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"scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-353": { "value": "175200000", "decimals": -5, "dimensions": { "concept": "iggroupholdingsplc:PaymentsMadeForShareBuybackClassifedAsFinancingActivities", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-354": { "value": "178300000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-355": { "value": "188100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:DividendsPaidClassifiedAsFinancingActivities", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-356": { "value": "13300000", "decimals": -5, "dimensions": { "concept": 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"unit": "iso4217:GBP" } }, "fact-360": { "value": "125100000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-361": { "value": "-450500000", "decimals": -5, "dimensions": { "concept": "ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2022-06-01T00:00:00/2023-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-362": { "value": "795200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-363": { "value": "1246400000", "decimals": -5, "dimensions": { "concept": 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"795200000", "decimals": -5, "dimensions": { "concept": "ifrs-full:CashAndCashEquivalentsIfDifferentFromStatementOfFinancialPosition", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-370": { "value": "
General information
The Consolidated Financial Statements of IG Group Holdings plc and its subsidiaries (together
the Group) for the year ended 31 May 2024 were authorised for issue by the Board on 24 July
2024 and the Consolidated Statement of Financial Position was signed on the Board\u2019s behalf by
Charles A. 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-3": { "value": " IG Group Holdings plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-4": { "value": "public company limited ", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-5": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-368": { "value": "England and Wales", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-6": { "value": "Cannon Bridge House, 25 Dowgate Hill, London, EC4R 2YA", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-371": { "value": "
Basis of preparation
(a) Compliance with UK-adopted International Accounting Standards
The Consolidated 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 2024 affecting these Consolidated 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 (FVOCI) and fair value through profit and loss (FVTPL).
The accounting policies which have been applied in preparing the Consolidated Financial
Statements for the year ended 31 May 2024 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, estimates and assumptions 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 only accounting estimate that has a material impact on the
presentation or measurement of items recorded in the Consolidated Financial Statements
is the following:
Recoverable amount of US cash-generating unit (CGU)
\u2013 The Group has estimated the
recoverable amount of its US CGU, which includes goodwill of \u00a3497.2 million (31 May 2023:
\u00a3509.2 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 reasonably possible change
in these assumptions. Further information regarding the assumptions and their associated
sensitivities is provided in note 12.
There are no accounting judgements that have a material impact on the presentation or
measurement of items recorded in the Consolidated Financial Statement.
(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, other than those outlined below. The Group has not early adopted any standard, interpretation or amendment that have been issued but is not yet effective. The IASB has published a number of amendments to accounting standards that are effective for annual reporting periods beginning on or after 1 January 2024. These include amendments published to IFRS 7 \u2013 Financial Instruments: Disclosures, IFRS 16 \u2013 Leases, IAS 1 \u2013 Presentation of Financial Statements, IAS 7 \u2013 Statement of Cash Flows and IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates. The Group has assessed the impact of these amendments and they are not expected to have a material impact on the Consolidated Financial Statements when adopted. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15.0%. 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 has applied the exemption from recognising and disclosing information about deterred tax assets and liabilities related to top-up income taxes which is available in IAS 12 \u2013 Income Taxes. (d) Going concern The Directors have prepared the Consolidated 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 Consolidated 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 Consolidated 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 Consolidated 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 confirms that they consider it appropriate to adopt the going concern basis in preparing the Group Financial Statements.
(e) Other matters
On 22 November 2023, the Group entered into a sponsorship agreement in respect of an arena
located in the Aichi Prefecture in Japan, for a total consideration of \u00a331.3 million (JPY 6,273.9
million). The agreement awards naming rights which meet the criteria for recognition as a lease
under IFRS 16 \u2013 Leases. A right-of-use asset and a corresponding lease liability will be initially
recognised upon the lease commencement date, expected to be in the summer of 2025. The
Group has made a payment of \u00a31.6 million (JPY 308.0 million) under the terms of this
arrangement during the year. This is disclosed as a non-current prepayment as at 31 May 2024.
(f) Restatement of comparatives
Proceeds from sale of financial investments of \u00a3251.8 million (31 May 2023: \u00a3251.7 million) and
payments for purchase of financial investments of \u00a389.9 million (31 May 2023: \u00a3477.5 million)
were presented on a net basis in prior year. However, in the current year these balances have
been presented as separate line items in the Consolidated Statement of Cash Flows, in
accordance with requirements of IAS 7 \u2013 Statement of Cash Flow. To ensure consistency with
the current year, comparative figures have also been presented separately.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-412": { "value": "(a) Compliance with UK-adopted International Accounting Standards The Consolidated 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 2024 affecting these Consolidated 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 (FVOCI) and fair value through profit and loss (FVTPL). The accounting policies which have been applied in preparing the Consolidated Financial Statements for the year ended 31 May 2024 are disclosed in note 2. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-413": { "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, estimates and assumptions 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 only accounting estimate that has a material impact on the presentation or measurement of items recorded in the Consolidated Financial Statements is the following: Recoverable amount of US cash-generating unit (CGU) \u2013 The Group has estimated the recoverable amount of its US CGU, which includes goodwill of \u00a3497.2 million (31 May 2023: \u00a3509.2 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 reasonably possible change in these assumptions. Further information regarding the assumptions and their associated sensitivities is provided in note 12. There are no accounting judgements that have a material impact on the presentation or measurement of items recorded in the Consolidated Financial Statement. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-414": { "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, other than those outlined
below. The Group has not early adopted any standard, interpretation or amendment that have
been issued but is not yet effective.
The IASB has published a number of amendments to accounting standards that are effective for
annual reporting periods beginning on or after 1 January 2024. These include amendments
published to IFRS 7 \u2013 Financial Instruments: Disclosures, IFRS 16 \u2013 Leases, IAS 1 \u2013 Presentation of
Financial Statements, IAS 7 \u2013 Statement of Cash Flows and IAS 21 \u2013 The Effects of Changes in
Foreign Exchange Rates. The Group has assessed the impact of these amendments and they are
not expected to have a material impact on the Consolidated Financial Statements when adopted.
On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a
global minimum effective tax rate of 15.0%. 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 has applied the exemption from recognising and disclosing
information about deterred tax assets and liabilities related to top-up income taxes which is
available in IAS 12 \u2013 Income Taxes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-452": { "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, other than those outlined below. The Group has not early adopted any standard, interpretation or amendment that have been issued but is not yet effective. The IASB has published a number of amendments to accounting standards that are effective for annual reporting periods beginning on or after 1 January 2024. These include amendments published to IFRS 7 \u2013 Financial Instruments: Disclosures, IFRS 16 \u2013 Leases, IAS 1 \u2013 Presentation of Financial Statements, IAS 7 \u2013 Statement of Cash Flows and IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates. The Group has assessed the impact of these amendments and they are not expected to have a material impact on the Consolidated Financial Statements when adopted. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15.0%. 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 has applied the exemption from recognising and disclosing information about deterred tax assets and liabilities related to top-up income taxes which is available in IAS 12 \u2013 Income Taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-473": { "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, other than those outlined below. The Group has not early adopted any standard, interpretation or amendment that have been issued but is not yet effective. The IASB has published a number of amendments to accounting standards that are effective for annual reporting periods beginning on or after 1 January 2024. These include amendments published to IFRS 7 \u2013 Financial Instruments: Disclosures, IFRS 16 \u2013 Leases, IAS 1 \u2013 Presentation of Financial Statements, IAS 7 \u2013 Statement of Cash Flows and IAS 21 \u2013 The Effects of Changes in Foreign Exchange Rates. The Group has assessed the impact of these amendments and they are not expected to have a material impact on the Consolidated Financial Statements when adopted. On 20 June 2023, Finance (No.2) Act 2023 was substantively enacted in the UK, introducing a global minimum effective tax rate of 15.0%. 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 has applied the exemption from recognising and disclosing information about deterred tax assets and liabilities related to top-up income taxes which is available in IAS 12 \u2013 Income Taxes. ", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-415": { "value": "
(d) Going concern
The Directors have prepared the Consolidated 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 Consolidated 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
Consolidated 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 Consolidated 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 confirms 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-369": { "value": "
2. Material accounting policies
The accounting policies adopted in the preparation of the Consolidated Financial Statements
are consistent with those followed in the preparation of the Consolidated Financial Statements
for the year ended 31 May 2023.
Basis of consolidation
Subsidiaries
The Consolidated Financial Statements include 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 Group\u2019s 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 by subsidiaries with accounting policies used by the Group. All intercompany 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, after initially
being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss
after tax of the associates, which is recognised from the date that significant influence begins,
up until the date that significant influence ceases.
Investments in associates are assessed for impairment indicators at 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.
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 Consolidated 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. Foreign currency translation differences arising from the translation of overseas
operations are recognised through other comprehensive income and in 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.
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 separately 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 29.
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, except for custody fees which are accrued over the period for
which the Group holds the stocks on behalf of its clients.
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 segregated client
funds, are disclosed within finance income and costs. The details of finance income and costs
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, as
disclosed in note 11.
Employee benefits
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 estimate of the number of shares
that will vest. Details on the employee share plans is disclosed in note 27 of the Consolidated
Financial Statements.
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.
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.
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.
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 calculates an accrual for bonuses based on specific financial and non-financial
conditions and recognises an expense in the Consolidated Income Statement.
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 assets 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 assets.
The lease liability is initially measured as the net present value of the following payments:
Fixed payments less any lease incentives
Variable lease payments dependent on an index or rate initially measured as at the
commencement date
Amounts payable by the Group under residual value guarantees
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 similar valued right-of-use assets in a
similar economic environment with similar terms and conditions.
Right-of-use assets are measured at cost comprising:
Lease liability at initial recognition
Lease payments made at or before the commencement date less any lease incentives
received
Initial direct costs
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 operating costs in the Consolidated Income Statement.
Taxation
The income tax expense represents the sum of tax currently payable and the movements in
deferred tax.
The current tax payable is based on taxable profit for the year. Taxable profit differs from
accounting profit reported in the Consolidated Income Statement as it excludes items of
income or expense taxable or deductible in other years and the 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 if
applicable reduced to the extent that it is no longer probable that sufficient taxable profits will
be available to allow all or part of the deferred tax asset to be utilised.
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 utilised 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 the items accounted
for directly in the equity or other comprehensive income, in which case the deferred tax is also
charged or credited to the equity or other comprehensive income respectively.
Deferred tax assets and liabilities are offset when they relate to income taxes levied by the
same tax authority and the Group intends to settle its current tax receivables and payables
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\u2013off
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 to the Consolidated Income Statement 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 5 years
Computer and other equipment \u2013 2, 3 or 5 years
Right-of-use assets \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 carried 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 represents the smallest identifiable group of assets which 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:
The project\u2019s assets are identifiable and under the Group\u2019s control
The costs in relation to the project can be accurately measured
The project\u2019s technical feasibility and commercial viability can be demonstrated
The availability of adequate technical and financial resources
Management\u2019s intention to complete the project has been confirmed
Probable future economic benefit has been established
Research and development expenditure on internally developed intangible assets, which do not
meet this criteria is taken to the Consolidated Income Statement in the year in which it is incurred.
Amortisation of intangible assets commence when it is brought into use. When management no
longer intends to bring the asset into use, the costs capitalised to date are immediately
expensed to the Consolidated Income Statement.
Intangible assets with a finite life are amortised over their expected useful lives and charged to
the Consolidated Income Statement on a straight-line basis, as follows:
Internally developed software \u2013 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 10 years
Non-compete arrangements \u2013 over the contract term of up to 5 years
Domain names \u2013 10 years
The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances arise indicating the carrying value may not be recoverable. Impairment of non-financial assets The Group carries out an assessment of its non-financial assets (at least annually) to ascertain whether events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any such indication exists, 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 in the Consolidated Income Statement 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 FVTPL, the fair value of these assets and liabilities is measured net of directly attributable transaction costs. Financial instruments are disclosed in note 29 of the Consolidated Financial Statements.
(a) Financial assets and liabilities measured at FVTPL
Financial assets and liabilities measured at FVTPL are financial assets and liabilities that are
not classified and measured at amortised cost or as FVOCI. 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 FVTPL.
All financial instruments at FVTPL 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 in
Consolidated Income Statement 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 FVOCI
Financial assets measured at FVOCI 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 only
FVOCI financial assets are its financial investments.
Unrealised gains or losses, other than loss allowances for expected credit losses, arising from
financial assets measured at FVOCI are reported in equity (in the FVOCI income reserve) and in
other comprehensive income in Consolidated Statement of 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.
(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 FVTPL. 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 derivatives included in trade
receivables (due from brokers), trade payables (excluding amounts due to clients), money
market funds and financial investments 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. Fair value hierarchy levels
1 to 3 are based on the degree to which the inputs to the fair value calculations are observable:
Level 1 inputs are valued using unadjusted quoted prices in active markets for identical
financial instruments
Level 2 inputs are those that make use of a price that is derived from significantly 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. 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
Level 3 inputs are those that incorporate information other than observable market data
The fair value hierarchy level of a financial instrument is the same level as the lowest level input
that is significant to the measurement of the instrument\u2019s fair value.
Impairment of financial assets
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 and financial investments. 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 \u2013 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. Analysis of the credit risk
for Group\u2019s assets is disclosed in note 30 of the Consolidated Financial Statements.
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 as a result of the guarantee.
(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.
On recognition of a new liability the difference in the respective carrying amounts together with
any costs or fees incurred are recognised in Consolidated Income Statement.
Offsetting financial instruments
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 \u2013 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 cryptocurrency assets and rights to cryptocurrency assets controlled by
the Group. The Group offers financial derivatives with cryptocurrencies as an underlying asset.
The Group purchases and sells cryptocurrency assets as part of its hedging activity associated
with this product offering.
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 \u2013 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 FVTPL. 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 \u2013 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 when a client agrees that full ownership of such monies is
unconditionally transferred to the Group. Accordingly, these funds are recognised within cash
and cash equivalents with a corresponding liability to clients within trade payables.
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. Further details on the Pooling arrangement is disclosed in note 22 of the Consolidated Financial Statements. 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 Consolidated 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 Consolidated Financial Statements of the period in which the change in probability occurs. 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 Income Statement. 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) 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 on its behalf, 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 value 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:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-372": { "value": "Basis of consolidation Subsidiaries The Consolidated Financial Statements include 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 Group\u2019s 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 by subsidiaries with accounting policies used by the Group. All intercompany 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, after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associates, which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Investments in associates are assessed for impairment indicators at 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. 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 Consolidated 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. Foreign currency translation differences arising from the translation of overseas operations are recognised through other comprehensive income and in 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:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-416": { "value": "Subsidiaries The Consolidated Financial Statements include 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 Group\u2019s 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 by subsidiaries with accounting policies used by the Group. All intercompany 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-453": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-417": { "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. Goodwill Goodwill is carried 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 represents the smallest identifiable group of assets which 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:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-474": { "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, after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associates, which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Investments in associates are assessed for impairment indicators at 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-454": { "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, after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associates, which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Investments in associates are assessed for impairment indicators at 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-418": { "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, after initially being recognised at cost. The investment is adjusted for the Group\u2019s share of the profit or loss after tax of the associates, which is recognised from the date that significant influence begins, up until the date that significant influence ceases. Investments in associates are assessed for impairment indicators at 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-419": { "value": "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 Consolidated 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. Foreign currency translation differences arising from the translation of overseas operations are recognised through other comprehensive income and in 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-455": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-373": { "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 separately 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 29. 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, except for custody fees which are accrued over the period for which the Group holds the stocks on behalf of its clients. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-376": { "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. Finance income and costs All interest income and costs other than interest income and expense on segregated client funds, are disclosed within finance income and costs. The details of finance income and costs are disclosed in note 7 and note 8 respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-456": { "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. Finance income and costs All interest income and costs other than interest income and expense on segregated client funds, are disclosed within finance income and costs. The details of finance income and costs are disclosed in note 7 and note 8 respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-420": { "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. Finance income and costs All interest income and costs other than interest income and expense on segregated client funds, are disclosed within finance income and costs. The details of finance income and costs are disclosed in note 7 and note 8 respectively. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-374": { "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, as disclosed in note 11. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-375": { "value": "Employee benefits 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 estimate of the number of shares that will vest. Details on the employee share plans is disclosed in note 27 of the Consolidated Financial Statements. 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. 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. 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. 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 calculates an accrual for bonuses based on specific financial and non-financial conditions and recognises an expense in the Consolidated Income Statement. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-421": { "value": "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 estimate of the number of shares that will vest. Details on the employee share plans is disclosed in note 27 of the Consolidated Financial Statements. 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. 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. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-422": { "value": "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:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-377": { "value": "Leases The Group\u2019s leases are recognised as right-of-use assets 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 assets. The lease liability is initially measured as the net present value of the following payments: Fixed payments less any lease incentives Variable lease payments dependent on an index or rate initially measured as at the commencement date Amounts payable by the Group under residual value guarantees 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 similar valued right-of-use assets in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost comprising: Lease liability at initial recognition Lease payments made at or before the commencement date less any lease incentives received Initial direct costs 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 operating costs in the Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-423": { "value": "Taxation The income tax expense represents the sum of tax currently payable and the movements in deferred tax. The current tax payable is based on taxable profit for the year. Taxable profit differs from accounting profit reported in the Consolidated Income Statement as it excludes items of income or expense taxable or deductible in other years and the 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 if applicable reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilised. 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 utilised 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 the items accounted for directly in the equity or other comprehensive income, in which case the deferred tax is also charged or credited to the equity or other comprehensive income respectively. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax receivables and payables on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-378": { "value": "Taxation The income tax expense represents the sum of tax currently payable and the movements in deferred tax. The current tax payable is based on taxable profit for the year. Taxable profit differs from accounting profit reported in the Consolidated Income Statement as it excludes items of income or expense taxable or deductible in other years and the 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 if applicable reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the deferred tax asset to be utilised. 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 utilised 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 the items accounted for directly in the equity or other comprehensive income, in which case the deferred tax is also charged or credited to the equity or other comprehensive income respectively. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same tax authority and the Group intends to settle its current tax receivables and payables on a net basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-424": { "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\u2013off 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 to the Consolidated Income Statement 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 5 years Computer and other equipment \u2013 2, 3 or 5 years Right-of-use assets \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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-379": { "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\u2013off 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 to the Consolidated Income Statement 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 5 years Computer and other equipment \u2013 2, 3 or 5 years Right-of-use assets \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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-475": { "value": "Goodwill Goodwill is carried 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 represents the smallest identifiable group of assets which 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-380": { "value": "Goodwill Goodwill is carried 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 represents the smallest identifiable group of assets which 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: The project\u2019s assets are identifiable and under the Group\u2019s control The costs in relation to the project can be accurately measured The project\u2019s technical feasibility and commercial viability can be demonstrated The availability of adequate technical and financial resources Management\u2019s intention to complete the project has been confirmed Probable future economic benefit has been established Research and development expenditure on internally developed intangible assets, which do not meet this criteria is taken to the Consolidated Income Statement in the year in which it is incurred. Amortisation of intangible assets commence when it is brought into use. When management no longer intends to bring the asset into use, the costs capitalised to date are immediately expensed to the Consolidated Income Statement. Intangible assets with a finite life are amortised over their expected useful lives and charged to the Consolidated Income Statement on a straight-line basis, as follows: Internally developed software \u2013 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 10 years Non-compete arrangements \u2013 over the contract term of up to 5 years Domain names \u2013 10 years
The carrying value of intangible assets is reviewed for impairment whenever events or changes
in circumstances arise indicating the carrying value may not be recoverable.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-425": { "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: The project\u2019s assets are identifiable and under the Group\u2019s control The costs in relation to the project can be accurately measured The project\u2019s technical feasibility and commercial viability can be demonstrated The availability of adequate technical and financial resources Management\u2019s intention to complete the project has been confirmed Probable future economic benefit has been established Research and development expenditure on internally developed intangible assets, which do not meet this criteria is taken to the Consolidated Income Statement in the year in which it is incurred. Amortisation of intangible assets commence when it is brought into use. When management no longer intends to bring the asset into use, the costs capitalised to date are immediately expensed to the Consolidated Income Statement. Intangible assets with a finite life are amortised over their expected useful lives and charged to the Consolidated Income Statement on a straight-line basis, as follows: Internally developed software \u2013 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 10 years Non-compete arrangements \u2013 over the contract term of up to 5 years Domain names \u2013 10 years The carrying value of intangible assets is reviewed for impairment whenever events or changes in circumstances arise indicating the carrying value may not be recoverable. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-382": { "value": "
Impairment of non-financial assets
The Group carries out an assessment of its non-financial assets (at least annually) to ascertain
whether events or changes in circumstances indicate that the carrying amount of the asset may
not be recoverable. If any such indication exists, 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 in the Consolidated Income Statement immediately, although impairment losses
relating to goodwill may not be reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-477": { "value": "Impairment of non-financial assets The Group carries out an assessment of its non-financial assets (at least annually) to ascertain whether events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. If any such indication exists, 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 in the Consolidated Income Statement immediately, although impairment losses relating to goodwill may not be reversed. Impairment of financial assets 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 and financial investments. 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 \u2013 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. Analysis of the credit risk for Group\u2019s assets is disclosed in note 30 of the Consolidated Financial Statements. 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:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-381": { "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 FVTPL, the fair
value of these assets and liabilities is measured net of directly attributable transaction costs.
