are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associate which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Joint ventures are entities for which the Group has joint control. Investments in joint ventures are accounted for under the equity method of accounting after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss of the joint venture which is recognised from the date that joint control begins, up until the date that joint control ceases. Investments in associates and joint ventures are assessed for impairment indicators at the end of each reporting date. If such indicators exist, the recoverable amount is estimated to determine the extent of the impairment loss (if any). If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying value of the investment is reduced to its recoverable amount. Impairment losses are immediately expensed in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-379": {
"value": "Revenue recognition Trading revenue includes revenue arising from each of the Group\u2019s four revenue generation models: OTC derivatives, exchange traded derivatives, stock trading, and investments. Revenue is shown net of sales taxes. Trading revenue is reported before introducing partner commission, betting duties and financial transaction taxes, which are disclosed as an expense in arriving at net operating income. Net trading revenue represents trading revenue after adjusting for introducing partner commission. OTC derivatives Revenue from OTC derivatives represents: i) fees paid by clients for spread, commission and funding charges in respect of the opening, holding and closing of financial spread bets, contracts for difference or options contracts, together with gains and losses for the Group arising on client trading activity; less ii) fees paid by the Group in spread, commissions and funding charges arising in respect of hedging the risk associated with the client trading activity and the Group\u2019s currency exposures, together with gains and losses incurred by the Group arising on hedging activity. Open client and hedging positions are fair valued daily, with gains and losses arising on this valuation recognised in revenue. The policies and methodologies associated with the determination of fair value are disclosed in note 28. Revenue from OTC derivatives is recognised on a trade-date basis. Exchange traded derivatives Revenue from exchange traded derivatives represents: i) fee and commission income earned through facilitation of client trades; and ii) payment for order flow generated from execution partners who accept trades from client securities transactions. In addition to transaction fees, revenue from exchange traded derivatives also includes gains or losses arising from the change in fair value of the Group\u2019s market-making activity on its multilateral trading facility. Revenue from exchange traded derivatives is recognised on a trade-date basis. Stock trading Revenue from stock trading represents fees and commission earned from client trades and the administration of client assets. Revenue is recognised in full on the date of the trade being placed or the fee being charged. Investments Revenue from investments represents management fees, which are earned as a percentage of assets under management. These are recognised over the period in which the service is provided. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-381": {
"value": "Interest income and expense Interest income and expense is accrued on a time basis, by reference to the principal amount outstanding and at the applicable interest rate. Interest income and expense on client funds held with banks and clearing brokers are included in net operating income, which is consistent with the nature of the Group\u2019s operations. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-380": {
"value": "Finance income and costs All interest income and costs other than interest income and expense on client funds, are disclosed within finance income and costs. Further details are disclosed in note 7 and note 8 respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-440": {
"value": "Finance income and costs All interest income and costs other than interest income and expense on client funds, are disclosed within finance income and costs. Further details are disclosed in note 7 and note 8 respectively. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-382": {
"value": "Dividends Dividends declared but not yet distributed to the Company\u2019s shareholders are recognised as a liability in the period in which the dividends are approved by the Company\u2019s shareholders. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-383": {
"value": "Employee benefits Pension obligations The Group operates defined contribution schemes. Contributions are charged to the Consolidated Income Statement when they become payable according to the rules of the schemes. Once the contributions have been paid, the Group has no legal or constructive obligations to pay further contributions. Bonus schemes The Group recognises an accrual and an expense for bonuses based on formulae that consider specific financial and non-financial measures. Liabilities for the Group\u2019s cash-settled portion of the Sustained Performance Plan are recognised as variable remuneration over the relevant service period and are remeasured at each balance sheet date until settlement. Termination benefits Termination benefits are payable when an employment contract is terminated by the Group. The Group recognises termination benefits when the Group can no longer withdraw the offer of those benefits. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-384": {
"value": "Leases The Group\u2019s leases are recognised as right-of-use asset with a corresponding lease liability from the lease commencement date. Leasing arrangements can contain both lease and non-lease components. The Group has elected to separate out the non-lease component and to account for these separately from the right-of-use asset. The lease liability is initially measured as the net present value of the following payments: \u00bc Fixed payments less any lease incentives \u00bc Variable lease payments dependent on an index or rate initially measured as at the commencement date \u00bc Amounts payable by the Group under residual guarantees \u00bc Payments of penalties for terminating the lease Lease payments are discounted at the Group\u2019s estimated secured incremental borrowing rate. This represents the cost to borrow funds in order to obtain a similar valued right-of-use asset in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising: \u00bc Lease liability at initial recognition \u00bc Lease payments made at or before the commencement date less any lease incentives received \u00bc Initial direct costs \u00bc Restoration costs Right-of-use assets are depreciated over the duration of the lease term. Lease payments for low-value assets or with a period of 12 months or less are recognised on a straight-line basis as an expense in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-385": {
"value": "Taxation The income tax expense represents the sum of tax currently payable and movements in deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from accounting profit as reported in the Consolidated Income Statement because taxable profit excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates in the respective jurisdictions that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for on all temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences may be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity or other comprehensive income, in which case the deferred tax is also dealt within equity or other comprehensive income. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-442": {
"value": "Taxation The income tax expense represents the sum of tax currently payable and movements in deferred tax. The tax currently payable is based on taxable profit for the year. Taxable profit differs from accounting profit as reported in the Consolidated Income Statement because taxable profit excludes items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates in the respective jurisdictions that have been enacted or substantively enacted by the balance sheet date. Deferred tax is accounted for on all temporary differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. In principle, deferred tax liabilities are recognised for all temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which deductible temporary differences may be utilised. Such assets and liabilities are not recognised if the temporary difference arises from the initial recognition of other assets and liabilities (other than in a business combination) in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured on an undiscounted basis at the tax rates that are expected to apply when the related asset is realised or liability is settled, based on tax rates and laws enacted or substantively enacted at the balance sheet date. Deferred tax is charged or credited in the Consolidated Income Statement, except when it relates to items credited or charged directly to equity or other comprehensive income, in which case the deferred tax is also dealt within equity or other comprehensive income. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-386": {
"value": "Property, plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. Cost comprises the aggregate amount paid and the fair value of any other consideration given to acquire the asset, including costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value based upon estimated useful lives. Estimated residual value and useful lives are reviewed annually and residual values are based on prices prevailing at the balance sheet date. Depreciation is charged on a straight-line basis over the expected useful lives as follows: Leasehold improvements \u2013 over the lease term of up to 15 years Office equipment, fixtures and fittings \u2013 over 5 years Computer and other equipment \u2013 over 2, 3 or 5 years Right-of-use asset \u2013 over the lease term of up to 15 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable, at which point they are written down immediately to their recoverable amount. The amount of write-down is immediately charged to the Consolidated Income Statement. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on derecognition is determined as the difference between the sale proceeds and carrying amount of the asset, and is immediately recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-443": {
"value": "Depreciation is provided on all property, plant and equipment at rates calculated to write off the cost less estimated residual value based upon estimated useful lives. Estimated residual value and useful lives are reviewed annually and residual values are based on prices prevailing at the balance sheet date. Depreciation is charged on a straight-line basis over the expected useful lives as follows: Leasehold improvements \u2013 over the lease term of up to 15 years Office equipment, fixtures and fittings \u2013 over 5 years Computer and other equipment \u2013 over 2, 3 or 5 years Right-of-use asset \u2013 over the lease term of up to 15 years The carrying values of property, plant and equipment are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable, at which point they are written down immediately to their recoverable amount. The amount of write-down is immediately charged to the Consolidated Income Statement. An item of property, plant and equipment is derecognised upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. The gain or loss arising on derecognition is determined as the difference between the sale proceeds and carrying amount of the asset, and is immediately recognised in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-387": {
"value": "Goodwill Goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value may be impaired. Goodwill is recognised as an asset and is allocated to CGUs by management for purposes of impairment testing. A CGU represent the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Where the recoverable amount of a CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Consolidated Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of a business unit, or of an operation within it. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-444": {
"value": "Goodwill Goodwill is stated at cost less any accumulated impairment losses, with the carrying value being reviewed for impairment at least annually, and whenever events or changes in circumstances indicate that the carrying value may be impaired. Goodwill is recognised as an asset and is allocated to CGUs by management for purposes of impairment testing. A CGU represent the smallest identifiable group of assets that generate cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Where the recoverable amount of a CGU is less than its carrying amount, including goodwill, an impairment loss is recognised in the Consolidated Income Statement. The carrying amount of goodwill allocated to a CGU is taken into account when determining the gain or loss on disposal of a business unit, or of an operation within it. Intangible assets Intangible assets are carried at cost less accumulated amortisation and impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination, such as a trade name or customer relationship, is recognised at fair value and identified separately from goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Development expenditure is recognised as an intangible asset only after all the following criteria are met: \u00bc The project\u2019s assets are identifiable and under the Group\u2019s control \u00bc The costs in relation to the project can be accurately measured \u00bc The project\u2019s technical feasibility and commercial viability can be demonstrated \u00bc The availability of adequate technical and financial resources \u00bc Management\u2019s intention to complete the project has been confirmed \u00bc Probable future economic benefit has been established Research and development expenditure on internally developed intangible assets, which do not meet these criteria is taken to the Consolidated Income Statement in the year in which it is incurred. Intangible assets with a finite life are amortised over their expected useful lives on a straight- line basis, as follows: Internally developed software \u2013 over 3 to 5 years Software and licences \u2013 over the contract term of up to 5 years Trade names \u2013 2 to 15 years Customer relationships \u2013 9 years Non-compete arrangements \u2013 5 years Domain names \u2013 over 10 years The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-388": {
"value": "Intangible assets Intangible assets are carried at cost less accumulated amortisation and impairment losses. Intangible assets acquired separately from a business are carried initially at cost. An intangible asset acquired as part of a business combination, such as a trade name or customer relationship, is recognised at fair value and identified separately from goodwill if the asset is separable or arises from contractual or other legal rights and its fair value can be measured reliably. Development expenditure is recognised as an intangible asset only after all the following criteria are met: \u00bc The project\u2019s assets are identifiable and under the Group\u2019s control \u00bc The costs in relation to the project can be accurately measured \u00bc The project\u2019s technical feasibility and commercial viability can be demonstrated \u00bc The availability of adequate technical and financial resources \u00bc Management\u2019s intention to complete the project has been confirmed \u00bc Probable future economic benefit has been established Research and development expenditure on internally developed intangible assets, which do not meet these criteria is taken to the Consolidated Income Statement in the year in which it is incurred. Intangible assets with a finite life are amortised over their expected useful lives on a straight- line basis, as follows: Internally developed software \u2013 over 3 to 5 years Software and licences \u2013 over the contract term of up to 5 years Trade names \u2013 2 to 15 years Customer relationships \u2013 9 years Non-compete arrangements \u2013 5 years Domain names \u2013 over 10 years The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances indicate the carrying value may not be recoverable. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-389": {
"value": "Impairment of non-financial assets When impairment testing is required, the carrying amounts of the Group\u2019s non-financial assets are reviewed to determine whether there is any indication of impairment. If any such indication exists (or at least annually for goodwill), the recoverable amount of the asset is estimated to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs. The recoverable amount is the higher of fair value less selling costs and value-in-use. In assessing value-in-use, the estimated future cash flows are discounted to their present values using a pre-tax discount rate. This rate reflects current market assessments of the time value of money, as well as the risks specific to the asset to the extent the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment losses are recognised as an expense in the Consolidated Income Statement immediately. An assessment is made at each balance sheet date as to whether there is any indication that previously recognised impairment losses may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated and previously recognised impairment losses are reversed only if there has been a change in the estimates used to determine the asset\u2019s recoverable amount since the last impairment loss was recognised. If that is the case, the carrying amount of the asset is increased to its recoverable amount. That increased amount cannot exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately, although impairment losses relating to goodwill may not be reversed. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-390": {
"value": "Financial instruments Classification, recognition and measurement The Group determines the classification of its financial instruments at initial recognition in accordance with the following categories outlined under IFRS 9 \u2013 Financial Instruments and re-evaluates this designation annually. The classification of financial assets takes into consideration the Group\u2019s business model for managing those financial assets and the nature of their contractual cash flows. When financial instruments are recognised initially, they are measured at fair value. In the case of financial assets and financial liabilities not at fair value through profit or loss, the fair value of these assets and liabilities is measured net of directly attributable transaction costs. Financial instruments are disclosed in note 28 of the Group Financial Statements. (a) Financial assets and liabilities measured at fair value through profit or loss Financial assets and liabilities measured at fair value through profit or loss are financial assets and liabilities that are not classified and measured at amortised cost or as fair value through other comprehensive income. The financial assets and liabilities included in this category are the financial derivative open positions included in trade receivables (due from brokers), money market funds, trade payables (excluding amounts due to clients) and other investments. The Group uses derivative financial instruments in order to hedge derivative exposures arising from open client positions, which are also classified as fair value through profit or loss. All financial instruments at fair value through profit or loss are carried at fair value with gains or losses recognised in trading revenue in the Consolidated Income Statement. (b) Financial assets measured at amortised cost Financial assets measured at amortised cost are non-derivative financial assets which are held to collect the contractual cash flows. The contractual terms of the financial assets give rise to payments on specified dates that are solely payments of principal amount and interest on the principal amount outstanding. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non- current assets. The Group\u2019s financial assets measured at amortised cost comprise trade receivables (other than amounts due from brokers), other receivables, cash and cash equivalents and fixed term deposits that are categorised under financial investments. Interest on financial assets measured at amortised cost is included in finance income using the effective interest rate method. The effective interest rate is either the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses unless the asset is credit impaired. The calculation includes all fees and spreads paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. (c) Financial assets measured at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are assets that are held to collect the contractual cash flows and to be sold. The contractual terms of these assets give rise to payments on specified dates that are solely payments of principal and interest on the principal amount outstanding. They are included in non-current assets unless the financial asset matures or management intend to dispose of them within 12 months of the end of the reporting period. The Group\u2019s fair value through other comprehensive income financial assets are financial investments (other than fixed term deposits) and financial assets pledged as collateral. Unrealised gains or losses, other than loss allowances for expected credit losses, arising from financial assets measured at fair value through other comprehensive income are reported in equity (in the fair value through other comprehensive income reserve) and in other comprehensive income, until such assets are sold, collected or otherwise disposed of. On disposal of a financial asset, the accumulated unrealised gain or loss included in equity is recycled to the Consolidated Income Statement for the period and reported in gains/losses from FVOCI reserve on disposal of financial assets. Gains and losses on disposal are determined using the fair value of the asset at the date of derecognition. Interest on financial assets is included in finance income and calculated using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses unless the asset is credit impaired. The calculation includes all fees and spreads paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. UK Government securities held by the Group where brokers have the right to rehypothecate the assets are separately recognised as \u2018financial assets pledged as collateral\u2019 on the Statement of Financial Position. (d) Financial liabilities The Group\u2019s financial liabilities include trade payables, lease liabilities, debt securities in issue and other payables. These are initially recognised at fair value less transaction fees. They are subsequently measured at amortised cost using the effective interest method, excluding the open derivative element of trade payables, which is measured at fair value through profit or loss. The interest expense is calculated at each reporting period by applying the effective interest rate, and the resulting charge is reflected in finance costs in the Consolidated Income Statement. (e) Determination of fair value Financial instruments arising from client positions, financial derivative included in trade receivables (due from brokers), trade payables (excluding amounts due to clients), money market funds, financial investments (other than fixed term deposits) and financial assets pledged as collateral are stated at fair value. They are disclosed according to the valuation hierarchy required by IFRS 13 \u2013 Fair Value Measurement. Fair values are predominantly determined by reference to third-party market values (bid prices for long positions and offer prices for short positions) as detailed below: \u00bc Level 1: valued using unadjusted quoted prices in active markets for identical financial instruments \u00bc Level 2: valued using techniques where a price is derived based significantly on observable market data. For example, where an active market for an identical financial instrument to the product offered by the Group to its clients or used by the Group to hedge its market risk does not exist \u00bc Level 3: valued using techniques that incorporate information other than observable market data that is significant to the overall valuation Impairment of financial assets The impairment charge in the Consolidated Income Statement includes a loss allowance reflecting the change in expected credit losses. Expected credit losses are recognised for trade receivables, cash and cash equivalents, other receivables, financial investments and financial assets pledged as collateral. Expected credit losses are calculated as the difference between the contractual cash flows that are due to the Group and the cash flows that the Group expects to receive given the probability of default and loss given default, discounted at the original effective interest rate. At initial recognition of financial assets, an allowance is made for expected credit losses resulting from default events that are possible within the next 12 months, except for where the simplified approach is used where an allowance is made for the lifetime expected credit loss. In the event of a significant increase in credit risk, an allowance is made for expected credit losses resulting from possible default events over the expected life of the financial asset. The Group applies the simplified approach for trade receivables and other receivables where the revenue associated with these receivables is recognised in accordance with IFRS 15 Revenue from Contracts with Customers. The Group applies the general approach for all other financial assets. Financial assets that have not experienced a significant increase in credit risk are categorised as Stage 1 and 12-month expected credit losses are recognised; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are considered to be Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. An assessment of whether credit risk has increased significantly considers changes in the credit rating associated with the asset, whether contractual payments are more than 30 days past due and other reasonable information demonstrating a significant increase in credit risk. In accordance with the Group\u2019s internal credit risk management definition, financial instruments have a low credit risk when they have an external credit rating of investment grade. If no external credit rating is available, reference is made to the Group\u2019s internal credit risk policy. Assets are transferred to Stage 3 when an event of default, as defined in the Group\u2019s credit risk management policy, occurs or where the assets are credit impaired. The Group determines that a default occurs when a payment is 90 days past due for all assets, except for receivables from clients where it uses 120 days. This is aligned with the Group\u2019s risk management practices. All changes in expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment loss or gain. Financial assets are written off, either partially or in full, against the related allowance when the Group has no reasonable expectations of recovery of the asset. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the Consolidated Income Statement. Derecognition of financial assets and liabilities A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expired. (a) Financial assets A financial asset is derecognised when the right to receive cash flows from the asset has expired; or the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; or the Group has transferred its right to receive cash flows from the asset and either has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its right to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. (b) Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, whereby the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Offsetting financial instruments Assets or liabilities resulting from gains or losses on financial derivatives are carried at fair value. Amounts due from or to clients are offset with the net amount reported in the Consolidated Statement of Financial Position. Similarly, amounts due from and to brokers are offset, also presented net on the Consolidated Statement of Financial Position. Amounts are offset where there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-445": {
"value": "(a) Financial assets and liabilities measured at fair value through profit or loss Financial assets and liabilities measured at fair value through profit or loss are financial assets and liabilities that are not classified and measured at amortised cost or as fair value through other comprehensive income. The financial assets and liabilities included in this category are the financial derivative open positions included in trade receivables (due from brokers), money market funds, trade payables (excluding amounts due to clients) and other investments. The Group uses derivative financial instruments in order to hedge derivative exposures arising from open client positions, which are also classified as fair value through profit or loss. All financial instruments at fair value through profit or loss are carried at fair value with gains or losses recognised in trading revenue in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-446": {
