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"fact-441": {
"value": "1 Basis of preparation and consolidation General information SThree plc is a public limited company listed on the London Stock Exchange, incorporated in the United Kingdom and domiciled in the United Kingdom, and registered in England and Wales. Its registered o ce is 1st Floor, 75 King William Street, London, EC4N 7BE. The business model, activities, locations of SThree plc (the Company) and its subsidiaries (together the Group) are set out further in the Strategic Report of this Annual Report. Basis of preparation The Consolidated and Company-only Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards and in conformity with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards, including interpretations issued by the IFRS Interpretations Committee. On 31 December 2020, International Financial Reporting Standards as adopted by the European Union (EU) at that date were brought into UK law and became UK-adopted International Accounting Standards, with future changes being subject to endorsement by the UK Endorsement Board. The Group transitioned to UK-adopted International Accounting Standards in its Consolidated Financial Statements on 1 December 2021. However, there was no impact on recognition, measurement or disclosures, as well as no changes in the accounting policies from the transition. The Group\u2019s key accounting policies are set out across the following notes to the accounts and were applied consistently throughout the year and preceding year. The Consolidated and Company-only Financial Statements have been prepared under the historical cost basis of accounting, as modified by financial assets held at fair value through profit or loss or held at fair value through other comprehensive income. The Company has elected to take the exemption under Section 408 of the Companies Act 2006 not to present an income statement and statement of comprehensive income for the parent Company. The profit after tax for the parent Company for the year was \u00a391.3 million (2021: loss after tax of \u00a34.0 million). The Consolidated Financial Statements are presented in Sterling, the functional currency of SThree plc. Going concern The Consolidated and Company-only Financial Statements have been prepared on a going concern basis. The Directors have reviewed the Group\u2019s cash flow forecasts, considered the assumptions contained in the budget, and considered associated principal risks which may impact the Group\u2019s performance in the 12 months from the date of approval of this year\u2019s financial statements and in the period immediately thereafter. At 30 November 2022, the Group had no debt except for IFRS 16 lease liabilities of \u00a333.7 million and a small bank overdraft. Credit facilities relevant to the review period comprise a committed \u00a350.0 million RCF (a recently refinanced facility expiring in May 2025, with extension options to 2027) and an uncommitted \u00a330.0 million accordion facility, both jointly provided by HSBC and Citibank. These facilities remained undrawn on 30 November 2022. A further uncommitted \u00a35.0 million bank overdraft facility is also held with HSBC of which \u00a30.4 million was used at the year end. (Refer to note 17 Other financial liabilities for further details on the new credit facility which replaced the existing RCF as mentioned here.) In addition, the Group has \u00a365.4 million of cash and cash equivalents available to fund its short-term needs, as well as a substantial working capital position, reflecting net cash due to SThree for placements already undertaken. The assessment of going concern is further described in the Strategic Report as part of the Compliance information under the heading \u2018Going concern\u2019 on page 114 which is incorporated by reference into these financial statements. Based on this evaluation, the Directors have formed a judgement that the Group has adequate resources to continue in operational existence for at least the next 12 months from the date of approval of the Group\u2019s Consolidated Financial Statements, and considered it appropriate to prepare them on the going concern basis. Climate change consideration Climate change is a significant issue for the world and the transition to a low-carbon economy will create both risks and opportunities for the Group. The management team has considered the impact of climate change in preparing the Consolidated Financial Statements, particularly in the context of the risks identified in the TCFD report on pages 60 to 77. These considerations, which are integral to the Group\u2019s strategy, are not considered to be key areas of judgements or sources of estimation uncertainty in the current financial year. The management team considered the impact from climate change on the following areas: \u2022 The going concern and viability of the Group over the next five years, including the potential impact of climate-related risks, such as SThree\u2019s offices impacted by heightened physical risks affecting our operational ability to place contractors and service the existing contracts, resulting in lower revenue and income. This is subject to the ongoing assessment by the management team performed using three climate-related scenarios for 2022-2040. The assessment helps to continually test SThree\u2019s strategic resilience and its flexibility to adapt operations to ever-changing risks and opportunities as a consequence of climate change to drive continued growth. \u2022 Useful lives of fixed assets: the impact of climate change is not considered to be material on our existing asset base including on factors like residual values, useful lives and depreciation methods which determine the carrying value of non-current assets. Although, the Group has plans to invest in low-carbon technology as part of its net zero commitment, there is no immediate risk of material adjustment to the carrying values of the existing assets in the next financial year\u2019s results. Over the course of our net zero path, the existing fixed assets are expected to be fully depreciated within the next five to seven years. \u2022 Recoverability of trade receivables and contract assets: the impact of climate-related matters could have an impact on the Group\u2019s clients in the future, especially, clients whose businesses/operations could be negatively affected by the introduction of emission-reduction legislation, energy transition plans or by extreme weather and other physical conditions, which could lead to increase in manufacturing costs, dilapidation of their asset base and their ability to pay debts. No material climate-related issues have arisen during the current year that have impacted our assessment of the recoverability of receivables. The Group\u2019s expected credit losses allowance uses credit ratings which inherently include the market\u2019s assessment of the climate change impact on credit risk of our clients. Given the short-term maturity of trade receivables including contract assets, climate change is unlikely to materially increase our credit risk. \u2022 Share-based payments: some performance conditions of the Long-Term Incentive Plan for members of the Executive Committee are linked and measured against ESG metrics from the 2022 financial year. This could impact the future amount of the recognition of the share-based payment expense in the Group income statement. However, as the ESG-related performance condition constitutes only 10% of each grant, the impact is considered immaterial. \u2022 Segmental reporting: in our response to climate change and transition to a net zero target, there has been yet no change to the management information provided to, and reviewed by, the chief operating decision maker each month. Whilst there is currently no material medium-term impact expected from climate change, the management team is aware of the ever-changing risks and will continue to regularly monitor these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Accounting policies The accounting policies used in the preparation of the Consolidated Financial Statements are consistent with those applied in the previous financial year, except for the adoption of new and amended standards effective as of 1 December 2021 as set out below. New and amended standards effective in 2022 and adopted by the Group The following amendments to the accounting standards, issued by the IASB and endorsed by the UK and EU, have been adopted by the Group and became applicable as of 1 December 2021. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. 1 Basis of preparation and consolidation continued \u2022 Amendments to IFRS 7, IFRS 9, IFRS 16 and IAS 39 Interest Rate Benchmark Reform \u2013 phase 2. The replacement of Interbank Offered Rates (IBORs) with Alternative Reference Rates (ARRs) began from December 2021. Where floating interest-bearing receivables and payables exist (currently based on IBORs) the Group applied suitable replacement benchmark rates and accounts for the instruments in accordance with the amendments to IFRS 9 Financial Instruments published in 2019 (Phase 1) and 2020 (Phase 2). The adoption of these amendments and the transition to ARRs had an immaterial financial impact. The implications on the trading results of our segments of IBOR reform were also assessed and the expected impact was found to be immaterial. New and amended standards that are applicable to the Group but not yet effective As at the date of authorisation of this Annual Report, the following amendments to existing standards were in issue but not yet effective. Where already endorsed by the UK, these changes will be adopted on the effective dates noted. Where not yet endorsed by the UK, the adoption date is less certain. These amendments are not expected to have a material impact on the Group in the current or future periods. \u2022 Reference to the Conceptual Framework (amendments to IFRS 3). \u2022 Property, plant and equipment \u2013 proceeds before intended use (amendments to IAS 16). \u2022 Onerous contracts \u2013 cost of fulfilling a contract (amendments to IAS 37). \u2022 Annual improvements to IFRS 2018-2020 (amendments to the following standards: IFRS 1, IFRS 9, IFRS 16 and IAS 41). The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group\u2019s significant accounting policies relating to specific financial statement items are set out under the relevant notes. Accounting policies that affect the financial statements as a whole and a description of the accounting estimates and judgements are set out below. Basis of consolidation The Consolidated Financial Statements of the Group include the financial statements of the Company and all its subsidiaries. Subsidiaries are fully consolidated from the date on which the Group obtains control. The Group has control when it has rights to variable returns from its involvement in the entity and has the ability to affect those returns through its power over the entity. The subsidiaries are deconsolidated from the date on which that control ceases. When the Group disposes of a subsidiary, the gain or loss on disposal represents: (i) the aggregate of the fair value of the consideration received or receivable; (ii) the carrying amount of the subsidiary\u2019s net assets (including goodwill) at the date of disposal; and (iii) any directly attributable disposal costs. Amounts previously recognised in other comprehensive income in relation to the subsidiary are removed from equity and recognised in the Consolidated Income Statement as part of the gain or loss on disposal. Uniform accounting policies are adopted across the Group. All intra-group balances and transactions, including unrealised profits and losses arising from intra-group transactions, are eliminated on consolidation. Foreign currencies and translation Functional and presentation currency Items included in the financial statements of each Group subsidiary are measured using the currency of the primary economic environment in which that subsidiary operates (its functional currency). Transactions and balances Foreign currency transactions are translated using exchange rates at the date of the transactions. Any exchange gain or loss from settlement of these transactions or translation at the period end are recognised in the income statement. Consolidation On consolidation, the subsidiaries\u2019 assets and liabilities denominated in foreign currencies are translated into Sterling at the rates ruling at the reporting date. The results of foreign subsidiaries are translated into Sterling at average rates of exchange for the period and the exchange differences arising on translation are recognised in Other Comprehensive Income. Any exchange differences which have arisen from an entity\u2019s investment in a foreign subsidiary, including long-term loans, are recognised as a separate component of equity and are included in the Group\u2019s currency translation reserve (CTR). When a foreign operation is sold, such exchange differences are reclassified from CTR to the Consolidated Income Statement to form part of the gain or loss on disposal. Critical accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the Company\u2019s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting judgements Details of critical accounting judgements which could have a significant impact upon the financial statements are set out in the related notes as follows: (i) Tracker shares arrangements (refer to note 12 Investments); (ii) Exceptional items (refer to note 3 Administrative expenses). (iii) Indicators of impairment of investments in subsidiaries (Company only) (refer to note 12 Investments). Critical accounting estimates The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out in the related note as follows: (i) Revenue recognition (refer to note 2 Operating segments). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-439": {
"value": "1 Basis of preparation and consolidation General information SThree plc is a public limited company listed on the London Stock Exchange, incorporated in the United Kingdom and domiciled in the United Kingdom, and registered in England and Wales. Its registered o ce is 1st Floor, 75 King William Street, London, EC4N 7BE. The business model, activities, locations of SThree plc (the Company) and its subsidiaries (together the Group) are set out further in the Strategic Report of this Annual Report. Basis of preparation The Consolidated and Company-only Financial Statements have been prepared in accordance with UK-adopted International Accounting Standards and in conformity with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards, including interpretations issued by the IFRS Interpretations Committee. On 31 December 2020, International Financial Reporting Standards as adopted by the European Union (EU) at that date were brought into UK law and became UK-adopted International Accounting Standards, with future changes being subject to endorsement by the UK Endorsement Board. The Group transitioned to UK-adopted International Accounting Standards in its Consolidated Financial Statements on 1 December 2021. However, there was no impact on recognition, measurement or disclosures, as well as no changes in the accounting policies from the transition. The Group\u2019s key accounting policies are set out across the following notes to the accounts and were applied consistently throughout the year and preceding year. The Consolidated and Company-only Financial Statements have been prepared under the historical cost basis of accounting, as modified by financial assets held at fair value through profit or loss or held at fair value through other comprehensive income. The Company has elected to take the exemption under Section 408 of the Companies Act 2006 not to present an income statement and statement of comprehensive income for the parent Company. The profit after tax for the parent Company for the year was \u00a391.3 million (2021: loss after tax of \u00a34.0 million). The Consolidated Financial Statements are presented in Sterling, the functional currency of SThree plc. Going concern The Consolidated and Company-only Financial Statements have been prepared on a going concern basis. The Directors have reviewed the Group\u2019s cash flow forecasts, considered the assumptions contained in the budget, and considered associated principal risks which may impact the Group\u2019s performance in the 12 months from the date of approval of this year\u2019s financial statements and in the period immediately thereafter. At 30 November 2022, the Group had no debt except for IFRS 16 lease liabilities of \u00a333.7 million and a small bank overdraft. Credit facilities relevant to the review period comprise a committed \u00a350.0 million RCF (a recently refinanced facility expiring in May 2025, with extension options to 2027) and an uncommitted \u00a330.0 million accordion facility, both jointly provided by HSBC and Citibank. These facilities remained undrawn on 30 November 2022. A further uncommitted \u00a35.0 million bank overdraft facility is also held with HSBC of which \u00a30.4 million was used at the year end. (Refer to note 17 Other financial liabilities for further details on the new credit facility which replaced the existing RCF as mentioned here.) In addition, the Group has \u00a365.4 million of cash and cash equivalents available to fund its short-term needs, as well as a substantial working capital position, reflecting net cash due to SThree for placements already undertaken. The assessment of going concern is further described in the Strategic Report as part of the Compliance information under the heading \u2018Going concern\u2019 on page 114 which is incorporated by reference into these financial statements. Based on this evaluation, the Directors have formed a judgement that the Group has adequate resources to continue in operational existence for at least the next 12 months from the date of approval of the Group\u2019s Consolidated Financial Statements, and considered it appropriate to prepare them on the going concern basis. Notes to the financial statements for the year ended 30 November 2022 Climate change consideration
Climate change is a significant issue for the world and the transition to a low-carbon economy will create both risks
and opportunities for the Group. The management team has considered the impact of climate change in preparing
the Consolidated Financial Statements, particularly in the context of the risks identified in the TCFD report on
pages 60 to 77. These considerations, which are integral to the Group\u2019s strategy, are not considered to be key areas
of judgements or sources of estimation uncertainty in the current financial year.
The management team considered the impact from climate change on the following areas:
\u2022 The going concern and viability of the Group over the next five years, including the potential impact of
climate-related risks, such as SThree\u2019s offices impacted by heightened physical risks affecting our operational
ability to place contractors and service the existing contracts, resulting in lower revenue and income. This is
subject to the ongoing assessment by the management team performed using three climate-related scenarios
for 2022-2040. The assessment helps to continually test SThree\u2019s strategic resilience and its flexibility to
adapt operations to ever-changing risks and opportunities as a consequence of climate change to drive
continued growth.
\u2022 Useful lives of fixed assets: the impact of climate change is not considered to be material on our existing asset
base including on factors like residual values, useful lives and depreciation methods which determine the
carrying value of non-current assets. Although, the Group has plans to invest in low-carbon technology as
part of its net zero commitment, there is no immediate risk of material adjustment to the carrying values of the
existing assets in the next financial year\u2019s results. Over the course of our net zero path, the existing fixed assets
are expected to be fully depreciated within the next five to seven years.
\u2022 Recoverability of trade receivables and contract assets: the impact of climate-related matters could have an
impact on the Group\u2019s clients in the future, especially, clients whose businesses/operations could be negatively
affected by the introduction of emission-reduction legislation, energy transition plans or by extreme weather
and other physical conditions, which could lead to increase in manufacturing costs, dilapidation of their asset
base and their ability to pay debts. No material climate-related issues have arisen during the current year
that have impacted our assessment of the recoverability of receivables. The Group\u2019s expected credit losses
allowance uses credit ratings which inherently include the market\u2019s assessment of the climate change impact
on credit risk of our clients. Given the short-term maturity of trade receivables including contract assets,
climate change is unlikely to materially increase our credit risk.
\u2022 Share-based payments: some performance conditions of the Long-Term Incentive Plan for members of the
Executive Committee are linked and measured against ESG metrics from the 2022 financial year. This could
impact the future amount of the recognition of the share-based payment expense in the Group income
statement. However, as the ESG-related performance condition constitutes only 10% of each grant, the impact
is considered immaterial.
\u2022 Segmental reporting: in our response to climate change and transition to a net zero target, there has been yet
no change to the management information provided to, and reviewed by, the chief operating decision maker
each month.
Whilst there is currently no material medium-term impact expected from climate change, the management team
is aware of the ever-changing risks and will continue to regularly monitor these risks against judgements and
estimates made in preparation of the Group\u2019s financial statements.
Accounting policies
The accounting policies used in the preparation of the Consolidated Financial Statements are consistent with
those applied in the previous financial year, except for the adoption of new and amended standards effective as of
1 December 2021 as set out below.
New and amended standards effective in 2022 and adopted by the Group
The following amendments to the accounting standards, issued by the IASB and endorsed by the UK and EU, have
been adopted by the Group and became applicable as of 1 December 2021. The Group did not have to change its
accounting policies or make retrospective adjustments as a result of adopting these amended standards.
Notes to the financial statements continued
for the year ended 30 November 2022
1 Basis of preparation and consolidation continued
\u2022 Amendments to IFRS 7, IFRS 9, IFRS 16 and IAS 39 Interest Rate Benchmark Reform \u2013 phase 2.
The replacement of Interbank Offered Rates (IBORs) with Alternative Reference Rates (ARRs) began from
December 2021. Where floating interest-bearing receivables and payables exist (currently based on IBORs) the
Group applied suitable replacement benchmark rates and accounts for the instruments in accordance with the
amendments to IFRS 9 Financial Instruments published in 2019 (Phase 1) and 2020 (Phase 2). The adoption of these
amendments and the transition to ARRs had an immaterial financial impact. The implications on the trading results
of our segments of IBOR reform were also assessed and the expected impact was found to be immaterial.
New and amended standards that are applicable to the Group but not yet effective
As at the date of authorisation of this Annual Report, the following amendments to existing standards were in issue
but not yet effective. Where already endorsed by the UK, these changes will be adopted on the effective dates
noted. Where not yet endorsed by the UK, the adoption date is less certain. These amendments are not expected to
have a material impact on the Group in the current or future periods.
\u2022 Reference to the Conceptual Framework (amendments to IFRS 3).
\u2022 Property, plant and equipment \u2013 proceeds before intended use (amendments to IAS 16).
\u2022 Onerous contracts \u2013 cost of fulfilling a contract (amendments to IAS 37).
\u2022 Annual improvements to IFRS 2018-2020 (amendments to the following standards: IFRS 1, IFRS 9, IFRS 16 and
IAS 41).
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not
yet effective.
The Group\u2019s significant accounting policies relating to specific financial statement items are set out under the
relevant notes. Accounting policies that affect the financial statements as a whole and a description of the
accounting estimates and judgements are set out below.
Basis of consolidation
The Consolidated Financial Statements of the Group include the financial statements of the Company and all its
subsidiaries. Subsidiaries are fully consolidated from the date on which the Group obtains control. The Group has control
when it has rights to variable returns from its involvement in the entity and has the ability to affect those returns through
its power over the entity. The subsidiaries are deconsolidated from the date on which that control ceases.
When the Group disposes of a subsidiary, the gain or loss on disposal represents: (i) the aggregate of the fair
value of the consideration received or receivable; (ii) the carrying amount of the subsidiary\u2019s net assets (including
goodwill) at the date of disposal; and (iii) any directly attributable disposal costs. Amounts previously recognised
in other comprehensive income in relation to the subsidiary are removed from equity and recognised in the
Consolidated Income Statement as part of the gain or loss on disposal.
Uniform accounting policies are adopted across the Group. All intra-group balances and transactions, including
unrealised profits and losses arising from intra-group transactions, are eliminated on consolidation.
Foreign currencies and translation
Functional and presentation currency
Items included in the financial statements of each Group subsidiary are measured using the currency of the primary
economic environment in which that subsidiary operates (its functional currency).
Transactions and balances
Foreign currency transactions are translated using exchange rates at the date of the transactions. Any exchange
gain or loss from settlement of these transactions or translation at the period end are recognised in the
income statement.
Consolidation
On consolidation, the subsidiaries\u2019 assets and liabilities denominated in foreign currencies are translated into
Sterling at the rates ruling at the reporting date. The results of foreign subsidiaries are translated into Sterling
at average rates of exchange for the period and the exchange differences arising on translation are recognised
in Other Comprehensive Income. Any exchange differences which have arisen from an entity\u2019s investment in a
foreign subsidiary, including long-term loans, are recognised as a separate component of equity and are included
in the Group\u2019s currency translation reserve (CTR). When a foreign operation is sold, such exchange differences are
reclassified from CTR to the Consolidated Income Statement to form part of the gain or loss on disposal.
Critical accounting judgements and estimates
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates
and judgements. It also requires management to exercise judgement in the process of applying the Company\u2019s
accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and
other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting judgements
Details of critical accounting judgements which could have a significant impact upon the financial statements are
set out in the related notes as follows:
(i) Tracker shares arrangements (refer to note 12 Investments);
(ii) Exceptional items (refer to note 3 Administrative expenses).
(iii) Indicators of impairment of investments in subsidiaries (Company only) (refer to note 12 Investments).
Critical accounting estimates
The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in
a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out in
the related note as follows:
(i) Revenue recognition (refer to note 2 Operating segments).
2 Operating segments
Accounting policy
Revenue
Revenue from contracts with customers is recognised when or as the Group satisfies a performance obligation
by transferring service to a client. For Permanent placements, the Group principally satisfies its performance
obligations at a point in time; for Contract placements, the Group satisfies its performance obligations over time.
Revenue is shown net of value added tax and other sales-related taxes, credit notes, rebates and discounts and
after elimination of sales within the Group.
Contract revenue for the supply of professional services, which is mainly based on the number of hours worked by
a contractor, is recognised when the service has been provided. Revenue from Permanent placements is typically
based on a fixed percentage of the candidate\u2019s remuneration package and is recognised when the candidate
commences employment. Revenue earned but not invoiced at year end is accrued and included in \u2018Accrued
income\u2019 (it represents the variable consideration of revenue). The management team applies a constraint in the form
of the historical shrinkage rate to Contract accrued income, aimed at preventing the over-recognition of revenue.
Revenue from retained assignments is recognised on completion of certain pre-agreed stages of the service.
Fees received for the service are non-refundable.
A bad debt provision is established for non-fulfilment of Permanent placement and Contract revenue obligations,
which is netted off against the gross trade receivables on the face of the statement of financial position.
2 Operating segments continued
Cost of sales
Cost of sales consists of the contractors\u2019 (including employed contractors) cost of supplying services and any
costs directly attributable to them.
Net fees
Net fees represent revenue less cost of sales and consist of the total placement fees of Permanent candidates
and the margin earned on the placement of contractors.
Critical accounting estimates
Revenue recognition (Contract assets)
Contract revenue is recognised when the supply of professional services has been rendered. This includes an
assessment of professional services received by the client for services provided by contractors between the
date of the last received timesheet and the year end.
Revenue is accrued (known as accrued income) for contracts which are valid in the period, but where no timesheet
has been received or approved, and therefore billing and payments to contractors have not taken place. The value
of unsubmitted/unapproved timesheets for each individual contractor is system generated and the number of
hours worked by each contractor is adjusted for expected holidays and the historical shrinkage rate.
The key estimation uncertainty arises from determining the historical shrinkage rate which is used to constrain
the variable part of revenue, i.e. accrued income, at the reporting date. The historical shrinkage rate represents a
full-year (12-month rolling) average pattern in which income accrued for expected timesheets is reduced versus
the actual timesheets received and approved each month.
In 2022, the average shrinkage rate was approximately 14.6% across the Group (2021: 13.6%).
A 10% increase in this key assumption could have an impact of approximately \u00a30.3 million on the amount
of Contract net fees (\u00a31.5 million on revenue less \u00a31.2 million on costs of sales) in the Consolidated Income
Statement in the next financial year.
The Group\u2019s operating segments are established on the basis of those components of the Group that are regularly
reviewed by the Group\u2019s chief operating decision making body, in deciding how to allocate resources and in
assessing performance. The Group\u2019s business is considered primarily from a geographical perspective.
The Directors have determined the chief operating decision maker to be the Executive Committee made up of the
Chief Executive Officer, the Chief Financial Officer, the Chief Technology and Information Officer, the Chief People
Officer, Chief Legal Officer and Senior Managing Directors.
The Group segments the business into the following reportable regions: DACH, EMEA excluding DACH, USA and
APAC, as well as presents an analysis of net fees by its five key markets: Germany, the Netherlands, the USA, the
UK and Japan. The DACH region comprises Germany, Switzerland and Austria. The \u2018EMEA excluding DACH\u2019 region
comprises primarily Belgium, France, the Netherlands, Spain, the UK, Ireland, and Dubai. All these sub-regions were
aggregated into two separate reportable segments based on the possession of similar economic characteristics.
Countries aggregated into DACH and separately into \u2018EMEA excluding DACH\u2019 generate a similar average net fees
margin and long-term growth rates, and are similar in each of the following areas:
\u2022 the nature of the services (recruitment/candidate placement);
\u2022 the methods used in which they provide services to clients (independent contractors, employed contractors,
and permanent candidates); and
\u2022 the class of candidates (candidates, who we place with our clients, represent skillsets in Science, Technology,
Engineering and Mathematics disciplines).
The Group\u2019s management reporting and controlling systems use accounting policies that are the same as those
described in these financial statements and the accompanying notes.
Revenue and net fees by reportable segment
The Group assesses the performance of its operating segments through a measure of segment profit or loss
which is referred to as \u2018net fees\u2019 in the management reporting and controlling systems. Net fees is the measure of
segment profit comprising revenue less cost of sales.
Intersegment revenue is recorded at values which approximate third party selling prices and is not significant.
Revenue Net fees
\u00a3\u2019000 2022 2021 2022 2021
EMEA excluding DACH 739,409 606,248 156,540 127,197
DACH 539,014 452,456 148,922 129,420
USA 338,221 254,338 111,545 89,260
APAC 22,802 17,684 13,609 9,836
1,639,446 1,330,726 430,616 355,713
APAC includes Japan and Singapore. In 2022, the segment also included the results generated by the Hong Kong
business, which was closed as at 30 November 2022 (see note 7 for further details).
Split of revenue from contracts with customers
The Group derives revenue from the transfer of services over time and at a point in time in the following
geographical regions:
2022
\u00a3\u2019000
EMEA
excluding
DACH DACH USA APAC Total
Timing of revenue recognition
Over time 718,447 495,268 315,134 11,474 1,540,323
At a point in time 20,962 43,746 23,087 11,328 99,123
739,409 539,014 338,221 22,802 1,639,446
2021
\u00a3\u2019000
EMEA
excluding
DACH DACH USA APAC Total
Timing of revenue recognition
Over time 587,220 410,510 231,812 9,558 1,239,100
At a point in time 19,029 41,944 22,526 8,127 91,626
606,249 452,454 254,338 17,685 1,330,726
Major customers
In 2022 and 2021, no single customer generated more than 10% of the Group\u2019s revenue.
2 Operating segments continued Other information The Group\u2019s revenue from external customers, its net fees and information about its segment assets (non-current assets excluding deferred tax assets) by key location are detailed below: \u00a3\u2019000 Revenue Net fees 2022 2021 2022 2021 Germany 468,352 405,308 131,880 117,827 USA 338,221 254,338 111,545 89,260 Netherlands 314,156 250,645 72,931 55,612 UK 262,999 202,368 46,689 37,798 Japan 10,793 8,189 9,410 6,868 RoW 1 244,925 209,878 58,161 48,348 1,639,446 1,330,726 430,616 355,713 \u00a3\u2019000 Non-current assets 30 November 2022 30 November 2021 Germany 16,313 12,079 UK 5,374 11,027 Japan 4,144 4,211 USA 3,962 5,304 Netherlands 2,149 2,400 RoW 1 4,153 5,512 36,095 40,533 1. RoW (Rest of World) includes all countries other than listed. The following segmental analysis by brands, recruitment classification and sectors (being the profession of candidates placed) has been included as additional disclosure to the requirements of IFRS 8. \u00a3\u2019000 Revenue Net fees 2022 2021 2022 2021 Brands Computer Futures 564,844 448,325 143,932 117,384 Progressive 475,142 376,844 124,877 99,502 Real Staffing Group 365,708 294,309 104,901 90,394 Huxley Associates 233,752 211,248 56,906 48,433 1,639,446 1,330,726 430,616 355,713 Other brands, including Global Enterprise Partners, JP Gray, Madison Black, Newington International and Orgtel are rolled into the above brands. Notes to the financial statements continued for the year ended 30 November 2022 \u00a3\u2019000
Revenue Net fees
2022 2021 2022 2021
Recruitment classification
Contract 1,540,323 1,239,100 334,215 266,163
Permanent 99,123 91,626 96,401 89,550
1,639,446 1,330,726 430,616 355,713
\u00a3\u2019000
Revenue Net fees
2022 2021 2022 2021
Sectors
Technology 838,649 674,072 203,184 166,538
Engineering 341,850 267,407 92,083 70,563
Life Sciences 319,734 271,460 95,172 85,439
Other
1
139,213 117,787 40,177 33,173
1,639,446 1,330,726 430,616 355,713
1. Other includes the results of Banking & Finance sector, which was previously presented separately, and Procurement & Supply Chain and Sales & Marketing.
3 Administrative expenses
(a) Operating profit from continuing operations is stated after charging/(crediting):
\u00a3\u2019000 2022 2021
Staff costs (note 4) 266,010 225,920
Depreciation (note 10) 18,682 15,764
Amortisation (note 11) 220 1,953
Loss on disposal of property, plant and equipment other than right-of-use assets (note 10) 122 199
Gain on lease modification (note 10) (266) \u2013
Impairment of intangible assets (note 11) 499 608
Loss on disposal of intangible assets (note 11) 1,176 74
Impairment losses on financial assets
1
3,763 2,579
Service lease charges
\u2013 Buildings 2,426 2,156
\u2013 Cars 1,391 1,402
Foreign exchange losses 1,164 397
Other operating income (see note 3(b)) \u2013 (470)
1. The YoY increase in impairment losses is mainly attributable to exposures written off as part of a transformation data cleanse exercise. During the year, in
preparation for the start of the programme, management reviewed legacy exposures, which had been in dispute for more than 180 days, and concluded they were
no longer recoverable and therefore were provided in full.
3 Administrative expenses continued (b) Profit for the prior year included the following items that were unusual because of their nature, size or incidence: Accounting policy Exceptional items Exceptional items, as disclosed on the face of the income statement, are items which due to their size and non- recurring nature are classified separately in order to draw them to the attention of the reader of the financial statements and to provide an alternative performance measure (APM) of the underlying profits of the Group. Government grant income Government grants represent assistance by government in the form of transfers of resources to SThree in return for compliance with grant conditions. A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised against the related costs for the period in which they are intended to compensate. Critical accounting judgements Exceptional items Exceptional items are those items that the Group considers to be non-recurring and material in nature that should be brought to the reader\u2019s attention in understanding the Group\u2019s financial performance. The term \u2018exceptional items\u2019 is not separately defined within IFRS. Judgement is therefore required in assessing which items of income or expense qualify as exceptional and that disclosure of this APM is useful for readers of the Annual Report. \u00a3\u2019000 2022 2021 1. Net exceptional income \u2013 184 2. Impact of Covid-19: Government assistance income \u2013 286 Total \u2013 470 Net exceptional income In the prior year, the Group recognised a net exceptional income of \u00a30.2 million in relation to a legacy restructuring programme partially funded by a grant receivable from Scottish Enterprise. The Group was entitled to the grant until the end of 2021. Impact of Covid-19 The Covid-19 health crisis had implications on certain items of income in the Consolidated Financial Statements, affecting the profit before tax for the current and prior year. These items were not treated as exceptional. Government assistance income In the prior year, the Group took advantage of job retention schemes launched by the national governments of France and Singapore, whereby it was reimbursed for a portion of salaries of furloughed personnel. A benefit of \u00a30.3 million was recognised and presented as a deduction in reporting the related staff expense. No such benefits were received in the current year. Notes to the financial statements continued for the year ended 30 November 2022 (c) Auditors\u2019 remuneration
During the year, the Group (including its subsidiaries) obtained the following services from the Company\u2019s auditors
and its associates.
\u00a3\u2019000 2022 2021
Fees payable to the Company\u2019s auditors for the audit of the Company\u2019s annual financial statements:
\u2013 recurring and non-recurring audit fees 523 489
Fees payable to the Company\u2019s auditors and their associates for other services to the Group:
\u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 402 293
\u2013 audit-related assurance services 12 11
\u2013 all other non-audit services including Viewpoint subscription and, relevant to 2021 only,
Switzerland gender equal pay analysis 1 5
Fees charged to operating profit 938 798
4 Directors and employees
Accounting policy
Employee benefits
Wages, salaries, bonuses, social security contributions, paid annual leave or sick leave and any other employee
benefits are accrued in the period in which the associated services are rendered by employees to the Group.
The Group operates defined contribution pension schemes. The assets of the schemes are held separately from
those of the Group in independently administered funds. The pension costs charged to the income statement
represent the contributions payable by the Group to the funds during each period.
Share-based payments
The Group operates a number of equity-settled share-based arrangements, under which it receives services
from employees in return for equity instruments of the Group. The cost of equity-settled transactions with
employees is measured by reference to the fair value at the date when equity instruments are granted and is
recognised as an expense over the vesting period, which ends on the date on which the employees become fully
entitled to the award. Fair value is determined by using an appropriate valuation model.
No expense is recognised for awards that do not ultimately vest. For the awards with non-vesting conditions
(awards that do not have an explicit or implicit service requirement), the full cost of the award is recognised on
the grant date, i.e. they are treated as fully vested irrespective of whether or not the market condition is satisfied.
At the end of the reporting period, the cumulative expense is calculated, representing the extent to which the
vesting period has expired and the best estimate of the achievement of non-market conditions and the number
of equity instruments that will ultimately vest. The movement in cumulative expense since the previous year end
is recognised in the income statement, with a corresponding credit recognised in equity.
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation and any
cost not yet recognised in the income statement for the award is expensed immediately. Any compensation
paid, up to the fair value of the award, at the cancellation or settlement date, is deducted from equity, with any
excess over fair value being treated as an expense in the income statement.
4 Directors and employees continued Aggregate remuneration of employees, including Directors, in continuing operations was: \u00a3\u2019000 Group Company 2022 2021 2022 2021 Wages and salaries (including bonuses) 229,460 195,414 2,457 3,186 Social security costs 26,822 25,492 153 798 Other pension costs 3,161 2,115 13 12 Temporary staff costs 1,513 1,392 \u2013 \u2013 Share-based payments (see note 20(b)) 5,054 1,507 525 160 266,010 225,920 3,148 4,156 The staff costs capitalised during the year on internally developed assets (note 11) and not included in the above amounts were \u00a30.3 million (2021: \u00a30.6 million). The average monthly number of employees (including Executive Directors), in continuing operations, during the year was: 2022 EMEA excluding DACH DACH USA APAC Group total Company total Sales 867 827 444 144 2,282 \u2013 Non-sales 711 138 130 22 1,001 7 1,578 965 574 166 3,283 7 2021 EMEA excluding DACH DACH USA APAC Group total Company total Sales 807 777 372 97 2,053 \u2013 Non-sales 742 116 112 19 989 8 1,549 893 484 116 3,042 8 The average number of employees is derived by dividing the sum of the number of employees employed under contracts of service in each month (whether throughout the month or not) by the number of months in the financial year, irrespective of whether they are full-time or part-time. There were also 3,613 (2021: 3,338) contractors engaged during the year under the Employed Contractor Model. They are not included in the numbers above as they are not considered to be full-time employees of the Group. Details of the Directors\u2019 remuneration for the year, including the highest paid Director, which form part of these financial statements, are provided in the audited information section of the Directors\u2019 remuneration report (section 1.1). Directors\u2019 compensation for loss of office was \u00a30.1 million (2021: \u00a31.1 million). Notes to the financial statements continued for the year ended 30 November 2022 5 Finance income and costs
Accounting policy
Finance income is recognised as the interest accrues to the net carrying amount of the financial asset. Finance
cost is recognised in the income statement in the period in which it is incurred.
\u00a3\u2019000 2022 2021
Finance income
Bank interest receivable 139 28
Other interest 2 6
141 34
Finance costs
Interest on lease liability (530) (607)
Bank loans and overdrafts (137) (262)
(667) (869)
Net finance costs (526) (835)
6 Income tax expense
Accounting policy
The tax expense comprises both current and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before income
tax as reported in the income statement because it excludes items of income or expense that are taxable
or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the
reporting date.
Deferred tax
Deferred tax is provided in full, using the liability method, on temporary differences at the reporting date arising
between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred
tax is calculated using tax rates that are expected to apply when the related deferred tax asset is realised or the
deferred tax liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted
by the reporting date.
Deferred tax assets are recognised only to the extent that it is probable that sufficient future taxable profits will
be available to allow all or part of the deferred tax asset to be utilised. Where an entity has been loss-making,
deferred tax assets are only recognised if there is convincing evidence supporting its future utilisation.
6 Income tax expense continued (a) Analysis of tax charge for the year \u00a3\u2019000 2022 2021 Total Before exceptional items Exceptional items Total Current income tax Corporation tax charged on profits for the year 23,409 18,142 35 18,177 Adjustments in respect of prior periods (133) 1,989 \u2013 1,989 Total current tax charge 23,276 20,131 35 20,166 Deferred income tax Origination and reversal of temporary differences (395) (276) \u2013 (276) Adjustments in respect of prior periods (note 19) (57) (1,983) \u2013 (1,983) Total deferred tax credit (452) (2,259) \u2013 (2,259) Total income tax charge in the Consolidated Income Statement 22,824 17,872 35 17,907 The total income tax charge relates entirely to continuing operations. (b) Reconciliation of the effective tax rate The Group\u2019s tax charge for the year exceeds (2021: exceeds) the UK statutory rate and can be reconciled as follows: \u00a3\u2019000 2022 2021 Total Before exceptional items Exceptional items Total Profit before income tax from continuing operations 77,026 59,974 184 60,158 Loss before income tax from discontinued operations \u2013 (269) \u2013 (269) Profit before income tax for the Group 77,026 59,705 184 59,889 Profit before income tax multiplied by the standard rate of corporation tax in the UK at 19.0% (2021: 19.0%) 14,635 11,344 35 11,379 Effects of: Disallowable items 1,905 1,650 \u2013 1,650 Differing tax rates on overseas earnings 5,590 3,897 \u2013 3,897 Adjustments in respect of prior periods (190) 6 \u2013 6 Adjustments due to tax rate changes (294) (149) \u2013 (149) Tax losses for which deferred tax asset was not recognised or derecognised 1,178 1,124 \u2013 1,124 Total tax charge for the year 22,824 17,872 35 17,907 At the effective tax rate 29.6% 29.9% 19.0% 29.9% Effective tax rate attributable to continuing operations 29.6% 29.8% \u2013 29.8% Notes to the financial statements continued for the year ended 30 November 2022 (c) Current and deferred tax movement recognised directly in equity
\u00a3\u2019000 2022 2021
Equity-settled share-based payments:
Current tax credit 196 4
Deferred tax (charge)/credit (574) 643
(378) 647
The Group expects to receive additional tax deductions in respect of share options currently unexercised. The
Group provides for deferred tax on all unexercised share options. Where the amount of the tax deduction (or
estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense, this indicates
that the tax deduction relates not only to remuneration expense but also to an equity item. In this situation, the
excess of the current or deferred tax should be recognised in equity. At 30 November 2022, a deferred tax asset of
\u00a31.1 million (2021: \u00a31.5 million) was recognised in respect of these options (note 19).