Financial instruments are disclosed in note 29 of the Consolidated Financial Statements.
(a) Financial assets and liabilities measured at FVTPL Financial assets and liabilities measured at FVTPL are financial assets and liabilities that are not classified and measured at amortised cost or as FVOCI. 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 FVTPL. All financial instruments at FVTPL 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 in Consolidated Income Statement 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 FVOCI Financial assets measured at FVOCI 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 only FVOCI financial assets are its financial investments. Unrealised gains or losses, other than loss allowances for expected credit losses, arising from financial assets measured at FVOCI are reported in equity (in the FVOCI income reserve) and in other comprehensive income in Consolidated Statement of 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. (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 FVTPL. 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 derivatives included in trade receivables (due from brokers), trade payables (excluding amounts due to clients), money market funds and financial investments 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. Fair value hierarchy levels 1 to 3 are based on the degree to which the inputs to the fair value calculations are observable: Level 1 inputs are valued using unadjusted quoted prices in active markets for identical financial instruments Level 2 inputs are those that make use of a price that is derived from significantly 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. 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 Level 3 inputs are those that incorporate information other than observable market data The fair value hierarchy level of a financial instrument is the same level as the lowest level input that is significant to the measurement of the instrument\u2019s fair value. Impairment of financial assets 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 and financial investments. 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 \u2013 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. Analysis of the credit risk for Group\u2019s assets is disclosed in note 30 of the Consolidated Financial Statements. 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 as a result of the guarantee. (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. On recognition of a new liability the difference in the respective carrying amounts together with any costs or fees incurred are recognised in Consolidated Income Statement. Offsetting financial instruments 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-476": { "value": "(a) Financial assets and liabilities measured at FVTPL Financial assets and liabilities measured at FVTPL are financial assets and liabilities that are not classified and measured at amortised cost or as FVOCI. 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 FVTPL. All financial instruments at FVTPL 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 in Consolidated Income Statement 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 FVOCI Financial assets measured at FVOCI 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 only FVOCI financial assets are its financial investments. Unrealised gains or losses, other than loss allowances for expected credit losses, arising from financial assets measured at FVOCI are reported in equity (in the FVOCI income reserve) and in other comprehensive income in Consolidated Statement of 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. (e) Determination of fair value Financial instruments arising from client positions, financial derivatives included in trade receivables (due from brokers), trade payables (excluding amounts due to clients), money market funds and financial investments 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. Fair value hierarchy levels 1 to 3 are based on the degree to which the inputs to the fair value calculations are observable: Level 1 inputs are valued using unadjusted quoted prices in active markets for identical financial instruments Level 2 inputs are those that make use of a price that is derived from significantly 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. 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 Level 3 inputs are those that incorporate information other than observable market data The fair value hierarchy level of a financial instrument is the same level as the lowest level input that is significant to the measurement of the instrument\u2019s fair value. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-457": { "value": "(a) Financial assets and liabilities measured at FVTPL Financial assets and liabilities measured at FVTPL are financial assets and liabilities that are not classified and measured at amortised cost or as FVOCI. 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 FVTPL. All financial instruments at FVTPL are carried at fair value with gains or losses recognised in trading revenue in the Consolidated Income Statement. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-426": { "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 in Consolidated Income Statement 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 FVOCI Financial assets measured at FVOCI 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 only FVOCI financial assets are its financial investments. Unrealised gains or losses, other than loss allowances for expected credit losses, arising from financial assets measured at FVOCI are reported in equity (in the FVOCI income reserve) and in other comprehensive income in Consolidated Statement of 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. Impairment of financial assets 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 and financial investments. 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 \u2013 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. Analysis of the credit risk for Group\u2019s assets is disclosed in note 30 of the Consolidated Financial Statements. 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:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-427": { "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 FVTPL. 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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-458": { "value": "Impairment of financial assets 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 and financial investments. 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 \u2013 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. Analysis of the credit risk for Group\u2019s assets is disclosed in note 30 of the Consolidated Financial Statements. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-429": { "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 as a result of the guarantee. (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. On recognition of a new liability the difference in the respective carrying amounts together with any costs or fees incurred are recognised in Consolidated Income Statement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-428": { "value": "Offsetting financial instruments 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-430": { "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 \u2013 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 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-383": { "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 \u2013 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 cryptocurrency assets and rights to cryptocurrency assets controlled by the Group. The Group offers financial derivatives with cryptocurrencies as an underlying asset. The Group purchases and sells cryptocurrency assets as part of its hedging activity associated with this product offering. 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 \u2013 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 FVTPL. 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 \u2013 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-384": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-385": { "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 when a client agrees that full ownership of such monies is unconditionally transferred to the Group. Accordingly, these funds are recognised within cash and cash equivalents with a corresponding liability to clients within trade payables.
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.
Further details on the Pooling arrangement is disclosed in note 22 of the Consolidated
Financial Statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-386": { "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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-387": { "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 Consolidated 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 Consolidated Financial Statements of the
period in which the change in probability occurs.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-389": { "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
Income Statement.
", "dimensions": { "concept": "iggroupholdingsplc:DescriptionOfAccountingPolicyForDebtSecuritiesInIssue", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-388": { "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) 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 on its behalf, 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 value 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-431": { "value": "(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. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-390": { "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 net trading revenue and net interest on client funds.
Total revenue by reportable segment
Net trading revenue represents trading revenue that is generated from clients trading activities
after deducting introducing partner commissions. Net interest on clients funds represents
interest earned on client money balances after deducting interest paid to clients. These two
amounts collectively make up total revenue. The CODM uses total revenue as the primary
measure of performance of the segments. The CODM considers business performance from a
product perspective, split into OTC derivatives, exchange-traded derivatives, stock trading and
investments and net interest on clients 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
OTC derivatives
681.0
782.0
Exchange-traded derivatives
141.1
137.1
Stock trading and investments
22.8
22.7
Net trading revenue
844.9
941.8
Net interest on client funds
142.4
80.8
Total revenue
987.3
1,022.6
The CODM also considers business performance based on geographical location. This geographical
split reflects the location of the office that manages the underlying client relationships.
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Net trading revenue by geography:
UK
280.3
322.0
Australia
84.7
99.8
Japan
78.5
99.3
Singapore
72.4
68.8
EMEA Non-EU
47.8
55.3
Emerging markets
36.7
39.5
UK, APAC & Emerging markets
600.4
684.7
US
143.2
140.9
EU
101.3
116. 2
Net trading revenue
844.9
941.8
Net interest on client funds \u2013 US
75.6
50.4
Net interest on client funds \u2013 Other
66.8
30.4
Total revenue
987.3
1,022.6
The Group does not derive more than 10.0% of revenue from any one single client.
The segmental breakdown of non-current assets excluding financial investments, other
investments and deferred tax assets, based on geographical location is as follows:
31 May 2024 31 May 2023
\u00a3m \u00a3m
US
716.5
770.7
UK
133.3
152.6
EMEA Non-EU
9.1
4.7
EU
8.0
5.7
Japan
2.4
1.9
Australia
2.3
0.4
Singapore
1.1
0.3
Emerging markets
\u2013
0.1
Total non-current assets
872.7
936.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-432": { "value": "The CODM also considers business performance based on geographical location. This geographical split reflects the location of the office that manages the underlying client relationships.
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Net trading revenue by geography:
UK
280.3
322.0
Australia
84.7
99.8
Japan
78.5
99.3
Singapore
72.4
68.8
EMEA Non-EU
47.8
55.3
Emerging markets
36.7
39.5
UK, APAC & Emerging markets
600.4
684.7
US
143.2
140.9
EU
101.3
116. 2
Net trading revenue
844.9
941.8
Net interest on client funds \u2013 US
75.6
50.4
Net interest on client funds \u2013 Other
66.8
30.4
Total revenue
987.3
1,022.6
The Group does not derive more than 10.0% of revenue from any one single client. The segmental breakdown of non-current assets excluding financial investments, other investments and deferred tax assets, based on geographical location is as follows:
31 May 2024 31 May 2023
\u00a3m \u00a3m
US
716.5
770.7
UK
133.3
152.6
EMEA Non-EU
9.1
4.7
EU
8.0
5.7
Japan
2.4
1.9
Australia
2.3
0.4
Singapore
1.1
0.3
Emerging markets
\u2013
0.1
Total non-current assets
872.7
936.4
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeographicalAreasExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-459": { "value": "
4. Operating costs
Year ended Year ended
31 May 2024 31 May 2023
Note \u00a3m \u00a3m
Fixed remuneration
215.4
193.0
Variable remuneration
52.8
55.6
Employee-related expenses
268.2
248.6
Advertising and marketing
83.1
93.5
Depreciation, amortisation and impairment
13,14
75.8
61.6
IT, market data and communications
57.3
51.9
Trading related costs
36.8
38.7
Legal and professional costs
33.8
25.8
Premises-related costs
10.6
10.8
Regulatory fees
5.4
8.5
Other costs
33.1
44.4
Total operating costs from continuing operations
604 .1
583.8
Total operating costs from discontinued operations
\u2013
0.2
During FY24, the Group announced measures to streamline operations and reduce headcount.
As at 31 May 2024, the Group has recognised a provision for redundancy compensation of \u00a37.6
million on the balance sheet and an expense of \u00a312.6 million has been recognised within fixed
remuneration costs.
Premises related costs include \u00a30.2 million (31 May 2023: \u00a30.6 million) short-term operating
leases which do not meet the criteria to be capitalised as right-of-use assets.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-391": { "value": "4. Operating costs
Year ended Year ended
31 May 2024 31 May 2023
Note \u00a3m \u00a3m
Fixed remuneration
215.4
193.0
Variable remuneration
52.8
55.6
Employee-related expenses
268.2
248.6
Advertising and marketing
83.1
93.5
Depreciation, amortisation and impairment
13,14
75.8
61.6
IT, market data and communications
57.3
51.9
Trading related costs
36.8
38.7
Legal and professional costs
33.8
25.8
Premises-related costs
10.6
10.8
Regulatory fees
5.4
8.5
Other costs
33.1
44.4
Total operating costs from continuing operations
604 .1
583.8
Total operating costs from discontinued operations
\u2013
0.2
During FY24, the Group announced measures to streamline operations and reduce headcount. As at 31 May 2024, the Group has recognised a provision for redundancy compensation of \u00a37.6 million on the balance sheet and an expense of \u00a312.6 million has been recognised within fixed remuneration costs. Premises related costs include \u00a30.2 million (31 May 2023: \u00a30.6 million) short-term operating leases which do not meet the criteria to be capitalised as right-of-use assets.
5. Auditors\u2019 remuneration
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Audit fees
1
Parent company and consolidated financial statements
1.7
1.3
Subsidiaries
1.5
1.4
Total audit fees
3.2
2.7
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
0.2
Total non-audit fees
0.2
0.2
1 Included in the balances above, are adjustments made to the audit fees after completion of audits.
Audit related fees include services provided by the Group\u2019s auditors, that are specifically
required by legislation or regulation, and other audit related assurance services. The amounts
stated in the table above are exclusive of value-added tax.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-433": { "value": "5. Auditors\u2019 remuneration
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Audit fees
1
Parent company and consolidated financial statements
1.7
1.3
Subsidiaries
1.5
1.4
Total audit fees
3.2
2.7
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
0.2
Total non-audit fees
0.2
0.2
1 Included in the balances above, are adjustments made to the audit fees after completion of audits. Audit related fees include services provided by the Group\u2019s auditors, that are specifically required by legislation or regulation, and other audit related assurance services. The amounts stated in the table above are exclusive of value-added tax. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-392": { "value": "
6. Staff costs
Staff costs for the year, including Executive Directors, were as follows:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Wages and salaries
186.9
165.5
Performance-related bonuses
30.0
34.3
Social security costs
21.6
23.2
Share-based payments
18.0
15.1
Pension costs
11.7
10.5
Total staff costs
268.2
248.6
The Group does not operate any defined benefit pension schemes. Pension costs includes
employee-nominated payments to defined contribution schemes and Company contributions.
The Directors\u2019 remuneration for the years ended 31 May 2024 and 31 May 2023 are set out in
the Directors\u2019 Remuneration Report on pages 89 to 105.
The average monthly number of employees, including Executive Directors, split into the key
activity areas was as follows:
Year ended Year ended
31 May 2024 31 May 2023
Technology and change management
1,160
1,119
Support functions
440
416
Sales and client management
405
426
Marketing
370
362
Trading and operations
342
342
2,717
2,665
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-393": { "value": "
7. Finance income
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Bank interest receivable
14.7
7.5
Interest receivable on cash held at brokers
17. 2
5.9
Interest receivable on financial investments
14.7
9.1
Interest receivable on money market funds
13.1
7. 6
Other interest
0.2
0.1
59.9
30.2
8. Finance costs
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Interest and fees on debt securities
9.9
10.0
Interest payable on client funds
4.6
\u2013
Interest payable to brokers
4.4
2.2
Interest and fees on revolving credit facility
2.9
2.7
Bank interest payable
1.5
0.6
Interest payable on lease liabilities
1.3
0.5
Interest and fees on sale and repurchase agreements
0.2
0.2
24.8
16.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-478": { "value": "7. Finance income
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Bank interest receivable
14.7
7.5
Interest receivable on cash held at brokers
17. 2
5.9
Interest receivable on financial investments
14.7
9.1
Interest receivable on money market funds
13.1
7. 6
Other interest
0.2
0.1
59.9
30.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-460": { "value": "7. Finance income
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Bank interest receivable
14.7
7.5
Interest receivable on cash held at brokers
17. 2
5.9
Interest receivable on financial investments
14.7
9.1
Interest receivable on money market funds
13.1
7. 6
Other interest
0.2
0.1
59.9
30.2
8. Finance costs
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Interest and fees on debt securities
9.9
10.0
Interest payable on client funds
4.6
\u2013
Interest payable to brokers
4.4
2.2
Interest and fees on revolving credit facility
2.9
2.7
Bank interest payable
1.5
0.6
Interest payable on lease liabilities
1.3
0.5
Interest and fees on sale and repurchase agreements
0.2
0.2
24.8
16.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-434": { "value": "7. Finance income
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Bank interest receivable
14.7
7.5
Interest receivable on cash held at brokers
17. 2
5.9
Interest receivable on financial investments
14.7
9.1
Interest receivable on money market funds
13.1
7. 6
Other interest
0.2
0.1
59.9
30.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-479": { "value": "8. Finance costs
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Interest and fees on debt securities
9.9
10.0
Interest payable on client funds
4.6
\u2013
Interest payable to brokers
4.4
2.2
Interest and fees on revolving credit facility
2.9
2.7
Bank interest payable
1.5
0.6
Interest payable on lease liabilities
1.3
0.5
Interest and fees on sale and repurchase agreements
0.2
0.2
24.8
16.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-435": { "value": "8. Finance costs
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Interest and fees on debt securities
9.9
10.0
Interest payable on client funds
4.6
\u2013
Interest payable to brokers
4.4
2.2
Interest and fees on revolving credit facility
2.9
2.7
Bank interest payable
1.5
0.6
Interest payable on lease liabilities
1.3
0.5
Interest and fees on sale and repurchase agreements
0.2
0.2
24.8
16.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-394": { "value": "
9. Taxation
Tax on profit on ordinary activities
Tax charged in the Consolidated Income Statement:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Current income tax:
UK corporation tax
68.9
75.1
Non-UK corporation tax
34.6
24.3
Adjustment in respect of prior years
2.0
(6.1)
Total current income tax
105.5
93.3
Deferred income tax:
Origination and reversal of temporary differences
(8.4)
(7. 4)
Adjustment in respect of prior years
(2.8)
0.8
Impact of change in tax rates on deferred tax balances
(1.2)
(0.1)
Total deferred income tax
(12.4)
(6.7)
Total tax expense
93.1
86.6
Tax expense attributable to:
Continuing operations
93.1
86.2
Discontinued operations
\u2013
0.4
Tax expense not charged to Consolidated Income Statement:
Tax recognised in other comprehensive expense
2.2
(6.2)
Tax recognised directly in equity
(1.4)
(1.0)
Reconciliation of the total tax expense
The standard UK corporation tax rate for the year ended 31 May 2024 is 25.0% (31 May 2023:
20.0%). 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Profit before taxation
From continuing operations
400.8
449.9
From discontinued operations
\u2013
1.7
Total profit before tax
400.8
451.6
Profit before tax multiplied by the UK standard rate
of corporation tax of 25.0% (31 May 2023: 20.0%)
100.2
90.3
Expenses not deductible for tax purposes
3.0
1.6
Current year losses not recognised as deferred tax assets
1.2
0.3
Adjustment in respect of prior years
0.3
(5.3)
Patent Box deduction
(7.0)
(3.2)
Recognition and utilisation of losses previously not recognised
(2.8)
(0.4)
Impact of change in tax rates on deferred tax balances
(1.2)
(0.1)
Impact of overseas tax rates
(0.6)
3.4
Total tax expense attributable to:
93.1
86.6
Continuing operations
93.1
86.2
Discontinued operations
\u2013
0.4
The effective tax rate for the year is 23.2% (31 May 2023: 19.2%).
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 2024 31 May 2023
\u00a3m \u00a3m
Tax losses available for offset against future profits
4.5
3.8
Temporary differences arising on share-based payments
4.4
4.8
Temporary differences arising on fixed assets
\u2013
1.1
Other temporary differences
15.7
13.5
24.6
23.2
Deferred income tax liabilities
31 May 2024 31 May 2023
\u00a3m \u00a3m
Temporary differences arising on business combinations
(47. 8)
(57. 6 )
Temporary differences arising on fixed assets
(1.3)
(0.2)
Other temporary differences
(2.2)
(3.0)
(51.3)
(60.8)
Deferred income tax recovery
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax assets to be recovered within 12 months
9.8
4.4
Deferred tax assets to be recovered after 12 months
14.8
18.8
24.6
23.2
Deferred income tax settlement
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax liabilities to be settled within 12 months
(8.4)
(7. 4)
Deferred tax liabilities to be settled after 12 months
(42.9)
(53.4)
(51.3)
(60.8)
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 Consolidated Income Statement but
are not allowable as a tax deduction until the awards are exercised. 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 2024
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\u00a3m
Expiry date
Overseas trading losses
6.0
1.4
N/A
UK capital losses
23.5
5.9
N/A
29.5
7. 3
31 May 2023
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\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
The Group has an unrecognised deferred tax asset of \u00a37.3 million (31 May 2023: \u00a310.0 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
23.2
17.5
Tax credited/(charged) to the Income Statement
4.5
(0.3)
Tax (charged)/credited to other comprehensive expense
(2.2)
6.2
Tax credited directly to equity
0.1
0.6
Impact of movements in foreign exchange rates
0.1
\u2013
Reallocations between deferred tax assets and liabilities
(1.1)
(0.8)
At the end of the year
24.6
23.2
The movement in the deferred income tax liability included in the Consolidated Statement of
Financial Position is as follows:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
(60.8)
(67. 2)
Amounts arising on acquisitions in the year
\u2013
(0.6)
Tax credited to the income statement
7. 9
7.0
Impact of movements in foreign exchange rates
0.5
(0.8)
Reallocations between deferred tax assets and liabilities
1.1
0.8
At the end of the year
(51.3)
(60.8)
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.
The OECD Pillar 2 global minimum tax rules come into force for the Group from 1 June 2024.