"value": "(b) Financial assets measured at amortised cost Financial assets measured at amortised cost are non-derivative financial assets which are held to collect the contractual cash flows. The contractual terms of the financial assets give rise to payments on specified dates that are solely payments of principal amount and interest on the principal amount outstanding. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period, which are classified as non- current assets. The Group\u2019s financial assets measured at amortised cost comprise trade receivables (other than amounts due from brokers), other receivables, cash and cash equivalents and fixed term deposits that are categorised under financial investments. Interest on financial assets measured at amortised cost is included in finance income using the effective interest rate method. The effective interest rate is either the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses unless the asset is credit impaired. The calculation includes all fees and spreads paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. (c) Financial assets measured at fair value through other comprehensive income Financial assets measured at fair value through other comprehensive income are assets that are held to collect the contractual cash flows and to be sold. The contractual terms of these assets give rise to payments on specified dates that are solely payments of principal and interest on the principal amount outstanding. They are included in non-current assets unless the financial asset matures or management intend to dispose of them within 12 months of the end of the reporting period. The Group\u2019s fair value through other comprehensive income financial assets are financial investments (other than fixed term deposits) and financial assets pledged as collateral. Unrealised gains or losses, other than loss allowances for expected credit losses, arising from financial assets measured at fair value through other comprehensive income are reported in equity (in the fair value through other comprehensive income reserve) and in other comprehensive income, until such assets are sold, collected or otherwise disposed of. On disposal of a financial asset, the accumulated unrealised gain or loss included in equity is recycled to the Consolidated Income Statement for the period and reported in gains/losses from FVOCI reserve on disposal of financial assets. Gains and losses on disposal are determined using the fair value of the asset at the date of derecognition. Interest on financial assets is included in finance income and calculated using the effective interest rate method. The effective interest rate is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument. When calculating the effective interest rate, the Group estimates cash flows considering all contractual terms of the financial instrument but does not consider expected credit losses unless the asset is credit impaired. The calculation includes all fees and spreads paid or received between parties to the contract that are an integral part of the effective interest rate, transaction costs, and all other premiums or discounts. UK Government securities held by the Group where brokers have the right to rehypothecate the assets are separately recognised as \u2018financial assets pledged as collateral\u2019 on the Statement of Financial Position. (a) Financial assets A financial asset is derecognised when the right to receive cash flows from the asset has expired; or the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; or the Group has transferred its right to receive cash flows from the asset and either has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its right to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-447": {
"value": "(d) Financial liabilities The Group\u2019s financial liabilities include trade payables, lease liabilities, debt securities in issue and other payables. These are initially recognised at fair value less transaction fees. They are subsequently measured at amortised cost using the effective interest method, excluding the open derivative element of trade payables, which is measured at fair value through profit or loss. The interest expense is calculated at each reporting period by applying the effective interest rate, and the resulting charge is reflected in finance costs in the Consolidated Income Statement. (b) Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, whereby the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. Other payables Non-derivative financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method if the time value of money is significant. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-448": {
"value": "(e) Determination of fair value Financial instruments arising from client positions, financial derivative included in trade receivables (due from brokers), trade payables (excluding amounts due to clients), money market funds, financial investments (other than fixed term deposits) and financial assets pledged as collateral are stated at fair value. They are disclosed according to the valuation hierarchy required by IFRS 13 \u2013 Fair Value Measurement. Fair values are predominantly determined by reference to third-party market values (bid prices for long positions and offer prices for short positions) as detailed below: \u00bc Level 1: valued using unadjusted quoted prices in active markets for identical financial instruments \u00bc Level 2: valued using techniques where a price is derived based significantly on observable market data. For example, where an active market for an identical financial instrument to the product offered by the Group to its clients or used by the Group to hedge its market risk does not exist \u00bc Level 3: valued using techniques that incorporate information other than observable market data that is significant to the overall valuation ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-449": {
"value": "Impairment of financial assets The impairment charge in the Consolidated Income Statement includes a loss allowance reflecting the change in expected credit losses. Expected credit losses are recognised for trade receivables, cash and cash equivalents, other receivables, financial investments and financial assets pledged as collateral. Expected credit losses are calculated as the difference between the contractual cash flows that are due to the Group and the cash flows that the Group expects to receive given the probability of default and loss given default, discounted at the original effective interest rate. At initial recognition of financial assets, an allowance is made for expected credit losses resulting from default events that are possible within the next 12 months, except for where the simplified approach is used where an allowance is made for the lifetime expected credit loss. In the event of a significant increase in credit risk, an allowance is made for expected credit losses resulting from possible default events over the expected life of the financial asset. The Group applies the simplified approach for trade receivables and other receivables where the revenue associated with these receivables is recognised in accordance with IFRS 15 Revenue from Contracts with Customers. The Group applies the general approach for all other financial assets. Financial assets that have not experienced a significant increase in credit risk are categorised as Stage 1 and 12-month expected credit losses are recognised; financial assets which are considered to have experienced a significant increase in credit risk since initial recognition are considered to be Stage 2; and financial assets which have defaulted or are otherwise considered to be credit impaired are allocated to Stage 3. An assessment of whether credit risk has increased significantly considers changes in the credit rating associated with the asset, whether contractual payments are more than 30 days past due and other reasonable information demonstrating a significant increase in credit risk. In accordance with the Group\u2019s internal credit risk management definition, financial instruments have a low credit risk when they have an external credit rating of investment grade. If no external credit rating is available, reference is made to the Group\u2019s internal credit risk policy. Assets are transferred to Stage 3 when an event of default, as defined in the Group\u2019s credit risk management policy, occurs or where the assets are credit impaired. The Group determines that a default occurs when a payment is 90 days past due for all assets, except for receivables from clients where it uses 120 days. This is aligned with the Group\u2019s risk management practices. All changes in expected credit losses subsequent to the assets\u2019 initial recognition are recognised as an impairment loss or gain. Financial assets are written off, either partially or in full, against the related allowance when the Group has no reasonable expectations of recovery of the asset. Subsequent recoveries of amounts previously written off decrease the amount of impairment losses recorded in the Consolidated Income Statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-471": {
"value": "Derecognition of financial assets and liabilities A financial asset or liability is derecognised when the contract that gives rise to it is settled, sold, cancelled or expired. (a) Financial assets A financial asset is derecognised when the right to receive cash flows from the asset has expired; or the Group retains the right to receive cash flows from the asset, but has assumed an obligation to pay them in full without material delay to a third party under a \u2018pass-through\u2019 arrangement; or the Group has transferred its right to receive cash flows from the asset and either has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. When the Group has transferred its right to receive cash flows from an asset and has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognised to the extent of the Group\u2019s continuing involvement in the asset. Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay. (b) Financial liabilities A financial liability is derecognised when the obligation under the liability is discharged, cancelled or expires. Where an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, whereby the difference in the respective carrying amounts together with any costs or fees incurred are recognised in profit or loss. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-450": {
"value": "Offsetting financial instruments Assets or liabilities resulting from gains or losses on financial derivatives are carried at fair value. Amounts due from or to clients are offset with the net amount reported in the Consolidated Statement of Financial Position. Similarly, amounts due from and to brokers are offset, also presented net on the Consolidated Statement of Financial Position. Amounts are offset where there is a legally enforceable right to offset the recognised amounts, and there is an intention to settle on a net basis or realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Group or the counterparty. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-391": {
"value": "Trade payables and receivables Trade payables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions result in an amount payable by the Group. Trade receivables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions results in an amount due to the Group. Trade receivables balances also include commissions and required deposits due from the Group\u2019s broker-dealer counterparties. For trade receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group has applied the simplified approach for measuring impairment. The expected lifetime credit loss is recognised at initial recognition of the financial asset, with the loss allowance calculated by reference to an ageing debt profile, adjusted for forward-looking information. Trade receivables are written off when there is objective evidence of non-collectability or when an event of default occurs. For all other trade receivables, the general approach has been applied for measuring impairment. Other assets Other assets represent rights to cryptocurrency assets controlled by the Group. The Group offers financial derivatives with cryptocurrency as an underlying asset. The Group purchases and sells cryptocurrency assets as part of its hedging activity associated with offering for products. The Group holds cryptocurrency assets for trading in the ordinary course of its business, effectively acting as a commodity broker-dealer in respect of the underlying cryptocurrency asset because the salient features of these assets are, in economic terms, consistent with certain commodities under IAS 2 Inventories, 3(b). The assets are recognised on trade date and measured at fair value less costs to sell, with changes in valuation being recorded in the Consolidated Income Statement in the period in which they arise. Cryptocurrency assets are not financial instruments, and they are categorised as non-financial assets. The Group also act as a broker for the custody and trade of cryptocurrency related assets. The Group does not provide custody or safeguarding services in relation to these assets. Customers are instead required to contract directly with a third party custodian for the custody of their cryptocurrency assets. The cryptocurrency assets where the Group acts as a broker are not recognised on the Consolidated Statement of Financial Position. Other receivables Other receivables are the financial assets which give rise to payments on specified dates that are solely payments of principal amount and interest on the principal amount outstanding. They are assets that have not been designated as fair value through profit or loss. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. For other receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group applies a simplified approach for measuring impairment, similar to that of trade receivables. Other payables Non-derivative financial liabilities are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method if the time value of money is significant. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-451": {
"value": "Trade payables and receivables Trade payables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions result in an amount payable by the Group. Trade receivables represent balances with counterparties and clients where the combination of cash held on account and the valuation of financial derivative open positions results in an amount due to the Group. Trade receivables balances also include commissions and required deposits due from the Group\u2019s broker-dealer counterparties. For trade receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group has applied the simplified approach for measuring impairment. The expected lifetime credit loss is recognised at initial recognition of the financial asset, with the loss allowance calculated by reference to an ageing debt profile, adjusted for forward-looking information. Trade receivables are written off when there is objective evidence of non-collectability or when an event of default occurs. For all other trade receivables, the general approach has been applied for measuring impairment. Other assets Other assets represent rights to cryptocurrency assets controlled by the Group. The Group offers financial derivatives with cryptocurrency as an underlying asset. The Group purchases and sells cryptocurrency assets as part of its hedging activity associated with offering for products. The Group holds cryptocurrency assets for trading in the ordinary course of its business, effectively acting as a commodity broker-dealer in respect of the underlying cryptocurrency asset because the salient features of these assets are, in economic terms, consistent with certain commodities under IAS 2 Inventories, 3(b). The assets are recognised on trade date and measured at fair value less costs to sell, with changes in valuation being recorded in the Consolidated Income Statement in the period in which they arise. Cryptocurrency assets are not financial instruments, and they are categorised as non-financial assets. The Group also act as a broker for the custody and trade of cryptocurrency related assets. The Group does not provide custody or safeguarding services in relation to these assets. Customers are instead required to contract directly with a third party custodian for the custody of their cryptocurrency assets. The cryptocurrency assets where the Group acts as a broker are not recognised on the Consolidated Statement of Financial Position. Other receivables Other receivables are the financial assets which give rise to payments on specified dates that are solely payments of principal amount and interest on the principal amount outstanding. They are assets that have not been designated as fair value through profit or loss. Such assets are carried at amortised cost using the effective interest method if the time value of money is significant. For other receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group applies a simplified approach for measuring impairment, similar to that of trade receivables. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-472": {
"value": "For other receivables under IFRS 15 Revenue from Contracts with Customers that do not contain a significant financing element, the Group applies a simplified approach for measuring impairment, similar to that of trade receivables. ",
"dimensions": {
"concept": "iggroupholdingsplc:DescriptionOfAccountingPolicyForRevenueAndTheAssociatedTradeReceivables",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-392": {
"value": "Prepayments Prepayments are assets with fixed or determinable payments made in advance for services or goods. They do not qualify as financial assets and are amortised over the period in which the economic benefit is expected to be consumed. ",
"dimensions": {
"concept": "iggroupholdingsplc:DescriptionOfAccountingPolicyForPrepayments",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-393": {
"value": "Cash and cash equivalents Cash comprises of cash on hand and demand deposits which may be accessed within 90 days without penalty. Cash equivalents are short-term highly liquid investments that are readily convertible into known amounts of cash and which are subject to an insignificant risk of changes in value. This includes money market funds. The Group holds money on behalf of clients in accordance with the client money rules of the UK Financial Conduct Authority (FCA) and other regulatory bodies. Such monies are classified as either cash and cash equivalents or segregated client funds in accordance with the relevant regulatory requirements or legal protections attached to the monies. The Group deposits a certain amount of its own cash into segregated client money accounts as buffers to prevent shortfalls. As the Group retains rights to these balances, they are recognised on the Statement of Financial Position within trade receivables. These buffer balances do not meet the criteria for cash and cash equivalents. The majority of the Group\u2019s cash balances are held with investment-grade banks. The Group considers the risk of default, and how adverse changes in economic and business conditions might impact the ability of the banks to meet their obligations. The Group assesses the expected credit losses on cash and cash equivalents on a forward-looking basis and whether there has been a significant increase in credit risk since initial recognition. Money market funds are mutual funds that invest in a diversified range of money market instruments, such as government owned instruments and short-term debt from highly credit rated counterparties. Money market funds are presented within cash and cash equivalents as they are short-term highly liquid investments that are readily convertible into known amounts of cash, they are subject to an insignificant risk of changes in value and they can be withdrawn without penalty. Segregated client funds are held in segregated client money accounts which are held off- balance sheet. The Group\u2019s ability to control these funds is restricted by local client money regulations. Furthermore, the Group is not exposed to credit risk in the event of insolvency of the financial institutions in which the funds are held, nor is the Group able to use these funds for its own operations. Client funds are held by the Group under a Title Transfer Collateral Arrangement (TTCA) by which a client agrees that full ownership of such monies is unconditionally transferred to the Group. Title transfer funds are accordingly recognised with cash and cash equivalents with a corresponding liability to clients within trade payables. Fixed term deposits do not meet the criteria of cash and cash equivalents under IAS 7 \u2013 Statement of Cash Flows as they have a maturity of longer than three months. Furthermore, the Group is unable to withdraw these deposits before their respective maturity date. Therefore, these are categorised as financial investments. The Group has a notional multi-currency pooling arrangement (the Pool), where there is no legally enforceable right to offset the amounts due to the Pool against the amounts due from the Pool across different currencies, nor is there an intention for settlement to take place on a net basis, the Group shows a gross presentation for these balances on the Consolidated Statement of Financial Position. The balance due to the Pool is included in other payables. Please refer to note 22 for further details of this arrangement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-394": {
"value": "Provisions Provisions 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:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-396": {
"value": "Contingent liabilities Contingent liabilities, which include certain guarantees and letters of credit pledged as collateral security, and contingent liabilities related to legal proceedings or regulatory matters, are not recognised in the Financial Statements but are disclosed unless the probability of settlement is remote. Contingent liabilities are assessed continually to determine whether an outflow of economic benefits has become probable. If it becomes probable that an outflow of future economic benefits will be required for an item previously dealt with as a contingent liability, a provision is recognised in the financial statements of the period in which the change in probability occurs. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-395": {
"value": "Borrowings Borrowings are initially recognised at fair value and subsequently at amortised cost using the effective interest rate method with any difference between net proceeds and the redemption value being recognised in the Consolidated Income Statement over the period of borrowings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-397": {
"value": "Debt securities in issue Debt securities in issue are recognised initially at fair value. Subsequently, debt securities are measured at amortised cost, with any difference between net proceeds and the redemption value being recognised in the Consolidated Income Statement over the lifetime of the security using the effective interest rate method. Transaction fees are recognised on the Consolidated Statement of Financial Position, and amortised over the expected life of the security. ",
"dimensions": {
"concept": "iggroupholdingsplc:DescriptionOfAccountingPolicyForDebtSecuritiesInIssue",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-398": {
"value": "Share capital (a) Classification of shares as debt or equity When shares are issued, any component that creates a financial liability for the Group is presented as a liability on the Consolidated Statement of Financial Position; measured initially at fair value net of transaction costs and subsequently at amortised cost until extinguished on conversion or redemption. Dividends paid are charged as an interest expense in the Consolidated Income Statement. Equity instruments issued by the Company are recorded as the proceeds are received, net of direct issue costs. Equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. (b) Own shares held in Employee Benefit Trusts Shares held in Employee Benefit Trusts for the purposes of employee share schemes are classified as a deduction from shareholders\u2019 equity and are recognised at cost. Consideration received for the sale of such shares is recognised in equity, with any difference between the proceeds from the sale and the cost being taken to reserves. No gain or loss is recognised in the Consolidated Income Statement on the purchase, sale, issue or cancellation of equity shares. (c) Share-based payments The Company operates four employee share plans: a Share-Incentive Plan, a Sustained Performance Plan, a Medium-term Incentive Plan and a Long-term Incentive Plan. For market- based vesting conditions, the cost of these awards is measured at fair value calculated using option pricing models and are recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period based on the Company\u2019s estimate of the number of shares that will vest. For non-market-based vesting conditions, the cumulative expense is calculated representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions determining the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the Consolidated Income Statement as part of operating expenses, with a corresponding credit to equity. The grant by the Company of options over its equity instruments to employees of the subsidiary undertakings in the Group is treated as a capital contribution. The fair value of the employee services received is recognised over the vesting period as an increase in the investment in subsidiary undertakings, with a corresponding credit to equity. Upon awards vesting, the cost of awards is transferred from the share-based payments reserve into retained earnings. (d) Equity arising from transactions with shareholders Upon entering into a contract with a bank or broker which includes an obligation for that bank or broker to acquire the Company\u2019s own shares, a financial liability is recognised at the present value of the amount payable to the bank or broker, taking into consideration the contractual terms of the broker agreement, with a corresponding debit to the share buyback reserve, which is included within other reserves. Following initial recognition, the financial liability is measured in accordance with the Group\u2019s existing accounting policies for financial liabilities. The amount recognised in the share buyback reserve is reduced by the consideration paid for the purchase of own shares and transferred to retained earnings. The amount of the Group\u2019s issued share capital is reduced by the nominal value of the shares repurchased and transferred to the capital redemption reserve, which forms part of other reserves. Where the contract to repurchase shares expires prior to completing the repurchase, and incomplete delivery of the shares has taken place, the remaining balance recognised in the share buyback reserve is reversed along with the remaining financial liability. Any consideration paid to acquire own shares which exceeds the amount initially recognised is a transaction related cost and recognised directly in equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-452": {
"value": "(c) Share-based payments The Company operates four employee share plans: a Share-Incentive Plan, a Sustained Performance Plan, a Medium-term Incentive Plan and a Long-term Incentive Plan. For market- based vesting conditions, the cost of these awards is measured at fair value calculated using option pricing models and are recognised as an expense in the Consolidated Income Statement on a straight-line basis over the vesting period based on the Company\u2019s estimate of the number of shares that will vest. For non-market-based vesting conditions, the cumulative expense is calculated representing the extent to which the vesting period has expired and management\u2019s best estimate of the achievement or otherwise of non-market conditions determining the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous balance sheet date is recognised in the Consolidated Income Statement as part of operating expenses, with a corresponding credit to equity. The grant by the Company of options over its equity instruments to employees of the subsidiary undertakings in the Group is treated as a capital contribution. The fair value of the employee services received is recognised over the vesting period as an increase in the investment in subsidiary undertakings, with a corresponding credit to equity. Upon awards vesting, the cost of awards is transferred from the share-based payments reserve into retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-399": {
"value": "3. Segmental analysis
The Executive Directors are the Group\u2019s Chief Operating Decision Maker (CODM). Management
has determined the reportable segments based on the information reviewed by the CODM for
the purposes of allocating resources and assessing performance.
The Group manages market risk and a number of other activities on a group-wide portfolio
basis and accordingly a large proportion of costs are incurred centrally. These central costs are
not allocated to individual segments for decision-making purposes for the CODM, and,
accordingly, these costs have not been allocated to segments. Additionally, the Group\u2019s assets
and liabilities are not allocated to individual segments and not reported as such for decision
making purposes to the CODM. Therefore, the segmental analysis does not include a measure
of profitability, nor a complete segmented balance sheet, as this would not reflect the
information which is received by the CODM on a regular basis.
The CODM are presented a view of total revenue split by product. Total revenue is an alternative
performance measure which comprises of net trading revenue and net interest on client funds.
In the prior year, the CODM were presented with a view of net trading revenue split by product.
This change is due to net interest on client funds being a more significant source of revenue for
the year ended 31 May 2023. The presentation for prior year comparatives has been updated
to reflect this.
Total revenue by reportable segment
Net trading revenue represents trading revenue that the Group generates from client trading
activity after deducting introducing partner commissions. Net interest on client funds
represents interest earned on segregated client money balances after deducted interest paid
in relation to the same balances. These two balances collectively make up total revenue earned
for the Group. The CODM uses total revenue as the primary measure of performance of the
various segments of the Group. The CODM considers business performance from a product
perspective, split into OTC derivatives, exchange traded derivatives, stock trading and
investments and net interest on client funds. The products shown in the segmental analysis
are aggregated where these products are economically similar in nature.
The segmental breakdown of total revenue is as follows:
Year ended
31 May 2023
\u00a3m
Year ended
31 May 2022
\u00a3m
OTC derivatives 782.0 817.3
Exchange traded derivatives 137.1 121.2
Stock trading and investments 22.7 33.8
Net trading revenue 941.8 972.3
Net interest on client funds 80.8 0.8
Total revenue from continuing operations1 1,022.6 973.1
Total revenue from discontinued operations1 \u2013 9.4
1 Please refer to Appendix 1 for reconciliation to the Consolidated Income Statement
The CODM also considers business performance based on geographical location.
This geographical split reflects the location of the office that manages the underlying
client relationship.
Year ended
31 May 2023
\u00a3m
Year ended
31 May 2022
\u00a3m
Net trading revenue by geography
UK 322.0 365.3
Japan 99.3 98.5
Australia 99.8 96.2
Singapore 68.8 74.1
EMEA Non-EU 55.3 53.5
Emerging markets 39.5 43.2
UK, APAC & Emerging markets 684.7 730.8
US 140.9 128.6
EU 116.2 112.9
Net trading revenue 941.8 972.3
Net interest on client funds \u2013 US 50.4 1.9
Net interest on client funds \u2013 Other 30.4 (1.1)
Total revenue from continuing operations 1,022.6 973.1
Total revenue from discontinued operations \u2013 9.4
The Group does not derive more than 10% of revenue from any one single client. In relation to
prior year comparative information, the UK geographic segment, and the OTC derivatives
segment, includes a \u00a35.8 million foreign exchange gain arising from financing of the tastytrade
acquisition in prior year. No such gains have been recognised in the current year.