7 Business disposals
Hong Kong
In September 2022, the Board approved the plan for the closure of our Hong Kong business due to continued
underperformance in trading in the past years and lack of realisable potential for growth.
Already in 2017 when reviewing the Group\u2019s presence in the APAC region, the Board significantly downsized
operations in Hong Kong, reducing it to a satellite office. Most recently, it became clear that our continued trading
in Hong Kong remained sub-optimal and was no longer a viable investment option.
At the end of November 2022, all current agreements with contractors were in the process of being terminated
or being transferred to an external agency. Overall, the closure of Hong Kong resulted in additional costs of
\u00a30.2 million incurred by the Group, mainly in relation to personnel termination benefits.
This disposal did not meet the definition of discontinued operations given in IFRS 5 \u2018Non-Current Assets Held for
Sale and Discontinued Operations\u2019 and, therefore, no disclosures in relation to discontinued operations were made.
Australia
In the financial year ended 30 November 2020, the Group liquidated the Australian subsidiary (\u2018SThree Australia\u2019),
the operations of which represented a separate major line of business for SThree. Since then, SThree Australia
was treated as discontinued operations and its results were reported separately from the continuing operations of
the Group.
In the prior year, the post-tax loss of \u00a30.3 million from discontinued operations was reported on the face of
the Consolidated Income Statement, which comprised the following items of income and expense after intra-
group eliminations.
\u00a3\u2019000 2022 2021
Cost of sales \u2013 (20)
Administrative expenses \u2013 (13)
Operating loss \u2013 (33)
Loss before and after income tax from discontinued operations \u2013 (33)
Reclassification of foreign currency translation reserve \u2013 (236)
Total comprehensive loss on liquidation of the subsidiary \u2013 (269)
Net cash flows used by discontinued operations were as follows in the prior year:
Operating activities \u2013 (848)
8 Earnings per share Accounting policy Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period excluding shares held as treasury shares (note 20(a)) and those held in the Employee Benefit Trust (EBT), which for accounting purposes are treated in the same manner as shares held in the treasury reserve. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive ordinary shares arising from exercising employee stock options and tracker shares. For accounting policy regarding EBT, refer to note 20 Equity. The following tables reflect the income and share data used in the basic and diluted EPS calculations. \u00a3\u2019000 2022 2021 Earnings Continuing operations before exceptional items 54,202 42,102 Exceptional items \u2013 149 Discontinued operations \u2013 (269) Profit for the year attributable to owners of the Company 54,202 41,982 million 2022 2021 Number of shares Weighted average number of shares used for basic EPS 132.2 132.3 Dilutive effect of share plans 3.7 4.4 Diluted weighted average number of shares used for diluted EPS 135.9 136.7 pence 2022 2021 Basic EPS Continuing operations before exceptional items 41.0 31.8 Exceptional items \u2013 0.1 Discontinued operations \u2013 (0.2) 41.0 31.7 Diluted EPS Continuing operations before exceptional items 39.9 30.8 Exceptional items \u2013 0.1 Discontinued operations \u2013 (0.2) 39.9 30.7 Notes to the financial statements continued for the year ended 30 November 2022 9 Dividends
Accounting policy
Interim dividends are recognised in the financial statements at the earlier of the time they are paid or shareholders\u2019
approval. Final dividends declared to the Company\u2019s shareholders are recognised as a liability in the Company\u2019s
and Group\u2019s financial statements in the period in which they are approved by the Company\u2019s shareholders.
The Company recognises dividends from subsidiaries at the time that they are declared.
\u00a3\u2019000 2022 2021
Amounts recognised and paid as distributions to owners of the Company in the year
Interim dividend for the year ended 30 November 2021 of 3.0 pence (2020: nil pence) per share
1
3,965 \u2013
Final dividend for the year ended 30 November 2021 of 8.0 pence (2020: 5.0 pence) per share
2
10,685 6,616
14,650 6,616
\u00a3\u2019000 2022 2021
Amounts arising in respect of the year
Interim dividend for the year ended 30 November 2022 of 5.0 pence (2021: 3.0 pence) per share
3
6,632 3,982
Proposed final dividend for the year ended 30 November 2022 of 11.0 pence (2021: 8.0 pence) per share
4
14,547 10,690
21,179 14,672
1. The 2021 interim dividend of 3.0 pence (2020: nil pence) per share was paid on 3 December 2021 to those shareholders on the register of SThree plc on 5 November 2021.
2. The 2021 final dividend of 8.0 pence (2020: 5.0 pence) per share was paid on 10 June 2022 to shareholders on record on 6 May 2022.
3. The 2022 interim dividend of 5.0 pence (2021: 3.0 pence) per share was paid on 2 December 2022 to shareholders on record at 4 November 2022.
4. The Board has proposed the 2022 final dividend of 11.0 pence (2021: 8.0 pence) per share, to be paid on 9 June 2023 to shareholders on record at 12 May 2023.
This proposed final dividend is subject to approval by shareholders at the Company\u2019s next Annual General Meeting on 19 April 2023, and therefore has not been
included as a liability in these financial statements.
10 Property, plant and equipment
Accounting policy
Property, plant and equipment is recorded at cost less accumulated depreciation and any impairment losses.
Subsequent expenditure is added to the carrying value of the asset when it is probable that future economic
benefits, in excess of the originally assessed performance of the existing asset, will flow to the Group and the costs
can be measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred.
Depreciation is provided on a straight-line basis and charged to the income statement over the expected useful
working lives of the assets, after they have been brought into use, at the following rates:
Right-of-use assets lower of the asset\u2019s useful life and the lease term
Computer equipment three years
Leasehold improvements lower of the lease term and five years
Fixtures and fittings five years
Gains and losses on disposals are included in the income statement by comparing proceeds with carrying amount.
Residual values and useful lives are reviewed and adjusted if appropriate at the end of the reporting period. Any
changes are accounted for prospectively.
Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate
that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the
carrying amount of the asset exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less cost
to sell and its value in use.
For accounting policy regarding right-of-use assets, refer to note 16 Leases.
10 Property, plant and equipment continued The movements of property, plant and equipment by class of assets are as follows: \u00a3\u2019000 Right-of-use assets Computer equipment Leasehold improvements Fixtures and fittings Total Cost At 1 December 2020 45,186 16,326 10,509 5,557 77,578 Additions 14,026 1,358 268 297 15,949 Disposals (7,728) (804) (439) (787) (9,758) Forex revaluation (300) (254) (184) (127) (865) At 30 November 2021 51,184 16,626 10,154 4,940 82,904 Additions 14,432 1,311 1,196 900 17,839 Disposals (12,278) (709) (1,768) (718) (15,473) Forex revaluation 729 312 340 107 1,488 At 30 November 2022 54,067 17,540 9,922 5,229 86,758 Accumulated depreciation At 1 December 2020 12,308 11,893 7,985 4,574 36,760 Depreciation charge for the year 12,008 2,256 1,095 405 15,764 Disposals (5,249) (695) (412) (724) (7,080) Forex revaluation (230) (154) (137) (92) (613) At 30 November 2021 18,837 13,300 8,531 4,163 44,831 Depreciation charge for the year 15,075 2,288 936 383 18,682 Disposals (10,250) (648) (1,733) (692) (13,323) Forex revaluation 611 255 325 128 1,319 At 30 November 2022 24,273 15,195 8,059 3,982 51,509 Net book value At 30 November 2022 29,794 2,345 1,863 1,247 35,249 At 30 November 2021 32,347 3,326 1,623 777 38,073 A depreciation charge of \u00a318.7 million (2021: \u00a315.8 million) was recognised in administrative expenses. During the year, certain assets related to no longer operational office equipment, with a net book value of \u00a30.1 million (2021: \u00a30.2 million), were disposed of, incurring a loss on disposal of \u00a30.1 million (2021: a loss on disposal of \u00a30.2 million). For the carrying amount of right-of-use assets per class of underlying asset refer to note 16. During the year, the Group early-terminated certain lease contracts resulting in the net gain on lease modification (including the write- off of the corresponding lease liabilities) of \u00a30.3 million (2021: \u00a30.8 million). The Company has no property, plant and equipment. Notes to the financial statements continued for the year ended 30 November 2022 11 Intangible assets
Accounting policy
Goodwill
Goodwill arising on consolidation represents the excess of purchase consideration over the fair value of the
Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on the
acquisition of subsidiaries has an indefinite useful life and is included in intangible assets. If the goodwill balance
is material, it is tested annually for impairment and carried at cost less accumulated impairment losses. Any
impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of
a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal.
Acquired and developed software and systems
Computer software acquired or developed by the Group is stated at cost less accumulated amortisation. Costs
incurred on software and system development projects are only capitalised if capitalisation criteria under IAS
38 Intangible Assets (IAS 38) and IFRS Interpretation Committee (IFRIC) interpretation of Software-as-a-Service
(SaaS) are met. These are amortised as follows:
\u2022 Acquired computer software: expected useful life of three to seven years
\u2022 Software and system development costs: expected useful lives not exceeding five years
Software maintenance costs are expensed in the period in which they are incurred. Other costs linked to
development projects that do not meet the IAS 38 criteria are expensed in the period incurred.
Assets under construction
Purchased assets or internally generated intangible assets that are still under development are classified as
\u2018assets under construction\u2019. These assets are reclassified within intangibles over the phased completion dates
and are amortised from the date they are reclassified.
Trademarks
Acquired trademarks are stated at cost and are amortised over the estimated useful life (up to 12 years) on a
straight-line basis.
Impairment of intangible assets
Assets that are not subject to amortisation are tested for impairment annually. Any impairment loss or gain is
recognised in the income statement.
Impairment loss is the excess of an asset\u2019s carrying amount over its recoverable amount. The recoverable
amount represents the higher of an asset\u2019s fair value less costs to sell and its value in use. Value in use is
measured based on the expected future discounted cash flows attributable to the asset. For the purposes of
assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash
flows (cash-generating units).
11 Intangible assets continued The movements in intangible assets by asset class during the year were as follows: \u00a3\u2019000 Goodwill Computer software Internally generated Trademarks Total Assets under construction Software and system development costs Cost At 1 December 2020 206,313 9,076 172 41,322 71 256,954 Additions \u2013 4 722 \u2013 \u2013 726 Disposals \u2013 \u2013 (74) (2,062) \u2013 (2,136) Reclassification \u2013 \u2013 (137) 84 \u2013 (53) Forex revaluation 4 (3) 12 (1) \u2013 12 At 30 November 2021 206,317 9,077 695 39,343 71 255,503 Additions \u2013 8 257 \u2013 \u2013 265 Disposals \u2013 (2) (765) (433) \u2013 (1,200) Transfer \u2013 \u2013 (202) 202 \u2013 \u2013 Forex revaluation \u2013 1 15 \u2013 \u2013 16 At 30 November 2022 206,317 9,084 \u2013 39,112 71 254,584 Accumulated amortisation and impairment At 1 December 2020 205,480 9,072 \u2013 37,922 71 252,545 Amortisation charge for the year \u2013 2 \u2013 1,951 \u2013 1,953 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 608 \u2013 608 Disposals \u2013 \u2013 \u2013 (2,062) \u2013 (2,062) Reclassification (1) \u2013 \u2013 1 \u2013 \u2013 At 30 November 2021 205,479 9,074 \u2013 38,420 71 253,044 Amortisation charge for the year \u2013 4 \u2013 216 \u2013 220 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 499 \u2013 499 Disposals \u2013 (2) \u2013 (22) \u2013 (24) Forex revaluation \u2013 \u2013 \u2013 (1) \u2013 (1) At 30 November 2022 205,479 9,076 \u2013 39,112 71 253,738 Net book value At 30 November 2022 838 8 \u2013 \u2013 \u2013 846 At 30 November 2021 838 3 695 923 \u2013 2,459 In 2022, the Board approved the Group-wide IT Transformation Programme, the aim of which is to create a world- class operational platform through data, technology and infrastructure. The Programme started in June and most of the expenditure (\u00a34.1 million) was made on research-related activities and expensed immediately. Also in 2022, management reviewed the entire book of legacy development costs and assets under construction capitalised in previous years. The decision was taken to expense \u00a31.7 million (including \u00a30.5 million in accelerated amortisation) worth of the legacy intangible assets immediately to the income statement. An amortisation charge of \u00a30.2 million (2021: \u00a32.0 million) was included in administrative expenses. Disclosures required under IAS 36 Impairment of Assets for goodwill impairment have not been included on the basis that the goodwill value is not considered material. The Company has no intangible assets. Notes to the financial statements continued for the year ended 30 November 2022 12 Investments
Accounting policy
Equity investments
The Group classifies its financial assets in the following measurement categories:
\u2022 those measured subsequently at fair value (either through OCI or through profit or loss); and
\u2022 those measured at amortised cost.
Classification depends on the Group\u2019s business model for managing the financial assets and the contractual
terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in either profit or
loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the
Group has made an irrevocable election at the time of initial recognition to account for the equity investment at
FVOCI. Financial assets with embedded derivatives are considered in their entirety when determining whether
their cash flows are solely payments of principal and interest.
Subsidiaries
Investments in shares in subsidiary companies are stated at cost less impairment loss to the extent that the
carrying value exceeds the recoverable amount; the investment is impaired to its recoverable amount with the
impairment charged to the Company\u2019s income statement. An investment is deemed to be impaired when it has
been determined that its carrying value will not be recovered either through actual cash flows or operating profit
generation or selling it. If circumstances arise that indicate that investments might be impaired, the recoverable
amount of the investment is estimated. The recoverable amount is the higher of the entity\u2019s fair value less costs
to sell or its value in use. To the extent that the carrying value exceeds the recoverable amount, the investment is
impaired to its recoverable amount.
Where share-based payments are granted to the employees of subsidiary undertakings by the Company,
they are treated as a capital contribution to the subsidiary and the Company\u2019s investment in the subsidiary is
increased accordingly.
The investments in shares in the undertakings outside of the Group, in particular where the Group does not have
significant influence or control, are classified as financial assets held at fair value through other comprehensive
income. At initial recognition, such shareholdings are measured at cost and on subsequent measurement dates
they are fair valued on the basis of current prices generated for similar transactions or using an enterprise value
to sales multiple valuation method.
Tracker share arrangements
Over the past years, until 2020, the Group invited selected senior individuals to invest in the businesses they
manage, sharing in both the risk and reward. These individuals were offered equity (\u2018tracker shares\u2019) in those
businesses in return for making an investment. The amount of equity offered varied in different circumstances
but was never over 25% of the overall equity of the business in question. The equity stake tracks the performance
of the underlying business and the individuals receive dividends (if declared) by the \u2018tracked\u2019 business.
If an individual remains a holder of the tracker shares for a pre-agreed period, typically three to five years
depending on the vesting period applied to the tracker shares, they may then offer their vested tracker shares
for sale to the Group, but there is no obligation on the Group to settle the arrangement. SThree will undertake a
formal due diligence process to establish whether there is a sound business case for settling a tracker share and
make an arm\u2019s length judgement. Should the Group decide to settle the tracker shares, it will do so at a price
which is determined using a formula stipulated in the tracker share Articles of Association (Articles). SThree plc
may settle in cash or in its shares, as it chooses. The Group policy is to settle in SThree plc shares. Consequently,
the arrangements are deemed to be an equity-settled share-based payment scheme under IFRS 2 Share-based
Payments (IFRS 2).
12 Investments continued Individuals paid the fair value for the tracker shares at the time of the initial subscription, as determined by an independent third-party valuer in accordance with IFRS 2 and taking into account the particular rights attached to the shares as described in the relevant businesses\u2019 Articles. The initial valuation always took into consideration factors such as the size and trading record of the underlying business, expected dividends, future projections, as well as the external market, sector and country characteristics. The external valuer was supplied with detailed financial information, including net fees and EBITDA of the relevant businesses. Using this information, an independent calculation of the initial Equity Value (EV) was prepared. This EV was then discounted to arrive at a valuation to take into account the relevant characteristics of the shareholding in the tracked business, for example the absence of voting rights. The methodology for calculating the EV was applied consistently, although the data used varied depending on the size and history of the business. In 2021 the Directors decided to close the tracker share scheme for any new entrants/investments. If an individual leaves the Group before the pre-agreed period, they are entitled to receive the lower of the initial subscription amount they contributed or the tracker share fair value on the date of departure as set out under the Articles. To reflect this, a provision in relation to tracker shares is recognised to reflect the consideration for tracker shares received from individuals (note 18 Provisions). Up until 2014 certain individuals received loans from the Group to pay part of the initial subscription for their tracker shares, on which interest is charged at or above the HMRC beneficial loan rate. These loans are repayable by the individuals either at the time of settlement of their tracker shares, or via tracker share dividend, or when they leave the Group. These loans are included within other receivables (note 13 Trade and other receivables). During the vesting period, no share-based payment charge is recognised in the income statement on the basis that the initial subscription by the individual at the grant date equated to the fair value at that date. Dividends declared by the tracked businesses, which were factored into the grant date fair value determination of the tracker shares, are recorded in equity as \u2018distributions to tracker shareholders\u2019. When the Company issues new shares to settle the tracker share arrangements, the nominal value of the shares is credited to share capital and the difference between the fair value of the tracker shares and the nominal value is credited to share premium. If the Company uses treasury shares to settle the arrangements, the difference between the fair value of the tracker shares and the weighted average value of the treasury shares is accounted for in the retained earnings. Critical accounting judgements Tracker shares arrangements The tracker shares arrangements give the Group the choice to settle tracker shares in either cash or SThree plc shares. There are significant accounting differences between an equity-settled and cash-settled scheme. Judgement is therefore required as to whether this is a cash or equity-settled share-based payment scheme. Based on the Directors\u2019 judgement, the tracker share arrangements are accounted for as an equity-settled share-based payment scheme under IFRS 2 as the Group\u2019s policy is to settle its obligations under the arrangements in SThree plc shares. The Company settles tracker shares through either treasury shares or the issue of new shares in SThree plc. The Companies Act 2006 does not specify whether the issue of treasury shares to settle share-based payments should be accounted for in share premium or elsewhere. The Company has taken legal advice which confirms this is judgemental and therefore the approach taken by the Company is to include differences between the fair value of the tracker shares settled and the weighted average cost of treasury shares in retained earnings. Notes to the financial statements continued for the year ended 30 November 2022 Tracker shares can be repurchased from holders with either cash or SThree plc shares at the Company\u2019s discretion.
Historically, the Company\u2019s policy and intention has been to settle tracker shares using SThree plc shares.
Therefore, the judgement of the Directors is that this scheme is treated as equity-settled.
Indicators of impairment of investments in subsidiaries (Company only)
At each reporting date, the Company assesses whether there are any indications of impairment of its investments in
subsidiaries. The Company uses both external and internal sources of information to make this assessment, including
those in relation to significant adverse changes in the market or economic environment in which subsidiaries operate,
information about the carrying amount of subsidiaries\u2019 net assets versus market value, or internal management reports
that indicate that the financial performance of subsidiaries will be worse than budgeted.
Only when an indication of impairment is identified, the Company performs a detail impairment review including
calculations of recoverable amounts of the investments.
Group
The Group holds a minority shareholding (less than 1% of the total share capital issued) in RoboRecruiter, a
company which invests in automated recruitment solutions. The investment is a financial asset classified as
measured at fair value through other comprehensive income. Due to limited information about the current
performance and prospects of this company, management made a decision to fully write off the investment of
c.\u00a31k. In previous years, the investment was considered a level 1 valuation under the fair value hierarchy.
Company
Cost \u00a3\u2019000
At 1 December 2020 356,213
Additions
\u2013 Settlement of vested tracker shares 4,610
\u2013 Settlement of unvested tracker shares 217
\u2013 Capital contribution relating to share-based payments 1,077
At 30 November 2021 362,117
Additions
\u2013 Settlement of vested tracker shares 3,862
\u2013 Settlement of unvested tracker shares 2,122
\u2013 Capital contribution relating to share-based payments 4,127
At 30 November 2022 372,228
Provision for impairment
At 1 December 2020 and 30 November 2021 156,070
Provision made during the year 940
At 30 November 2022 157,010
Net carrying value
At 30 November 2022 215,218
At 30 November 2021 206,047
During the year, the Company settled a number of vested and unvested tracker shares by awarding SThree plc
shares (note 20(b)). This resulted in an increase in the Company\u2019s investment of \u00a36.0 million (2021: \u00a34.8 million) in
relevant subsidiary businesses.
12 Investments continued IFRS 2 requires that any options or awards granted to employees of subsidiary undertakings, without reimbursement by the subsidiary, increase the carrying value of the investment held in the subsidiaries. In 2022, the Company recognised a net increase in investments in its subsidiaries of \u00a34.1 million (2021: \u00a31.1 million) relating to share options and awards including those under the Long-Term Incentive Plan and Save-As-You-Earn schemes. Assessment of investment indications During the year, the Company performed an assessment of impairment indications within its portfolio of investments in subsidiaries. Overall, SThree businesses delivered a very strong financial performance, ahead of market and management expectations, in 2022. The Group\u2019s Contract net fees increased by 19% and Permanent net fees increased by 6%, both on a like-for-like basis. With ongoing strong demand for candidates with STEM skills, our contractor order book grew by 19% YoY across the Group. No significant indicators of impairment were noted. However, following the Board\u2019s decision to significantly restructure our businesses in Ireland and Singapore, and to close the Hong Kong business, an impairment charge of \u00a30.9 million was recognised in the Company\u2019s income statement in 2022. The net book values of these investments were written off in full. Further details can be found in note 7 and in the Chief Financial Officer\u2019s statement on page 87. For comparison, no impairment charge was recognised in the prior year. A full list of the Company\u2019s subsidiaries that existed as at 30 November 2022 is provided in note 26. 13 Trade and other receivables Accounting policy Trade receivables including Contract assets are amounts due from customers for services performed in the ordinary course of business. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. The normal credit terms are between 14-30 days upon service provision, with 30 days becoming a more prevalent payment term. The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an expected credit losses (ECLs) approach for measuring the allowance of its trade receivables. The Group recognises a loss allowance based on lifetime ECLs at each reporting date. For invoices reviewed on a portfolio basis (i.e. not individually reviewed), the loss allowance for ECLs is provided at differing percentages determined based on historical collection experience, adjusted for forward-looking market factors specific to the debtors and the economic environment. Certain exposures within trade receivables are individually assessed for which the Directors make judgement on a client-by-client basis as to their ability to collect outstanding receivables. When reviewing significant outstanding invoices, the Directors consider qualitative factors that are available without undue cost or effort, such as a decrease in the debtor\u2019s creditworthiness, changes in external or internal credit ratings, macro-economic conditions, actual or expected deterioration in business performance of any particular debtor, and other known issues. Derecognition of trade and other receivables Trade and other receivables are derecognised when the rights to receive cash flows from these assets have expired or have been transferred. On derecognition, any difference between the carrying amount of an asset and the consideration received is recognised in the profit or loss. For critical accounting estimates regarding contract assets, refer to note 2 Operating segments. Notes to the financial statements continued for the year ended 30 November 2022 Group Company
\u00a3'000
30 November
2022
30 November
2021
30 November
2022
30 November
2021
Trade receivables 254,413 206,293 \u2013 \u2013
Less allowance for ECLs and revenue reversals (3,704) (4,308) \u2013 \u2013
Trade receivables \u2013 net 250,709 201,985 \u2013 \u2013
Contract assets 91,680 82,083 \u2013 \u2013
Prepayments 15,528 6,768 6,488 45
Other receivables 5,967 7,188 8 17
Other taxes and social security \u2013 debtor \u2013 \u2013 8,950 518
363,884 298,024 15,446 580
Trade receivables are non-interest-bearing current financial assets.
Contract assets represent the Contract revenue earned but not invoiced at the year end. It is based on the value of
the unbilled timesheets from the contractors for the services provided up to the year end. The corresponding costs
are shown within trade payables (where the contractor has submitted an invoice) and within accruals (in respect of
unsubmitted and unapproved timesheets) (note 15).
Other receivables include \u00a30.1 million (2021: \u00a30.2 million) for loans given to certain employees in previous years
towards their subscription for tracker shares (note 24(d)). Tracker share loans are unsecured and charged interest at
a rate of 2% (2021: 2%). No such new tracker share loans were given to employees during the current year.
The Group establishes an allowance for doubtful accounts that represents an estimate of ECLs in respect of trade
and other receivables. Movements in the impairment provision for trade receivables are shown in the table below.
\u00a3'000
30 November
2022
30 November
2021
Provision for impairment of trade receivables
At the beginning of the year 4,308 4,013
Charge for the year 3,697 3,456
Bad debts written off (4,323) (1,903)
Reversed as amounts recovered (67) (1,111)
Exchange differences 89 (147)
At the end of the year 3,704 4,308
Other classes within trade and other receivables do not contain impaired assets. The management team considers
that the carrying value of trade and other receivables is approximately equal to their fair values and they are
deemed to be current assets.
For further information refer to note 24.
14 Cash and cash equivalents Accounting policy Cash and cash equivalents include cash-in-hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are classified as short-term borrowings unless they form part of a cash pooling arrangement where there is an intention to settle on a net basis, in which case they are reported net of related cash balances. Group Company \u00a3'000 30 November 2022 30 November 2021 30 November 2022 30 November 2021 Cash at bank 65,809 57, 526 121 4,646 Bank overdraft (423) (24) \u2013 \u2013 Net cash and cash equivalents 65,386 57,502 121 4,646 Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets approximate their fair values. Substantially all of these assets are categorised within level 1 of the fair value hierarchy. The Group has four cash pooling arrangements in place at HSBC US (USD), HSBC UK (GBP), NatWest (GBP) and Citibank (EUR). 15 Trade and other payables Accounting policy Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Group Company \u00a3'000 30 November 2022 30 November 2021 30 November 2022 30 November 2021 Trade payables 38,093 46,710 \u2013 \u2013 Accruals 141,178 121,239 1,611 1,859 Other taxes and social security 22,323 21,787 170 307 Other payables 15,248 6,344 1,210 968 Amounts due to subsidiaries (note 23) \u2013 \u2013 50,781 102,560 216,842 196,080 53,772 105,694 The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. Trade and other payables are predominantly interest-free, are unsecured and are usually paid within 15 days of recognition. Accruals include amounts payable to contractors in respect of unsubmitted and unapproved timesheets (note 13). Amounts due to subsidiaries are subject to annual interest at a rate of 15 basis points below the Group\u2019s external borrowing costs under its Revolving Credit Facility. Notes to the financial statements continued for the year ended 30 November 2022 16 Leases
Accounting policy
Leases, from a lessee perspective, are recognised as a right-of-use asset and a corresponding lease liability at
the date when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are
initially measured on a net present value basis and are recognised as part of \u2018Property, plant and equipment\u2019,
\u2018Non-current lease liabilities\u2019 and \u2018Current lease liabilities\u2019 in the statement of financial position.
Lease liabilities include the net present value of the following lease payments:
a) fixed payments less any lease incentives receivable;
b) variable lease payments that are based on an index or a rate;
c) amounts expected to be payable by the lessee under residual value guarantees, if any;
d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that option; and
e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option.
The lease payments are discounted using the interest rate implicit in the lease (if that rate can be determined),
or the incremental borrowing rate (IBR), being the rate the Group would have to pay to borrow the funds
necessary to obtain an asset of similar value in a similar economic environment with similar terms and
conditions. In determining the IBR to be used, the Group applies judgement to establish the suitable reference
rate and credit spread.
Each lease payment is allocated between the liability and finance costs, within finance costs in the
income statement.
Lease payments are presented as follows in the Group statement of cash flows:
\u2022 payments for the interest element of recognised lease liabilities are included in \u2018interest paid\u2019 within cash
flows from financing activities; and
\u2022 payments for the principal element of recognised lease liabilities are presented within cash flows from
financing activities.
Right-of-use assets are measured at cost comprising the following:
a) the amount of the initial measurement of lease liability;
b) any lease payments made at or before the commencement date less any lease incentive received;
c) any initial direct costs; and
d) any restoration costs.
The right-of-use assets are depreciated over the shorter of the assets\u2019 useful life and the lease term on a
straight-line basis.
The Group does not apply the recognition exemption to short-term leases or leases of low-value assets, as
permitted by the standard.
In determining the lease terms, the management team consider all facts and circumstances that create an
economic incentive to exercise an extension option, or not exercise a termination option. Extension options
(or periods after a termination option) are only included in the lease term if the lease is reasonably certain to
be extended (or not terminated). The assessment is reviewed if a significant event or change in circumstances
occurs which affects this assessment and that is within the control of the lessee.
16 Leases continued The leases which are recognised in the Consolidated Statement of Financial Position are principally in respect of buildings and cars. The Group\u2019s right-of-use assets and lease liabilities are presented below: \u00a3'000 30 November 2022 30 November 2021 Buildings 27,862 30,667 Cars 1,932 1,631 IT equipment \u2013 49 Total right-of-use assets (refer to note 10) 29,794 32,347 Current lease liabilities 11,102 13,081 Non-current lease liabilities 22,600 21,987 Total lease liabilities (refer to note 24) 33,702 35,068 The Consolidated Income Statement includes the following amounts relating to depreciation of right-of-use assets: \u00a3'000 30 November 2022 30 November 2021 Buildings 13,849 10,882 Cars 1,152 1,052 IT equipment 74 74 Total depreciation charge of right-of-use assets 15,075 12,008 In the current year, interest expense on leases amounted to \u00a30.5 million (2021: \u00a30.6 million) and was recognised within finance costs in the Consolidated Income Statement (refer to note 5 Finance income and costs). The total cash outflow for leases in 2022 was \u00a314.3 million (2021: \u00a313.1 million) and comprised the principal and interest element of recognised lease liabilities. 17 Other financial liabilities Accounting policy Financial liabilities All non-derivative financial liabilities are classified as \u2018financial liabilities measured at amortised cost\u2019. All financial liabilities are recognised initially at fair value and net of transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the end of the reporting period. The Group\u2019s financial liabilities include trade and other payables and other financial liabilities, including bank overdraft and lease liabilities. The Group maintains a committed Revolving Credit Facility (RCF) of \u00a350.0 million along with an uncommitted \u00a330.0 million accordion facility, both jointly provided by HSBC and Citibank, giving the Group an option to increase its total borrowings under the facility to \u00a380.0 million. During the current and previous year, the Group did not draw down under these facilities. The Group has also an uncommitted \u00a35.0 million overdraft facility with HSBC of which \u00a30.4 million was used at the year end. Notes to the financial statements continued for the year ended 30 November 2022 On 21 July 2022, the Management negotiated a new credit facility which runs until June 2025 (with options to
extend it until 2027), with key terms and conditions remaining largely similar to the previous facility. Since this is a
new credit facility, it was treated as an extinguishment of the original facility, and all associated costs and legal fees
incurred were recognised immediately in the income statement.
The new facility is subject to financial covenants and any funds borrowed under the new facility will bear a
minimum annual interest rate of 1.2% above the benchmark Sterling Overnight Index Average (SONIA). As
the Group and the Company did not draw down under these facilities, the net finance costs of \u00a30.5 million
(2021: \u00a30.8 million) were mainly related to lease interest.
The RCF is subject to certain covenants requiring the Group to maintain financial ratios over interest cover,
leverage and guarantor cover (note 24(c)). The Group has complied with these covenants throughout the year.
The Group\u2019s exposure to interest rates, liquidity, foreign currency and capital management risks is disclosed in
note 24.
Reconciliation of financial liabilities to cash flows arising from financing activities:
\u00a3'000
Balance at 1 December 2020 35,504
Cash flows:
Interest paid on borrowings, excluding lease liabilities (262)
Payments of principal and interest element of lease liabilities (13,067)
Total cash flows (13,329)
Lease increases 14,026
Lease termination (1,740)
Other movements
1
607
Balance at 30 November 2021 35,068
Cash flows:
Interest paid on borrowings, excluding lease liabilities (137)
Payments of principal and interest element of lease liabilities (14,251)
Total cash flows (14,388)
Lease increases 14,773
Lease termination (2,294)
Other movements
1
543
Balance at 30 November 2022 33,702
1. Other movements in 2022 and 2021 primarily comprise unwind of the discount on lease liabilities.
18 Provisions
Accounting policy
A provision is recognised in the statement of financial position when the Group has a present legal or
constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be
required to settle the obligation. Provisions are recognised at the present value of the expenditures expected to
be required to settle the obligation. No provision is recognised for future operating losses.
18 Provisions continued (a) Movements in each class of provision during the financial year are set out below: \u00a3'000 Dilapidations Restructuring and termination payments Tracker share liability Legal Onerous contracts Total At 1 December 2020 2,705 5,121 3,357 1,321 \u2013 12,504 Additions 318 \u2013 \u2013 \u2013 \u2013 318 (Released)/charged to the income statement (153) 961 (241) 426 \u2013 993 Utilised during the year (131) (4,574) (557) (193) \u2013 (5,455) Forex revaluation (84) \u2013 \u2013 (14) \u2013 (98) At 30 November 2021 2,655 1,508 2,559 1,540 \u2013 8,262 Additions 294 2,998 \u2013 1,565 \u2013 4,857 (Released)/charged to the income statement (36) (58) (134) (238) 984 518 Utilised during the year (127) (1,407) (525) (74) \u2013 (2,133) Forex revaluation 33 \u2013 \u2013 117 \u2013 150 At 30 November 2022 2,819 3,041 1,900 2,910 984 11,654 \u00a3'000 30 November 2022 30 November 2021 Expected timing of provision utilisation Current 7,871 6,258 Non-current 3,783 2,004 11,654 8,262 Provisions are not discounted as the Directors believe that the effect of the time value of money is immaterial. The provisions are measured at cost, which approximates to the present value of the expenditure required to settle the obligation. (b) Information about individual provisions and significant estimates Dilapidations The Group is obliged to pay for dilapidations at the end of its tenancy of various properties. Provision was made based on independent professional estimates of the likely costs on vacating properties based on the current conditions of the properties. The provision is captured within the carrying value of the right-of-use assets and depreciated to profit or loss over the lease term. Restructuring and termination payments At 30 November 2022, the provision comprised primarily future termination payments related to staff in the Ireland and Singapore businesses, which are being restructured, and the Hong Kong business, which was closed at the year end, as well as a number of other employees who will exit the business in early 2023. Termination payments are provided for staff exiting SThree in the normal course of business and in the case of a restructuring. Notes to the financial statements continued for the year ended 30 November 2022 The liability in relation to dilapidation, restructuring and termination payments provisions is expected to crystallise
as follows:
\u00a3'000
30 November
2022
30 November
2021
Within one year 4,037 2,159
One to five years 1,555 1,383
After five years 268 621
5,860 4,163
Tracker share liability
The provision relates to an obligation to repay amounts received or receivable in relation to subscriptions for
tracker shares awarded to senior individuals under the terms of the tracker share arrangements (note 12). The timing
of economic outflow is subject to the factors governing each tracker share and is considered to be within one year.
During the year, \u00a30.5 million (2021: \u00a30.6 million) of the provision was utilised, principally in relation to settled tracker shares.
There were no new subscriptions in the current year as the tracker share scheme was closed for new entrants/investments.
Legal
The provision relates to various ongoing legal and other disputes including employee litigation, compliance with
employment laws and regulations, and open enquiries with tax and pension authorities. The provision relates to
separate claims in a number of different geographic regions and represents our most probable estimate of the likely
outcome of each of the disputes. The timing of economic outflow is subject to the factors governing each case.
Onerous contracts
The provision relates to partially underutilised leased offices in certain locations. The onerous contract provision
was created for corresponding service charges (not capitalised within the initial recognition amount of right-of-use
assets) which would be incurred for the remainder of the underlying lease terms.
19 Deferred tax
Group
\u00a3\u2019000
Accelerated
tax
depreciation
Share-based
payments Tax losses Provisions Total
At 1 December 2020 76 770 898 (262) 1,482
Credit/(charge) to income statement for the year 115 46 (688) 654 127
Prior year credit/(charge) to income statement for
the year 5 (60) (210) 2,248 1,983
Adjustment due to tax rate changes 29 119 \u2013 1 149
Credit directly to equity \u2013 643 \u2013 \u2013 643
Forex revaluation \u2013 1 \u2013 106 107
At 30 November 2021 225 1,519 \u2013 2,747 4,491
Credit/(charge) to income statement for the year 83 80 \u2013 (62) 101
Prior year credit to income statement for the year 13 \u2013 \u2013 44 57
Adjustment due to tax rate changes 44 84 \u2013 166 294
Charge directly to equity \u2013 (574) \u2013 \u2013 (574)
Forex revaluation (4) 32 \u2013 219 247
At 30 November 2022 361 1,141 \u2013 3,114 4,616
19 Deferred tax continued Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so and when the deferred income taxes relate to the same fiscal authority. The following is an analysis of the deferred tax balances for financial reporting purposes: \u00a3'000 30 November 2022 30 November 2021 Deferred tax assets: Recovered within one year 2,016 1,939 Recovered after one year 2,638 2,612 Deferred tax liabilities Settled within one year (8) (12) Settled after one year (30) (48) Net deferred tax assets 4,616 4,491 Deferred tax assets that are expected to be recovered within one year are \u00a32.0 million (2021: \u00a31.9 million) and deferred tax liabilities that are expected to be settled within one year are \u00a30.01 million (2021: \u00a30.01 million). Deferred tax assets are recognised for carry-forward tax losses to the extent that the realisation of the related tax benefit through future taxable profits from the respective jurisdictions is probable. In assessing whether to recognise deferred tax assets, the Group considered both current and the forecast trading performance in these territories and the expectations regarding the levels of profitability that can be achieved. At the reporting date, the Group had unused tax losses of \u00a330.3 million (2021: \u00a334.1 million) available for offset against future profits. No deferred tax asset was recognised in respect of the \u00a330.3 million (2021: \u00a334.1 million) losses. The reduction in losses arises from expiration, recognition, exchange differences and utilisation. Included in unrecognised tax losses are losses of \u00a30.8 million (2021: \u00a30.8 million) which are subject to expiry. Of this amount, \u00a3nil expires over the course of the next five years; and the remaining balance of \u00a30.8 million will expire by 2042. A regional summary of our unrecognised operating tax losses is shown below. \u00a3'000 30 November 2022 30 November 2021 Operating tax losses not recognised Europe 15,532 14,074 Asia Pacific 13,977 8,901 Rest of World 809 11,161 30,318 34,136 Recognised operating losses were \u00a3nil (2021: \u00a3nil) during the year. The Group has the following uncertain tax positions: \u2022 On transfer pricing risks, the provision increased during the year by \u00a30.1 million to \u00a32.3 million (2021: \u00a32.2 million). \u2022 With regards to the European Commission\u2019s decision as of April 2019, that certain parts of the UK\u2019s controlled foreign company legislation gave rise to state aid, the management team concluded that the provision for this uncertain tax position should remain in place at \u00a31.4 million (2021: \u00a31.4 million). On 8 June 2022, the General Court of the European Union dismissed the applications for annulment from both the UK Government and one of the British broadcast television network companies. Both parties have now appealed this decision. The outcome of these appeals will be closely monitored by the management team to determine any implications on the Group\u2019s tax position. Notes to the financial statements continued for the year ended 30 November 2022 Nevertheless, the Group settled the \u00a31.4 million requested by HMRC and this amount is recorded as an asset held
within current tax.