The tax footprint of the Group is such that the Pillar 2 rules are not expected to have a material
impact on the Group\u2019s tax charge as there is currently insignificant activity in low tax
jurisdictions. The Group has applied the exception under IAS 12 \u2013 Income taxes to recognising
and disclosing information about deferred taxes related to Pillar 2 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-484": { "value": "Deferred income tax assets
31 May 2024 31 May 2023
\u00a3m \u00a3m
Tax losses available for offset against future profits
4.5
3.8
Temporary differences arising on share-based payments
4.4
4.8
Temporary differences arising on fixed assets
\u2013
1.1
Other temporary differences
15.7
13.5
24.6
23.2
Deferred income tax liabilities
31 May 2024 31 May 2023
\u00a3m \u00a3m
Temporary differences arising on business combinations
(47. 8)
(57. 6 )
Temporary differences arising on fixed assets
(1.3)
(0.2)
Other temporary differences
(2.2)
(3.0)
(51.3)
(60.8)
Deferred income tax recovery
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax assets to be recovered within 12 months
9.8
4.4
Deferred tax assets to be recovered after 12 months
14.8
18.8
24.6
23.2
Deferred income tax settlement
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax liabilities to be settled within 12 months
(8.4)
(7. 4)
Deferred tax liabilities to be settled after 12 months
(42.9)
(53.4)
(51.3)
(60.8)
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 Consolidated Income Statement but are not allowable as a tax deduction until the awards are exercised. 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 2024
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\u00a3m
Expiry date
Overseas trading losses
6.0
1.4
N/A
UK capital losses
23.5
5.9
N/A
29.5
7. 3
31 May 2023
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\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
The Group has an unrecognised deferred tax asset of \u00a37.3 million (31 May 2023: \u00a310.0 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
23.2
17.5
Tax credited/(charged) to the Income Statement
4.5
(0.3)
Tax (charged)/credited to other comprehensive expense
(2.2)
6.2
Tax credited directly to equity
0.1
0.6
Impact of movements in foreign exchange rates
0.1
\u2013
Reallocations between deferred tax assets and liabilities
(1.1)
(0.8)
At the end of the year
24.6
23.2
The movement in the deferred income tax liability included in the Consolidated Statement of Financial Position is as follows:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
(60.8)
(67. 2)
Amounts arising on acquisitions in the year
\u2013
(0.6)
Tax credited to the income statement
7. 9
7.0
Impact of movements in foreign exchange rates
0.5
(0.8)
Reallocations between deferred tax assets and liabilities
1.1
0.8
At the end of the year
(51.3)
(60.8)
17. Trade receivables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Amounts due from brokers
456.0
486.6
Own funds in client money
49.4
79.4
Amounts due from clients
2.9
4.4
508.3
570.4
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 the Group. Own funds in client money represent the Group\u2019s own cash held in segregated clients bank accounts, in accordance with the FCA CASS rules and similar rules of other regulators in whose jurisdiction the Group operates and includes \u00a316.0 million (31 May 2023: \u00a324.7 million) to be transferred to the Group on the following business day. Amounts due from clients arise when clients\u2019 total funds held with the Group are insufficient to cover any trading losses incurred by clients, when clients utilise trading credit limits or when clients are due to pay the Group fees in relation to the services received. Amounts due from clients are presented net of an allowance for impairment. Allowances for expected credit losses on trade receivable balances are disclosed in note 30. 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 2024 31 May 2023
\u00a3m \u00a3m
Vaults
35.8
13.5
Exchange
0.8
1.5
36.6
15.0
Other assets are measured at fair value less costs to sell. Other assets are level 2 assets (31 May
2023: level 2) in accordance with the fair value hierarchy (note 29).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-485": { "value": "Deferred income tax assets
31 May 2024 31 May 2023
\u00a3m \u00a3m
Tax losses available for offset against future profits
4.5
3.8
Temporary differences arising on share-based payments
4.4
4.8
Temporary differences arising on fixed assets
\u2013
1.1
Other temporary differences
15.7
13.5
24.6
23.2
Deferred income tax liabilities
31 May 2024 31 May 2023
\u00a3m \u00a3m
Temporary differences arising on business combinations
(47. 8)
(57. 6 )
Temporary differences arising on fixed assets
(1.3)
(0.2)
Other temporary differences
(2.2)
(3.0)
(51.3)
(60.8)
Deferred income tax recovery
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax assets to be recovered within 12 months
9.8
4.4
Deferred tax assets to be recovered after 12 months
14.8
18.8
24.6
23.2
Deferred income tax settlement
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax liabilities to be settled within 12 months
(8.4)
(7. 4)
Deferred tax liabilities to be settled after 12 months
(42.9)
(53.4)
(51.3)
(60.8)
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 Consolidated Income Statement but are not allowable as a tax deduction until the awards are exercised. 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 2024
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\u00a3m
Expiry date
Overseas trading losses
6.0
1.4
N/A
UK capital losses
23.5
5.9
N/A
29.5
7. 3
31 May 2023
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\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
The Group has an unrecognised deferred tax asset of \u00a37.3 million (31 May 2023: \u00a310.0 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
23.2
17.5
Tax credited/(charged) to the Income Statement
4.5
(0.3)
Tax (charged)/credited to other comprehensive expense
(2.2)
6.2
Tax credited directly to equity
0.1
0.6
Impact of movements in foreign exchange rates
0.1
\u2013
Reallocations between deferred tax assets and liabilities
(1.1)
(0.8)
At the end of the year
24.6
23.2
The movement in the deferred income tax liability included in the Consolidated Statement of Financial Position is as follows:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
(60.8)
(67. 2)
Amounts arising on acquisitions in the year
\u2013
(0.6)
Tax credited to the income statement
7. 9
7.0
Impact of movements in foreign exchange rates
0.5
(0.8)
Reallocations between deferred tax assets and liabilities
1.1
0.8
At the end of the year
(51.3)
(60.8)
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. The OECD Pillar 2 global minimum tax rules come into force for the Group from 1 June 2024. The tax footprint of the Group is such that the Pillar 2 rules are not expected to have a material impact on the Group\u2019s tax charge as there is currently insignificant activity in low tax jurisdictions. The Group has applied the exception under IAS 12 \u2013 Income taxes to recognising and disclosing information about deferred taxes related to Pillar 2 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. 21. Trade payables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Client funds
UK
280.3
253.9
US
47.8
56.1
EU
41.7
55.4
EMEA Non-EU
53.3
49.0
Japan
6.7
4.9
Singapore
0.7
1.1
Total client funds
430.5
420.4
Amounts due to brokers
54.5
48.6
Issued turbo warrants
4.5
2.7
Amounts due to clients
3.8
6.3
493.3
478.0
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 derivative 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 represents balances that will be transferred from cash and cash equivalents into segregated client funds on the following business day in accordance with the FCA CASS rules and similar rules of other regulators in whose jurisdiction the Group operates. 22. Other payables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Non-current
Other payables
1.3
1.2
1.3
1.2
Current
Accruals
98.6
109.4
Amounts due to the Pool
70.9
3.3
Payroll taxes, social security and other taxes
6.0
3.5
175.5
116. 2
The amounts due to the Pool relates to the national multi-currency pooling arrangement (the \u2018Pool\u2019) which enables the Group to better manage the funding requirements of its overseas operating subsidiaries. The Pool enables funds to be drawndown in any currency denomination required for operational purposes, provided the Pool has sufficient funds across all of the different currencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-461": { "value": "Deferred income tax assets
31 May 2024 31 May 2023
\u00a3m \u00a3m
Tax losses available for offset against future profits
4.5
3.8
Temporary differences arising on share-based payments
4.4
4.8
Temporary differences arising on fixed assets
\u2013
1.1
Other temporary differences
15.7
13.5
24.6
23.2
Deferred income tax liabilities
31 May 2024 31 May 2023
\u00a3m \u00a3m
Temporary differences arising on business combinations
(47. 8)
(57. 6 )
Temporary differences arising on fixed assets
(1.3)
(0.2)
Other temporary differences
(2.2)
(3.0)
(51.3)
(60.8)
Deferred income tax recovery
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax assets to be recovered within 12 months
9.8
4.4
Deferred tax assets to be recovered after 12 months
14.8
18.8
24.6
23.2
Deferred income tax settlement
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax liabilities to be settled within 12 months
(8.4)
(7. 4)
Deferred tax liabilities to be settled after 12 months
(42.9)
(53.4)
(51.3)
(60.8)
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 Consolidated Income Statement but are not allowable as a tax deduction until the awards are exercised. 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 2024
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\u00a3m
Expiry date
Overseas trading losses
6.0
1.4
N/A
UK capital losses
23.5
5.9
N/A
29.5
7. 3
31 May 2023
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\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
The Group has an unrecognised deferred tax asset of \u00a37.3 million (31 May 2023: \u00a310.0 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
23.2
17.5
Tax credited/(charged) to the Income Statement
4.5
(0.3)
Tax (charged)/credited to other comprehensive expense
(2.2)
6.2
Tax credited directly to equity
0.1
0.6
Impact of movements in foreign exchange rates
0.1
\u2013
Reallocations between deferred tax assets and liabilities
(1.1)
(0.8)
At the end of the year
24.6
23.2
The movement in the deferred income tax liability included in the Consolidated Statement of Financial Position is as follows:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
(60.8)
(67. 2)
Amounts arising on acquisitions in the year
\u2013
(0.6)
Tax credited to the income statement
7. 9
7.0
Impact of movements in foreign exchange rates
0.5
(0.8)
Reallocations between deferred tax assets and liabilities
1.1
0.8
At the end of the year
(51.3)
(60.8)
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. The OECD Pillar 2 global minimum tax rules come into force for the Group from 1 June 2024. The tax footprint of the Group is such that the Pillar 2 rules are not expected to have a material impact on the Group\u2019s tax charge as there is currently insignificant activity in low tax jurisdictions. The Group has applied the exception under IAS 12 \u2013 Income taxes to recognising and disclosing information about deferred taxes related to Pillar 2 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:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-436": { "value": "Deferred income tax assets
31 May 2024 31 May 2023
\u00a3m \u00a3m
Tax losses available for offset against future profits
4.5
3.8
Temporary differences arising on share-based payments
4.4
4.8
Temporary differences arising on fixed assets
\u2013
1.1
Other temporary differences
15.7
13.5
24.6
23.2
Deferred income tax liabilities
31 May 2024 31 May 2023
\u00a3m \u00a3m
Temporary differences arising on business combinations
(47. 8)
(57. 6 )
Temporary differences arising on fixed assets
(1.3)
(0.2)
Other temporary differences
(2.2)
(3.0)
(51.3)
(60.8)
Deferred income tax recovery
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax assets to be recovered within 12 months
9.8
4.4
Deferred tax assets to be recovered after 12 months
14.8
18.8
24.6
23.2
Deferred income tax settlement
31 May 2024 31 May 2023
\u00a3m \u00a3m
Deferred tax liabilities to be settled within 12 months
(8.4)
(7. 4)
Deferred tax liabilities to be settled after 12 months
(42.9)
(53.4)
(51.3)
(60.8)
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 Consolidated Income Statement but are not allowable as a tax deduction until the awards are exercised. 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 2024
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\u00a3m
Expiry date
Overseas trading losses
6.0
1.4
N/A
UK capital losses
23.5
5.9
N/A
29.5
7. 3
31 May 2023
Gross
unrecognised
losses for tax
purposes Tax value of loss
\u00a3m
\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
The Group has an unrecognised deferred tax asset of \u00a37.3 million (31 May 2023: \u00a310.0 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
23.2
17.5
Tax credited/(charged) to the Income Statement
4.5
(0.3)
Tax (charged)/credited to other comprehensive expense
(2.2)
6.2
Tax credited directly to equity
0.1
0.6
Impact of movements in foreign exchange rates
0.1
\u2013
Reallocations between deferred tax assets and liabilities
(1.1)
(0.8)
At the end of the year
24.6
23.2
The movement in the deferred income tax liability included in the Consolidated Statement of Financial Position is as follows:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
(60.8)
(67. 2)
Amounts arising on acquisitions in the year
\u2013
(0.6)
Tax credited to the income statement
7. 9
7.0
Impact of movements in foreign exchange rates
0.5
(0.8)
Reallocations between deferred tax assets and liabilities
1.1
0.8
At the end of the year
(51.3)
(60.8)
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. The OECD Pillar 2 global minimum tax rules come into force for the Group from 1 June 2024. The tax footprint of the Group is such that the Pillar 2 rules are not expected to have a material impact on the Group\u2019s tax charge as there is currently insignificant activity in low tax jurisdictions. The Group has applied the exception under IAS 12 \u2013 Income taxes to recognising and disclosing information about deferred taxes related to Pillar 2 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-395": { "value": "
10. Earnings per ordinary share
Basic earnings per ordinary share is calculated by dividing the profit for the year attributable to
ordinary equity holders 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. Diluted earnings per ordinary share is calculated using the same profit figure as used in
basic earnings per ordinary share and by adjusting the weighted average number of ordinary
shares assuming the vesting of all outstanding share scheme awards.
Year ended Year ended
31 May 2024 31 May 2023
Profit attributable to owners of the parent (\u00a3m)
307.7
365.0
Weighted average number of shares:
Basic
387,771,781
418,693,685
Dilutive effect of share-based payments
4,648,739
3,869,357
Diluted
392,420,520
422,563,042
Year ended Year ended
31 May 2024 31 May 2023
Basic earning per ordinary share
79.4p
87. 2 p
\u2013 Attributable to continuing operations
79.4p
86.9p
\u2013 Attributable to discontinued operations
0.0p
0.3p
Diluted earning per ordinary share
78.4p
86.4p
\u2013 Attributable to continuing operations
78.4p
86.1p
\u2013 Attributable to discontinued operations
0.0p
0.3p
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-396": { "value": "11. Dividends paid and proposed
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Final dividend for FY23 at 31.94 pence per share (FY22: 31.24p)
126.7
133. 2
Interim dividend for FY24 at 13.56 pence per share (FY23: 13.26p)
51.6
54.9
178.3
188 .1
The final dividend for the year ended 31 May 2024 of 32.64 pence per share was approved by the Board on 24 July 2024 and has not been included as a liability at 31 May 2024. This dividend will be paid on 17 October 2024, following approval at the Company\u2019s Annual General Meeting (AGM), to those members on the register at the close of business on 20 September 2024.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-7": { "value": "0.3264", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-397": { "value": "
12. Goodwill
The movement in the goodwill balance for the year is as follows:
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
611.0
604.7
Impact of foreign exchange movement
(12.0)
6.3
At the end of the year
599.0
611.0
Goodwill has been allocated for impairment testing purposes to the CGUs as follows:
31 May 2024 31 May 2023
\u00a3m \u00a3m
US
497. 2
509.2
UK
100.9
100.9
South Africa
0.8
0.8
Australia
0.1
0.1
599.0
611. 0
Goodwill arose as follows:
US \u2013 from the acquisition of tastytrade on 28 June 2021
UK \u2013 from the reorganisation of the UK business on 5 September 2003
South Africa \u2013 from the acquisition of Ideal CFDs on 1 September 2010
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 four CGUs (31 May 2023: \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 is based upon the higher of the value-in-use
(VIU) and the Fair Value Less Cost of Disposal (FVLCD) for each CGU. For all CGUs, the
recoverable amount was higher than the carrying value and was determined using the VIU
method. 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 rate.
Future cash flow projections:
The future cash flow projections of seven years were based on the most recent financial
forecasts considered for the US CGU. The future cash flow projections cover a period of four
years, reflecting the period over which the North American Board strategically assess
performance. A declining growth rate of 14.0% to 6.0% was used to extrapolate net trading
revenue in the final year of the four-year forecast period for a further three years, as the US
business is not expected to reach a steady state growth rate by the end of year four. The
terminal value was calculated based on the seventh year.
The cash flow projections 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
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, whilst operating costs such
as marketing and headcount expenditure are expected to grow to support the future growth in
revenue. The cash flow projections also take into account assumptions relating to working
capital requirements and capital expenditure.
Long-term growth: The long-term growth is used to extrapolate the cash flows to perpetuity for the US CGU. A long-term growth rate of 2.0% (31 May 2023: 2.0%) has been applied to derive a terminal value based on the cash flows in year seven. Discount rates: 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 the post-tax WACC. The pre-tax discount rate applied to the seven-year cash flow period and thereafter is 20.8% (31 May 2023: 19.6%). The year-on-year movement in the discount rate is as a result of rising interest rates and the change in the weighting between cost of equity and debt. Sensitivity to changes in key assumptions The recoverable amount exceeds the carrying amount of the cash-generating unit. The impact of sensitivities to reasonable changes in a single variable and the change required to reduce headroom to nil are shown in the tables below. The VIU calculation has been subject to a sensitivity analysis reflecting reasonable changes in individual key assumptions. The below table shows the impact of reasonable changes in individual key assumptions for the cash flow period for 31 May 2024. There is sufficient headroom in the recoverable amount of the CGU based on the assumptions made.
Reduction in
recoverable
Sensitivity amount Impairment Changes required to reduce
FY24 Assumption applied \u00a3m \u00a3m headroom to nil
Net trading revenue rate
(5.0)%
(131.1)
nil
12.0% underperformance
EBITDA margin
(10.0)%
(101.2)
nil
14.4% underperformance
Discount rates
0.5%
(34.8)
nil
7.0% increase
Long-term growth rate
(0.5)%
(20.6)
nil
7.9% reduction
Reduction in
recoverable
Sensitivity amount Impairment Changes required to reduce
FY23 Assumption applied \u00a3m \u00a3m headroom to nil
Net trading revenue rate
(5.0)%
(104.7)
(77.7)
1.2% underperformance
EBITDA margin
(10.0)%
(85.1)
(58.1)
3.2% underperformance
Discount rates
0.5%
(29.3)
(2.3)
0.6% increase
Long-term growth rate
(0.5)%
(17.9)
nil
0.8% reduction
Key assumptions used in the calculation of the recoverable amount of CGUs excluding US Future cash flow projections: The Group has changed their approach to financial planning, with a shorter forecasting period being used in response to factors both driven by, and impacting, the industry. The future cash flow projections now cover a period of three years, reflecting the period over which the Group 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 three years, a long-term growth rate of 2.0% (31 May 2023: 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 2024
31 May 2023
UK
14.1%
14.0%
South Africa
19.6%
21.0%
Australia
15.3%
16.0%
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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-437": { "value": "12. Goodwill The movement in the goodwill balance for the year is as follows:
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
611.0
604.7
Impact of foreign exchange movement
(12.0)
6.3
At the end of the year
599.0
611.0
Goodwill has been allocated for impairment testing purposes to the CGUs as follows:
31 May 2024 31 May 2023
\u00a3m \u00a3m
US
497. 2
509.2
UK
100.9
100.9
South Africa
0.8
0.8
Australia
0.1
0.1
599.0
611. 0
Goodwill arose as follows: US \u2013 from the acquisition of tastytrade on 28 June 2021 UK \u2013 from the reorganisation of the UK business on 5 September 2003 South Africa \u2013 from the acquisition of Ideal CFDs on 1 September 2010 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 four CGUs (31 May 2023: \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 is based upon the higher of the value-in-use (VIU) and the Fair Value Less Cost of Disposal (FVLCD) for each CGU. For all CGUs, the recoverable amount was higher than the carrying value and was determined using the VIU method. 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 rate. Future cash flow projections: The future cash flow projections of seven years were based on the most recent financial forecasts considered for the US CGU. The future cash flow projections cover a period of four years, reflecting the period over which the North American Board strategically assess performance. A declining growth rate of 14.0% to 6.0% was used to extrapolate net trading revenue in the final year of the four-year forecast period for a further three years, as the US business is not expected to reach a steady state growth rate by the end of year four. The terminal value was calculated based on the seventh year. The cash flow projections 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 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, whilst operating costs such as marketing and headcount expenditure are expected to grow to support the future growth in revenue. The cash flow projections also take into account assumptions relating to working capital requirements and capital expenditure.
Long-term growth:
The long-term growth is used to extrapolate the cash flows to perpetuity for the US CGU. A
long-term growth rate of 2.0% (31 May 2023: 2.0%) has been applied to derive a terminal value
based on the cash flows in year seven.