The segmental breakdown of non-current assets excluding financial investments, financial
assets pledged as collateral and deferred income tax assets, based on geographical location is
as follows:
31 May 2023
\u00a3m
31 May 2022
\u00a3m
US 770.7 795.1
UK 152.6 133.8
EU 5.7 5.5
EMEA Non-EU 4.7 7.3
Australia 0.4 0.8
Japan 1.9 0.8
Singapore 0.3 \u2013
Emerging markets 0.1 3.4
Total non-current assets 936.4 946.7
",
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"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-400": {
"value": "4. Operating costs Note Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Employee-related expenses Fixed remuneration 193.0 151.5 Variable remuneration 55.6 62.7 248.6 214.2 Advertising and marketing 93.5 87.2 Premises-related costs 10.8 9.1 IT, market data and communications 51.9 45.1 Trading related costs 38.7 32.5 Legal and professional costs 25.8 19.6 Regulatory fees 8.5 12.9 Depreciation and amortisation 13,14 61.6 56.5 Other costs 44.4 22.1 Total operating costs from continuing operations 583.8 499.2 Total operating costs from discontinued operations 0.2 9.9 Trade related costs of \u00a338.7 million as at 31 May 2023 (31 May 2022: \u00a332.5 million), which were previously presented in the other costs line, are now presented as a separate line item. This presentation better reflects the nature of these costs. Included in premises-related costs is \u00a30.6 million relating to short-term operating leases which do not meet the criteria to be capitalised as right-of-use assets (year ended 31 May 2022: \u00a30.5 million). ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-401": {
"value": "5. Auditors\u2019 remuneration Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Audit fees Parent 1.3 1.2 Subsidiaries 1.4 1.1 Total audit fees 2.7 2.3 Audit related fees Services supplied pursuant to legislation 0.6 0.6 Total audit related fees 0.6 0.6 Non-audit fees Other services 0.2 0.3 Total non-audit fees 0.2 0.3 Audit related fees include services that are specifically required of the Group\u2019s auditors through legislative or regulatory requirements, controls assurance engagements required of the auditors by the regulatory authorities in whose jurisdiction the Group operates and other audit related assurance services. ",
"dimensions": {
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"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-402": {
"value": "6. Staff costs Staff costs for the year, including Directors, were as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Wages and salaries, performance-related bonus and share-based payment awards 214.9 185.1 Social security costs 23.2 20.2 Other pension costs 10.5 8.9 Total staff costs from continuing operations 248.6 214.2 Total staff costs from discontinued operations \u2013 4.5 The Group does not operate any defined benefit pension schemes. Other pension costs includes employee-nominated payments to defined contribution schemes and Company contributions. The Directors\u2019 remuneration for the years ended 31 May 2023 and 31 May 2022 is set out in the Directors\u2019 Remuneration Report on page 89. The average monthly number of employees, including Directors, split into the key activity areas was as follows: Year ended 31 May 2023 Year ended 31 May 2022 Marketing 362 315 Sales and client management 426 439 Technology and change management 1,119 977 Trading and operations 342 321 Support functions 416 372 2,665 2,424 The Group has changed the categorisation of functions by which it splits employees in order to better reflect the activities carried out. The comparative number of average employees has been restated based on this new categorisation. The total number of average employees remains unchanged. ",
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"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-403": {
"value": "7. Finance income Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Bank interest receivable 7.5 1.5 Interest receivable on cash held at brokers 5.9 0.8 Interest receivable on financial investments 9.1 0.4 Interest receivable on money market funds 7.6 0.3 Other interest 0.1 0.4 30.2 3.4 8. Finance costs Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Interest and fees on debt securities 10.0 5.3 Term loan interest and fees \u2013 3.5 Revolving credit facility interest and fees 2.7 1.6 Interest and fees on sale and repurchase agreements 0.2 \u2013 Interest payable to brokers 2.2 2.7 Interest payable on lease liabilities 0.5 0.6 Bank interest payable 0.6 1.1 16.2 14.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-479": {
"value": "7. Finance income Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Bank interest receivable 7.5 1.5 Interest receivable on cash held at brokers 5.9 0.8 Interest receivable on financial investments 9.1 0.4 Interest receivable on money market funds 7.6 0.3 Other interest 0.1 0.4 30.2 3.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-473": {
"value": "7. Finance income Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Bank interest receivable 7.5 1.5 Interest receivable on cash held at brokers 5.9 0.8 Interest receivable on financial investments 9.1 0.4 Interest receivable on money market funds 7.6 0.3 Other interest 0.1 0.4 30.2 3.4 8. Finance costs Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Interest and fees on debt securities 10.0 5.3 Term loan interest and fees \u2013 3.5 Revolving credit facility interest and fees 2.7 1.6 Interest and fees on sale and repurchase agreements 0.2 \u2013 Interest payable to brokers 2.2 2.7 Interest payable on lease liabilities 0.5 0.6 Bank interest payable 0.6 1.1 16.2 14.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-453": {
"value": "7. Finance income Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Bank interest receivable 7.5 1.5 Interest receivable on cash held at brokers 5.9 0.8 Interest receivable on financial investments 9.1 0.4 Interest receivable on money market funds 7.6 0.3 Other interest 0.1 0.4 30.2 3.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-480": {
"value": "8. Finance costs Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Interest and fees on debt securities 10.0 5.3 Term loan interest and fees \u2013 3.5 Revolving credit facility interest and fees 2.7 1.6 Interest and fees on sale and repurchase agreements 0.2 \u2013 Interest payable to brokers 2.2 2.7 Interest payable on lease liabilities 0.5 0.6 Bank interest payable 0.6 1.1 16.2 14.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-454": {
"value": "8. Finance costs Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Interest and fees on debt securities 10.0 5.3 Term loan interest and fees \u2013 3.5 Revolving credit facility interest and fees 2.7 1.6 Interest and fees on sale and repurchase agreements 0.2 \u2013 Interest payable to brokers 2.2 2.7 Interest payable on lease liabilities 0.5 0.6 Bank interest payable 0.6 1.1 16.2 14.8 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-404": {
"value": "9. Taxation Tax on profit on ordinary activities Tax charged in the Consolidated Income Statement: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Current income tax UK corporation tax 75.1 79.1 Non-UK corporation tax 24.3 39.3 Adjustment in respect of prior years (6.1) (6.1) Total current income tax 93.3 112.3 Deferred income tax Origination and reversal of temporary differences (7.4) (1.6) Adjustment in respect of prior years 0.8 (1.0) Impact of change in tax rates on deferred tax balances (0.1) 0.3 Total deferred income tax (6.7) (2.3) Total tax expense 86.6 110.0 Total tax expense attributable to: Continuing operations 86.2 80.9 Discontinued operations 0.4 29.1 Tax not charged to Consolidated Income Statement Tax recognised in other comprehensive income (6.2) 0.5 Tax recognised directly in equity (1.0) (0.5) Reconciliation of the total tax expense The standard UK corporation tax rate for the year ended 31 May 2023 is 20%1 (31 May 2022: 19%). Taxation outside the UK is calculated at the rates prevailing in the relevant jurisdictions. The tax expense in the Consolidated Income Statement for the year can be reconciled as set out below: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Profit before taxation From continuing operations 449.9 477.0 From discontinued operations 1.7 136.9 Total profit before tax 451.6 613.9 Profit multiplied by the UK standard rate of corporation tax of 20%1 (31 May 2022: 19.0%) 90.3 116.7 Higher taxes on overseas earnings 3.4 7.9 Adjustment in respect of prior years (5.3) (8.2) Expenses not deductible for tax purposes 1.6 0.8 Patent Box deduction (3.2) (7.0) Impact of change in tax rates on deferred tax balances (0.1) 0.3 Recognition and utilisation of losses previously not recognised (0.4) (1.2) Current year losses not recognised as deferred tax assets 0.3 0.7 Total tax expense attributable to: 86.6 110.0 Continuing operations 86.2 80.9 Discontinued operations 0.4 29.1 1 Blended UK corporation tax rate, being 10 months of 19% and 2 months of 25%. The effective tax rate for the year is 19.2% (31 May 2022: 17.9%). The UK substantively enacted a corporation tax rate of 25% (effective from 1 April 2023) on 24 May 2021. This will impact the Group\u2019s future tax charge accordingly. The deferred tax assets and liabilities have been assessed at the tax rates that are expected to apply when the related asset is realised or liability settled. Deferred income tax assets 31 May 2023 \u00a3m 31 May 2022 \u00a3m Tax losses available for offset against future profits 3.8 3.7 Temporary differences arising on share-based payments 4.8 3.7 Temporary differences arising on fixed assets 1.1 2.1 Other temporary differences 13.5 8.0 23.2 17.5 Deferred income tax liabilities 31 May 2023 \u00a3m 31 May 2022 \u00a3m Temporary differences arising on business combinations (57.6) (62.9) Temporary differences arising on fixed assets (0.2) (0.2) Other temporary differences (3.0) (4.1) (60.8) (67.2) Deferred income tax recovery 31 May 2023 \u00a3m 31 May 2022 \u00a3m Deferred tax assets to be recovered within 12 months 4.4 5.4 Deferred tax assets to be recovered after 12 months 18.8 12.1 23.2 17.5 Deferred income tax settlement 31 May 2023 \u00a3m 31 May 2022 \u00a3m Deferred tax liabilities to be settled within 12 months (7.4) (7.7) Deferred tax liabilities to be settled after 12 months (53.4) (59.5) (60.8) (67.2) The recognised deferred tax asset reflects the extent to which it is considered probable that future taxable profits can be offset against the tax losses carried forward. Share-based payment awards have been charged to the income statement but are not allowable as a tax deduction until the awards exercise. The excess of the expected tax relief in future years over the amount charged to the income statement is recognised as a credit directly to equity. Unrecognised deferred tax assets 31 May 2023 Gross unrecognised losses for tax purposes \u00a3m Tax value of loss \u00a3m Expiry date Overseas trading losses 16.1 4.1 N/A UK capital losses 23.5 5.9 N/A 39.6 10.0 31 May 2022 Gross unrecognised losses for tax purposes \u00a3m Tax value of loss \u00a3m Expiry date Overseas trading losses 14.6 3.9 N/A UK capital losses 23.5 5.9 N/A 38.1 9.8 The Group has an unrecognised deferred tax asset of \u00a310.0 million (31 May 2022: \u00a39.8 million) in respect of prior and current year losses, the recoverability of which is dependent on sufficient taxable profits of the entities. The movement in the deferred income tax assets included in the Consolidated Statement of Financial Position is as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year 17.5 12.9 Amounts arising on acquisitions in the year \u2013 7.4 Tax (charged) to the income statement (0.3) (2.2) Tax credited to other comprehensive income 6.2 \u2013 Tax credited directly to equity 0.6 (0.3) Impact of movement in foreign exchange rates \u2013 \u2013 Reallocations between deferred tax assets and liabilities (0.8) (0.3) At the end of the year 23.2 17.5 The movement in the deferred income tax liability included in the Consolidated Statement of Financial Position is as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year (67.2) (0.8) Amounts arising on acquisitions in the year (0.6) (66.1) Tax credited to the income statement 7.0 4.5 Tax charged to other comprehensive income \u2013 (0.5) Impact of movement in foreign exchange rates (0.8) (4.6) Reallocations between deferred tax assets and liabilities 0.8 0.3 At the end of the year (60.8) (67.2) Factors affecting the tax charge in future years Factors that may affect the Group\u2019s future tax charge include the geographic location of the Group\u2019s earnings, the tax rates in those locations, changes in tax legislation, the recognition of previously unrecognised tax losses and the resolution of open tax issues. The Group\u2019s future tax charge may also be impacted by changes in the Group\u2019s business activities, client composition and regulatory status, which could impact the Group\u2019s exemption from the UK Bank Corporation Tax Surcharge. The calculation of the Group\u2019s total tax charge involves a degree of estimation and judgement with respect to the recognition of deferred tax assets, which are dependent on the Group\u2019s estimation of future profitable income, transfer pricing and of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority. The Group operates in a number of jurisdictions worldwide, and tax laws in those jurisdictions are themselves subject to change. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group does not account for deferred tax on top-up taxes and therefore, there was no impact on the recognition and measurement of deferred tax balances as a result of the legislation being substantively enacted. The Group determines its tax liability by taking into account its tax risks and it makes provision for those matters where it is probable that a tax liability will arise. Tax payable may ultimately be materially more or less than the amount already accounted for. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-455": {
"value": "9. Taxation Tax on profit on ordinary activities Tax charged in the Consolidated Income Statement: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Current income tax UK corporation tax 75.1 79.1 Non-UK corporation tax 24.3 39.3 Adjustment in respect of prior years (6.1) (6.1) Total current income tax 93.3 112.3 Deferred income tax Origination and reversal of temporary differences (7.4) (1.6) Adjustment in respect of prior years 0.8 (1.0) Impact of change in tax rates on deferred tax balances (0.1) 0.3 Total deferred income tax (6.7) (2.3) Total tax expense 86.6 110.0 Total tax expense attributable to: Continuing operations 86.2 80.9 Discontinued operations 0.4 29.1 Tax not charged to Consolidated Income Statement Tax recognised in other comprehensive income (6.2) 0.5 Tax recognised directly in equity (1.0) (0.5) Reconciliation of the total tax expense The standard UK corporation tax rate for the year ended 31 May 2023 is 20%1 (31 May 2022: 19%). Taxation outside the UK is calculated at the rates prevailing in the relevant jurisdictions. The tax expense in the Consolidated Income Statement for the year can be reconciled as set out below: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Profit before taxation From continuing operations 449.9 477.0 From discontinued operations 1.7 136.9 Total profit before tax 451.6 613.9 Profit multiplied by the UK standard rate of corporation tax of 20%1 (31 May 2022: 19.0%) 90.3 116.7 Higher taxes on overseas earnings 3.4 7.9 Adjustment in respect of prior years (5.3) (8.2) Expenses not deductible for tax purposes 1.6 0.8 Patent Box deduction (3.2) (7.0) Impact of change in tax rates on deferred tax balances (0.1) 0.3 Recognition and utilisation of losses previously not recognised (0.4) (1.2) Current year losses not recognised as deferred tax assets 0.3 0.7 Total tax expense attributable to: 86.6 110.0 Continuing operations 86.2 80.9 Discontinued operations 0.4 29.1 1 Blended UK corporation tax rate, being 10 months of 19% and 2 months of 25%. The effective tax rate for the year is 19.2% (31 May 2022: 17.9%). The UK substantively enacted a corporation tax rate of 25% (effective from 1 April 2023) on 24 May 2021. This will impact the Group\u2019s future tax charge accordingly. The deferred tax assets and liabilities have been assessed at the tax rates that are expected to apply when the related asset is realised or liability settled. Deferred income tax assets 31 May 2023 \u00a3m 31 May 2022 \u00a3m Tax losses available for offset against future profits 3.8 3.7 Temporary differences arising on share-based payments 4.8 3.7 Temporary differences arising on fixed assets 1.1 2.1 Other temporary differences 13.5 8.0 23.2 17.5 Deferred income tax liabilities 31 May 2023 \u00a3m 31 May 2022 \u00a3m Temporary differences arising on business combinations (57.6) (62.9) Temporary differences arising on fixed assets (0.2) (0.2) Other temporary differences (3.0) (4.1) (60.8) (67.2) Deferred income tax recovery 31 May 2023 \u00a3m 31 May 2022 \u00a3m Deferred tax assets to be recovered within 12 months 4.4 5.4 Deferred tax assets to be recovered after 12 months 18.8 12.1 23.2 17.5 Deferred income tax settlement 31 May 2023 \u00a3m 31 May 2022 \u00a3m Deferred tax liabilities to be settled within 12 months (7.4) (7.7) Deferred tax liabilities to be settled after 12 months (53.4) (59.5) (60.8) (67.2) The recognised deferred tax asset reflects the extent to which it is considered probable that future taxable profits can be offset against the tax losses carried forward. Share-based payment awards have been charged to the income statement but are not allowable as a tax deduction until the awards exercise. The excess of the expected tax relief in future years over the amount charged to the income statement is recognised as a credit directly to equity. Unrecognised deferred tax assets 31 May 2023 Gross unrecognised losses for tax purposes \u00a3m Tax value of loss \u00a3m Expiry date Overseas trading losses 16.1 4.1 N/A UK capital losses 23.5 5.9 N/A 39.6 10.0 31 May 2022 Gross unrecognised losses for tax purposes \u00a3m Tax value of loss \u00a3m Expiry date Overseas trading losses 14.6 3.9 N/A UK capital losses 23.5 5.9 N/A 38.1 9.8 The Group has an unrecognised deferred tax asset of \u00a310.0 million (31 May 2022: \u00a39.8 million) in respect of prior and current year losses, the recoverability of which is dependent on sufficient taxable profits of the entities. The movement in the deferred income tax assets included in the Consolidated Statement of Financial Position is as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year 17.5 12.9 Amounts arising on acquisitions in the year \u2013 7.4 Tax (charged) to the income statement (0.3) (2.2) Tax credited to other comprehensive income 6.2 \u2013 Tax credited directly to equity 0.6 (0.3) Impact of movement in foreign exchange rates \u2013 \u2013 Reallocations between deferred tax assets and liabilities (0.8) (0.3) At the end of the year 23.2 17.5 The movement in the deferred income tax liability included in the Consolidated Statement of Financial Position is as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year (67.2) (0.8) Amounts arising on acquisitions in the year (0.6) (66.1) Tax credited to the income statement 7.0 4.5 Tax charged to other comprehensive income \u2013 (0.5) Impact of movement in foreign exchange rates (0.8) (4.6) Reallocations between deferred tax assets and liabilities 0.8 0.3 At the end of the year (60.8) (67.2) Factors affecting the tax charge in future years Factors that may affect the Group\u2019s future tax charge include the geographic location of the Group\u2019s earnings, the tax rates in those locations, changes in tax legislation, the recognition of previously unrecognised tax losses and the resolution of open tax issues. The Group\u2019s future tax charge may also be impacted by changes in the Group\u2019s business activities, client composition and regulatory status, which could impact the Group\u2019s exemption from the UK Bank Corporation Tax Surcharge. The calculation of the Group\u2019s total tax charge involves a degree of estimation and judgement with respect to the recognition of deferred tax assets, which are dependent on the Group\u2019s estimation of future profitable income, transfer pricing and of certain items whose tax treatment cannot be finally determined until resolution has been reached with the relevant tax authority. The Group operates in a number of jurisdictions worldwide, and tax laws in those jurisdictions are themselves subject to change. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15%. The legislation implements a domestic top-up tax and a multinational top-up tax, effective for accounting periods starting on or after 31 December 2023. The Group does not account for deferred tax on top-up taxes and therefore, there was no impact on the recognition and measurement of deferred tax balances as a result of the legislation being substantively enacted. The Group determines its tax liability by taking into account its tax risks and it makes provision for those matters where it is probable that a tax liability will arise. Tax payable may ultimately be materially more or less than the amount already accounted for.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-405": {
"value": "10. Earnings per ordinary share Basic earnings per share is calculated by dividing the profit for the year attributable to owners of the parent by the weighted average number of ordinary shares in issue during the year, excluding shares held as own shares in the Group\u2019s Employee Benefit Trusts and shares repurchased and cancelled under the share buyback programme. Diluted earnings per share is calculated using the same profit figure as that used in basic earnings per share and by adjusting the weighted average number of ordinary shares assuming the vesting of all outstanding share scheme awards. Year ended 31 May 2023 Year ended 31 May 2022 Earnings attributable to owners of the parent (\u00a3m) 365.0 503.9 Weighted average number of shares Basic 418,693,685 426,289,898 Dilutive effect of share-based payments 3,869,357 3,614,236 Diluted 422,563,042 429,904,134 Year ended 31 May 2023 Year ended 31 May 2022 Basic earning per ordinary share 87.2p 118.2p \u00bc Attributable to continuing operations 86.9p 92.9p \u00bc Attributable to discontinued operations 0.3p 25.3p Diluted earning per ordinary share 86.4p 117.2p \u00bc Attributable to continuing operations 86.1p 92.1p \u00bc Attributable to discontinued operations 0.3p 25.1p ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-406": {
"value": "11. Dividends paid and proposed Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Final dividend for FY22 at 31.24 pence per share (FY21: 30.24p) 133.2 130.3 Interim dividend for FY23 at 13.26 pence per share (FY22: 12.96p) 54.9 55.9 188.1 186.2 The final dividend for the year ended 31 May 2023 of 31.94 pence per share was proposed by the Board on 19 July 2023 and has not been included as a liability at 31 May 2023. This dividend will be paid on 19 October 2023, following approval at the Company\u2019s AGM, to those members on the register at the close of business on 22 September 2023. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-407": {
"value": "12. Goodwill The movement in the goodwill balance for the year is as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m At the beginning of the year 604.7 107.3 Additions \u2013 business acquisition \u2013 462.4 Disposals \u2013 (13.4) Impact of foreign exchange movement 6.3 48.4 At the end of the year 611.0 604.7 Goodwill has been allocated for impairment testing purposes to cash-generating units (CGU) as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m US 509.2 502.8 UK 100.9 100.9 South Africa 0.8 0.9 Australia 0.1 0.1 611.0 604.7 Goodwill arose as follows: \u00bc US \u2013 from the acquisition of tastytrade on 28 June 2021 \u00bc UK \u2013 from the reorganisation of the UK business on 5 September 2003 \u00bc South Africa \u2013 from the acquisition of Ideal CFDs on 1 September 2010 \u00bc Australia \u2013 from the acquisition of the non-controlling interest in IG Australia Pty Limited in the year ended 31 May 2006 Impairment testing The Group\u2019s goodwill balance has been subject to a full impairment assessment and there has not been any impairment recognised for the above CGUs (31 May 2022: \u00a3nil). For the purposes of the Group\u2019s impairment testing of goodwill, the carrying amount of each CGU is compared to the estimated recoverable amount of the relevant CGU and any deficits are considered impairments requiring recognition in the year. The carrying amount of a CGU includes only those assets that can be attributed directly to it, or allocated on a reasonable and consistent basis. The estimated recoverable amount for each CGU was determined using the value-in-use (VIU) method. For all CGUs, the recoverable amount was higher than the carrying value. The Group\u2019s largest goodwill balance is associated with the US CGU. Key assumptions used in the calculation of the recoverable amount of the US CGU The key assumptions for the VIU calculations are those regarding the future cash flow projections, long-term growth rate and the discount rates. Future cash flow projections: The future cash flow projections cover a period of four years, reflecting the period over which the Board strategically assess performance. A declining growth rate of 16.0%\u20136.0% was used to extrapolate the final year of the four-year forecast period for a further three years. The terminal value was calculated based on the seventh year. The growth rate for the years five to seven was applied as the US business is not expected to reach a steady state growth rate by the end of year four. The cash flow projections are based on the most recent four year plan and take into account historical performance, together with the Group\u2019s views on future achievable growth relating to growth of market share and increased client acquisition. Key assumptions are the projected annual growth of net trading revenue and cost growth, which impacts the EBITDA margin. Net trading revenue growth is driven by increasing client numbers based on assumptions relating to acquisition, conversion and retention of clients. EBITDA margin is based on net trading revenue, interest on client money and cost assumptions. Interest on client money is based on our expectation of future longer term interest rates and increases in total client money balances as the underlying client base increases during the forecasted period. Revenue related costs are forecasted to increase over the four-year period in line with revenue projections and cost growth reflects higher marketing expenditure and continued investment in technology. The cashflow projections also take into account assumptions relating to working capital requirements and capital expenditure. The forecasts do not include revenues arising from tastytrade\u2019s planned expansion outside of the US market. Long term-growth: The regional long-term growth is used to extrapolate the cash flows to perpetuity for each CGU. The forecast period of four years is extrapolated for a further three years using a declining growth rate, reducing the rate down to a long-term growth rate of 2.0% (31 May 2022: 2.0%) which has been applied to derive a terminal value based on the cash flows in year seven. Discount rate: The discount rate used to calculate the recoverable amount of the US CGU is based on a post-tax weighted average cost of capital (WACC). The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the risks associated with the cash flows which are subject to management\u2019s judgement. A pre-tax discount rate is derived from a post-tax WACC. At the date of the 2023 impairment assessment the pre-tax discount rate applied to the seven-year cash flow period and thereafter, to determine the recoverable amount is 19.6%. For the 2022 impairment assessment, if the four-year cash flows were extrapolated for three years in line with the current year methodology, a discount rate of 19.8% would have been applied. The year on year movement in the discount rate is as a result of the impact of rising interest rates being offset by a reduction in entity specific risk premiums included in the discount rate. The recoverable amount determined for a seven-year cash flow period for 31 May 2023 and 31 May 2022 would be the same as that determined for a four-year cash flow period with an adjusted pre-tax discount rate applied. Sensitivity to changes in key assumptions The recoverable amount at 31 May 2023 exceeds the carrying amount of the cash-generating unit by \u00a327.0 million. The assessment excludes the projected future cash flows arising from tastytrade\u2019s planned expansion outside the US market. Were the projected cash flows from international expansion included this would add headroom. The impact of sensitivities to reasonable changes in a single variable and the change required to reduce headroom to nil are shown in the following table: Assumption Sensitivity applied Reduction in recoverable amount \u00a3m Impairment \u00a3m Changes required to reduce headroom to nil Net trading revenue growth (5.0)% (104.7) (77.7) 1.2% underperformance EBITDA margin (10.0)% (85.1) (58.1) 3.2% underperformance Discount rate 0.5% (29.3) (2.3) 0.6% increase Long-term growth rate (0.5)% (17.9) \u2013 0.8% reduction Key assumptions used in the calculation of the recoverable amount of CGUs excluding the US CGU Future cash flow projections: The future cash flow projections cover a period of four years, reflecting the period over which the Board strategically assess performance. Projected revenue is based on assumptions relating to client acquisition and trading activity, and assumptions on interest earned on client funds. Projected costs are based on assumptions relating to revenue-related costs, including trading and client transaction fees, and structural costs. Projected profitability takes into account historical performance and the Group\u2019s knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Regional long-term growth: Regional long-term growth is used to extrapolate the cash flows to perpetuity for each CGU. After a management forecast period of four years, a long-term growth rate of 2.0% (31 May 2022: 2.0%) has been applied to the cash flows to derive a terminal value. Discount rates: The discount rates used to calculate the recoverable amount of each CGU are based on a post-tax WACC which is specific to each geographical region. The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the risks associated with the cash flow of each individual CGU which are subject to management\u2019s judgement. The post-tax WACC is grossed up to a pre-tax discount rate. The pre-tax discount rate applied to calculate the recoverable amount of each CGU is as follows: 31 May 2023 31 May 2022 UK 14.0% 12.0% South Africa 21.0% 18.0% Australia 16.0% 13.0% Sensitivity to changes in key assumptions excluding the US CGU The VIU calculation has been subject to a sensitivity analysis reflecting reasonable changes in individual key assumptions. For all goodwill balances, there is sufficient headroom in the recoverable amount of the CGU based on the assumptions made, and there is no reasonably likely scenario under which material impairment could be expected to occur based on the testing performed. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-456": {