Company
The Company\u2019s deferred tax asset relates in full to the equity-settled share-based payments.
\u00a3'000
At 1 December 2020 1,029
Charge to income statement for the year (855)
Credit directly to equity 172
At 30 November 2021 346
Credit to income statement for the year 41
Charge directly to equity (162)
At 30 November 2022 225
20 Equity
Accounting policy
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or
options are shown in equity as a deduction, net of tax, from the proceeds.
The Group\u2019s holdings in its own equity instruments are classified as \u2018treasury reserve\u2019. The consideration paid,
including any directly attributable incremental costs, is deducted from the equity attributable to the owners of
the Company until the shares are cancelled or reissued. No gain or loss is recognised in the income statement on
the purchase, sale, issue or cancellation of own equity shares.
Employee Benefit Trust (EBT)
The EBT is funded entirely by the Company. The assets and liabilities of the EBT are recognised in the Group\u2019s
Consolidated Financial Statements.
The shares in the EBT are held to satisfy awards and grants under certain employee share schemes. For
accounting purposes, shares held in the EBT are treated in the same manner as treasury shares and are,
therefore, included in the Consolidated Financial Statements as treasury reserve. Consideration, if any, received
for the sale of such shares is also recognised in equity, with any difference between the proceeds from sale and
the original cost being taken to retained earnings. No gain or loss is recognised in the income statement on the
purchase, sale, issue or cancellation of equity shares held by the EBT.
In the separate financial statements of the Company, the EBT is treated as an agent acting on behalf of the
Company. Funding provided by the Company to the EBT is accounted for as the issue of treasury shares.
For accounting policy regarding tracker share awards in subsidiary companies, refer to note 12 Investments.
20 Equity continued Group and Company (a) Share capital Issued and fully paid Number of ordinary shares Share capital \u00a3'000 Capital redemption reserve \u00a3'000 Treasury reserve \u00a3'000 At 1 December 2020 132,896,622 1,330 172 (1,496) Issue of new shares 734,155 7 \u2013 \u2013 Purchase of shares by EBT, including gift of shares \u2013 \u2013 \u2013 (5,332) Utilisation of shares held by EBT \u2013 \u2013 \u2013 3,461 At 30 November 2021 133,630,777 1,337 172 (3,367) Issue of new shares 831,845 8 \u2013 \u2013 Purchase of shares by EBT \u2013 \u2013 \u2013 (9,900) Utilisation of shares held by EBT \u2013 \u2013 \u2013 6,686 At 30 November 2022 134,462,622 1,345 172 (6,581) The nominal value per ordinary share is \u00a30.01 (2021: \u00a30.01). The Company does not have a limited amount of authorised share capital. During the year 831,845 (2021: 734,155) new ordinary shares were issued, resulting in a share premium of \u00a32.8 million (2021: \u00a32.4 million). Of the shares issued, 623,219 (2021: 200,372) were issued to tracker shareholders on settlement of vested and unvested tracker shares and 208,626 (2021: 81,169) pursuant to the exercise of share awards under the Save As You Earn (SAYE) scheme. In the previous year, 452,614 new shares were issued on settlement of Long-Term Incentive Plans (LTIP). Treasury reserve Treasury shares represent SThree plc shares repurchased and available for specific and limited purposes. No shares were utilised from the treasury reserve during the current and previous year. At the year end, 35,767 (2021: 35,767) shares were held in treasury reserve. EBT During the year, the EBT purchased 2,519,652 (2021: 1,220,854) of SThree plc shares. The average price paid per share was 393 pence (2021: 422 pence). The total acquisition cost of the purchased shares was \u00a39.9 million (2021: \u00a35.3 million), for which the treasury reserve was reduced. During the year, the EBT utilised 1,671,868 (2021: 985,932) shares on settlement of vested tracker shares and LTIP awards. At the year end, the EBT held 1,771,146 (2021: 923,362) shares. (b) Share-based payments Tracker share awards in subsidiary companies As described in note 12, until 2019 the Group made tracker share awards in respect of certain subsidiary businesses to senior individuals who participate in the development of those businesses. Notes to the financial statements continued for the year ended 30 November 2022 During the year, the Group settled certain vested and unvested tracker shares for a total consideration of
\u00a36.0 million (2021: \u00a34.8 million) by issue of new shares or using treasury shares purchased from the market. This
resulted in an increase in share capital and share premium for new issue, and reduction in capital reserves for
utilised treasury reserve, with a corresponding reduction in the Group\u2019s retained earnings and provision for tracker
share liability.
LTIP, SAYE and other share schemes
The Group has a number of share schemes to incentivise its Directors and employees. All schemes are treated
as equity-settled (except Share Incentive Plans (SIP)) as the Group has no legal or constructive obligation to
repurchase or settle the options in cash. The schemes are detailed below.
30 November 2022 30 November 2021
Scheme
Charge
(\u00a3'000)
Number
of share
options
Charge
(\u00a3'000)
Number of
share options
Vesting
period
Expiry
date
Valuation
method
Performance
metrics
LTIP 4,221 3,562,691 1,284 3,918,656 3 years Immediate
after vesting
period
Monte Carlo and
Binomial model
Incremental EPS
growth/TSR ranking
against comparator
group
SAYE 148 538,070 236 666,223 3 years 6 months
after 3-year
vesting period
Binomial None
Deferred
bonus in
shares
430 n/a \u2013 n/a 1 year n/a n/a Group financial
targets, shared
objectives, personal
objectives
Free shares 200 n/a \u2013 n/a none n/a n/a None
SIP 55 n/a 38 n/a 1 year n/a n/a None
Total 5,054 4,100,761 1,558 4,584,879
LTIP
Further details on the conditions of the LTIP are provided in the Directors\u2019 remuneration report on pages 152 and
164.
Number of
options
At 1 December 2020 4,458,174
Granted 1,414,288
Exercised (592,964)
Forfeited (1,360,842)
At 30 November 2021 3,918,656
Granted 1,633,560
Exercised (586,063)
Forfeited (1,403,462)
At 30 November 2022 3,562,691
20 Equity continued Out of the 3,562,691 options outstanding (2021: 3,918,656), 20,853 options were exercisable (2021: 68,387). Options exercised during the year under the LTIP were satisfied by new issue or shares held in the EBT. The related weighted average share price at the time of exercise was \u00a33.98 (2021: \u00a34.43). The related transaction costs were negligible. The share options had a weighted average exercise price of \u00a3nil (2021: \u00a3nil). The share options granted in 2022, and separately in 2021, under the Group LTIP scheme were valued as follows: 2022 2021 Weighted average fair value (\u00a3) 4.08 3.57 Key assumptions used: Share price at grant date (\u00a3) 4.08 3.75 Expected volatility 1 36.8% 37.1% Annual risk-free interest rate 1.27% 0.13% Expected life (years) 3 3 1. Expected volatility is determined by using the historic daily volatility of SThree plc\u2019s shares as measured over a period commensurate with the expected performance period of the share options, i.e. three years. Other schemes The SAYE, Free shares and SIP arrangements are not deemed material for further disclosure. Further details behind the executive scheme, deferred bonus in shares, are provided in the Directors\u2019 remuneration report on page 155. 21 Contingencies Legal The Group is involved in various disputes and claims which arise from time to time in the course of its business. These are reviewed on a regular basis and, where possible, an estimate is made of the potential financial impact on the Group. The Group has contingent liabilities in respect of these claims. In appropriate cases a provision is recognised based on advice, best estimates and management judgement. The Directors currently believe the likelihood of any material liabilities to be low, and that such liabilities, if any, will not have a material adverse effect on its financial position. 22 Commitments Capital commitments At the year end, the Group had capital commitments for property, plant and equipment amounting to \u00a316.6 million (2021: \u00a37.6 million). Capital commitments include total future minimum lease payments under leases not yet commenced to which the Group was committed at the year end of \u00a30.5 million (2021: \u00a35.3 million). Other commitments At the year end, the Group had also committed to future lease service costs of \u00a35.4 million (2021: \u00a36.0 million). Guarantees At the year end, the Group/SThree plc had bank guarantees in issue for commitments which amounted to \u00a33.2 million (2021: \u00a34.3 million). Company In 2022, selected UK subsidiaries (see note 26) were exempt from the requirements of the UK Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of s479A of the Act. The Company provides a guarantee concerning the outstanding liabilities of these subsidiaries under Section 479C of the Act. Notes to the financial statements continued for the year ended 30 November 2022 23 Related party transactions
Group
Balances and transactions with subsidiaries were eliminated on consolidation and are not disclosed in this note.
Transactions between the Group and its Directors and members of the Executive Committee (ExCo), who are
deemed to be key management personnel, are disclosed below.
Remuneration of key management personnel (KMP)
The Group\u2019s KMP comprises members of the ExCo, other members of the Board of Directors and key managers
who have authority and responsibility for planning, directing and controlling the activities of the Group, directly or
indirectly. Further details of Directors\u2019 remuneration are included in the Directors\u2019 remuneration report on pages
148 to 173.
The total number of KMP for the year was 14 (2021: 15). Total remuneration for members of KMP, including seven
members who left the business in 2022, is detailed below:
\u00a3'000 2022 2021
Short-term employee benefits 6,452 3,556
Share-based payments 1,491 427
Post-employment benefits 204 266
Termination benefits 87 460
8,234 4,709
Company
The Company has related party relationships with its subsidiaries, with members of its Board and key managers.
The Directors\u2019 remuneration which they receive from the Company is disclosed in the Directors\u2019 remuneration
report. The Company did not have any transactions with the Directors during the financial year other than those
disclosed in the Directors\u2019 remuneration report and below. Details of transactions between the Company and other
related parties are disclosed below.
\u00a3'000 2022 2021
Transactions with the related parties during the year
Dividend income received from subsidiaries 101,400 \u2013
Investments in subsidiaries (note 12) (10,111) (5,904)
Settlement of tracker shares with KMP (1,143) (482)
Loans and advances (repaid to)/received from subsidiaries (51,779) 5,264
Loans repaid by Directors \u2013 10
Loans repaid by other KMP \u2013 169
Interest income received from subsidiaries 4 2
Interest paid by subsidiaries (3,103) (1,571)
Settlement of tracker shares with KMP
During the year, 102,991 shares were issued to the Chief Executive Officer (CEO) as part of the annual tracker shares
settlement. Of the 12 tracker share businesses in which the CEO held interests, nine were recommended for a full or
partial buyout, each having been assessed against the normally applied criteria. The overall buyout offer value for the
CEO was \u00a30.5 million of which \u00a30.4 million was accepted and settled in SThree plc\u2019s shares.
Two other members of KMP were also offered a full or partial buyout offer in 2022. Their total buyout offer
was \u00a31.0 million of which \u00a30.8 million was accepted and settled in SThree plc\u2019s shares. No purchase or sales
transactions were entered into between the Company and its subsidiaries.
23 Related party transactions continued \u00a3'000 30 November 2022 30 November 2021 Year-end balances arising from transactions with related parties Investments in subsidiaries 215,218 206,047 Amounts due to subsidiaries (50,781) (102,560) 24 Financial instruments and financial risk management Financial instruments The Group holds and uses financial instruments to finance its operations and to manage its interest rate and liquidity risks. The Group primarily finances its operations using share capital, revenue and borrowings. The accounting classification of each category of financial instruments and their carrying amounts are set out below. \u00a3'000 Note Measured at amortised cost Elected to be measured at FV through OCI Total carrying amount At 30 November 2022 Financial assets Trade receivables and contract assets 13 342,389 \u2013 342,389 Other receivables 1 13 2,779 \u2013 2,779 Cash and cash equivalents 14 65,809 \u2013 65,809 Financial liabilities Bank overdraft 14 (423) \u2013 (423) Trade payables and accruals 15 (179,271) \u2013 (179,271) Other payables 2 15 (9,853) \u2013 (9,853) Lease liabilities 16,17 (33,702) \u2013 (33,702) \u00a3'000 Note Measured at amortised cost Elected to be measured at FV through OCI Total carrying amount At 30 November 2021 Financial assets Investments 12 \u2013 1 1 Trade receivables and contract assets 13 284,068 \u2013 284,068 Other receivables 1 13 2,961 \u2013 2,961 Cash and cash equivalents 14 57,526 \u2013 57,526 Financial liabilities Bank overdraft 14 (24) \u2013 (24) Trade payables and accruals 15 (167,949) \u2013 (167,949) Other payables 2 15 (5,342) \u2013 (5,342) Lease liabilities 16,17 35,068 \u2013 35,068 1. Other receivables comprise mainly rental deposits and staff loans and exclude non-financial assets. 2. Other payables comprise mainly cash in transit and other trade creditors and exclude non-financial liabilities. Notes to the financial statements continued for the year ended 30 November 2022 Financial risk factors
The Group reports in Sterling and pays dividends out of Sterling profits. The role of the Group\u2019s corporate treasury
function is to manage and monitor external and internal funding requirements and financial risks in support of
corporate objectives. Treasury activities are governed by policies and procedures approved by the Board. A
treasury management committee, chaired by the Chief Financial Officer, meets on a monthly basis to review
treasury activities and its members receive management information relating to treasury activities. The Group\u2019s
internal auditors periodically review the treasury internal control environment and compliance with policies
and procedures.
Each year, the Board reviews the Group\u2019s currency hedging strategy to ensure it is appropriate. The Group does not
hold or issue derivative financial instruments for speculative purposes and its treasury policies specifically prohibit
such activity. All transactions in financial instruments are undertaken to manage the risks arising from underlying
business activities, not for speculation.
The Group corporate treasury function enters into a limited number of derivative transactions, principally currency
swaps and forward currency contracts, with the purpose of managing the currency risks arising from operations
and financing of subsidiaries.
At the year end, the Group had net foreign exchange swaps of:
Currency
2022
LCCY'000
2022
\u00a3'000
2021
LCCY'000
2021
\u00a3'000
United Arab Emirates Dirham (AED) 2,218 501 7,314 1,497
Canadian Dollar (CAD) (486) (300) (199) (117)
Swiss Franc (CHF) (759) (666) (4,650) (3,806)
Euro (EUR) (15,106) (13,041) 2,974 2,535
Hong Kong Dollar (HKD) 5,559 590 7,664 739
Japanese Yen (JPY) (606,417) (3,645) (221,633) (1,472)
Singapore Dollar (SGD) (8,142) (4,961) (5,412) (2,982)
US Dollar (USD) (30,569) (25,355) (17,936) (13,483)
(46,877) (17,089)
The contracts were mainly taken out close to the year-end date for a period of 30 to 32 days (2021: 31 to 37 days),
and they had an immaterial net positive fair value (2021: \u00a30.1 million) at the year end.
The Group is exposed to a number of different financial risks including capital management, foreign currency rates,
liquidity, credit and interest rates risks, which were not materially changed from the previous year. The Group\u2019s
objective and strategy in responding to these risks are set out below and did not change materially from the
previous year.
(a) Capital risk management
The Group\u2019s objectives when managing capital are to safeguard the Group and its subsidiaries\u2019 ability to continue
as going concerns to provide returns for shareholders and benefits for other stakeholders and to maintain an
optimal capital structure to minimise the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, delay or reduce the settlement of vested tracker shares, sell assets to reduce debt, return capital
to shareholders or issue new shares, subject to applicable rules. The Group\u2019s policy is to settle the vested tracker
shares in the Company\u2019s shares. During the year, certain vested and unvested tracker shares were settled by issue
of new shares or using treasury shares purchased from the market (note 20(a)).
24 Financial instruments and financial risk management continued The capital structure of the Group consists of equity attributable to owners of the parent of \u00a3200.4 million (2021: \u00a3158.2 million), comprising share capital, share premium, other reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity and net cash of \u00a365.4 million (2021: \u00a357.5 million), comprising cash and cash equivalents less bank overdraft (note 14). Except for compliance with certain bank covenants (note 24(c)), the Group is not subject to any externally imposed capital requirements. (b) Foreign currency exchange risk management The Group uses Sterling as its presentation currency. It undertakes transactions in a number of foreign currencies. Consequently, exposures to exchange rate fluctuations do arise. Such exchange rate movements affect the Group\u2019s transactional revenues, cost of sales, the translation of earnings and the net assets/liabilities of its overseas operations. The Group is also exposed to foreign currency risks from the value of net investments outside the United Kingdom. The intercompany loans which are treated as net investments in foreign operations are not planned to be settled in the foreseeable future as they are deemed to be a part of the investment. Therefore, exchange differences arising from the translation of the net investment loans are taken into equity. The Group\u2019s businesses generally raise invoices and incur expenses in their local currencies. Local currency cash generated is remitted via intercompany transfers to the United Kingdom. The Group generally converts foreign currency balances into Sterling to manage its cash flows. Foreign currency sensitivity analysis The Group is mainly exposed to the Euro and the US Dollar. If the Euro or the US Dollar strengthened against Sterling by a movement of 10%, the anticipated impact on the Group\u2019s results in terms of translational exposure would be an increase in profit before income tax of \u00a36.9 million and \u00a33.4 million (2021: \u00a37.0 million and \u00a33.1 million) respectively, with a similar decrease if the Euro or the US Dollar weakened against Sterling by 10%. (c) Liquidity risk management The Group\u2019s treasury function centrally coordinates relationships with banks, manages borrowing requirements, foreign exchange needs and cash management. The Group has access to a committed RCF of \u00a350.0 million along with an uncommitted \u00a330.0 million accordion facility in place with HSBC and Citibank, giving the Group an option to increase its total borrowings under the facility to \u00a380.0 million. At the year end, \u00a3nil (2021: \u00a3nil) was drawn down on these facilities. The Group also has an uncommitted \u00a35.0 million overdraft facility with HSBC of which \u00a30.4 million was used at the year end. The RCF is subject to certain covenants requiring the Group to maintain financial ratios over interest cover, leverage and guarantor cover. The Group complied with these covenants throughout the year. (i) Interest cover: interest cover shall not be less than the ratio of 4:1 at any time; (ii) Leverage: the ratio of total net debt on the last day of a period to the adjusted EBITDA in respect of that period shall not exceed the ratio of 3:1; and (iii) Guarantor cover: the aggregate adjusted EBITDA and gross assets of all the guarantor subsidiaries must at all times represent at least 80% of the adjusted EBITDA and gross assets of the Group as a whole. Notes to the financial statements continued for the year ended 30 November 2022 The table below shows the maturity profile of the financial liabilities which are held at amortised cost based on the
contractual amounts payable on the date of repayment:
Lease liabilities
Trade and other payables,
including bank overdrafts
\u00a3'000 Group Group Company
At 30 November 2022
Within one year 11,023 189,547 53,602
More than one year 23,254 \u2013 \u2013
34,277 189,547 53,602
At 30 November 2021
Within one year 13,081 173,315 105,387
More than one year 21,987 \u2013 \u2013
35,068 173,315 105,387
(d) Credit risk management
(i) Risk management
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss
to the Group.
In the normal course of business, the Group participates in cash pooling arrangements with its counterparty
bank. The maximum exposure to a single banking group for deposits and funds held on account at the year end
was \u00a340.6 million (2021: \u00a343.5 million). The Group will not accept any counterparty bank for its deposits unless it
has been awarded a minimum recognised credit rating of A3/Prime-2 (Moody\u2019s). Some local banks in emerging
markets may have lower ratings but the funds at risk will be small. The Group will permit exposures with individual
counterparty banks and exposure types up to pre-defined limits as part of the Group treasury policy. Exposure to
all transaction limits is monitored daily.
The Group mitigates its credit risk from trade receivables by using a credit rating agency to assess new clients and
payment history to consider further credit extensions to existing clients. In addition, the spread of the client base
(over 8,200 clients) helps to mitigate the risk of individual client failure having a material impact on the Group.
The Group does not typically renegotiate the terms of trade receivables; hence the outstanding balance is included
in the analysis based on the original payment terms. There were no significant renegotiated balances outstanding
at the year end.
The Group\u2019s credit risk from loans given to certain tracker shareholders (note 13) is immaterial. In 2022, five loans
were repaid in full, and only three remain outstanding (2021: eight outstanding tracker share loans) for the total
amount of \u00a30.1 million. Exposure to loans from individuals is regularly monitored and the individuals are asked
to settle all or a portion of their outstanding balances when their tracker shares are settled, when they receive
dividends or if they leave the business.
Climate-related matters
In the current year, the management team continued to monitor and mitigate any potential deterioration in clients\u2019
credit risk, in particular for a small proportion of the Group\u2019s clients which are exposed to physical and transition
risks associated with climate change. No material financial impact or deterioration in our clients\u2019 ability to settle
their debt obligations was identified.
In the near future, in line with the Group\u2019s climate change strategy, the management team has plans to establish
credit rating/scoring matrix which will help us to assess how our clients address ESG matters within their
organisations, and whether their policies meet our standards and risk appetite.
24 Financial instruments and financial risk management continued (ii) Credit rating The Group uses the following categories of internal credit risk rating for financial assets which are subject to ECLs under the three-stage general approach. These categories reflect the respective credit risk and how the loss provision is determined for each of those categories. Category of internal credit rating Definition of category Basis of recognition of ECLs Performing Clients have a low risk of default and a strong capacity to meet contractual cash flows 12-month ECLs Underperforming/non-performing Clients negotiating for new credit terms, default in repayment and other relevant indicators that showed customers\u2019 deteriorating financial condition Lifetime ECLs Non-performing Interest and/or principal payment are 90 days past due Lifetime ECLs Write-off Clients with no reasonable expectation of recovery Asset is written off (iii) Impairment of financial assets The Group applies the simplified approach by using the provision matrix to measure the lifetime ECLs for trade receivables and contract assets. At 30 November 2022, cash and cash equivalents, other receivables and refundable deposits are rated with a \u2018performing\u2019 internal credit rating. The credit risks on bank balances, other receivables and deposits are low as these balances are placed with reputable financial institutions or companies with good collection track records with the Group. To measure the ECLs, the Group considers historical payment patterns and credit characteristics of each client and adjusts for forward-looking information such as future prospects of the clients\u2019 core operating industries, the political and economic environment in which the Group\u2019s clients operate, and other information and factors on the clients\u2019 financial condition. Notwithstanding the above, the Group evaluates the ECLs on clients in financial difficulties and who have defaulted on payments separately. These receivables are not secured by any collateral or credit enhancements. Trade and other receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss. Notes to the financial statements continued for the year ended 30 November 2022 The Group\u2019s credit risk exposure in relation to trade receivables and contract assets as at 30 November 2022 and
30 November 2021 is set out in the provision matrix as follows:
\u00a3'000 Current
1-30
days
past due
31-60
days
past due
61-120
days
past due
More than
120 days
past due Total
30 November 2022
Expected loss rates 0.03% 0.45% 1.08% 1.62% 47.40%
Gross trade receivables 196,628 29,960 11,741 9,323 6,761 254,413
Contract assets 91,680 \u2013 \u2013 \u2013 \u2013 91,680
Other assets 2,779 \u2013 \u2013 \u2013 \u2013 2,779
Loss allowances 87 135 127 151 3,204 3,704
\u00a3'000 Current
1-30
days
past due
31-60
days
past due
61-120
days
past due
More than
120 days
past due Total
30 November 2021
Expected loss rates 0.193% 1.31% 0.89% 4.09% 47.42%
Gross trade receivables 162,728 24,080 7,428 5,235 6,822 206,293
Contract assets 82,083 \u2013 \u2013 \u2013 \u2013 82,083
Other assets 2,961 \u2013 \u2013 \u2013 \u2013 2,961
Loss allowances 478 315 66 214 3,235 4,308
(e) Interest rate risk management
The Group is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash
flows or the fair values of its financial instruments, principally financial liabilities. The Group finances its operations
through a mixture of retained profit and the RCF.
The Group does not hedge the exposure to variations in interest rates.
Taking into consideration all variable rate borrowings and bank balances at 30 November 2022, if the interest rate
payable or receivable moved by 100 basis points in either direction, the effect to the Group would be minimal. 100
basis points was used on the assumption that applicable interest rates are not likely to move by more than this basis
given the pattern of interest rate movements in recent years.
(f) Interest rate profile of financial assets and liabilities
At the reporting date, the Group and the Company did not have any significant financial liabilities exposed to
interest rate risk. The only financial assets which accrued interest were cash and cash equivalents (note 14) with
maturity of less than a year and were subject to floating interest income.
Interest Rate Benchmark Reform
LIBOR was discontinued as a benchmark rate from 31 December 2021 and replaced with Alternative Reference
Rates (ARRs). The adoption of these amendments and the transition to ARRs had an immaterial financial impact on
SThree\u2019s ability to manage interest rate risk. The implications on the trading results of our segments of IBOR reform
have also been assessed and the expected impact is immaterial.
24 Financial instruments and financial risk management continued (g) Currency profile of net cash and cash equivalents (including bank overdrafts) Net cash and cash equivalents \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2022 Functional currency of Group operations Sterling 17,610 14,396 9,437 195 41,638 Euro 70 14,712 \u2013 190 14,972 US Dollar \u2013 \u2013 167 \u2013 167 Other 11 \u2013 1,608 6,990 8,609 17,691 29,108 11,212 7,375 65,386 \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2021 Functional currency of Group operations Sterling 5,541 17,727 17,254 \u2013 40,522 Euro 21 7,713 \u2013 \u2013 7,734 US Dollar \u2013 \u2013 24 \u2013 24 Other 6 6 643 8,567 9,222 5,568 25,446 17,921 8,567 57,502 Other foreign currencies held by the Group include Canadian Dollar, Hong Kong Dollar, Australian Dollar, Japanese Yen, Malaysian Ringgit, Qatari Riyal, Singapore Dollar, Saudi Arabia Riyal, Swiss Franc and United Arab Emirates Dirham. The Company does not have a material exposure to other currencies. (h) Fair value For all financial instruments, the carrying amount is either the fair value, or approximates the fair value. Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s length transaction between informed and willing parties, other than a forced or liquidation sale, and excludes accrued interest. Where relevant, market values were used to determine fair values. Where market values were not available, fair value was calculated by discounting expected cash flows at prevailing interest rates and by applying year-end exchange rates. The Group holds a minority shareholding in RoboRecruiter (see note 12) which fair value was written off to other comprehensive income in the current year. Previously, the investment valuation was categorised within level 1 of the fair value hierarchy. The Group\u2019s all other financial assets or financial liabilities, which are not measured at fair value, have the carrying amounts which are a reasonable approximation of their fair values. Notes to the financial statements continued for the year ended 30 November 2022 Summary of fair value methods and assumptions
Receivables and payables Due to the short-term nature of the current receivables and payables, their
carrying amount is considered to be the same as their fair value.
Cash and cash equivalents,
including short-term deposits
Approximates the carrying amount because of the short maturity of these
instruments.
Investments Market valuation at the end of the reporting year.
Borrowings The carrying amount of the Group\u2019s borrowings, primarily the RCF,
approximates their fair value. The fair value of the RCF is estimated using
discounted cash flow analysis based on the Group\u2019s current incremental
borrowing rates for similar types and maturities of borrowing and is
consequently categorised in level 2 of the fair value hierarchy.
25 Subsequent events
There were no subsequent events following 30 November 2022.
26 List of subsidiaries
The full list of SThree plc\u2019s subsidiaries at 30 November 2022 and 30 November 2021, and the Group percentage of
ordinary share capital and voting rights is as follows:
Name of undertaking %
Country of
incorporation
Principal
activities Registered office
Registered
number
SThree Australia Pty 100 Australia Liquidated C/O DLA Piper Australia, 80 Collins
Street, Melbourne VIC 3000, PO Box
4301, Australia
126 409 103
SThree Austria GmbH 100 Austria Recruitment Wiedner Gurtel 13, Turm 24,
10 OG. 1100 Vienna, Austria
FN 447727 y
SThree Temp Experts Austria
GmbH
100 Austria Recruitment Wiedner Gurtel 13,
Turm 24, 10 OG. 1100 Vienna, Austria
FN 520633
Computer Futures Solutions NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de
verdieping, B-1000 Brussels, Belgium
BE 0461.883.118
Huxley Associates Belgium NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de
verdieping, B-1000 Brussels, Belgium
BE 0886.778.156
SThree Services NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de
verdieping, B-1000 Brussels, Belgium
BE 0889.572.251
SThree Belgium NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de
verdieping, B-1000 Brussels, Belgium
BE 0892.363.574
SThree Canada Limited 100 Canada Recruitment Sun Life Plaza West Tower, 144-4
Avenue SW, Suite 1600, Calgary AB
T2P 3N4, Canada
810508-1
SThree SAS 100 France Recruitment 170 Boulevard de la Villette, 75019,
Paris, France
502 095 094
SThree Holdings GmbH 100 Germany Holding
company
Querstrasse 7, 60322, Frankfurt am
Main, Germany
HRB 96507
SThree GmbH 100 Germany Recruitment Querstrasse 7, 60322, Frankfurt am
Main, Germany
HRB 78875
Name of undertaking % Country of incorporation Principal activities Registered office Registered number SThree Temp Experts GmbH 100 Germany Recruitment Querstrasse 7, 60322, Frankfurt am Main, Germany HRB 103758 SThree Services GmbH 100 Germany Recruitment Querstrasse 7, 60322, Frankfurt am Main, Germany HRB 122851 SThree Limited 100 Hong Kong Recruitment 10th Floor, YF Life Tower, 33 Lockhart Road, Wan Chai, Hong Kong 1113048 SThree India Private Limited 100 India Under liquidation 511 The Corporate Centre, Nirmal Lifestyle Mall, LBS Road, Mulund (West), Mumbai, Maharashtra-MH. 400080, India 200224 SThree Staffing Ireland Limited 100 Ireland Recruitment 3rd Floor, 80 Harcourt Street, Dublin 2, Ireland 283856 SThree K.K. 100 Japan Recruitment Kabukiza Tower, 12-15, Ginza 4-chome, Chuo-ku, Tokyo, Japan 0100-01-147559 SThree S.\u00e0 r.l. 100 Luxembourg Recruitment 33 Boulevard Prince Henri, Luxembourg, L-1724, Luxembourg B160680 Progressive Global Energy Sdn. Bhd. 49 Malaysia Recruitment 10th Floor, Menara Hap Seng, No 1&3 Jalan P Ramlee, 50250 Kuala Lumpur, Malaysia 201301004004 SThree Holdings BV 100 Netherlands Recruitment Gustav Mahlerlaan 38, Gebouw Som 1, 1082MC, Amsterdam, Netherlands 24295090 Huxley BV 100 Netherlands Recruitment Keizersgracht 281, 5e verdieping, 1016ED, Amsterdam., Netherlands 54742730 SThree Interim Services BV 100 Netherlands Recruitment Gustav Mahlerlaan 38, Gebouw Som 1, 1082MC, Amsterdam, Netherlands 58612122 SThree Pte. Ltd. 100 Singapore Recruitment WeWork, 30 Raffles Place, 17th Floor, #12 \u2013 01, 048622, Singapore 200720126E SThree Business Services Ib\u00e9rica, S.L. 100 Spain Recruitment WeWork, Glories, Carrer T\u00e0nger 86, 08018 Barcelona, Spain B87900593 SThree Switzerland GmbH 100 Switzerland Recruitment 3rd Floor, Claridenstrasse 34, 8002 Z\u00fcrich, Switzerland CH- 020.4.044.653-4 Cavendish Directors Limited* 100 UK Dormant 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 04326888 SThree UK Holdings Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 03804468 SThree Overseas Holdings Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 03247281 SThree UK Management Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 07509542 SThree Overseas Management Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 07846499 Notes to the financial statements continued for the year ended 30 November 2022 26 List of subsidiaries continued Name of undertaking %
Country of
incorporation
Principal
activities Registered office
Registered
number
SThree UK Operations Limited* 100 UK Holding
company
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
08628611
SThree Euro UK Limited 100 UK Support
services
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
04632138
SThree IP Limited* 100 UK Support
services
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
03682824
SThree Management Services
Limited*
100 UK Management
services
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
04255086
SThree Partnership LLP 100 UK Recruitment 1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
OC387148
Huxley Associates Global Limited 100 UK Recruitment 1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
05908145
Progressive Global Energy Limited 100 UK Recruitment 1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
04883344
Progressive Global Energy
Kurdistan Limited
100 UK Dormant 1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
08286247
Elevize Limited 100 UK Support
services
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
03561279
HireFirst Limited 100 UK Recruitment
Technology
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
11050648
Talent Deck Limited 100 UK Dormant 1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
10841039
Showcaser Limited 100 UK Dormant 1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
10873444
SThree Ventures Limited 100 UK Holding
company
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
11047674
SThree Dollar UK Limited 100 UK Support
services
1st Floor, 75 King William Street,
London, EC4N 7BE, United Kingdom
11740244
Specialist Staffing Holdings Inc 100 USA Holding
company
Corporation Service Company,
251 Little Falls Drive, Wilmington DE
19808, United States
5692896
Specialist Staffing Solutions Inc 100 USA Recruitment Corporation Service Company,
251 Little Falls Drive, Wilmington DE
19808, United States
4367091
Specialist Staffing Services Inc 100 USA Recruitment Corporation Service Company,
251 Little Falls Drive, Wilmington DE
19808, United States
5134909
Newington International Inc 100 USA Recruitment 1209 Orange Street, City of
Wilmington, County of New Castle
DE 19801, United States
5222208
* Directly held subsidiaries. All other subsidiaries are indirectly held.
26 List of subsidiaries continued Statutory Guarantees and audit exemptions The following Group entities are exempt from audit by virtue of Section 479A of the Companies Act 2006. SThree plc has provided statutory guarantees to all these entities in accordance with the Companies Act: SThree Euro UK Limited Huxley Associates Global Limited Talent Deck Limited SThree IP Limited Progressive Global Energy Limited Showcaser Limited SThree Dollar UK Limited Progressive Global Energy Kurdistan Limited SThree Ventures Limited SThree UK Operations Limited HireFirst Limited SThree Management Services Limited Elevize Limited 27 Alternative performance measures (APMs): definitions and reconciliations Adjusted APMs In discussing the performance of the Group, comparable measures are used which are calculated by deducting from the directly reconcilable IFRS measures the impact of the Group\u2019s restructuring income recognised in the prior year, which is considered as an item impacting comparability, due to its nature. The restructuring income comprised government grant income arising from a strategic relocation of SThree\u2019s central support functions away from the London headquarters to the Centre of Excellence located in Glasgow in 2018. The Group discloses comparable performance measures to enable users to focus on the underlying performance of the business on a basis which is common to both periods for which these measures are presented. The reconciliation of comparable measures to the directly related measures calculated in accordance with IFRS is as follows: Reconciliation of adjusted financial indicators for continuing operations \u00a3'000, unless otherwise stated 2022 Revenue Net fees Administrative expenses including impairment loss Operating profit Profit before tax Tax Profit after tax Basic EPS (pence) As reported* 1,639,446 430,616 (353,064) 77,552 77,026 (22,824) 54,202 41.0p * In 2022, there were no adjusting items. \u00a3'000, unless otherwise stated 2021 Revenue Net fees Administrative expenses including impairment loss Operating profit Profit before tax Tax Profit after tax Basic EPS (pence) As reported 1,330,726 355,713 (294,720) 60,993 60,158 (17,907) 42,251 31.9p Exceptional items \u2013 \u2013 (184) (184) (184) 35 (149) (0.1)p Adjusted 1,330,726 355,713 (294,904) 60,809 59,974 (17,872) 42,102 31.8p APMs in constant currency As we are operating in 14 countries and with many different currencies, we are affected by foreign exchange movements, and we report our financial results to reflect this. However, we manage the business against targets which are set to be comparable between years and within them, for otherwise foreign currency movements would undermine our ability to drive the business forward and control it. Within this Annual Report, we have highlighted comparable results on a constant currency basis as well as the audited results (\u2018on a reported basis\u2019) which reflect the actual foreign currency effects experienced. Notes to the financial statements continued for the year ended 30 November 2022 The Group evaluates its operating and financial performance on a constant currency basis (i.e. without giving
effect to the impact of variation of foreign currency exchange rates from year to year). Constant currency APMs
are calculated by applying the prior year foreign exchange rates to the current and prior financial year results to
remove the impact of exchange rate.
Measures on a constant currency basis enable users to focus on the performance of the business on a basis which
is not affected by changes in foreign currency exchange rates applicable to the Group\u2019s operating activities from
period to period.
The calculations of the APMs on a constant currency basis and the reconciliation to the most directly related
measures calculated in accordance with IFRS are as follows:
2022
\u00a3'000, unless otherwise stated Revenue Net fees
Operating
profit
Operating
profit
conversion
ratio**
Profit
before tax
Basic EPS
(pence)
As reported* 1,639,446 430,616 77,552 18.0% 77,026 41.0p
Currency impact (22,830) (8,046) (2,804) (0.3%) (2,774) (1.5)p
As reported in constant currency 1,616,616 422,570 74,748 17.7% 74,252 39.5p
* In 2022, there were no adjusting items.
\u00a3'000, unless otherwise stated
2021
Revenue Net fees
Operating
profit
Operating
profit
conversion
ratio**
Profit
before tax
Basic EPS
(pence)
Adjusted 1,330,726 355,713 60,809 17.1% 59,974 31.8p
Currency impact 35,686 11,325 3,648 0.5% 3,669 2.0p
Adjusted in constant currency 1,366,412 367,038 64,457 17.6% 63,643 33.8p
** Operating profit conversion ratio represents operating profit over net fees.
Other APMs
Net cash excluding lease liabilities
Net cash is an APM used by the Directors to evaluate the Group\u2019s capital structure and leverage. Net cash is
defined as cash and cash equivalents less current and non-current borrowings excluding lease liabilities, less bank
overdraft, as illustrated below:
\u00a3'000 2022 2021
Cash and cash equivalents 65,809 57, 526
Bank overdraft (423) (24)
Net cash 65,386 57,502
EBITDA
In addition to measuring financial performance of the Group based on operating profit, the Directors also
measure performance based on EBITDA. It is calculated by adding back to the reported operating profit non-
cash items such as the depreciation of property, plant and equipment (PPE), the amortisation and impairment of
intangible assets, loss on disposal of PPE and intangible assets, gain on lease modification and the employee share
options charge.