Discount rates:
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 the post-tax WACC. The pre-tax discount rate applied to
the seven-year cash flow period and thereafter is 20.8% (31 May 2023: 19.6%). The year-on-year
movement in the discount rate is as a result of rising interest rates and the change in the
weighting between cost of equity and debt.
Sensitivity to changes in key assumptions
The recoverable amount exceeds the carrying amount of the cash-generating unit. The impact
of sensitivities to reasonable changes in a single variable and the change required to reduce
headroom to nil are shown in the tables below.
The VIU calculation has been subject to a sensitivity analysis reflecting reasonable changes in
individual key assumptions. The below table shows the impact of reasonable changes in
individual key assumptions for the cash flow period for 31 May 2024. There is sufficient
headroom in the recoverable amount of the CGU based on the assumptions made.
Reduction in
recoverable
Sensitivity amount Impairment Changes required to reduce
FY24 Assumption applied \u00a3m \u00a3m headroom to nil
Net trading revenue rate
(5.0)%
(131.1)
nil
12.0% underperformance
EBITDA margin
(10.0)%
(101.2)
nil
14.4% underperformance
Discount rates
0.5%
(34.8)
nil
7.0% increase
Long-term growth rate
(0.5)%
(20.6)
nil
7.9% reduction
Reduction in
recoverable
Sensitivity amount Impairment Changes required to reduce
FY23 Assumption applied \u00a3m \u00a3m headroom to nil
Net trading revenue rate
(5.0)%
(104.7)
(77.7)
1.2% underperformance
EBITDA margin
(10.0)%
(85.1)
(58.1)
3.2% underperformance
Discount rates
0.5%
(29.3)
(2.3)
0.6% increase
Long-term growth rate
(0.5)%
(17.9)
nil
0.8% reduction
Key assumptions used in the calculation of the recoverable amount of CGUs excluding US
Future cash flow projections:
The Group has changed their approach to financial planning, with a shorter forecasting period
being used in response to factors both driven by, and impacting, the industry. The future cash
flow projections now cover a period of three years, reflecting the period over which the Group
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 three years, a long-term growth rate of 2.0% (31 May
2023: 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 2024
31 May 2023
UK
14.1%
14.0%
South Africa
19.6%
21.0%
Australia
15.3%
16.0%
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
Internally
Customer Non-compete developed Software and
relationships Trade names agreements software Domain names licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 June 2022
179.4
62.4
31.6
64.1
37. 0
33.6
4 08.1
Additions
\u2013
\u2013
\u2013
7.0
\u2013
7.6
14.6
Additions \u2013 business acquisition
\u2013
\u2013
\u2013
8.0
\u2013
\u2013
8.0
Disposals
\u2013
\u2013
\u2013
(2.8)
\u2013
(11.7)
(14.5)
Impact of movements 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
At 1 June 2023
181.7
63.2
32.0
76.4
37.1
29.5
419.9
Additions
\u2013
\u2013
\u2013
1.4
\u2013
0.9
2.3
Disposals
\u2013
\u2013
\u2013
(1.2)
\u2013
(10.7)
(11.9)
Write\u2013offs
\u2013
\u2013
\u2013
(3.1)
\u2013
\u2013
(3.1)
Impact of movements in foreign exchange rates
(4.3)
(1.5)
(0.8)
(0.7)
\u2013
(0.1)
(7.4)
At 31 May 2024
177.4
61.7
31.2
72.8
37.1
19.6
399.8
Accumulated amortisation and impairment
At 1 June 2022
17.5
3.7
5.8
37.4
22.3
29.3
116 . 0
Charge for 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 movements 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
At 1 June 2023
34.6
8.0
12.3
41.6
26.1
20.8
143.4
Charge for the year
18.1
4.2
6.3
8.8
2.9
4.4
44.7
Disposals
\u2013
\u2013
\u2013
(0.4)
\u2013
(10.6)
(11. 0)
Impairment
\u2013
\u2013
\u2013
\u2013
8.1
\u2013
8.1
Impact of movements in foreign exchange rates
(1.0)
(0.2)
(0.4)
(0.3)
\u2013
(0.1)
(2.0)
At 31 May 2024
51.7
12.0
18.2
49.7
37.1
14.5
183.2
Net book value \u2013 31 May 2023
147.1
55.2
19.7
34.8
11.0
8.7
276.5
Net book value \u2013 31 May 2024
125.7
49.7
13.0
23.1
\u2013
5.1
216.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-398": { "value": "
13. Intangible assets
Internally
Customer Non-compete developed Software and
relationships Trade names agreements software Domain names licences Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
At 1 June 2022
179.4
62.4
31.6
64.1
37. 0
33.6
4 08.1
Additions
\u2013
\u2013
\u2013
7.0
\u2013
7.6
14.6
Additions \u2013 business acquisition
\u2013
\u2013
\u2013
8.0
\u2013
\u2013
8.0
Disposals
\u2013
\u2013
\u2013
(2.8)
\u2013
(11.7)
(14.5)
Impact of movements 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
At 1 June 2023
181.7
63.2
32.0
76.4
37.1
29.5
419.9
Additions
\u2013
\u2013
\u2013
1.4
\u2013
0.9
2.3
Disposals
\u2013
\u2013
\u2013
(1.2)
\u2013
(10.7)
(11.9)
Write\u2013offs
\u2013
\u2013
\u2013
(3.1)
\u2013
\u2013
(3.1)
Impact of movements in foreign exchange rates
(4.3)
(1.5)
(0.8)
(0.7)
\u2013
(0.1)
(7.4)
At 31 May 2024
177.4
61.7
31.2
72.8
37.1
19.6
399.8
Accumulated amortisation and impairment
At 1 June 2022
17.5
3.7
5.8
37.4
22.3
29.3
116 . 0
Charge for 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 movements 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
At 1 June 2023
34.6
8.0
12.3
41.6
26.1
20.8
143.4
Charge for the year
18.1
4.2
6.3
8.8
2.9
4.4
44.7
Disposals
\u2013
\u2013
\u2013
(0.4)
\u2013
(10.6)
(11. 0)
Impairment
\u2013
\u2013
\u2013
\u2013
8.1
\u2013
8.1
Impact of movements in foreign exchange rates
(1.0)
(0.2)
(0.4)
(0.3)
\u2013
(0.1)
(2.0)
At 31 May 2024
51.7
12.0
18.2
49.7
37.1
14.5
183.2
Net book value \u2013 31 May 2023
147.1
55.2
19.7
34.8
11.0
8.7
276.5
Net book value \u2013 31 May 2024
125.7
49.7
13.0
23.1
\u2013
5.1
216.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-399": { "value": "
14. Property, plant and equipment
Office equipment,
Leasehold fixtures and Computer and Right-of-use
improvements fittings other equipment assets Total
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Cost
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 movements 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
At 1 June 2023
24 .1
7.6
63.6
40.8
136.1
Additions
2.1
0.9
12.2
10.7
25.9
Disposals
(8.7)
(2.0)
(25.0)
(11.1)
(46.8)
Transfers
(0.2)
(0.5)
0.7
\u2013
\u2013
Impact of movements in foreign exchange rates
(0.2)
(0.1)
(0.5)
(0.7)
(1.5)
At 31 May 2024
17.1
5.9
51.0
39.7
113.7
Accumulated depreciation
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
Disposal
(0.5)
(0.2)
(1.4)
(2.2)
(4.3)
Impact of movements in foreign exchange rates
(0.1)
(0.4)
(0.2)
(0.2)
(0.9)
At 31 May 2023
21.5
6.1
5 0.1
22.3
100.0
At 1 June 2023
21.5
6.1
50.1
22.3
100.0
Charge for the year
1.3
0.5
9.9
7. 2
18.9
Disposals
(8.7)
(2.0)
(24.7)
(11.0)
(46.4)
Impact of movements in foreign exchange rates
(0.1)
(0.1)
(0.1)
(0.3)
(0.6)
At 31 May 2024
14.0
4.5
35.2
18.2
71.9
Net book value \u2013 31 May 2023
2.6
1.5
13.5
18.5
36.1
Net book value \u2013 31 May 2024
3.1
1.4
15.8
21.5
41.8
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-438": { "value": "
15. Financial investments
31 May 2024 31 May 2023
\u00a3m \u00a3m
UK Government securities
460.7
606.4
Split as:
Non-current portion
351.4
379.6
Current portion
109.3
226.8
The Group held \u00a3345.0 million UK Government securities as at 31 May 2024 (31 May 2023:
\u00a3372.3 million) to satisfy margin requirements.
The Group also held \u00a3139.2 million (31 May 2023: \u00a335.0 million) of financial assets as collateral
from certain brokers, which are not recognised on balance sheet.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-402": { "value": "15. Financial investments
31 May 2024 31 May 2023
\u00a3m \u00a3m
UK Government securities
460.7
606.4
Split as:
Non-current portion
351.4
379.6
Current portion
109.3
226.8
The Group held \u00a3345.0 million UK Government securities as at 31 May 2024 (31 May 2023: \u00a3372.3 million) to satisfy margin requirements. The Group also held \u00a3139.2 million (31 May 2023: \u00a335.0 million) of financial assets as collateral from certain brokers, which are not recognised on balance sheet.
19. Debt securities in issue
The Group issued \u00a3300.0 million 3.125% senior unsecured bonds due in 2028. The issued debt
has been initially recognised at fair value less transaction fees. As at 31 May 2024, \u00a31.4 million
unamortised arrangement fees are recognised on the Consolidated Statement of Financial
Position (31 May 2023: \u00a31.7 million).
The Group also has access to a \u00a3400.0 million revolving credit facility, which increased by \u00a325.0
million in November 2023 and a further \u00a325.0 million in May 2024 as a result of accordions to
the existing revolving credit facility. The revolving credit facility will mature in October 2026,
after the Group exercised its option in October 2023 to extend the maturity for a further year.
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.
29. 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.
Total carrying
FVTPL Amortised cost FVOCI amount Fair value
As at 31 May 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
16
360.6
622.6
\u2013
983.2
983.2
Financial investments
15
\u2013
\u2013
460.7
460.7
460.7
Trade receivables \u2013 amounts due from brokers
17
(30.8)
486.8
\u2013
456.0
456.0
Trade receivables \u2013 own funds in client money
17
\u2013
49.4
\u2013
49.4
49.4
Trade receivables \u2013 amounts due from clients
17
\u2013
2.9
\u2013
2.9
2.9
Other receivables
\u2013
15.3
\u2013
15.3
15.3
Other investments
1.8
\u2013
\u2013
1.8
1.8
331.6
1,177.0
460.7
1,969.3
1,969.3
Financial liabilities
Trade payables \u2013 client funds
21
53.0
(483.5)
\u2013
(430.5)
(430.5)
Trade payables \u2013 issued turbo warrants
21
(4.5)
\u2013
\u2013
(4.5)
(4.5)
Trade payables \u2013 amounts due to brokers
21
(10.4)
(44.1)
\u2013
(54.5)
(54.5)
Trade payables \u2013 amounts due to clients
21
\u2013
(3.8)
\u2013
(3.8)
(3.8)
Debt securities in issue
19
\u2013
(298.1)
\u2013
(298.1)
(259.7)
Lease liabilities
20
\u2013
(23.8)
\u2013
(23.8)
(23.8)
Amounts due to the Pool
22
\u2013
(70.9)
\u2013
(70.9)
(70.9)
Other payables \u2013 accruals
22
\u2013
(98.6)
\u2013
(98.6)
(98.6)
Other payables \u2013 non-current
22
\u2013
(1.3)
\u2013
(1.3)
(1.3)
38.1
(1,024.1)
\u2013
(986.0)
(947.6)
Total carrying
FVTPL Amortised cost FVOCI amount Fair value
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \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
116 .7
(537.1)
\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 payables \u2013 non-current
22
\u2013
(1.2)
\u2013
(1.2)
(1.2)
74.5
(984.7)
\u2013
(910.2)
(841.4)
Financial instrument valuation hierarchy The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows:
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
360.6
\u2013
\u2013
360.6
Trade receivables \u2013 amounts due from brokers
(33.6)
2.8
\u2013
(30.8)
Financial investments
460.7
\u2013
\u2013
460.7
Other investments
\u2013
\u2013
1.8
1.8
Financial liabilities
Trade payables \u2013 amounts due to brokers
(8.6)
(1.8)
\u2013
(10.4)
Trade payables \u2013 client funds
40.0
12.6
0.4
53.0
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(4.5)
(4.5)
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
171.1
\u2013
\u2013
171.1
Trade receivables \u2013 amounts due from brokers
(105.1)
9.5
\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
(38.4)
(1.1)
\u2013
(39.5)
Trade payables \u2013 client funds
93.7
23.0
\u2013
116.7
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(2.7)
(2.7)
Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: 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 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 Level 3 assets are valued using techniques that incorporate information other than observable market data that is significant to the overall valuation Strategic Repo t Governance Repo t Financial Statements Shareholder and Company
There have been no changes to the valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 May 2023: none).
However, during the current year the Group reclassified \u00a336.1 million (31 May 2023: \u00a3101.9 million) trade receivables \u2013 due from brokers balances from
level 2 to level 1, \u00a38.7 million (31 May 2023: \u00a328.0 million) trade payables \u2013 due to brokers balances from level 2 to level 1, \u00a331.1 million (31 May 2023:
\u00a376.3 million) trade payables \u2013 client funds balances from level 2 to level 1 and \u00a34.5 million (31 May 2023: \u00a32.7 million) trade payables \u2013 issued turbo
warrants balances from level 2 to level 3. These reclassifications are reflected in the previous table and prior year comparative balances for 31 May
2023 have been restated accordingly.
Amounts due to clients of \u00a314.9 million (31 May 2023: \u00a328.0 million) have been reclassified from amortised cost to FVTPL, and the fair value levelling of
these assets has been disclosed in the previous table. Accordingly, the prior year comparative balances for 31 May 2023 have been restated to reflect
this classification.
Fair value of financial assets and liabilities measured at amortised cost
The fair value of the Group\u2019s 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 2024 and 31 May 2023, except for changes in the fair value of the Group\u2019s other investments 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 Gross amounts not offset
Gross amounts of recognised Net amounts
recognised financial Net amounts of Collateral subject to
financial instruments financial Financial pledged or offsetting
instruments offset instruments instruments received arrangements
As at 31 May 2024
Note
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade receivables \u2013 amount due from/(to)
brokers
17
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Total
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Financial liabilities
Trade payables \u2013 amounts due to/(from) brokers
21
(984.2)
929.7
(54.5)
\u2013
54.5
\u2013
Trade payables \u2013 client funds
21
(506.7)
76.2
(430.5)
\u2013
\u2013
(430.5)
Total
(1,490.9)
1,005.9
(485.0)
\u2013
54.5
(430.5)
Gross amounts of
Gross amounts not offset
Net amounts
Gross amounts of recognised Net amounts of subject to
recognised financial financial Financial Collateral pledged offsetting
financial assets instruments offset instruments instruments or received arrangements
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
( 76 7.7 )
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
(565.0)
144.6
(420.4)
\u2013
\u2013
(420.4)
Total
(1,381.3)
912.3
(469.0)
\u2013
48.6
(420.4)
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.
30. 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 pages 36 to 41 of the Annual Report.
Market risk
Market risk disclosures are analysed into the following categories:
Non-trading interest rate risk
Price and foreign currency risk, which is further analysed between the impact on financial investments held at FVOCI 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 at each year-end was as follows:
Within 1 year
Between 2 and 5 years
More than 5 years
Total
31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Financial investments
109.3
226.8
351.4
379.6
\u2013
\u2013
460.7
606.4
Debt securities in issue
\u2013
\u2013
(298.1)
\u2013
\u2013
(297.6)
(298.1)
(297.6 )
Other payables
\u2013
\u2013
\u2013
\u2013
(1.3)
(1.2)
(1.3)
(1.2)
Floating rate
Cash and cash equivalents
983.2
798.5
\u2013
\u2013
\u2013
\u2013
983.2
798.5
Trade receivables \u2013 amounts
due from brokers
456.0
486.6
\u2013
\u2013
\u2013
\u2013
456.0
486.6
Trade receivables \u2013 own funds in
client money
49.4
79.4
\u2013
\u2013
\u2013
\u2013
49.4
79.4
Trade payables \u2013 amounts due to
brokers
(54.5)
(48.6)
\u2013
\u2013
\u2013
\u2013
(54.5)
(48.6)
Amounts due to the Pool
(70.9)
(3.3)
\u2013
\u2013
\u2013
\u2013
(70.9)
(3.3)
1,472.5
1,539.4
53.3
379.6
(1.3)
(298.8)
1,524.5
1,620.2
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 fixed interest receivable in each year
would be similar to that received in the current year and is considered immaterial to the Group\u2019s result 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 1.0% 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
(Decrease)/increase in profit before tax
Cash and cash equivalents
(9.8)
(8.0)
Trade receivables \u2013 amounts due from brokers
(4.6)
(4.9)
Trade receivables \u2013 own funds in client money
(0.5)
(0.8)
Trade payables \u2013 amounts due to brokers
0.5
0.5
Other payables \u2013 amounts due to the Pool
0.7
0.0
Additionally, 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 1.0% decrease in the base rate that these balances\u2019 interest rates are linked to. The
impact on the Group\u2019s profit before tax is shown below.
Year ended Year ended
31 May 2024 31 May 2023
Impact: \u00a3m \u00a3m
Decrease in profit before tax
Interest income on client funds
(35.5)
(36.7)
Price risk
The Group is exposed to investment securities price risk because financial investments held by
the Group are priced based on closing market prices published by the UK Debt Management
Office.
The table below summarises the impact on the Group\u2019s other comprehensive income, due to
decrease in the value of financial investments. The analysis is based on the assumption that the
yield curve of financial investments moved upwards by 1.0% (31 May 2023: 1.0%) with all other
variables held constant:
Year ended Year ended
31 May 2024 31 May 2023
Impact: \u00a3m \u00a3m
Decrease in FVOCI reserve (equity)
(7.8)
(10.3)
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
pages 36 to 41 of the Annual Report.
The Group\u2019s market risk policy includes Board-approved notional market risk limits 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 stress testing and Value at Risk (VaR) modelling to quantify potential market risk and
client credit risk losses. The primary technique used to monitor market risk exposure is stress
testing. Stress testing models potential losses in extreme but plausible events. This measure
covers all products offered to clients and is 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 regular basis. 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 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, which is why the stress testing model is the primary method used the monitor
market risk exposure.
The Group\u2019s end of day market risk VaR for the year is shown in the table below:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Market risk as at 31 May
12.9
14.0
Average market risk (daily)
11. 3
13.4
Maximum market risk (daily)
16.7
21.8
Minimum market risk (daily)
7.7
9.5
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.
Credit risk
The principal sources of credit risk to the Group\u2019s business are from financial institutions and individual clients. The Group recognised net credit losses
of \u00a315.5 million during the year (year ended 31 May 2023: \u00a31.1 million).
Amounts due from financial institutions, which are stated net of an expected credit loss of \u00a31.2 million (31 May 2023: \u00a31.0 million), are all less than 30
days past due. Amounts due from clients, which are stated net of an expected credit loss of \u00a329.4 million at 31 May 2024 (31 May 2023: \u00a317.1 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.
Trade receivables \u2013 amounts Trade receivables \u2013 amounts Trade receivables \u2013 own funds
Cash and cash equivalents due from brokers due from clients in client money
31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit rating
AA+ & above
399.5
34.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
AA to AA-
74.6
88.8
33.4
\u2013
\u2013
\u2013
2.6
5.7
A+ to A-
464.6
630.1
350.3
423.1
\u2013
\u2013
46.7
73.4
BBB+ to BBB-
22.3
22.7
39.3
33.1
\u2013
\u2013
\u2013
0.2
BB+ to B
19.8
10.3
24.5
20.5
\u2013
\u2013
0.1
\u2013
Unrated
2.4
11.7
8.5
9.9
2.9
4.4
\u2013
0.1
Total carrying amount
983.2
798.5
456.0
486.6
2.9
4.4
49.4
79.4
Loss allowance
Below is a reconciliation of the total loss allowance:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
18.1
18.6
Loss allowance for the year:
\u2013 gross charge for the year
18.2
5.7
\u2013 recoveries
(2.7)
(4.6)
\u2013 debts written off
(2.9)
(1.4)
Foreign exchange
(0.1)
(0.2)
At the end of the year
30.6
18.1
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 FVOCI.