"value": "12. Goodwill The movement in the goodwill balance for the year is as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m At the beginning of the year 604.7 107.3 Additions \u2013 business acquisition \u2013 462.4 Disposals \u2013 (13.4) Impact of foreign exchange movement 6.3 48.4 At the end of the year 611.0 604.7 Goodwill has been allocated for impairment testing purposes to cash-generating units (CGU) as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m US 509.2 502.8 UK 100.9 100.9 South Africa 0.8 0.9 Australia 0.1 0.1 611.0 604.7 Goodwill arose as follows: \u00bc US \u2013 from the acquisition of tastytrade on 28 June 2021 \u00bc UK \u2013 from the reorganisation of the UK business on 5 September 2003 \u00bc South Africa \u2013 from the acquisition of Ideal CFDs on 1 September 2010 \u00bc Australia \u2013 from the acquisition of the non-controlling interest in IG Australia Pty Limited in the year ended 31 May 2006 Impairment testing The Group\u2019s goodwill balance has been subject to a full impairment assessment and there has not been any impairment recognised for the above CGUs (31 May 2022: \u00a3nil). For the purposes of the Group\u2019s impairment testing of goodwill, the carrying amount of each CGU is compared to the estimated recoverable amount of the relevant CGU and any deficits are considered impairments requiring recognition in the year. The carrying amount of a CGU includes only those assets that can be attributed directly to it, or allocated on a reasonable and consistent basis. The estimated recoverable amount for each CGU was determined using the value-in-use (VIU) method. For all CGUs, the recoverable amount was higher than the carrying value. The Group\u2019s largest goodwill balance is associated with the US CGU. Key assumptions used in the calculation of the recoverable amount of the US CGU The key assumptions for the VIU calculations are those regarding the future cash flow projections, long-term growth rate and the discount rates. Future cash flow projections: The future cash flow projections cover a period of four years, reflecting the period over which the Board strategically assess performance. A declining growth rate of 16.0%\u20136.0% was used to extrapolate the final year of the four-year forecast period for a further three years. The terminal value was calculated based on the seventh year. The growth rate for the years five to seven was applied as the US business is not expected to reach a steady state growth rate by the end of year four. The cash flow projections are based on the most recent four year plan and take into account historical performance, together with the Group\u2019s views on future achievable growth relating to growth of market share and increased client acquisition. Key assumptions are the projected annual growth of net trading revenue and cost growth, which impacts the EBITDA margin. Net trading revenue growth is driven by increasing client numbers based on assumptions relating to acquisition, conversion and retention of clients. EBITDA margin is based on net trading revenue, interest on client money and cost assumptions. Interest on client money is based on our expectation of future longer term interest rates and increases in total client money balances as the underlying client base increases during the forecasted period. Revenue related costs are forecasted to increase over the four-year period in line with revenue projections and cost growth reflects higher marketing expenditure and continued investment in technology. The cashflow projections also take into account assumptions relating to working capital requirements and capital expenditure. The forecasts do not include revenues arising from tastytrade\u2019s planned expansion outside of the US market. Long term-growth: The regional long-term growth is used to extrapolate the cash flows to perpetuity for each CGU. The forecast period of four years is extrapolated for a further three years using a declining growth rate, reducing the rate down to a long-term growth rate of 2.0% (31 May 2022: 2.0%) which has been applied to derive a terminal value based on the cash flows in year seven. Discount rate: The discount rate used to calculate the recoverable amount of the US CGU is based on a post-tax weighted average cost of capital (WACC). The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the risks associated with the cash flows which are subject to management\u2019s judgement. A pre-tax discount rate is derived from a post-tax WACC. At the date of the 2023 impairment assessment the pre-tax discount rate applied to the seven-year cash flow period and thereafter, to determine the recoverable amount is 19.6%. For the 2022 impairment assessment, if the four-year cash flows were extrapolated for three years in line with the current year methodology, a discount rate of 19.8% would have been applied. The year on year movement in the discount rate is as a result of the impact of rising interest rates being offset by a reduction in entity specific risk premiums included in the discount rate. The recoverable amount determined for a seven-year cash flow period for 31 May 2023 and 31 May 2022 would be the same as that determined for a four-year cash flow period with an adjusted pre-tax discount rate applied. Sensitivity to changes in key assumptions The recoverable amount at 31 May 2023 exceeds the carrying amount of the cash-generating unit by \u00a327.0 million. The assessment excludes the projected future cash flows arising from tastytrade\u2019s planned expansion outside the US market. Were the projected cash flows from international expansion included this would add headroom. The impact of sensitivities to reasonable changes in a single variable and the change required to reduce headroom to nil are shown in the following table: Assumption Sensitivity applied Reduction in recoverable amount \u00a3m Impairment \u00a3m Changes required to reduce headroom to nil Net trading revenue growth (5.0)% (104.7) (77.7) 1.2% underperformance EBITDA margin (10.0)% (85.1) (58.1) 3.2% underperformance Discount rate 0.5% (29.3) (2.3) 0.6% increase Long-term growth rate (0.5)% (17.9) \u2013 0.8% reduction Key assumptions used in the calculation of the recoverable amount of CGUs excluding the US CGU Future cash flow projections: The future cash flow projections cover a period of four years, reflecting the period over which the Board strategically assess performance. Projected revenue is based on assumptions relating to client acquisition and trading activity, and assumptions on interest earned on client funds. Projected costs are based on assumptions relating to revenue-related costs, including trading and client transaction fees, and structural costs. Projected profitability takes into account historical performance and the Group\u2019s knowledge of the current market, together with the Group\u2019s views on the future achievable growth. Regional long-term growth: Regional long-term growth is used to extrapolate the cash flows to perpetuity for each CGU. After a management forecast period of four years, a long-term growth rate of 2.0% (31 May 2022: 2.0%) has been applied to the cash flows to derive a terminal value. Discount rates: The discount rates used to calculate the recoverable amount of each CGU are based on a post-tax WACC which is specific to each geographical region. The discount rate depends on a number of inputs reflecting the current market assessment of the time value of money, determined by external market information, and inputs relating to the risks associated with the cash flow of each individual CGU which are subject to management\u2019s judgement. The post-tax WACC is grossed up to a pre-tax discount rate. The pre-tax discount rate applied to calculate the recoverable amount of each CGU is as follows: 31 May 2023 31 May 2022 UK 14.0% 12.0% South Africa 21.0% 18.0% Australia 16.0% 13.0% Sensitivity to changes in key assumptions excluding the US CGU The VIU calculation has been subject to a sensitivity analysis reflecting reasonable changes in individual key assumptions. For all goodwill balances, there is sufficient headroom in the recoverable amount of the CGU based on the assumptions made, and there is no reasonably likely scenario under which material impairment could be expected to occur based on the testing performed. 13. Intangible assets Customer relationships \u00a3m Trade names \u00a3m Non-compete agreements \u00a3m Internally developed software \u00a3m Domain names \u00a3m Software and licences \u00a3m Total \u00a3m Cost At 1 June 2021 \u2013 \u2013 \u2013 44.3 33.4 31.2 108.9 Additions \u2013 \u2013 \u2013 6.1 \u2013 2.9 9.0 Additions \u2013 business acquisition 163.5 56.9 28.8 14.3 \u2013 \u2013 263.5 Disposals \u2013 discontinued operations \u2013 \u2013 \u2013 (0.6) \u2013 (0.7) (1.3) Other disposals \u2013 \u2013 \u2013 (1.5) \u2013 \u2013 (1.5) Impact of movement in foreign exchange rates 15.9 5.5 2.8 1.5 3.6 0.2 29.5 At 31 May 2022 179.4 62.4 31.6 64.1 37.0 33.6 408.1 At 1 June 2022 179.4 62.4 31.6 64.1 37.0 33.6 408.1 Additions \u2013 \u2013 \u2013 7.0 \u2013 7.6 14.6 Additions \u2013 business acquisition (Small Exchange) \u2013 \u2013 \u2013 8.0 \u2013 \u2013 8.0 Disposals \u2013 \u2013 \u2013 (2.8) \u2013 (11.7) (14.5) Impact of movement in foreign exchange rates 2.3 0.8 0.4 0.1 0.1 \u2013 3.7 At 31 May 2023 181.7 63.2 32.0 76.4 37.1 29.5 419.9 Accumulated amortisation At 1 June 2021 \u2013 \u2013 \u2013 32.3 17.2 26.7 76.2 Charge during the year 16.8 3.6 5.5 6.8 3.5 3.0 39.2 Disposal \u2013 discontinued operations \u2013 \u2013 \u2013 (0.4) \u2013 (0.5) (0.9) Other disposals \u2013 \u2013 \u2013 (1.5) \u2013 \u2013 (1.5) Impact of movement in foreign exchange rates 0.7 0.1 0.3 0.2 1.6 0.1 3.0 At 31 May 2022 17.5 3.7 5.8 37.4 22.3 29.3 116.0 At 1 June 2022 17.5 3.7 5.8 37.4 22.3 29.3 116.0 Charge during the year 17.3 4.4 6.6 7.1 3.7 3.2 42.3 Disposals \u2013 \u2013 \u2013 (2.8) \u2013 (11.7) (14.5) Impact of movement in foreign exchange rates (0.2) (0.1) (0.1) (0.1) 0.1 \u2013 (0.4) At 31 May 2023 34.6 8.0 12.3 41.6 26.1 20.8 143.4 Net book value \u2013 31 May 2022 161.9 58.7 25.8 26.7 14.7 4.3 292.1 Net book value \u2013 31 May 2023 147.1 55.2 19.7 34.8 11.0 8.7 276.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-408": {
"value": "13. Intangible assets Customer relationships \u00a3m Trade names \u00a3m Non-compete agreements \u00a3m Internally developed software \u00a3m Domain names \u00a3m Software and licences \u00a3m Total \u00a3m Cost At 1 June 2021 \u2013 \u2013 \u2013 44.3 33.4 31.2 108.9 Additions \u2013 \u2013 \u2013 6.1 \u2013 2.9 9.0 Additions \u2013 business acquisition 163.5 56.9 28.8 14.3 \u2013 \u2013 263.5 Disposals \u2013 discontinued operations \u2013 \u2013 \u2013 (0.6) \u2013 (0.7) (1.3) Other disposals \u2013 \u2013 \u2013 (1.5) \u2013 \u2013 (1.5) Impact of movement in foreign exchange rates 15.9 5.5 2.8 1.5 3.6 0.2 29.5 At 31 May 2022 179.4 62.4 31.6 64.1 37.0 33.6 408.1 At 1 June 2022 179.4 62.4 31.6 64.1 37.0 33.6 408.1 Additions \u2013 \u2013 \u2013 7.0 \u2013 7.6 14.6 Additions \u2013 business acquisition (Small Exchange) \u2013 \u2013 \u2013 8.0 \u2013 \u2013 8.0 Disposals \u2013 \u2013 \u2013 (2.8) \u2013 (11.7) (14.5) Impact of movement in foreign exchange rates 2.3 0.8 0.4 0.1 0.1 \u2013 3.7 At 31 May 2023 181.7 63.2 32.0 76.4 37.1 29.5 419.9 Accumulated amortisation At 1 June 2021 \u2013 \u2013 \u2013 32.3 17.2 26.7 76.2 Charge during the year 16.8 3.6 5.5 6.8 3.5 3.0 39.2 Disposal \u2013 discontinued operations \u2013 \u2013 \u2013 (0.4) \u2013 (0.5) (0.9) Other disposals \u2013 \u2013 \u2013 (1.5) \u2013 \u2013 (1.5) Impact of movement in foreign exchange rates 0.7 0.1 0.3 0.2 1.6 0.1 3.0 At 31 May 2022 17.5 3.7 5.8 37.4 22.3 29.3 116.0 At 1 June 2022 17.5 3.7 5.8 37.4 22.3 29.3 116.0 Charge during the year 17.3 4.4 6.6 7.1 3.7 3.2 42.3 Disposals \u2013 \u2013 \u2013 (2.8) \u2013 (11.7) (14.5) Impact of movement in foreign exchange rates (0.2) (0.1) (0.1) (0.1) 0.1 \u2013 (0.4) At 31 May 2023 34.6 8.0 12.3 41.6 26.1 20.8 143.4 Net book value \u2013 31 May 2022 161.9 58.7 25.8 26.7 14.7 4.3 292.1 Net book value \u2013 31 May 2023 147.1 55.2 19.7 34.8 11.0 8.7 276.5 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-409": {
"value": "14. Property, plant and equipment Leasehold improvements \u00a3m Office equipment, fixtures and fittings \u00a3m Computer and other equipment \u00a3m Right-of-use assets \u00a3m Total \u00a3m Cost At 1 June 2021 23.6 6.7 49.1 34.5 113.9 Additions 0.1 0.1 8.3 8.4 16.9 Additions \u2013 business acquisition 0.8 0.1 1.3 0.7 2.9 Disposals \u2013 discontinued operations \u2013 \u2013 (3.4) (0.8) (4.2) Other disposals \u2013 (0.1) (0.6) (5.6) (6.3) Classified as assets held for sale (0.7) \u2013 \u2013 (1.5) (2.2) Impact of movement in foreign exchange rates 0.3 0.3 0.6 0.9 2.1 At 31 May 2022 24.1 7.1 55.3 36.6 123.1 At 1 June 2022 24.1 7.1 55.3 36.6 123.1 Additions 0.4 0.4 10.8 8.9 20.5 Additions \u2013 business acquisition 0.2 0.5 \u2013 \u2013 0.7 Disposals (0.6) (0.2) (2.1) (4.4) (7.3) Impact of movement in foreign exchange rates \u2013 (0.2) (0.4) (0.3) (0.9) At 31 May 2023 24.1 7.6 63.6 40.8 136.1 Accumulated depreciation At 1 June 2021 18.5 5.3 38.3 13.2 75.3 Charge for the year 1.9 1.0 7.8 7.6 18.3 Disposal \u2013 discontinued operations \u2013 \u2013 (2.5) (0.2) (2.7) Other disposals \u2013 (0.1) (0.5) (3.3) (3.9) Classified as assets held for sale (0.3) \u2013 \u2013 (0.7) (1.0) Impact of movement in foreign exchange rates 0.3 \u2013 0.1 0.1 0.5 At 31 May 2022 20.4 6.2 43.2 16.7 86.5 At 1 June 2022 20.4 6.2 43.2 16.7 86.5 Charge for the year 1.7 0.5 8.5 8.0 18.7 Disposals (0.5) (0.2) (1.4) (2.2) (4.3) Impact of movement in foreign exchange rates (0.1) (0.4) (0.2) (0.2) (0.9) At 31 May 2023 21.5 6.1 50.1 22.3 100.0 Net book value \u2013 31 May 2022 3.7 0.9 12.1 19.9 36.6 Net book value \u2013 31 May 2023 2.6 1.5 13.5 18.5 36.1 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-410": {
"value": "15. Financial investments and financial assets pledged as collateral 31 May 2023 \u00a3m 31 May 2022 \u00a3m UK Government securities 606.4 351.1 Term deposits \u2013 45.0 606.4 396.1 Split as: Non-current portion 379.6 160.1 Current portion 226.8 236.0 606.4 396.1 The Group held \u00a3372.3 million UK Government securities as at 31 May 2023 (31 May 2022: \u00a3289.9 million) to satisfy margin requirements. Prior to 1 January 2022, the Group had to meet its liquid asset buffer requirement under the previous BIPRU12 regime by holding gilts. From 1 January 2022, this was replaced by a new regime within the Investment Firm Prudential Regime rules. The Group is now able to meet its basic liquid asset requirement and a liquid asset threshold requirement with a broader range of assets. Following the introduction of the Uncleared Margin Rules (UMR) which came into effect in September 2022, the Group is required to pledge collateral, which is held in segregated custody accounts, to meet the initial margin requirements of certain brokers. Previously initial margin requirements were met with a combination of cash and UK Government securities held in unsegregated accounts. As a result of this change, the UK Government securities held by the Group has increased. The business model for holding UK Government Securities is unchanged and so the Group continues to recognise and measure the assets as fair value through other comprehensive income. Additionally, as at 31 May 2023, the Group holds \u00a335.0 million of financial assets which are not recognised on balance sheet as collateral from certain brokers to satisfy the requirements of UMR. ",
"dimensions": {
"concept": "iggroupholdingsplc:DisclosureOfFinancialInvestmentsAndFinancialAssetsPledgedAsCollateral",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-411": {
"value": "16. Cash and cash equivalents 31 May 2023 \u00a3m 31 May 2022 \u00a3m Cash at bank 627.4 808.9 Money market funds 171.1 437.5 798.5 1,246.4 The Group\u2019s Swiss banking subsidiary, IG Bank S.A., is required to protect customer deposits under the FINMA Privileged Deposit Scheme. At 31 May 2023, IG Bank S.A. was required to hold \u00a334.8 million (31 May 2022: \u00a335.1 million) in satisfaction of this requirement. This amount, which represents restricted cash, is included in the cash at bank balance above. The amount of segregated client funds held at 31 May 2023 was \u00a32,303.9 million (31 May 2022: \u00a32,577.9 million). Included within these balances is \u00a3232.5 million (31 May 2022: \u00a3236.7 million) of segregated client funds for customers of the Group\u2019s Japanese subsidiary, IG Securities Limited. Under local Japanese law, the Group is liable for any credit losses suffered by clients on the segregated client money balance. These amounts are held off-balance sheet due to the Group being unable to use these client funds. The interest received on segregated client funds is included within net operating income. Reconciliation to Consolidated Statement of Cash Flows Note 31 May 2023 \u00a3m 31 May 2022 \u00a3m Cash and cash equivalents 798.5 1,246.4 Amounts due to the Pool 22 (3.3) \u2013 Balances as per statement of cash flows 795.2 1,246.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-412": {
"value": "17. Trade receivables 31 May 2023 \u00a3m 31 May 2022 \u00a3m Amounts due from brokers 486.6 381.0 Own funds in client money 79.4 85.5 Amounts due from clients 4.4 3.0 570.4 469.5 Amounts due from brokers represent balances with brokers and execution partners where the combination of cash held on account and the valuation of financial derivative open positions, or unsettled trade receivables, results in an amount due to Group. Own funds in client money represent the Group\u2019s own cash held in segregated client funds, in accordance with the UK\u2019s Financial Conduct Authority (FCA) CASS rules and similar rules of other regulators in whose jurisdiction the Group operates and includes \u00a324.7 million (31 May 2022: \u00a37.6 million) to be transferred to the Group on the following business day. Amounts due from clients arise when a client\u2019s total funds held with the Group are insufficient to cover any trading losses incurred by the client or when a client utilises a trading credit limit. Amounts due from clients are stated net of an allowance for impairment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-415": {
"value": "20. Lease liabilities The liability represents the obligation to make payments relating to leasing of premises. The table below shows the maturity analysis of these lease liabilities as at the balance sheet date. 31 May 2023 \u00a3m 31 May 2022 \u00a3m Future minimum payments due: Within one year 7.4 8.9 After one year but not more than five years 9.9 13.2 After more than five years 3.4 0.6 20.7 22.7 In addition to the \u00a320.7 million lease liability (31 May 2022: \u00a322.7 million), the Group has \u00a30.4 million lease commitments under non-cancellable operating leases which are not capitalised as right-of-use assets (31 May 2022: \u00a30.3 million) which have been expensed during the year in the Consolidated Income Statement. Refer to note 29 for a maturity analysis of the undiscounted cash flows for non-cancellable leases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMaturityAnalysisOfOperatingLeasePaymentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-458": {
"value": "20. Lease liabilities The liability represents the obligation to make payments relating to leasing of premises. The table below shows the maturity analysis of these lease liabilities as at the balance sheet date. 31 May 2023 \u00a3m 31 May 2022 \u00a3m Future minimum payments due: Within one year 7.4 8.9 After one year but not more than five years 9.9 13.2 After more than five years 3.4 0.6 20.7 22.7 In addition to the \u00a320.7 million lease liability (31 May 2022: \u00a322.7 million), the Group has \u00a30.4 million lease commitments under non-cancellable operating leases which are not capitalised as right-of-use assets (31 May 2022: \u00a30.3 million) which have been expensed during the year in the Consolidated Income Statement. Refer to note 29 for a maturity analysis of the undiscounted cash flows for non-cancellable leases. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-416": {
"value": "21. Trade payables 31 May 2023 \u00a3m 31 May 2022 \u00a3m Client funds UK 253.9 359.0 US 56.1 34.1 EU 55.4 71.6 EMEA Non-EU 49.0 48.8 Singapore 1.1 1.5 Japan 4.9 4.4 Total client funds 420.4 519.4 Issued turbo warrants 2.7 1.5 Amounts due to brokers 48.6 28.0 Amounts due to clients 6.3 22.3 478.0 571.2 Client funds reflects the Group\u2019s liability for client monies which are recognised on balance sheet in cash and cash equivalents. Amounts due to brokers represents balances where the value of unsettled positions, or the value of open derivatives positions held in accounts which are not covered by an enforceable netting agreement, results in an amount payable by the Group. Amounts due to clients represent balances that will be transferred from cash and cash equivalents into segregated client funds on the following business day in accordance with the UK\u2019s Financial Conduct Authority CASS rules and similar rules of other regulators in whose jurisdiction the Group operates. 22. Other payables 31 May 2023 \u00a3m 31 May 2022 \u00a3m Non-current Other payables 1.2 \u2013 1.2 \u2013 Current Accruals 109.4 112.6 Payroll taxes, social security and other taxes 3.5 6.9 Amounts due to the Pool 3.3 \u2013 116.2 119.5 The notional pooling arrangement balance above relates to the notional multi-currency pooling arrangement established with the Group\u2019s bank during the current year in order to better manage the funding requirements of the foreign operating subsidiaries of the Group. The Pool allows the Group\u2019s subsidiaries to draw down on funds in any denomination required for operational purposes, as long as overall the Pool has sufficient funds across all the different currencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-413": {
"value": "18. Other assets Other assets are cryptocurrency assets and rights to cryptocurrency assets, which are controlled by the Group for the purpose of hedging the Group\u2019s exposure to clients\u2019 cryptocurrency trading positions. The Group holds rights to cryptocurrency assets on exchange and in vaults as follows: 31 May 2023 \u00a3m 31 May 2022 \u00a3m Exchange 1.5 1.8 Vaults 13.5 12.4 15.0 14.2 Other assets are measured at fair value less costs to sell. Other assets are level 2 assets in accordance with the fair value hierarchy (note 28). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-414": {
"value": "19. Debt securities in issue In FY22 the Group issued \u00a3300.0 million 3.125% senior unsecured bonds due in 2028. The issued debt has been recognised at fair value less transaction fees. As at 31 May 2023, \u00a31.7 million unamortised arrangement fees are recognised on the Statement of Financial Position (31 May 2022: \u00a32.0 million). The Group also has access to a \u00a3350.0 million revolving credit facility, which has increased as a result of two accordions to the existing revolving credit facility being signed in FY23. The Group has the option to request an increase in the revolving credit facility size to \u00a3400.0 million. The Group also had the option to request a maturity extension of one year, which was exercised in FY23. The revolving credit facility will now mature in October 2025. In addition, the Group has the option to extend the maturity for a further year, subject to borrower request and lender consent. Under the terms of the revolving credit facility agreement, the Group is required to comply with financial covenants covering maximum levels of leverage and debt to equity. The Group has complied with all covenants throughout the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-457": {
"value": "19. Debt securities in issue In FY22 the Group issued \u00a3300.0 million 3.125% senior unsecured bonds due in 2028. The issued debt has been recognised at fair value less transaction fees. As at 31 May 2023, \u00a31.7 million unamortised arrangement fees are recognised on the Statement of Financial Position (31 May 2022: \u00a32.0 million). The Group also has access to a \u00a3350.0 million revolving credit facility, which has increased as a result of two accordions to the existing revolving credit facility being signed in FY23. The Group has the option to request an increase in the revolving credit facility size to \u00a3400.0 million. The Group also had the option to request a maturity extension of one year, which was exercised in FY23. The revolving credit facility will now mature in October 2025. In addition, the Group has the option to extend the maturity for a further year, subject to borrower request and lender consent. Under the terms of the revolving credit facility agreement, the Group is required to comply with financial covenants covering maximum levels of leverage and debt to equity. The Group has complied with all covenants throughout the year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-461": {
"value": "22. Other payables 31 May 2023 \u00a3m 31 May 2022 \u00a3m Non-current Other payables 1.2 \u2013 1.2 \u2013 Current Accruals 109.4 112.6 Payroll taxes, social security and other taxes 3.5 6.9 Amounts due to the Pool 3.3 \u2013 116.2 119.5 The notional pooling arrangement balance above relates to the notional multi-currency pooling arrangement established with the Group\u2019s bank during the current year in order to better manage the funding requirements of the foreign operating subsidiaries of the Group. The Pool allows the Group\u2019s subsidiaries to draw down on funds in any denomination required for operational purposes, as long as overall the Pool has sufficient funds across all the different currencies. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-417": {