27 Alternative performance measures (APMs): definitions and reconciliations continued The Group also discloses adjusted EBITDA which is intended to provide useful information to analyse the Group\u2019s operating performance excluding the impact of operating non-cash items as defined above and net exceptional items. Where relevant, the Group also uses adjusted EBITDA to measure the level of financial leverage of the Group by comparing adjusted EBITDA to net debt. A reconciliation of reported operating profit for the year, the most directly comparable IFRS measure, to EBITDA and adjusted EBITDA is set out below. \u00a3'000 2022 2021 Reported operating profit for the year from continuing operations 77,552 60,993 Reported operating loss for the year from discontinued operations \u2013 (33) Depreciation of PPE 18,682 15,764 Depreciation and impairment of intangible assets 719 2,561 Loss on disposal of PPE and intangible assets 1,298 273 Gain on lease modification (266) \u2013 Employee share options charge 4,999 1,520 EBITDA 102,984 81,078 Exceptional items \u2013 (184) Adjusted EBITDA 102,984 80,894 Dividend cover The Group uses dividend cover as an APM to ensure that its dividend policy is sustainable and in line with the overall strategy for the use of cash. Dividend cover is defined as the number of times the Company is capable of paying dividends to shareholders from the profits earned during a financial year, and it is calculated as the Group\u2019s profit for the year attributable to owners of the Company over the total dividend paid to ordinary shareholders. \u00a3'000 2022 2021 Profit for the year attributable to owners of the Company A 54,202 41,982 Dividend proposed to be paid to shareholders (note 9) B 21,179 14,672 Dividend cover (A \u00f7 B) 2.6 2.9 Contract margin for continuing operations The Group uses Contract margin as an APM to evaluate Contract business quality and the service offered to customers. Contract margin is defined as Contract net fees as a percentage of Contract revenue. \u00a3'000 2022 2021 Contract net fees A 334,215 266,163 Contract revenue B 1,540,323 1,239,100 Contract margin (A \u00f7 B) 21.7% 21.5% Notes to the financial statements continued for the year ended 30 November 2022 Total shareholder return (TSR)
The Group uses TSR as an APM to measure the growth in value of a shareholding over a specified period, assuming
that dividends are reinvested to purchase additional shares at the closing price applicable on the ex-dividend date.
The TSR is calculated by the external independent data-stream party.
2022 2021
SThree plc TSR return index value: three-month average to 30 Nov 2019 (2021: 30 Nov 2018) (pence) 262.41 284.75
SThree plc TSR return index value: three-month average to 30 Nov 2022 (2021: 30 Nov 2021) (pence) 355.43 528.47
Total shareholder return 35.4% 85.6%
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"value": "General information SThree plc is a public limited company listed on the London Stock Exchange, incorporated in the United Kingdom and domiciled in the United Kingdom, and registered in England and Wales. Its registered o ce is 1st Floor, 75 King William Street, London, EC4N 7BE. The business model, activities, locations of SThree plc (the Company) and its subsidiaries (together the Group) are set out further in the Strategic Report of this Annual Report. ",
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"value": "Going concern The Consolidated and Company-only Financial Statements have been prepared on a going concern basis. The Directors have reviewed the Group\u2019s cash flow forecasts, considered the assumptions contained in the budget, and considered associated principal risks which may impact the Group\u2019s performance in the 12 months from the date of approval of this year\u2019s financial statements and in the period immediately thereafter. At 30 November 2022, the Group had no debt except for IFRS 16 lease liabilities of \u00a333.7 million and a small bank overdraft. Credit facilities relevant to the review period comprise a committed \u00a350.0 million RCF (a recently refinanced facility expiring in May 2025, with extension options to 2027) and an uncommitted \u00a330.0 million accordion facility, both jointly provided by HSBC and Citibank. These facilities remained undrawn on 30 November 2022. A further uncommitted \u00a35.0 million bank overdraft facility is also held with HSBC of which \u00a30.4 million was used at the year end. (Refer to note 17 Other financial liabilities for further details on the new credit facility which replaced the existing RCF as mentioned here.) In addition, the Group has \u00a365.4 million of cash and cash equivalents available to fund its short-term needs, as well as a substantial working capital position, reflecting net cash due to SThree for placements already undertaken. The assessment of going concern is further described in the Strategic Report as part of the Compliance information under the heading \u2018Going concern\u2019 on page 114 which is incorporated by reference into these financial statements. Based on this evaluation, the Directors have formed a judgement that the Group has adequate resources to continue in operational existence for at least the next 12 months from the date of approval of the Group\u2019s Consolidated Financial Statements, and considered it appropriate to prepare them on the going concern basis. ",
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"fact-469": {
"value": "Accounting policies The accounting policies used in the preparation of the Consolidated Financial Statements are consistent with those applied in the previous financial year, except for the adoption of new and amended standards effective as of 1 December 2021 as set out below. New and amended standards effective in 2022 and adopted by the Group The following amendments to the accounting standards, issued by the IASB and endorsed by the UK and EU, have been adopted by the Group and became applicable as of 1 December 2021. The Group did not have to change its accounting policies or make retrospective adjustments as a result of adopting these amended standards. \u2022 Amendments to IFRS 7, IFRS 9, IFRS 16 and IAS 39 Interest Rate Benchmark Reform \u2013 phase 2. The replacement of Interbank Offered Rates (IBORs) with Alternative Reference Rates (ARRs) began from December 2021. Where floating interest-bearing receivables and payables exist (currently based on IBORs) the Group applied suitable replacement benchmark rates and accounts for the instruments in accordance with the amendments to IFRS 9 Financial Instruments published in 2019 (Phase 1) and 2020 (Phase 2). The adoption of these amendments and the transition to ARRs had an immaterial financial impact. The implications on the trading results of our segments of IBOR reform were also assessed and the expected impact was found to be immaterial. New and amended standards that are applicable to the Group but not yet effective As at the date of authorisation of this Annual Report, the following amendments to existing standards were in issue but not yet effective. Where already endorsed by the UK, these changes will be adopted on the effective dates noted. Where not yet endorsed by the UK, the adoption date is less certain. These amendments are not expected to have a material impact on the Group in the current or future periods. \u2022 Reference to the Conceptual Framework (amendments to IFRS 3). \u2022 Property, plant and equipment \u2013 proceeds before intended use (amendments to IAS 16). \u2022 Onerous contracts \u2013 cost of fulfilling a contract (amendments to IAS 37). \u2022 Annual improvements to IFRS 2018-2020 (amendments to the following standards: IFRS 1, IFRS 9, IFRS 16 and IAS 41). The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. The Group\u2019s significant accounting policies relating to specific financial statement items are set out under the relevant notes. Accounting policies that affect the financial statements as a whole and a description of the accounting estimates and judgements are set out below. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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"fact-470": {
"value": "Basis of consolidation The Consolidated Financial Statements of the Group include the financial statements of the Company and all its subsidiaries. Subsidiaries are fully consolidated from the date on which the Group obtains control. The Group has control when it has rights to variable returns from its involvement in the entity and has the ability to affect those returns through its power over the entity. The subsidiaries are deconsolidated from the date on which that control ceases. When the Group disposes of a subsidiary, the gain or loss on disposal represents: (i) the aggregate of the fair value of the consideration received or receivable; (ii) the carrying amount of the subsidiary\u2019s net assets (including goodwill) at the date of disposal; and (iii) any directly attributable disposal costs. Amounts previously recognised in other comprehensive income in relation to the subsidiary are removed from equity and recognised in the Consolidated Income Statement as part of the gain or loss on disposal. Uniform accounting policies are adopted across the Group. All intra-group balances and transactions, including unrealised profits and losses arising from intra-group transactions, are eliminated on consolidation. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-471": {
"value": "Foreign currencies and translation Functional and presentation currency Items included in the financial statements of each Group subsidiary are measured using the currency of the primary economic environment in which that subsidiary operates (its functional currency). Transactions and balances Foreign currency transactions are translated using exchange rates at the date of the transactions. Any exchange gain or loss from settlement of these transactions or translation at the period end are recognised in the income statement. Consolidation On consolidation, the subsidiaries\u2019 assets and liabilities denominated in foreign currencies are translated into Sterling at the rates ruling at the reporting date. The results of foreign subsidiaries are translated into Sterling at average rates of exchange for the period and the exchange differences arising on translation are recognised in Other Comprehensive Income. Any exchange differences which have arisen from an entity\u2019s investment in a foreign subsidiary, including long-term loans, are recognised as a separate component of equity and are included in the Group\u2019s currency translation reserve (CTR). When a foreign operation is sold, such exchange differences are reclassified from CTR to the Consolidated Income Statement to form part of the gain or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-500": {
"value": "Functional and presentation currency Items included in the financial statements of each Group subsidiary are measured using the currency of the primary economic environment in which that subsidiary operates (its functional currency). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
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"fact-519": {
"value": "Critical accounting judgements and estimates The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and judgements. It also requires management to exercise judgement in the process of applying the Company\u2019s accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting judgements Details of critical accounting judgements which could have a significant impact upon the financial statements are set out in the related notes as follows: (i) Tracker shares arrangements (refer to note 12 Investments); (ii) Exceptional items (refer to note 3 Administrative expenses). (iii) Indicators of impairment of investments in subsidiaries (Company only) (refer to note 12 Investments). Critical accounting estimates The assumptions and estimates at the end of the current reporting period that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out in the related note as follows: (i) Revenue recognition (refer to note 2 Operating segments). Critical accounting estimates Revenue recognition (Contract assets) Contract revenue is recognised when the supply of professional services has been rendered. This includes an assessment of professional services received by the client for services provided by contractors between the date of the last received timesheet and the year end. Revenue is accrued (known as accrued income) for contracts which are valid in the period, but where no timesheet has been received or approved, and therefore billing and payments to contractors have not taken place. The value of unsubmitted/unapproved timesheets for each individual contractor is system generated and the number of hours worked by each contractor is adjusted for expected holidays and the historical shrinkage rate. The key estimation uncertainty arises from determining the historical shrinkage rate which is used to constrain the variable part of revenue, i.e. accrued income, at the reporting date. The historical shrinkage rate represents a full-year (12-month rolling) average pattern in which income accrued for expected timesheets is reduced versus the actual timesheets received and approved each month. In 2022, the average shrinkage rate was approximately 14.6% across the Group (2021: 13.6%). A 10% increase in this key assumption could have an impact of approximately \u00a30.3 million on the amount of Contract net fees (\u00a31.5 million on revenue less \u00a31.2 million on costs of sales) in the Consolidated Income Statement in the next financial year. Critical accounting judgements Exceptional items Exceptional items are those items that the Group considers to be non-recurring and material in nature that should be brought to the reader\u2019s attention in understanding the Group\u2019s financial performance. The term \u2018exceptional items\u2019 is not separately defined within IFRS. Judgement is therefore required in assessing which items of income or expense qualify as exceptional and that disclosure of this APM is useful for readers of the Annual Report. Critical accounting judgements Tracker shares arrangements The tracker shares arrangements give the Group the choice to settle tracker shares in either cash or SThree plc shares. There are significant accounting differences between an equity-settled and cash-settled scheme. Judgement is therefore required as to whether this is a cash or equity-settled share-based payment scheme. Based on the Directors\u2019 judgement, the tracker share arrangements are accounted for as an equity-settled share-based payment scheme under IFRS 2 as the Group\u2019s policy is to settle its obligations under the arrangements in SThree plc shares. The Company settles tracker shares through either treasury shares or the issue of new shares in SThree plc. The Companies Act 2006 does not specify whether the issue of treasury shares to settle share-based payments should be accounted for in share premium or elsewhere. The Company has taken legal advice which confirms this is judgemental and therefore the approach taken by the Company is to include differences between the fair value of the tracker shares settled and the weighted average cost of treasury shares in retained earnings. Tracker shares can be repurchased from holders with either cash or SThree plc shares at the Company\u2019s discretion. Historically, the Company\u2019s policy and intention has been to settle tracker shares using SThree plc shares. Therefore, the judgement of the Directors is that this scheme is treated as equity-settled. Indicators of impairment of investments in subsidiaries (Company only) At each reporting date, the Company assesses whether there are any indications of impairment of its investments in subsidiaries. The Company uses both external and internal sources of information to make this assessment, including those in relation to significant adverse changes in the market or economic environment in which subsidiaries operate, information about the carrying amount of subsidiaries\u2019 net assets versus market value, or internal management reports that indicate that the financial performance of subsidiaries will be worse than budgeted. Only when an indication of impairment is identified, the Company performs a detail impairment review including calculations of recoverable amounts of the investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-442": {
"value": "2 Operating segments Accounting policy Revenue Revenue from contracts with customers is recognised when or as the Group satisfies a performance obligation by transferring service to a client. For Permanent placements, the Group principally satisfies its performance obligations at a point in time; for Contract placements, the Group satisfies its performance obligations over time. Revenue is shown net of value added tax and other sales-related taxes, credit notes, rebates and discounts and after elimination of sales within the Group. Contract revenue for the supply of professional services, which is mainly based on the number of hours worked by a contractor, is recognised when the service has been provided. Revenue from Permanent placements is typically based on a fixed percentage of the candidate\u2019s remuneration package and is recognised when the candidate commences employment. Revenue earned but not invoiced at year end is accrued and included in \u2018Accrued income\u2019 (it represents the variable consideration of revenue). The management team applies a constraint in the form of the historical shrinkage rate to Contract accrued income, aimed at preventing the over-recognition of revenue. Revenue from retained assignments is recognised on completion of certain pre-agreed stages of the service. Fees received for the service are non-refundable. A bad debt provision is established for non-fulfilment of Permanent placement and Contract revenue obligations, which is netted off against the gross trade receivables on the face of the statement of financial position. Cost of sales Cost of sales consists of the contractors\u2019 (including employed contractors) cost of supplying services and any costs directly attributable to them. Net fees Net fees represent revenue less cost of sales and consist of the total placement fees of Permanent candidates and the margin earned on the placement of contractors. Critical accounting estimates Revenue recognition (Contract assets) Contract revenue is recognised when the supply of professional services has been rendered. This includes an assessment of professional services received by the client for services provided by contractors between the date of the last received timesheet and the year end. Revenue is accrued (known as accrued income) for contracts which are valid in the period, but where no timesheet has been received or approved, and therefore billing and payments to contractors have not taken place. The value of unsubmitted/unapproved timesheets for each individual contractor is system generated and the number of hours worked by each contractor is adjusted for expected holidays and the historical shrinkage rate. The key estimation uncertainty arises from determining the historical shrinkage rate which is used to constrain the variable part of revenue, i.e. accrued income, at the reporting date. The historical shrinkage rate represents a full-year (12-month rolling) average pattern in which income accrued for expected timesheets is reduced versus the actual timesheets received and approved each month. In 2022, the average shrinkage rate was approximately 14.6% across the Group (2021: 13.6%). A 10% increase in this key assumption could have an impact of approximately \u00a30.3 million on the amount of Contract net fees (\u00a31.5 million on revenue less \u00a31.2 million on costs of sales) in the Consolidated Income Statement in the next financial year. The Group\u2019s operating segments are established on the basis of those components of the Group that are regularly reviewed by the Group\u2019s chief operating decision making body, in deciding how to allocate resources and in assessing performance. The Group\u2019s business is considered primarily from a geographical perspective. The Directors have determined the chief operating decision maker to be the Executive Committee made up of the Chief Executive Officer, the Chief Financial Officer, the Chief Technology and Information Officer, the Chief People Officer, Chief Legal Officer and Senior Managing Directors. The Group segments the business into the following reportable regions: DACH, EMEA excluding DACH, USA and APAC, as well as presents an analysis of net fees by its five key markets: Germany, the Netherlands, the USA, the UK and Japan. The DACH region comprises Germany, Switzerland and Austria. The \u2018EMEA excluding DACH\u2019 region comprises primarily Belgium, France, the Netherlands, Spain, the UK, Ireland, and Dubai. All these sub-regions were aggregated into two separate reportable segments based on the possession of similar economic characteristics. Countries aggregated into DACH and separately into \u2018EMEA excluding DACH\u2019 generate a similar average net fees margin and long-term growth rates, and are similar in each of the following areas: \u2022 the nature of the services (recruitment/candidate placement); \u2022 the methods used in which they provide services to clients (independent contractors, employed contractors, and permanent candidates); and \u2022 the class of candidates (candidates, who we place with our clients, represent skillsets in Science, Technology, Engineering and Mathematics disciplines). The Group\u2019s management reporting and controlling systems use accounting policies that are the same as those described in these financial statements and the accompanying notes. Revenue and net fees by reportable segment The Group assesses the performance of its operating segments through a measure of segment profit or loss which is referred to as \u2018net fees\u2019 in the management reporting and controlling systems. Net fees is the measure of segment profit comprising revenue less cost of sales. Intersegment revenue is recorded at values which approximate third party selling prices and is not significant. Revenue Net fees \u00a3\u2019000 2022 2021 2022 2021 EMEA excluding DACH 739,409 606,248 156,540 127,197 DACH 539,014 452,456 148,922 129,420 USA 338,221 254,338 111,545 89,260 APAC 22,802 17,684 13,609 9,836 1,639,446 1,330,726 430,616 355,713 APAC includes Japan and Singapore. In 2022, the segment also included the results generated by the Hong Kong business, which was closed as at 30 November 2022 (see note 7 for further details). Split of revenue from contracts with customers The Group derives revenue from the transfer of services over time and at a point in time in the following geographical regions: 2022 \u00a3\u2019000 EMEA excluding DACH DACH USA APAC Total Timing of revenue recognition Over time 718,447 495,268 315,134 11,474 1,540,323 At a point in time 20,962 43,746 23,087 11,328 99,123 739,409 539,014 338,221 22,802 1,639,446 2021 \u00a3\u2019000 EMEA excluding DACH DACH USA APAC Total Timing of revenue recognition Over time 587,220 410,510 231,812 9,558 1,239,100 At a point in time 19,029 41,944 22,526 8,127 91,626 606,249 452,454 254,338 17,685 1,330,726 Major customers In 2022 and 2021, no single customer generated more than 10% of the Group\u2019s revenue. 2 Operating segments continued
Other information
The Group\u2019s revenue from external customers, its net fees and information about its segment assets (non-current
assets excluding deferred tax assets) by key location are detailed below:
\u00a3\u2019000
Revenue Net fees
2022 2021 2022 2021
Germany 468,352 405,308 131,880 117,827
USA 338,221 254,338 111,545 89,260
Netherlands 314,156 250,645 72,931 55,612
UK 262,999 202,368 46,689 37,798
Japan 10,793 8,189 9,410 6,868
RoW
1
244,925 209,878 58,161 48,348
1,639,446 1,330,726 430,616 355,713
\u00a3\u2019000
Non-current assets
30 November
2022
30 November
2021
Germany 16,313 12,079
UK 5,374 11,027
Japan 4,144 4,211
USA 3,962 5,304
Netherlands 2,149 2,400
RoW
1
4,153 5,512
36,095 40,533
1. RoW (Rest of World) includes all countries other than listed.
The following segmental analysis by brands, recruitment classification and sectors (being the profession of
candidates placed) has been included as additional disclosure to the requirements of IFRS 8.
\u00a3\u2019000
Revenue Net fees
2022 2021 2022 2021
Brands
Computer Futures 564,844 448,325 143,932 117,384
Progressive 475,142 376,844 124,877 99,502
Real Staffing Group 365,708 294,309 104,901 90,394
Huxley Associates 233,752 211,248 56,906 48,433
1,639,446 1,330,726 430,616 355,713
Other brands, including Global Enterprise Partners, JP Gray, Madison Black, Newington International and Orgtel
are rolled into the above brands.
\u00a3\u2019000 Revenue Net fees 2022 2021 2022 2021 Recruitment classification Contract 1,540,323 1,239,100 334,215 266,163 Permanent 99,123 91,626 96,401 89,550 1,639,446 1,330,726 430,616 355,713 \u00a3\u2019000 Revenue Net fees 2022 2021 2022 2021 Sectors Technology 838,649 674,072 203,184 166,538 Engineering 341,850 267,407 92,083 70,563 Life Sciences 319,734 271,460 95,172 85,439 Other1 139,213 117,787 40,177 33,173 1,639,446 1,330,726 430,616 355,713 1. Other includes the results of Banking & Finance sector, which was previously presented separately, and Procurement & Supply Chain and Sales & Marketing. ",
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"fact-440": {
"value": "Accounting policy Revenue Revenue from contracts with customers is recognised when or as the Group satisfies a performance obligation by transferring service to a client. For Permanent placements, the Group principally satisfies its performance obligations at a point in time; for Contract placements, the Group satisfies its performance obligations over time. Revenue is shown net of value added tax and other sales-related taxes, credit notes, rebates and discounts and after elimination of sales within the Group. Contract revenue for the supply of professional services, which is mainly based on the number of hours worked by a contractor, is recognised when the service has been provided. Revenue from Permanent placements is typically based on a fixed percentage of the candidate\u2019s remuneration package and is recognised when the candidate commences employment. Revenue earned but not invoiced at year end is accrued and included in \u2018Accrued income\u2019 (it represents the variable consideration of revenue). The management team applies a constraint in the form of the historical shrinkage rate to Contract accrued income, aimed at preventing the over-recognition of revenue. Revenue from retained assignments is recognised on completion of certain pre-agreed stages of the service. Fees received for the service are non-refundable. A bad debt provision is established for non-fulfilment of Permanent placement and Contract revenue obligations, which is netted off against the gross trade receivables on the face of the statement of financial position. Cost of sales Cost of sales consists of the contractors\u2019 (including employed contractors) cost of supplying services and any costs directly attributable to them. Net fees Net fees represent revenue less cost of sales and consist of the total placement fees of Permanent candidates and the margin earned on the placement of contractors. Critical accounting estimates Revenue recognition (Contract assets) Contract revenue is recognised when the supply of professional services has been rendered. This includes an assessment of professional services received by the client for services provided by contractors between the date of the last received timesheet and the year end. Revenue is accrued (known as accrued income) for contracts which are valid in the period, but where no timesheet has been received or approved, and therefore billing and payments to contractors have not taken place. The value of unsubmitted/unapproved timesheets for each individual contractor is system generated and the number of hours worked by each contractor is adjusted for expected holidays and the historical shrinkage rate. The key estimation uncertainty arises from determining the historical shrinkage rate which is used to constrain the variable part of revenue, i.e. accrued income, at the reporting date. The historical shrinkage rate represents a full-year (12-month rolling) average pattern in which income accrued for expected timesheets is reduced versus the actual timesheets received and approved each month. In 2022, the average shrinkage rate was approximately 14.6% across the Group (2021: 13.6%). A 10% increase in this key assumption could have an impact of approximately \u00a30.3 million on the amount of Contract net fees (\u00a31.5 million on revenue less \u00a31.2 million on costs of sales) in the Consolidated Income Statement in the next financial year. Accounting policy Exceptional items Exceptional items, as disclosed on the face of the income statement, are items which due to their size and non- recurring nature are classified separately in order to draw them to the attention of the reader of the financial statements and to provide an alternative performance measure (APM) of the underlying profits of the Group. Government grant income Government grants represent assistance by government in the form of transfers of resources to SThree in return for compliance with grant conditions. A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised against the related costs for the period in which they are intended to compensate. Critical accounting judgements Exceptional items Exceptional items are those items that the Group considers to be non-recurring and material in nature that should be brought to the reader\u2019s attention in understanding the Group\u2019s financial performance. The term \u2018exceptional items\u2019 is not separately defined within IFRS. Judgement is therefore required in assessing which items of income or expense qualify as exceptional and that disclosure of this APM is useful for readers of the Annual Report. Accounting policy Employee benefits Wages, salaries, bonuses, social security contributions, paid annual leave or sick leave and any other employee benefits are accrued in the period in which the associated services are rendered by employees to the Group. The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension costs charged to the income statement represent the contributions payable by the Group to the funds during each period. Share-based payments The Group operates a number of equity-settled share-based arrangements, under which it receives services from employees in return for equity instruments of the Group. The cost of equity-settled transactions with employees is measured by reference to the fair value at the date when equity instruments are granted and is recognised as an expense over the vesting period, which ends on the date on which the employees become fully entitled to the award. Fair value is determined by using an appropriate valuation model. No expense is recognised for awards that do not ultimately vest. For the awards with non-vesting conditions (awards that do not have an explicit or implicit service requirement), the full cost of the award is recognised on the grant date, i.e. they are treated as fully vested irrespective of whether or not the market condition is satisfied. At the end of the reporting period, the cumulative expense is calculated, representing the extent to which the vesting period has expired and the best estimate of the achievement of non-market conditions and the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous year end is recognised in the income statement, with a corresponding credit recognised in equity. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid, up to the fair value of the award, at the cancellation or settlement date, is deducted from equity, with any excess over fair value being treated as an expense in the income statement. Accounting policy Finance income is recognised as the interest accrues to the net carrying amount of the financial asset. Finance cost is recognised in the income statement in the period in which it is incurred. Accounting policy The tax expense comprises both current and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before income tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax Deferred tax is provided in full, using the liability method, on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is calculated using tax rates that are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised only to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the deferred tax asset to be utilised. Where an entity has been loss-making, deferred tax assets are only recognised if there is convincing evidence supporting its future utilisation. Accounting policy Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period excluding shares held as treasury shares (note 20(a)) and those held in the Employee Benefit Trust (EBT), which for accounting purposes are treated in the same manner as shares held in the treasury reserve. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive ordinary shares arising from exercising employee stock options and tracker shares. For accounting policy regarding EBT, refer to note 20 Equity. Accounting policy Interim dividends are recognised in the financial statements at the earlier of the time they are paid or shareholders\u2019 approval. Final dividends declared to the Company\u2019s shareholders are recognised as a liability in the Company\u2019s and Group\u2019s financial statements in the period in which they are approved by the Company\u2019s shareholders. The Company recognises dividends from subsidiaries at the time that they are declared. Accounting policy Property, plant and equipment is recorded at cost less accumulated depreciation and any impairment losses. Subsequent expenditure is added to the carrying value of the asset when it is probable that future economic benefits, in excess of the originally assessed performance of the existing asset, will flow to the Group and the costs can be measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred. Depreciation is provided on a straight-line basis and charged to the income statement over the expected useful working lives of the assets, after they have been brought into use, at the following rates: Right-of-use assets lower of the asset\u2019s useful life and the lease term Computer equipment three years Leasehold improvements lower of the lease term and five years Fixtures and fittings five years Gains and losses on disposals are included in the income statement by comparing proceeds with carrying amount. Residual values and useful lives are reviewed and adjusted if appropriate at the end of the reporting period. Any changes are accounted for prospectively. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less cost to sell and its value in use. For accounting policy regarding right-of-use assets, refer to note 16 Leases. Accounting policy Goodwill Goodwill arising on consolidation represents the excess of purchase consideration over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on the acquisition of subsidiaries has an indefinite useful life and is included in intangible assets. If the goodwill balance is material, it is tested annually for impairment and carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Acquired and developed software and systems Computer software acquired or developed by the Group is stated at cost less accumulated amortisation. Costs incurred on software and system development projects are only capitalised if capitalisation criteria under IAS 38 Intangible Assets (IAS 38) and IFRS Interpretation Committee (IFRIC) interpretation of Software-as-a-Service (SaaS) are met. These are amortised as follows: \u2022 Acquired computer software: expected useful life of three to seven years \u2022 Software and system development costs: expected useful lives not exceeding five years Software maintenance costs are expensed in the period in which they are incurred. Other costs linked to development projects that do not meet the IAS 38 criteria are expensed in the period incurred. Assets under construction Purchased assets or internally generated intangible assets that are still under development are classified as \u2018assets under construction\u2019. These assets are reclassified within intangibles over the phased completion dates and are amortised from the date they are reclassified. Trademarks Acquired trademarks are stated at cost and are amortised over the estimated useful life (up to 12 years) on a straight-line basis. Impairment of intangible assets Assets that are not subject to amortisation are tested for impairment annually. Any impairment loss or gain is recognised in the income statement. Impairment loss is the excess of an asset\u2019s carrying amount over its recoverable amount. The recoverable amount represents the higher of an asset\u2019s fair value less costs to sell and its value in use. Value in use is measured based on the expected future discounted cash flows attributable to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Accounting policy Equity investments The Group classifies its financial assets in the following measurement categories: \u2022 those measured subsequently at fair value (either through OCI or through profit or loss); and \u2022 those measured at amortised cost. Classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Subsidiaries Investments in shares in subsidiary companies are stated at cost less impairment loss to the extent that the carrying value exceeds the recoverable amount; the investment is impaired to its recoverable amount with the impairment charged to the Company\u2019s income statement. An investment is deemed to be impaired when it has been determined that its carrying value will not be recovered either through actual cash flows or operating profit generation or selling it. If circumstances arise that indicate that investments might be impaired, the recoverable amount of the investment is estimated. The recoverable amount is the higher of the entity\u2019s fair value less costs to sell or its value in use. To the extent that the carrying value exceeds the recoverable amount, the investment is impaired to its recoverable amount. Where share-based payments are granted to the employees of subsidiary undertakings by the Company, they are treated as a capital contribution to the subsidiary and the Company\u2019s investment in the subsidiary is increased accordingly. The investments in shares in the undertakings outside of the Group, in particular where the Group does not have significant influence or control, are classified as financial assets held at fair value through other comprehensive income. At initial recognition, such shareholdings are measured at cost and on subsequent measurement dates they are fair valued on the basis of current prices generated for similar transactions or using an enterprise value to sales multiple valuation method. Tracker share arrangements Over the past years, until 2020, the Group invited selected senior individuals to invest in the businesses they manage, sharing in both the risk and reward. These individuals were offered equity (\u2018tracker shares\u2019) in those businesses in return for making an investment. The amount of equity offered varied in different circumstances but was never over 25% of the overall equity of the business in question. The equity stake tracks the performance of the underlying business and the individuals receive dividends (if declared) by the \u2018tracked\u2019 business. If an individual remains a holder of the tracker shares for a pre-agreed period, typically three to five years depending on the vesting period applied to the tracker shares, they may then offer their vested tracker shares for sale to the Group, but there is no obligation on the Group to settle the arrangement. SThree will undertake a formal due diligence process to establish whether there is a sound business case for settling a tracker share and make an arm\u2019s length judgement. Should the Group decide to settle the tracker shares, it will do so at a price which is determined using a formula stipulated in the tracker share Articles of Association (Articles). SThree plc may settle in cash or in its shares, as it chooses. The Group policy is to settle in SThree plc shares. Consequently, the arrangements are deemed to be an equity-settled share-based payment scheme under IFRS 2 Share-based Payments (IFRS 2). Individuals paid the fair value for the tracker shares at the time of the initial subscription, as determined by an independent third-party valuer in accordance with IFRS 2 and taking into account the particular rights attached to the shares as described in the relevant businesses\u2019 Articles. The initial valuation always took into consideration factors such as the size and trading record of the underlying business, expected dividends, future projections, as well as the external market, sector and country characteristics. The external valuer was supplied with detailed financial information, including net fees and EBITDA of the relevant businesses. Using this information, an independent calculation of the initial Equity Value (EV) was prepared. This EV was then discounted to arrive at a valuation to take into account the relevant characteristics of the shareholding in the tracked business, for example the absence of voting rights. The methodology for calculating the EV was applied consistently, although the data used varied depending on the size and history of the business. In 2021 the Directors decided to close the tracker share scheme for any new entrants/investments. If an individual leaves the Group before the pre-agreed period, they are entitled to receive the lower of the initial subscription amount they contributed or the tracker share fair value on the date of departure as set out under the Articles. To reflect this, a provision in relation to tracker shares is recognised to reflect the consideration for tracker shares received from individuals (note 18 Provisions). Up until 2014 certain individuals received loans from the Group to pay part of the initial subscription for their tracker shares, on which interest is charged at or above the HMRC beneficial loan rate. These loans are repayable by the individuals either at the time of settlement of their tracker shares, or via tracker share dividend, or when they leave the Group. These loans are included within other receivables (note 13 Trade and other receivables). During the vesting period, no share-based payment charge is recognised in the income statement on the basis that the initial subscription by the individual at the grant date equated to the fair value at that date. Dividends declared by the tracked businesses, which were factored into the grant date fair value determination of the tracker shares, are recorded in equity as \u2018distributions to tracker shareholders\u2019. When the Company issues new shares to settle the tracker share arrangements, the nominal value of the shares is credited to share capital and the difference between the fair value of the tracker shares and the nominal value is credited to share premium. If the Company uses treasury shares to settle the arrangements, the difference between the fair value of the tracker shares and the weighted average value of the treasury shares is accounted for in the retained earnings. Critical accounting judgements Tracker shares arrangements The tracker shares arrangements give the Group the choice to settle tracker shares in either cash or SThree plc shares. There are significant accounting differences between an equity-settled and cash-settled scheme. Judgement is therefore required as to whether this is a cash or equity-settled share-based payment scheme. Based on the Directors\u2019 judgement, the tracker share arrangements are accounted for as an equity-settled share-based payment scheme under IFRS 2 as the Group\u2019s policy is to settle its obligations under the arrangements in SThree plc shares. The Company settles tracker shares through either treasury shares or the issue of new shares in SThree plc. The Companies Act 2006 does not specify whether the issue of treasury shares to settle share-based payments should be accounted for in share premium or elsewhere. The Company has taken legal advice which confirms this is judgemental and therefore the approach taken by the Company is to include differences between the fair value of the tracker shares settled and the weighted average cost of treasury shares in retained earnings. Tracker shares can be repurchased from holders with either cash or SThree plc shares at the Company\u2019s discretion. Historically, the Company\u2019s policy and intention has been to settle tracker shares using SThree plc shares. Therefore, the judgement of the Directors is that this scheme is treated as equity-settled. Indicators of impairment of investments in subsidiaries (Company only) At each reporting date, the Company assesses whether there are any indications of impairment of its investments in subsidiaries. The Company uses both external and internal sources of information to make this assessment, including those in relation to significant adverse changes in the market or economic environment in which subsidiaries operate, information about the carrying amount of subsidiaries\u2019 net assets versus market value, or internal management reports that indicate that the financial performance of subsidiaries will be worse than budgeted. Only when an indication of impairment is identified, the Company performs a detail impairment review including calculations of recoverable amounts of the investments. Accounting policy Trade receivables including Contract assets are amounts due from customers for services performed in the ordinary course of business. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. The normal credit terms are between 14-30 days upon service provision, with 30 days becoming a more prevalent payment term. The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an expected credit losses (ECLs) approach for measuring the allowance of its trade receivables. The Group recognises a loss allowance based on lifetime ECLs at each reporting date. For invoices reviewed on a portfolio basis (i.e. not individually reviewed), the loss allowance for ECLs is provided at differing percentages determined based on historical collection experience, adjusted for forward-looking market factors specific to the debtors and the economic environment. Certain exposures within trade receivables are individually assessed for which the Directors make judgement on a client-by-client basis as to their ability to collect outstanding receivables. When reviewing significant outstanding invoices, the Directors consider qualitative factors that are available without undue cost or effort, such as a decrease in the debtor\u2019s creditworthiness, changes in external or internal credit ratings, macro-economic conditions, actual or expected deterioration in business performance of any particular debtor, and other known issues. Derecognition of trade and other receivables Trade and other receivables are derecognised when the rights to receive cash flows from these assets have expired or have been transferred. On derecognition, any difference between the carrying amount of an asset and the consideration received is recognised in the profit or loss. For critical accounting estimates regarding contract assets, refer to note 2 Operating segments. Accounting policy Cash and cash equivalents include cash-in-hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are classified as short-term borrowings unless they form part of a cash pooling arrangement where there is an intention to settle on a net basis, in which case they are reported net of related cash balances. Accounting policy Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Accounting policy Leases, from a lessee perspective, are recognised as a right-of-use asset and a corresponding lease liability at the date when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a net present value basis and are recognised as part of \u2018Property, plant and equipment\u2019, \u2018Non-current lease liabilities\u2019 and \u2018Current lease liabilities\u2019 in the statement of financial position. Lease liabilities include the net present value of the following lease payments: a) fixed payments less any lease incentives receivable; b) variable lease payments that are based on an index or a rate; c) amounts expected to be payable by the lessee under residual value guarantees, if any; d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that option; and e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The lease payments are discounted using the interest rate implicit in the lease (if that rate can be determined), or the incremental borrowing rate (IBR), being the rate the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. In determining the IBR to be used, the Group applies judgement to establish the suitable reference rate and credit spread. Each lease payment is allocated between the liability and finance costs, within finance costs in the income statement. Lease payments are presented as follows in the Group statement of cash flows: \u2022 payments for the interest element of recognised lease liabilities are included in \u2018interest paid\u2019 within cash flows from financing activities; and \u2022 payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability; b) any lease payments made at or before the commencement date less any lease incentive received; c) any initial direct costs; and d) any restoration costs. The right-of-use assets are depreciated over the shorter of the assets\u2019 useful life and the lease term on a straight-line basis. The Group does not apply the recognition exemption to short-term leases or leases of low-value assets, as permitted by the standard. In determining the lease terms, the management team consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after a termination option) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or change in circumstances occurs which affects this assessment and that is within the control of the lessee. Accounting policy Financial liabilities All non-derivative financial liabilities are classified as \u2018financial liabilities measured at amortised cost\u2019. All financial liabilities are recognised initially at fair value and net of transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the end of the reporting period. The Group\u2019s financial liabilities include trade and other payables and other financial liabilities, including bank overdraft and lease liabilities. Accounting policy A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the present value of the expenditures expected to be required to settle the obligation. No provision is recognised for future operating losses. Accounting policy Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. The Group\u2019s holdings in its own equity instruments are classified as \u2018treasury reserve\u2019. The consideration paid, including any directly attributable incremental costs, is deducted from the equity attributable to the owners of the Company until the shares are cancelled or reissued. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of own equity shares. Employee Benefit Trust (EBT) The EBT is funded entirely by the Company. The assets and liabilities of the EBT are recognised in the Group\u2019s Consolidated Financial Statements. The shares in the EBT are held to satisfy awards and grants under certain employee share schemes. For accounting purposes, shares held in the EBT are treated in the same manner as treasury shares and are, therefore, included in the Consolidated Financial Statements as treasury reserve. Consideration, if any, received for the sale of such shares is also recognised in equity, with any difference between the proceeds from sale and the original cost being taken to retained earnings. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of equity shares held by the EBT. In the separate financial statements of the Company, the EBT is treated as an agent acting on behalf of the Company. Funding provided by the Company to the EBT is accounted for as the issue of treasury shares. For accounting policy regarding tracker share awards in subsidiary companies, refer to note 12 Investments. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