31 May 2024
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total
\u00a3m \u00a3m \u00a3m \u00a3m
Credit grade
Investment grade
1,434.5
\u2013
\u2013
1,434.5
Non-investment grade
58.2
0.1
29.3
87.6
Gross carrying amount
1,492.7
0.1
29.3
1,522 .1
Loss allowance
(1.2)
(0.1)
(29.3)
(30.6)
Total carrying amount
1,491.5
\u2013
\u2013
1,491.5
31 May 2023
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total
\u00a3m \u00a3m \u00a3m \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
The Group\u2019s trade receivables in stage 3 include amounts arising from IFRS 15 \u2013 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 2024 was \u00a3124.7
million (A+ rated) (31 May 2023: \u00a385.8 million (A+ rated)). Included in cash and cash equivalents,
the Group\u2019s largest credit exposure to any bank at 31 May 2024 was \u00a3142.6 million (A+ rated)
(31 May 2023: \u00a3118.6 million (A+ rated)). The Group has no significant credit exposure to any one
particular client or group of connected clients.
Liquidity risk
The Group manages its liquidity risk through various mechanisms. The Group has a revolving
credit facility agreement with its bank, on which further details have been disclosed in note 19
of the Consolidated Financial Statements. The Group also has 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.
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 2024
Within Between Over Carrying amount
1 year 2 and 5 years 5 years Total of liability
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Debt securities in
issue
9.4
332.5
\u2013
341.9
298.1
Lease liabilities
8.7
14.0
5.5
28.2
23.8
Trade payables:
\u2013 client funds
430.5
\u2013
\u2013
430.5
430.5
\u2013 amounts due
to clients
3.8
\u2013
\u2013
3.8
3.8
\u2013 amounts due
to brokers
54.5
\u2013
\u2013
54.5
54.5
\u2013 issued turbo
warrants
4.5
\u2013
\u2013
4.5
4.5
Other payables:
\u2013 accruals
98.6
\u2013
\u2013
98.6
98.6
\u2013 other borrowing
\u2013
\u2013
1.3
1.3
1.3
\u2013 amounts due to
the Pool
70.9
\u2013
\u2013
70.9
70.9
Total
680.9
346.5
6.8
1,034.2
986.0
31 May 2023
Within Between Over Carrying amount
1 year 2 and 5 years 5 years Total of liability
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013 amounts due
to clients
6.3
\u2013
\u2013
6.3
6.3
\u2013 amounts due
to brokers
48.6
\u2013
\u2013
48.6
48.6
\u2013 issued turbo
warrants
2.7
\u2013
\u2013
2.7
2.7
Other payables:
\u2013 accruals
109.4
\u2013
\u2013
109.4
109.4
\u2013 other borrowing
\u2013
\u2013
1.2
1.2
1.2
\u2013 amounts due to
the Pool
3.3
\u2013
\u2013
3.3
3.3
Total
607.5
51.0
309.4
9 6 7. 9
910.2
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 and prudent valuation, which at 31 May 2024 totalled \u00a3936.9 million (31 May 2023: \u00a3996.3 million). The Group monitors its 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 2024 and 31 May 2023. 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:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-400": { "value": "
16. Cash and cash equivalents
31 May 2024 31 May 2023
\u00a3m \u00a3m
Cash at bank
622.6
627.4
Money market funds
360.6
171.1
983.2
798.5
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 2024, IG Bank S.A. was required to hold
\u00a334.7 million (31 May 2023: \u00a334.8 million) to satisfy this requirement. This amount, which
represents restricted cash, is included in the cash at bank balance in the table above.
Segregated client funds and client funds invested in qualifying money market funds amounted
to \u00a32,282.6 million as at 31 May 2024 (31 May 2023: \u00a32,303.9 million). Included within these
balances is \u00a3226.2 million (31 May 2023: \u00a3232.5 million) of segregated client funds for
customers of the Group\u2019s Japanese subsidiary, IG Securities Limited. Under Japanese law, the
Group is liable for any credit losses suffered by clients on the segregated client money balance.
The Group also holds similar balances in its German subsidiary, IG Europe GmbH, where under
German law the Group is liable for credit losses suffered by clients on segregated client money
balances, above the deposit protection insurance offered by the local financial regulator. The
Group\u2019s exposure against these balances amounted to \u00a3158.4 million as at 31 May 2024 (31 May
2023: \u00a395.4 million). Both 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
31 May 2024 31 May 2023
Note \u00a3m \u00a3m
Cash and cash equivalents as per Consolidated
Statement of Financial Position
983.2
798.5
Amounts due to the Pool
22
(70.9)
(3.3)
Balance as per Consolidated Statement of Cash Flows
912.3
795.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-439": { "value": "16. Cash and cash equivalents
31 May 2024 31 May 2023
\u00a3m \u00a3m
Cash at bank
622.6
627.4
Money market funds
360.6
171.1
983.2
798.5
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 2024, IG Bank S.A. was required to hold \u00a334.7 million (31 May 2023: \u00a334.8 million) to satisfy this requirement. This amount, which represents restricted cash, is included in the cash at bank balance in the table above. Segregated client funds and client funds invested in qualifying money market funds amounted to \u00a32,282.6 million as at 31 May 2024 (31 May 2023: \u00a32,303.9 million). Included within these balances is \u00a3226.2 million (31 May 2023: \u00a3232.5 million) of segregated client funds for customers of the Group\u2019s Japanese subsidiary, IG Securities Limited. Under Japanese law, the Group is liable for any credit losses suffered by clients on the segregated client money balance. The Group also holds similar balances in its German subsidiary, IG Europe GmbH, where under German law the Group is liable for credit losses suffered by clients on segregated client money balances, above the deposit protection insurance offered by the local financial regulator. The Group\u2019s exposure against these balances amounted to \u00a3158.4 million as at 31 May 2024 (31 May 2023: \u00a395.4 million). Both 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
31 May 2024 31 May 2023
Note \u00a3m \u00a3m
Cash and cash equivalents as per Consolidated
Statement of Financial Position
983.2
798.5
Amounts due to the Pool
22
(70.9)
(3.3)
Balance as per Consolidated Statement of Cash Flows
912.3
795.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-401": { "value": "
17. Trade receivables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Amounts due from brokers
456.0
486.6
Own funds in client money
49.4
79.4
Amounts due from clients
2.9
4.4
508.3
570.4
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 the Group.
Own funds in client money represent the Group\u2019s own cash held in segregated clients bank
accounts, in accordance with the FCA CASS rules and similar rules of other regulators in whose
jurisdiction the Group operates and includes \u00a316.0 million (31 May 2023: \u00a324.7 million) to be
transferred to the Group on the following business day.
Amounts due from clients arise when clients\u2019 total funds held with the Group are insufficient to
cover any trading losses incurred by clients, when clients utilise trading credit limits or when
clients are due to pay the Group fees in relation to the services received. Amounts due from
clients are presented net of an allowance for impairment.
Allowances for expected credit losses on trade receivable balances are disclosed in note 30.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-480": { "value": "19. Debt securities in issue The Group issued \u00a3300.0 million 3.125% senior unsecured bonds due in 2028. The issued debt has been initially recognised at fair value less transaction fees. As at 31 May 2024, \u00a31.4 million unamortised arrangement fees are recognised on the Consolidated Statement of Financial Position (31 May 2023: \u00a31.7 million). The Group also has access to a \u00a3400.0 million revolving credit facility, which increased by \u00a325.0 million in November 2023 and a further \u00a325.0 million in May 2024 as a result of accordions to the existing revolving credit facility. The revolving credit facility will mature in October 2026, after the Group exercised its option in October 2023 to extend the maturity for a further year. 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.
Total carrying
FVTPL Amortised cost FVOCI amount Fair value
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \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
116 .7
(537.1)
\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 payables \u2013 non-current
22
\u2013
(1.2)
\u2013
(1.2)
(1.2)
74.5
(984.7)
\u2013
(910.2)
(841.4)
The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows:
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
360.6
\u2013
\u2013
360.6
Trade receivables \u2013 amounts due from brokers
(33.6)
2.8
\u2013
(30.8)
Financial investments
460.7
\u2013
\u2013
460.7
Other investments
\u2013
\u2013
1.8
1.8
Financial liabilities
Trade payables \u2013 amounts due to brokers
(8.6)
(1.8)
\u2013
(10.4)
Trade payables \u2013 client funds
40.0
12.6
0.4
53.0
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(4.5)
(4.5)
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
171.1
\u2013
\u2013
171.1
Trade receivables \u2013 amounts due from brokers
(105.1)
9.5
\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
(38.4)
(1.1)
\u2013
(39.5)
Trade payables \u2013 client funds
93.7
23.0
\u2013
116.7
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(2.7)
(2.7)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-462": { "value": "19. Debt securities in issue The Group issued \u00a3300.0 million 3.125% senior unsecured bonds due in 2028. The issued debt has been initially recognised at fair value less transaction fees. As at 31 May 2024, \u00a31.4 million unamortised arrangement fees are recognised on the Consolidated Statement of Financial Position (31 May 2023: \u00a31.7 million). The Group also has access to a \u00a3400.0 million revolving credit facility, which increased by \u00a325.0 million in November 2023 and a further \u00a325.0 million in May 2024 as a result of accordions to the existing revolving credit facility. The revolving credit facility will mature in October 2026, after the Group exercised its option in October 2023 to extend the maturity for a further year. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-440": { "value": "19. Debt securities in issue The Group issued \u00a3300.0 million 3.125% senior unsecured bonds due in 2028. The issued debt has been initially recognised at fair value less transaction fees. As at 31 May 2024, \u00a31.4 million unamortised arrangement fees are recognised on the Consolidated Statement of Financial Position (31 May 2023: \u00a31.7 million). The Group also has access to a \u00a3400.0 million revolving credit facility, which increased by \u00a325.0 million in November 2023 and a further \u00a325.0 million in May 2024 as a result of accordions to the existing revolving credit facility. The revolving credit facility will mature in October 2026, after the Group exercised its option in October 2023 to extend the maturity for a further year. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-403": { "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 2024 31 May 2023
\u00a3m \u00a3m
Future minimum payments due:
Within one year
8.7
7. 4
After one year but not more than five years
11. 8
9.9
After more than five years
3.3
3.4
23.8
20.7
In addition to the \u00a323.8 million lease liability (31 May 2023: \u00a320.7 million), the Group has \u00a30.2
million lease commitments under non-cancellable operating leases which are not capitalised as
right-of-use assets (31 May 2023: \u00a30.4 million) and have been expensed during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-404": { "value": "
21. Trade payables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Client funds
UK
280.3
253.9
US
47.8
56.1
EU
41.7
55.4
EMEA Non-EU
53.3
49.0
Japan
6.7
4.9
Singapore
0.7
1.1
Total client funds
430.5
420.4
Amounts due to brokers
54.5
48.6
Issued turbo warrants
4.5
2.7
Amounts due to clients
3.8
6.3
493.3
478.0
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 derivative 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 represents balances that will be transferred from cash and cash
equivalents into segregated client funds on the following business day in accordance with the
FCA CASS rules and similar rules of other regulators in whose jurisdiction the Group operates.
22. Other payables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Non-current
Other payables
1.3
1.2
1.3
1.2
Current
Accruals
98.6
109.4
Amounts due to the Pool
70.9
3.3
Payroll taxes, social security and other taxes
6.0
3.5
175.5
116. 2
The amounts due to the Pool relates to the national multi-currency pooling arrangement (the
\u2018Pool\u2019) which enables the Group to better manage the funding requirements of its overseas
operating subsidiaries. The Pool enables funds to be drawndown in any currency denomination
required for operational purposes, provided the Pool has sufficient funds across all of the
different currencies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-481": { "value": "22. Other payables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Non-current
Other payables
1.3
1.2
1.3
1.2
Current
Accruals
98.6
109.4
Amounts due to the Pool
70.9
3.3
Payroll taxes, social security and other taxes
6.0
3.5
175.5
116. 2
The amounts due to the Pool relates to the national multi-currency pooling arrangement (the \u2018Pool\u2019) which enables the Group to better manage the funding requirements of its overseas operating subsidiaries. The Pool enables funds to be drawndown in any currency denomination required for operational purposes, provided the Pool has sufficient funds across all of the different currencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-463": { "value": "22. Other payables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Non-current
Other payables
1.3
1.2
1.3
1.2
Current
Accruals
98.6
109.4
Amounts due to the Pool
70.9
3.3
Payroll taxes, social security and other taxes
6.0
3.5
175.5
116. 2
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-441": { "value": "22. Other payables
31 May 2024 31 May 2023
\u00a3m \u00a3m
Non-current
Other payables
1.3
1.2
1.3
1.2
Current
Accruals
98.6
109.4
Amounts due to the Pool
70.9
3.3
Payroll taxes, social security and other taxes
6.0
3.5
175.5
116. 2
The amounts due to the Pool relates to the national multi-currency pooling arrangement (the \u2018Pool\u2019) which enables the Group to better manage the funding requirements of its overseas operating subsidiaries. The Pool enables funds to be drawndown in any currency denomination required for operational purposes, provided the Pool has sufficient funds across all of the different currencies.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-406": { "value": "
23. Contingent liabilities and provisions
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 has ongoing litigation in respect of a class action lawsuit served against two of its
operating entities in 2023. The class action covers the period from May 2017 to August 2023
and relates to the sale of OTC derivative products to retail clients in Australia. The action is at an
early procedural stage and it is not possible to determine the potential outcome or to reliably
estimate any potential liability, so no provision has been recognised.
The Group is also subject to a group of claims that could have a financial impact of
approximately \u00a319.4 million as at 31 May 2024 (31 May 2023: \u00a320.5 million). The claims are for
damages arising from the alleged wrongful reversal of client nickel trades on 8 March 2022. On
11 July 2024 the Group obtained a favourable ruling from the High Court of the Republic of
Singapore in relation to one of the claims against the Group, totalling \u00a313.1 million. There have
been no significant developments during the year in relation to the remainder of the claims. 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.
Other than stated above, the Group does not expect there to be other contingent liabilities that
would have material adverse impact on the Consolidated Financial Statements. The Group had
no material provisions as at 31 May 2024 (31 May 2023: \u00a3nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-464": { "value": "23. Contingent liabilities and provisions 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 has ongoing litigation in respect of a class action lawsuit served against two of its operating entities in 2023. The class action covers the period from May 2017 to August 2023 and relates to the sale of OTC derivative products to retail clients in Australia. The action is at an early procedural stage and it is not possible to determine the potential outcome or to reliably estimate any potential liability, so no provision has been recognised. The Group is also subject to a group of claims that could have a financial impact of approximately \u00a319.4 million as at 31 May 2024 (31 May 2023: \u00a320.5 million). The claims are for damages arising from the alleged wrongful reversal of client nickel trades on 8 March 2022. On 11 July 2024 the Group obtained a favourable ruling from the High Court of the Republic of Singapore in relation to one of the claims against the Group, totalling \u00a313.1 million. There have been no significant developments during the year in relation to the remainder of the claims. 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. Other than stated above, the Group does not expect there to be other contingent liabilities that would have material adverse impact on the Consolidated Financial Statements. The Group had no material provisions as at 31 May 2024 (31 May 2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-443": { "value": "23. Contingent liabilities and provisions 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 has ongoing litigation in respect of a class action lawsuit served against two of its operating entities in 2023. The class action covers the period from May 2017 to August 2023 and relates to the sale of OTC derivative products to retail clients in Australia. The action is at an early procedural stage and it is not possible to determine the potential outcome or to reliably estimate any potential liability, so no provision has been recognised. The Group is also subject to a group of claims that could have a financial impact of approximately \u00a319.4 million as at 31 May 2024 (31 May 2023: \u00a320.5 million). The claims are for damages arising from the alleged wrongful reversal of client nickel trades on 8 March 2022. On 11 July 2024 the Group obtained a favourable ruling from the High Court of the Republic of Singapore in relation to one of the claims against the Group, totalling \u00a313.1 million. There have been no significant developments during the year in relation to the remainder of the claims. 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. Other than stated above, the Group does not expect there to be other contingent liabilities that would have material adverse impact on the Consolidated Financial Statements. The Group had no material provisions as at 31 May 2024 (31 May 2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-482": { "value": "23. Contingent liabilities and provisions 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 has ongoing litigation in respect of a class action lawsuit served against two of its operating entities in 2023. The class action covers the period from May 2017 to August 2023 and relates to the sale of OTC derivative products to retail clients in Australia. The action is at an early procedural stage and it is not possible to determine the potential outcome or to reliably estimate any potential liability, so no provision has been recognised. The Group is also subject to a group of claims that could have a financial impact of approximately \u00a319.4 million as at 31 May 2024 (31 May 2023: \u00a320.5 million). The claims are for damages arising from the alleged wrongful reversal of client nickel trades on 8 March 2022. On 11 July 2024 the Group obtained a favourable ruling from the High Court of the Republic of Singapore in relation to one of the claims against the Group, totalling \u00a313.1 million. There have been no significant developments during the year in relation to the remainder of the claims. 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. Other than stated above, the Group does not expect there to be other contingent liabilities that would have material adverse impact on the Consolidated Financial Statements. The Group had no material provisions as at 31 May 2024 (31 May 2023: \u00a3nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-405": { "value": "
24. Share capital and share premium
Share premium
Share capital account
Number of shares \u00a3m \u00a3m
Allotted and fully paid
(i) Ordinary shares (0.005p)
At 1 June 2022
431,574,455
\u2013
125.8
Shares bought back and immediately
cancelled
(22,626,613)
\u2013
\u2013
At 31 May 2023
408,947,842
\u2013
125.8
At 1 June 2023
408,947,842
\u2013
125.8
Shares bought back and immediately
cancelled
(35,854,101)
\u2013
\u2013
At 31 May 2024
373,093,741
\u2013
125.8
(ii) Deferred redeemable shares (0.001p)
At 1 June 2023
65,000
\u2013
\u2013
At 31 May 2024
65,000
\u2013
\u2013
(iii) Redeemable preference shares (\u00a31.00)
At 1 June 2023
40,000
\u2013
\u2013
Redemption of preference shares
(40,000)
\u2013
\u2013
At 31 May 2024
\u2013
\u2013
\u2013
On 25 January 2023, the Board approved a buyback of up to \u00a350.0 million. This commenced on
1 April 2023 and completed on 26 July 2023, with the purchase and cancellation of 3,644,714
shares made during FY24.
On 19 July 2023, the Board approved a \u00a3250.0 million buyback programme. This commenced
on 2 August 2023 with a \u00a3100.0 million tranche which was completed on 30 October 2023, with
the purchase and cancellation of 15,307,818 shares. The second \u00a3150.0 million tranche began
on 7 November 2023 and as at 31 May 2024, 16,775,161 shares had been bought back under
this tranche for a total consideration of \u00a3122.0 million.
As at 31 May 2024, the Group has repurchased 35,727,693 shares, with an aggregate nominal
value of \u00a31,786.38, for total consideration of \u00a3247.5 million (including related costs of \u00a34.0
million). As at 31 May 2024 the Group had 66,685 shares repurchased but not cancelled.
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 shares These shares carry no entitlement to dividends and no voting rights. During FY24, there have been no changes to the Group\u2019s deferred redeemable shares (31 May 2023: none). Redeemable preference shares The Group\u2019s preference shares were fully redeemed in December 2023, resulting in a \u00a3nil balance as at 31 May 2024 (31 May 2023: \u00a340,000). 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.
25. Merger reserve
The merger reserve, totalling \u00a3590.0 million (31 May 2023: \u00a3590.0 million), arises from two
transactions:
\u00a381.0 million relates to the FY09 acquisition of FX Online Japan KK. IG Group Holdings plc
carried out a share placement of 27,864,407 shares to raise cash to fund the acquisition. The
share placement was facilitated through IG Jersey Cashbox Limited, a Jersey incorporated
company which has since been liquidated
\u00a3509.0 million relates to the FY22 acquisition of tastylive, Inc. IG Group Holdings plc issued
61,000,000 ordinary shares as part of the consideration
The issue of shares associated with these transactions qualified for merger relief under Section
612 of the Companies Act 2006 and the amount in excess of the nominal value of ordinary
shares, after deducting transaction costs which were directly attributable to the issue of shares,
has been recognised in the merger reserve instead of the share premium account.