"value": "23. Contingent liabilities and provisions In the ordinary course of business, the Group is subject to legal and regulatory risks in a number of jurisdictions which may result in legal claims or regulatory action against the Group. Through the Group\u2019s ordinary course of business there are ongoing legal proceedings and engagements with regulatory authorities. Where possible, an estimate of the potential financial impact of these legal proceedings is made using management\u2019s best estimate, but where the most likely outcome cannot be determined no provision is recognised. The Group is subject to a group of claims that could have a financial impact of approximately \u00a320.5 million as at 31 May 2023 (31 May 2022: \u00a320.6 million). There have been no significant developments during the year and it is still not possible to determine whether any amounts will be payable to the clients. As a result, no provision has been recognised. The Group has received notice of a class action served against one of its operating entities during the financial year ended 31 May 2023. There has been no significant development since the claim was served and it is not possible to determine amounts that could be payable to the clients. As a result, no provision has been recognised. Under the terms of the agreement with the Group\u2019s clearing broker for its operations in the US, Apex Clearing Corporation, the Group guarantees the performance of its customers in meeting contracted obligations. In conjunction with the clearing broker, the Group seeks to control the risks associated with its customer activities by requiring customers to maintain collateral in compliance with various regulatory and internal guidelines. Compliance with the various guidelines is monitored daily and, pursuant to such guidelines, the customers may be required to deposit additional collateral, or reduce positions where necessary. The Group does not expect there to be other contingent liabilities that would have material adverse impact on the Group Financial Statements. The Group had no material provisions as at 31 May 2023 (31 May 2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-474": {
"value": "23. Contingent liabilities and provisions In the ordinary course of business, the Group is subject to legal and regulatory risks in a number of jurisdictions which may result in legal claims or regulatory action against the Group. Through the Group\u2019s ordinary course of business there are ongoing legal proceedings and engagements with regulatory authorities. Where possible, an estimate of the potential financial impact of these legal proceedings is made using management\u2019s best estimate, but where the most likely outcome cannot be determined no provision is recognised. The Group is subject to a group of claims that could have a financial impact of approximately \u00a320.5 million as at 31 May 2023 (31 May 2022: \u00a320.6 million). There have been no significant developments during the year and it is still not possible to determine whether any amounts will be payable to the clients. As a result, no provision has been recognised. The Group has received notice of a class action served against one of its operating entities during the financial year ended 31 May 2023. There has been no significant development since the claim was served and it is not possible to determine amounts that could be payable to the clients. As a result, no provision has been recognised. Under the terms of the agreement with the Group\u2019s clearing broker for its operations in the US, Apex Clearing Corporation, the Group guarantees the performance of its customers in meeting contracted obligations. In conjunction with the clearing broker, the Group seeks to control the risks associated with its customer activities by requiring customers to maintain collateral in compliance with various regulatory and internal guidelines. Compliance with the various guidelines is monitored daily and, pursuant to such guidelines, the customers may be required to deposit additional collateral, or reduce positions where necessary. The Group does not expect there to be other contingent liabilities that would have material adverse impact on the Group Financial Statements. The Group had no material provisions as at 31 May 2023 (31 May 2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-459": {
"value": "23. Contingent liabilities and provisions In the ordinary course of business, the Group is subject to legal and regulatory risks in a number of jurisdictions which may result in legal claims or regulatory action against the Group. Through the Group\u2019s ordinary course of business there are ongoing legal proceedings and engagements with regulatory authorities. Where possible, an estimate of the potential financial impact of these legal proceedings is made using management\u2019s best estimate, but where the most likely outcome cannot be determined no provision is recognised. The Group is subject to a group of claims that could have a financial impact of approximately \u00a320.5 million as at 31 May 2023 (31 May 2022: \u00a320.6 million). There have been no significant developments during the year and it is still not possible to determine whether any amounts will be payable to the clients. As a result, no provision has been recognised. The Group has received notice of a class action served against one of its operating entities during the financial year ended 31 May 2023. There has been no significant development since the claim was served and it is not possible to determine amounts that could be payable to the clients. As a result, no provision has been recognised. Under the terms of the agreement with the Group\u2019s clearing broker for its operations in the US, Apex Clearing Corporation, the Group guarantees the performance of its customers in meeting contracted obligations. In conjunction with the clearing broker, the Group seeks to control the risks associated with its customer activities by requiring customers to maintain collateral in compliance with various regulatory and internal guidelines. Compliance with the various guidelines is monitored daily and, pursuant to such guidelines, the customers may be required to deposit additional collateral, or reduce positions where necessary. The Group does not expect there to be other contingent liabilities that would have material adverse impact on the Group Financial Statements. The Group had no material provisions as at 31 May 2023 (31 May 2022: \u00a3nil). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-418": {
"value": "24. Share capital and share premium Number of shares Share capital \u00a3m Share premium account \u00a3m Allotted and fully paid (i) Ordinary shares (0.005p) At 31 May 2021 370,299,455 \u2013 125.8 Issued during the year 61,275,000 \u2013 \u2013 At 31 May 2022 431,574,455 \u2013 125.8 Issued during the year \u2013 \u2013 \u2013 Shares bought back and immediately cancelled (22,626,613) \u2013 \u2013 At 31 May 2023 408,947,842 \u2013 125.8 (ii) Deferred redeemable shares (0.001p) At 31 May 2022 65,000 \u2013 \u2013 At 31 May 2023 65,000 \u2013 \u2013 (iii) Redeemable preference shares (\u00a31.00) At 31 May 2022 40,000 \u2013 \u2013 At 31 May 2023 40,000 \u2013 \u2013 In prior year, the Group issued 61,000,000 shares as part of the total consideration for the acquisition of tastytrade Inc. The shares were issued on 28 June 2021 and upon issue the total value of the shares was \u00a3509.4 million, based on the closing share price on 28 June 2021. The issue of shares was determined to qualify for merger relief under section 612 of the Companies Act 2006, and the amount in excess of the nominal value of the ordinary shares was recognised in the merger reserve, along with issue costs of \u00a30.4 million which were directly attributable to the issue of the shares. On 21 July 2022, the Group announced a share buyback programme with a maximum aggregate market value equivalent to \u00a3150.0 million, to be completed in two tranches of \u00a375.0 million each. It was also announced that all shares repurchased as part of the programme would be cancelled. The first tranche commenced on 21 July 2022 and completed on 12 October 2022, with the purchase and cancellation of 9,613,152 shares. The second tranche commenced on 25 October 2022 completed on 20 March 2023, with the purchase and cancellation of 9,635,113 shares. On 25 January 2023, the Board approved an additional share buyback programme of up to \u00a350.0 million. This commenced on 1 April 2023 and as at 31 May 2023 has resulted in the purchase and cancellation of 3,571,441 shares. As at 31 May 2023 the Group has repurchased 22,819,706 shares, with an aggregate nominal value of \u00a31,140.99, for total consideration of \u00a3176.6 million (including related costs of \u00a30.8 million). As at 31 May 2023 the Group had 193,093 shares repurchased but not cancelled. During FY22, 275,000 ordinary shares with an aggregate nominal value of \u00a313.75 were issued to the Employee Benefit Trust to satisfy the exercise of Sustained Performance Plan and Long-term Incentive Plan awards for consideration of \u00a313.75. No shares were issued in the current year. Except as the ordinary shareholders have agreed or may otherwise agree, on winding up of the Company, the balance of assets available for distribution, after the payment of all of the Company\u2019s creditors and subject to any special rights attaching to other classes of shares, are distributed among the shareholders according to the amounts paid up on shares by them. Deferred redeemable share These shares carry no entitlement to dividends and no voting rights. Redeemable preference shares The preference shares are entitled to a fixed non-cumulative dividend of 8.0% paid in preference to any other dividend. Redemption is only permissible in accordance with capital distribution rules or on the winding up of the Company. The holders are entitled to \u00a31 per share plus, if the Company has sufficient distributable reserves, any accrued or unpaid dividends. The preference shares have no voting rights, except that they are entitled to vote should the Company fail to pay any amount due on redemption of the shares. The effective interest rate on these shares is 8.0% (31 May 2022: 8.0%). The preference shares are no longer required as part of the Group\u2019s capital structure so approval for redemption was granted by the Board on 18 May 2023. During FY23, there have been no changes to the Group\u2019s deferred redeemable shares and redeemable preference shares (31 May 2022: none). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-460": {
"value": "24. Share capital and share premium Number of shares Share capital \u00a3m Share premium account \u00a3m Allotted and fully paid (i) Ordinary shares (0.005p) At 31 May 2021 370,299,455 \u2013 125.8 Issued during the year 61,275,000 \u2013 \u2013 At 31 May 2022 431,574,455 \u2013 125.8 Issued during the year \u2013 \u2013 \u2013 Shares bought back and immediately cancelled (22,626,613) \u2013 \u2013 At 31 May 2023 408,947,842 \u2013 125.8 (ii) Deferred redeemable shares (0.001p) At 31 May 2022 65,000 \u2013 \u2013 At 31 May 2023 65,000 \u2013 \u2013 (iii) Redeemable preference shares (\u00a31.00) At 31 May 2022 40,000 \u2013 \u2013 At 31 May 2023 40,000 \u2013 \u2013 In prior year, the Group issued 61,000,000 shares as part of the total consideration for the acquisition of tastytrade Inc. The shares were issued on 28 June 2021 and upon issue the total value of the shares was \u00a3509.4 million, based on the closing share price on 28 June 2021. The issue of shares was determined to qualify for merger relief under section 612 of the Companies Act 2006, and the amount in excess of the nominal value of the ordinary shares was recognised in the merger reserve, along with issue costs of \u00a30.4 million which were directly attributable to the issue of the shares. On 21 July 2022, the Group announced a share buyback programme with a maximum aggregate market value equivalent to \u00a3150.0 million, to be completed in two tranches of \u00a375.0 million each. It was also announced that all shares repurchased as part of the programme would be cancelled. The first tranche commenced on 21 July 2022 and completed on 12 October 2022, with the purchase and cancellation of 9,613,152 shares. The second tranche commenced on 25 October 2022 completed on 20 March 2023, with the purchase and cancellation of 9,635,113 shares. On 25 January 2023, the Board approved an additional share buyback programme of up to \u00a350.0 million. This commenced on 1 April 2023 and as at 31 May 2023 has resulted in the purchase and cancellation of 3,571,441 shares. As at 31 May 2023 the Group has repurchased 22,819,706 shares, with an aggregate nominal value of \u00a31,140.99, for total consideration of \u00a3176.6 million (including related costs of \u00a30.8 million). As at 31 May 2023 the Group had 193,093 shares repurchased but not cancelled. During FY22, 275,000 ordinary shares with an aggregate nominal value of \u00a313.75 were issued to the Employee Benefit Trust to satisfy the exercise of Sustained Performance Plan and Long-term Incentive Plan awards for consideration of \u00a313.75. No shares were issued in the current year. Except as the ordinary shareholders have agreed or may otherwise agree, on winding up of the Company, the balance of assets available for distribution, after the payment of all of the Company\u2019s creditors and subject to any special rights attaching to other classes of shares, are distributed among the shareholders according to the amounts paid up on shares by them. Deferred redeemable share These shares carry no entitlement to dividends and no voting rights. Redeemable preference shares The preference shares are entitled to a fixed non-cumulative dividend of 8.0% paid in preference to any other dividend. Redemption is only permissible in accordance with capital distribution rules or on the winding up of the Company. The holders are entitled to \u00a31 per share plus, if the Company has sufficient distributable reserves, any accrued or unpaid dividends. The preference shares have no voting rights, except that they are entitled to vote should the Company fail to pay any amount due on redemption of the shares. The effective interest rate on these shares is 8.0% (31 May 2022: 8.0%). The preference shares are no longer required as part of the Group\u2019s capital structure so approval for redemption was granted by the Board on 18 May 2023. During FY23, there have been no changes to the Group\u2019s deferred redeemable shares and redeemable preference shares (31 May 2022: none). 25. Other reserves Share-based payments reserve \u00a3m Own shares held in Employee Benefit Trusts \u00a3m FVOCI reserve \u00a3m Share buyback reserve \u00a3m Total other reserves \u00a3m At 1 June 2021 14.5 (1.6) (0.1) \u2013 12.8 Employee Benefit Trust purchase of shares \u2013 (6.7) \u2013 \u2013 (6.7) Transfer of vested awards from share- based payment reserve (7.3) \u2013 \u2013 \u2013 (7.3) Equity-settled employee share-based payments 13.6 \u2013 \u2013 \u2013 13.6 Exercise of employee share awards (2.3) 2.3 \u2013 \u2013 \u2013 Change in value of financial assets held at fair value through other comprehensive income \u2013 \u2013 (4.0) \u2013 (4.0) At 31 May 2022 18.5 (6.0) (4.1) \u2013 8.4 At 1 June 2022 18.5 (6.0) (4.1) \u2013 8.4 Share buyback \u2013 \u2013 \u2013 (2.1) (2.1) Employee Benefit Trust purchase of shares \u2013 (14.6) \u2013 \u2013 (14.6) Transfer of vested awards from share- based payment reserve (7.6) \u2013 \u2013 \u2013 (7.6) Equity-settled employee share-based payments 13.3 \u2013 \u2013 \u2013 13.3 Exercise of employee share awards (11.3) 11.3 \u2013 \u2013 \u2013 Change in value of financial assets held at fair value through other comprehensive income \u2013 \u2013 (11.9) \u2013 (11.9) Share-based payments converted to cash settled liabilities (2.4) \u2013 \u2013 \u2013 (2.4) At 31 May 2023 10.5 (9.3) (16.0) (2.1) (16.9 The share-based payments reserve relates to the estimated cost of equity-settled employee share plans based on a straight-line basis over the vesting period. The fair value through other comprehensive income reserve includes unrealised gains or losses in respect of financial investments, net of tax. The share buyback relates to the amount due to the intermediary bank for the repurchase of its own shares. Own shares held in Employee Benefit Trusts The movements in own shares held in Employee Benefit Trusts in respect of employee share plans during the year were as follows: Year ended 31 May 2023 Number Year ended 31 May 2022 Number At the beginning of the year 659,929 872,272 Subscribed for and purchased during the year 2,112,631 1,012,130 Exercise and sale of own shares held in trust (1,439,639) (1,224,473) At the end of the year 1,332,921 659,929 The Group has a UK-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Group\u2019s HMRC-approved Share incentive Plan. At 31 May 2023, 147,895 ordinary shares (31 May 2022: 161,918) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a31.0 million (31 May 2022: \u00a31.2 million). The Group has a Jersey-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Long-term Incentive Plan and Sustained Performance Plan. At 31 May 2023 the Trust held 1,171,960 ordinary shares (31 May 2022: 488,094). The market value of the shares at 31 May 2023 was \u00a37.9 million (31 May 2022: \u00a33.5 million). The Group has an Australian-resident Employee Equity Plan Trust which holds shares in the Company to satisfy awards under a SIP. At 31 May 2023, 13,066 ordinary shares (31 May 2022: 9,917) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a30.1 million (31 May 2022: \u00a30.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-419": {
"value": "25. Other reserves Share-based payments reserve \u00a3m Own shares held in Employee Benefit Trusts \u00a3m FVOCI reserve \u00a3m Share buyback reserve \u00a3m Total other reserves \u00a3m At 1 June 2021 14.5 (1.6) (0.1) \u2013 12.8 Employee Benefit Trust purchase of shares \u2013 (6.7) \u2013 \u2013 (6.7) Transfer of vested awards from share- based payment reserve (7.3) \u2013 \u2013 \u2013 (7.3) Equity-settled employee share-based payments 13.6 \u2013 \u2013 \u2013 13.6 Exercise of employee share awards (2.3) 2.3 \u2013 \u2013 \u2013 Change in value of financial assets held at fair value through other comprehensive income \u2013 \u2013 (4.0) \u2013 (4.0) At 31 May 2022 18.5 (6.0) (4.1) \u2013 8.4 At 1 June 2022 18.5 (6.0) (4.1) \u2013 8.4 Share buyback \u2013 \u2013 \u2013 (2.1) (2.1) Employee Benefit Trust purchase of shares \u2013 (14.6) \u2013 \u2013 (14.6) Transfer of vested awards from share- based payment reserve (7.6) \u2013 \u2013 \u2013 (7.6) Equity-settled employee share-based payments 13.3 \u2013 \u2013 \u2013 13.3 Exercise of employee share awards (11.3) 11.3 \u2013 \u2013 \u2013 Change in value of financial assets held at fair value through other comprehensive income \u2013 \u2013 (11.9) \u2013 (11.9) Share-based payments converted to cash settled liabilities (2.4) \u2013 \u2013 \u2013 (2.4) At 31 May 2023 10.5 (9.3) (16.0) (2.1) (16.9 ) The share-based payments reserve relates to the estimated cost of equity-settled employee share plans based on a straight-line basis over the vesting period. The fair value through other comprehensive income reserve includes unrealised gains or losses in respect of financial investments, net of tax. The share buyback relates to the amount due to the intermediary bank for the repurchase of its own shares. Own shares held in Employee Benefit Trusts The movements in own shares held in Employee Benefit Trusts in respect of employee share plans during the year were as follows: Year ended 31 May 2023 Number Year ended 31 May 2022 Number At the beginning of the year 659,929 872,272 Subscribed for and purchased during the year 2,112,631 1,012,130 Exercise and sale of own shares held in trust (1,439,639) (1,224,473) At the end of the year 1,332,921 659,929 The Group has a UK-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Group\u2019s HMRC-approved Share incentive Plan. At 31 May 2023, 147,895 ordinary shares (31 May 2022: 161,918) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a31.0 million (31 May 2022: \u00a31.2 million). The Group has a Jersey-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Long-term Incentive Plan and Sustained Performance Plan. At 31 May 2023 the Trust held 1,171,960 ordinary shares (31 May 2022: 488,094). The market value of the shares at 31 May 2023 was \u00a37.9 million (31 May 2022: \u00a33.5 million). The Group has an Australian-resident Employee Equity Plan Trust which holds shares in the Company to satisfy awards under a SIP. At 31 May 2023, 13,066 ordinary shares (31 May 2022: 9,917) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a30.1 million (31 May 2022: \u00a30.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-475": {
"value": "Own shares held in Employee Benefit Trusts The movements in own shares held in Employee Benefit Trusts in respect of employee share plans during the year were as follows: Year ended 31 May 2023 Number Year ended 31 May 2022 Number At the beginning of the year 659,929 872,272 Subscribed for and purchased during the year 2,112,631 1,012,130 Exercise and sale of own shares held in trust (1,439,639) (1,224,473) At the end of the year 1,332,921 659,929 The Group has a UK-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Group\u2019s HMRC-approved Share incentive Plan. At 31 May 2023, 147,895 ordinary shares (31 May 2022: 161,918) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a31.0 million (31 May 2022: \u00a31.2 million). The Group has a Jersey-resident Employee Benefit Trust which holds shares in the Company to satisfy awards under the Long-term Incentive Plan and Sustained Performance Plan. At 31 May 2023 the Trust held 1,171,960 ordinary shares (31 May 2022: 488,094). The market value of the shares at 31 May 2023 was \u00a37.9 million (31 May 2022: \u00a33.5 million). The Group has an Australian-resident Employee Equity Plan Trust which holds shares in the Company to satisfy awards under a SIP. At 31 May 2023, 13,066 ordinary shares (31 May 2022: 9,917) were held in the Trust. The market value of the shares at 31 May 2023 was \u00a30.1 million (31 May 2022: \u00a30.1 million). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-420": {
"value": "26. Employee share plans The Company operates four employee share plans; a Sustained Performance Plan (SPP), a Long-term Incentive Plan (LTIP), a Share Incentive Plan (SIP) and a Medium-term Incentive Plan (MTIP). The LTIP, MTIP and SIP are equity-settled. The SPP awarded prior to 31 May 2021 was fully equity-settled. The SPP awarded after 31 May 2021 has changed such that 30% of the award for the Executive Directors is settled in cash, and does not meet the criteria to be recognised as either a cash-settled share-based payment or an equity-settled share-based payment. Sustained performance plan The SPP award was introduced in the year ended 31 May 2014 for the Group\u2019s Executive Directors and other selected senior employees. The Remuneration Committee approves any awards made under the plan and is responsible for setting the policy for the operation of the SPP, agreeing performance targets and participation. The legal grant of awards under the SPP occurs post the relevant performance period. At the outset of the financial year the Remuneration Committee approves, and communicates to the participants, performance conditions and a pre-defined maximum monetary award in terms of multiple of salary. The grant of awards, in the form of equity-settled par value options, is based upon three performance conditions: relative Total Shareholder Return (TSR), earnings per share (EPS) and operational non-financial performance (NFP). The last award that can be granted under the current SPP plan will be in August 2023. After this point the current SPP will expire as per the terms of the structure of the plan. The following table shows the movement of options in the SPP, the additional awards issued and dividends accrued for the year ended 31 May 2023: Award date Performance period (year ended) Share price at award Expected full vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Exercised during the year Number Dividend accrued during the year Number At the end of the year Number 04-Aug-14 31 May 2014 609.90 01\u2013Aug\u201325 11,851 \u2013 \u2013 (4,318) 442 7,975 06-Aug-15 31 May 2015 742.55 01\u2013Aug\u201325 13,187 \u2013 \u2013 (4,778) 496 8,905 02-Aug-16 31 May 2016 868.65 01\u2013Aug\u201325 53,215 \u2013 \u2013 (18,804) 2,020 36,431 01-Aug-17 31 May 2017 626.50 01\u2013Aug\u201325 51,606 \u2013 \u2013 (20,071) 1,851 33,386 07-Aug-18 31 May 2018 893.00 01\u2013Aug\u201325 183,260 \u2013 \u2013 (70,497) 6,623 119,386 06-Aug-19 31 May 2019 559.20 01\u2013Aug\u201325 147,469 \u2013 \u2013 (54,476) 5,461 98,454 06-Aug-20 31 May 2020 734.00 01\u2013Aug\u201325 939,253 \u2013 \u2013 (330,852) 35,744 644,145 06-Aug-20 \u2013 734.00 01\u2013May\u201322 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 06-Aug-20 31 May 2021 734.00 30\u2013Jun\u201322 35,616 \u2013 \u2013 (37,200) 1,584 \u2013 06-Aug-20 \u2013 734.00 01\u2013May\u201323 2,179 \u2013 \u2013 (2,569) 390 \u2013 05-Aug-21 31 May 2022 911.50 01\u2013Aug\u201325 1,326,780 \u2013 (13,110) (242,073) 63,516 1,135,113 10-Jan-22 \u2013 829.50 30\u2013Jun\u201323 15,390 \u2013 \u2013 \u2013 \u2013 15,390 10-Jan-22 \u2013 829.50 30\u2013Jun\u201324 12,990 \u2013 \u2013 \u2013 \u2013 12,990 04-Aug-22 \u2013 818.00 30\u2013Sep\u201323 \u2013 7,230 \u2013 (3,615) \u2013 3,615 04-Aug-22 31 May 2023 31 May 2024 818.00 30\u2013Sep\u201324 \u2013 3,605 \u2013 \u2013 \u2013 3,605 08-Aug-22 31 May 2023 822.00 01\u2013Aug\u201327 \u2013 1,799,194 (176,250) \u2013 63,762 1,686,706 11- A u g - 22 31 May 2023 834.00 11\u2013Aug\u201325 \u2013 26,976 \u2013 \u2013 \u2013 26,976 30-Sep-22 31 May 2023 763.50 30\u2013Sep\u201325 \u2013 25,539 \u2013 \u2013 \u2013 25,539 Total 2,792,796 1,862,544 (189,360) (789,253) 181,889 3,858,616 The average share price at exercise of options during the year was 811.43 pence. The exercise price of all SPP awards is 0.005 pence and the weighted average remaining contractual life of share options as at 31 May 2023 was 2.14 years (31 May 2022: 3.11 years). The SPP awards for the year ended 31 May 2023 will be granted in August 2023 following the approval of actual performance against targets set by the Remuneration Committee. A ten-day share price averaging period, that commences after the Company\u2019s closed period, is utilised to convert the notional value awarded into a number of options. The table below details the number of options expected to be awarded for the year ended 31 May 2023, based on the year-end share price: Expected award date Closing share price at 31 May 2023 Expected full vesting date Awards expected for the year ending 31 May 2023 Number 3 Aug 2023 672.0p 1 Aug 2027 1,332,538 Long-term Incentive Plan The LTIP is made available to senior management who are not invited to participate in the SPP. Awards under the LTIP are nominal cost options, which vest after three years, conditional upon continued employment at the vesting date. There are no other performance targets instead, for awards granted in 2022, the remuneration committee have decided to apply a performance underpin which would take account of the underlying financial and non-financial performance of the participant and/or any relevant group member, over the vesting period. The maximum number of LTIP awards that can vest under the awards made are: Award date Share price at award Expected vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Dividend equivalent awarded during the year Number Exercised during the year Number At the end of the year Number 7 Aug 2018 893.00p 7 Aug 2021 2,435 \u2013 \u2013 \u2013 (2,435) \u2013 6 Aug 2019 559.20p 6 Aug 2022 377,719 \u2013 (8,538) 70,214 (439,395) \u2013 6 Aug 2020 734.00p 6 Aug 2023 324,104 \u2013 (21,637) \u2013 \u2013 302,467 5 Aug 2021 911.50p 5 Aug 2024 355,295 \u2013 (32,337) \u2013 \u2013 322,958 4 Aug 2022 818.00p 4 Aug 2025 \u2013 619,707 (46,201) \u2013 \u2013 573,506 Total 1,059,553 619,707 (108,713) 70,214 (441,830) 1,198,931 The exercise price of all options awarded under the LTIP is 0.005 pence and the weighted average remaining contractual life of share options as at 31 May 2023 was 1.41 years (31 May 2022: 1.16 years). Medium-term Incentive Plan The MTIP was made available to certain employees within the Group. Awards under the MTIP were nominal cost options, which vest after 15 months, conditional upon continued employment at the vesting date. There were no other performance targets. The exercise price of all options awarded under the MTIP was 0.005 pence. On 5 November 2022 the awards under this scheme vested. There were no new awards granted to any employee under the MTIP in the current year. The table below shows the movement in the awards during the current period: Award date Share price at award Expected vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Dividend equivalent awarded during the year Number Exercised during the year Number At the end of the year Number 5 Aug 2021 911.50p 5 Nov 2022 195,519 \u2013 (8,670) 18,503 (200,546) 4,806 Share-Incentive Plan SIP awards are made available to all UK, Australian and US employees. The terms of the award are approved by the Remuneration Committee. The UK and Australian awards invite all employees to purchase up to \u00a31,800/A$3,000 (31 May 2022: \u00a31,800/A$3,000) of partnership shares, with the Company matching on a one-for-one (31 May 2022: one-for-one) basis. All matching shares vest after three years as long as the employee remains employed with the Group for the term of the award. Shares awarded under the scheme are held in trust in accordance with local tax authority rules. Employees are entitled to receive dividends on the partnership and matching shares held in trust for as long as they remain employees. The US award invites employees to invest a maximum of 5% of their salary to the award. Employees are invited to purchase shares in IG Group Holdings plc at a discount of 15% to the scheme price, being the lower of: (i) the opening share price; or (ii) the closing share price for the period. The maximum number of matching shares that can vest based on the SIP awards made are: Country of award Award date Share price at award Expected vesting date At the beginning of the year Number Awarded during the year Number Lapsed during the year Number Exercised during the year Number At the end of the year Number UK 6 Aug 2019 559.20p 6 Aug 2022 53,124 \u2013 (1,594) (51,530) \u2013 Australia 15 Jul 2019 597.00p 15 Jul 2022 1,792 \u2013 \u2013 (1,792) \u2013 UK 6 Aug 2020 734.00p 6 Aug 2023 49,119 \u2013 (6,008) (2,420) 40,691 Australia 15 Jul 2020 740.79p 15 Jul 2023 2,997 \u2013 (444) (444) 2,109 UK 5 Aug 2021 911.50p 5 Aug 2024 47,769 \u2013 (5,155) (1,583) 41,031 Australia 15 Jul 2021 851.50p 15 Jul 2024 3,989 \u2013 (380) (380) 3,229 UK 3 Aug 2022 814.00p 3 Aug 2025 \u2013 60,702 (2,679) (2,203) 55,820 Australia 15 Jul 2022 707.00p 15 Jul 2025 \u2013 6,904 (1,044) \u2013 5,860 Total 158,790 67,606 (17,304) (60,352) 148,740 Of the above SIP awards exercised during the year ended 31 May 2023, the average weighted share price at exercise was: Country of award Award date Weighted average share price at exercise UK 6 Aug 2019 556.00p Australia 15 Jul 2019 614.12p UK 6 Aug 2020 751.60p Australia 15 Jul 2020 825.70p UK 5 Aug 2021 910.50p Australia 15 Jul 2021 827.89p UK 4 Aug 2022 815.26p Australia 15 Jul 2022 707.00p The weighted average exercise price of the SIP awards exercised during the year ended 31 May 2023 is 810.56p. Accounting for share schemes The expense recognised in the Consolidated Income Statement in respect of share-based payments was \u00a313.3 million (31 May 2022: \u00a313.7 million). The fair value of the equity-settled share-based payments to employees is determined at the date at which a shared understanding of the terms and conditions of the arrangement is reached between the Company and the participants. The weighted average fair value of the equity-settled awards granted or deemed as such under IFRS 2 during the year was \u00a322.5 million (31 May 2022: \u00a315.3 million). For SIP awards the fair value is determined to be the share price at the grant date without making an adjustment for expected future dividends, as award recipients are entitled to dividends over the vesting period. For LTIP and MTIP awards the fair value is determined to be the share price at grant date without making an adjustment for the expected future dividends as dividend equivalents are awarded on options granted under the LTIP. For potential SPP awards made under the TSR criteria, fair value is calculated using an option pricing model prepared by advisers. For the SPP awards made under the EPS and NFP operational measures, the fair value is determined by taking the share price at deemed grant date less the present value of expected future dividends for the duration of the performance period. Dividend equivalents accrue under the SPP on awarded but not yet vested options post the performance period. Dividend equivalents cease to accrue on unexercised options after the vesting date. The inputs below were used to determine the fair value of the TSR element of the SPP award: Deemed date of grant 8 August 2022 Share price at grant date (pence) 822 Expected life of awards (years) 0.81 Risk-free sterling interest rate (%) 2.06 IG Group Holdings plc expected volatility (%) 25.82 IG Group Holdings plc\u2019s expected volatility is based on historical TSR volatility of IG Group Holdings plc measured daily over a period prior to the date of grant and commensurate with the remaining performance period. The weighted average fair values for outstanding awards across all schemes are as follows: At the beginning of the year Awarded during the year Lapsed during the year Exercised during the year At the end of the year Year ended 31 May 2023 683.09p 881.44p 859.71p 610.54p 759.11p Year ended 31 May 2022 618.63p 760.27p 807.52p 641.61p 683.09p ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-421": {