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"fact-472": {
"value": "Accounting policy Revenue Revenue from contracts with customers is recognised when or as the Group satisfies a performance obligation by transferring service to a client. For Permanent placements, the Group principally satisfies its performance obligations at a point in time; for Contract placements, the Group satisfies its performance obligations over time. Revenue is shown net of value added tax and other sales-related taxes, credit notes, rebates and discounts and after elimination of sales within the Group. Contract revenue for the supply of professional services, which is mainly based on the number of hours worked by a contractor, is recognised when the service has been provided. Revenue from Permanent placements is typically based on a fixed percentage of the candidate\u2019s remuneration package and is recognised when the candidate commences employment. Revenue earned but not invoiced at year end is accrued and included in \u2018Accrued income\u2019 (it represents the variable consideration of revenue). The management team applies a constraint in the form of the historical shrinkage rate to Contract accrued income, aimed at preventing the over-recognition of revenue. Revenue from retained assignments is recognised on completion of certain pre-agreed stages of the service. Fees received for the service are non-refundable. A bad debt provision is established for non-fulfilment of Permanent placement and Contract revenue obligations, which is netted off against the gross trade receivables on the face of the statement of financial position. Cost of sales Cost of sales consists of the contractors\u2019 (including employed contractors) cost of supplying services and any costs directly attributable to them. Net fees Net fees represent revenue less cost of sales and consist of the total placement fees of Permanent candidates and the margin earned on the placement of contractors. Critical accounting estimates Revenue recognition (Contract assets) Contract revenue is recognised when the supply of professional services has been rendered. This includes an assessment of professional services received by the client for services provided by contractors between the date of the last received timesheet and the year end. Revenue is accrued (known as accrued income) for contracts which are valid in the period, but where no timesheet has been received or approved, and therefore billing and payments to contractors have not taken place. The value of unsubmitted/unapproved timesheets for each individual contractor is system generated and the number of hours worked by each contractor is adjusted for expected holidays and the historical shrinkage rate. The key estimation uncertainty arises from determining the historical shrinkage rate which is used to constrain the variable part of revenue, i.e. accrued income, at the reporting date. The historical shrinkage rate represents a full-year (12-month rolling) average pattern in which income accrued for expected timesheets is reduced versus the actual timesheets received and approved each month. In 2022, the average shrinkage rate was approximately 14.6% across the Group (2021: 13.6%). A 10% increase in this key assumption could have an impact of approximately \u00a30.3 million on the amount of Contract net fees (\u00a31.5 million on revenue less \u00a31.2 million on costs of sales) in the Consolidated Income Statement in the next financial year. ",
"dimensions": {
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"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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"fact-501": {
"value": "Revenue Revenue from contracts with customers is recognised when or as the Group satisfies a performance obligation by transferring service to a client. For Permanent placements, the Group principally satisfies its performance obligations at a point in time; for Contract placements, the Group satisfies its performance obligations over time. Revenue is shown net of value added tax and other sales-related taxes, credit notes, rebates and discounts and after elimination of sales within the Group. Contract revenue for the supply of professional services, which is mainly based on the number of hours worked by a contractor, is recognised when the service has been provided. Revenue from Permanent placements is typically based on a fixed percentage of the candidate\u2019s remuneration package and is recognised when the candidate commences employment. Revenue earned but not invoiced at year end is accrued and included in \u2018Accrued income\u2019 (it represents the variable consideration of revenue). The management team applies a constraint in the form of the historical shrinkage rate to Contract accrued income, aimed at preventing the over-recognition of revenue. Revenue from retained assignments is recognised on completion of certain pre-agreed stages of the service. Fees received for the service are non-refundable. A bad debt provision is established for non-fulfilment of Permanent placement and Contract revenue obligations, which is netted off against the gross trade receivables on the face of the statement of financial position. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
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"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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},
"fact-502": {
"value": "Cost of sales Cost of sales consists of the contractors\u2019 (including employed contractors) cost of supplying services and any costs directly attributable to them. ",
"dimensions": {
"concept": "sthreeplc:DescriptionOfAccountingPolicyForCostOfSales",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-503": {
"value": "Net fees Net fees represent revenue less cost of sales and consist of the total placement fees of Permanent candidates and the margin earned on the placement of contractors. ",
"dimensions": {
"concept": "sthreeplc:DescriptionOfAccountingPolicyForNetFees",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-443": {
"value": "3 Administrative expenses (a) Operating profit from continuing operations is stated after charging/(crediting): \u00a3\u2019000 2022 2021 Staff costs (note 4) 266,010 225,920 Depreciation (note 10) 18,682 15,764 Amortisation (note 11) 220 1,953 Loss on disposal of property, plant and equipment other than right-of-use assets (note 10) 122 199 Gain on lease modification (note 10) (266) \u2013 Impairment of intangible assets (note 11) 499 608 Loss on disposal of intangible assets (note 11) 1,176 74 Impairment losses on financial assets1 3,763 2,579 Service lease charges \u2013 Buildings 2,426 2,156 \u2013 Cars 1,391 1,402 Foreign exchange losses 1,164 397 Other operating income (see note 3(b)) \u2013 (470) 1. The YoY increase in impairment losses is mainly attributable to exposures written off as part of a transformation data cleanse exercise. During the year, in preparation for the start of the programme, management reviewed legacy exposures, which had been in dispute for more than 180 days, and concluded they were no longer recoverable and therefore were provided in full. 3 Administrative expenses continued (b) Profit for the prior year included the following items that were unusual because of their nature, size or incidence: Accounting policy Exceptional items Exceptional items, as disclosed on the face of the income statement, are items which due to their size and non- recurring nature are classified separately in order to draw them to the attention of the reader of the financial statements and to provide an alternative performance measure (APM) of the underlying profits of the Group. Government grant income Government grants represent assistance by government in the form of transfers of resources to SThree in return for compliance with grant conditions. A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised against the related costs for the period in which they are intended to compensate. Critical accounting judgements Exceptional items Exceptional items are those items that the Group considers to be non-recurring and material in nature that should be brought to the reader\u2019s attention in understanding the Group\u2019s financial performance. The term \u2018exceptional items\u2019 is not separately defined within IFRS. Judgement is therefore required in assessing which items of income or expense qualify as exceptional and that disclosure of this APM is useful for readers of the Annual Report. \u00a3\u2019000 2022 2021 1. Net exceptional income \u2013 184 2. Impact of Covid-19: Government assistance income \u2013 286 Total \u2013 470 Net exceptional income In the prior year, the Group recognised a net exceptional income of \u00a30.2 million in relation to a legacy restructuring programme partially funded by a grant receivable from Scottish Enterprise. The Group was entitled to the grant until the end of 2021. Impact of Covid-19 The Covid-19 health crisis had implications on certain items of income in the Consolidated Financial Statements, affecting the profit before tax for the current and prior year. These items were not treated as exceptional. Government assistance income In the prior year, the Group took advantage of job retention schemes launched by the national governments of France and Singapore, whereby it was reimbursed for a portion of salaries of furloughed personnel. A benefit of \u00a30.3 million was recognised and presented as a deduction in reporting the related staff expense. No such benefits were received in the current year. (c) Auditors\u2019 remuneration During the year, the Group (including its subsidiaries) obtained the following services from the Company\u2019s auditors and its associates. \u00a3\u2019000 2022 2021 Fees payable to the Company\u2019s auditors for the audit of the Company\u2019s annual financial statements: \u2013 recurring and non-recurring audit fees 523 489 Fees payable to the Company\u2019s auditors and their associates for other services to the Group: \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 402 293 \u2013 audit-related assurance services 12 11 \u2013 all other non-audit services including Viewpoint subscription and, relevant to 2021 only, Switzerland gender equal pay analysis 1 5 Fees charged to operating profit 938 798 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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"fact-473": {
"value": "Exceptional items Exceptional items, as disclosed on the face of the income statement, are items which due to their size and non- recurring nature are classified separately in order to draw them to the attention of the reader of the financial statements and to provide an alternative performance measure (APM) of the underlying profits of the Group. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExceptionalItemsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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"fact-474": {
"value": "Government grant income Government grants represent assistance by government in the form of transfers of resources to SThree in return for compliance with grant conditions. A government grant is recognised only when there is reasonable assurance that the Group will comply with any conditions attached to the grant and that the grant will be received. The grant is recognised against the related costs for the period in which they are intended to compensate. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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"fact-475": {
"value": "(c) Auditors\u2019 remuneration During the year, the Group (including its subsidiaries) obtained the following services from the Company\u2019s auditors and its associates. \u00a3\u2019000 2022 2021 Fees payable to the Company\u2019s auditors for the audit of the Company\u2019s annual financial statements: \u2013 recurring and non-recurring audit fees 523 489 Fees payable to the Company\u2019s auditors and their associates for other services to the Group: \u2013 audit of the Company\u2019s subsidiaries pursuant to legislation 402 293 \u2013 audit-related assurance services 12 11 \u2013 all other non-audit services including Viewpoint subscription and, relevant to 2021 only, Switzerland gender equal pay analysis 1 5 Fees charged to operating profit 938 798 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
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"fact-444": {
"value": "4 Directors and employees Accounting policy Employee benefits Wages, salaries, bonuses, social security contributions, paid annual leave or sick leave and any other employee benefits are accrued in the period in which the associated services are rendered by employees to the Group. The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension costs charged to the income statement represent the contributions payable by the Group to the funds during each period. Share-based payments The Group operates a number of equity-settled share-based arrangements, under which it receives services from employees in return for equity instruments of the Group. The cost of equity-settled transactions with employees is measured by reference to the fair value at the date when equity instruments are granted and is recognised as an expense over the vesting period, which ends on the date on which the employees become fully entitled to the award. Fair value is determined by using an appropriate valuation model. No expense is recognised for awards that do not ultimately vest. For the awards with non-vesting conditions (awards that do not have an explicit or implicit service requirement), the full cost of the award is recognised on the grant date, i.e. they are treated as fully vested irrespective of whether or not the market condition is satisfied. At the end of the reporting period, the cumulative expense is calculated, representing the extent to which the vesting period has expired and the best estimate of the achievement of non-market conditions and the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous year end is recognised in the income statement, with a corresponding credit recognised in equity. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid, up to the fair value of the award, at the cancellation or settlement date, is deducted from equity, with any excess over fair value being treated as an expense in the income statement. 4 Directors and employees continued Aggregate remuneration of employees, including Directors, in continuing operations was: \u00a3\u2019000 Group Company 2022 2021 2022 2021 Wages and salaries (including bonuses) 229,460 195,414 2,457 3,186 Social security costs 26,822 25,492 153 798 Other pension costs 3,161 2,115 13 12 Temporary staff costs 1,513 1,392 \u2013 \u2013 Share-based payments (see note 20(b)) 5,054 1,507 525 160 266,010 225,920 3,148 4,156 The staff costs capitalised during the year on internally developed assets (note 11) and not included in the above amounts were \u00a30.3 million (2021: \u00a30.6 million). The average monthly number of employees (including Executive Directors), in continuing operations, during the year was: 2022 EMEA excluding DACH DACH USA APAC Group total Company total Sales 867 827 444 144 2,282 \u2013 Non-sales 711 138 130 22 1,001 7 1,578 965 574 166 3,283 7 2021 EMEA excluding DACH DACH USA APAC Group total Company total Sales 807 777 372 97 2,053 \u2013 Non-sales 742 116 112 19 989 8 1,549 893 484 116 3,042 8 The average number of employees is derived by dividing the sum of the number of employees employed under contracts of service in each month (whether throughout the month or not) by the number of months in the financial year, irrespective of whether they are full-time or part-time. There were also 3,613 (2021: 3,338) contractors engaged during the year under the Employed Contractor Model. They are not included in the numbers above as they are not considered to be full-time employees of the Group. Details of the Directors\u2019 remuneration for the year, including the highest paid Director, which form part of these financial statements, are provided in the audited information section of the Directors\u2019 remuneration report (section 1.1). Directors\u2019 compensation for loss of office was \u00a30.1 million (2021: \u00a31.1 million). ",
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"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
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"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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"fact-476": {
"value": "Employee benefits Wages, salaries, bonuses, social security contributions, paid annual leave or sick leave and any other employee benefits are accrued in the period in which the associated services are rendered by employees to the Group. The Group operates defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension costs charged to the income statement represent the contributions payable by the Group to the funds during each period. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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"fact-477": {
"value": "Share-based payments The Group operates a number of equity-settled share-based arrangements, under which it receives services from employees in return for equity instruments of the Group. The cost of equity-settled transactions with employees is measured by reference to the fair value at the date when equity instruments are granted and is recognised as an expense over the vesting period, which ends on the date on which the employees become fully entitled to the award. Fair value is determined by using an appropriate valuation model. No expense is recognised for awards that do not ultimately vest. For the awards with non-vesting conditions (awards that do not have an explicit or implicit service requirement), the full cost of the award is recognised on the grant date, i.e. they are treated as fully vested irrespective of whether or not the market condition is satisfied. At the end of the reporting period, the cumulative expense is calculated, representing the extent to which the vesting period has expired and the best estimate of the achievement of non-market conditions and the number of equity instruments that will ultimately vest. The movement in cumulative expense since the previous year end is recognised in the income statement, with a corresponding credit recognised in equity. Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation and any cost not yet recognised in the income statement for the award is expensed immediately. Any compensation paid, up to the fair value of the award, at the cancellation or settlement date, is deducted from equity, with any excess over fair value being treated as an expense in the income statement. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
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},
"fact-504": {
"value": "5 Finance income and costs Accounting policy Finance income is recognised as the interest accrues to the net carrying amount of the financial asset. Finance cost is recognised in the income statement in the period in which it is incurred. \u00a3\u2019000 2022 2021 Finance income Bank interest receivable 139 28 Other interest 2 6 141 34 Finance costs Interest on lease liability (530) (607) Bank loans and overdrafts (137) (262) (667) (869) Net finance costs (526) (835) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-478": {
"value": "5 Finance income and costs Accounting policy Finance income is recognised as the interest accrues to the net carrying amount of the financial asset. Finance cost is recognised in the income statement in the period in which it is incurred. \u00a3\u2019000 2022 2021 Finance income Bank interest receivable 139 28 Other interest 2 6 141 34 Finance costs Interest on lease liability (530) (607) Bank loans and overdrafts (137) (262) (667) (869) Net finance costs (526) (835) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-445": {
"value": "5 Finance income and costs Accounting policy Finance income is recognised as the interest accrues to the net carrying amount of the financial asset. Finance cost is recognised in the income statement in the period in which it is incurred. \u00a3\u2019000 2022 2021 Finance income Bank interest receivable 139 28 Other interest 2 6 141 34 Finance costs Interest on lease liability (530) (607) Bank loans and overdrafts (137) (262) (667) (869) Net finance costs (526) (835) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-518": {
"value": "Accounting policy Finance income is recognised as the interest accrues to the net carrying amount of the financial asset. Finance cost is recognised in the income statement in the period in which it is incurred. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-446": {
"value": "6 Income tax expense Accounting policy The tax expense comprises both current and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before income tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax Deferred tax is provided in full, using the liability method, on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is calculated using tax rates that are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised only to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the deferred tax asset to be utilised. Where an entity has been loss-making, deferred tax assets are only recognised if there is convincing evidence supporting its future utilisation. 6 Income tax expense continued (a) Analysis of tax charge for the year \u00a3\u2019000 2022 2021 Total Before exceptional items Exceptional items Total Current income tax Corporation tax charged on profits for the year 23,409 18,142 35 18,177 Adjustments in respect of prior periods (133) 1,989 \u2013 1,989 Total current tax charge 23,276 20,131 35 20,166 Deferred income tax Origination and reversal of temporary differences (395) (276) \u2013 (276) Adjustments in respect of prior periods (note 19) (57) (1,983) \u2013 (1,983) Total deferred tax credit (452) (2,259) \u2013 (2,259) Total income tax charge in the Consolidated Income Statement 22,824 17,872 35 17,907 The total income tax charge relates entirely to continuing operations. (b) Reconciliation of the effective tax rate The Group\u2019s tax charge for the year exceeds (2021: exceeds) the UK statutory rate and can be reconciled as follows: \u00a3\u2019000 2022 2021 Total Before exceptional items Exceptional items Total Profit before income tax from continuing operations 77,026 59,974 184 60,158 Loss before income tax from discontinued operations \u2013 (269) \u2013 (269) Profit before income tax for the Group 77,026 59,705 184 59,889 Profit before income tax multiplied by the standard rate of corporation tax in the UK at 19.0% (2021: 19.0%) 14,635 11,344 35 11,379 Effects of: Disallowable items 1,905 1,650 \u2013 1,650 Differing tax rates on overseas earnings 5,590 3,897 \u2013 3,897 Adjustments in respect of prior periods (190) 6 \u2013 6 Adjustments due to tax rate changes (294) (149) \u2013 (149) Tax losses for which deferred tax asset was not recognised or derecognised 1,178 1,124 \u2013 1,124 Total tax charge for the year 22,824 17,872 35 17,907 At the effective tax rate 29.6% 29.9% 19.0% 29.9% Effective tax rate attributable to continuing operations 29.6% 29.8% \u2013 29.8% (c) Current and deferred tax movement recognised directly in equity \u00a3\u2019000 2022 2021 Equity-settled share-based payments: Current tax credit 196 4 Deferred tax (charge)/credit (574) 643 (378) 647 The Group expects to receive additional tax deductions in respect of share options currently unexercised. The Group provides for deferred tax on all unexercised share options. Where the amount of the tax deduction (or estimated future tax deduction) exceeds the amount of the related cumulative remuneration expense, this indicates that the tax deduction relates not only to remuneration expense but also to an equity item. In this situation, the excess of the current or deferred tax should be recognised in equity. At 30 November 2022, a deferred tax asset of \u00a31.1 million (2021: \u00a31.5 million) was recognised in respect of these options (note 19). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-479": {
"value": "Accounting policy The tax expense comprises both current and deferred tax. Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit before income tax as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The Group\u2019s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting date. Deferred tax Deferred tax is provided in full, using the liability method, on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is calculated using tax rates that are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised only to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the deferred tax asset to be utilised. Where an entity has been loss-making, deferred tax assets are only recognised if there is convincing evidence supporting its future utilisation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-505": {
"value": "Deferred tax Deferred tax is provided in full, using the liability method, on temporary differences at the reporting date arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax is calculated using tax rates that are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the reporting date. Deferred tax assets are recognised only to the extent that it is probable that sufficient future taxable profits will be available to allow all or part of the deferred tax asset to be utilised. Where an entity has been loss-making, deferred tax assets are only recognised if there is convincing evidence supporting its future utilisation. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-447": {
"value": "7 Business disposals Hong Kong In September 2022, the Board approved the plan for the closure of our Hong Kong business due to continued underperformance in trading in the past years and lack of realisable potential for growth. Already in 2017 when reviewing the Group\u2019s presence in the APAC region, the Board significantly downsized operations in Hong Kong, reducing it to a satellite office. Most recently, it became clear that our continued trading in Hong Kong remained sub-optimal and was no longer a viable investment option. At the end of November 2022, all current agreements with contractors were in the process of being terminated or being transferred to an external agency. Overall, the closure of Hong Kong resulted in additional costs of \u00a30.2 million incurred by the Group, mainly in relation to personnel termination benefits. This disposal did not meet the definition of discontinued operations given in IFRS 5 \u2018Non-Current Assets Held for Sale and Discontinued Operations\u2019 and, therefore, no disclosures in relation to discontinued operations were made. Australia In the financial year ended 30 November 2020, the Group liquidated the Australian subsidiary (\u2018SThree Australia\u2019), the operations of which represented a separate major line of business for SThree. Since then, SThree Australia was treated as discontinued operations and its results were reported separately from the continuing operations of the Group. In the prior year, the post-tax loss of \u00a30.3 million from discontinued operations was reported on the face of the Consolidated Income Statement, which comprised the following items of income and expense after intra- group eliminations. \u00a3\u2019000 2022 2021 Cost of sales \u2013 (20) Administrative expenses \u2013 (13) Operating loss \u2013 (33) Loss before and after income tax from discontinued operations \u2013 (33) Reclassification of foreign currency translation reserve \u2013 (236) Total comprehensive loss on liquidation of the subsidiary \u2013 (269) Net cash flows used by discontinued operations were as follows in the prior year: Operating activities \u2013 (848) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-448": {
"value": "8 Earnings per share Accounting policy Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period excluding shares held as treasury shares (note 20(a)) and those held in the Employee Benefit Trust (EBT), which for accounting purposes are treated in the same manner as shares held in the treasury reserve. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive ordinary shares arising from exercising employee stock options and tracker shares. For accounting policy regarding EBT, refer to note 20 Equity. The following tables reflect the income and share data used in the basic and diluted EPS calculations. \u00a3\u2019000 2022 2021 Earnings Continuing operations before exceptional items 54,202 42,102 Exceptional items \u2013 149 Discontinued operations \u2013 (269) Profit for the year attributable to owners of the Company 54,202 41,982 million 2022 2021 Number of shares Weighted average number of shares used for basic EPS 132.2 132.3 Dilutive effect of share plans 3.7 4.4 Diluted weighted average number of shares used for diluted EPS 135.9 136.7 pence 2022 2021 Basic EPS Continuing operations before exceptional items 41.0 31.8 Exceptional items \u2013 0.1 Discontinued operations \u2013 (0.2) 41.0 31.7 Diluted EPS Continuing operations before exceptional items 39.9 30.8 Exceptional items \u2013 0.1 Discontinued operations \u2013 (0.2) 39.9 30.7 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-480": {
"value": "Accounting policy Basic earnings per share (EPS) is calculated by dividing the profit for the year attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the period excluding shares held as treasury shares (note 20(a)) and those held in the Employee Benefit Trust (EBT), which for accounting purposes are treated in the same manner as shares held in the treasury reserve. Diluted EPS is calculated by adjusting the weighted average number of ordinary shares outstanding to assume conversion of all dilutive ordinary shares arising from exercising employee stock options and tracker shares. For accounting policy regarding EBT, refer to note 20 Equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-449": {
"value": "9 Dividends Accounting policy Interim dividends are recognised in the financial statements at the earlier of the time they are paid or shareholders\u2019 approval. Final dividends declared to the Company\u2019s shareholders are recognised as a liability in the Company\u2019s and Group\u2019s financial statements in the period in which they are approved by the Company\u2019s shareholders. The Company recognises dividends from subsidiaries at the time that they are declared. \u00a3\u2019000 2022 2021 Amounts recognised and paid as distributions to owners of the Company in the year Interim dividend for the year ended 30 November 2021 of 3.0 pence (2020: nil pence) per share1 3,965 \u2013 Final dividend for the year ended 30 November 2021 of 8.0 pence (2020: 5.0 pence) per share 2 10,685 6,616 14,650 6,616 \u00a3\u2019000 2022 2021 Amounts arising in respect of the year Interim dividend for the year ended 30 November 2022 of 5.0 pence (2021: 3.0 pence) per share3 6,632 3,982 Proposed final dividend for the year ended 30 November 2022 of 11.0 pence (2021: 8.0 pence) per share4 14,547 10,690 21,179 14,672 1. The 2021 interim dividend of 3.0 pence (2020: nil pence) per share was paid on 3 December 2021 to those shareholders on the register of SThree plc on 5 November 2021. 2. The 2021 final dividend of 8.0 pence (2020: 5.0 pence) per share was paid on 10 June 2022 to shareholders on record on 6 May 2022. 3. The 2022 interim dividend of 5.0 pence (2021: 3.0 pence) per share was paid on 2 December 2022 to shareholders on record at 4 November 2022. 4. The Board has proposed the 2022 final dividend of 11.0 pence (2021: 8.0 pence) per share, to be paid on 9 June 2023 to shareholders on record at 12 May 2023. This proposed final dividend is subject to approval by shareholders at the Company\u2019s next Annual General Meeting on 19 April 2023, and therefore has not been included as a liability in these financial statements. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-481": {
"value": "Accounting policy Interim dividends are recognised in the financial statements at the earlier of the time they are paid or shareholders\u2019 approval. Final dividends declared to the Company\u2019s shareholders are recognised as a liability in the Company\u2019s and Group\u2019s financial statements in the period in which they are approved by the Company\u2019s shareholders. The Company recognises dividends from subsidiaries at the time that they are declared. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-450": {
"value": "10 Property, plant and equipment Accounting policy Property, plant and equipment is recorded at cost less accumulated depreciation and any impairment losses. Subsequent expenditure is added to the carrying value of the asset when it is probable that future economic benefits, in excess of the originally assessed performance of the existing asset, will flow to the Group and the costs can be measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred. Depreciation is provided on a straight-line basis and charged to the income statement over the expected useful working lives of the assets, after they have been brought into use, at the following rates: Right-of-use assets lower of the asset\u2019s useful life and the lease term Computer equipment three years Leasehold improvements lower of the lease term and five years Fixtures and fittings five years Gains and losses on disposals are included in the income statement by comparing proceeds with carrying amount. Residual values and useful lives are reviewed and adjusted if appropriate at the end of the reporting period. Any changes are accounted for prospectively. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less cost to sell and its value in use. For accounting policy regarding right-of-use assets, refer to note 16 Leases. 10 Property, plant and equipment continued The movements of property, plant and equipment by class of assets are as follows: \u00a3\u2019000 Right-of-use assets Computer equipment Leasehold improvements Fixtures and fittings Total Cost At 1 December 2020 45,186 16,326 10,509 5,557 77,578 Additions 14,026 1,358 268 297 15,949 Disposals (7,728) (804) (439) (787) (9,758) Forex revaluation (300) (254) (184) (127) (865) At 30 November 2021 51,184 16,626 10,154 4,940 82,904 Additions 14,432 1,311 1,196 900 17,839 Disposals (12,278) (709) (1,768) (718) (15,473) Forex revaluation 729 312 340 107 1,488 At 30 November 2022 54,067 17,540 9,922 5,229 86,758 Accumulated depreciation At 1 December 2020 12,308 11,893 7,985 4,574 36,760 Depreciation charge for the year 12,008 2,256 1,095 405 15,764 Disposals (5,249) (695) (412) (724) (7,080) Forex revaluation (230) (154) (137) (92) (613) At 30 November 2021 18,837 13,300 8,531 4,163 44,831 Depreciation charge for the year 15,075 2,288 936 383 18,682 Disposals (10,250) (648) (1,733) (692) (13,323) Forex revaluation 611 255 325 128 1,319 At 30 November 2022 24,273 15,195 8,059 3,982 51,509 Net book value At 30 November 2022 29,794 2,345 1,863 1,247 35,249 At 30 November 2021 32,347 3,326 1,623 777 38,073 A depreciation charge of \u00a318.7 million (2021: \u00a315.8 million) was recognised in administrative expenses. During the year, certain assets related to no longer operational office equipment, with a net book value of \u00a30.1 million (2021: \u00a30.2 million), were disposed of, incurring a loss on disposal of \u00a30.1 million (2021: a loss on disposal of \u00a30.2 million). For the carrying amount of right-of-use assets per class of underlying asset refer to note 16. During the year, the Group early-terminated certain lease contracts resulting in the net gain on lease modification (including the write- off of the corresponding lease liabilities) of \u00a30.3 million (2021: \u00a30.8 million). The Company has no property, plant and equipment. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-482": {
"value": "Accounting policy Property, plant and equipment is recorded at cost less accumulated depreciation and any impairment losses. Subsequent expenditure is added to the carrying value of the asset when it is probable that future economic benefits, in excess of the originally assessed performance of the existing asset, will flow to the Group and the costs can be measured reliably. All other subsequent expenditure is expensed in the period in which it is incurred. Depreciation is provided on a straight-line basis and charged to the income statement over the expected useful working lives of the assets, after they have been brought into use, at the following rates: Right-of-use assets lower of the asset\u2019s useful life and the lease term Computer equipment three years Leasehold improvements lower of the lease term and five years Fixtures and fittings five years Gains and losses on disposals are included in the income statement by comparing proceeds with carrying amount. Residual values and useful lives are reviewed and adjusted if appropriate at the end of the reporting period. Any changes are accounted for prospectively. Property, plant and equipment is reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of the asset\u2019s fair value less cost to sell and its value in use. For accounting policy regarding right-of-use assets, refer to note 16 Leases. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-451": {
"value": "11 Intangible assets Accounting policy Goodwill Goodwill arising on consolidation represents the excess of purchase consideration over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on the acquisition of subsidiaries has an indefinite useful life and is included in intangible assets. If the goodwill balance is material, it is tested annually for impairment and carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Acquired and developed software and systems Computer software acquired or developed by the Group is stated at cost less accumulated amortisation. Costs incurred on software and system development projects are only capitalised if capitalisation criteria under IAS 38 Intangible Assets (IAS 38) and IFRS Interpretation Committee (IFRIC) interpretation of Software-as-a-Service (SaaS) are met. These are amortised as follows: \u2022 Acquired computer software: expected useful life of three to seven years \u2022 Software and system development costs: expected useful lives not exceeding five years Software maintenance costs are expensed in the period in which they are incurred. Other costs linked to development projects that do not meet the IAS 38 criteria are expensed in the period incurred. Assets under construction Purchased assets or internally generated intangible assets that are still under development are classified as \u2018assets under construction\u2019. These assets are reclassified within intangibles over the phased completion dates and are amortised from the date they are reclassified. Trademarks Acquired trademarks are stated at cost and are amortised over the estimated useful life (up to 12 years) on a straight-line basis. Impairment of intangible assets Assets that are not subject to amortisation are tested for impairment annually. Any impairment loss or gain is recognised in the income statement. Impairment loss is the excess of an asset\u2019s carrying amount over its recoverable amount. The recoverable amount represents the higher of an asset\u2019s fair value less costs to sell and its value in use. Value in use is measured based on the expected future discounted cash flows attributable to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). 11 Intangible assets continued The movements in intangible assets by asset class during the year were as follows: \u00a3\u2019000 Goodwill Computer software Internally generated Trademarks Total Assets under construction Software and system development costs Cost At 1 December 2020 206,313 9,076 172 41,322 71 256,954 Additions \u2013 4 722 \u2013 \u2013 726 Disposals \u2013 \u2013 (74) (2,062) \u2013 (2,136) Reclassification \u2013 \u2013 (137) 84 \u2013 (53) Forex revaluation 4 (3) 12 (1) \u2013 12 At 30 November 2021 206,317 9,077 695 39,343 71 255,503 Additions \u2013 8 257 \u2013 \u2013 265 Disposals \u2013 (2) (765) (433) \u2013 (1,200) Transfer \u2013 \u2013 (202) 202 \u2013 \u2013 Forex revaluation \u2013 1 15 \u2013 \u2013 16 At 30 November 2022 206,317 9,084 \u2013 39,112 71 254,584 Accumulated amortisation and impairment At 1 December 2020 205,480 9,072 \u2013 37,922 71 252,545 Amortisation charge for the year \u2013 2 \u2013 1,951 \u2013 1,953 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 608 \u2013 608 Disposals \u2013 \u2013 \u2013 (2,062) \u2013 (2,062) Reclassification (1) \u2013 \u2013 1 \u2013 \u2013 At 30 November 2021 205,479 9,074 \u2013 38,420 71 253,044 Amortisation charge for the year \u2013 4 \u2013 216 \u2013 220 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 499 \u2013 499 Disposals \u2013 (2) \u2013 (22) \u2013 (24) Forex revaluation \u2013 \u2013 \u2013 (1) \u2013 (1) At 30 November 2022 205,479 9,076 \u2013 39,112 71 253,738 Net book value At 30 November 2022 838 8 \u2013 \u2013 \u2013 846 At 30 November 2021 838 3 695 923 \u2013 2,459 In 2022, the Board approved the Group-wide IT Transformation Programme, the aim of which is to create a world- class operational platform through data, technology and infrastructure. The Programme started in June and most of the expenditure (\u00a34.1 million) was made on research-related activities and expensed immediately. Also in 2022, management reviewed the entire book of legacy development costs and assets under construction capitalised in previous years. The decision was taken to expense \u00a31.7 million (including \u00a30.5 million in accelerated amortisation) worth of the legacy intangible assets immediately to the income statement. An amortisation charge of \u00a30.2 million (2021: \u00a32.0 million) was included in administrative expenses. Disclosures required under IAS 36 Impairment of Assets for goodwill impairment have not been included on the basis that the goodwill value is not considered material. The Company has no intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-483": {
"value": "Accounting policy Goodwill Goodwill arising on consolidation represents the excess of purchase consideration over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on the acquisition of subsidiaries has an indefinite useful life and is included in intangible assets. If the goodwill balance is material, it is tested annually for impairment and carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. Acquired and developed software and systems Computer software acquired or developed by the Group is stated at cost less accumulated amortisation. Costs incurred on software and system development projects are only capitalised if capitalisation criteria under IAS 38 Intangible Assets (IAS 38) and IFRS Interpretation Committee (IFRIC) interpretation of Software-as-a-Service (SaaS) are met. These are amortised as follows: \u2022 Acquired computer software: expected useful life of three to seven years \u2022 Software and system development costs: expected useful lives not exceeding five years Software maintenance costs are expensed in the period in which they are incurred. Other costs linked to development projects that do not meet the IAS 38 criteria are expensed in the period incurred. Assets under construction Purchased assets or internally generated intangible assets that are still under development are classified as \u2018assets under construction\u2019. These assets are reclassified within intangibles over the phased completion dates and are amortised from the date they are reclassified. Trademarks Acquired trademarks are stated at cost and are amortised over the estimated useful life (up to 12 years) on a straight-line basis. Impairment of intangible assets Assets that are not subject to amortisation are tested for impairment annually. Any impairment loss or gain is recognised in the income statement. Impairment loss is the excess of an asset\u2019s carrying amount over its recoverable amount. The recoverable amount represents the higher of an asset\u2019s fair value less costs to sell and its value in use. Value in use is measured based on the expected future discounted cash flows attributable to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-506": {
"value": "Goodwill Goodwill arising on consolidation represents the excess of purchase consideration over the fair value of the Group\u2019s share of the identifiable net assets of the acquired subsidiary at the date of acquisition. Goodwill on the acquisition of subsidiaries has an indefinite useful life and is included in intangible assets. If the goodwill balance is material, it is tested annually for impairment and carried at cost less accumulated impairment losses. Any impairment is recognised immediately in the income statement and is not subsequently reversed. On disposal of a subsidiary, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-507": {
"value": "Acquired and developed software and systems Computer software acquired or developed by the Group is stated at cost less accumulated amortisation. Costs incurred on software and system development projects are only capitalised if capitalisation criteria under IAS 38 Intangible Assets (IAS 38) and IFRS Interpretation Committee (IFRIC) interpretation of Software-as-a-Service (SaaS) are met. These are amortised as follows: \u2022 Acquired computer software: expected useful life of three to seven years \u2022 Software and system development costs: expected useful lives not exceeding five years Software maintenance costs are expensed in the period in which they are incurred. Other costs linked to development projects that do not meet the IAS 38 criteria are expensed in the period incurred. Assets under construction Purchased assets or internally generated intangible assets that are still under development are classified as \u2018assets under construction\u2019. These assets are reclassified within intangibles over the phased completion dates and are amortised from the date they are reclassified. Trademarks Acquired trademarks are stated at cost and are amortised over the estimated useful life (up to 12 years) on a straight-line basis. Impairment of intangible assets Assets that are not subject to amortisation are tested for impairment annually. Any impairment loss or gain is recognised in the income statement. Impairment loss is the excess of an asset\u2019s carrying amount over its recoverable amount. The recoverable amount represents the higher of an asset\u2019s fair value less costs to sell and its value in use. Value in use is measured based on the expected future discounted cash flows attributable to the asset. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-484": {