26. Other reserves
Own shares
held in
Share-based Employee Share
payments Benefit FVOCI buyback Total other
reserve Trusts reserve reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 June 2022
18.5
(6.0)
(4.1)
\u2013
8.4
Share buyback liability
\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)
At 1 June 2023
10.5
(9.3)
(16.0)
(2.1)
(16.9)
Share buyback liability
\u2013
\u2013
\u2013
(1.5)
(1.5)
Transfer of completed share buyback
\u2013
\u2013
\u2013
2.1
2.1
Employee Benefit Trust purchase of
shares
\u2013
(13.3)
\u2013
\u2013
(13.3)
Transfer of vested awards from
share-based payment reserve
(17.4)
\u2013
\u2013
\u2013
(17. 4)
Equity-settled employee share-based
payments
16.7
\u2013
\u2013
\u2013
16.7
Exercise of employee share awards
(18.1)
18.1
\u2013
\u2013
\u2013
Change in value of financial assets held
at fair value through other
comprehensive income
\u2013
\u2013
6.9
\u2013
6.9
Share-based payments converted to
cash-settled liabilities
(0.6)
\u2013
\u2013
\u2013
(0.6)
Fair value loss reclassified to
Consolidated Income Statement on
disposal
\u2013
\u2013
1.1
\u2013
1.1
At 31 May 2024
(8.9)
(4.5)
(8.0)
(1.5)
(22.9)
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 FVOCI reserve includes
unrealised gains or losses in respect of financial investments, net of tax.
The share buyback reserve relates to the amount due by the Group to the intermediary bank for
the repurchase of the Group\u2019s 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 Year ended
31 May 2024 31 May 2023
Number Number
At the beginning of the year
1,332,921
659,929
Subscribed for and purchased during the year
1,845,229
2,112,631
Exercise and sale of own shares held in trust
(2,549,838)
(1,439,639)
At the end of the year
628,312
1,332,921
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 2024,
160,832 ordinary shares (31 May 2023: 147,895) were held in the Trust. The market value of the
shares at 31 May 2024 was \u00a31.3 million (31 May 2023: \u00a31.0 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
2024 the Trust held 455,751 ordinary shares (31 May 2023: 1,171,960). The market value of the
shares at 31 May 2024 was \u00a33.7 million (31 May 2023: \u00a37.9 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 2024, 11,729 ordinary shares (31 May 2023:
13,066) were held in the Trust. The market value of the shares at 31 May 2024 was \u00a30.1 million
(31 May 2023: \u00a30.1 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-442": { "value": "24. Share capital and share premium
Share premium
Share capital account
Number of shares \u00a3m \u00a3m
Allotted and fully paid
(i) Ordinary shares (0.005p)
At 1 June 2022
431,574,455
\u2013
125.8
Shares bought back and immediately
cancelled
(22,626,613)
\u2013
\u2013
At 31 May 2023
408,947,842
\u2013
125.8
At 1 June 2023
408,947,842
\u2013
125.8
Shares bought back and immediately
cancelled
(35,854,101)
\u2013
\u2013
At 31 May 2024
373,093,741
\u2013
125.8
(ii) Deferred redeemable shares (0.001p)
At 1 June 2023
65,000
\u2013
\u2013
At 31 May 2024
65,000
\u2013
\u2013
(iii) Redeemable preference shares (\u00a31.00)
At 1 June 2023
40,000
\u2013
\u2013
Redemption of preference shares
(40,000)
\u2013
\u2013
At 31 May 2024
\u2013
\u2013
\u2013
On 25 January 2023, the Board approved a buyback of up to \u00a350.0 million. This commenced on 1 April 2023 and completed on 26 July 2023, with the purchase and cancellation of 3,644,714 shares made during FY24. On 19 July 2023, the Board approved a \u00a3250.0 million buyback programme. This commenced on 2 August 2023 with a \u00a3100.0 million tranche which was completed on 30 October 2023, with the purchase and cancellation of 15,307,818 shares. The second \u00a3150.0 million tranche began on 7 November 2023 and as at 31 May 2024, 16,775,161 shares had been bought back under this tranche for a total consideration of \u00a3122.0 million. As at 31 May 2024, the Group has repurchased 35,727,693 shares, with an aggregate nominal value of \u00a31,786.38, for total consideration of \u00a3247.5 million (including related costs of \u00a34.0 million). As at 31 May 2024 the Group had 66,685 shares repurchased but not cancelled.
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 shares
These shares carry no entitlement to dividends and no voting rights.
During FY24, there have been no changes to the Group\u2019s deferred redeemable shares (31 May
2023: none).
Redeemable preference shares
The Group\u2019s preference shares were fully redeemed in December 2023, resulting in a \u00a3nil
balance as at 31 May 2024 (31 May 2023: \u00a340,000). 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.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-444": { "value": "25. Merger reserve The merger reserve, totalling \u00a3590.0 million (31 May 2023: \u00a3590.0 million), arises from two transactions: \u00a381.0 million relates to the FY09 acquisition of FX Online Japan KK. IG Group Holdings plc carried out a share placement of 27,864,407 shares to raise cash to fund the acquisition. The share placement was facilitated through IG Jersey Cashbox Limited, a Jersey incorporated company which has since been liquidated \u00a3509.0 million relates to the FY22 acquisition of tastylive, Inc. IG Group Holdings plc issued 61,000,000 ordinary shares as part of the consideration The issue of shares associated with these transactions qualified for merger relief under Section 612 of the Companies Act 2006 and the amount in excess of the nominal value of ordinary shares, after deducting transaction costs which were directly attributable to the issue of shares, has been recognised in the merger reserve instead of the share premium account. 26. Other reserves
Own shares
held in
Share-based Employee Share
payments Benefit FVOCI buyback Total other
reserve Trusts reserve reserve reserves
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
At 1 June 2022
18.5
(6.0)
(4.1)
\u2013
8.4
Share buyback liability
\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)
At 1 June 2023
10.5
(9.3)
(16.0)
(2.1)
(16.9)
Share buyback liability
\u2013
\u2013
\u2013
(1.5)
(1.5)
Transfer of completed share buyback
\u2013
\u2013
\u2013
2.1
2.1
Employee Benefit Trust purchase of
shares
\u2013
(13.3)
\u2013
\u2013
(13.3)
Transfer of vested awards from
share-based payment reserve
(17.4)
\u2013
\u2013
\u2013
(17. 4)
Equity-settled employee share-based
payments
16.7
\u2013
\u2013
\u2013
16.7
Exercise of employee share awards
(18.1)
18.1
\u2013
\u2013
\u2013
Change in value of financial assets held
at fair value through other
comprehensive income
\u2013
\u2013
6.9
\u2013
6.9
Share-based payments converted to
cash-settled liabilities
(0.6)
\u2013
\u2013
\u2013
(0.6)
Fair value loss reclassified to
Consolidated Income Statement on
disposal
\u2013
\u2013
1.1
\u2013
1.1
At 31 May 2024
(8.9)
(4.5)
(8.0)
(1.5)
(22.9)
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 FVOCI reserve includes unrealised gains or losses in respect of financial investments, net of tax. The share buyback reserve relates to the amount due by the Group to the intermediary bank for the repurchase of the Group\u2019s 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 Year ended
31 May 2024 31 May 2023
Number Number
At the beginning of the year
1,332,921
659,929
Subscribed for and purchased during the year
1,845,229
2,112,631
Exercise and sale of own shares held in trust
(2,549,838)
(1,439,639)
At the end of the year
628,312
1,332,921
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 2024, 160,832 ordinary shares (31 May 2023: 147,895) were held in the Trust. The market value of the shares at 31 May 2024 was \u00a31.3 million (31 May 2023: \u00a31.0 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 2024 the Trust held 455,751 ordinary shares (31 May 2023: 1,171,960). The market value of the shares at 31 May 2024 was \u00a33.7 million (31 May 2023: \u00a37.9 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 2024, 11,729 ordinary shares (31 May 2023: 13,066) were held in the Trust. The market value of the shares at 31 May 2024 was \u00a30.1 million (31 May 2023: \u00a30.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-465": { "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 Year ended
31 May 2024 31 May 2023
Number Number
At the beginning of the year
1,332,921
659,929
Subscribed for and purchased during the year
1,845,229
2,112,631
Exercise and sale of own shares held in trust
(2,549,838)
(1,439,639)
At the end of the year
628,312
1,332,921
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 2024, 160,832 ordinary shares (31 May 2023: 147,895) were held in the Trust. The market value of the shares at 31 May 2024 was \u00a31.3 million (31 May 2023: \u00a31.0 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 2024 the Trust held 455,751 ordinary shares (31 May 2023: 1,171,960). The market value of the shares at 31 May 2024 was \u00a33.7 million (31 May 2023: \u00a37.9 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 2024, 11,729 ordinary shares (31 May 2023: 13,066) were held in the Trust. The market value of the shares at 31 May 2024 was \u00a30.1 million (31 May 2023: \u00a30.1 million).", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-407": { "value": "
27. Employee share plans
The Group 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 30.0% of the award
for the Executive Directors are 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 after 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 a
multiple of salary.
Under the 2013 SPP scheme, the grant of awards, in the form of equity-settled par value
options, was based upon three performance conditions: relative total shareholder return (TSR);
earnings per share (EPS); and operational non-financial performance (NFP). The last award
granted under the 2013 SPP plan was in August 2023, after which this plan expired in
accordance with plan rules.
In the September 2023 AGM, shareholders approved the new 2023 SPP plan. The 2023 SPP
plan will expire after 10 years, in September 2033. The structure of the 2023 SPP plan consist of
two parts: (1) the Annual SPP award; and (2) the Long-term SPP award. Under the Annual SPP
award, the grant of awards, in the form of equity-settled par value options, is based upon four
performance conditions: relative total shareholder return (TSR), earnings per share (EPS),
operational non-financial performance (NFP) and revenue diversification (Revenue). The
Long-term SPP award is also in the form of equity-settled par value options, only has one vesting
condition: relative TSR. For further details in relation to the 2023 SPP plan, please refer to the
Remuneration Report in the FY23 Annual Report.
The following table shows the movement of options in the SPP, the additional awards issued and dividends accrued for the year ended 31 May 2024:
At the beginning Awarded during Lapsed during Exercised during Dividend accrued At the end
Performance period Share price Expected full of the year the year the year the year during the year of the year
Award date (year ended) at award vesting date Number Number Number Number Number Number
04 Aug 2014
31 May 2014
609.90p
01 Aug 2025
7, 975
\u2013
\u2013
(4,572)
243
3,646
06 Aug 2015
31 May 2015
742.55 p
01 Aug 2025
8,905
\u2013
\u2013
(5,060)
273
4,118
02 Aug 2016
31 May 2016
868.65p
01 Aug 2025
36,431
\u2013
\u2013
(19,909)
1,178
17,70
0
01 Aug 2017
31 May 2017
626.50p
01 Aug 2025
33,386
\u2013
\u2013
(20,863)
894
13,417
07 Aug 2018
31 May 2018
893.00p
01 Aug 2025
119, 3 8 6
\u2013
\u2013
(73,383)
3,280
49,283
06 Aug 2019
31 May 2019
559.20p
01 Aug 2025
98,454
\u2013
(1,101)
(6 4 ,163)
2,758
35,948
06 Aug 2020
31 May 2020
734.00p
01 Aug 2025
6 4 4,145
\u2013
(17, 8 30)
(412,810)
19,000
232,505
05 Aug 2021
31 May 2021
911. 50 p
01 Aug 2025
1,135,113
\u2013
(20,782)
(508,770)
71,913
677,474
10 Jan 2022
\u2013
829.50p
30 Jun 2023
15,390
\u2013
(2,112)
(14,835)
1,557
\u2013
10 Jan 2022
\u2013
829.50p
30 Jun 2024
12,990
\u2013
\u2013
\u2013
\u2013
12,990
04 Aug 2022
\u2013
818.00p
30 Sep 2023
3,615
11,4 4 6
\u2013
(15,061)
\u2013
\u2013
04 Aug 2022 31 May 2023
818.00p
30 Sep 2024
3,605
\u2013
\u2013
\u2013
\u2013
3,605
31 May 2024
08 Aug 2022
31 May 2022
822.00p
01 Aug 2027
1,686,706
\u2013
(33,859)
(808,341)
91,087
935,593
11 Aug 2022
31 May 2023
834.00p
11 Aug 2025
26,976
\u2013
\u2013
(9,107)
\u2013
17,
86 9
30 Sep 2022
31 May 2023
763.50p
30 Sep 2025
25,539
\u2013
\u2013
(8, 511)
\u2013
17,028
04 Jul 2023
\u2013
655.00p
04 Jul 2023
\u2013
2,210
\u2013
(2,210)
\u2013
\u2013
03 Aug 2023
31 May 2023
684.50p
03 Aug 2026
\u2013
2,234
\u2013
\u2013
\u2013
2,234
03 Aug 2023
\u2013
684.50p
03 Aug 2023
\u2013
869
\u2013
(869)
\u2013
\u2013
09 Aug 2023
31 May 2023
694.50p
01 Aug 2028
\u2013
1,652,064
(178,566)
(238,677)
28,351
1,263,172
28 Sep 2023
31 May 2026
1
644.00p
27 Sep 2026
\u2013
360,799
(112 , 5 4 8 )
\u2013
\u2013
248,251
29 Jan 2024
31 May 2026
1
709.50p
28 Jan 2027
\u2013
174,228
\u2013
\u2013
\u2013
174, 228
Total
3,858,616
2,203,850
(366,798)
(2,207,141)
220,534
3,709,061
1 Performance period is three years from the start of the financial year of the award date.
The average share price at exercise of options during the year was 715.95 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 2024 was 2.84 years (31 May 2023: 2.14 years).
The SPP awards for the year ended 31 May 2024 will be granted on 8 August 2024 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 following table details the number of options expected to be awarded for the year ended 31 May 2024, based on the year-end share price:
Awards expected for the year ended 31 May 2024
Expected award date
Closing share price at 31 May 2024
Expected full vesting date
Number
3 Aug 2024
810.00p
1 Aug 2029
513,438
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. For awards granted in August 2022, the remuneration committee have applied 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:
Dividend
equivalent
At the beginning Awarded during Lapsed during awarded during Exercised during At the end
Share price Expected of the year the year the year the year the year of the year
Award date at award vesting date Number Number Number Number Number Number
6 Aug 2020
734.00p
6 Aug 2023
302,467
\u2013
(6,578)
5 3 ,115
(341,858)
7,14
6
5 Aug 2021
911. 5 0 p
5 Aug 2024
322,958
\u2013
(19,743)
\u2013
(3,129)
300,086
4 Aug 2022
818.00p
4 Aug 2025
573,506
\u2013
(57,275)
\u2013
\u2013
516,231
3 Aug 2023
684.50p
3 Aug 2026
\u2013
790,655
(51,212)
\u2013
\u2013
739,443
Total
1,198
, 931
790,655
(134,808)
53 ,115
(344,987)
1,562,906
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 2024 was 1.46 years (31 May 2023:
1.41 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:
Dividend
equivalent
At the beginning Awarded during Lapsed during awarded during Exercised during At the end
Share price Expected of the year the year the year the year the year of the year
Award date at award vesting date Number Number Number Number Number Number
5 Aug 2021
911. 50 p
5 Nov 2022
4,806
\u2013
\u2013
\u2013
3,718
1,088
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 2023: \u00a31,800/A$3,000) of partnership shares, with the Company matching on a one-for-one (31 May
2023: 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 5.0% of their salary to the award. Employees are invited to purchase shares in IG Group
Holdings plc at a discount of 15.0% 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:
At the beginning Awarded during Lapsed during Exercised during At the end
Share price Expected of the year the year the year the year of the year
Country of award
Award date
at award vesting date Number Number Number Number Number
UK
6 Aug 2020
734.00p
6 Aug 2023
40,691
\u2013
(1,035)
(39,656)
\u2013
Australia
15 Jul 2020
740.79p
15 Jul 2023
2,109
\u2013
\u2013
(2,10
9)
\u2013
UK
5 Aug 2021
911.50 p
5 Aug 2024
41,031
\u2013
(1,757)
(2,572)
36,702
Australia
15 Jul 2021
851.50p
15 Jul 2024
3,229
\u2013
(190)
(696)
2,343
UK
4 Aug 2022
814.00p
3 Aug 2025
55,820
\u2013
(3,498)
(2,866)
49,456
Australia
15 Jul 2022
707.00p
15 Jul 2025
5,860
\u2013
(1,043)
(642)
4,175
UK
4 Aug 2023
688.00p
4 Aug 2026
\u2013
75,225
(2,262)
(3,716)
69,247
Australia
15 Jul 2023
718.07p
15 Jul 2026
\u2013
4,489
(219)
(511)
3,759
Total
14 8,740
79,714
(10,004)
(52,768)
165,682
Of the above SIP awards exercised during the year ended 31 May 2024, the average weighted share price at exercise was:
Weighted average
share price
Country of award
Award date
at exercise
UK
6 Aug 2020
69 0.15p
Australia
15 Jul 2020
6 67.5 p
UK
5 Aug 2021
703.51p
Australia
15 Jul 2021
667. 5 p
UK
3 Aug 2022
6 97. 0 6 p
Australia
15 Jul 2022
6 67.5 p
UK
4 Aug 2023
703.92p
Australia
15 Jul 2023
6 67.5 p
The weighted average exercise price of the SIP awards exercised during the year ended 31 May is 690.45p
Accounting for share schemes
The expense recognised in the Consolidated Income Statement in respect of share-based payments was \u00a316.7 million (31 May 2023: \u00a313.3 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 \u2013 Share based payments, during the year was \u00a319.6 million (31 May 2023: \u00a322.5 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.
Strategic Repo t Governance Repo t Financial Statements
Shareholder and
Company Information
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
for FY24:
FY24 FY24
Annual Award Long-term Award
Deemed date of grant
09 Aug 2023
28 Sep 2023
Share price at grant date (pence)
694.50
644.00
Expected life of awards (years)
0.81
2.67
Risk-free Sterling interest rate (%)
4.98
4.42
IG Group Holdings plc expected volatility (%)
21.87
23.66
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 Awarded during Lapsed during Exercised during At the end of
of the year the year the year the year the year
Year ended
31 May 2024
759.11p
638.52p
647.67p
719.83p
718.62p
Year ended
31 May 2023
683.09p
881.44p
859.71p
610.54p
75 9 .11p
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-408": { "value": "
28. 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 \u2013 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Share-based payments
13.1
9.2
Short-term employee benefits
10.6
10.4
Termination benefits
2.6
0.1
26.3
19.7
The average number of key management personnel during the year was ten (year ended 31 May
2023: eleven). Included within short-term employee benefits are pension charges of \u00a30.2 million
(year ended 31 May 2023: \u00a30.2 million).
The Group incurred \u00a3nil (31 May 2023: \u00a30.3 million) short-term rental costs in relation to office
space leased from key management personnel in 31 May 2024.
The Group has a 9.3% shareholding and 33.3% 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. recognised \u00a3nil million
revenue from Zero Hash (year ended 31 May 2023: \u00a30.1 million). In addition to this, the Group
has sublet part of its US office to Zero Hash, under normal commercial terms and conditions,
and at market rate. The rental income generated in the year ended 31 May 2024 from this
sublease is \u00a30.2 million (year ended 31 May 2023: \u00a30.1 million).