"value": "27. Related party transactions The Directors and other members of management classified as persons discharging management responsibility in accordance with the Market Abuse Regulation are considered to be the key management personnel of the Group in accordance with IAS 24 Related Party Disclosures. The Directors\u2019 Remuneration Report discloses all benefits and share-based payments earned during the year and the preceding year by the Executive Directors. The total compensation for key management personnel was as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Short-term employee benefits 10.4 6.8 Termination benefits 0.1 \u2013 Share-based payments 9.2 10.6 19.7 17.4 The average number of key management personnel during the year was eleven (year ended 31 May 2022: twelve). Included within short-term employee benefits are pension charges of \u00a30.2 million (year ended 31 May 2022: \u00a3nil). The Group incurred short-term office rental costs in relation to office space leased from key management personnel totalling \u00a30.3 million in 31 May 2023 (31 May 2022: \u00a30.3 million). The Group has a 9.81% shareholding and 25% voting rights in Zero Hash Holdings Limited (Zero Hash) which is accounted for as investment in associate on the Group\u2019s balance sheet. Zero Hash facilitates cryptocurrency trading for clients of tastytrade, Inc. and recognised \u00a30.1 million revenue from Zero Hash (year ended 31 May 2022: \u00a30.6 million). There were no other related party transactions which had a material impact on the Group Financial Statements. The Group had no transactions with its Directors other than those disclosed in the Directors\u2019 Remuneration Report .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-462": {
"value": "27. Related party transactions The Directors and other members of management classified as persons discharging management responsibility in accordance with the Market Abuse Regulation are considered to be the key management personnel of the Group in accordance with IAS 24 Related Party Disclosures. The Directors\u2019 Remuneration Report discloses all benefits and share-based payments earned during the year and the preceding year by the Executive Directors. The total compensation for key management personnel was as follows: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Short-term employee benefits 10.4 6.8 Termination benefits 0.1 \u2013 Share-based payments 9.2 10.6 19.7 17.4 The average number of key management personnel during the year was eleven (year ended 31 May 2022: twelve). Included within short-term employee benefits are pension charges of \u00a30.2 million (year ended 31 May 2022: \u00a3nil). The Group incurred short-term office rental costs in relation to office space leased from key management personnel totalling \u00a30.3 million in 31 May 2023 (31 May 2022: \u00a30.3 million). The Group has a 9.81% shareholding and 25% voting rights in Zero Hash Holdings Limited (Zero Hash) which is accounted for as investment in associate on the Group\u2019s balance sheet. Zero Hash facilitates cryptocurrency trading for clients of tastytrade, Inc. and recognised \u00a30.1 million revenue from Zero Hash (year ended 31 May 2022: \u00a30.6 million). There were no other related party transactions which had a material impact on the Group Financial Statements. The Group had no transactions with its Directors other than those disclosed in the Directors\u2019 Remuneration Report .",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-422": {
"value": "28. Financial instruments Accounting classifications and fair values The table below sets out the classification of each class of financial assets and liabilities and their fair values. As at 31 May 2023 Note FVTPL \u00a3m Amortised cost \u00a3m FVOCI \u00a3m Total carrying amount \u00a3m Fair value \u00a3m Financial assets Cash and cash equivalents 16 171.1 627.4 \u2013 798.5 798.5 Financial investments 15 \u2013 \u2013 606.4 606.4 606.4 Trade receivables \u2013 amounts due from brokers 17 (95.6) 582.2 \u2013 486.6 486.6 Trade receivables \u2013 own funds in client money 17 \u2013 79.4 \u2013 79.4 79.4 Trade receivables \u2013 amounts due from clients 17 \u2013 4.4 \u2013 4.4 4.4 Other receivables \u2013 10.0 \u2013 10.0 10.0 Other investments 1.2 \u2013 \u2013 1.2 1.2 76.7 1,303.4 606.4 1,986.5 1,986.5 Financial liabilities Trade payables \u2013 client funds 21 88.7 (509.1) \u2013 (420.4) (420.4) Trade payables \u2013 issued turbo warrants 21 (2.7) \u2013 \u2013 (2.7) (2.7) Trade payables \u2013 amounts due to brokers 21 (39.5) (9.1) \u2013 (48.6) (48.6) Trade payables \u2013 amounts due to clients 21 \u2013 (6.3) \u2013 (6.3) (6.3) Debt securities in issue 19 \u2013 (297.6) \u2013 (297.6) (228.8) Lease liabilities 20 \u2013 (20.7) \u2013 (20.7) (20.7) Amounts due to the Pool 22 \u2013 (3.3) \u2013 (3.3) (3.3) Other payables \u2013 accruals 22 \u2013 (109.4) \u2013 (109.4) (109.4) Other borrowings 22 \u2013 (1.2) \u2013 (1.2) (1.2) 46.5 (956.7) \u2013 (910.2) (841.4) As at 31 May 2022 Note FVTPL \u00a3m Amortised cost \u00a3m FVOCI \u00a3m Total carrying amount \u00a3m Fair value \u00a3m Financial assets Cash and cash equivalents 16 437.5 808.9 \u2013 1,246.4 1,246.4 Financial assets pledged as collateral 15 \u2013 \u2013 60.4 60.4 60.4 Financial investments 15 \u2013 45.0 290.7 335.7 335.7 Trade receivables \u2013 amounts due from brokers 17 (159.3) 540.3 \u2013 381.0 381.0 Trade receivables \u2013 own funds in client money 17 \u2013 85.5 \u2013 85.5 85.5 Trade receivables \u2013 amounts due from clients 17 \u2013 3.0 \u2013 3.0 3.0 Other receivables \u2013 9.8 \u2013 9.8 9.8 278.2 1,492.5 351.1 2,121.8 2,121.8 Financial liabilities Trade payables \u2013 client funds 21 117.4 (636.8) \u2013 (519.4) (519.4) Trade payables \u2013 issued turbo warrants 21 (1.5) \u2013 \u2013 (1.5) (1.5) Trade payables \u2013 amounts due to brokers 21 (1.0) (27.0) \u2013 (28.0) (28.0) Trade payables \u2013 amounts due to clients 21 \u2013 (22.3) \u2013 (22.3) (22.3) Debt securities in issue 19 \u2013 (297.2) \u2013 (297.2) (269.6) Lease liabilities 20 \u2013 (22.7) \u2013 (22.7) (22.7) Other payables \u2013 accruals 22 \u2013 (112.6) \u2013 (112.6) (112.6) 114.9 (1,118.6) \u2013 (1,003.7) (976.1) Money market funds of \u00a3171.1 million (31 May 2022: \u00a3437.5 million) have been reclassified from amortised cost to fair value through profit and loss. Accordingly, the prior year comparative balances have been restated to reflect this classification. Financial instrument valuation hierarchy The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows: As at 31 May 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 171.1 \u2013 \u2013 171.1 Trade receivables \u2013 amounts due from brokers (3.2) (92.4) \u2013 (95.6) Financial investments 606.4 \u2013 \u2013 606.4 Other investments \u2013 \u2013 1.2 1.2 Financial liabilities Trade payables \u2013 amounts due to brokers (10.4) (29.1) \u2013 (39.5) Trade payables \u2013 client funds 12.3 76.4 \u2013 88.7 Trade payables \u2013 issued turbo warrants \u2013 (2.7) \u2013 (2.7) As at 31 May 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 437.5 \u2013 \u2013 437.5 Trade receivables \u2013 amounts due from brokers 9.2 (168.5) \u2013 (159.3) Financial assets pledged as collateral 60.4 \u2013 \u2013 60.4 Financial investments 290.7 \u2013 \u2013 290.7 Financial liabilities Trade payables \u2013 amounts due to brokers \u2013 (1.0) \u2013 (1.0) Trade payables \u2013 client funds 14.1 103.3 \u2013 117.4 Trade payables \u2013 issued turbo warrants \u2013 (1.5) \u2013 (1.5) Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: \u00bc Level 1 assets are valued using unadjusted quoted prices in active markets for identical financial instruments. This category includes the Group\u2019s open-exchange traded hedging positions. The quoted market price used for financial assets held by the Group is the period end bid price. \u00bc Level 2 assets are valued using techniques where a price is derived based significantly on observable market data. For example, where an active market for an identical financial instrument to the product used by the Group to hedge its market risk does not exist. This category includes the Group\u2019s open non-exchange traded hedging positions. This comprises shares, foreign currency and foreign currency options. The fair values used in the valuation of these products are sometimes brokered values and may occur after the close of a market but before the measurement date. The effects of discounting are generally insignificant for these Level 2 financial instruments. \u00bc Level 3 assets are valued using techniques that incorporate information other than observable market data that is significant to the overall valuation. There have been no changes to the fair value hierarchy or the valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 May 2022: none). There were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements for years ended 31 May 2023 and 31 May 2022. Fair value of financial assets and liabilities measured at amortised cost The fair value of the Group's financial assets and liabilities measured at amortised cost approximates their carrying amount, with the exception of debt securities in issue. Items of income, expense, gains or losses All of the Group\u2019s gains and losses arising from financial assets and liabilities classified as fair value through the profit and loss are included in net trading revenue for the years ended 31 May 2023 and 31 May 2022, except for change in the fair value of the Group\u2019s investment in CBOE Digital Intermediate Holdings LLC and balances held in money market funds . Offsetting financial assets and liabilities The following financial assets and liabilities have been offset and are subject to enforceable netting agreements. Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2023 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Total 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (816.3) 767.7 (48.6) \u2013 48.6 \u2013 Trade payables \u2013 client funds 21 (509.1) 88.7 (420.4) \u2013 \u2013 (420.4) Total (1,325.4) 856.4 (469.0) \u2013 48.6 (420.4) Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2022 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,187.3 (806.3) 381.0 \u2013 \u2013 381.0 Total 1,187. 3 (806.3) 381.0 \u2013 \u2013 381.0 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (834.3) 806.3 (28.0) \u2013 \u2013 (28.0) Trade payables \u2013 client funds 21 121.3 (640.7) (519.4) \u2013 \u2013 (519.4) Total (713.0) 165.6 (547.4) \u2013 \u2013 (547.4) Amounts due from brokers and client funds have been presented net to reflect the impact of offsetting. Prior year comparatives of amounts due from broker have been reclassified from gross amounts of recognised financial instruments into gross amounts of recognised financial instruments offset to align with an updated presentation for offsetting. The gross amounts of recognised financial instruments relating to trade receivables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a368.0 million, and the gross amounts of recognised financial instruments relating to trade payables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a3738.3 million. The Group is entitled to offset amounts due from brokers on a broker account level by currency. Collateral at brokers represent UK Government Gilt Securities listed with brokers to meet the broker\u2019s requirements. Client funds represents balances with clients where the cash held on balance sheet and the valuation of open derivative positions result in an amount due to clients. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-463": {
"value": "28. Financial instruments Accounting classifications and fair values The table below sets out the classification of each class of financial assets and liabilities and their fair values. As at 31 May 2023 Note FVTPL \u00a3m Amortised cost \u00a3m FVOCI \u00a3m Total carrying amount \u00a3m Fair value \u00a3m Financial assets Cash and cash equivalents 16 171.1 627.4 \u2013 798.5 798.5 Financial investments 15 \u2013 \u2013 606.4 606.4 606.4 Trade receivables \u2013 amounts due from brokers 17 (95.6) 582.2 \u2013 486.6 486.6 Trade receivables \u2013 own funds in client money 17 \u2013 79.4 \u2013 79.4 79.4 Trade receivables \u2013 amounts due from clients 17 \u2013 4.4 \u2013 4.4 4.4 Other receivables \u2013 10.0 \u2013 10.0 10.0 Other investments 1.2 \u2013 \u2013 1.2 1.2 76.7 1,303.4 606.4 1,986.5 1,986.5 Financial liabilities Trade payables \u2013 client funds 21 88.7 (509.1) \u2013 (420.4) (420.4) Trade payables \u2013 issued turbo warrants 21 (2.7) \u2013 \u2013 (2.7) (2.7) Trade payables \u2013 amounts due to brokers 21 (39.5) (9.1) \u2013 (48.6) (48.6) Trade payables \u2013 amounts due to clients 21 \u2013 (6.3) \u2013 (6.3) (6.3) Debt securities in issue 19 \u2013 (297.6) \u2013 (297.6) (228.8) Lease liabilities 20 \u2013 (20.7) \u2013 (20.7) (20.7) Amounts due to the Pool 22 \u2013 (3.3) \u2013 (3.3) (3.3) Other payables \u2013 accruals 22 \u2013 (109.4) \u2013 (109.4) (109.4) Other borrowings 22 \u2013 (1.2) \u2013 (1.2) (1.2) 46.5 (956.7) \u2013 (910.2) (841.4) As at 31 May 2022 Note FVTPL \u00a3m Amortised cost \u00a3m FVOCI \u00a3m Total carrying amount \u00a3m Fair value \u00a3m Financial assets Cash and cash equivalents 16 437.5 808.9 \u2013 1,246.4 1,246.4 Financial assets pledged as collateral 15 \u2013 \u2013 60.4 60.4 60.4 Financial investments 15 \u2013 45.0 290.7 335.7 335.7 Trade receivables \u2013 amounts due from brokers 17 (159.3) 540.3 \u2013 381.0 381.0 Trade receivables \u2013 own funds in client money 17 \u2013 85.5 \u2013 85.5 85.5 Trade receivables \u2013 amounts due from clients 17 \u2013 3.0 \u2013 3.0 3.0 Other receivables \u2013 9.8 \u2013 9.8 9.8 278.2 1,492.5 351.1 2,121.8 2,121.8 Financial liabilities Trade payables \u2013 client funds 21 117.4 (636.8) \u2013 (519.4) (519.4) Trade payables \u2013 issued turbo warrants 21 (1.5) \u2013 \u2013 (1.5) (1.5) Trade payables \u2013 amounts due to brokers 21 (1.0) (27.0) \u2013 (28.0) (28.0) Trade payables \u2013 amounts due to clients 21 \u2013 (22.3) \u2013 (22.3) (22.3) Debt securities in issue 19 \u2013 (297.2) \u2013 (297.2) (269.6) Lease liabilities 20 \u2013 (22.7) \u2013 (22.7) (22.7) Other payables \u2013 accruals 22 \u2013 (112.6) \u2013 (112.6) (112.6) 114.9 (1,118.6) \u2013 (1,003.7) (976.1) Money market funds of \u00a3171.1 million (31 May 2022: \u00a3437.5 million) have been reclassified from amortised cost to fair value through profit and loss. Accordingly, the prior year comparative balances have been restated to reflect this classification. Financial instrument valuation hierarchy The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows: As at 31 May 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 171.1 \u2013 \u2013 171.1 Trade receivables \u2013 amounts due from brokers (3.2) (92.4) \u2013 (95.6) Financial investments 606.4 \u2013 \u2013 606.4 Other investments \u2013 \u2013 1.2 1.2 Financial liabilities Trade payables \u2013 amounts due to brokers (10.4) (29.1) \u2013 (39.5) Trade payables \u2013 client funds 12.3 76.4 \u2013 88.7 Trade payables \u2013 issued turbo warrants \u2013 (2.7) \u2013 (2.7) As at 31 May 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 437.5 \u2013 \u2013 437.5 Trade receivables \u2013 amounts due from brokers 9.2 (168.5) \u2013 (159.3) Financial assets pledged as collateral 60.4 \u2013 \u2013 60.4 Financial investments 290.7 \u2013 \u2013 290.7 Financial liabilities Trade payables \u2013 amounts due to brokers \u2013 (1.0) \u2013 (1.0) Trade payables \u2013 client funds 14.1 103.3 \u2013 117.4 Trade payables \u2013 issued turbo warrants \u2013 (1.5) \u2013 (1.5) Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: \u00bc Level 1 assets are valued using unadjusted quoted prices in active markets for identical financial instruments. This category includes the Group\u2019s open-exchange traded hedging positions. The quoted market price used for financial assets held by the Group is the period end bid price. \u00bc Level 2 assets are valued using techniques where a price is derived based significantly on observable market data. For example, where an active market for an identical financial instrument to the product used by the Group to hedge its market risk does not exist. This category includes the Group\u2019s open non-exchange traded hedging positions. This comprises shares, foreign currency and foreign currency options. The fair values used in the valuation of these products are sometimes brokered values and may occur after the close of a market but before the measurement date. The effects of discounting are generally insignificant for these Level 2 financial instruments. \u00bc Level 3 assets are valued using techniques that incorporate information other than observable market data that is significant to the overall valuation. There have been no changes to the fair value hierarchy or the valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 May 2022: none). There were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements for years ended 31 May 2023 and 31 May 2022. Fair value of financial assets and liabilities measured at amortised cost The fair value of the Group's financial assets and liabilities measured at amortised cost approximates their carrying amount, with the exception of debt securities in issue. Items of income, expense, gains or losses All of the Group\u2019s gains and losses arising from financial assets and liabilities classified as fair value through the profit and loss are included in net trading revenue for the years ended 31 May 2023 and 31 May 2022, except for change in the fair value of the Group\u2019s investment in CBOE Digital Intermediate Holdings LLC and balances held in money market funds . Offsetting financial assets and liabilities The following financial assets and liabilities have been offset and are subject to enforceable netting agreements. Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2023 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Total 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (816.3) 767.7 (48.6) \u2013 48.6 \u2013 Trade payables \u2013 client funds 21 (509.1) 88.7 (420.4) \u2013 \u2013 (420.4) Total (1,325.4) 856.4 (469.0) \u2013 48.6 (420.4) Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2022 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,187.3 (806.3) 381.0 \u2013 \u2013 381.0 Total 1,187. 3 (806.3) 381.0 \u2013 \u2013 381.0 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (834.3) 806.3 (28.0) \u2013 \u2013 (28.0) Trade payables \u2013 client funds 21 121.3 (640.7) (519.4) \u2013 \u2013 (519.4) Total (713.0) 165.6 (547.4) \u2013 \u2013 (547.4) Amounts due from brokers and client funds have been presented net to reflect the impact of offsetting. Prior year comparatives of amounts due from broker have been reclassified from gross amounts of recognised financial instruments into gross amounts of recognised financial instruments offset to align with an updated presentation for offsetting. The gross amounts of recognised financial instruments relating to trade receivables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a368.0 million, and the gross amounts of recognised financial instruments relating to trade payables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a3738.3 million. The Group is entitled to offset amounts due from brokers on a broker account level by currency. Collateral at brokers represent UK Government Gilt Securities listed with brokers to meet the broker\u2019s requirements. Client funds represents balances with clients where the cash held on balance sheet and the valuation of open derivative positions result in an amount due to clients. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-476": {
"value": "Financial instrument valuation hierarchy The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows: As at 31 May 2023 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 171.1 \u2013 \u2013 171.1 Trade receivables \u2013 amounts due from brokers (3.2) (92.4) \u2013 (95.6) Financial investments 606.4 \u2013 \u2013 606.4 Other investments \u2013 \u2013 1.2 1.2 Financial liabilities Trade payables \u2013 amounts due to brokers (10.4) (29.1) \u2013 (39.5) Trade payables \u2013 client funds 12.3 76.4 \u2013 88.7 Trade payables \u2013 issued turbo warrants \u2013 (2.7) \u2013 (2.7) As at 31 May 2022 Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total fair value \u00a3m Financial assets Cash and cash equivalents 437.5 \u2013 \u2013 437.5 Trade receivables \u2013 amounts due from brokers 9.2 (168.5) \u2013 (159.3) Financial assets pledged as collateral 60.4 \u2013 \u2013 60.4 Financial investments 290.7 \u2013 \u2013 290.7 Financial liabilities Trade payables \u2013 amounts due to brokers \u2013 (1.0) \u2013 (1.0) Trade payables \u2013 client funds 14.1 103.3 \u2013 117.4 Trade payables \u2013 issued turbo warrants \u2013 (1.5) \u2013 (1.5) Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: \u00bc Level 1 assets are valued using unadjusted quoted prices in active markets for identical financial instruments. This category includes the Group\u2019s open-exchange traded hedging positions. The quoted market price used for financial assets held by the Group is the period end bid price. \u00bc Level 2 assets are valued using techniques where a price is derived based significantly on observable market data. For example, where an active market for an identical financial instrument to the product used by the Group to hedge its market risk does not exist. This category includes the Group\u2019s open non-exchange traded hedging positions. This comprises shares, foreign currency and foreign currency options. The fair values used in the valuation of these products are sometimes brokered values and may occur after the close of a market but before the measurement date. The effects of discounting are generally insignificant for these Level 2 financial instruments. \u00bc Level 3 assets are valued using techniques that incorporate information other than observable market data that is significant to the overall valuation. There have been no changes to the fair value hierarchy or the valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 May 2022: none). There were no transfers between Level 1 and Level 2 fair value measurements, and no transfers into or out of Level 3 fair value measurements for years ended 31 May 2023 and 31 May 2022. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-477": {
"value": "Offsetting financial assets and liabilities The following financial assets and liabilities have been offset and are subject to enforceable netting agreements. Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2023 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Total 1,254.3 (767.7) 486.6 \u2013 (35.0) 451.6 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (816.3) 767.7 (48.6) \u2013 48.6 \u2013 Trade payables \u2013 client funds 21 (509.1) 88.7 (420.4) \u2013 \u2013 (420.4) Total (1,325.4) 856.4 (469.0) \u2013 48.6 (420.4) Gross amounts of recognised financial instruments \u00a3m Gross amounts of recognised financial instruments offset \u00a3m Net amounts of financial instruments \u00a3m Gross amounts not offset Net amounts subject to offsetting arrangements \u00a3mAs at 31 May 2022 Note Financial instruments \u00a3m Collateral pledged or received \u00a3m Financial assets Trade receivables \u2013 amount due from/(to) brokers 17 1,187.3 (806.3) 381.0 \u2013 \u2013 381.0 Total 1,187. 3 (806.3) 381.0 \u2013 \u2013 381.0 Financial liabilities Trade payables \u2013 amounts due (to)/from brokers 21 (834.3) 806.3 (28.0) \u2013 \u2013 (28.0) Trade payables \u2013 client funds 21 121.3 (640.7) (519.4) \u2013 \u2013 (519.4) Total (713.0) 165.6 (547.4) \u2013 \u2013 (547.4) Amounts due from brokers and client funds have been presented net to reflect the impact of offsetting. Prior year comparatives of amounts due from broker have been reclassified from gross amounts of recognised financial instruments into gross amounts of recognised financial instruments offset to align with an updated presentation for offsetting. The gross amounts of recognised financial instruments relating to trade receivables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a368.0 million, and the gross amounts of recognised financial instruments relating to trade payables \u2013 amounts due from brokers, and the amount offset, has increased by \u00a3738.3 million. The Group is entitled to offset amounts due from brokers on a broker account level by currency. Collateral at brokers represent UK Government Gilt Securities listed with brokers to meet the broker\u2019s requirements. Client funds represents balances with clients where the cash held on balance sheet and the valuation of open derivative positions result in an amount due to clients. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-423": {
"value": "29. Financial risk management
Financial risks arising from financial instruments are analysed into market, credit, concentration and liquidity risks. Details of how risks are
managed are provided in the risk management section on page 48.