"value": "11 Intangible assets continued The movements in intangible assets by asset class during the year were as follows: \u00a3\u2019000 Goodwill Computer software Internally generated Trademarks Total Assets under construction Software and system development costs Cost At 1 December 2020 206,313 9,076 172 41,322 71 256,954 Additions \u2013 4 722 \u2013 \u2013 726 Disposals \u2013 \u2013 (74) (2,062) \u2013 (2,136) Reclassification \u2013 \u2013 (137) 84 \u2013 (53) Forex revaluation 4 (3) 12 (1) \u2013 12 At 30 November 2021 206,317 9,077 695 39,343 71 255,503 Additions \u2013 8 257 \u2013 \u2013 265 Disposals \u2013 (2) (765) (433) \u2013 (1,200) Transfer \u2013 \u2013 (202) 202 \u2013 \u2013 Forex revaluation \u2013 1 15 \u2013 \u2013 16 At 30 November 2022 206,317 9,084 \u2013 39,112 71 254,584 Accumulated amortisation and impairment At 1 December 2020 205,480 9,072 \u2013 37,922 71 252,545 Amortisation charge for the year \u2013 2 \u2013 1,951 \u2013 1,953 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 608 \u2013 608 Disposals \u2013 \u2013 \u2013 (2,062) \u2013 (2,062) Reclassification (1) \u2013 \u2013 1 \u2013 \u2013 At 30 November 2021 205,479 9,074 \u2013 38,420 71 253,044 Amortisation charge for the year \u2013 4 \u2013 216 \u2013 220 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 499 \u2013 499 Disposals \u2013 (2) \u2013 (22) \u2013 (24) Forex revaluation \u2013 \u2013 \u2013 (1) \u2013 (1) At 30 November 2022 205,479 9,076 \u2013 39,112 71 253,738 Net book value At 30 November 2022 838 8 \u2013 \u2013 \u2013 846 At 30 November 2021 838 3 695 923 \u2013 2,459 In 2022, the Board approved the Group-wide IT Transformation Programme, the aim of which is to create a world- class operational platform through data, technology and infrastructure. The Programme started in June and most of the expenditure (\u00a34.1 million) was made on research-related activities and expensed immediately. Also in 2022, management reviewed the entire book of legacy development costs and assets under construction capitalised in previous years. The decision was taken to expense \u00a31.7 million (including \u00a30.5 million in accelerated amortisation) worth of the legacy intangible assets immediately to the income statement. An amortisation charge of \u00a30.2 million (2021: \u00a32.0 million) was included in administrative expenses. Disclosures required under IAS 36 Impairment of Assets for goodwill impairment have not been included on the basis that the goodwill value is not considered material. The Company has no intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-508": {
"value": "The movements in intangible assets by asset class during the year were as follows: \u00a3\u2019000 Goodwill Computer software Internally generated Trademarks Total Assets under construction Software and system development costs Cost At 1 December 2020 206,313 9,076 172 41,322 71 256,954 Additions \u2013 4 722 \u2013 \u2013 726 Disposals \u2013 \u2013 (74) (2,062) \u2013 (2,136) Reclassification \u2013 \u2013 (137) 84 \u2013 (53) Forex revaluation 4 (3) 12 (1) \u2013 12 At 30 November 2021 206,317 9,077 695 39,343 71 255,503 Additions \u2013 8 257 \u2013 \u2013 265 Disposals \u2013 (2) (765) (433) \u2013 (1,200) Transfer \u2013 \u2013 (202) 202 \u2013 \u2013 Forex revaluation \u2013 1 15 \u2013 \u2013 16 At 30 November 2022 206,317 9,084 \u2013 39,112 71 254,584 Accumulated amortisation and impairment At 1 December 2020 205,480 9,072 \u2013 37,922 71 252,545 Amortisation charge for the year \u2013 2 \u2013 1,951 \u2013 1,953 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 608 \u2013 608 Disposals \u2013 \u2013 \u2013 (2,062) \u2013 (2,062) Reclassification (1) \u2013 \u2013 1 \u2013 \u2013 At 30 November 2021 205,479 9,074 \u2013 38,420 71 253,044 Amortisation charge for the year \u2013 4 \u2013 216 \u2013 220 Accelerated amortisation and impairment charge \u2013 \u2013 \u2013 499 \u2013 499 Disposals \u2013 (2) \u2013 (22) \u2013 (24) Forex revaluation \u2013 \u2013 \u2013 (1) \u2013 (1) At 30 November 2022 205,479 9,076 \u2013 39,112 71 253,738 Net book value At 30 November 2022 838 8 \u2013 \u2013 \u2013 846 At 30 November 2021 838 3 695 923 \u2013 2,459 In 2022, the Board approved the Group-wide IT Transformation Programme, the aim of which is to create a world- class operational platform through data, technology and infrastructure. The Programme started in June and most of the expenditure (\u00a34.1 million) was made on research-related activities and expensed immediately. Also in 2022, management reviewed the entire book of legacy development costs and assets under construction capitalised in previous years. The decision was taken to expense \u00a31.7 million (including \u00a30.5 million in accelerated amortisation) worth of the legacy intangible assets immediately to the income statement. An amortisation charge of \u00a30.2 million (2021: \u00a32.0 million) was included in administrative expenses. Disclosures required under IAS 36 Impairment of Assets for goodwill impairment have not been included on the basis that the goodwill value is not considered material. The Company has no intangible assets. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-452": {
"value": "12 Investments Accounting policy Equity investments The Group classifies its financial assets in the following measurement categories: \u2022 those measured subsequently at fair value (either through OCI or through profit or loss); and \u2022 those measured at amortised cost. Classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Subsidiaries Investments in shares in subsidiary companies are stated at cost less impairment loss to the extent that the carrying value exceeds the recoverable amount; the investment is impaired to its recoverable amount with the impairment charged to the Company\u2019s income statement. An investment is deemed to be impaired when it has been determined that its carrying value will not be recovered either through actual cash flows or operating profit generation or selling it. If circumstances arise that indicate that investments might be impaired, the recoverable amount of the investment is estimated. The recoverable amount is the higher of the entity\u2019s fair value less costs to sell or its value in use. To the extent that the carrying value exceeds the recoverable amount, the investment is impaired to its recoverable amount. Where share-based payments are granted to the employees of subsidiary undertakings by the Company, they are treated as a capital contribution to the subsidiary and the Company\u2019s investment in the subsidiary is increased accordingly. The investments in shares in the undertakings outside of the Group, in particular where the Group does not have significant influence or control, are classified as financial assets held at fair value through other comprehensive income. At initial recognition, such shareholdings are measured at cost and on subsequent measurement dates they are fair valued on the basis of current prices generated for similar transactions or using an enterprise value to sales multiple valuation method. Tracker share arrangements Over the past years, until 2020, the Group invited selected senior individuals to invest in the businesses they manage, sharing in both the risk and reward. These individuals were offered equity (\u2018tracker shares\u2019) in those businesses in return for making an investment. The amount of equity offered varied in different circumstances but was never over 25% of the overall equity of the business in question. The equity stake tracks the performance of the underlying business and the individuals receive dividends (if declared) by the \u2018tracked\u2019 business. If an individual remains a holder of the tracker shares for a pre-agreed period, typically three to five years depending on the vesting period applied to the tracker shares, they may then offer their vested tracker shares for sale to the Group, but there is no obligation on the Group to settle the arrangement. SThree will undertake a formal due diligence process to establish whether there is a sound business case for settling a tracker share and make an arm\u2019s length judgement. Should the Group decide to settle the tracker shares, it will do so at a price which is determined using a formula stipulated in the tracker share Articles of Association (Articles). SThree plc may settle in cash or in its shares, as it chooses. The Group policy is to settle in SThree plc shares. Consequently, the arrangements are deemed to be an equity-settled share-based payment scheme under IFRS 2 Share-based Payments (IFRS 2). 12 Investments continued Individuals paid the fair value for the tracker shares at the time of the initial subscription, as determined by an independent third-party valuer in accordance with IFRS 2 and taking into account the particular rights attached to the shares as described in the relevant businesses\u2019 Articles. The initial valuation always took into consideration factors such as the size and trading record of the underlying business, expected dividends, future projections, as well as the external market, sector and country characteristics. The external valuer was supplied with detailed financial information, including net fees and EBITDA of the relevant businesses. Using this information, an independent calculation of the initial Equity Value (EV) was prepared. This EV was then discounted to arrive at a valuation to take into account the relevant characteristics of the shareholding in the tracked business, for example the absence of voting rights. The methodology for calculating the EV was applied consistently, although the data used varied depending on the size and history of the business. In 2021 the Directors decided to close the tracker share scheme for any new entrants/investments. If an individual leaves the Group before the pre-agreed period, they are entitled to receive the lower of the initial subscription amount they contributed or the tracker share fair value on the date of departure as set out under the Articles. To reflect this, a provision in relation to tracker shares is recognised to reflect the consideration for tracker shares received from individuals (note 18 Provisions). Up until 2014 certain individuals received loans from the Group to pay part of the initial subscription for their tracker shares, on which interest is charged at or above the HMRC beneficial loan rate. These loans are repayable by the individuals either at the time of settlement of their tracker shares, or via tracker share dividend, or when they leave the Group. These loans are included within other receivables (note 13 Trade and other receivables). During the vesting period, no share-based payment charge is recognised in the income statement on the basis that the initial subscription by the individual at the grant date equated to the fair value at that date. Dividends declared by the tracked businesses, which were factored into the grant date fair value determination of the tracker shares, are recorded in equity as \u2018distributions to tracker shareholders\u2019. When the Company issues new shares to settle the tracker share arrangements, the nominal value of the shares is credited to share capital and the difference between the fair value of the tracker shares and the nominal value is credited to share premium. If the Company uses treasury shares to settle the arrangements, the difference between the fair value of the tracker shares and the weighted average value of the treasury shares is accounted for in the retained earnings. Critical accounting judgements Tracker shares arrangements The tracker shares arrangements give the Group the choice to settle tracker shares in either cash or SThree plc shares. There are significant accounting differences between an equity-settled and cash-settled scheme. Judgement is therefore required as to whether this is a cash or equity-settled share-based payment scheme. Based on the Directors\u2019 judgement, the tracker share arrangements are accounted for as an equity-settled share-based payment scheme under IFRS 2 as the Group\u2019s policy is to settle its obligations under the arrangements in SThree plc shares. The Company settles tracker shares through either treasury shares or the issue of new shares in SThree plc. The Companies Act 2006 does not specify whether the issue of treasury shares to settle share-based payments should be accounted for in share premium or elsewhere. The Company has taken legal advice which confirms this is judgemental and therefore the approach taken by the Company is to include differences between the fair value of the tracker shares settled and the weighted average cost of treasury shares in retained earnings. Tracker shares can be repurchased from holders with either cash or SThree plc shares at the Company\u2019s discretion. Historically, the Company\u2019s policy and intention has been to settle tracker shares using SThree plc shares. Therefore, the judgement of the Directors is that this scheme is treated as equity-settled. Indicators of impairment of investments in subsidiaries (Company only) At each reporting date, the Company assesses whether there are any indications of impairment of its investments in subsidiaries. The Company uses both external and internal sources of information to make this assessment, including those in relation to significant adverse changes in the market or economic environment in which subsidiaries operate, information about the carrying amount of subsidiaries\u2019 net assets versus market value, or internal management reports that indicate that the financial performance of subsidiaries will be worse than budgeted. Only when an indication of impairment is identified, the Company performs a detail impairment review including calculations of recoverable amounts of the investments. Group The Group holds a minority shareholding (less than 1% of the total share capital issued) in RoboRecruiter, a company which invests in automated recruitment solutions. The investment is a financial asset classified as measured at fair value through other comprehensive income. Due to limited information about the current performance and prospects of this company, management made a decision to fully write off the investment of c.\u00a31k. In previous years, the investment was considered a level 1 valuation under the fair value hierarchy. Company Cost \u00a3\u2019000 At 1 December 2020 356,213 Additions \u2013 Settlement of vested tracker shares 4,610 \u2013 Settlement of unvested tracker shares 217 \u2013 Capital contribution relating to share-based payments 1,077 At 30 November 2021 362,117 Additions \u2013 Settlement of vested tracker shares 3,862 \u2013 Settlement of unvested tracker shares 2,122 \u2013 Capital contribution relating to share-based payments 4,127 At 30 November 2022 372,228 Provision for impairment At 1 December 2020 and 30 November 2021 156,070 Provision made during the year 940 At 30 November 2022 157,010 Net carrying value At 30 November 2022 215,218 At 30 November 2021 206,047 During the year, the Company settled a number of vested and unvested tracker shares by awarding SThree plc shares (note 20(b)). This resulted in an increase in the Company\u2019s investment of \u00a36.0 million (2021: \u00a34.8 million) in relevant subsidiary businesses. 12 Investments continued IFRS 2 requires that any options or awards granted to employees of subsidiary undertakings, without reimbursement by the subsidiary, increase the carrying value of the investment held in the subsidiaries. In 2022, the Company recognised a net increase in investments in its subsidiaries of \u00a34.1 million (2021: \u00a31.1 million) relating to share options and awards including those under the Long-Term Incentive Plan and Save-As-You-Earn schemes. Assessment of investment indications During the year, the Company performed an assessment of impairment indications within its portfolio of investments in subsidiaries. Overall, SThree businesses delivered a very strong financial performance, ahead of market and management expectations, in 2022. The Group\u2019s Contract net fees increased by 19% and Permanent net fees increased by 6%, both on a like-for-like basis. With ongoing strong demand for candidates with STEM skills, our contractor order book grew by 19% YoY across the Group. No significant indicators of impairment were noted. However, following the Board\u2019s decision to significantly restructure our businesses in Ireland and Singapore, and to close the Hong Kong business, an impairment charge of \u00a30.9 million was recognised in the Company\u2019s income statement in 2022. The net book values of these investments were written off in full. Further details can be found in note 7 and in the Chief Financial Officer\u2019s statement on page 87. For comparison, no impairment charge was recognised in the prior year. A full list of the Company\u2019s subsidiaries that existed as at 30 November 2022 is provided in note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-485": {
"value": "12 Investments Accounting policy Equity investments The Group classifies its financial assets in the following measurement categories: \u2022 those measured subsequently at fair value (either through OCI or through profit or loss); and \u2022 those measured at amortised cost. Classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. Subsidiaries Investments in shares in subsidiary companies are stated at cost less impairment loss to the extent that the carrying value exceeds the recoverable amount; the investment is impaired to its recoverable amount with the impairment charged to the Company\u2019s income statement. An investment is deemed to be impaired when it has been determined that its carrying value will not be recovered either through actual cash flows or operating profit generation or selling it. If circumstances arise that indicate that investments might be impaired, the recoverable amount of the investment is estimated. The recoverable amount is the higher of the entity\u2019s fair value less costs to sell or its value in use. To the extent that the carrying value exceeds the recoverable amount, the investment is impaired to its recoverable amount. Where share-based payments are granted to the employees of subsidiary undertakings by the Company, they are treated as a capital contribution to the subsidiary and the Company\u2019s investment in the subsidiary is increased accordingly. The investments in shares in the undertakings outside of the Group, in particular where the Group does not have significant influence or control, are classified as financial assets held at fair value through other comprehensive income. At initial recognition, such shareholdings are measured at cost and on subsequent measurement dates they are fair valued on the basis of current prices generated for similar transactions or using an enterprise value to sales multiple valuation method. Tracker share arrangements Over the past years, until 2020, the Group invited selected senior individuals to invest in the businesses they manage, sharing in both the risk and reward. These individuals were offered equity (\u2018tracker shares\u2019) in those businesses in return for making an investment. The amount of equity offered varied in different circumstances but was never over 25% of the overall equity of the business in question. The equity stake tracks the performance of the underlying business and the individuals receive dividends (if declared) by the \u2018tracked\u2019 business. If an individual remains a holder of the tracker shares for a pre-agreed period, typically three to five years depending on the vesting period applied to the tracker shares, they may then offer their vested tracker shares for sale to the Group, but there is no obligation on the Group to settle the arrangement. SThree will undertake a formal due diligence process to establish whether there is a sound business case for settling a tracker share and make an arm\u2019s length judgement. Should the Group decide to settle the tracker shares, it will do so at a price which is determined using a formula stipulated in the tracker share Articles of Association (Articles). SThree plc may settle in cash or in its shares, as it chooses. The Group policy is to settle in SThree plc shares. Consequently, the arrangements are deemed to be an equity-settled share-based payment scheme under IFRS 2 Share-based Payments (IFRS 2). 12 Investments continued Individuals paid the fair value for the tracker shares at the time of the initial subscription, as determined by an independent third-party valuer in accordance with IFRS 2 and taking into account the particular rights attached to the shares as described in the relevant businesses\u2019 Articles. The initial valuation always took into consideration factors such as the size and trading record of the underlying business, expected dividends, future projections, as well as the external market, sector and country characteristics. The external valuer was supplied with detailed financial information, including net fees and EBITDA of the relevant businesses. Using this information, an independent calculation of the initial Equity Value (EV) was prepared. This EV was then discounted to arrive at a valuation to take into account the relevant characteristics of the shareholding in the tracked business, for example the absence of voting rights. The methodology for calculating the EV was applied consistently, although the data used varied depending on the size and history of the business. In 2021 the Directors decided to close the tracker share scheme for any new entrants/investments. If an individual leaves the Group before the pre-agreed period, they are entitled to receive the lower of the initial subscription amount they contributed or the tracker share fair value on the date of departure as set out under the Articles. To reflect this, a provision in relation to tracker shares is recognised to reflect the consideration for tracker shares received from individuals (note 18 Provisions). Up until 2014 certain individuals received loans from the Group to pay part of the initial subscription for their tracker shares, on which interest is charged at or above the HMRC beneficial loan rate. These loans are repayable by the individuals either at the time of settlement of their tracker shares, or via tracker share dividend, or when they leave the Group. These loans are included within other receivables (note 13 Trade and other receivables). During the vesting period, no share-based payment charge is recognised in the income statement on the basis that the initial subscription by the individual at the grant date equated to the fair value at that date. Dividends declared by the tracked businesses, which were factored into the grant date fair value determination of the tracker shares, are recorded in equity as \u2018distributions to tracker shareholders\u2019. When the Company issues new shares to settle the tracker share arrangements, the nominal value of the shares is credited to share capital and the difference between the fair value of the tracker shares and the nominal value is credited to share premium. If the Company uses treasury shares to settle the arrangements, the difference between the fair value of the tracker shares and the weighted average value of the treasury shares is accounted for in the retained earnings. Critical accounting judgements Tracker shares arrangements The tracker shares arrangements give the Group the choice to settle tracker shares in either cash or SThree plc shares. There are significant accounting differences between an equity-settled and cash-settled scheme. Judgement is therefore required as to whether this is a cash or equity-settled share-based payment scheme. Based on the Directors\u2019 judgement, the tracker share arrangements are accounted for as an equity-settled share-based payment scheme under IFRS 2 as the Group\u2019s policy is to settle its obligations under the arrangements in SThree plc shares. The Company settles tracker shares through either treasury shares or the issue of new shares in SThree plc. The Companies Act 2006 does not specify whether the issue of treasury shares to settle share-based payments should be accounted for in share premium or elsewhere. The Company has taken legal advice which confirms this is judgemental and therefore the approach taken by the Company is to include differences between the fair value of the tracker shares settled and the weighted average cost of treasury shares in retained earnings. Tracker shares can be repurchased from holders with either cash or SThree plc shares at the Company\u2019s discretion. Historically, the Company\u2019s policy and intention has been to settle tracker shares using SThree plc shares. Therefore, the judgement of the Directors is that this scheme is treated as equity-settled. Indicators of impairment of investments in subsidiaries (Company only) At each reporting date, the Company assesses whether there are any indications of impairment of its investments in subsidiaries. The Company uses both external and internal sources of information to make this assessment, including those in relation to significant adverse changes in the market or economic environment in which subsidiaries operate, information about the carrying amount of subsidiaries\u2019 net assets versus market value, or internal management reports that indicate that the financial performance of subsidiaries will be worse than budgeted. Only when an indication of impairment is identified, the Company performs a detail impairment review including calculations of recoverable amounts of the investments. Group The Group holds a minority shareholding (less than 1% of the total share capital issued) in RoboRecruiter, a company which invests in automated recruitment solutions. The investment is a financial asset classified as measured at fair value through other comprehensive income. Due to limited information about the current performance and prospects of this company, management made a decision to fully write off the investment of c.\u00a31k. In previous years, the investment was considered a level 1 valuation under the fair value hierarchy. Company Cost \u00a3\u2019000 At 1 December 2020 356,213 Additions \u2013 Settlement of vested tracker shares 4,610 \u2013 Settlement of unvested tracker shares 217 \u2013 Capital contribution relating to share-based payments 1,077 At 30 November 2021 362,117 Additions \u2013 Settlement of vested tracker shares 3,862 \u2013 Settlement of unvested tracker shares 2,122 \u2013 Capital contribution relating to share-based payments 4,127 At 30 November 2022 372,228 Provision for impairment At 1 December 2020 and 30 November 2021 156,070 Provision made during the year 940 At 30 November 2022 157,010 Net carrying value At 30 November 2022 215,218 At 30 November 2021 206,047 During the year, the Company settled a number of vested and unvested tracker shares by awarding SThree plc shares (note 20(b)). This resulted in an increase in the Company\u2019s investment of \u00a36.0 million (2021: \u00a34.8 million) in relevant subsidiary businesses. 12 Investments continued IFRS 2 requires that any options or awards granted to employees of subsidiary undertakings, without reimbursement by the subsidiary, increase the carrying value of the investment held in the subsidiaries. In 2022, the Company recognised a net increase in investments in its subsidiaries of \u00a34.1 million (2021: \u00a31.1 million) relating to share options and awards including those under the Long-Term Incentive Plan and Save-As-You-Earn schemes. Assessment of investment indications During the year, the Company performed an assessment of impairment indications within its portfolio of investments in subsidiaries. Overall, SThree businesses delivered a very strong financial performance, ahead of market and management expectations, in 2022. The Group\u2019s Contract net fees increased by 19% and Permanent net fees increased by 6%, both on a like-for-like basis. With ongoing strong demand for candidates with STEM skills, our contractor order book grew by 19% YoY across the Group. No significant indicators of impairment were noted. However, following the Board\u2019s decision to significantly restructure our businesses in Ireland and Singapore, and to close the Hong Kong business, an impairment charge of \u00a30.9 million was recognised in the Company\u2019s income statement in 2022. The net book values of these investments were written off in full. Further details can be found in note 7 and in the Chief Financial Officer\u2019s statement on page 87. For comparison, no impairment charge was recognised in the prior year. A full list of the Company\u2019s subsidiaries that existed as at 30 November 2022 is provided in note 26. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-509": {
"value": "Equity investments The Group classifies its financial assets in the following measurement categories: \u2022 those measured subsequently at fair value (either through OCI or through profit or loss); and \u2022 those measured at amortised cost. Classification depends on the Group\u2019s business model for managing the financial assets and the contractual terms of the cash flows. For assets measured at fair value, gains and losses will be recorded in either profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at FVOCI. Financial assets with embedded derivatives are considered in their entirety when determining whether their cash flows are solely payments of principal and interest. ",
"dimensions": {
"concept": "sthreeplc:DescriptionOfAccountingPolicyForEquityMethods",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-510": {
"value": "Subsidiaries Investments in shares in subsidiary companies are stated at cost less impairment loss to the extent that the carrying value exceeds the recoverable amount; the investment is impaired to its recoverable amount with the impairment charged to the Company\u2019s income statement. An investment is deemed to be impaired when it has been determined that its carrying value will not be recovered either through actual cash flows or operating profit generation or selling it. If circumstances arise that indicate that investments might be impaired, the recoverable amount of the investment is estimated. The recoverable amount is the higher of the entity\u2019s fair value less costs to sell or its value in use. To the extent that the carrying value exceeds the recoverable amount, the investment is impaired to its recoverable amount. Where share-based payments are granted to the employees of subsidiary undertakings by the Company, they are treated as a capital contribution to the subsidiary and the Company\u2019s investment in the subsidiary is increased accordingly. The investments in shares in the undertakings outside of the Group, in particular where the Group does not have significant influence or control, are classified as financial assets held at fair value through other comprehensive income. At initial recognition, such shareholdings are measured at cost and on subsequent measurement dates they are fair valued on the basis of current prices generated for similar transactions or using an enterprise value to sales multiple valuation method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-511": {
"value": "Tracker share arrangements Over the past years, until 2020, the Group invited selected senior individuals to invest in the businesses they manage, sharing in both the risk and reward. These individuals were offered equity (\u2018tracker shares\u2019) in those businesses in return for making an investment. The amount of equity offered varied in different circumstances but was never over 25% of the overall equity of the business in question. The equity stake tracks the performance of the underlying business and the individuals receive dividends (if declared) by the \u2018tracked\u2019 business. If an individual remains a holder of the tracker shares for a pre-agreed period, typically three to five years depending on the vesting period applied to the tracker shares, they may then offer their vested tracker shares for sale to the Group, but there is no obligation on the Group to settle the arrangement. SThree will undertake a formal due diligence process to establish whether there is a sound business case for settling a tracker share and make an arm\u2019s length judgement. Should the Group decide to settle the tracker shares, it will do so at a price which is determined using a formula stipulated in the tracker share Articles of Association (Articles). SThree plc may settle in cash or in its shares, as it chooses. The Group policy is to settle in SThree plc shares. Consequently, the arrangements are deemed to be an equity-settled share-based payment scheme under IFRS 2 Share-based Payments (IFRS 2). Individuals paid the fair value for the tracker shares at the time of the initial subscription, as determined by an independent third-party valuer in accordance with IFRS 2 and taking into account the particular rights attached to the shares as described in the relevant businesses\u2019 Articles. The initial valuation always took into consideration factors such as the size and trading record of the underlying business, expected dividends, future projections, as well as the external market, sector and country characteristics. The external valuer was supplied with detailed financial information, including net fees and EBITDA of the relevant businesses. Using this information, an independent calculation of the initial Equity Value (EV) was prepared. This EV was then discounted to arrive at a valuation to take into account the relevant characteristics of the shareholding in the tracked business, for example the absence of voting rights. The methodology for calculating the EV was applied consistently, although the data used varied depending on the size and history of the business. In 2021 the Directors decided to close the tracker share scheme for any new entrants/investments. If an individual leaves the Group before the pre-agreed period, they are entitled to receive the lower of the initial subscription amount they contributed or the tracker share fair value on the date of departure as set out under the Articles. To reflect this, a provision in relation to tracker shares is recognised to reflect the consideration for tracker shares received from individuals (note 18 Provisions). Up until 2014 certain individuals received loans from the Group to pay part of the initial subscription for their tracker shares, on which interest is charged at or above the HMRC beneficial loan rate. These loans are repayable by the individuals either at the time of settlement of their tracker shares, or via tracker share dividend, or when they leave the Group. These loans are included within other receivables (note 13 Trade and other receivables). During the vesting period, no share-based payment charge is recognised in the income statement on the basis that the initial subscription by the individual at the grant date equated to the fair value at that date. Dividends declared by the tracked businesses, which were factored into the grant date fair value determination of the tracker shares, are recorded in equity as \u2018distributions to tracker shareholders\u2019. When the Company issues new shares to settle the tracker share arrangements, the nominal value of the shares is credited to share capital and the difference between the fair value of the tracker shares and the nominal value is credited to share premium. If the Company uses treasury shares to settle the arrangements, the difference between the fair value of the tracker shares and the weighted average value of the treasury shares is accounted for in the retained earnings. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-453": {
"value": "13 Trade and other receivables Accounting policy Trade receivables including Contract assets are amounts due from customers for services performed in the ordinary course of business. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. The normal credit terms are between 14-30 days upon service provision, with 30 days becoming a more prevalent payment term. The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an expected credit losses (ECLs) approach for measuring the allowance of its trade receivables. The Group recognises a loss allowance based on lifetime ECLs at each reporting date. For invoices reviewed on a portfolio basis (i.e. not individually reviewed), the loss allowance for ECLs is provided at differing percentages determined based on historical collection experience, adjusted for forward-looking market factors specific to the debtors and the economic environment. Certain exposures within trade receivables are individually assessed for which the Directors make judgement on a client-by-client basis as to their ability to collect outstanding receivables. When reviewing significant outstanding invoices, the Directors consider qualitative factors that are available without undue cost or effort, such as a decrease in the debtor\u2019s creditworthiness, changes in external or internal credit ratings, macro-economic conditions, actual or expected deterioration in business performance of any particular debtor, and other known issues. Derecognition of trade and other receivables Trade and other receivables are derecognised when the rights to receive cash flows from these assets have expired or have been transferred. On derecognition, any difference between the carrying amount of an asset and the consideration received is recognised in the profit or loss. For critical accounting estimates regarding contract assets, refer to note 2 Operating segments. Group Company \u00a3'000 30 November 2022 30 November 2021 30 November 2022 30 November 2021 Trade receivables 254,413 206,293 \u2013 \u2013 Less allowance for ECLs and revenue reversals (3,704) (4,308) \u2013 \u2013 Trade receivables \u2013 net 250,709 201,985 \u2013 \u2013 Contract assets 91,680 82,083 \u2013 \u2013 Prepayments 15,528 6,768 6,488 45 Other receivables 5,967 7,188 8 17 Other taxes and social security \u2013 debtor \u2013 \u2013 8,950 518 363,884 298,024 15,446 580 Trade receivables are non-interest-bearing current financial assets. Contract assets represent the Contract revenue earned but not invoiced at the year end. It is based on the value of the unbilled timesheets from the contractors for the services provided up to the year end. The corresponding costs are shown within trade payables (where the contractor has submitted an invoice) and within accruals (in respect of unsubmitted and unapproved timesheets) (note 15). Other receivables include \u00a30.1 million (2021: \u00a30.2 million) for loans given to certain employees in previous years towards their subscription for tracker shares (note 24(d)). Tracker share loans are unsecured and charged interest at a rate of 2% (2021: 2%). No such new tracker share loans were given to employees during the current year. The Group establishes an allowance for doubtful accounts that represents an estimate of ECLs in respect of trade and other receivables. Movements in the impairment provision for trade receivables are shown in the table below. \u00a3'000 30 November 2022 30 November 2021 Provision for impairment of trade receivables At the beginning of the year 4,308 4,013 Charge for the year 3,697 3,456 Bad debts written off (4,323) (1,903) Reversed as amounts recovered (67) (1,111) Exchange differences 89 (147) At the end of the year 3,704 4,308 Other classes within trade and other receivables do not contain impaired assets. The management team considers that the carrying value of trade and other receivables is approximately equal to their fair values and they are deemed to be current assets. For further information refer to note 24. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-486": {
"value": "Accounting policy Trade receivables including Contract assets are amounts due from customers for services performed in the ordinary course of business. They are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. The normal credit terms are between 14-30 days upon service provision, with 30 days becoming a more prevalent payment term. The Group applies the IFRS 9 simplified approach for trade and other receivables and follows an expected credit losses (ECLs) approach for measuring the allowance of its trade receivables. The Group recognises a loss allowance based on lifetime ECLs at each reporting date. For invoices reviewed on a portfolio basis (i.e. not individually reviewed), the loss allowance for ECLs is provided at differing percentages determined based on historical collection experience, adjusted for forward-looking market factors specific to the debtors and the economic environment. Certain exposures within trade receivables are individually assessed for which the Directors make judgement on a client-by-client basis as to their ability to collect outstanding receivables. When reviewing significant outstanding invoices, the Directors consider qualitative factors that are available without undue cost or effort, such as a decrease in the debtor\u2019s creditworthiness, changes in external or internal credit ratings, macro-economic conditions, actual or expected deterioration in business performance of any particular debtor, and other known issues. Derecognition of trade and other receivables Trade and other receivables are derecognised when the rights to receive cash flows from these assets have expired or have been transferred. On derecognition, any difference between the carrying amount of an asset and the consideration received is recognised in the profit or loss. For critical accounting estimates regarding contract assets, refer to note 2 Operating segments. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-454": {
"value": "14 Cash and cash equivalents Accounting policy Cash and cash equivalents include cash-in-hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are classified as short-term borrowings unless they form part of a cash pooling arrangement where there is an intention to settle on a net basis, in which case they are reported net of related cash balances. Group Company \u00a3'000 30 November 2022 30 November 2021 30 November 2022 30 November 2021 Cash at bank 65,809 57, 526 121 4,646 Bank overdraft (423) (24) \u2013 \u2013 Net cash and cash equivalents 65,386 57,502 121 4,646 Cash and cash equivalents comprise cash and short-term bank deposits with an original maturity of three months or less, net of outstanding bank overdrafts. The carrying amount of these assets approximate their fair values. Substantially all of these assets are categorised within level 1 of the fair value hierarchy. The Group has four cash pooling arrangements in place at HSBC US (USD), HSBC UK (GBP), NatWest (GBP) and Citibank (EUR). ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-487": {
"value": "Accounting policy Cash and cash equivalents include cash-in-hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are classified as short-term borrowings unless they form part of a cash pooling arrangement where there is an intention to settle on a net basis, in which case they are reported net of related cash balances. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-455": {
"value": "15 Trade and other payables Accounting policy Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. Group Company \u00a3'000 30 November 2022 30 November 2021 30 November 2022 30 November 2021 Trade payables 38,093 46,710 \u2013 \u2013 Accruals 141,178 121,239 1,611 1,859 Other taxes and social security 22,323 21,787 170 307 Other payables 15,248 6,344 1,210 968 Amounts due to subsidiaries (note 23) \u2013 \u2013 50,781 102,560 216,842 196,080 53,772 105,694 The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature. Trade and other payables are predominantly interest-free, are unsecured and are usually paid within 15 days of recognition. Accruals include amounts payable to contractors in respect of unsubmitted and unapproved timesheets (note 13). Amounts due to subsidiaries are subject to annual interest at a rate of 15 basis points below the Group\u2019s external borrowing costs under its Revolving Credit Facility. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-488": {
"value": "Accounting policy Trade and other payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest rate method. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-456": {
"value": "16 Leases Accounting policy Leases, from a lessee perspective, are recognised as a right-of-use asset and a corresponding lease liability at the date when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a net present value basis and are recognised as part of \u2018Property, plant and equipment\u2019, \u2018Non-current lease liabilities\u2019 and \u2018Current lease liabilities\u2019 in the statement of financial position. Lease liabilities include the net present value of the following lease payments: a) fixed payments less any lease incentives receivable; b) variable lease payments that are based on an index or a rate; c) amounts expected to be payable by the lessee under residual value guarantees, if any; d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that option; and e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The lease payments are discounted using the interest rate implicit in the lease (if that rate can be determined), or the incremental borrowing rate (IBR), being the rate the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. In determining the IBR to be used, the Group applies judgement to establish the suitable reference rate and credit spread. Each lease payment is allocated between the liability and finance costs, within finance costs in the income statement. Lease payments are presented as follows in the Group statement of cash flows: \u2022 payments for the interest element of recognised lease liabilities are included in \u2018interest paid\u2019 within cash flows from financing activities; and \u2022 payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability; b) any lease payments made at or before the commencement date less any lease incentive received; c) any initial direct costs; and d) any restoration costs. The right-of-use assets are depreciated over the shorter of the assets\u2019 useful life and the lease term on a straight-line basis. The Group does not apply the recognition exemption to short-term leases or leases of low-value assets, as permitted by the standard. In determining the lease terms, the management team consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after a termination option) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or change in circumstances occurs which affects this assessment and that is within the control of the lessee. 16 Leases continued The leases which are recognised in the Consolidated Statement of Financial Position are principally in respect of buildings and cars. The Group\u2019s right-of-use assets and lease liabilities are presented below: \u00a3'000 30 November 2022 30 November 2021 Buildings 27,862 30,667 Cars 1,932 1,631 IT equipment \u2013 49 Total right-of-use assets (refer to note 10) 29,794 32,347 Current lease liabilities 11,102 13,081 Non-current lease liabilities 22,600 21,987 Total lease liabilities (refer to note 24) 33,702 35,068 The Consolidated Income Statement includes the following amounts relating to depreciation of right-of-use assets: \u00a3'000 30 November 2022 30 November 2021 Buildings 13,849 10,882 Cars 1,152 1,052 IT equipment 74 74 Total depreciation charge of right-of-use assets 15,075 12,008 In the current year, interest expense on leases amounted to \u00a30.5 million (2021: \u00a30.6 million) and was recognised within finance costs in the Consolidated Income Statement (refer to note 5 Finance income and costs). The total cash outflow for leases in 2022 was \u00a314.3 million (2021: \u00a313.1 million) and comprised the principal and interest element of recognised lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-489": {
"value": "Accounting policy Leases, from a lessee perspective, are recognised as a right-of-use asset and a corresponding lease liability at the date when the leased asset is available for use by the Group. Assets and liabilities arising from a lease are initially measured on a net present value basis and are recognised as part of \u2018Property, plant and equipment\u2019, \u2018Non-current lease liabilities\u2019 and \u2018Current lease liabilities\u2019 in the statement of financial position. Lease liabilities include the net present value of the following lease payments: a) fixed payments less any lease incentives receivable; b) variable lease payments that are based on an index or a rate; c) amounts expected to be payable by the lessee under residual value guarantees, if any; d) the exercise price of a purchase option if the Group is reasonably certain it will exercise that option; and e) payments of penalties for terminating the lease, if the lease term reflects the Group exercising that option. The lease payments are discounted using the interest rate implicit in the lease (if that rate can be determined), or the incremental borrowing rate (IBR), being the rate the Group would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. In determining the IBR to be used, the Group applies judgement to establish the suitable reference rate and credit spread. Each lease payment is allocated between the liability and finance costs, within finance costs in the income statement. Lease payments are presented as follows in the Group statement of cash flows: \u2022 payments for the interest element of recognised lease liabilities are included in \u2018interest paid\u2019 within cash flows from financing activities; and \u2022 payments for the principal element of recognised lease liabilities are presented within cash flows from financing activities. Right-of-use assets are measured at cost comprising the following: a) the amount of the initial measurement of lease liability; b) any lease payments made at or before the commencement date less any lease incentive received; c) any initial direct costs; and d) any restoration costs. The right-of-use assets are depreciated over the shorter of the assets\u2019 useful life and the lease term on a straight-line basis. The Group does not apply the recognition exemption to short-term leases or leases of low-value assets, as permitted by the standard. In determining the lease terms, the management team consider all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after a termination option) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment is reviewed if a significant event or change in circumstances occurs which affects this assessment and that is within the control of the lessee. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-491": {