There were no other related party transactions which had a material impact on the
Consolidated 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-466": { "value": "28. 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 \u2013 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Share-based payments
13.1
9.2
Short-term employee benefits
10.6
10.4
Termination benefits
2.6
0.1
26.3
19.7
The average number of key management personnel during the year was ten (year ended 31 May 2023: eleven). Included within short-term employee benefits are pension charges of \u00a30.2 million (year ended 31 May 2023: \u00a30.2 million). The Group incurred \u00a3nil (31 May 2023: \u00a30.3 million) short-term rental costs in relation to office space leased from key management personnel in 31 May 2024. The Group has a 9.3% shareholding and 33.3% 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. recognised \u00a3nil million revenue from Zero Hash (year ended 31 May 2023: \u00a30.1 million). In addition to this, the Group has sublet part of its US office to Zero Hash, under normal commercial terms and conditions, and at market rate. The rental income generated in the year ended 31 May 2024 from this sublease is \u00a30.2 million (year ended 31 May 2023: \u00a30.1 million). There were no other related party transactions which had a material impact on the Consolidated Financial Statements. The Group had no transactions with its Directors other than those disclosed in the Directors\u2019 Remuneration Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-445": { "value": "28. 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 \u2013 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Share-based payments
13.1
9.2
Short-term employee benefits
10.6
10.4
Termination benefits
2.6
0.1
26.3
19.7
The average number of key management personnel during the year was ten (year ended 31 May 2023: eleven). Included within short-term employee benefits are pension charges of \u00a30.2 million (year ended 31 May 2023: \u00a30.2 million). The Group incurred \u00a3nil (31 May 2023: \u00a30.3 million) short-term rental costs in relation to office space leased from key management personnel in 31 May 2024. The Group has a 9.3% shareholding and 33.3% 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. recognised \u00a3nil million revenue from Zero Hash (year ended 31 May 2023: \u00a30.1 million). In addition to this, the Group has sublet part of its US office to Zero Hash, under normal commercial terms and conditions, and at market rate. The rental income generated in the year ended 31 May 2024 from this sublease is \u00a30.2 million (year ended 31 May 2023: \u00a30.1 million). There were no other related party transactions which had a material impact on the Consolidated 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-467": { "value": "29. 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.
Total carrying
FVTPL Amortised cost FVOCI amount Fair value
As at 31 May 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
16
360.6
622.6
\u2013
983.2
983.2
Financial investments
15
\u2013
\u2013
460.7
460.7
460.7
Trade receivables \u2013 amounts due from brokers
17
(30.8)
486.8
\u2013
456.0
456.0
Trade receivables \u2013 own funds in client money
17
\u2013
49.4
\u2013
49.4
49.4
Trade receivables \u2013 amounts due from clients
17
\u2013
2.9
\u2013
2.9
2.9
Other receivables
\u2013
15.3
\u2013
15.3
15.3
Other investments
1.8
\u2013
\u2013
1.8
1.8
331.6
1,177.0
460.7
1,969.3
1,969.3
Financial liabilities
Trade payables \u2013 client funds
21
53.0
(483.5)
\u2013
(430.5)
(430.5)
Trade payables \u2013 issued turbo warrants
21
(4.5)
\u2013
\u2013
(4.5)
(4.5)
Trade payables \u2013 amounts due to brokers
21
(10.4)
(44.1)
\u2013
(54.5)
(54.5)
Trade payables \u2013 amounts due to clients
21
\u2013
(3.8)
\u2013
(3.8)
(3.8)
Debt securities in issue
19
\u2013
(298.1)
\u2013
(298.1)
(259.7)
Lease liabilities
20
\u2013
(23.8)
\u2013
(23.8)
(23.8)
Amounts due to the Pool
22
\u2013
(70.9)
\u2013
(70.9)
(70.9)
Other payables \u2013 accruals
22
\u2013
(98.6)
\u2013
(98.6)
(98.6)
Other payables \u2013 non-current
22
\u2013
(1.3)
\u2013
(1.3)
(1.3)
38.1
(1,024.1)
\u2013
(986.0)
(947.6)
Total carrying
FVTPL Amortised cost FVOCI amount Fair value
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \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
116 .7
(537.1)
\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 payables \u2013 non-current
22
\u2013
(1.2)
\u2013
(1.2)
(1.2)
74.5
(984.7)
\u2013
(910.2)
(841.4)
Financial instrument valuation hierarchy The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows:
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
360.6
\u2013
\u2013
360.6
Trade receivables \u2013 amounts due from brokers
(33.6)
2.8
\u2013
(30.8)
Financial investments
460.7
\u2013
\u2013
460.7
Other investments
\u2013
\u2013
1.8
1.8
Financial liabilities
Trade payables \u2013 amounts due to brokers
(8.6)
(1.8)
\u2013
(10.4)
Trade payables \u2013 client funds
40.0
12.6
0.4
53.0
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(4.5)
(4.5)
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
171.1
\u2013
\u2013
171.1
Trade receivables \u2013 amounts due from brokers
(105.1)
9.5
\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
(38.4)
(1.1)
\u2013
(39.5)
Trade payables \u2013 client funds
93.7
23.0
\u2013
116.7
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(2.7)
(2.7)
Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: 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 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 Level 3 assets are valued using techniques that incorporate information other than observable market data that is significant to the overall valuation Strategic Repo t Governance Repo t Financial Statements Shareholder and Company There have been no changes to the valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 May 2023: none). However, during the current year the Group reclassified \u00a336.1 million (31 May 2023: \u00a3101.9 million) trade receivables \u2013 due from brokers balances from level 2 to level 1, \u00a38.7 million (31 May 2023: \u00a328.0 million) trade payables \u2013 due to brokers balances from level 2 to level 1, \u00a331.1 million (31 May 2023: \u00a376.3 million) trade payables \u2013 client funds balances from level 2 to level 1 and \u00a34.5 million (31 May 2023: \u00a32.7 million) trade payables \u2013 issued turbo warrants balances from level 2 to level 3. These reclassifications are reflected in the previous table and prior year comparative balances for 31 May 2023 have been restated accordingly. Amounts due to clients of \u00a314.9 million (31 May 2023: \u00a328.0 million) have been reclassified from amortised cost to FVTPL, and the fair value levelling of these assets has been disclosed in the previous table. Accordingly, the prior year comparative balances for 31 May 2023 have been restated to reflect this classification. Fair value of financial assets and liabilities measured at amortised cost The fair value of the Group\u2019s 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 2024 and 31 May 2023, except for changes in the fair value of the Group\u2019s other investments and balances held in money market funds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-446": { "value": "29. 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.
Total carrying
FVTPL Amortised cost FVOCI amount Fair value
As at 31 May 2024
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
16
360.6
622.6
\u2013
983.2
983.2
Financial investments
15
\u2013
\u2013
460.7
460.7
460.7
Trade receivables \u2013 amounts due from brokers
17
(30.8)
486.8
\u2013
456.0
456.0
Trade receivables \u2013 own funds in client money
17
\u2013
49.4
\u2013
49.4
49.4
Trade receivables \u2013 amounts due from clients
17
\u2013
2.9
\u2013
2.9
2.9
Other receivables
\u2013
15.3
\u2013
15.3
15.3
Other investments
1.8
\u2013
\u2013
1.8
1.8
331.6
1,177.0
460.7
1,969.3
1,969.3
Financial liabilities
Trade payables \u2013 client funds
21
53.0
(483.5)
\u2013
(430.5)
(430.5)
Trade payables \u2013 issued turbo warrants
21
(4.5)
\u2013
\u2013
(4.5)
(4.5)
Trade payables \u2013 amounts due to brokers
21
(10.4)
(44.1)
\u2013
(54.5)
(54.5)
Trade payables \u2013 amounts due to clients
21
\u2013
(3.8)
\u2013
(3.8)
(3.8)
Debt securities in issue
19
\u2013
(298.1)
\u2013
(298.1)
(259.7)
Lease liabilities
20
\u2013
(23.8)
\u2013
(23.8)
(23.8)
Amounts due to the Pool
22
\u2013
(70.9)
\u2013
(70.9)
(70.9)
Other payables \u2013 accruals
22
\u2013
(98.6)
\u2013
(98.6)
(98.6)
Other payables \u2013 non-current
22
\u2013
(1.3)
\u2013
(1.3)
(1.3)
38.1
(1,024.1)
\u2013
(986.0)
(947.6)
Total carrying
FVTPL Amortised cost FVOCI amount Fair value
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \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
116 .7
(537.1)
\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 payables \u2013 non-current
22
\u2013
(1.2)
\u2013
(1.2)
(1.2)
74.5
(984.7)
\u2013
(910.2)
(841.4)
The hierarchy of the Group\u2019s financial instruments carried at fair value is as follows:
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2024 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
360.6
\u2013
\u2013
360.6
Trade receivables \u2013 amounts due from brokers
(33.6)
2.8
\u2013
(30.8)
Financial investments
460.7
\u2013
\u2013
460.7
Other investments
\u2013
\u2013
1.8
1.8
Financial liabilities
Trade payables \u2013 amounts due to brokers
(8.6)
(1.8)
\u2013
(10.4)
Trade payables \u2013 client funds
40.0
12.6
0.4
53.0
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(4.5)
(4.5)
Level 1 Level 2 Level 3 Total fair value
As at 31 May 2023 \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Cash and cash equivalents
171.1
\u2013
\u2013
171.1
Trade receivables \u2013 amounts due from brokers
(105.1)
9.5
\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
(38.4)
(1.1)
\u2013
(39.5)
Trade payables \u2013 client funds
93.7
23.0
\u2013
116.7
Trade payables \u2013 issued turbo warrants
\u2013
\u2013
(2.7)
(2.7)
Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: 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 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 Level 3 assets are valued using techniques that incorporate information other than observable market data that is significant to the overall valuation Strategic Repo t Governance Repo t Financial Statements Shareholder and Company There have been no changes to the valuation techniques for any of the Group\u2019s financial instruments held at fair value in the year (31 May 2023: none). However, during the current year the Group reclassified \u00a336.1 million (31 May 2023: \u00a3101.9 million) trade receivables \u2013 due from brokers balances from level 2 to level 1, \u00a38.7 million (31 May 2023: \u00a328.0 million) trade payables \u2013 due to brokers balances from level 2 to level 1, \u00a331.1 million (31 May 2023: \u00a376.3 million) trade payables \u2013 client funds balances from level 2 to level 1 and \u00a34.5 million (31 May 2023: \u00a32.7 million) trade payables \u2013 issued turbo warrants balances from level 2 to level 3. These reclassifications are reflected in the previous table and prior year comparative balances for 31 May 2023 have been restated accordingly. Amounts due to clients of \u00a314.9 million (31 May 2023: \u00a328.0 million) have been reclassified from amortised cost to FVTPL, and the fair value levelling of these assets has been disclosed in the previous table. Accordingly, the prior year comparative balances for 31 May 2023 have been restated to reflect this classification. Fair value of financial assets and liabilities measured at amortised cost The fair value of the Group\u2019s 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 2024 and 31 May 2023, except for changes in the fair value of the Group\u2019s other investments and balances held in money market funds. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-483": { "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 Gross amounts not offset
Gross amounts of recognised Net amounts
recognised financial Net amounts of Collateral subject to
financial instruments financial Financial pledged or offsetting
instruments offset instruments instruments received arrangements
As at 31 May 2024
Note
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade receivables \u2013 amount due from/(to)
brokers
17
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Total
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Financial liabilities
Trade payables \u2013 amounts due to/(from) brokers
21
(984.2)
929.7
(54.5)
\u2013
54.5
\u2013
Trade payables \u2013 client funds
21
(506.7)
76.2
(430.5)
\u2013
\u2013
(430.5)
Total
(1,490.9)
1,005.9
(485.0)
\u2013
54.5
(430.5)
Gross amounts of
Gross amounts not offset
Net amounts
Gross amounts of recognised Net amounts of subject to
recognised financial financial Financial Collateral pledged offsetting
financial assets instruments offset instruments instruments or received arrangements
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
( 76 7.7 )
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
(565.0)
144.6
(420.4)
\u2013
\u2013
(420.4)
Total
(1,381.3)
912.3
(469.0)
\u2013
48.6
(420.4)
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:DisclosureOfOffsettingOfFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-468": { "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 Gross amounts not offset
Gross amounts of recognised Net amounts
recognised financial Net amounts of Collateral subject to
financial instruments financial Financial pledged or offsetting
instruments offset instruments instruments received arrangements
As at 31 May 2024
Note
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade receivables \u2013 amount due from/(to)
brokers
17
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Total
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Financial liabilities
Trade payables \u2013 amounts due to/(from) brokers
21
(984.2)
929.7
(54.5)
\u2013
54.5
\u2013
Trade payables \u2013 client funds
21
(506.7)
76.2
(430.5)
\u2013
\u2013
(430.5)
Total
(1,490.9)
1,005.9
(485.0)
\u2013
54.5
(430.5)
Gross amounts of
Gross amounts not offset
Net amounts
Gross amounts of recognised Net amounts of subject to
recognised financial financial Financial Collateral pledged offsetting
financial assets instruments offset instruments instruments or received arrangements
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
( 76 7.7 )
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
(565.0)
144.6
(420.4)
\u2013
\u2013
(420.4)
Total
(1,381.3)
912.3
(469.0)
\u2013
48.6
(420.4)
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:DisclosureOfOffsettingOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-447": { "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 Gross amounts not offset
Gross amounts of recognised Net amounts
recognised financial Net amounts of Collateral subject to
financial instruments financial Financial pledged or offsetting
instruments offset instruments instruments received arrangements
As at 31 May 2024
Note
 \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Financial assets
Trade receivables \u2013 amount due from/(to)
brokers
17
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Total
1,385.7
(929.7)
456.0
\u2013
(139.2)
316.8
Financial liabilities
Trade payables \u2013 amounts due to/(from) brokers
21
(984.2)
929.7
(54.5)
\u2013
54.5
\u2013
Trade payables \u2013 client funds
21
(506.7)
76.2
(430.5)
\u2013
\u2013
(430.5)
Total
(1,490.9)
1,005.9
(485.0)
\u2013
54.5
(430.5)
Gross amounts of
Gross amounts not offset
Net amounts
Gross amounts of recognised Net amounts of subject to
recognised financial financial Financial Collateral pledged offsetting
financial assets instruments offset instruments instruments or received arrangements
As at 31 May 2023
Note
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \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
( 76 7.7 )
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
(565.0)
144.6
(420.4)
\u2013
\u2013
(420.4)
Total
(1,381.3)
912.3
(469.0)
\u2013
48.6
(420.4)
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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-448": { "value": "30. 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 pages 36 to 41 of the Annual Report. Market risk Market risk disclosures are analysed into the following categories: Non-trading interest rate risk Price and foreign currency risk, which is further analysed between the impact on financial investments held at FVOCI 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 at each year-end was as follows:
Within 1 year
Between 2 and 5 years
More than 5 years
Total
31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Financial investments
109.3
226.8
351.4
379.6
\u2013
\u2013
460.7
606.4
Debt securities in issue
\u2013
\u2013
(298.1)
\u2013
\u2013
(297.6)
(298.1)
(297.6 )
Other payables
\u2013
\u2013
\u2013
\u2013
(1.3)
(1.2)
(1.3)
(1.2)
Floating rate
Cash and cash equivalents
983.2
798.5
\u2013
\u2013
\u2013
\u2013
983.2
798.5
Trade receivables \u2013 amounts
due from brokers
456.0
486.6
\u2013
\u2013
\u2013
\u2013
456.0
486.6
Trade receivables \u2013 own funds in
client money
49.4
79.4
\u2013
\u2013
\u2013
\u2013
49.4
79.4
Trade payables \u2013 amounts due to
brokers
(54.5)
(48.6)
\u2013
\u2013
\u2013
\u2013
(54.5)
(48.6)
Amounts due to the Pool
(70.9)
(3.3)
\u2013
\u2013
\u2013
\u2013
(70.9)
(3.3)
1,472.5
1,539.4
53.3
379.6
(1.3)
(298.8)
1,524.5
1,620.2
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 fixed interest receivable in each year would be similar to that received in the current year and is considered immaterial to the Group\u2019s result 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 1.0% 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
(Decrease)/increase in profit before tax
Cash and cash equivalents
(9.8)
(8.0)
Trade receivables \u2013 amounts due from brokers
(4.6)
(4.9)
Trade receivables \u2013 own funds in client money
(0.5)
(0.8)
Trade payables \u2013 amounts due to brokers
0.5
0.5
Other payables \u2013 amounts due to the Pool
0.7
0.0
Additionally, 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 1.0% decrease in the base rate that these balances\u2019 interest rates are linked to. The impact on the Group\u2019s profit before tax is shown below.
Year ended Year ended
31 May 2024 31 May 2023
Impact: \u00a3m \u00a3m
Decrease in profit before tax
Interest income on client funds
(35.5)
(36.7)
Price risk The Group is exposed to investment securities price risk because financial investments held by the Group are priced based on closing market prices published by the UK Debt Management Office. The table below summarises the impact on the Group\u2019s other comprehensive income, due to decrease in the value of financial investments. The analysis is based on the assumption that the yield curve of financial investments moved upwards by 1.0% (31 May 2023: 1.0%) with all other variables held constant:
Year ended Year ended
31 May 2024 31 May 2023
Impact: \u00a3m \u00a3m
Decrease in FVOCI reserve (equity)
(7.8)
(10.3)
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 pages 36 to 41 of the Annual Report. The Group\u2019s market risk policy includes Board-approved notional market risk limits 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 stress testing and Value at Risk (VaR) modelling to quantify potential market risk and client credit risk losses. The primary technique used to monitor market risk exposure is stress testing. Stress testing models potential losses in extreme but plausible events. This measure covers all products offered to clients and is 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 regular basis. 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 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, which is why the stress testing model is the primary method used the monitor market risk exposure. The Group\u2019s end of day market risk VaR for the year is shown in the table below:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Market risk as at 31 May
12.9
14.0
Average market risk (daily)
11. 3
13.4
Maximum market risk (daily)
16.7
21.8
Minimum market risk (daily)
7.7
9.5
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. Credit risk The principal sources of credit risk to the Group\u2019s business are from financial institutions and individual clients. The Group recognised net credit losses of \u00a315.5 million during the year (year ended 31 May 2023: \u00a31.1 million). Amounts due from financial institutions, which are stated net of an expected credit loss of \u00a31.2 million (31 May 2023: \u00a31.0 million), are all less than 30 days past due. Amounts due from clients, which are stated net of an expected credit loss of \u00a329.4 million at 31 May 2024 (31 May 2023: \u00a317.1 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.
Trade receivables \u2013 amounts Trade receivables \u2013 amounts Trade receivables \u2013 own funds
Cash and cash equivalents due from brokers due from clients in client money
31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit rating
AA+ & above
399.5
34.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
AA to AA-
74.6
88.8
33.4
\u2013
\u2013
\u2013
2.6
5.7
A+ to A-
464.6
630.1
350.3
423.1
\u2013
\u2013
46.7
73.4
BBB+ to BBB-
22.3
22.7
39.3
33.1
\u2013
\u2013
\u2013
0.2
BB+ to B
19.8
10.3
24.5
20.5
\u2013
\u2013
0.1
\u2013
Unrated
2.4
11.7
8.5
9.9
2.9
4.4
\u2013
0.1
Total carrying amount
983.2
798.5
456.0
486.6
2.9
4.4
49.4
79.4
Loss allowance Below is a reconciliation of the total loss allowance:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
18.1
18.6
Loss allowance for the year:
\u2013 gross charge for the year
18.2
5.7
\u2013 recoveries
(2.7)
(4.6)
\u2013 debts written off
(2.9)
(1.4)
Foreign exchange
(0.1)
(0.2)
At the end of the year
30.6
18.1
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 FVOCI.