Market risk
Market risk disclosures are analysed into the following categories:
\u00bc Non-trading interest rate risk
\u00bc Price and foreign currency risk, which is further analysed between the impact on financial investments held at fair value through other
comprehensive income and the impact on the Group\u2019s year-end net trading book position. The Group\u2019s foreign currency exposure on its
financial assets and liabilities denominated in currencies other than the reporting currency is included in the trading book.
Non-trading interest rate risk
The interest rate risk profile of the Group\u2019s financial assets and liabilities as follows:
Within 1 year Between 2 and 5 years More than 5 years Total
31 May 2023
\u00a3m
31 May 2022
\u00a3m
31 May 2023
\u00a3m
31 May 2022
\u00a3m
31 May 2023
\u00a3m
31 May 2022
\u00a3m
31 May 2023
\u00a3m
31 May 2022
\u00a3m
Fixed rate
Financial assets pledged as
collateral \u2013 35.1 \u2013 25.3 \u2013 \u2013 \u2013 60.4
Financial investments 226.8 200.9 379.6 134.8 \u2013 \u2013 606.4 335.7
Debt securities in issue \u2013 \u2013 \u2013 \u2013 (297.6) (297.2) (297.6) (297.2)
Other payables \u2013 \u2013 \u2013 \u2013 (1.2) \u2013 (1.2) \u2013
Floating rate
Cash and cash equivalents 798.5 1,246.4 \u2013 \u2013 \u2013 \u2013 798.5 1,246.4
Trade receivables \u2013 amounts
due from brokers 486.6 381.0 \u2013 \u2013 \u2013 \u2013 486.6 381.0
Trade receivables \u2013 own funds
in client money 79.4 85.5 \u2013 \u2013 \u2013 \u2013 79.4 85.5
Trade payables \u2013 amounts due
to brokers (48.6) (28.0) \u2013 \u2013 \u2013 \u2013 (48.6) (28.0)
Amounts due to the Pool (3.3) \u2013 \u2013 \u2013 \u2013 \u2013 (3.3) \u2013
1,539.4 1,920.9 379.6 160.1 (298.8) (297.2) 1,620.2 1,783.8
Non-trading interest rate risk sensitivity analysis \u2013 fixed rate
Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The level of future fixed interest receivable in
each year would be similar to that received in the current year and is considered immaterial to the Group\u2019s profit for the year.
Non-trading interest rate risk sensitivity analysis \u2013 floating rate
Interest on financial instruments classified as floating rate is repriced at intervals of less than
one year. Trade receivables and payables include client and broker balances upon which
interest is paid or received based upon market rates.
Interest rate sensitivity has been performed on floating rate financial instruments by
considering the impact of a 1% decrease in interest rates on financial assets and financial
liabilities. The impact of such a movement on the Group\u2019s profit before tax for the year is shown
below. The impact is symmetrical for an increase in interest rates.
Year ended
31 May 2023
\u00a3m
Year ended
31 May 2022
\u00a3m
(Decrease)/increase in profit before tax
Cash and cash equivalents (8.0) (12.5)
Trade receivables \u2013 amounts due from brokers (4.9) (0.9)
Trade receivables \u2013 own funds in client money (0.8) 0.9
Trade payables \u2013 amounts due to brokers 0.5 (0.3)
Additionally, given the current interest rate environment, the Group is exposed to interest rate
risk in relation to interest income earned on segregated client money balances which are not
recognised on the Consolidated Statement of Financial Position. Interest rate sensitivity
analysis has been performed by considering the impact of a 1% decrease in the base rate that
these balances are linked to. The impact on the Group\u2019s profit before tax is shown below.
Impact:
Year ended
31 May 2023
\u00a3m
Year ended
31 May 2022
\u00a3m
Decrease in profit before tax
Interest income on client funds (36.7) (34.2)
Price risk
The Group is exposed to investment securities price risk because financial investments and
financial assets pledged as collateral held by the Group are priced based on closing market
prices published by the UK Debt Management Office.
The table below summarises the impact of decreases in the value of financial investments
on the Group\u2019s other comprehensive income. The analysis is based on the assumption that
the yield curve of financial investments moved upwards by 1% with all other variables
held constant:
Impact:
Year ended
31 May 2023
\u00a3m
Year ended
31 May 2022
\u00a3m
Decrease in FVOCI reserve (equity) (10.3) (2.9)
The Group is also exposed to price and foreign currency risk in relation to its net trading book
position. The Group accepts some residual market risk to facilitate instant execution of client
trades but does not take proprietary positions for the purposes of speculative gain. The Group
manages the market risk it faces in providing its services to clients by internalising client flow
(allowing individual client trades to offset one another) and hedging when the residual
exposures reach predefined limits. The Group\u2019s Risk Management Framework is set out on
page 48 of the Annual Report.
The Group\u2019s market risk policy includes Board-approved notional market risk limits (KRIs) which
set out the Group\u2019s appetite and the extent to which the Group is willing to be exposed to this
residual market risk. Product market risk limits control the maximum (long or short) residual
exposure the Group can hold before hedging externally. Predefined limits are set and regularly
reviewed in accordance with a limits framework which references client trading volumes,
market liquidity, volatility and expected shortfall results for each underlying market.
Alongside these notional limits the Group employs a range of risk measurement techniques
including Value at Risk (VaR), Expected Shortfall and Stress-Testing models which are used to
quantify potential market risk and client credit risk losses against all products. These measures
cover all products offered to clients and are monitored on an hourly basis, with breaches
investigated and reported to the Chief Risk Officer and senior stakeholders in each line of
defence on a daily basis. These measures quantify the potential uncertainty in relation to the
Group\u2019s current exposure by estimating the potential impact of a negative change in the value
of each underlying financial market the Group is exposed to. The VaR model uses a 99%
confidence interval over one day and one year\u2019s historical price data for all markets as inputs to
determine the risk factors to apply to the portfolio exposures. VaR has limitations as it is reliant
on historical data only and estimates potential future losses on this basis. Additionally, VaR does
not quantify the potential losses outside of the 99% confidence level \u2013 the tail risk. To overcome
these limitations the Group also measures and monitors Expected Shortfall and Stress Testing
results alongside VaR results as part of its overall risk management strategy. Expected Shortfall
measures the Group\u2019s expected losses outside of the 99% confidence level (average losses in
the 1% tail), while Stress Testing models potential losses in extreme but plausible events. Stress
Testing covers a range of scenarios including future known economic and political events,
market or region-specific scenarios and potential macro systemic shocks, which references
the 20-year price returns for all markets at the 99.9th percentile confidence interval.
The Group\u2019s end of day market risk VaR for the year is shown in table below:
Year ended
31 May 2023
\u00a3m
Year ended
31 May 2022
\u00a3m
Market risk as at 31 May 14.0 5.0
Average market risk (daily) 13.4 3.6
Maximum market risk (daily) 21.8 13.1
Minimum market risk (daily) 9.5 1.3
Foreign currency risk
The Group faces foreign currency exposures on financial assets and liabilities denominated in currencies other than the functional currency of
its subsidiaries. In the normal course of business, the Group hedges these exposures along with its trading book positions.
In FY22, the Group recognised a \u00a35.8 million realised foreign exchange gain in net trading revenue as a result of a foreign exchange contract
entered into by the Group to hedge $300 million exposure arising from the cash consideration in relation to the acquisition of tastytrade.
Credit risk
The principal sources of credit risk to the Group\u2019s business are from financial institutions and individual clients.
Amounts due from financial institutions, which are stated net of an expected credit loss of \u00a31.0 million (31 May 2022: \u00a3nil), are all less than
30 days past due. Amounts due from clients, which are stated net of an expected credit loss of \u00a317.1 million at 31 May 2023 (31 May 2022:
\u00a318.0 million), include both amounts less than and greater than 30 days past due.
The analysis in the following table shows credit exposures by credit rating.
Cash and cash equivalents
Trade receivables \u2013
amounts due from brokers
Trade receivables \u2013
amounts due from clients
Trade receivables \u2013
own funds in client money
31 May 2023
\u00a3m
31 May 2022
\u00a3m
31 May 2023
\u00a3m
31 May 2022
\u00a3m
31 May 2023
\u00a3m
31 May 2022
\u00a3m
31 May 2023
\u00a3m
31 May 2022
\u00a3m
Credit rating
AA+ & above 34.9 24.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013
AA to AA- 88.8 437.8 \u2013 \u2013 \u2013 \u2013 5.7 5.3
A+ to A- 630.1 730.9 423.1 320.0 \u2013 \u2013 73.4 80.0
BBB+ to BBB- 22.7 25.5 33.1 32.8 \u2013 \u2013 0.2 0.2
BB+ to B 10.3 17.6 20.5 1.5 \u2013 \u2013 \u2013 \u2013
Unrated 11.7 10.5 9.9 26.7 4.4 3.0 0.1 \u2013
Total carrying amount 798.5 1,246.4 486.6 381.0 4.4 3.0 79.4 85.5
Loss allowance
Below is a reconciliation of the total loss allowance:
Year ended
31 May 2023
\u00a3m
Year ended
31 May 2022
\u00a3m
At the beginning of the year 18.6 17.0
Loss allowance for the year:
\u2013 gross charge for the year 5.7 6.5
\u2013 recoveries (4.6) (3.6)
\u2013 debts written off (1.4) (1.7)
Foreign exchange (0.2) 0.4
At the end of the year 18.1 18.6
The loss allowance has been calculated in accordance with the Group\u2019s expected credit
loss model. The following table provides an overview of the Group\u2019s credit risk and the
associated loss allowance for assets held at amortised cost and fair value through other
comprehensive income.
31 May 2023
Stage 1
12-month
\u00a3m
Stage 2
Lifetime
\u00a3m
Stage 3
Lifetime
\u00a3m
Total
\u00a3m
Credit grade
Investment grade 1,313.0 \u2013 \u2013 1,313.0
Non-investment grade 56.6 0.6 16.8 74.0
Gross carrying amount 1,369.6 0.6 16.8 1,387.0
Loss allowance (1.0) (0.3) (16.8) (18.1)
Total carrying amount 1,368.6 0.3 \u2013 1,368.9
31 May 2022
Stage 1
12-month
\u00a3m
Stage 2
Lifetime
\u00a3m
Stage 3
Lifetime
\u00a3m
Total
\u00a3m
Credit grade
Investment grade 2,213.9 \u2013 \u2013 2,213.9
Non-investment grade 70.2 1.0 17.6 88.8
Gross carrying amount 2,284.1 1.0 17.6 2,302.7
Loss allowance \u2013 (1.0) (17.6) (18.6)
Total carrying amount 2,284.1 \u2013 \u2013 2,284.1
The Group\u2019s trade receivables in stage 3 include amounts arising from IFRS 15 Revenue from
Contracts with Customers which are assessed in accordance with the simplified approach.
Concentration risk
The Group\u2019s largest credit exposure to any one individual broker at 31 May 2023 was \u00a385.8
million (A+ rated) (31 May 2022: \u00a355.7 million (A+ rated)). The Group\u2019s largest credit exposure
to any bank at 31 May 2023 was \u00a3118.6 million (A+ rated) (31 May 2022: \u00a3320.9 million
(AA- rated)). The Group has no significant credit exposure to any one particular client or
group of connected clients.
Liquidity risk
Maturities of financial liabilities
The tables below outlines the Group\u2019s financial liabilities into relevant maturity categories based
on their contractual maturities. The amounts disclosed below are the contractual undiscounted
cash flows.
31 May 2023
Within
1 year
\u00a3m
Between
2 and 5 years
\u00a3m
Over
5 years
\u00a3m
Total
\u00a3m
Carrying amount
of liability
\u00a3m
Debt securities in issue 9.4 37.5 304.4 351.3 297.6
Lease liabilities 7.4 13.5 3.8 24.7 20.7
Trade payables \u2013 client
funds 420.4 \u2013 \u2013 420.4 420.4
Trade payables \u2013
amounts due to clients 6.3 \u2013 \u2013 6.3 6.3
Trade payables \u2013
amounts due to brokers 48.6 \u2013 \u2013 48.6 48.6
Trade payables \u2013 issued
turbo warrants 2.7 \u2013 \u2013 2.7 2.7
Other payables \u2013
accruals 109.4 \u2013 \u2013 109.4 109.4
Other payables \u2013 \u2013 1.2 1.2 1.2
Amount due to the Pool 3.3 \u2013 \u2013 3.3 3.3
Total 607.5 51.0 309.4 967.9 910.2
31 May 2022
Within
1 year
\u00a3m
Between
2 and 5 years
\u00a3m
Over
5 years
\u00a3m
Total
\u00a3m
Carrying amount
of liability
\u00a3m
Debt securities in issue 9.4 37.6 304.7 351.7 299.2
Lease liabilities 8.9 14.6 0.6 24.1 22.7
Trade payables \u2013 client
funds 519.4 \u2013 \u2013 519.4 519.4
Trade payables \u2013
amounts due to clients 22.3 \u2013 \u2013 22.3 22.3
Trade payables \u2013
amounts due to brokers 28.0 \u2013 \u2013 28.0 28.0
Trade payables \u2013 issued
turbo warrants 1.5 \u2013 \u2013 1.5 1.5
Other payables \u2013
accruals 112.6 \u2013 \u2013 112.6 112.6
Total 702.1 52.2 305.3 1,059.6 1,005.7
In the prior year, the Group entered into a rolling credit facility agreement with its bank (please
refer to note 19 for further details). In the current year, following the introduction of UMR
(please see note 15 for further details) the Group entered into a sale and repurchase
agreement with its bank in relation to its UK Government Gilt Securities. Both these
agreements help the Group to better manage its liquidity requirements, as well as mitigate
liquidity risks.
Capital management
The Group manages its capital resources in line with its capital allocation framework, which
includes holding sufficient capital to meet regulatory capital requirements. The regulatory
capital resources of the Group is a measure of equity, adjusted for goodwill and intangible
assets, deferred tax assets, declared dividends, significant investment in financial sector
entities, outstanding amount of share buyback not recognised in financial statements
and prudent valuation, which at 31 May 2023 totalled \u00a3996.3 million (31 May 2022:
\u00a31,025.6 million).
The Group operates a monitoring framework over the capital resources and minimum capital
requirements daily, calculating the market and credit risk requirements arising from exposure
at the end of each day and this includes internal warning indicators as part of the Group\u2019s Board
Risk Dashboard.
The Group met all externally imposed capital requirements throughout the years ended 31 May
2023 and 31 May 2022. In addition to regulatory capital requirements, the Group is required to
comply with financial covenants covering a maximum leverage ratio and net debt to equity.