"value": "The leases which are recognised in the Consolidated Statement of Financial Position are principally in respect of buildings and cars. The Group\u2019s right-of-use assets and lease liabilities are presented below: \u00a3'000 30 November 2022 30 November 2021 Buildings 27,862 30,667 Cars 1,932 1,631 IT equipment \u2013 49 Total right-of-use assets (refer to note 10) 29,794 32,347 Current lease liabilities 11,102 13,081 Non-current lease liabilities 22,600 21,987 Total lease liabilities (refer to note 24) 33,702 35,068 The Consolidated Income Statement includes the following amounts relating to depreciation of right-of-use assets: \u00a3'000 30 November 2022 30 November 2021 Buildings 13,849 10,882 Cars 1,152 1,052 IT equipment 74 74 Total depreciation charge of right-of-use assets 15,075 12,008 In the current year, interest expense on leases amounted to \u00a30.5 million (2021: \u00a30.6 million) and was recognised within finance costs in the Consolidated Income Statement (refer to note 5 Finance income and costs). The total cash outflow for leases in 2022 was \u00a314.3 million (2021: \u00a313.1 million) and comprised the principal and interest element of recognised lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-457": {
"value": "17 Other financial liabilities Accounting policy Financial liabilities All non-derivative financial liabilities are classified as \u2018financial liabilities measured at amortised cost\u2019. All financial liabilities are recognised initially at fair value and net of transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the end of the reporting period. The Group\u2019s financial liabilities include trade and other payables and other financial liabilities, including bank overdraft and lease liabilities. The Group maintains a committed Revolving Credit Facility (RCF) of \u00a350.0 million along with an uncommitted \u00a330.0 million accordion facility, both jointly provided by HSBC and Citibank, giving the Group an option to increase its total borrowings under the facility to \u00a380.0 million. During the current and previous year, the Group did not draw down under these facilities. The Group has also an uncommitted \u00a35.0 million overdraft facility with HSBC of which \u00a30.4 million was used at the year end. On 21 July 2022, the Management negotiated a new credit facility which runs until June 2025 (with options to extend it until 2027), with key terms and conditions remaining largely similar to the previous facility. Since this is a new credit facility, it was treated as an extinguishment of the original facility, and all associated costs and legal fees incurred were recognised immediately in the income statement. The new facility is subject to financial covenants and any funds borrowed under the new facility will bear a minimum annual interest rate of 1.2% above the benchmark Sterling Overnight Index Average (SONIA). As the Group and the Company did not draw down under these facilities, the net finance costs of \u00a30.5 million (2021: \u00a30.8 million) were mainly related to lease interest. The RCF is subject to certain covenants requiring the Group to maintain financial ratios over interest cover, leverage and guarantor cover (note 24(c)). The Group has complied with these covenants throughout the year. The Group\u2019s exposure to interest rates, liquidity, foreign currency and capital management risks is disclosed in note 24. Reconciliation of financial liabilities to cash flows arising from financing activities: \u00a3'000 Balance at 1 December 2020 35,504 Cash flows: Interest paid on borrowings, excluding lease liabilities (262) Payments of principal and interest element of lease liabilities (13,067) Total cash flows (13,329) Lease increases 14,026 Lease termination (1,740) Other movements1 607 Balance at 30 November 2021 35,068 Cash flows: Interest paid on borrowings, excluding lease liabilities (137) Payments of principal and interest element of lease liabilities (14,251) Total cash flows (14,388) Lease increases 14,773 Lease termination (2,294) Other movements1 543 Balance at 30 November 2022 33,702 1. Other movements in 2022 and 2021 primarily comprise unwind of the discount on lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-490": {
"value": "Accounting policy Financial liabilities All non-derivative financial liabilities are classified as \u2018financial liabilities measured at amortised cost\u2019. All financial liabilities are recognised initially at fair value and net of transaction costs. They are subsequently measured at amortised cost using the effective interest rate method. Financial liabilities are classified as current liabilities unless the Group has an unconditional right to defer settlement for at least 12 months after the end of the reporting period. The Group\u2019s financial liabilities include trade and other payables and other financial liabilities, including bank overdraft and lease liabilities. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-458": {
"value": "18 Provisions Accounting policy A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the present value of the expenditures expected to be required to settle the obligation. No provision is recognised for future operating losses. 18 Provisions continued (a) Movements in each class of provision during the financial year are set out below: \u00a3'000 Dilapidations Restructuring and termination payments Tracker share liability Legal Onerous contracts Total At 1 December 2020 2,705 5,121 3,357 1,321 \u2013 12,504 Additions 318 \u2013 \u2013 \u2013 \u2013 318 (Released)/charged to the income statement (153) 961 (241) 426 \u2013 993 Utilised during the year (131) (4,574) (557) (193) \u2013 (5,455) Forex revaluation (84) \u2013 \u2013 (14) \u2013 (98) At 30 November 2021 2,655 1,508 2,559 1,540 \u2013 8,262 Additions 294 2,998 \u2013 1,565 \u2013 4,857 (Released)/charged to the income statement (36) (58) (134) (238) 984 518 Utilised during the year (127) (1,407) (525) (74) \u2013 (2,133) Forex revaluation 33 \u2013 \u2013 117 \u2013 150 At 30 November 2022 2,819 3,041 1,900 2,910 984 11,654 \u00a3'000 30 November 2022 30 November 2021 Expected timing of provision utilisation Current 7,871 6,258 Non-current 3,783 2,004 11,654 8,262 Provisions are not discounted as the Directors believe that the effect of the time value of money is immaterial. The provisions are measured at cost, which approximates to the present value of the expenditure required to settle the obligation. (b) Information about individual provisions and significant estimates Dilapidations The Group is obliged to pay for dilapidations at the end of its tenancy of various properties. Provision was made based on independent professional estimates of the likely costs on vacating properties based on the current conditions of the properties. The provision is captured within the carrying value of the right-of-use assets and depreciated to profit or loss over the lease term. Restructuring and termination payments At 30 November 2022, the provision comprised primarily future termination payments related to staff in the Ireland and Singapore businesses, which are being restructured, and the Hong Kong business, which was closed at the year end, as well as a number of other employees who will exit the business in early 2023. Termination payments are provided for staff exiting SThree in the normal course of business and in the case of a restructuring. The liability in relation to dilapidation, restructuring and termination payments provisions is expected to crystallise as follows: \u00a3'000 30 November 2022 30 November 2021 Within one year 4,037 2,159 One to five years 1,555 1,383 After five years 268 621 5,860 4,163 Tracker share liability The provision relates to an obligation to repay amounts received or receivable in relation to subscriptions for tracker shares awarded to senior individuals under the terms of the tracker share arrangements (note 12). The timing of economic outflow is subject to the factors governing each tracker share and is considered to be within one year. During the year, \u00a30.5 million (2021: \u00a30.6 million) of the provision was utilised, principally in relation to settled tracker shares. There were no new subscriptions in the current year as the tracker share scheme was closed for new entrants/investments. Legal The provision relates to various ongoing legal and other disputes including employee litigation, compliance with employment laws and regulations, and open enquiries with tax and pension authorities. The provision relates to separate claims in a number of different geographic regions and represents our most probable estimate of the likely outcome of each of the disputes. The timing of economic outflow is subject to the factors governing each case. Onerous contracts The provision relates to partially underutilised leased offices in certain locations. The onerous contract provision was created for corresponding service charges (not capitalised within the initial recognition amount of right-of-use assets) which would be incurred for the remainder of the underlying lease terms. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-492": {
"value": "Accounting policy A provision is recognised in the statement of financial position when the Group has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the present value of the expenditures expected to be required to settle the obligation. No provision is recognised for future operating losses. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-459": {
"value": "19 Deferred tax Group \u00a3\u2019000 Accelerated tax depreciation Share-based payments Tax losses Provisions Total At 1 December 2020 76 770 898 (262) 1,482 Credit/(charge) to income statement for the year 115 46 (688) 654 127 Prior year credit/(charge) to income statement for the year 5 (60) (210) 2,248 1,983 Adjustment due to tax rate changes 29 119 \u2013 1 149 Credit directly to equity \u2013 643 \u2013 \u2013 643 Forex revaluation \u2013 1 \u2013 106 107 At 30 November 2021 225 1,519 \u2013 2,747 4,491 Credit/(charge) to income statement for the year 83 80 \u2013 (62) 101 Prior year credit to income statement for the year 13 \u2013 \u2013 44 57 Adjustment due to tax rate changes 44 84 \u2013 166 294 Charge directly to equity \u2013 (574) \u2013 \u2013 (574) Forex revaluation (4) 32 \u2013 219 247 At 30 November 2022 361 1,141 \u2013 3,114 4,616 19 Deferred tax continued Deferred tax assets and liabilities are offset where the Group has a legally enforceable right to do so and when the deferred income taxes relate to the same fiscal authority. The following is an analysis of the deferred tax balances for financial reporting purposes: \u00a3'000 30 November 2022 30 November 2021 Deferred tax assets: Recovered within one year 2,016 1,939 Recovered after one year 2,638 2,612 Deferred tax liabilities Settled within one year (8) (12) Settled after one year (30) (48) Net deferred tax assets 4,616 4,491 Deferred tax assets that are expected to be recovered within one year are \u00a32.0 million (2021: \u00a31.9 million) and deferred tax liabilities that are expected to be settled within one year are \u00a30.01 million (2021: \u00a30.01 million). Deferred tax assets are recognised for carry-forward tax losses to the extent that the realisation of the related tax benefit through future taxable profits from the respective jurisdictions is probable. In assessing whether to recognise deferred tax assets, the Group considered both current and the forecast trading performance in these territories and the expectations regarding the levels of profitability that can be achieved. At the reporting date, the Group had unused tax losses of \u00a330.3 million (2021: \u00a334.1 million) available for offset against future profits. No deferred tax asset was recognised in respect of the \u00a330.3 million (2021: \u00a334.1 million) losses. The reduction in losses arises from expiration, recognition, exchange differences and utilisation. Included in unrecognised tax losses are losses of \u00a30.8 million (2021: \u00a30.8 million) which are subject to expiry. Of this amount, \u00a3nil expires over the course of the next five years; and the remaining balance of \u00a30.8 million will expire by 2042. A regional summary of our unrecognised operating tax losses is shown below. \u00a3'000 30 November 2022 30 November 2021 Operating tax losses not recognised Europe 15,532 14,074 Asia Pacific 13,977 8,901 Rest of World 809 11,161 30,318 34,136 Recognised operating losses were \u00a3nil (2021: \u00a3nil) during the year. The Group has the following uncertain tax positions: \u2022 On transfer pricing risks, the provision increased during the year by \u00a30.1 million to \u00a32.3 million (2021: \u00a32.2 million). \u2022 With regards to the European Commission\u2019s decision as of April 2019, that certain parts of the UK\u2019s controlled foreign company legislation gave rise to state aid, the management team concluded that the provision for this uncertain tax position should remain in place at \u00a31.4 million (2021: \u00a31.4 million). On 8 June 2022, the General Court of the European Union dismissed the applications for annulment from both the UK Government and one of the British broadcast television network companies. Both parties have now appealed this decision. The outcome of these appeals will be closely monitored by the management team to determine any implications on the Group\u2019s tax position. Nevertheless, the Group settled the \u00a31.4 million requested by HMRC and this amount is recorded as an asset held within current tax. Company The Company\u2019s deferred tax asset relates in full to the equity-settled share-based payments. \u00a3'000 At 1 December 2020 1,029 Charge to income statement for the year (855) Credit directly to equity 172 At 30 November 2021 346 Credit to income statement for the year 41 Charge directly to equity (162) At 30 November 2022 225 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-460": {
"value": "20 Equity Accounting policy Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. The Group\u2019s holdings in its own equity instruments are classified as \u2018treasury reserve\u2019. The consideration paid, including any directly attributable incremental costs, is deducted from the equity attributable to the owners of the Company until the shares are cancelled or reissued. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of own equity shares. Employee Benefit Trust (EBT) The EBT is funded entirely by the Company. The assets and liabilities of the EBT are recognised in the Group\u2019s Consolidated Financial Statements. The shares in the EBT are held to satisfy awards and grants under certain employee share schemes. For accounting purposes, shares held in the EBT are treated in the same manner as treasury shares and are, therefore, included in the Consolidated Financial Statements as treasury reserve. Consideration, if any, received for the sale of such shares is also recognised in equity, with any difference between the proceeds from sale and the original cost being taken to retained earnings. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of equity shares held by the EBT. In the separate financial statements of the Company, the EBT is treated as an agent acting on behalf of the Company. Funding provided by the Company to the EBT is accounted for as the issue of treasury shares. For accounting policy regarding tracker share awards in subsidiary companies, refer to note 12 Investments. 20 Equity continued Group and Company (a) Share capital Issued and fully paid Number of ordinary shares Share capital \u00a3'000 Capital redemption reserve \u00a3'000 Treasury reserve \u00a3'000 At 1 December 2020 132,896,622 1,330 172 (1,496) Issue of new shares 734,155 7 \u2013 \u2013 Purchase of shares by EBT, including gift of shares \u2013 \u2013 \u2013 (5,332) Utilisation of shares held by EBT \u2013 \u2013 \u2013 3,461 At 30 November 2021 133,630,777 1,337 172 (3,367) Issue of new shares 831,845 8 \u2013 \u2013 Purchase of shares by EBT \u2013 \u2013 \u2013 (9,900) Utilisation of shares held by EBT \u2013 \u2013 \u2013 6,686 At 30 November 2022 134,462,622 1,345 172 (6,581) The nominal value per ordinary share is \u00a30.01 (2021: \u00a30.01). The Company does not have a limited amount of authorised share capital. During the year 831,845 (2021: 734,155) new ordinary shares were issued, resulting in a share premium of \u00a32.8 million (2021: \u00a32.4 million). Of the shares issued, 623,219 (2021: 200,372) were issued to tracker shareholders on settlement of vested and unvested tracker shares and 208,626 (2021: 81,169) pursuant to the exercise of share awards under the Save As You Earn (SAYE) scheme. In the previous year, 452,614 new shares were issued on settlement of Long-Term Incentive Plans (LTIP). Treasury reserve Treasury shares represent SThree plc shares repurchased and available for specific and limited purposes. No shares were utilised from the treasury reserve during the current and previous year. At the year end, 35,767 (2021: 35,767) shares were held in treasury reserve. EBT During the year, the EBT purchased 2,519,652 (2021: 1,220,854) of SThree plc shares. The average price paid per share was 393 pence (2021: 422 pence). The total acquisition cost of the purchased shares was \u00a39.9 million (2021: \u00a35.3 million), for which the treasury reserve was reduced. During the year, the EBT utilised 1,671,868 (2021: 985,932) shares on settlement of vested tracker shares and LTIP awards. At the year end, the EBT held 1,771,146 (2021: 923,362) shares. (b) Share-based payments Tracker share awards in subsidiary companies As described in note 12, until 2019 the Group made tracker share awards in respect of certain subsidiary businesses to senior individuals who participate in the development of those businesses. During the year, the Group settled certain vested and unvested tracker shares for a total consideration of \u00a36.0 million (2021: \u00a34.8 million) by issue of new shares or using treasury shares purchased from the market. This resulted in an increase in share capital and share premium for new issue, and reduction in capital reserves for utilised treasury reserve, with a corresponding reduction in the Group\u2019s retained earnings and provision for tracker share liability. LTIP, SAYE and other share schemes The Group has a number of share schemes to incentivise its Directors and employees. All schemes are treated as equity-settled (except Share Incentive Plans (SIP)) as the Group has no legal or constructive obligation to repurchase or settle the options in cash. The schemes are detailed below. 30 November 2022 30 November 2021 Scheme Charge (\u00a3'000) Number of share options Charge (\u00a3'000) Number of share options Vesting period Expiry date Valuation method Performance metrics LTIP 4,221 3,562,691 1,284 3,918,656 3 years Immediate after vesting period Monte Carlo and Binomial model Incremental EPS growth/TSR ranking against comparator group SAYE 148 538,070 236 666,223 3 years 6 months after 3-year vesting period Binomial None Deferred bonus in shares 430 n/a \u2013 n/a 1 year n/a n/a Group financial targets, shared objectives, personal objectives Free shares 200 n/a \u2013 n/a none n/a n/a None SIP 55 n/a 38 n/a 1 year n/a n/a None Total 5,054 4,100,761 1,558 4,584,879 LTIP Further details on the conditions of the LTIP are provided in the Directors\u2019 remuneration report on pages 152 and 164. Number of options At 1 December 2020 4,458,174 Granted 1,414,288 Exercised (592,964) Forfeited (1,360,842) At 30 November 2021 3,918,656 Granted 1,633,560 Exercised (586,063) Forfeited (1,403,462) At 30 November 2022 3,562,691 20 Equity continued Out of the 3,562,691 options outstanding (2021: 3,918,656), 20,853 options were exercisable (2021: 68,387). Options exercised during the year under the LTIP were satisfied by new issue or shares held in the EBT. The related weighted average share price at the time of exercise was \u00a33.98 (2021: \u00a34.43). The related transaction costs were negligible. The share options had a weighted average exercise price of \u00a3nil (2021: \u00a3nil). The share options granted in 2022, and separately in 2021, under the Group LTIP scheme were valued as follows: 2022 2021 Weighted average fair value (\u00a3) 4.08 3.57 Key assumptions used: Share price at grant date (\u00a3) 4.08 3.75 Expected volatility 1 36.8% 37.1% Annual risk-free interest rate 1.27% 0.13% Expected life (years) 3 3 1. Expected volatility is determined by using the historic daily volatility of SThree plc\u2019s shares as measured over a period commensurate with the expected performance period of the share options, i.e. three years. Other schemes The SAYE, Free shares and SIP arrangements are not deemed material for further disclosure. Further details behind the executive scheme, deferred bonus in shares, are provided in the Directors\u2019 remuneration report on page 155. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-493": {
"value": "Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. The Group\u2019s holdings in its own equity instruments are classified as \u2018treasury reserve\u2019. The consideration paid, including any directly attributable incremental costs, is deducted from the equity attributable to the owners of the Company until the shares are cancelled or reissued. No gain or loss is recognised in the income statement on the purchase, sale, issue or cancellation of own equity shares. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-494": {
"value": "(a) Share capital Issued and fully paid Number of ordinary shares Share capital \u00a3'000 Capital redemption reserve \u00a3'000 Treasury reserve \u00a3'000 At 1 December 2020 132,896,622 1,330 172 (1,496) Issue of new shares 734,155 7 \u2013 \u2013 Purchase of shares by EBT, including gift of shares \u2013 \u2013 \u2013 (5,332) Utilisation of shares held by EBT \u2013 \u2013 \u2013 3,461 At 30 November 2021 133,630,777 1,337 172 (3,367) Issue of new shares 831,845 8 \u2013 \u2013 Purchase of shares by EBT \u2013 \u2013 \u2013 (9,900) Utilisation of shares held by EBT \u2013 \u2013 \u2013 6,686 At 30 November 2022 134,462,622 1,345 172 (6,581) The nominal value per ordinary share is \u00a30.01 (2021: \u00a30.01). The Company does not have a limited amount of authorised share capital. During the year 831,845 (2021: 734,155) new ordinary shares were issued, resulting in a share premium of \u00a32.8 million (2021: \u00a32.4 million). Of the shares issued, 623,219 (2021: 200,372) were issued to tracker shareholders on settlement of vested and unvested tracker shares and 208,626 (2021: 81,169) pursuant to the exercise of share awards under the Save As You Earn (SAYE) scheme. In the previous year, 452,614 new shares were issued on settlement of Long-Term Incentive Plans (LTIP). Treasury reserve Treasury shares represent SThree plc shares repurchased and available for specific and limited purposes. No shares were utilised from the treasury reserve during the current and previous year. At the year end, 35,767 (2021: 35,767) shares were held in treasury reserve. EBT During the year, the EBT purchased 2,519,652 (2021: 1,220,854) of SThree plc shares. The average price paid per share was 393 pence (2021: 422 pence). The total acquisition cost of the purchased shares was \u00a39.9 million (2021: \u00a35.3 million), for which the treasury reserve was reduced. During the year, the EBT utilised 1,671,868 (2021: 985,932) shares on settlement of vested tracker shares and LTIP awards. At the year end, the EBT held 1,771,146 (2021: 923,362) shares. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-495": {
"value": "(b) Share-based payments Tracker share awards in subsidiary companies As described in note 12, until 2019 the Group made tracker share awards in respect of certain subsidiary businesses to senior individuals who participate in the development of those businesses. During the year, the Group settled certain vested and unvested tracker shares for a total consideration of \u00a36.0 million (2021: \u00a34.8 million) by issue of new shares or using treasury shares purchased from the market. This resulted in an increase in share capital and share premium for new issue, and reduction in capital reserves for utilised treasury reserve, with a corresponding reduction in the Group\u2019s retained earnings and provision for tracker share liability. LTIP, SAYE and other share schemes The Group has a number of share schemes to incentivise its Directors and employees. All schemes are treated as equity-settled (except Share Incentive Plans (SIP)) as the Group has no legal or constructive obligation to repurchase or settle the options in cash. The schemes are detailed below. 30 November 2022 30 November 2021 Scheme Charge (\u00a3'000) Number of share options Charge (\u00a3'000) Number of share options Vesting period Expiry date Valuation method Performance metrics LTIP 4,221 3,562,691 1,284 3,918,656 3 years Immediate after vesting period Monte Carlo and Binomial model Incremental EPS growth/TSR ranking against comparator group SAYE 148 538,070 236 666,223 3 years 6 months after 3-year vesting period Binomial None Deferred bonus in shares 430 n/a \u2013 n/a 1 year n/a n/a Group financial targets, shared objectives, personal objectives Free shares 200 n/a \u2013 n/a none n/a n/a None SIP 55 n/a 38 n/a 1 year n/a n/a None Total 5,054 4,100,761 1,558 4,584,879 LTIP Further details on the conditions of the LTIP are provided in the Directors\u2019 remuneration report on pages 152 and 164. Number of options At 1 December 2020 4,458,174 Granted 1,414,288 Exercised (592,964) Forfeited (1,360,842) At 30 November 2021 3,918,656 Granted 1,633,560 Exercised (586,063) Forfeited (1,403,462) At 30 November 2022 3,562,691 Out of the 3,562,691 options outstanding (2021: 3,918,656), 20,853 options were exercisable (2021: 68,387). Options exercised during the year under the LTIP were satisfied by new issue or shares held in the EBT. The related weighted average share price at the time of exercise was \u00a33.98 (2021: \u00a34.43). The related transaction costs were negligible. The share options had a weighted average exercise price of \u00a3nil (2021: \u00a3nil). The share options granted in 2022, and separately in 2021, under the Group LTIP scheme were valued as follows: 2022 2021 Weighted average fair value (\u00a3) 4.08 3.57 Key assumptions used: Share price at grant date (\u00a3) 4.08 3.75 Expected volatility 1 36.8% 37.1% Annual risk-free interest rate 1.27% 0.13% Expected life (years) 3 3 1. Expected volatility is determined by using the historic daily volatility of SThree plc\u2019s shares as measured over a period commensurate with the expected performance period of the share options, i.e. three years. Other schemes The SAYE, Free shares and SIP arrangements are not deemed material for further disclosure. Further details behind the executive scheme, deferred bonus in shares, are provided in the Directors\u2019 remuneration report on page 155. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-461": {
"value": "21 Contingencies Legal The Group is involved in various disputes and claims which arise from time to time in the course of its business. These are reviewed on a regular basis and, where possible, an estimate is made of the potential financial impact on the Group. The Group has contingent liabilities in respect of these claims. In appropriate cases a provision is recognised based on advice, best estimates and management judgement. The Directors currently believe the likelihood of any material liabilities to be low, and that such liabilities, if any, will not have a material adverse effect on its financial position. 22 Commitments Capital commitments At the year end, the Group had capital commitments for property, plant and equipment amounting to \u00a316.6 million (2021: \u00a37.6 million). Capital commitments include total future minimum lease payments under leases not yet commenced to which the Group was committed at the year end of \u00a30.5 million (2021: \u00a35.3 million). Other commitments At the year end, the Group had also committed to future lease service costs of \u00a35.4 million (2021: \u00a36.0 million). Guarantees At the year end, the Group/SThree plc had bank guarantees in issue for commitments which amounted to \u00a33.2 million (2021: \u00a34.3 million). Company In 2022, selected UK subsidiaries (see note 26) were exempt from the requirements of the UK Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of s479A of the Act. The Company provides a guarantee concerning the outstanding liabilities of these subsidiaries under Section 479C of the Act. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-496": {
"value": "21 Contingencies Legal The Group is involved in various disputes and claims which arise from time to time in the course of its business. These are reviewed on a regular basis and, where possible, an estimate is made of the potential financial impact on the Group. The Group has contingent liabilities in respect of these claims. In appropriate cases a provision is recognised based on advice, best estimates and management judgement. The Directors currently believe the likelihood of any material liabilities to be low, and that such liabilities, if any, will not have a material adverse effect on its financial position. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-497": {
"value": "22 Commitments Capital commitments At the year end, the Group had capital commitments for property, plant and equipment amounting to \u00a316.6 million (2021: \u00a37.6 million). Capital commitments include total future minimum lease payments under leases not yet commenced to which the Group was committed at the year end of \u00a30.5 million (2021: \u00a35.3 million). Other commitments At the year end, the Group had also committed to future lease service costs of \u00a35.4 million (2021: \u00a36.0 million). Guarantees At the year end, the Group/SThree plc had bank guarantees in issue for commitments which amounted to \u00a33.2 million (2021: \u00a34.3 million). Company In 2022, selected UK subsidiaries (see note 26) were exempt from the requirements of the UK Companies Act 2006 (the Act) relating to the audit of individual accounts by virtue of s479A of the Act. The Company provides a guarantee concerning the outstanding liabilities of these subsidiaries under Section 479C of the Act. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-462": {
"value": "23 Related party transactions Group Balances and transactions with subsidiaries were eliminated on consolidation and are not disclosed in this note. Transactions between the Group and its Directors and members of the Executive Committee (ExCo), who are deemed to be key management personnel, are disclosed below. Remuneration of key management personnel (KMP) The Group\u2019s KMP comprises members of the ExCo, other members of the Board of Directors and key managers who have authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly. Further details of Directors\u2019 remuneration are included in the Directors\u2019 remuneration report on pages 148 to 173. The total number of KMP for the year was 14 (2021: 15). Total remuneration for members of KMP, including seven members who left the business in 2022, is detailed below: \u00a3'000 2022 2021 Short-term employee benefits 6,452 3,556 Share-based payments 1,491 427 Post-employment benefits 204 266 Termination benefits 87 460 8,234 4,709 Company The Company has related party relationships with its subsidiaries, with members of its Board and key managers. The Directors\u2019 remuneration which they receive from the Company is disclosed in the Directors\u2019 remuneration report. The Company did not have any transactions with the Directors during the financial year other than those disclosed in the Directors\u2019 remuneration report and below. Details of transactions between the Company and other related parties are disclosed below. \u00a3'000 2022 2021 Transactions with the related parties during the year Dividend income received from subsidiaries 101,400 \u2013 Investments in subsidiaries (note 12) (10,111) (5,904) Settlement of tracker shares with KMP (1,143) (482) Loans and advances (repaid to)/received from subsidiaries (51,779) 5,264 Loans repaid by Directors \u2013 10 Loans repaid by other KMP \u2013 169 Interest income received from subsidiaries 4 2 Interest paid by subsidiaries (3,103) (1,571) Settlement of tracker shares with KMP During the year, 102,991 shares were issued to the Chief Executive Officer (CEO) as part of the annual tracker shares settlement. Of the 12 tracker share businesses in which the CEO held interests, nine were recommended for a full or partial buyout, each having been assessed against the normally applied criteria. The overall buyout offer value for the CEO was \u00a30.5 million of which \u00a30.4 million was accepted and settled in SThree plc\u2019s shares. Two other members of KMP were also offered a full or partial buyout offer in 2022. Their total buyout offer was \u00a31.0 million of which \u00a30.8 million was accepted and settled in SThree plc\u2019s shares. No purchase or sales transactions were entered into between the Company and its subsidiaries. 23 Related party transactions continued \u00a3'000 30 November 2022 30 November 2021 Year-end balances arising from transactions with related parties Investments in subsidiaries 215,218 206,047 Amounts due to subsidiaries (50,781) (102,560) ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTransactionsBetweenRelatedPartiesExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-498": {
"value": "Remuneration of key management personnel (KMP) The Group\u2019s KMP comprises members of the ExCo, other members of the Board of Directors and key managers who have authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly. Further details of Directors\u2019 remuneration are included in the Directors\u2019 remuneration report on pages 148 to 173. The total number of KMP for the year was 14 (2021: 15). Total remuneration for members of KMP, including seven members who left the business in 2022, is detailed below: \u00a3'000 2022 2021 Short-term employee benefits 6,452 3,556 Share-based payments 1,491 427 Post-employment benefits 204 266 Termination benefits 87 460 8,234 4,709 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-463": {
"value": "24 Financial instruments and financial risk management Financial instruments The Group holds and uses financial instruments to finance its operations and to manage its interest rate and liquidity risks. The Group primarily finances its operations using share capital, revenue and borrowings. The accounting classification of each category of financial instruments and their carrying amounts are set out below. \u00a3'000 Note Measured at amortised cost Elected to be measured at FV through OCI Total carrying amount At 30 November 2022 Financial assets Trade receivables and contract assets 13 342,389 \u2013 342,389 Other receivables 1 13 2,779 \u2013 2,779 Cash and cash equivalents 14 65,809 \u2013 65,809 Financial liabilities Bank overdraft 14 (423) \u2013 (423) Trade payables and accruals 15 (179,271) \u2013 (179,271) Other payables 2 15 (9,853) \u2013 (9,853) Lease liabilities 16,17 (33,702) \u2013 (33,702) \u00a3'000 Note Measured at amortised cost Elected to be measured at FV through OCI Total carrying amount At 30 November 2021 Financial assets Investments 12 \u2013 1 1 Trade receivables and contract assets 13 284,068 \u2013 284,068 Other receivables 1 13 2,961 \u2013 2,961 Cash and cash equivalents 14 57,526 \u2013 57,526 Financial liabilities Bank overdraft 14 (24) \u2013 (24) Trade payables and accruals 15 (167,949) \u2013 (167,949) Other payables 2 15 (5,342) \u2013 (5,342) Lease liabilities 16,17 35,068 \u2013 35,068 1. Other receivables comprise mainly rental deposits and staff loans and exclude non-financial assets. 2. Other payables comprise mainly cash in transit and other trade creditors and exclude non-financial liabilities. Financial risk factors The Group reports in Sterling and pays dividends out of Sterling profits. The role of the Group\u2019s corporate treasury function is to manage and monitor external and internal funding requirements and financial risks in support of corporate objectives. Treasury activities are governed by policies and procedures approved by the Board. A treasury management committee, chaired by the Chief Financial Officer, meets on a monthly basis to review treasury activities and its members receive management information relating to treasury activities. The Group\u2019s internal auditors periodically review the treasury internal control environment and compliance with policies and procedures. Each year, the Board reviews the Group\u2019s currency hedging strategy to ensure it is appropriate. The Group does not hold or issue derivative financial instruments for speculative purposes and its treasury policies specifically prohibit such activity. All transactions in financial instruments are undertaken to manage the risks arising from underlying business activities, not for speculation. The Group corporate treasury function enters into a limited number of derivative transactions, principally currency swaps and forward currency contracts, with the purpose of managing the currency risks arising from operations and financing of subsidiaries. At the year end, the Group had net foreign exchange swaps of: Currency 2022 LCCY'000 2022 \u00a3'000 2021 LCCY'000 2021 \u00a3'000 United Arab Emirates Dirham (AED) 2,218 501 7,314 1,497 Canadian Dollar (CAD) (486) (300) (199) (117) Swiss Franc (CHF) (759) (666) (4,650) (3,806) Euro (EUR) (15,106) (13,041) 2,974 2,535 Hong Kong Dollar (HKD) 5,559 590 7,664 739 Japanese Yen (JPY) (606,417) (3,645) (221,633) (1,472) Singapore Dollar (SGD) (8,142) (4,961) (5,412) (2,982) US Dollar (USD) (30,569) (25,355) (17,936) (13,483) (46,877) (17,089) The contracts were mainly taken out close to the year-end date for a period of 30 to 32 days (2021: 31 to 37 days), and they had an immaterial net positive fair value (2021: \u00a30.1 million) at the year end. The Group is exposed to a number of different financial risks including capital management, foreign currency rates, liquidity, credit and interest rates risks, which were not materially changed from the previous year. The Group\u2019s objective and strategy in responding to these risks are set out below and did not change materially from the previous year. (a) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group and its subsidiaries\u2019 ability to continue as going concerns to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to minimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, delay or reduce the settlement of vested tracker shares, sell assets to reduce debt, return capital to shareholders or issue new shares, subject to applicable rules. The Group\u2019s policy is to settle the vested tracker shares in the Company\u2019s shares. During the year, certain vested and unvested tracker shares were settled by issue of new shares or using treasury shares purchased from the market (note 20(a)). 24 Financial instruments and financial risk management continued The capital structure of the Group consists of equity attributable to owners of the parent of \u00a3200.4 million (2021: \u00a3158.2 million), comprising share capital, share premium, other reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity and net cash of \u00a365.4 million (2021: \u00a357.5 million), comprising cash and cash equivalents less bank overdraft (note 14). Except for compliance with certain bank covenants (note 24(c)), the Group is not subject to any externally imposed capital requirements. (b) Foreign currency exchange risk management The Group uses Sterling as its presentation currency. It undertakes transactions in a number of foreign currencies. Consequently, exposures to exchange rate fluctuations do arise. Such exchange rate movements affect the Group\u2019s transactional revenues, cost of sales, the translation of earnings and the net assets/liabilities of its overseas operations. The Group is also exposed to foreign currency risks from the value of net investments outside the United Kingdom. The intercompany loans which are treated as net investments in foreign operations are not planned to be settled in the foreseeable future as they are deemed to be a part of the investment. Therefore, exchange differences arising from the translation of the net investment loans are taken into equity. The Group\u2019s businesses generally raise invoices and incur expenses in their local currencies. Local currency cash generated is remitted via intercompany transfers to the United Kingdom. The Group generally converts foreign currency balances into Sterling to manage its cash flows. Foreign currency sensitivity analysis The Group is mainly exposed to the Euro and the US Dollar. If the Euro or the US Dollar strengthened against Sterling by a movement of 10%, the anticipated impact on the Group\u2019s results in terms of translational exposure would be an increase in profit before income tax of \u00a36.9 million and \u00a33.4 million (2021: \u00a37.0 million and \u00a33.1 million) respectively, with a similar decrease if the Euro or the US Dollar weakened against Sterling by 10%. (c) Liquidity risk management The Group\u2019s treasury function centrally coordinates relationships with banks, manages borrowing requirements, foreign exchange needs and cash management. The Group has access to a committed RCF of \u00a350.0 million along with an uncommitted \u00a330.0 million accordion facility in place with HSBC and Citibank, giving the Group an option to increase its total borrowings under the facility to \u00a380.0 million. At the year end, \u00a3nil (2021: \u00a3nil) was drawn down on these facilities. The Group also has an uncommitted \u00a35.0 million overdraft facility with HSBC of which \u00a30.4 million was used at the year end. The RCF is subject to certain covenants requiring the Group to maintain financial ratios over interest cover, leverage and guarantor cover. The Group complied with these covenants throughout the year. (i) Interest cover: interest cover shall not be less than the ratio of 4:1 at any time; (ii) Leverage: the ratio of total net debt on the last day of a period to the adjusted EBITDA in respect of that period shall not exceed the ratio of 3:1; and (iii) Guarantor cover: the aggregate adjusted EBITDA and gross assets of all the guarantor subsidiaries must at all times represent at least 80% of the adjusted EBITDA and gross assets of the Group as a whole. The table below shows the maturity profile of the financial liabilities which are held at amortised cost based on the contractual amounts payable on the date of repayment: Lease liabilities Trade and other payables, including bank overdrafts \u00a3'000 Group Group Company At 30 November 2022 Within one year 11,023 189,547 53,602 More than one year 23,254 \u2013 \u2013 34,277 189,547 53,602 At 30 November 2021 Within one year 13,081 173,315 105,387 More than one year 21,987 \u2013 \u2013 35,068 173,315 105,387 (d) Credit risk management (i) Risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. In the normal course of business, the Group participates in cash pooling arrangements with its counterparty bank. The maximum exposure to a single banking group for deposits and funds held on account at the year end was \u00a340.6 million (2021: \u00a343.5 million). The Group will not accept any counterparty bank for its deposits unless it has been awarded a minimum recognised credit rating of A3/Prime-2 (Moody\u2019s). Some local banks in emerging markets may have lower ratings but the funds at risk will be small. The Group will permit exposures with individual counterparty banks and exposure types up to pre-defined limits as part of the Group treasury policy. Exposure to all transaction limits is monitored daily. The Group mitigates its credit risk from trade receivables by using a credit rating agency to assess new clients and payment history to consider further credit extensions to existing clients. In addition, the spread of the client base (over 8,200 clients) helps to mitigate the risk of individual client failure having a material impact on the Group. The Group does not typically renegotiate the terms of trade receivables; hence the outstanding balance is included in the analysis based on the original payment terms. There were no significant renegotiated balances outstanding at the year end. The Group\u2019s credit risk from loans given to certain tracker shareholders (note 13) is immaterial. In 2022, five loans were repaid in full, and only three remain outstanding (2021: eight outstanding tracker share loans) for the total amount of \u00a30.1 million. Exposure to loans from individuals is regularly monitored and the individuals are asked to settle all or a portion of their outstanding balances when their tracker shares are settled, when they receive dividends or if they leave the business. Climate-related matters In the current year, the management team continued to monitor and mitigate any potential deterioration in clients\u2019 credit risk, in particular for a small proportion of the Group\u2019s clients which are exposed to physical and transition risks associated with climate change. No material financial impact or deterioration in our clients\u2019 ability to settle their debt obligations was identified. In the near future, in line with the Group\u2019s climate change strategy, the management team has plans to establish credit rating/scoring matrix which will help us to assess how our clients address ESG matters within their organisations, and whether their policies meet our standards and risk appetite. 24 Financial instruments and financial risk management continued (ii) Credit rating The Group uses the following categories of internal credit risk rating for financial assets which are subject to ECLs under the three-stage general approach. These categories reflect the respective credit risk and how the loss provision is determined for each of those categories. Category of internal credit rating Definition of category Basis of recognition of ECLs Performing Clients have a low risk of default and a strong capacity to meet contractual cash flows 12-month ECLs Underperforming/non-performing Clients negotiating for new credit terms, default in repayment and other relevant indicators that showed customers\u2019 deteriorating financial condition Lifetime ECLs Non-performing Interest and/or principal payment are 90 days past due Lifetime ECLs Write-off Clients with no reasonable expectation of recovery Asset is written off (iii) Impairment of financial assets The Group applies the simplified approach by using the provision matrix to measure the lifetime ECLs for trade receivables and contract assets. At 30 November 2022, cash and cash equivalents, other receivables and refundable deposits are rated with a \u2018performing\u2019 internal credit rating. The credit risks on bank balances, other receivables and deposits are low as these balances are placed with reputable financial institutions or companies with good collection track records with the Group. To measure the ECLs, the Group considers historical payment patterns and credit characteristics of each client and adjusts for forward-looking information such as future prospects of the clients\u2019 core operating industries, the political and economic environment in which the Group\u2019s clients operate, and other information and factors on the clients\u2019 financial condition. Notwithstanding the above, the Group evaluates the ECLs on clients in financial difficulties and who have defaulted on payments separately. These receivables are not secured by any collateral or credit enhancements. Trade and other receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss. The Group\u2019s credit risk exposure in relation to trade receivables and contract assets as at 30 November 2022 and 30 November 2021 is set out in the provision matrix as follows: \u00a3'000 Current 1-30 days past due 31-60 days past due 61-120 days past due More than 120 days past due Total 30 November 2022 Expected loss rates 0.03% 0.45% 1.08% 1.62% 47.40% Gross trade receivables 196,628 29,960 11,741 9,323 6,761 254,413 Contract assets 91,680 \u2013 \u2013 \u2013 \u2013 91,680 Other assets 2,779 \u2013 \u2013 \u2013 \u2013 2,779 Loss allowances 87 135 127 151 3,204 3,704 \u00a3'000 Current 1-30 days past due 31-60 days past due 61-120 days past due More than 120 days past due Total 30 November 2021 Expected loss rates 0.193% 1.31% 0.89% 4.09% 47.42% Gross trade receivables 162,728 24,080 7,428 5,235 6,822 206,293 Contract assets 82,083 \u2013 \u2013 \u2013 \u2013 82,083 Other assets 2,961 \u2013 \u2013 \u2013 \u2013 2,961 Loss allowances 478 315 66 214 3,235 4,308 (e) Interest rate risk management The Group is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally financial liabilities. The Group finances its operations through a mixture of retained profit and the RCF. The Group does not hedge the exposure to variations in interest rates. Taking into consideration all variable rate borrowings and bank balances at 30 November 2022, if the interest rate payable or receivable moved by 100 basis points in either direction, the effect to the Group would be minimal. 100 basis points was used on the assumption that applicable interest rates are not likely to move by more than this basis given the pattern of interest rate movements in recent years. (f) Interest rate profile of financial assets and liabilities At the reporting date, the Group and the Company did not have any significant financial liabilities exposed to interest rate risk. The only financial assets which accrued interest were cash and cash equivalents (note 14) with maturity of less than a year and were subject to floating interest income. Interest Rate Benchmark Reform LIBOR was discontinued as a benchmark rate from 31 December 2021 and replaced with Alternative Reference Rates (ARRs). The adoption of these amendments and the transition to ARRs had an immaterial financial impact on SThree\u2019s ability to manage interest rate risk. The implications on the trading results of our segments of IBOR reform have also been assessed and the expected impact is immaterial. 24 Financial instruments and financial risk management continued (g) Currency profile of net cash and cash equivalents (including bank overdrafts) Net cash and cash equivalents \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2022 Functional currency of Group operations Sterling 17,610 14,396 9,437 195 41,638 Euro 70 14,712 \u2013 190 14,972 US Dollar \u2013 \u2013 167 \u2013 167 Other 11 \u2013 1,608 6,990 8,609 17,691 29,108 11,212 7,375 65,386 \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2021 Functional currency of Group operations Sterling 5,541 17,727 17,254 \u2013 40,522 Euro 21 7,713 \u2013 \u2013 7,734 US Dollar \u2013 \u2013 24 \u2013 24 Other 6 6 643 8,567 9,222 5,568 25,446 17,921 8,567 57,502 Other foreign currencies held by the Group include Canadian Dollar, Hong Kong Dollar, Australian Dollar, Japanese Yen, Malaysian Ringgit, Qatari Riyal, Singapore Dollar, Saudi Arabia Riyal, Swiss Franc and United Arab Emirates Dirham. The Company does not have a material exposure to other currencies. (h) Fair value For all financial instruments, the carrying amount is either the fair value, or approximates the fair value. Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s length transaction between informed and willing parties, other than a forced or liquidation sale, and excludes accrued interest. Where relevant, market values were used to determine fair values. Where market values were not available, fair value was calculated by discounting expected cash flows at prevailing interest rates and by applying year-end exchange rates. The Group holds a minority shareholding in RoboRecruiter (see note 12) which fair value was written off to other comprehensive income in the current year. Previously, the investment valuation was categorised within level 1 of the fair value hierarchy. The Group\u2019s all other financial assets or financial liabilities, which are not measured at fair value, have the carrying amounts which are a reasonable approximation of their fair values. Summary of fair value methods and assumptions Receivables and payables Due to the short-term nature of the current receivables and payables, their carrying amount is considered to be the same as their fair value. Cash and cash equivalents, including short-term deposits Approximates the carrying amount because of the short maturity of these instruments. Investments Market valuation at the end of the reporting year. Borrowings The carrying amount of the Group\u2019s borrowings, primarily the RCF, approximates their fair value. The fair value of the RCF is estimated using discounted cash flow analysis based on the Group\u2019s current incremental borrowing rates for similar types and maturities of borrowing and is consequently categorised in level 2 of the fair value hierarchy. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