31 May 2024
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total
\u00a3m \u00a3m \u00a3m \u00a3m
Credit grade
Investment grade
1,434.5
\u2013
\u2013
1,434.5
Non-investment grade
58.2
0.1
29.3
87.6
Gross carrying amount
1,492.7
0.1
29.3
1,522 .1
Loss allowance
(1.2)
(0.1)
(29.3)
(30.6)
Total carrying amount
1,491.5
\u2013
\u2013
1,491.5
31 May 2023
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total
\u00a3m \u00a3m \u00a3m \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
The Group\u2019s trade receivables in stage 3 include amounts arising from IFRS 15 \u2013 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 2024 was \u00a3124.7 million (A+ rated) (31 May 2023: \u00a385.8 million (A+ rated)). Included in cash and cash equivalents, the Group\u2019s largest credit exposure to any bank at 31 May 2024 was \u00a3142.6 million (A+ rated) (31 May 2023: \u00a3118.6 million (A+ rated)). The Group has no significant credit exposure to any one particular client or group of connected clients. Liquidity risk The Group manages its liquidity risk through various mechanisms. The Group has a revolving credit facility agreement with its bank, on which further details have been disclosed in note 19 of the Consolidated Financial Statements. The Group also has 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. 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 2024
Within Between Over Carrying amount
1 year 2 and 5 years 5 years Total of liability
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Debt securities in
issue
9.4
332.5
\u2013
341.9
298.1
Lease liabilities
8.7
14.0
5.5
28.2
23.8
Trade payables:
\u2013 client funds
430.5
\u2013
\u2013
430.5
430.5
\u2013 amounts due
to clients
3.8
\u2013
\u2013
3.8
3.8
\u2013 amounts due
to brokers
54.5
\u2013
\u2013
54.5
54.5
\u2013 issued turbo
warrants
4.5
\u2013
\u2013
4.5
4.5
Other payables:
\u2013 accruals
98.6
\u2013
\u2013
98.6
98.6
\u2013 other borrowing
\u2013
\u2013
1.3
1.3
1.3
\u2013 amounts due to
the Pool
70.9
\u2013
\u2013
70.9
70.9
Total
680.9
346.5
6.8
1,034.2
986.0
31 May 2023
Within Between Over Carrying amount
1 year 2 and 5 years 5 years Total of liability
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013 amounts due
to clients
6.3
\u2013
\u2013
6.3
6.3
\u2013 amounts due
to brokers
48.6
\u2013
\u2013
48.6
48.6
\u2013 issued turbo
warrants
2.7
\u2013
\u2013
2.7
2.7
Other payables:
\u2013 accruals
109.4
\u2013
\u2013
109.4
109.4
\u2013 other borrowing
\u2013
\u2013
1.2
1.2
1.2
\u2013 amounts due to
the Pool
3.3
\u2013
\u2013
3.3
3.3
Total
607.5
51.0
309.4
9 6 7. 9
910.2
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 and prudent valuation, which at 31 May 2024 totalled \u00a3936.9 million (31 May 2023: \u00a3996.3 million). The Group monitors its 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 2024 and 31 May 2023. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-469": { "value": "Market risk Market risk disclosures are analysed into the following categories: Non-trading interest rate risk Price and foreign currency risk, which is further analysed between the impact on financial investments held at FVOCI 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 at each year-end was as follows:
Within 1 year
Between 2 and 5 years
More than 5 years
Total
31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Fixed rate
Financial investments
109.3
226.8
351.4
379.6
\u2013
\u2013
460.7
606.4
Debt securities in issue
\u2013
\u2013
(298.1)
\u2013
\u2013
(297.6)
(298.1)
(297.6 )
Other payables
\u2013
\u2013
\u2013
\u2013
(1.3)
(1.2)
(1.3)
(1.2)
Floating rate
Cash and cash equivalents
983.2
798.5
\u2013
\u2013
\u2013
\u2013
983.2
798.5
Trade receivables \u2013 amounts
due from brokers
456.0
486.6
\u2013
\u2013
\u2013
\u2013
456.0
486.6
Trade receivables \u2013 own funds in
client money
49.4
79.4
\u2013
\u2013
\u2013
\u2013
49.4
79.4
Trade payables \u2013 amounts due to
brokers
(54.5)
(48.6)
\u2013
\u2013
\u2013
\u2013
(54.5)
(48.6)
Amounts due to the Pool
(70.9)
(3.3)
\u2013
\u2013
\u2013
\u2013
(70.9)
(3.3)
1,472.5
1,539.4
53.3
379.6
(1.3)
(298.8)
1,524.5
1,620.2
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 fixed interest receivable in each year would be similar to that received in the current year and is considered immaterial to the Group\u2019s result 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 1.0% 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
(Decrease)/increase in profit before tax
Cash and cash equivalents
(9.8)
(8.0)
Trade receivables \u2013 amounts due from brokers
(4.6)
(4.9)
Trade receivables \u2013 own funds in client money
(0.5)
(0.8)
Trade payables \u2013 amounts due to brokers
0.5
0.5
Other payables \u2013 amounts due to the Pool
0.7
0.0
Additionally, 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 1.0% decrease in the base rate that these balances\u2019 interest rates are linked to. The impact on the Group\u2019s profit before tax is shown below.
Year ended Year ended
31 May 2024 31 May 2023
Impact: \u00a3m \u00a3m
Decrease in profit before tax
Interest income on client funds
(35.5)
(36.7)
Price risk The Group is exposed to investment securities price risk because financial investments held by the Group are priced based on closing market prices published by the UK Debt Management Office. The table below summarises the impact on the Group\u2019s other comprehensive income, due to decrease in the value of financial investments. The analysis is based on the assumption that the yield curve of financial investments moved upwards by 1.0% (31 May 2023: 1.0%) with all other variables held constant:
Year ended Year ended
31 May 2024 31 May 2023
Impact: \u00a3m \u00a3m
Decrease in FVOCI reserve (equity)
(7.8)
(10.3)
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 pages 36 to 41 of the Annual Report. The Group\u2019s market risk policy includes Board-approved notional market risk limits 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 stress testing and Value at Risk (VaR) modelling to quantify potential market risk and client credit risk losses. The primary technique used to monitor market risk exposure is stress testing. Stress testing models potential losses in extreme but plausible events. This measure covers all products offered to clients and is 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 regular basis. 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 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, which is why the stress testing model is the primary method used the monitor market risk exposure. The Group\u2019s end of day market risk VaR for the year is shown in the table below:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Market risk as at 31 May
12.9
14.0
Average market risk (daily)
11. 3
13.4
Maximum market risk (daily)
16.7
21.8
Minimum market risk (daily)
7.7
9.5
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. ", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-470": { "value": "Credit risk The principal sources of credit risk to the Group\u2019s business are from financial institutions and individual clients. The Group recognised net credit losses of \u00a315.5 million during the year (year ended 31 May 2023: \u00a31.1 million). Amounts due from financial institutions, which are stated net of an expected credit loss of \u00a31.2 million (31 May 2023: \u00a31.0 million), are all less than 30 days past due. Amounts due from clients, which are stated net of an expected credit loss of \u00a329.4 million at 31 May 2024 (31 May 2023: \u00a317.1 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.
Trade receivables \u2013 amounts Trade receivables \u2013 amounts Trade receivables \u2013 own funds
Cash and cash equivalents due from brokers due from clients in client money
31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023 31 May 2024 31 May 2023
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Credit rating
AA+ & above
399.5
34.9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
AA to AA-
74.6
88.8
33.4
\u2013
\u2013
\u2013
2.6
5.7
A+ to A-
464.6
630.1
350.3
423.1
\u2013
\u2013
46.7
73.4
BBB+ to BBB-
22.3
22.7
39.3
33.1
\u2013
\u2013
\u2013
0.2
BB+ to B
19.8
10.3
24.5
20.5
\u2013
\u2013
0.1
\u2013
Unrated
2.4
11.7
8.5
9.9
2.9
4.4
\u2013
0.1
Total carrying amount
983.2
798.5
456.0
486.6
2.9
4.4
49.4
79.4
Loss allowance Below is a reconciliation of the total loss allowance:
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
18.1
18.6
Loss allowance for the year:
\u2013 gross charge for the year
18.2
5.7
\u2013 recoveries
(2.7)
(4.6)
\u2013 debts written off
(2.9)
(1.4)
Foreign exchange
(0.1)
(0.2)
At the end of the year
30.6
18.1
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 FVOCI.
31 May 2024
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total
\u00a3m \u00a3m \u00a3m \u00a3m
Credit grade
Investment grade
1,434.5
\u2013
\u2013
1,434.5
Non-investment grade
58.2
0.1
29.3
87.6
Gross carrying amount
1,492.7
0.1
29.3
1,522 .1
Loss allowance
(1.2)
(0.1)
(29.3)
(30.6)
Total carrying amount
1,491.5
\u2013
\u2013
1,491.5
31 May 2023
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total
\u00a3m \u00a3m \u00a3m \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
The Group\u2019s trade receivables in stage 3 include amounts arising from IFRS 15 \u2013 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 2024 was \u00a3124.7 million (A+ rated) (31 May 2023: \u00a385.8 million (A+ rated)). Included in cash and cash equivalents, the Group\u2019s largest credit exposure to any bank at 31 May 2024 was \u00a3142.6 million (A+ rated) (31 May 2023: \u00a3118.6 million (A+ 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-471": { "value": "Liquidity risk The Group manages its liquidity risk through various mechanisms. The Group has a revolving credit facility agreement with its bank, on which further details have been disclosed in note 19 of the Consolidated Financial Statements. The Group also has 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. 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 2024
Within Between Over Carrying amount
1 year 2 and 5 years 5 years Total of liability
\u00a3m \u00a3m \u00a3m \u00a3m \u00a3m
Debt securities in
issue
9.4
332.5
\u2013
341.9
298.1
Lease liabilities
8.7
14.0
5.5
28.2
23.8
Trade payables:
\u2013 client funds
430.5
\u2013
\u2013
430.5
430.5
\u2013 amounts due
to clients
3.8
\u2013
\u2013
3.8
3.8
\u2013 amounts due
to brokers
54.5
\u2013
\u2013
54.5
54.5
\u2013 issued turbo
warrants
4.5
\u2013
\u2013
4.5
4.5
Other payables:
\u2013 accruals
98.6
\u2013
\u2013
98.6
98.6
\u2013 other borrowing
\u2013
\u2013
1.3
1.3
1.3
\u2013 amounts due to
the Pool
70.9
\u2013
\u2013
70.9
70.9
Total
680.9
346.5
6.8
1,034.2
986.0
31 May 2023
Within Between Over Carrying amount
1 year 2 and 5 years 5 years Total of liability
\u00a3m \u00a3m \u00a3m \u00a3m \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
\u2013 amounts due
to clients
6.3
\u2013
\u2013
6.3
6.3
\u2013 amounts due
to brokers
48.6
\u2013
\u2013
48.6
48.6
\u2013 issued turbo
warrants
2.7
\u2013
\u2013
2.7
2.7
Other payables:
\u2013 accruals
109.4
\u2013
\u2013
109.4
109.4
\u2013 other borrowing
\u2013
\u2013
1.2
1.2
1.2
\u2013 amounts due to
the Pool
3.3
\u2013
\u2013
3.3
3.3
Total
607.5
51.0
309.4
9 6 7. 9
910.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-472": { "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 and
prudent valuation, which at 31 May 2024 totalled \u00a3936.9 million (31 May 2023: \u00a3996.3 million).
The Group monitors its 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
2024 and 31 May 2023. 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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-409": { "value": "
31. Cash flow information
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Operating activities
Operating profit
From continuing operations
369.2
438.5
From discontinued operations
\u2013
(0.2)
Adjustments for:
Depreciation and amortisation
63.6
61.0
Impairments, write\u2013offs & disposal of tangible and intangible
assets
12.2
0.8
Equity-settled share-based payments charge
16.7
13.3
Interest received on client funds
(145.7)
(81.8)
Interest paid on client funds
3.3
1.0
Decrease/(increase) in trade receivables, other receivables and
other assets
30.9
(103.0)
Increase/(decrease) in trade and other payables
9.8
(108.2)
Cash generated from operations
360.0
221.4
Liabilities arising from financing activities
Debt securities
in issue Leases Share buyback Total
\u00a3m \u00a3m \u00a3m \u00a3m
As at 1 June 2022
297.2
22.7
\u2013
319.9
Shares repurchased including costs
\u2013
\u2013
177.3
177.3
Payments made for share buyback
\u2013
\u2013
(175.2)
(175.2)
Changes to existing lease
agreements
\u2013
1.2
\u2013
1.2
Additions to leases
\u2013
7.3
\u2013
7.3
Disposal of leases
\u2013
(3.3)
\u2013
(3.3)
Unwinding of discount on leases
\u2013
0.5
\u2013
0.5
Lease payments made in the year
\u2013
(7.6)
\u2013
(7.6)
Financing arrangement fees
(0.3)
\u2013
\u2013
(0.3)
Amortisation of fees
0.7
\u2013
\u2013
0.7
Impact of movements in foreign
exchange rates
\u2013
(0.1)
\u2013
(0.1)
As at 31 May 2023
297.6
20.7
2.1
320.4
As at 1 June 2023
297.6
20.7
2.1
320.4
Shares repurchased including costs
\u2013
\u2013
248.2
248.2
Payments made for share buyback
\u2013
\u2013
(245.6)
(245.6)
Changes to existing lease
agreements
\u2013
7.9
\u2013
7.9
Additions to leases
\u2013
2.2
\u2013
2.2
Lease payments made in the year
\u2013
(7. 9)
\u2013
(7.9)
Unwinding of discount
0.2
1.3
\u2013
1.5
Amortisation of fees
0.3
\u2013
\u2013
0.3
Impact of movements in foreign
exchange rates
\u2013
(0.4)
\u2013
(0.4)
As at 31 May 2024
298.1
23.8
4.7
326.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-410": { "value": "
32. Discontinued operations
In FY22, the Group completed the sale of its operations in North American Derivatives
Exchange, Inc. (Nadex) to Foris DAX Markets, Inc. for cash consideration of $213.7 million (\u00a3162.7
million). The financial performance and cash flow information associated with the disposal of
Nadex operations, 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Operating costs
\u2013
(0.2)
Operating loss
\u2013
(0.2)
Other non-operating income
\u2013
1.9
Profit before tax
\u2013
1.7
Tax expense
\u2013
(0.4)
Profit after tax
\u2013
1.3
Profit from discontinued operations
\u2013
1.3
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Net cash (outflow) from ordinary activities
\u2013
(1.5)
Net cash inflow from investing activities
\u2013
1.8
Net cash increase generated by discontinued operations
\u2013
0.3
Year ended Year ended
31 May 31 May
2024 2023
Basic earnings per ordinary share from discontinued operations
\u2013
0.3p
Diluted earnings per ordinary share from discontinued operations
\u2013
0.3p
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-449": { "value": "32. Discontinued operations In FY22, the Group completed the sale of its operations in North American Derivatives Exchange, Inc. (Nadex) to Foris DAX Markets, Inc. for cash consideration of $213.7 million (\u00a3162.7 million). The financial performance and cash flow information associated with the disposal of Nadex operations, 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 Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Operating costs
\u2013
(0.2)
Operating loss
\u2013
(0.2)
Other non-operating income
\u2013
1.9
Profit before tax
\u2013
1.7
Tax expense
\u2013
(0.4)
Profit after tax
\u2013
1.3
Profit from discontinued operations
\u2013
1.3
Year ended Year ended
31 May 2024 31 May 2023
\u00a3m \u00a3m
Net cash (outflow) from ordinary activities
\u2013
(1.5)
Net cash inflow from investing activities
\u2013
1.8
Net cash increase generated by discontinued operations
\u2013
0.3
Year ended Year ended
31 May 31 May
2024 2023
Basic earnings per ordinary share from discontinued operations
\u2013
0.3p
Diluted earnings per ordinary share from discontinued operations
\u2013
0.3p
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-450": { "value": "
33. Investment in associates
The Group has an investment in Zero Hash Holdings Limited (Zero Hash), a cryptocurrency trading platform. The Group accounts for Zero Hash as an
associate as the Group has significant influence over the operations of the Company. The Group has a presence on the board of Zero Hash, with one of
the three directors being an employee of the Group. The financial reporting period for Zero Hash is from 1 January to 31 December.
31 May 2024 31 May 2023
\u00a3m \u00a3m
At the beginning of the year
12.5
14.8
Share of loss after tax
(2.4)
(2.6)
Foreign exchange movement
(0.2)
0.3
At the end of the year
9.9
12.5
Registered office and
Name of entity
Principal place of business
country of incorporation
Class of shares
% equity owned by the Group
Nature of business
Zero Hash Holdings Chicago,
1013
Centre Road Suite
Series C- preferred
9.3%
Digital asset trading
Limited Illinois, United States 403-A, City of Wilmington, County of Share
New Castle, 19805,
United States
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:2138003A5Q1M7ANOUD76", "period": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-451": { "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,
Ordinary shares
100%
Holding company
25 Dowgate Hill,
London, EC4R 2YA,
United Kingdom
Subsidiary undertakings held indirectly
IG Index Limited
Cannon Bridge House,
Ordinary shares
100%
Spread betting
25 Dowgate Hill,
London, EC4R 2YA,
IG Markets Limited
United Kingdom
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
Ordinary shares
100%
Content provider
IG Knowhow Limited
Ordinary shares
100%
Software development
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 32, Queen & Collins,
Ordinary shares
100%
CFD trading, foreign exchange and stock trading
376 \u2013 390 Collins Street,
Melbourne VIC 3000 Australia
IG Asia Pte Limited
9 Battery Road, 01-02 MYP Centre,
Ordinary shares
100%
CFD trading and foreign exchange
049910
Singapore
Kunxin Translation (Shenzhen) Co. Limited
19-B16, Shenzhen Dinghe Tower, No.100 of
Ordinary shares
100%
Translation services
Fuhua 3rd Road, Fuan Community, Futian District, Shenzhen
IG Securities Limited
Izumi Garden Tower 26F, 1-6-1 Roppongi,
Ordinary shares
100%
CFD trading, foreign exchange and other
Minato-ku,106-6026 Tokyo derivatives
IG Europe GmbH
Westhafenplatz 1, Frankfurt am Main,
Ordinary shares
100%
CFD trading and other derivatives trading
Spectrum MTF Operator GmbH
60327
Germany
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
IG Infotech (India) Private Limited
Infinity, 2nd Floor, Katha No 436, Survey No
Ordinary shares
100%
Software development and support services
13/1B, 12/2B, Challagatta Village, Bangalore,
560071
India
Name of Company
Registered office and country of incorporation
Holding
Voting rights
Nature of business
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,
Ordinary shares
100%
CFD trading and stock trading
Dubai International Financial Centre, PO Box \u2013
506968
Dubai, United Arab Emirates
Brightpool Limited
Cedars Oasis Building, 9th Floor Office 902,
Ordinary shares
100%
Market maker
169-171 Arch. Makarios III Avenue,
IG International Limited
3027,
Canon\u2019s Court, 22 Victoria Street,
Limassol, Cyprus
Ordinary shares
100%
CFD trading and foreign exchange
Hamilton, HM 12 Bermuda
IG Securities Hong Kong Limited
19/F, Lee Garden One, 33 Hysan Avenue
Ordinary shares
100%
Non-trading
IG US Holdings Inc.
1330
Causeway Bay Hong Kong
West Fulton St., Suite 650, Chicago,
Ordinary shares
100%
Holding company
Illinois, 60607, United States
tastyfx LLC (formally IG US LLC)
1330
West Fulton St., Suite 610, Chicago,
Ordinary shares
100%
Foreign exchange trading
Illinois, 60607, United States
tastylive, Inc
1330
West Fulton St., Suite 620, Chicago,
Ordinary shares
100%
Network and content provider
Illinois, 60607, United States
tastytrade, Inc
1330
West Fulton St., Suite 600, Chicago,
Ordinary shares
100%
Brokerage firm
Illinois, 60607, United States
tasty Software Solutions LLC
1330
West Fulton St., Suite 660, Chicago,
Ordinary shares
100%
Software development
Illinois, 60607, United States
Small Exchange, Inc
850
New Burton Road Suite 201, Dover,
Ordinary shares
100%
Exchange
Delaware, 19904, United States
Bad Trader LLC
1330
West Fulton St., Suite 630, Chicago,
Ordinary shares
100%
Content provider
Illinois, 60607, United States
tastytrade Australia, Pty Limited
Level
Pitt Street, Sydney, NSW 2000
17,
123
Ordinary shares
100%
Brokerage firm
tastytrade Canada, Inc.
1055
West Georgia Street, 1500 Royal Centre,
Ordinary shares
100%
Non-trading
PO Box 1117, Vancouver, BC, BC V6N 4N7,
Canada
tastytrade Singapore Pte. Limited
One Marina Boulevard #28-00, Singapore
Ordinary shares
100%
Non-trading
018989
1 Share capital consists solely of ordinary shares and the proportion of ownership interests held equals the voting rights.
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), Deal City Limited (09635230), Financial Domaigns Registry Holdings
Limited (09235699) and IG Markets South Africa Limited (07094705).
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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } }, "fact-411": { "value": "
35. Subsequent events
During the period from 1 June 2024 to 22 July 2024, the Group repurchased 2,939,818 ordinary
shares with a nominal value of 0.005p for an aggregate purchase amount of \u00a325.2 million
(including related costs of \u00a30.8 million). The total number of shares repurchased under the share
buyback programme since 1 June 2023 up until 22 July 2024 amounted to 38,667,511.
On 11 July 2024, the Group obtained a favourable ruling in respect to a Group of claims. For
further details refer to note 23.
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": "2023-06-01T00:00:00/2024-06-01T00:00:00" } } } }