Further details can be found in note 19.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-464": {
"value": "Market risk Market risk disclosures are analysed into the following categories: \u00bc Non-trading interest rate risk \u00bc Price and foreign currency risk, which is further analysed between the impact on financial investments held at fair value through other comprehensive income and the impact on the Group\u2019s year-end net trading book position. The Group\u2019s foreign currency exposure on its financial assets and liabilities denominated in currencies other than the reporting currency is included in the trading book. Non-trading interest rate risk The interest rate risk profile of the Group\u2019s financial assets and liabilities as follows: Within 1 year Between 2 and 5 years More than 5 years Total 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m Fixed rate Financial assets pledged as collateral \u2013 35.1 \u2013 25.3 \u2013 \u2013 \u2013 60.4 Financial investments 226.8 200.9 379.6 134.8 \u2013 \u2013 606.4 335.7 Debt securities in issue \u2013 \u2013 \u2013 \u2013 (297.6) (297.2) (297.6) (297.2) Other payables \u2013 \u2013 \u2013 \u2013 (1.2) \u2013 (1.2) \u2013 Floating rate Cash and cash equivalents 798.5 1,246.4 \u2013 \u2013 \u2013 \u2013 798.5 1,246.4 Trade receivables \u2013 amounts due from brokers 486.6 381.0 \u2013 \u2013 \u2013 \u2013 486.6 381.0 Trade receivables \u2013 own funds in client money 79.4 85.5 \u2013 \u2013 \u2013 \u2013 79.4 85.5 Trade payables \u2013 amounts due to brokers (48.6) (28.0) \u2013 \u2013 \u2013 \u2013 (48.6) (28.0) Amounts due to the Pool (3.3) \u2013 \u2013 \u2013 \u2013 \u2013 (3.3) \u2013 1,539.4 1,920.9 379.6 160.1 (298.8) (297.2) 1,620.2 1,783.8 Non-trading interest rate risk sensitivity analysis \u2013 fixed rate Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The level of future fixed interest receivable in each year would be similar to that received in the current year and is considered immaterial to the Group\u2019s profit for the year. Non-trading interest rate risk sensitivity analysis \u2013 floating rate Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Trade receivables and payables include client and broker balances upon which interest is paid or received based upon market rates. Interest rate sensitivity has been performed on floating rate financial instruments by considering the impact of a 1% decrease in interest rates on financial assets and financial liabilities. The impact of such a movement on the Group\u2019s profit before tax for the year is shown below. The impact is symmetrical for an increase in interest rates. Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m (Decrease)/increase in profit before tax Cash and cash equivalents (8.0) (12.5) Trade receivables \u2013 amounts due from brokers (4.9) (0.9) Trade receivables \u2013 own funds in client money (0.8) 0.9 Trade payables \u2013 amounts due to brokers 0.5 (0.3) Additionally, given the current interest rate environment, the Group is exposed to interest rate risk in relation to interest income earned on segregated client money balances which are not recognised on the Consolidated Statement of Financial Position. Interest rate sensitivity analysis has been performed by considering the impact of a 1% decrease in the base rate that these balances are linked to. The impact on the Group\u2019s profit before tax is shown below. Impact: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Decrease in profit before tax Interest income on client funds (36.7) (34.2) Price risk The Group is exposed to investment securities price risk because financial investments and financial assets pledged as collateral held by the Group are priced based on closing market prices published by the UK Debt Management Office. The table below summarises the impact of decreases in the value of financial investments on the Group\u2019s other comprehensive income. The analysis is based on the assumption that the yield curve of financial investments moved upwards by 1% with all other variables held constant: Impact: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Decrease in FVOCI reserve (equity) (10.3) (2.9) The Group is also exposed to price and foreign currency risk in relation to its net trading book position. The Group accepts some residual market risk to facilitate instant execution of client trades but does not take proprietary positions for the purposes of speculative gain. The Group manages the market risk it faces in providing its services to clients by internalising client flow (allowing individual client trades to offset one another) and hedging when the residual exposures reach predefined limits. The Group\u2019s Risk Management Framework is set out on page 48 of the Annual Report. The Group\u2019s market risk policy includes Board-approved notional market risk limits (KRIs) which set out the Group\u2019s appetite and the extent to which the Group is willing to be exposed to this residual market risk. Product market risk limits control the maximum (long or short) residual exposure the Group can hold before hedging externally. Predefined limits are set and regularly reviewed in accordance with a limits framework which references client trading volumes, market liquidity, volatility and expected shortfall results for each underlying market. Alongside these notional limits the Group employs a range of risk measurement techniques including Value at Risk (VaR), Expected Shortfall and Stress-Testing models which are used to quantify potential market risk and client credit risk losses against all products. These measures cover all products offered to clients and are monitored on an hourly basis, with breaches investigated and reported to the Chief Risk Officer and senior stakeholders in each line of defence on a daily basis. These measures quantify the potential uncertainty in relation to the Group\u2019s current exposure by estimating the potential impact of a negative change in the value of each underlying financial market the Group is exposed to. The VaR model uses a 99% confidence interval over one day and one year\u2019s historical price data for all markets as inputs to determine the risk factors to apply to the portfolio exposures. VaR has limitations as it is reliant on historical data only and estimates potential future losses on this basis. Additionally, VaR does not quantify the potential losses outside of the 99% confidence level \u2013 the tail risk. To overcome these limitations the Group also measures and monitors Expected Shortfall and Stress Testing results alongside VaR results as part of its overall risk management strategy. Expected Shortfall measures the Group\u2019s expected losses outside of the 99% confidence level (average losses in the 1% tail), while Stress Testing models potential losses in extreme but plausible events. Stress Testing covers a range of scenarios including future known economic and political events, market or region-specific scenarios and potential macro systemic shocks, which references the 20-year price returns for all markets at the 99.9th percentile confidence interval. The Group\u2019s end of day market risk VaR for the year is shown in table below: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Market risk as at 31 May 14.0 5.0 Average market risk (daily) 13.4 3.6 Maximum market risk (daily) 21.8 13.1 Minimum market risk (daily) 9.5 1.3 Foreign currency risk The Group faces foreign currency exposures on financial assets and liabilities denominated in currencies other than the functional currency of its subsidiaries. In the normal course of business, the Group hedges these exposures along with its trading book positions. In FY22, the Group recognised a \u00a35.8 million realised foreign exchange gain in net trading revenue as a result of a foreign exchange contract entered into by the Group to hedge $300 million exposure arising from the cash consideration in relation to the acquisition of tastytrade. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-465": {
"value": "Credit risk The principal sources of credit risk to the Group\u2019s business are from financial institutions and individual clients. Amounts due from financial institutions, which are stated net of an expected credit loss of \u00a31.0 million (31 May 2022: \u00a3nil), are all less than 30 days past due. Amounts due from clients, which are stated net of an expected credit loss of \u00a317.1 million at 31 May 2023 (31 May 2022: \u00a318.0 million), include both amounts less than and greater than 30 days past due. The analysis in the following table shows credit exposures by credit rating. Cash and cash equivalents Trade receivables \u2013 amounts due from brokers Trade receivables \u2013 amounts due from clients Trade receivables \u2013 own funds in client money 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m 31 May 2023 \u00a3m 31 May 2022 \u00a3m Credit rating AA+ & above 34.9 24.1 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 AA to AA- 88.8 437.8 \u2013 \u2013 \u2013 \u2013 5.7 5.3 A+ to A- 630.1 730.9 423.1 320.0 \u2013 \u2013 73.4 80.0 BBB+ to BBB- 22.7 25.5 33.1 32.8 \u2013 \u2013 0.2 0.2 BB+ to B 10.3 17.6 20.5 1.5 \u2013 \u2013 \u2013 \u2013 Unrated 11.7 10.5 9.9 26.7 4.4 3.0 0.1 \u2013 Total carrying amount 798.5 1,246.4 486.6 381.0 4.4 3.0 79.4 85.5 Loss allowance Below is a reconciliation of the total loss allowance: Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m At the beginning of the year 18.6 17.0 Loss allowance for the year: \u2013 gross charge for the year 5.7 6.5 \u2013 recoveries (4.6) (3.6) \u2013 debts written off (1.4) (1.7) Foreign exchange (0.2) 0.4 At the end of the year 18.1 18.6 The loss allowance has been calculated in accordance with the Group\u2019s expected credit loss model. The following table provides an overview of the Group\u2019s credit risk and the associated loss allowance for assets held at amortised cost and fair value through other comprehensive income. 31 May 2023 Stage 1 12-month \u00a3m Stage 2 Lifetime \u00a3m Stage 3 Lifetime \u00a3m Total \u00a3m Credit grade Investment grade 1,313.0 \u2013 \u2013 1,313.0 Non-investment grade 56.6 0.6 16.8 74.0 Gross carrying amount 1,369.6 0.6 16.8 1,387.0 Loss allowance (1.0) (0.3) (16.8) (18.1) Total carrying amount 1,368.6 0.3 \u2013 1,368.9 31 May 2022 Stage 1 12-month \u00a3m Stage 2 Lifetime \u00a3m Stage 3 Lifetime \u00a3m Total \u00a3m Credit grade Investment grade 2,213.9 \u2013 \u2013 2,213.9 Non-investment grade 70.2 1.0 17.6 88.8 Gross carrying amount 2,284.1 1.0 17.6 2,302.7 Loss allowance \u2013 (1.0) (17.6) (18.6) Total carrying amount 2,284.1 \u2013 \u2013 2,284.1 The Group\u2019s trade receivables in stage 3 include amounts arising from IFRS 15 Revenue from Contracts with Customers which are assessed in accordance with the simplified approach. Concentration risk The Group\u2019s largest credit exposure to any one individual broker at 31 May 2023 was \u00a385.8 million (A+ rated) (31 May 2022: \u00a355.7 million (A+ rated)). The Group\u2019s largest credit exposure to any bank at 31 May 2023 was \u00a3118.6 million (A+ rated) (31 May 2022: \u00a3320.9 million (AA- rated)). The Group has no significant credit exposure to any one particular client or group of connected clients. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-466": {
"value": "Liquidity risk Maturities of financial liabilities The tables below outlines the Group\u2019s financial liabilities into relevant maturity categories based on their contractual maturities. The amounts disclosed below are the contractual undiscounted cash flows. 31 May 2023 Within 1 year \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Carrying amount of liability \u00a3m Debt securities in issue 9.4 37.5 304.4 351.3 297.6 Lease liabilities 7.4 13.5 3.8 24.7 20.7 Trade payables \u2013 client funds 420.4 \u2013 \u2013 420.4 420.4 Trade payables \u2013 amounts due to clients 6.3 \u2013 \u2013 6.3 6.3 Trade payables \u2013 amounts due to brokers 48.6 \u2013 \u2013 48.6 48.6 Trade payables \u2013 issued turbo warrants 2.7 \u2013 \u2013 2.7 2.7 Other payables \u2013 accruals 109.4 \u2013 \u2013 109.4 109.4 Other payables \u2013 \u2013 1.2 1.2 1.2 Amount due to the Pool 3.3 \u2013 \u2013 3.3 3.3 Total 607.5 51.0 309.4 967.9 910.2 31 May 2022 Within 1 year \u00a3m Between 2 and 5 years \u00a3m Over 5 years \u00a3m Total \u00a3m Carrying amount of liability \u00a3m Debt securities in issue 9.4 37.6 304.7 351.7 299.2 Lease liabilities 8.9 14.6 0.6 24.1 22.7 Trade payables \u2013 client funds 519.4 \u2013 \u2013 519.4 519.4 Trade payables \u2013 amounts due to clients 22.3 \u2013 \u2013 22.3 22.3 Trade payables \u2013 amounts due to brokers 28.0 \u2013 \u2013 28.0 28.0 Trade payables \u2013 issued turbo warrants 1.5 \u2013 \u2013 1.5 1.5 Other payables \u2013 accruals 112.6 \u2013 \u2013 112.6 112.6 Total 702.1 52.2 305.3 1,059.6 1,005.7 In the prior year, the Group entered into a rolling credit facility agreement with its bank (please refer to note 19 for further details). In the current year, following the introduction of UMR (please see note 15 for further details) the Group entered into a sale and repurchase agreement with its bank in relation to its UK Government Gilt Securities. Both these agreements help the Group to better manage its liquidity requirements, as well as mitigate liquidity risks. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-467": {
"value": "Capital management The Group manages its capital resources in line with its capital allocation framework, which includes holding sufficient capital to meet regulatory capital requirements. The regulatory capital resources of the Group is a measure of equity, adjusted for goodwill and intangible assets, deferred tax assets, declared dividends, significant investment in financial sector entities, outstanding amount of share buyback not recognised in financial statements and prudent valuation, which at 31 May 2023 totalled \u00a3996.3 million (31 May 2022: \u00a31,025.6 million). The Group operates a monitoring framework over the capital resources and minimum capital requirements daily, calculating the market and credit risk requirements arising from exposure at the end of each day and this includes internal warning indicators as part of the Group\u2019s Board Risk Dashboard. The Group met all externally imposed capital requirements throughout the years ended 31 May 2023 and 31 May 2022. In addition to regulatory capital requirements, the Group is required to comply with financial covenants covering a maximum leverage ratio and net debt to equity. Further details can be found in note 19. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-424": {
"value": "30. Cash flow information Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Operating activities Operating profit From continuing operations 438.5 477.3 From discontinued operations (0.2) \u2013 Adjustments for: Depreciation and amortisation 61.0 57.5 Profit on disposal of assets 0.8 (0.3) Interest received on client funds (81.8) (3.5) Interest expense on client funds 1.0 2.7 Equity-settled share-based payments charge 13.3 13.6 (Increase)/decrease in trade receivables, other receivables and other assets (103.0) 53.9 (Decrease)/increase in trade and other payables (108.2) 209.4 Cash generated from operations 221.4 810.6 Interest received on client funds of \u00a381.8 million (31 May 2022: \u00a33.5 million) and interest paid on client funds of \u00a31.0 million (31 May 2022: \u00a32.7 million) have been presented as separate line items in the table above and in the Consolidated Statement of Cash Flows, in the current year. Prior year interest balances have been presented accordingly. Liabilities arising from financing activities Debt securities in issue \u00a3m Borrowings \u00a3m Leases \u00a3m Share buyback \u00a3m Total \u00a3m As at 1 June 2021 \u2013 98.8 23.1 \u2013 121.9 Changes to existing lease agreements \u2013 \u2013 5.6 \u2013 5.6 Lease agreements through acquisition \u2013 \u2013 0.9 \u2013 0.9 Unwinding of discount \u2013 \u2013 0.6 \u2013 0.6 Lease payments made in the year \u2013 \u2013 (8.1) \u2013 (8.1) Issuance of debt securities 299.2 \u2013 \u2013 \u2013 299.2 Draw down of term loan \u2013 150.0 \u2013 \u2013 150.0 Repayment of term loan \u2013 (250.0) \u2013 \u2013 (250.0) Financing arrangement fees (2.1) \u2013 \u2013 \u2013 (2.1) Amortisation of fees 0.1 1.2 \u2013 \u2013 1.3 Impact of movement in foreign exchange rates \u2013 \u2013 0.6 \u2013 0.6 As at 31 May 2022 297.2 \u2013 22.7 \u2013 319.9 As at 1 June 2022 297.2 \u2013 22.7 \u2013 319.9 Shares repurchased (including costs) \u2013 \u2013 \u2013 177.3 177.3 Payments made for share buyback \u2013 \u2013 \u2013 (175.2) (175.2) Changes to existing lease agreements \u2013 \u2013 1.2 \u2013 1.2 Additions to leases \u2013 \u2013 7.3 \u2013 7.3 Disposal of leases \u2013 \u2013 (3.3) - (3.3) Unwinding of discount \u2013 \u2013 0.5 \u2013 0.5 Lease payments made in the year \u2013 \u2013 (7.6) \u2013 (7.6) Financing arrangement fees (0.3) \u2013 \u2013 \u2013 (0.3) Amortisation of fees 0.7 \u2013 \u2013 \u2013 0.7 Impact of movement in foreign exchange rates \u2013 \u2013 (0.1) \u2013 (0.1) As at 31 May 2023 297.6 \u2013 20.7 2.1 320.4 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-425": {
"value": "31. Business acquisition On 29 March 2023, the Group completed the acquisition of Small Exchange, a company incorporated in the US and based in Chicago. Small Exchange is a registered Designated Contract Market with the Commodity Futures Trading Commission. Small Exchange facilitates the trading of the futures market for all types of market participants. The acquisition has strategic benefits as it enables the Group to continue expanding its range of products and services available to retail investors and traders in the US by leveraging the trading technology of Small Exchange. A fair value exercise has been prepared in accordance with IFRS 3 \u2013 Business Combinations. The results of this exercise are set out below, along with the fair value of the purchase consideration. Purchase consideration Under the terms of the purchase agreement, the Group acquired the entire voting share capital of Small Exchange and in exchange \u00a39.6 million ($11.9 million) cash consideration was paid. The fair value of the purchase consideration was determined as \u00a39.6 million ($11.9 million). Identified assets and liabilities $m \u00a3m Non-current assets Intangible assets 9.9 8.0 Property, plant and equipment 0.9 0.7 Total non-current assets 10.8 8.7 Current assets Cash and cash equivalents 1.9 1.6 Prepayments 0.5 0.3 Total current assets 2.4 1.9 Current liabilities Other payables (0.2) (0.1) Deferred revenue (0.3) (0.3) Total current liabilities (0.5) (0.4) Non-current liabilities Deferred tax liability (0.8) (0.6) Total non-current liabilities (0.8) (0.6) Total identifiable net assets acquired 11.9 9.6 The fair value of assets and liabilities acquired was determined based on the assumptions that reasonable market participants would use in the principal or most advantageous market. The assumptions used included a discount rate of 21.4% (post tax) and unobservable inputs applied to the cost approach for technology assets. This approach applies the concept of replacement cost as an indicator of fair value, where an investor would pay no more for an asset than the amount the asset could be replaced for. In addition to the estimate of replacement cost, the inputs are the estimated opportunity cost which represents the lost return from investing in the development of technology, obsolescence factor which assumes replacement of technology over time considering annual level of maintenance and upgrades and remaining useful life of the asset. From the date of acquisition, Small Exchange has contributed \u00a30.8 million of operating losses during the year ended 31 May 2023. If the acquisition had occurred on 1 June 2022, the contribution to trading revenue and operating loss would have been \u00a30.1 million and \u00a36.8 million respectively. Operating loss includes the additional amortisation that would have been charged assuming that the fair value adjustments of intangible assets had been applied from 1 June 2022. Purchase consideration outflow $m \u00a3m Cash consideration 11.9 9.6 Less: cash balance acquired (1.9) (1.6) Net outflow of cash 10.0 8.0 Acquisition related costs of \u00a30.1 million are included in legal and professional fees in operating costs in the Consolidated Income Statement and in operating cash flows in the Consolidated Statement of Cash Flows. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-426": {
"value": "32. Discontinued operations In FY22, the Group completed the sale of its operations in Nadex to Foris DAX Markets, Inc. for cash consideration of $213.7 million (\u00a3162.7 million). The financial performance and cash flow information of Nadex for the nine-month period up until the date of disposal, as well as any subsequent cash flows in relation to this sale, are reported in discontinued operations. Financial performance and cash flow information Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Net trading revenue \u2013 9.4 Other operating income \u2013 0.6 Operating income \u2013 10.0 Operating costs (0.2) (9.9) Net credit losses \u2013 (0.1) Operating profit (0.2) \u2013 Other non-operating income 1.9 \u2013 Profit before tax 1.7 \u2013 Tax expense (0.4) \u2013 Profit after tax 1.3 \u2013 Gain on sale of subsidiary after tax \u2013 107.8 Profit from discontinued operations 1.3 107.8 Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Net cash (outflow)/inflow from ordinary activities (1.5) 1.0 Net cash inflow from investing activities 1.8 121.6 1 Net cash outflow from financing activities \u2013 (0.1) Impact of movement in foreign exchange rates \u2013 1.0 Net cash increase generated by discontinued operations 0.3 123.5 1 includes sales proceeds net of cash retained of \u00a3143.3 million. Year ended 31 May 2023 \u00a3m Year ended 31 May 2022 \u00a3m Basic earnings per ordinary share from discontinued operations 0.3p 25.3p Diluted earnings per ordinary share from discontinued operations 0.3p 25.1p ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-427": {
"value": "33. Investment in associates 31 May 2023 \u00a3m 31 May 2022 \u00a3m At the beginning of the year 14.8 \u2013 Additions \u2013 business acquisition \u2013 26.9 Additions \u2013 increase in investment in associate \u2013 1.9 Disposals \u2013 (13.1) Share of loss after tax (2.6) (2.3) Foreign exchange movement 0.3 1.4 At the end of the year 12.5 14.8 Name of entity Principal place of business Registered office and country of incorporation Class of shares % equity owned by the Group Nature of business Zero Hash Holdings Limited Chicago, Illinois 1013 Centre Road, Suite 403-A, City of Wilmington, County of New Castle, 19805, US Series C- preferred share 9.81% Digital asset trading ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-428": {
"value": "34. Investments in subsidiaries
The following companies are all owned directly or indirectly by IG Group Holdings plc:
Name of company Registered office and country of incorporation Holding Voting rights Nature of business
Subsidiary undertakings held directly
IG Group Limited Cannon Bridge House,
25 Dowgate Hill,
London, EC4R 2YA,
United Kingdom
Ordinary shares 100% Holding company
Subsidiary undertakings held indirectly
IG Index Limited Cannon Bridge House,
25 Dowgate Hill,
London, EC4R 2YA,
United Kingdom
Ordinary shares 100% Spread betting
IG Markets Limited Ordinary shares 100% CFD trading, foreign exchange and market risk management
IG Markets South Africa Limited Ordinary shares 100% CFD trading
Market Data Limited Ordinary shares 100% Data distribution
Daily FX Limited
2
Ordinary shares 100% Content provider
IG Knowhow Limited Ordinary shares 100% Software development
IG Finance 5 Limited
1
Ordinary shares \u2013 Financing
IG Finance 9 Limited Ordinary shares 100% Financing
Financial Domaigns Registry Holdings Limited Ordinary shares 100% Non-trading
Deal City Limited Ordinary shares 100% ETF trading
IG Trading and Investments Limited Ordinary shares 100% Stock trading
IG Australia Pty Limited Level 15, 55 Collins Street, Melbourne,
VIC 3000, Australia
Ordinary shares 100% CFD trading, foreign exchange and stock trading
IG Asia Pte Limited 9 Battery Road, 01-02 MYP Centre,
049910, Singapore
Ordinary shares 100% CFD trading and foreign exchange
Kunxin Translation (Shenzhen) Co. Limited 19-B16, Shenzhen Dinghe Tower,
No.100 of Fuhua 3rd Road, Fuan
Community, Futian District, Shenzhen
Ordinary shares 100% Translation services
IG Securities Limited Izumi Garden Tower 26F, 1-6-1
Roppongi, Minato-ku,106-6026,
Tokyo
Ordinary shares 100% CFD trading and foreign exchange
IG Europe GmbH Westhafenplatz 1, Frankfurt am Main,
60327, Germany
Ordinary shares 100% CFD trading and foreign exchange
Spectrum MTF Operator GmbH Ordinary shares 100% Multilateral Trading Facility
Raydius GmbH Ordinary shares 100% Issuer of turbo warrants
IG Bank S.A. 42 Rue du Rhone, Geneva, 1204,
Switzerland
Ordinary shares 100% CFD trading and foreign exchange
Name of company Registered office and country of incorporation Holding Voting rights Nature of business
IG Infotech (India) Private Limited Infinity, 2nd Floor, Katha No 436,
Survey No 13/1B, 12/2B, Challagatta
Village, Bangalore, 560071, India
Ordinary shares 100% Software development and support services
IG US Holdings Inc. 251 Little Falls Drive, Wilmington,
Delaware, 19808, United States
Ordinary shares 100% Holding company
Market Risk Management Inc. Ordinary shares 100% Non-trading
FX Publications Inc Ordinary shares 100% Non-trading
IG US LLC Ordinary shares 100% Foreign exchange trading
Fox Sub 2 Limited 57/63 Line Wall Road, Gibraltar Ordinary shares 100% Financing
Fox Japan Holdings Ordinary shares 100% Holding company
IG Limited Office 2&3, Level 27, Currency House
\u2013 Tower 2, Dubai International Financial
Centre, P O Box \u2013 506968 Dubai,
United Arab Emirates
Ordinary shares 100% CFD foreign exchange and stock trading
Brightpool Limited Christodoulou Chatzipavlou, 221 Helios
Court, 3rd floor 3036, Limassol,
Cyprus
Ordinary shares 100% Market maker
IG Markets Kenya Limited William House, 4th Ngong Avenue,
Nairobi, Nairobi West District,
PO Box 40111, 00100, Kenya
Ordinary shares 100% Non-trading
IG International Limited Canon\u2019s Court, 22 Victoria Street,
Hamilton, HM 12, Bermuda
Ordinary shares 100% CFD trading and foreign exchange
IG Securities Hong Kong Limited 19/F, Lee Garden One, 33 Hysan
Avenue Causeway Bay, Hong Kong
Ordinary shares 100% Non-trading
tastylive, Inc.
6
1330 W Fulton Market St, Suite 620,
Chicago, IL 60607, United States
Ordinary shares 100% Network and content provider
tastytrade, Inc.
7
Ordinary shares 100% Brokerage firm
tasty Software Solutions LLC
3
Ordinary shares 100% Software development
Small Exchange, Inc.
4
Ordinary shares 100% Exchange
Bad Trader LLC
5
Ordinary shares 100% Content provider
tastytrade Australia, Pty Limited
8
Unit 13, 5 Gladstone Rd, Castle Hill,
NSW, 2154, Australia
Ordinary shares 100% Brokerage firm
tastytrade Canada, Inc.
9
800\u2013885 West Georgia Street,
Vancouver BC, V6C 3H1, Canada
Ordinary shares 100% Non-trading
Quiet Foundation, Inc. 1330 W Fulton Street, Suite 630,
Chicago, IL 60607, United States
Ordinary shares 100% Dormant
Dough LLC 19 N Sangamon St, Chicago, IL 60607,
United States
Ordinary shares 100% Dormant
Name of company Registered office and country of incorporation Holding Voting rights Nature of business
tastytrade Singapore Pte. Limited
10
#28-00, One Marina Boulevard,
Singapore (018989)
Ordinary shares 100% Non-trading
1 The subsidiary entered into Members\u2019 Voluntary Liquidation (solvent liquidation) and was handed over to liquidators on 28 May 2021.
2 This company is a newly established entity, incorporated on 20 January 2023.
3 This company is a newly established entity, incorporated on 3 November 2022.
4 The Group acquired a controlling interest in this company on 29 March 2023.
5 This company is a newly established entity, incorporated on 10 February 2023.
6 During the year the company changed its official name from tastytrade, Inc. to tastylive, Inc.
7 During the year the company changed its official name from tastyworks, Inc. to tastytrade, Inc.
8 During the year the company changed its official name from tastyworks Australia Pty Limited to tastytrade Australia Pty Limited.
9 During the year the company changed its official name from tastyworks Canada, Inc. to tastytrade Canada, Inc.
10 During the year the company changed its official name from tastyworks Singapore Pte. Limited to tastytrade Singapore Pte. Limited.
The following UK entities, all of which are 100% owned by the Group, are not subject to an audit by virtue of s479A of the Companies Act 2006 relating to subsidiary companies: IG Finance 9
Limited (07306407) and Deal City Limited (09635230).
Employee Benefit Trusts
IG Group Holdings plc Inland Revenue Approved Share Incentive Plan (UK Trust)
IG Group Limited Employee Benefit Trust (Jersey Trust)
IG Group Employee Equity Plan Trust (Australian Trust)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
},
"fact-429": {
"value": "35. Subsequent events During the period from 1 June 2023 to 17 July 2023, the Group repurchased 3,386,082 ordinary shares with a nominal value if 0.005p for an aggregate purchase amount of \u00a323.0 million (including related costs of \u00a30.1 million), bringing the total number of shares repurchased under the share buyback programme to 26,205,788. On 19 July, the Board approved an additional share buyback programme of \u00a3250 million. It is anticipated that the programme will commence under the existing shareholder authority granted at the 2022 AGM and will conclude under the authority proposed for approval at the 2023 AGM, following approval at the 2023 AGM. There have been no other subsequent events that have a material impact on the Group\u2019s financial information.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
"language": "en",
"entity": "scheme:2138003A5Q1M7ANOUD76",
"period": "2022-06-30T00:00:00/2023-06-01T00:00:00"
}
}
}
}