},
"fact-499": {
"value": "24 Financial instruments and financial risk management Financial instruments The Group holds and uses financial instruments to finance its operations and to manage its interest rate and liquidity risks. The Group primarily finances its operations using share capital, revenue and borrowings. The accounting classification of each category of financial instruments and their carrying amounts are set out below. \u00a3'000 Note Measured at amortised cost Elected to be measured at FV through OCI Total carrying amount At 30 November 2022 Financial assets Trade receivables and contract assets 13 342,389 \u2013 342,389 Other receivables 1 13 2,779 \u2013 2,779 Cash and cash equivalents 14 65,809 \u2013 65,809 Financial liabilities Bank overdraft 14 (423) \u2013 (423) Trade payables and accruals 15 (179,271) \u2013 (179,271) Other payables 2 15 (9,853) \u2013 (9,853) Lease liabilities 16,17 (33,702) \u2013 (33,702) \u00a3'000 Note Measured at amortised cost Elected to be measured at FV through OCI Total carrying amount At 30 November 2021 Financial assets Investments 12 \u2013 1 1 Trade receivables and contract assets 13 284,068 \u2013 284,068 Other receivables 1 13 2,961 \u2013 2,961 Cash and cash equivalents 14 57,526 \u2013 57,526 Financial liabilities Bank overdraft 14 (24) \u2013 (24) Trade payables and accruals 15 (167,949) \u2013 (167,949) Other payables 2 15 (5,342) \u2013 (5,342) Lease liabilities 16,17 35,068 \u2013 35,068 1. Other receivables comprise mainly rental deposits and staff loans and exclude non-financial assets. 2. Other payables comprise mainly cash in transit and other trade creditors and exclude non-financial liabilities. Financial risk factors The Group reports in Sterling and pays dividends out of Sterling profits. The role of the Group\u2019s corporate treasury function is to manage and monitor external and internal funding requirements and financial risks in support of corporate objectives. Treasury activities are governed by policies and procedures approved by the Board. A treasury management committee, chaired by the Chief Financial Officer, meets on a monthly basis to review treasury activities and its members receive management information relating to treasury activities. The Group\u2019s internal auditors periodically review the treasury internal control environment and compliance with policies and procedures. Each year, the Board reviews the Group\u2019s currency hedging strategy to ensure it is appropriate. The Group does not hold or issue derivative financial instruments for speculative purposes and its treasury policies specifically prohibit such activity. All transactions in financial instruments are undertaken to manage the risks arising from underlying business activities, not for speculation. The Group corporate treasury function enters into a limited number of derivative transactions, principally currency swaps and forward currency contracts, with the purpose of managing the currency risks arising from operations and financing of subsidiaries. At the year end, the Group had net foreign exchange swaps of: Currency 2022 LCCY'000 2022 \u00a3'000 2021 LCCY'000 2021 \u00a3'000 United Arab Emirates Dirham (AED) 2,218 501 7,314 1,497 Canadian Dollar (CAD) (486) (300) (199) (117) Swiss Franc (CHF) (759) (666) (4,650) (3,806) Euro (EUR) (15,106) (13,041) 2,974 2,535 Hong Kong Dollar (HKD) 5,559 590 7,664 739 Japanese Yen (JPY) (606,417) (3,645) (221,633) (1,472) Singapore Dollar (SGD) (8,142) (4,961) (5,412) (2,982) US Dollar (USD) (30,569) (25,355) (17,936) (13,483) (46,877) (17,089) The contracts were mainly taken out close to the year-end date for a period of 30 to 32 days (2021: 31 to 37 days), and they had an immaterial net positive fair value (2021: \u00a30.1 million) at the year end. The Group is exposed to a number of different financial risks including capital management, foreign currency rates, liquidity, credit and interest rates risks, which were not materially changed from the previous year. The Group\u2019s objective and strategy in responding to these risks are set out below and did not change materially from the previous year. (a) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group and its subsidiaries\u2019 ability to continue as going concerns to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to minimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, delay or reduce the settlement of vested tracker shares, sell assets to reduce debt, return capital to shareholders or issue new shares, subject to applicable rules. The Group\u2019s policy is to settle the vested tracker shares in the Company\u2019s shares. During the year, certain vested and unvested tracker shares were settled by issue of new shares or using treasury shares purchased from the market (note 20(a)). 24 Financial instruments and financial risk management continued The capital structure of the Group consists of equity attributable to owners of the parent of \u00a3200.4 million (2021: \u00a3158.2 million), comprising share capital, share premium, other reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity and net cash of \u00a365.4 million (2021: \u00a357.5 million), comprising cash and cash equivalents less bank overdraft (note 14). Except for compliance with certain bank covenants (note 24(c)), the Group is not subject to any externally imposed capital requirements. (b) Foreign currency exchange risk management The Group uses Sterling as its presentation currency. It undertakes transactions in a number of foreign currencies. Consequently, exposures to exchange rate fluctuations do arise. Such exchange rate movements affect the Group\u2019s transactional revenues, cost of sales, the translation of earnings and the net assets/liabilities of its overseas operations. The Group is also exposed to foreign currency risks from the value of net investments outside the United Kingdom. The intercompany loans which are treated as net investments in foreign operations are not planned to be settled in the foreseeable future as they are deemed to be a part of the investment. Therefore, exchange differences arising from the translation of the net investment loans are taken into equity. The Group\u2019s businesses generally raise invoices and incur expenses in their local currencies. Local currency cash generated is remitted via intercompany transfers to the United Kingdom. The Group generally converts foreign currency balances into Sterling to manage its cash flows. Foreign currency sensitivity analysis The Group is mainly exposed to the Euro and the US Dollar. If the Euro or the US Dollar strengthened against Sterling by a movement of 10%, the anticipated impact on the Group\u2019s results in terms of translational exposure would be an increase in profit before income tax of \u00a36.9 million and \u00a33.4 million (2021: \u00a37.0 million and \u00a33.1 million) respectively, with a similar decrease if the Euro or the US Dollar weakened against Sterling by 10%. (c) Liquidity risk management The Group\u2019s treasury function centrally coordinates relationships with banks, manages borrowing requirements, foreign exchange needs and cash management. The Group has access to a committed RCF of \u00a350.0 million along with an uncommitted \u00a330.0 million accordion facility in place with HSBC and Citibank, giving the Group an option to increase its total borrowings under the facility to \u00a380.0 million. At the year end, \u00a3nil (2021: \u00a3nil) was drawn down on these facilities. The Group also has an uncommitted \u00a35.0 million overdraft facility with HSBC of which \u00a30.4 million was used at the year end. The RCF is subject to certain covenants requiring the Group to maintain financial ratios over interest cover, leverage and guarantor cover. The Group complied with these covenants throughout the year. (i) Interest cover: interest cover shall not be less than the ratio of 4:1 at any time; (ii) Leverage: the ratio of total net debt on the last day of a period to the adjusted EBITDA in respect of that period shall not exceed the ratio of 3:1; and (iii) Guarantor cover: the aggregate adjusted EBITDA and gross assets of all the guarantor subsidiaries must at all times represent at least 80% of the adjusted EBITDA and gross assets of the Group as a whole. The table below shows the maturity profile of the financial liabilities which are held at amortised cost based on the contractual amounts payable on the date of repayment: Lease liabilities Trade and other payables, including bank overdrafts \u00a3'000 Group Group Company At 30 November 2022 Within one year 11,023 189,547 53,602 More than one year 23,254 \u2013 \u2013 34,277 189,547 53,602 At 30 November 2021 Within one year 13,081 173,315 105,387 More than one year 21,987 \u2013 \u2013 35,068 173,315 105,387 (d) Credit risk management (i) Risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. In the normal course of business, the Group participates in cash pooling arrangements with its counterparty bank. The maximum exposure to a single banking group for deposits and funds held on account at the year end was \u00a340.6 million (2021: \u00a343.5 million). The Group will not accept any counterparty bank for its deposits unless it has been awarded a minimum recognised credit rating of A3/Prime-2 (Moody\u2019s). Some local banks in emerging markets may have lower ratings but the funds at risk will be small. The Group will permit exposures with individual counterparty banks and exposure types up to pre-defined limits as part of the Group treasury policy. Exposure to all transaction limits is monitored daily. The Group mitigates its credit risk from trade receivables by using a credit rating agency to assess new clients and payment history to consider further credit extensions to existing clients. In addition, the spread of the client base (over 8,200 clients) helps to mitigate the risk of individual client failure having a material impact on the Group. The Group does not typically renegotiate the terms of trade receivables; hence the outstanding balance is included in the analysis based on the original payment terms. There were no significant renegotiated balances outstanding at the year end. The Group\u2019s credit risk from loans given to certain tracker shareholders (note 13) is immaterial. In 2022, five loans were repaid in full, and only three remain outstanding (2021: eight outstanding tracker share loans) for the total amount of \u00a30.1 million. Exposure to loans from individuals is regularly monitored and the individuals are asked to settle all or a portion of their outstanding balances when their tracker shares are settled, when they receive dividends or if they leave the business. Climate-related matters In the current year, the management team continued to monitor and mitigate any potential deterioration in clients\u2019 credit risk, in particular for a small proportion of the Group\u2019s clients which are exposed to physical and transition risks associated with climate change. No material financial impact or deterioration in our clients\u2019 ability to settle their debt obligations was identified. In the near future, in line with the Group\u2019s climate change strategy, the management team has plans to establish credit rating/scoring matrix which will help us to assess how our clients address ESG matters within their organisations, and whether their policies meet our standards and risk appetite. 24 Financial instruments and financial risk management continued (ii) Credit rating The Group uses the following categories of internal credit risk rating for financial assets which are subject to ECLs under the three-stage general approach. These categories reflect the respective credit risk and how the loss provision is determined for each of those categories. Category of internal credit rating Definition of category Basis of recognition of ECLs Performing Clients have a low risk of default and a strong capacity to meet contractual cash flows 12-month ECLs Underperforming/non-performing Clients negotiating for new credit terms, default in repayment and other relevant indicators that showed customers\u2019 deteriorating financial condition Lifetime ECLs Non-performing Interest and/or principal payment are 90 days past due Lifetime ECLs Write-off Clients with no reasonable expectation of recovery Asset is written off (iii) Impairment of financial assets The Group applies the simplified approach by using the provision matrix to measure the lifetime ECLs for trade receivables and contract assets. At 30 November 2022, cash and cash equivalents, other receivables and refundable deposits are rated with a \u2018performing\u2019 internal credit rating. The credit risks on bank balances, other receivables and deposits are low as these balances are placed with reputable financial institutions or companies with good collection track records with the Group. To measure the ECLs, the Group considers historical payment patterns and credit characteristics of each client and adjusts for forward-looking information such as future prospects of the clients\u2019 core operating industries, the political and economic environment in which the Group\u2019s clients operate, and other information and factors on the clients\u2019 financial condition. Notwithstanding the above, the Group evaluates the ECLs on clients in financial difficulties and who have defaulted on payments separately. These receivables are not secured by any collateral or credit enhancements. Trade and other receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss. The Group\u2019s credit risk exposure in relation to trade receivables and contract assets as at 30 November 2022 and 30 November 2021 is set out in the provision matrix as follows: \u00a3'000 Current 1-30 days past due 31-60 days past due 61-120 days past due More than 120 days past due Total 30 November 2022 Expected loss rates 0.03% 0.45% 1.08% 1.62% 47.40% Gross trade receivables 196,628 29,960 11,741 9,323 6,761 254,413 Contract assets 91,680 \u2013 \u2013 \u2013 \u2013 91,680 Other assets 2,779 \u2013 \u2013 \u2013 \u2013 2,779 Loss allowances 87 135 127 151 3,204 3,704 \u00a3'000 Current 1-30 days past due 31-60 days past due 61-120 days past due More than 120 days past due Total 30 November 2021 Expected loss rates 0.193% 1.31% 0.89% 4.09% 47.42% Gross trade receivables 162,728 24,080 7,428 5,235 6,822 206,293 Contract assets 82,083 \u2013 \u2013 \u2013 \u2013 82,083 Other assets 2,961 \u2013 \u2013 \u2013 \u2013 2,961 Loss allowances 478 315 66 214 3,235 4,308 (e) Interest rate risk management The Group is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally financial liabilities. The Group finances its operations through a mixture of retained profit and the RCF. The Group does not hedge the exposure to variations in interest rates. Taking into consideration all variable rate borrowings and bank balances at 30 November 2022, if the interest rate payable or receivable moved by 100 basis points in either direction, the effect to the Group would be minimal. 100 basis points was used on the assumption that applicable interest rates are not likely to move by more than this basis given the pattern of interest rate movements in recent years. (f) Interest rate profile of financial assets and liabilities At the reporting date, the Group and the Company did not have any significant financial liabilities exposed to interest rate risk. The only financial assets which accrued interest were cash and cash equivalents (note 14) with maturity of less than a year and were subject to floating interest income. Interest Rate Benchmark Reform LIBOR was discontinued as a benchmark rate from 31 December 2021 and replaced with Alternative Reference Rates (ARRs). The adoption of these amendments and the transition to ARRs had an immaterial financial impact on SThree\u2019s ability to manage interest rate risk. The implications on the trading results of our segments of IBOR reform have also been assessed and the expected impact is immaterial. 24 Financial instruments and financial risk management continued (g) Currency profile of net cash and cash equivalents (including bank overdrafts) Net cash and cash equivalents \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2022 Functional currency of Group operations Sterling 17,610 14,396 9,437 195 41,638 Euro 70 14,712 \u2013 190 14,972 US Dollar \u2013 \u2013 167 \u2013 167 Other 11 \u2013 1,608 6,990 8,609 17,691 29,108 11,212 7,375 65,386 \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2021 Functional currency of Group operations Sterling 5,541 17,727 17,254 \u2013 40,522 Euro 21 7,713 \u2013 \u2013 7,734 US Dollar \u2013 \u2013 24 \u2013 24 Other 6 6 643 8,567 9,222 5,568 25,446 17,921 8,567 57,502 Other foreign currencies held by the Group include Canadian Dollar, Hong Kong Dollar, Australian Dollar, Japanese Yen, Malaysian Ringgit, Qatari Riyal, Singapore Dollar, Saudi Arabia Riyal, Swiss Franc and United Arab Emirates Dirham. The Company does not have a material exposure to other currencies. (h) Fair value For all financial instruments, the carrying amount is either the fair value, or approximates the fair value. Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s length transaction between informed and willing parties, other than a forced or liquidation sale, and excludes accrued interest. Where relevant, market values were used to determine fair values. Where market values were not available, fair value was calculated by discounting expected cash flows at prevailing interest rates and by applying year-end exchange rates. The Group holds a minority shareholding in RoboRecruiter (see note 12) which fair value was written off to other comprehensive income in the current year. Previously, the investment valuation was categorised within level 1 of the fair value hierarchy. The Group\u2019s all other financial assets or financial liabilities, which are not measured at fair value, have the carrying amounts which are a reasonable approximation of their fair values. Summary of fair value methods and assumptions Receivables and payables Due to the short-term nature of the current receivables and payables, their carrying amount is considered to be the same as their fair value. Cash and cash equivalents, including short-term deposits Approximates the carrying amount because of the short maturity of these instruments. Investments Market valuation at the end of the reporting year. Borrowings The carrying amount of the Group\u2019s borrowings, primarily the RCF, approximates their fair value. The fair value of the RCF is estimated using discounted cash flow analysis based on the Group\u2019s current incremental borrowing rates for similar types and maturities of borrowing and is consequently categorised in level 2 of the fair value hierarchy. ",
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"fact-512": {
"value": "(a) Capital risk management The Group\u2019s objectives when managing capital are to safeguard the Group and its subsidiaries\u2019 ability to continue as going concerns to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to minimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, delay or reduce the settlement of vested tracker shares, sell assets to reduce debt, return capital to shareholders or issue new shares, subject to applicable rules. The Group\u2019s policy is to settle the vested tracker shares in the Company\u2019s shares. During the year, certain vested and unvested tracker shares were settled by issue of new shares or using treasury shares purchased from the market (note 20(a)). The capital structure of the Group consists of equity attributable to owners of the parent of \u00a3200.4 million (2021: \u00a3158.2 million), comprising share capital, share premium, other reserves and retained earnings as disclosed in the Consolidated Statement of Changes in Equity and net cash of \u00a365.4 million (2021: \u00a357.5 million), comprising cash and cash equivalents less bank overdraft (note 14). Except for compliance with certain bank covenants (note 24(c)), the Group is not subject to any externally imposed capital requirements. ",
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"fact-513": {
"value": "(c) Liquidity risk management The Group\u2019s treasury function centrally coordinates relationships with banks, manages borrowing requirements, foreign exchange needs and cash management. The Group has access to a committed RCF of \u00a350.0 million along with an uncommitted \u00a330.0 million accordion facility in place with HSBC and Citibank, giving the Group an option to increase its total borrowings under the facility to \u00a380.0 million. At the year end, \u00a3nil (2021: \u00a3nil) was drawn down on these facilities. The Group also has an uncommitted \u00a35.0 million overdraft facility with HSBC of which \u00a30.4 million was used at the year end. The RCF is subject to certain covenants requiring the Group to maintain financial ratios over interest cover, leverage and guarantor cover. The Group complied with these covenants throughout the year. (i) Interest cover: interest cover shall not be less than the ratio of 4:1 at any time; (ii) Leverage: the ratio of total net debt on the last day of a period to the adjusted EBITDA in respect of that period shall not exceed the ratio of 3:1; and (iii) Guarantor cover: the aggregate adjusted EBITDA and gross assets of all the guarantor subsidiaries must at all times represent at least 80% of the adjusted EBITDA and gross assets of the Group as a whole. The table below shows the maturity profile of the financial liabilities which are held at amortised cost based on the contractual amounts payable on the date of repayment: Lease liabilities Trade and other payables, including bank overdrafts \u00a3'000 Group Group Company At 30 November 2022 Within one year 11,023 189,547 53,602 More than one year 23,254 \u2013 \u2013 34,277 189,547 53,602 At 30 November 2021 Within one year 13,081 173,315 105,387 More than one year 21,987 \u2013 \u2013 35,068 173,315 105,387 ",
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"fact-514": {
"value": "(d) Credit risk management (i) Risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. In the normal course of business, the Group participates in cash pooling arrangements with its counterparty bank. The maximum exposure to a single banking group for deposits and funds held on account at the year end was \u00a340.6 million (2021: \u00a343.5 million). The Group will not accept any counterparty bank for its deposits unless it has been awarded a minimum recognised credit rating of A3/Prime-2 (Moody\u2019s). Some local banks in emerging markets may have lower ratings but the funds at risk will be small. The Group will permit exposures with individual counterparty banks and exposure types up to pre-defined limits as part of the Group treasury policy. Exposure to all transaction limits is monitored daily. The Group mitigates its credit risk from trade receivables by using a credit rating agency to assess new clients and payment history to consider further credit extensions to existing clients. In addition, the spread of the client base (over 8,200 clients) helps to mitigate the risk of individual client failure having a material impact on the Group. The Group does not typically renegotiate the terms of trade receivables; hence the outstanding balance is included in the analysis based on the original payment terms. There were no significant renegotiated balances outstanding at the year end. The Group\u2019s credit risk from loans given to certain tracker shareholders (note 13) is immaterial. In 2022, five loans were repaid in full, and only three remain outstanding (2021: eight outstanding tracker share loans) for the total amount of \u00a30.1 million. Exposure to loans from individuals is regularly monitored and the individuals are asked to settle all or a portion of their outstanding balances when their tracker shares are settled, when they receive dividends or if they leave the business. Climate-related matters In the current year, the management team continued to monitor and mitigate any potential deterioration in clients\u2019 credit risk, in particular for a small proportion of the Group\u2019s clients which are exposed to physical and transition risks associated with climate change. No material financial impact or deterioration in our clients\u2019 ability to settle their debt obligations was identified. In the near future, in line with the Group\u2019s climate change strategy, the management team has plans to establish credit rating/scoring matrix which will help us to assess how our clients address ESG matters within their organisations, and whether their policies meet our standards and risk appetite. (ii) Credit rating The Group uses the following categories of internal credit risk rating for financial assets which are subject to ECLs under the three-stage general approach. These categories reflect the respective credit risk and how the loss provision is determined for each of those categories. Category of internal credit rating Definition of category Basis of recognition of ECLs Performing Clients have a low risk of default and a strong capacity to meet contractual cash flows 12-month ECLs Underperforming/non-performing Clients negotiating for new credit terms, default in repayment and other relevant indicators that showed customers\u2019 deteriorating financial condition Lifetime ECLs Non-performing Interest and/or principal payment are 90 days past due Lifetime ECLs Write-off Clients with no reasonable expectation of recovery Asset is written off (iii) Impairment of financial assets The Group applies the simplified approach by using the provision matrix to measure the lifetime ECLs for trade receivables and contract assets. At 30 November 2022, cash and cash equivalents, other receivables and refundable deposits are rated with a \u2018performing\u2019 internal credit rating. The credit risks on bank balances, other receivables and deposits are low as these balances are placed with reputable financial institutions or companies with good collection track records with the Group. To measure the ECLs, the Group considers historical payment patterns and credit characteristics of each client and adjusts for forward-looking information such as future prospects of the clients\u2019 core operating industries, the political and economic environment in which the Group\u2019s clients operate, and other information and factors on the clients\u2019 financial condition. Notwithstanding the above, the Group evaluates the ECLs on clients in financial difficulties and who have defaulted on payments separately. These receivables are not secured by any collateral or credit enhancements. Trade and other receivables are written off when there is no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the Group. Where receivables have been written off, the Group continues to engage in enforcement activity to attempt to recover the receivables due. Where recoveries are made, these are recognised in profit or loss. The Group\u2019s credit risk exposure in relation to trade receivables and contract assets as at 30 November 2022 and 30 November 2021 is set out in the provision matrix as follows: \u00a3'000 Current 1-30 days past due 31-60 days past due 61-120 days past due More than 120 days past due Total 30 November 2022 Expected loss rates 0.03% 0.45% 1.08% 1.62% 47.40% Gross trade receivables 196,628 29,960 11,741 9,323 6,761 254,413 Contract assets 91,680 \u2013 \u2013 \u2013 \u2013 91,680 Other assets 2,779 \u2013 \u2013 \u2013 \u2013 2,779 Loss allowances 87 135 127 151 3,204 3,704 \u00a3'000 Current 1-30 days past due 31-60 days past due 61-120 days past due More than 120 days past due Total 30 November 2021 Expected loss rates 0.193% 1.31% 0.89% 4.09% 47.42% Gross trade receivables 162,728 24,080 7,428 5,235 6,822 206,293 Contract assets 82,083 \u2013 \u2013 \u2013 \u2013 82,083 Other assets 2,961 \u2013 \u2013 \u2013 \u2013 2,961 Loss allowances 478 315 66 214 3,235 4,308 ",
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"fact-515": {
"value": "(e) Interest rate risk management The Group is exposed to interest rate risk from the possibility that changes in interest rates will affect future cash flows or the fair values of its financial instruments, principally financial liabilities. The Group finances its operations through a mixture of retained profit and the RCF. The Group does not hedge the exposure to variations in interest rates. Taking into consideration all variable rate borrowings and bank balances at 30 November 2022, if the interest rate payable or receivable moved by 100 basis points in either direction, the effect to the Group would be minimal. 100 basis points was used on the assumption that applicable interest rates are not likely to move by more than this basis given the pattern of interest rate movements in recent years. (f) Interest rate profile of financial assets and liabilities At the reporting date, the Group and the Company did not have any significant financial liabilities exposed to interest rate risk. The only financial assets which accrued interest were cash and cash equivalents (note 14) with maturity of less than a year and were subject to floating interest income. Interest Rate Benchmark Reform LIBOR was discontinued as a benchmark rate from 31 December 2021 and replaced with Alternative Reference Rates (ARRs). The adoption of these amendments and the transition to ARRs had an immaterial financial impact on SThree\u2019s ability to manage interest rate risk. The implications on the trading results of our segments of IBOR reform have also been assessed and the expected impact is immaterial. ",
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"fact-516": {
"value": "(g) Currency profile of net cash and cash equivalents (including bank overdrafts) Net cash and cash equivalents \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2022 Functional currency of Group operations Sterling 17,610 14,396 9,437 195 41,638 Euro 70 14,712 \u2013 190 14,972 US Dollar \u2013 \u2013 167 \u2013 167 Other 11 \u2013 1,608 6,990 8,609 17,691 29,108 11,212 7,375 65,386 \u00a3\u2019000 Sterling Euro US Dollar Other currencies Total At 30 November 2021 Functional currency of Group operations Sterling 5,541 17,727 17,254 \u2013 40,522 Euro 21 7,713 \u2013 \u2013 7,734 US Dollar \u2013 \u2013 24 \u2013 24 Other 6 6 643 8,567 9,222 5,568 25,446 17,921 8,567 57,502 Other foreign currencies held by the Group include Canadian Dollar, Hong Kong Dollar, Australian Dollar, Japanese Yen, Malaysian Ringgit, Qatari Riyal, Singapore Dollar, Saudi Arabia Riyal, Swiss Franc and United Arab Emirates Dirham. The Company does not have a material exposure to other currencies. ",
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"fact-517": {
"value": "(h) Fair value For all financial instruments, the carrying amount is either the fair value, or approximates the fair value. Fair value is the amount at which a financial instrument could be exchanged in an arm\u2019s length transaction between informed and willing parties, other than a forced or liquidation sale, and excludes accrued interest. Where relevant, market values were used to determine fair values. Where market values were not available, fair value was calculated by discounting expected cash flows at prevailing interest rates and by applying year-end exchange rates. The Group holds a minority shareholding in RoboRecruiter (see note 12) which fair value was written off to other comprehensive income in the current year. Previously, the investment valuation was categorised within level 1 of the fair value hierarchy. The Group\u2019s all other financial assets or financial liabilities, which are not measured at fair value, have the carrying amounts which are a reasonable approximation of their fair values. Summary of fair value methods and assumptions Receivables and payables Due to the short-term nature of the current receivables and payables, their carrying amount is considered to be the same as their fair value. Cash and cash equivalents, including short-term deposits Approximates the carrying amount because of the short maturity of these instruments. Investments Market valuation at the end of the reporting year. Borrowings The carrying amount of the Group\u2019s borrowings, primarily the RCF, approximates their fair value. The fair value of the RCF is estimated using discounted cash flow analysis based on the Group\u2019s current incremental borrowing rates for similar types and maturities of borrowing and is consequently categorised in level 2 of the fair value hierarchy. ",
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"fact-464": {
"value": "25 Subsequent events There were no subsequent events following 30 November 2022. ",
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"fact-465": {
"value": "26 List of subsidiaries The full list of SThree plc\u2019s subsidiaries at 30 November 2022 and 30 November 2021, and the Group percentage of ordinary share capital and voting rights is as follows: Name of undertaking % Country of incorporation Principal activities Registered office Registered number SThree Australia Pty 100 Australia Liquidated C/O DLA Piper Australia, 80 Collins Street, Melbourne VIC 3000, PO Box 4301, Australia 126 409 103 SThree Austria GmbH 100 Austria Recruitment Wiedner Gurtel 13, Turm 24, 10 OG. 1100 Vienna, Austria FN 447727 y SThree Temp Experts Austria GmbH 100 Austria Recruitment Wiedner Gurtel 13, Turm 24, 10 OG. 1100 Vienna, Austria FN 520633 Computer Futures Solutions NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de verdieping, B-1000 Brussels, Belgium BE 0461.883.118 Huxley Associates Belgium NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de verdieping, B-1000 Brussels, Belgium BE 0886.778.156 SThree Services NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de verdieping, B-1000 Brussels, Belgium BE 0889.572.251 SThree Belgium NV 100 Belgium Recruitment Kreupelenstraat 9, 5de en 6de verdieping, B-1000 Brussels, Belgium BE 0892.363.574 SThree Canada Limited 100 Canada Recruitment Sun Life Plaza West Tower, 144-4 Avenue SW, Suite 1600, Calgary AB T2P 3N4, Canada 810508-1 SThree SAS 100 France Recruitment 170 Boulevard de la Villette, 75019, Paris, France 502 095 094 SThree Holdings GmbH 100 Germany Holding company Querstrasse 7, 60322, Frankfurt am Main, Germany HRB 96507 SThree GmbH 100 Germany Recruitment Querstrasse 7, 60322, Frankfurt am Main, Germany HRB 78875 Name of undertaking % Country of incorporation Principal activities Registered office Registered number SThree Temp Experts GmbH 100 Germany Recruitment Querstrasse 7, 60322, Frankfurt am Main, Germany HRB 103758 SThree Services GmbH 100 Germany Recruitment Querstrasse 7, 60322, Frankfurt am Main, Germany HRB 122851 SThree Limited 100 Hong Kong Recruitment 10th Floor, YF Life Tower, 33 Lockhart Road, Wan Chai, Hong Kong 1113048 SThree India Private Limited 100 India Under liquidation 511 The Corporate Centre, Nirmal Lifestyle Mall, LBS Road, Mulund (West), Mumbai, Maharashtra-MH. 400080, India 200224 SThree Staffing Ireland Limited 100 Ireland Recruitment 3rd Floor, 80 Harcourt Street, Dublin 2, Ireland 283856 SThree K.K. 100 Japan Recruitment Kabukiza Tower, 12-15, Ginza 4-chome, Chuo-ku, Tokyo, Japan 0100-01-147559 SThree S.\u00e0 r.l. 100 Luxembourg Recruitment 33 Boulevard Prince Henri, Luxembourg, L-1724, Luxembourg B160680 Progressive Global Energy Sdn. Bhd. 49 Malaysia Recruitment 10th Floor, Menara Hap Seng, No 1&3 Jalan P Ramlee, 50250 Kuala Lumpur, Malaysia 201301004004 SThree Holdings BV 100 Netherlands Recruitment Gustav Mahlerlaan 38, Gebouw Som 1, 1082MC, Amsterdam, Netherlands 24295090 Huxley BV 100 Netherlands Recruitment Keizersgracht 281, 5e verdieping, 1016ED, Amsterdam., Netherlands 54742730 SThree Interim Services BV 100 Netherlands Recruitment Gustav Mahlerlaan 38, Gebouw Som 1, 1082MC, Amsterdam, Netherlands 58612122 SThree Pte. Ltd. 100 Singapore Recruitment WeWork, 30 Raffles Place, 17th Floor, #12 \u2013 01, 048622, Singapore 200720126E SThree Business Services Ib\u00e9rica, S.L. 100 Spain Recruitment WeWork, Glories, Carrer T\u00e0nger 86, 08018 Barcelona, Spain B87900593 SThree Switzerland GmbH 100 Switzerland Recruitment 3rd Floor, Claridenstrasse 34, 8002 Z\u00fcrich, Switzerland CH- 020.4.044.653-4 Cavendish Directors Limited* 100 UK Dormant 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 04326888 SThree UK Holdings Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 03804468 SThree Overseas Holdings Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 03247281 SThree UK Management Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 07509542 SThree Overseas Management Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 07846499 26 List of subsidiaries continued Name of undertaking % Country of incorporation Principal activities Registered office Registered number SThree UK Operations Limited* 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 08628611 SThree Euro UK Limited 100 UK Support services 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 04632138 SThree IP Limited* 100 UK Support services 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 03682824 SThree Management Services Limited* 100 UK Management services 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 04255086 SThree Partnership LLP 100 UK Recruitment 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom OC387148 Huxley Associates Global Limited 100 UK Recruitment 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 05908145 Progressive Global Energy Limited 100 UK Recruitment 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 04883344 Progressive Global Energy Kurdistan Limited 100 UK Dormant 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 08286247 Elevize Limited 100 UK Support services 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 03561279 HireFirst Limited 100 UK Recruitment Technology 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 11050648 Talent Deck Limited 100 UK Dormant 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 10841039 Showcaser Limited 100 UK Dormant 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 10873444 SThree Ventures Limited 100 UK Holding company 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 11047674 SThree Dollar UK Limited 100 UK Support services 1st Floor, 75 King William Street, London, EC4N 7BE, United Kingdom 11740244 Specialist Staffing Holdings Inc 100 USA Holding company Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States 5692896 Specialist Staffing Solutions Inc 100 USA Recruitment Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States 4367091 Specialist Staffing Services Inc 100 USA Recruitment Corporation Service Company, 251 Little Falls Drive, Wilmington DE 19808, United States 5134909 Newington International Inc 100 USA Recruitment 1209 Orange Street, City of Wilmington, County of New Castle DE 19801, United States 5222208 * Directly held subsidiaries. All other subsidiaries are indirectly held. 26 List of subsidiaries continued
Statutory Guarantees and audit exemptions
The following Group entities are exempt from audit by virtue of Section 479A of the Companies Act 2006. SThree
plc has provided statutory guarantees to all these entities in accordance with the Companies Act:
SThree Euro UK Limited Huxley Associates Global Limited Talent Deck Limited
SThree IP Limited Progressive Global Energy Limited Showcaser Limited
SThree Dollar UK Limited Progressive Global Energy Kurdistan Limited SThree Ventures Limited
SThree UK Operations Limited HireFirst Limited SThree Management Services Limited
Elevize Limited
",
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"value": "27 Alternative performance measures (APMs): definitions and reconciliations Adjusted APMs In discussing the performance of the Group, comparable measures are used which are calculated by deducting from the directly reconcilable IFRS measures the impact of the Group\u2019s restructuring income recognised in the prior year, which is considered as an item impacting comparability, due to its nature. The restructuring income comprised government grant income arising from a strategic relocation of SThree\u2019s central support functions away from the London headquarters to the Centre of Excellence located in Glasgow in 2018. The Group discloses comparable performance measures to enable users to focus on the underlying performance of the business on a basis which is common to both periods for which these measures are presented. The reconciliation of comparable measures to the directly related measures calculated in accordance with IFRS is as follows: Reconciliation of adjusted financial indicators for continuing operations \u00a3'000, unless otherwise stated 2022 Revenue Net fees Administrative expenses including impairment loss Operating profit Profit before tax Tax Profit after tax Basic EPS (pence) As reported* 1,639,446 430,616 (353,064) 77,552 77,026 (22,824) 54,202 41.0p * In 2022, there were no adjusting items. \u00a3'000, unless otherwise stated 2021 Revenue Net fees Administrative expenses including impairment loss Operating profit Profit before tax Tax Profit after tax Basic EPS (pence) As reported 1,330,726 355,713 (294,720) 60,993 60,158 (17,907) 42,251 31.9p Exceptional items \u2013 \u2013 (184) (184) (184) 35 (149) (0.1)p Adjusted 1,330,726 355,713 (294,904) 60,809 59,974 (17,872) 42,102 31.8p APMs in constant currency As we are operating in 14 countries and with many different currencies, we are affected by foreign exchange movements, and we report our financial results to reflect this. However, we manage the business against targets which are set to be comparable between years and within them, for otherwise foreign currency movements would undermine our ability to drive the business forward and control it. Within this Annual Report, we have highlighted comparable results on a constant currency basis as well as the audited results (\u2018on a reported basis\u2019) which reflect the actual foreign currency effects experienced. The Group evaluates its operating and financial performance on a constant currency basis (i.e. without giving effect to the impact of variation of foreign currency exchange rates from year to year). Constant currency APMs are calculated by applying the prior year foreign exchange rates to the current and prior financial year results to remove the impact of exchange rate. Measures on a constant currency basis enable users to focus on the performance of the business on a basis which is not affected by changes in foreign currency exchange rates applicable to the Group\u2019s operating activities from period to period. The calculations of the APMs on a constant currency basis and the reconciliation to the most directly related measures calculated in accordance with IFRS are as follows: 2022 \u00a3'000, unless otherwise stated Revenue Net fees Operating profit Operating profit conversion ratio** Profit before tax Basic EPS (pence) As reported* 1,639,446 430,616 77,552 18.0% 77,026 41.0p Currency impact (22,830) (8,046) (2,804) (0.3%) (2,774) (1.5)p As reported in constant currency 1,616,616 422,570 74,748 17.7% 74,252 39.5p * In 2022, there were no adjusting items. \u00a3'000, unless otherwise stated 2021 Revenue Net fees Operating profit Operating profit conversion ratio** Profit before tax Basic EPS (pence) Adjusted 1,330,726 355,713 60,809 17.1% 59,974 31.8p Currency impact 35,686 11,325 3,648 0.5% 3,669 2.0p Adjusted in constant currency 1,366,412 367,038 64,457 17.6% 63,643 33.8p ** Operating profit conversion ratio represents operating profit over net fees. Other APMs Net cash excluding lease liabilities Net cash is an APM used by the Directors to evaluate the Group\u2019s capital structure and leverage. Net cash is defined as cash and cash equivalents less current and non-current borrowings excluding lease liabilities, less bank overdraft, as illustrated below: \u00a3'000 2022 2021 Cash and cash equivalents 65,809 57, 526 Bank overdraft (423) (24) Net cash 65,386 57,502 EBITDA In addition to measuring financial performance of the Group based on operating profit, the Directors also measure performance based on EBITDA. It is calculated by adding back to the reported operating profit non- cash items such as the depreciation of property, plant and equipment (PPE), the amortisation and impairment of intangible assets, loss on disposal of PPE and intangible assets, gain on lease modification and the employee share options charge. 27 Alternative performance measures (APMs): definitions and reconciliations continued The Group also discloses adjusted EBITDA which is intended to provide useful information to analyse the Group\u2019s operating performance excluding the impact of operating non-cash items as defined above and net exceptional items. Where relevant, the Group also uses adjusted EBITDA to measure the level of financial leverage of the Group by comparing adjusted EBITDA to net debt. A reconciliation of reported operating profit for the year, the most directly comparable IFRS measure, to EBITDA and adjusted EBITDA is set out below. \u00a3'000 2022 2021 Reported operating profit for the year from continuing operations 77,552 60,993 Reported operating loss for the year from discontinued operations \u2013 (33) Depreciation of PPE 18,682 15,764 Depreciation and impairment of intangible assets 719 2,561 Loss on disposal of PPE and intangible assets 1,298 273 Gain on lease modification (266) \u2013 Employee share options charge 4,999 1,520 EBITDA 102,984 81,078 Exceptional items \u2013 (184) Adjusted EBITDA 102,984 80,894 Dividend cover The Group uses dividend cover as an APM to ensure that its dividend policy is sustainable and in line with the overall strategy for the use of cash. Dividend cover is defined as the number of times the Company is capable of paying dividends to shareholders from the profits earned during a financial year, and it is calculated as the Group\u2019s profit for the year attributable to owners of the Company over the total dividend paid to ordinary shareholders. \u00a3'000 2022 2021 Profit for the year attributable to owners of the Company A 54,202 41,982 Dividend proposed to be paid to shareholders (note 9) B 21,179 14,672 Dividend cover (A \u00f7 B) 2.6 2.9 Contract margin for continuing operations The Group uses Contract margin as an APM to evaluate Contract business quality and the service offered to customers. Contract margin is defined as Contract net fees as a percentage of Contract revenue. \u00a3'000 2022 2021 Contract net fees A 334,215 266,163 Contract revenue B 1,540,323 1,239,100 Contract margin (A \u00f7 B) 21.7% 21.5% Total shareholder return (TSR) The Group uses TSR as an APM to measure the growth in value of a shareholding over a specified period, assuming that dividends are reinvested to purchase additional shares at the closing price applicable on the ex-dividend date. The TSR is calculated by the external independent data-stream party. 2022 2021 SThree plc TSR return index value: three-month average to 30 Nov 2019 (2021: 30 Nov 2018) (pence) 262.41 284.75 SThree plc TSR return index value: three-month average to 30 Nov 2022 (2021: 30 Nov 2021) (pence) 355.43 528.47 Total shareholder return 35.4% 85.6%",
"dimensions": {
"concept": "sthreeplc:DisclosureOfAlternativePerformanceMeasuresDefinitionsAndReconcilliations",
"language": "en",
"entity": "scheme:2138003NEBX5VRP3EX50",
"period": "2021-12-01T00:00:00/2022-12-01T00:00:00"
}
}
}
}